Tausi Insider

Canadian gold miner New Gold Inc. NGD-T has unexpectedly cut ties with its chief executive officer of more than four years and is providing little explanation for his exit. Toronto-based New Gold said that Renaud Adams, who’d been in the role since September, 2018, has stepped down as both CEO and a board member. Mr. Adams will be replaced by Patrick Godin, the company’s chief operating officer. Mr. Godin joined New Gold earlier this year, after previously serving as COO with Pretium Resources Inc. Australia’s Newcrest Mining Ltd. acquired Pretium earlier this year. Scotia Capital Inc. analyst Trevor Turnbull wrote in a note to clients that the announcement about the executive change at the top of New Gold was “abrupt,” and the timing “unexplained.” Related: Golden blunders: How a string of technical mishaps has hampered Canada’s junior gold miners New Gold operates two mines in Canada, Rainy River in Ontario, and New Afton in British Columbia. Earlier this year, Rainy River was hit ...

U.S. cryptocurrency lender BlockFi said on Monday it had filed for Chapter 11 bankruptcy protection along with eight affiliates in a New Jersey court, the latest casualty since FTX’s collapse earlier this month triggered instability in the crypto market. In a court filing, New Jersey-based BlockFi said it owes money to more than 100,000 creditors. It listed crypto exchange FTX as its second-largest creditor, with $275-million owed on a loan extended earlier this year. The company’s largest creditor is Ankura Trust, a company that represents creditors in stressed situations, and is owed $729-million. BlockFi had earlier paused withdrawals from its platform and acknowledged it had “significant exposure” to FTX and its associated entities. The move comes weeks after FTX filed for U.S. bankruptcy protection and its founder Sam Bankman-Fried resigned as chief executive. In July, FTX had signed a deal with BlockFi to provide the firm with a $400-million revolving credit facility and an opt...

Sam Bankman-Fried, who founded and led FTX until a liquidity crunch forced the cryptocurrency exchange to declare bankruptcy, is escorted out of the Magistrate Court building in Nassau, Bahamas on December 13, 2022. DANTE CARRER/Reuters Kevin O’Leary was in Miami having lunch with the business team of Circle Internet Financial LLC, a Boston-based technology company that had come up with USDC, the so-called stablecoin cryptocurrency pegged to the value of the U.S. dollar. It was the Bitcoin 2021 Conference held in early June that year, a sold-out event charging US$1,499 for a standard pass and about US$21,000 for an exclusive “Whale Pass,” which provided attendees with access to extra speakers, parties, private areas and bars. As he broke bread with Circle CEO Jeremy Allaire, a senior representative from what was then the world’s second-largest crypto exchange approached Mr. O’Leary: “Have you met Sam Bankman-Fried yet?” “No, I haven’t,” Mr. O’Leary replied. “Well, have you heard abou...

Bed Bath & Beyond Inc BBBY-Q is in talks with private equity firm Sycamore Partners for the sale of its assets, including its buybuy Baby stores, as part of a possible bankruptcy process, the New York Times reported on Friday citing people familiar with the matter. The company is also in talks with other suitors about possible deals, the report added. Bed Bath & Beyond said it does not “comment on speculation of this nature” and reiterated a previous statement that it was exploring multiple paths. Sycamore Partners declined to comment. Shares of Bed Bath & Beyond were down about 4 per cent at $5.02 in morning trading amid weakness in the broader market. The stock rallied for four consecutive sessions this week and closed 50 per cent higher on Thursday. The troubled home goods retailer posted a bigger-than-expected quarterly loss and a plunge in sales on Tuesday, after saying last week it was exploring options, including bankruptcy, as it struggled with a dwindling cash pi...

A pedestrian walks past a Hudson's Bay store window in Toronto on Jan. 13. Ahead of this year's Lunar New Year on Jan. 22, retail stores such as Hudson's Bay are setting up special window displays and curating products in stores for the holiday. David Pike/The Canadian Press When Madelyn Chung was growing up, just a handful of stores had Lunar New Year displays. It felt like a special homage to her Chinese culture. Now she looks at the proliferation of Lunar New Year retail sales and marketing campaigns across Canada with a more critical eye. “I equate it to rainbow washing or green washing,” she said, referring to businesses that use pride colours to appeal to LBGTQ shoppers or ecological claims to appear environmentally friendly without taking meaningful action. “Some stores just want to capitalize on the Lunar New Year celebrations because they know there are a lot of Chinese people who have money to spend on luxury items,” she said in an interview from Toronto. The Lu...

Sam Bankman-Fried, who founded and led FTX until a liquidity crunch forced the cryptocurrency exchange to declare bankruptcy, is escorted out of the Magistrate Court building in Nassau, Bahamas on December 13, 2022. DANTE CARRER/Reuters Kevin O’Leary was in Miami having lunch with the business team of Circle Internet Financial LLC, a Boston-based technology company that had come up with USDC, the so-called stablecoin cryptocurrency pegged to the value of the U.S. dollar. It was the Bitcoin 2021 Conference held in early June that year, a sold-out event charging US$1,499 for a standard pass and about US$21,000 for an exclusive “Whale Pass,” which provided attendees with access to extra speakers, parties, private areas and bars. As he broke bread with Circle CEO Jeremy Allaire, a senior representative from what was then the world’s second-largest crypto exchange approached Mr. O’Leary: “Have you met Sam Bankman-Fried yet?” “No, I haven’t,” Mr. O’Leary replied. “Well, have you heard abou...