Forever 21 Bankruptcy Creditors Probing Sparc-JCPenney Tie-Up The fashion industry was recently rocked by Forever 21’s bankruptcy filing, leaving many stakeholders concerned about the future of the iconic fast fashion retailer. As the dust settles on this unexpected turn of events, a committee of unsecured creditors to Forever 21’s US arm has begun to investigate […]
EU issues renewed warning over crypto risks
EU Raises Concerns Over Crypto Risks: Is Financial Stability at Stake? In a recent development, Natasha Cazenave, a prominent figure at the European Securities and Markets Authority (ESMA), has sounded the alarm on the risks associated with cryptocurrencies. Despite the fact that over 95% of banks in the European Union are steering clear of crypto […]
EU watchdog pushes for strict capital rules on insurers’ crypto holdings
EU Watchdog Proposes Tighter Capital Rules for Insurers’ Crypto Holdings The European Insurance and Occupational Pensions Authority (EIOPA) has recently put forward a bold proposal that could significantly impact insurers’ approach to cryptocurrencies. The proposal suggests imposing stricter capital requirements on insurers for their crypto holdings compared to traditional assets like stocks and real estate. […]
Zegna Group Profits Decline 30 Percent
Zegna Group Profits Decline 30 Percent Luxury fashion house Ermenegildo Zegna Group recently released its financial report for 2024, revealing a 31 percent decline in profits to €91 million ($98 million). This significant decrease in earnings has been attributed to various factors, including a notable slowdown in the Chinese market and a weaker wholesale performance, […]
A Russian economist criticises Bitcoin reserves as an economic risk
The Risks of Bitcoin Reserves: Insights from a Russian Economist In the realm of economic strategies and financial reserves, the concept of cryptocurrency, particularly Bitcoin, has been a topic of increasing interest and debate. While some countries have started to explore the idea of integrating Bitcoin into their national reserves, a notable Russian economist has […]
The Body Shop’s Suppliers to Receive No More Than a Quarter of £219 Million Owed
The Body Shop’s Suppliers to Receive No More Than a Quarter of £219 Million Owed The Body Shop, a renowned ethical beauty retailer, is facing a challenging situation as it navigates through the aftermath of falling into administration. With approximately £219 million ($284 million) owed to its suppliers, the company has announced that these creditors […]
Czech central bank weighs Bitcoin despite concerns
Czech Central Bank Considers Bitcoin as a Reserve Asset Despite Concerns The world of finance is constantly evolving, with traditional institutions now facing the challenge of integrating digital assets into their portfolios. The Czech National Bank is no exception, as board member Jan Kubicek recently expressed his reservations about Bitcoin. Despite his skepticism, the central […]
Rwanda moves to regulate virtual assets with new draft law
Rwanda Takes a Step Forward in Regulating Virtual Assets Rwanda is making significant strides in the regulation of virtual assets with the introduction of a new draft law aimed at governing the use of cryptocurrencies within the country. The draft law, which has been proposed by Rwandan authorities, includes strict measures to control the use […]
El Salvador faces new IMF restrictions on Bitcoin transactions
El Salvador Grapples with IMF Restrictions on Bitcoin Transactions El Salvador made waves in the financial world when it became the first country to adopt Bitcoin as legal tender. However, this bold move has not been without its challenges. Recently, the International Monetary Fund (IMF) has placed restrictions on El Salvador regarding its use of […]
Senate votes to overturn IRS rule on DeFi brokers
Senate Votes to Overturn IRS Rule on DeFi Brokers In a pivotal move that could shape the future of decentralized finance (DeFi) in the United States, the Senate has voted to overturn the IRS rule targeting DeFi brokers. This decision marks a significant milestone in efforts to protect and foster innovation within the rapidly expanding […]