logo
How universities can shield UK from global volatility

How universities can shield UK from global volatility

Times29-04-2025

After the US tariff announcements, and as the IMF sets about downgrading its 2025 growth forecasts for most of the world's large economies, that old cliché about America sneezing and the world catching a cold has never felt more apt.
While US volatility presents an opportunity for the UK to become the most desirable place for American talent to relocate, the chill caused by President Trump's trade upheaval continues to play out across global markets and supply chains. The UK is particularly vulnerable to infection.
Economic growth, deemed vital when the government took office, will be even harder to achieve unless we change course. So, if the best form of medicine is prevention, we must prioritise building a more resilient UK economy. In the

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

IMF raises concern over Pakistan's Bitcoin mining power plan: report
IMF raises concern over Pakistan's Bitcoin mining power plan: report

Crypto Insight

time7 days ago

  • Crypto Insight

IMF raises concern over Pakistan's Bitcoin mining power plan: report

The International Monetary Fund (IMF) has raised concerns over Pakistan's decision to allocate 2,000 megawatts of electricity for Bitcoin mining and artificial intelligence data centers amid ongoing negotiations tied to the country's extended financial program. The initiative, announced last week, is designed to attract autonomous miners, blockchain companies, and AI firms to Pakistan. However, the IMF has raised red flags about the move, requesting urgent clarification from the Finance Ministry regarding the legality of crypto mining and the power allocations, particularly as the nation struggles with chronic energy shortages and fiscal pressures, according to a report by local news outlets Samaa. Per the report, the IMF was not consulted prior to the announcement and is questioning the legal standing of cryptocurrencies in Pakistan. The Fund has also voiced concerns over potential impacts on power tariffs and resource distribution. 'There is a fear of further tough talks from the IMF on this initiative,' an official involved in the ongoing negotiations reportedly said. 'The economic team is already facing stiff questions, and this move has only added to the complexities of the talks.' IMF plans special session on Bitcoin mining plan The IMF delegation, currently conducting virtual discussions with Pakistani officials, is expected to schedule a separate session dedicated to the government's electricity plan for Bitcoin mining and AI operations. The electricity allocation is part of a wider national strategy to integrate digital assets into Pakistan's economy. A key component of this plan is the establishment of the Pakistan Digital Asset Authority (PDAA), approved by the Finance Ministry on May 21. The PDAA will regulate exchanges, wallets, stablecoins, and DeFi platforms while overseeing the tokenization of national assets in line with international frameworks such as those of the Financial Action Task Force (FATF). The development follows Pakistan's high-profile debut of its first strategic Bitcoin reserve at the Bitcoin Vegas 2025 conference last week — an event signaling Islamabad's pivot toward digital finance. During the conference, Bilal bin Saqib, crypto adviser to Prime Minister Shehbaz Sharif, announced the launch of a national Bitcoin wallet and the government's commitment to support the digital asset sector. Pakistan signals new approach to crypto sector Pakistan's government began shifting its stance on cryptocurrencies earlier this year with the proposal of a 'National Crypto Council' in February 2025. The body was tasked with drafting a comprehensive regulatory framework for digital assets and attracting foreign investment to the country's growing crypto ecosystem. Among the Council's early proposals were plans to utilize surplus energy for Bitcoin mining and data center operations, as well as building a national Bitcoin reserve. Binance co-founder Changpeng Zhao was also appointed as an adviser to the Council in April. In this role, he is expected to provide guidance on crypto regulations, blockchain infrastructure, and digital asset adoption. Source:

Hailey Bieber's Rhode to be acquired for US$1 billion—here's what it means
Hailey Bieber's Rhode to be acquired for US$1 billion—here's what it means

Tatler Asia

time29-05-2025

  • Tatler Asia

Hailey Bieber's Rhode to be acquired for US$1 billion—here's what it means

US cosmetics group Elf Beauty announced it is acquiring make-up and skincare brand Rhode, founded by Hailey Bieber, in a landmark billion-dollar deal In what is regarded as one of the biggest celebrity beauty acquisitions in recent years, Hailey Bieber's make-up and skincare label Rhode has just been sold for US$1 billion. Elf Beauty announced it signed a definitive agreement to acquire Rhode, a rapidly growing lifestyle beauty brand known for its collection of high-tech, everyday skincare products. According to a press release, the deal is 'comprised of US$800 million of consideration payable at closing in a combination of cash and stock, subject to customary adjustments, and an additional potential earnout consideration of US$200 million' based on Rhode's growth over the next three years. The news comes two months after Vogue Business reported that the brand hired investment banks JPMorgan Chase and Moelisto oversee the sale. In case you missed it: Brad Pitt just launched a skincare line—when will consumers grow tired of celebrity beauty brands? Founded in 2022 by Bieber and her business partners, Michael Ratner and Lauren Ratner, Rhode launched with just three products as a direct-to-consumer brand that quickly rose to prominence among beauty enthusiasts and industry watchers. While its collection of ten products is considered modest compared to other celebrity beauty brands, a report in Business of Fashion stated that the brand managed to rake up US$212 million in net sales in the latest fiscal year ending in March 2025. Rhode recently announced its entrance into physical stores, starting with Sephora US and Canada stores and in Sephora UK by the end of the year. It is no surprise that the brand quickly went viral due to Bieber's influence that started various social media trends—from glazed donut nails to Erewhon smoothies. But those familiar with Rhode will know the products that truly shot the brand into superstardom are its Peptide Lip Treatment and the instantly recognisable Lip Case. 'When I launched Rhode in 2022, I always had big dreams for the company, and the most important thing to me is to keep bringing rhode to more spaces, places, and faces globally,' Bieber said in an Instagram post announcing the acquisition. 'So today I am so incredibly excited and proud to announce that we are partnering with Elf Beauty as we step into this next chapter in the world of rhode.' Elf Beauty chief executive officer and chairman Tarang Amin told Vogue Business that this new partnership is the 'perfect marriage' for them. The American beauty group's existing portfolio currently consists of skincare brand Naturium, singer Alicia Keys's wellness brand, Soulcare, and makeup brand Well People. While Bieber continues her role as founder of Rhode, she also takes on new titles: Chief Creative Officer and Head of Innovation of the brand as well as strategic advisor to Elf Beauty. Read more: Rihanna, Kylie, Selena: Welcome to the era of celebrity beauty brands

Libyan entities dispute financial transfer allegations
Libyan entities dispute financial transfer allegations

Libyan Express

time25-05-2025

  • Libyan Express

Libyan entities dispute financial transfer allegations

Libyan organisations dispute money transfer reports Two Libyan organisations have rejected claims published by an American digital publication, stating they will pursue legal action over what they describe as inaccurate reporting. The Tebyan platform, which is connected to Libya's Government of National Unity, and Libyan Airlines have both issued statements disputing assertions made by the Washington Eye website concerning alleged financial transfers by Libyan officials. Tebyan said the Washington Eye's report about fund transfers by Libyan authorities lacked reliable sources. The platform described the American outlet as a recently established entity operating within what it called a 'regional media disinformation network' targeting Libya's stability. According to Tebyan's statement, the report was attributed to what it claimed was a fictitious individual. Libyan Airlines separately disputed specific claims about one of its flights, describing the Washington Eye's coverage as containing false information. The carrier said assertions about flight LN203 were inaccurate. The airline stated that the flight in question operated between Alexandria Airport and Mitiga Airport, differing from the publication's claim that it travelled from Mitiga to Istanbul. Libyan Airlines described itself as a commercial carrier separate from political matters, saying it was surprised to be involved in political disputes. Both organisations said they reserved the right to take legal action against media outlets that published or promoted the disputed information without verification. The Washington Eye had cited unnamed Turkish sources claiming that Abdul Hamid Dabaiba, head of the Government of National Unity, personally oversaw the transfer of more than $400 million to Turkey over the past week. The website alleged these transfers occurred through regular Libyan flights operated by individuals connected to Dabaiba, coinciding with Libya's political instability and increased scrutiny of such operations. The Government of National Unity and Dabaiba's office have not issued separate responses to the allegations.​​​​​​​​​​​​​​​​

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store