Weekly Market Update - 24 April 2023

Chapter 11

Bed Bath & Beyond, the big-box retailer that for decades provided essential shopping for college dorms and new homes, will close all of its stores and liquidate inventory after its turnaround failed. The shuttering of one of America’s most well-known home goods retailers will put the jobs of 14,000 employees — and their retirement savings and severance pay — on the line. The New Jersey-based company filed for Chapter 11 bankruptcy on Sunday. The company expects its properties to be vacated by June 30.

Source: Bloomberg

SpaceX Launch

SpaceX’s attempt to send its Starship system into space ended after an engine failure forced it the company to blow up the rocket shortly after liftoff. The company said it blew up Starship and its Super Heavy booster after they failed to separate, four minutes after blasting off in Texas. It cited problems with some of Starship’s 33 Raptor engines. The mishap potentially complicates CEO Elon Musk’s goal to send humans to the moon and Mars. Nevertheless, Musk put a positive spin on the event, tweeting: “Learned a lot for the next test launch in a few months.”

Source: Bloomberg

Top Spot

India has overtaken China as the world’s most populous nation, according to the United Nations. India’s population surpassed 1.4286 billion, slightly higher than China’s 1.4257 billion people, according to mid-2023 estimates. The burgeoning population — half of which is under the age of 30 — will add urgency for Prime Minister Narendra Modi’s government to create employment for the millions of people entering the workforce as the nation moves away from farm jobs. India’s population is forecast to touch about 1.66 billion by 2050, when China’s population is forecast to contract to about 1.31 billion.

Source: Bloomberg