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Share to Twitter Share to Linkedin Topline Home retailer Bed Bath & Beyond announced Wednesday the ouster of its chief executive Mark Tritton on the back of disappointing earnings, sending shares of the company tumbling and capping a disastrous stretch for the home retailer. Key Facts Bed Bath & Beyond also announced earnings for the first quarter of its 2022 fiscal year Wednesday that fell well short of analyst expectations: its $2.83 loss per share in the three-month period ending May 28 was far worse than the $1.39 analyst average, according to Refinitiv. Sales for the quarter were down 25% compared to the same period last year. Tritton had been the company’s CEO since 2019, and his exit is effective immediately. Bed Bath & Beyond said its interim CEO will be Sue Gove, an independent director on the company’s board, who said in a statement the company “must deliver improved results.” Shares of Bed Bath & … [Read more...] about Bed Bath & Beyond Replaces CEO, Falls Short On Earnings

Share to Twitter Share to Linkedin Rami Zeidan, founder and CEO of hospitality tech darling Life House , is a busy guy. With 60 independent hotels currently under management (and another 40 expected before year’s end), as well as five Life House-branded hotels welcoming guests (and another two slated to open in 2022), the company is harnessing travel’s triumphant return to drive its ambitious agenda. I recently spoke with Zeidan to learn more about what makes Life House tick, and what the future holds for the company post-pandemic. His responses have been edited for length and clarity. Q: How would you explain Life House and its mission to someone who knows nothing about technology? A: Life House’s mission is to make travel more accessible and reliable for all types of travelers. However, because hotels are pieces of commercial real estate owned by investors seeking a financial return, we focus on owner issues (i.e., profitability) rather than … [Read more...] about This CEO Won’t Stop Until He Reinvents The Hotel Management Business Worldwide

In Silicon Valley, it's never too early to become an entrepreneur . Just ask 13-year-old Shubham Banerjee. The California eighth-grader has launched a company to develop low-cost machines to print Braille, the tactile writing system for the visually impaired. Tech giant Intel Corp. recently invested in his startup, Braigo Labs. Shubham built a Braille printer with a Lego robotics kit as a school science fair project last year after he asked his parents a simple question: How do blind people read? " Google it," they told him. Shubham then did some online research and was shocked to learn that Braille printers, also called embossers, cost at least $2,000--too expensive for most blind readers, especially in developing countries. "I just thought that price should not be there. I know that there is a simpler way to do this," said Shubham, who demonstrated how his printer works at the kitchen table where he spent many late nights building it with a Lego … [Read more...] about 13-Year-Old Boy Builds Braille Printer With Legos, Starts Company

Share to Twitter Share to Linkedin When Accenture surveyed 1,000 C-level execs about their culture in late 2021, only 20% of participants were confident that their company culture supported ongoing innovation. With rare exception, an innovative culture doesn’t happen by accident: It’s mindfully nurtured by leaders so that it’s embraced at every level of the organization. In these kinds of workplaces, people aren’t just expected to innovate — they’re given time for it. Like the CEO of GoodRx , who blocks out six hours on his calendar every week for innovative thinking. Or Intel’s “Thinking Time” program , which encourages employees to take their work offline and activate out-of-office messages every Tuesday morning. If innovation is a low priority in your company, gather leadership and other influencers for an exercise called Commit to Innovation. Inspired by insights from my book, Kill the Company , this technique uses three simple questions to … [Read more...] about 3 Ways To Build An Innovative Culture

- A + A KUALA LUMPUR (June 30): Telekom Malaysia Bhd (TM) has inked two collaboration agreements with Cisco International Ltd to co-invest in projects for 5G innovation and the digital acceleration of small and medium enterprises (SMEs). The partnership is part of Cisco’s Country Digital Acceleration (CDA) programme, which is a strategic partnership with governments worldwide to accelerate their national digitalisation agendas. “The programme taps on the power of private and public partnerships across a variety of sectors, including national infrastructure, education, and smart businesses and communities, to bring digital solutions to national challenges,” Cisco said in a statement. TM said the partnership with Cisco focuses on three key pillars: digital transformation in the public sector — specifically education, which will be launched at a later date — digital transformation for service providers that focuses on 5G innovation, and digital transformation for … [Read more...] about TM partners Cisco to accelerate 5G innovation, digital acceleration of SMEs in Malaysia

The Home Step Fast/-i campaign signing ceremony between Boustead Properties and Affin Bank was held on Thursday, June 30, 2022 in Petaling Jaya, Selangor. - A + A PETALING JAYA (June 30): Boustead Properties Bhd has partnered with Affin Bank to tackle home financing with the Home Step Fast/-i campaign. Boustead Properties on Thursday (June 30) signed a document of understanding (DOU) with Affin Bank to provide eligible homeowners with more flexibility in financing solutions under the latter’s Home Step Fast/-i initiative. The Home Step Fast/-i campaign is well-suited for first home buyers or those starting a family, as the buyer can take advantage of up to 90% plus 5% financing, as well as other conditions including lower monthly loan repayment for the first five years; loan tenure of either 30 years or age 70, depending on which is earlier; and a no lock-in period. “We see the residential property market definitely showing positive signs of growth, as we move … [Read more...] about Boustead Properties partners Affin Bank to offer Home Step Fast/-i campaign

Karel Doshi - A + A KUALA LUMPUR (June 30): HSBC has appointed Karel Doshi as its new head of commercial banking (CMB) in Malaysia, effective Friday (July 1). “Karel will lead the commercial banking business in Malaysia and continue to drive our ambition for growth, while deepening our presence in the local SME and mid-market space and capturing the increasing proportion of international trade flows into Malaysia,” said HSBC Bank Malaysia CEO Omar Siddiq. She will report regionally to HSBC’s head of commercial banking for South and Southeast Asia, Amanda Murphy, and in Malaysia to Omar, the bank added in a statement. “Karel joined HSBC in 2007 and brings diverse coverage and advisory experience spanning corporate, commercial and investment banking,” the bank said, noting that she has over two decades of experience in Malaysia. “Alongside her coverage experience, Karel brings to the fore, strong operational, credit and risk management expertise as chief … [Read more...] about HSBC appoints Karel Doshi to lead commercial banking business in Malaysia

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A ALL eyes are on RHB Banking Group’s newly minted group managing director (MD) and group CEO Mohd Rashid Mohamad as he steers the fourth-largest banking group by assets forward in a tough operating landscape. “It’s very challenging, especially now in a fast-changing market environment, and as we face potential risks such as geopolitical and inflationary,” acknowledges Rashid in his first exclusive interview as group MD/CEO. Competition has intensified, given new entrants into the market, which are not just new banks but also technology companies that compete for the same pie. Rashid adds that this has partly affected the profitability of the industry, along with many other factors. He notes that banks globally no longer see “high ROEs” as before. For RHB Bank Bhd, its return on equity (ROE) in the past 10 financial years hit a high of 13.4% in FY2012 before … [Read more...] about Cover Story: RHB’s Game Plan in ‘fast-changing’ new normal

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. The Malaysian government is liable for the US$3 billion debt taken on by 1MDB GIL as Najib had signed the LOS - A + A BECAUSE 1Malaysia Development Bhd (1MDB) had direct access to former prime minister and finance minister Datuk Seri Najib Razak and his staff at the Prime Minister’s Office, the Ministry of Finance (MoF) and Minister of Finance Inc (MoF Inc) were often bypassed as the state-owned strategic investment company did not think there was any need to report to the ministry even though it was owned by MoF Inc, the High Court heard last week. Testifying as the 26th prosecution witness in Najib’s trial over the misappropriation of more than RM2 billion of 1MDB funds, Datuk Siti Zauyah Mohd Desa, a former deputy secretary-general (policy) at MoF, detailed how the government — specifically her ministry — was forced into issuing a letter of support (LOS) for … [Read more...] about 1MDB-Tanore Trial: 1MDB had direct line to Najib

- A + A (June 30): It was an unusually frigid December weekend when Cheng Wei summoned his inner circle to his Beijing office. The founder of Didi Global Inc, dressed entirely in black, told his lieutenants to slash spending by a fifth in 2022 and begin layoffs after staff return from Lunar New Year vacations. He delivered his bombshell flanked by a giant Powerpoint slide that read: “Don’t live with illusions. Face reality.” “We had a tough year,” said the reserved billionaire known as Will, who that day seemed even gloomier than normal, according to people briefed on the gathering. “But next year will be even tougher.” That sombre gathering encapsulated what many in the room already suspected — the ride-hailing champion once feted for running Uber Technologies Inc out of China was no more. In its place was a defeated shell worth a fifth of its value at the peak, bleeding users, blocked from raising funds for cherished projects — and whose executives were constantly … [Read more...] about Inside Didi’s US$60b crash that changed China tech forever