3. Crisis at Bed Bath & Beyond
The Bed Bath & Beyond story took a shocking and horrifying turn over the weekend, when it was revealed that the retailer's chief financial officer, Gustavo Arnal, took his own life. Arnal was declared dead Friday, a mere two days after he updated investors with the troubled company's turnaround plan, which included a new loan to shore up finances, store closures and layoffs. Arnal's death exacerbates the leadership void at Bed Bath, which has an interim CEO and recently eliminated other executive positions, including chief operating officer. The company's shares were under further pressure early Tuesday morning, its market cap having fallen to just about $690 million as of Friday's close.
4. A new UK prime minister
The Boris Johnson era is over. Now, after all the twists, turns and scandals of BoJo's tenure as Britain's prime minister, it's Liz Truss's turn to take a crack at sorting out the nation's economic woes. Soaring prices, and particularly surging energy costs, have inflicted pain on large swaths of British life, including at schools, where kids are facing smaller lunch portions consisting of lower-quality food. Truss, a member of the Conservative Party, is partial to cutting taxes and reducing spending, and has said she would put a temporary pause on so-called green levies on skyrocketing energy bills, although experts have warned she will need to do more than that. She is also planning to merge banking watchdogs in the City of London, a move some observers have said would produce a "light touch regulatory regime."
5. Stark warning in Europe
The European energy crisis' worst days are ahead of us, according to the CEO of Germany's Uniper. "What we see on the wholesale market is 20 times the price that we have seen two years ago — 20 times. That is why I think we need to have really an open discussion with everyone taking responsibility on how to fix that," Klaus-Dieter Maubach told CNBC's Hadley Gamble in Milan. His warning comes after Russia on Friday halted gas flows through the Nord Stream 1 pipeline due to an oil leak at a compressor station. Siemens Energy, which Russia says should fix the issue, said the leakage is not a technical reason for stopping gas flows.
— CNBC's Samantha Subin, Leslie Josephs, MacKenzie Sigalos, Holly Ellyatt, Hannah Ward-Glenton and Sam Mereidth contributed to this report.
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