Navigating the complex landscape of modern banking requires a keen focus on operational resilience. The Basel Committee on Banking Supervision has recently unveiled a new set of principles aimed at reducing risks from third-party tech firms. These guidelines come in response to rising cyberattacks that pose significant threats to financial institutions globally. The principles stress […]
In a significant leap forward for digital payments, Alipay has introduced a tap-and-pay feature in China. This innovative service allows users to complete transactions effortlessly by tapping their smartphones on a merchant’s USB device. The feature is progressively being implemented in major cities like Shanghai, Chengdu, Wuhan, and Hangzhou, connecting over 2,300 brands and merchants. […]
Microsoft has taken a significant step by stepping down from the OpenAI board. This decision comes amid increasing regulatory scrutiny from antitrust watchdogs in Europe, the UK, and the US. The concern is primarily focused on Microsoft’s potential influence over OpenAI. Microsoft has been a strategic partner for OpenAI, providing not just financial backing but […]
The latest advancements from CERN’s CMS experiment signify a groundbreaking milestone in precision physics. Aleko Khukhunaishvili, from CERN, has highlighted critical developments that could revolutionize our understanding of the universe’s fundamental particles. The Compact Muon Solenoid (CMS) is a general-purpose detector at the Large Hadron Collider (LHC) known for its role in the discovery of […]
The Y2K resurgence isn’t over yet. At least, that’s what Von Dutch’s new owners hope. Today, White Space Group, a new New York-based brand management company, announced it acquired the aughts-favourite brand, previously owned by French footwear company Groupe Royer since 2009. The acquisition cost remains undisclosed. White Space’s goal is to transform Von Dutch’s […]
Mulberry has taken a significant step by appointing Andrea Baldo, former Ganni CEO, as its new chief executive. Baldo is set to replace Thierry Andretta, who departs immediately, with Baldo assuming his role on September 1. This leadership change arrives during challenging times for the British handbag brand. Andrea Baldo is no stranger to steering […]
Dyson Ltd. will cut approximately 1,000 jobs in the UK, representing nearly a third of its local workforce, as part of a comprehensive restructuring strategy. Hanno Kirner, who took over as CEO earlier this year, explained that the company’s rapid growth led to this move. The announcement was made to employees on Tuesday, with plans […]
The success of Adidas’ low-rise multi-colored Samba and Gazelle sneakers, coupled with weaker sales at Nike, is poised to boost the German sportswear giant’s second-quarter performance. Analysts predict Adidas will achieve a profit margin of 51.4%, the highest in three years, supported by a 4.5% rise in revenue, reaching 5.6 billion euros ($6.1 billion). In […]
Ultra-fast-fashion giant Shein revealed plans to invest €250 million in British and European designers and circularity initiatives over the next five years. This move seeks to tackle regulatory crackdowns on “fast fashion” and gain support for a potential London IPO. Shein introduced a €200 million circularity fund targeting textile-to-textile recycling and innovation, encouraging co-investment from […]
Japan is experiencing a notable surge in luxury sales. The weak yen is a significant factor, attracting international tourists who find it cheaper to buy high-end goods in Japan than in their home countries. An Australian financier shared an instance where his wife traveled to Tokyo from Melbourne solely to purchase luxury items, which came […]
