Wednesday, 8 Apr 2020

Bed Bath & Beyond to cut 500 jobs in $26M restructuring effort

Cambodia economy: High growth expected to continue

From the ashes of war, Cambodia is forecast to have the sixth fastest growing economy in the world.

    Cambodia has been one of the best-performing economies in the world over the past two decades, and that’s forecast to continue this year.

    But there are threats to Cambodia’s growth.

     

    Al Jazeera’s Wayne Hay reports from Phnom Penh.

    Biotech company Forty Seven surges 30% after hours on report of Gilead interest

    Shares of cancer-therapy company Forty Seven Inc. FTSV, +1.01% shot up more than 30% in after-hours trading Thursday after a report that Gilead Sciences Inc. GILD, -2.73% has made a takeover offer. Bloomberg News reported that Gilead and Forty Seven, a biotech firm that specializes in cancer immunotherapy, are discussing a number of options, including a partnership, and the company was said to have other suitors as well. Forty Seven’s stock is up 192% over the past year, with a market cap of around $2.3 billion. Gilead shares ticked up slightly in extended trading.

    Munich security summit: Global instability on agenda

    World’s leaders debate some of the biggest challenges of today, including Yemen war and fight against ISIL.

      More than 500 leaders from around the world are meeting in Germany for an annual conference aimed at addressing international security issues, including the Yemen war and the ways to contain the Islamic State of Iraq and the Levant (ISIL or ISIS) threat.

      High-level delegates from the European Union, Russia, Iran and the United States are attending, with their views on how best to combat security challenges likely to be very different.

      Al Jazeera’s Hashem Ahelbarra reports from Munich.

      Sudan cinema: Reviving a forgotten art

      Two documentaries at the Berlin Film Festival shine a light on Khartoum behind the headlines

        Decades ago, a group of idealistic young Sudanese filmmakers launched their careers, but the industry has all but disappeared today.

        Their story is told in one of two new documentaries at the Berlin Film Festival that offer a glimpse of Khartoum behind the headlines.

        Al Jazeera’s Nadim Baba reports From Berlin.

        Death and disease in India's Yamuna River

        The cause of the high levels of pollution that is killing marine life.

          Parts of India’s Yamuna River, which flows through the capital New Delhi, are so polluted environmentalists say no marine life can survive.

          Millions of litres of sewage are dumped into the river every single day.

          Al Jazeera’s Laura Burdon-Manley reports.

          Japan January factory output rises 0.8% month on month

          TOKYO (Reuters) – Japan’s factory output rose 0.8% in January, government data showed on Friday, compared with the median market forecast for a 0.2% gain.

          Manufacturers surveyed by the Ministry of Economy, Trade and Industry expect output to grow 5.3% in February and drop 6.9% in March, the data showed.

          Dhaka fire: Bangladesh calls off rescue operation

          Firefighters have launched an inquiry to find out how the fire started.

            Bangladeshi authorities have called off the rescue operation in the wake of the massive fire in the national capital’s Chawkbazar area.

            Firefighters have launched an inquiry to establish how the fire started. At least 70 people were killed and 40 others injured seriously.

            Al Jazeera’s Barbara Angopa reports from Dhaka.

            Nigeria's election: Concerns for low turnout after delay

            Many see last week’s delay as evidence of manipulation, with both the camps accusing each other of trying to rig the vote.

              Nigerians are preparing for Saturday’s presidential election, with corruption and unemployment still on a lot of minds.

              The vote was originally scheduled for last week but that was postponed just five hours before polls were due to open.

              There are concerns the delay, and fears of ethnic violence, could depress voter turnout and Nigerians worry that it may be evidence of vote-rigging.

              Al Jazeera’s Jonah Hull reports from Abuja.

              Bed Bath & Beyond to cut 500 jobs in $26M restructuring effort

              Bed Bath & Beyond trying to declutter the store

              FOX Business’ Ashley Webster reports on the new Bed Bath & Beyond CEO saying the company will spend $400 million on remodeling the stores to widen the aisles, lessen the number of items it carries.

              (Reuters) – Bed Bath & Beyond Inc (BBBY.O) would cut about 500 jobs, including management positions, as part of a restructuring program to turn around its business, the home-furnishing retailer said on Thursday.

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              The company expects the program, which would also involve reduction of regional zones to simplify its operations, to cut its expenses by about $85 million.

              APPLE CEO MAKES VISIT TO ALABAMA STORE

              Bed Bath & Beyond also said it would outsource several functions as part of the restructuring.

              Chief Executive Officer Mark Tritton said the restructuring, while difficult, was necessary and would reset the company’s cost structure, allowing it to re-invest where it matters most.

              The company estimated a net pre-tax charge of about $26 million related to the program in the fourth quarter.

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              Earlier this month, it reported a 5.4% drop in same-store sales from the first two months of the current quarter, prompting Telsey Advisory Group analysts to say the company needed more aggressive changes.

              Shares of the Union Township, New Jersey-based company rose 2% after the bell.

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