Latest news with #financialcollapse
Bloomberg
12 hours ago
- Business
- Bloomberg
Thames Water's Toxic Swamp Didn't Suit KKR
A new world is approaching for the toxic swamp of Britain's water industry — and there's no place in it for private equity. KKR & Co.'s withdrawal as the preferred bidder for a £4 billion ($5.4 billion) equity investment in Thames Water leaves the utility at heightened risk of financial collapse and enforced government supervision. It's the clearest signal yet that the sector is heading for seismic change. The precise trigger for KKR's exit, disclosed by Thames Water on Tuesday, isn't clear. The politicization of the industry was a major disincentive for the US investment firm to pursue a deal, the BBC reported, citing sources close to the situation. Maybe. But KKR always knew what it was getting into: Thames Water is a pariah and a punchbag for politicians because of its serial pollution and poor customer-service record, as well as the legacy of a previous private-equity owner, Australia's Macquarie Group, which loaded the company up with debt and extracted billions in dividends. The ride was never going to be easy. There are broader forces at work here.
Khaleej Times
6 days ago
- Business
- Khaleej Times
How I rebuilt my life after losing everything to Lebanon's financial collapse
I know it sounds dramatic to say 'the bank stole my money.' But if you're Lebanese, you know that's not exaggeration. That's just fact. One day you're running a business, making plans, watching your numbers grow. The next? You're begging a bank teller for your own money and getting that same cold, rehearsed 'system error' stare. Before the financial collapse, I had built something I loved. Vinci wasn't just a fashion company. It was my dream. It was a vision stitched together with clarity and purpose. We brought the biggest names in fashion from the US, like Macy's, Bloomingdale's, and Nordstrom, straight into the heart of Beirut. We weren't just importing clothes. We were importing experience. We were bringing in aspiration, energy, and possibility. But Vinci was never just about retail. It was a living, breathing brand. It was media before I even realised I was doing media. We launched three physical stores, organised our own runway shows, built an engaged digital presence, and cultivated a community of people who didn't just shop. They believed. They bought into the story, the vibe, the feeling. Vinci was culture. It was a movement. And the growth was real. It was fast. The ROI was better than I could have imagined. I wasn't just selling clothes. I was building something people wanted to be part of. Everything was working. Until it wasn't. Then came the crash. The unthinkable, until it became the daily. Lebanon's financial system collapsed almost overnight. I didn't believe in hiding piles of cash. I believed in the system. I believed in doing things the responsible way. Keeping money in the bank, following the rules, investing in growth. That was supposed to be the smart path. The safe path. But in Lebanon, even the smart path had a tragic punchline. The banks closed their doors. Then they opened them again, only to say no. No withdrawals. No transfers. No answers. One day, I had cash flow, plans, and momentum. The next, I had nothing. Not because I failed. Not because I made a bad investment. But because a system that should have protected people like me simply didn't. They took my money. But they didn't take my mission. And let me be clear. I don't blame my country. My lovely Lebanon will always be home. I blame the system. I blame the corruption. I blame the layers of negligence and greed that hollowed out the institutions meant to safeguard us. The people didn't fail. The spirit of Lebanon didn't fail. The system did. What I've learned is this. You can lose your business, your income, even your sense of stability. But you don't lose your purpose. Not unless you give it away. People say I shifted back into media. But the truth is, I never really left it. Vinci was always a form of media. Storytelling. Branding. Emotion. Identity. Presence. So when I lost the company, I didn't pivot. I continued. I went back to doing what I do best. Creating. Only this time, I was creating with different tools. New platforms. New formats. I rebuilt from zero. And I mean zero. I wasn't just starting over professionally. I had to rebuild myself. My confidence. My voice. My why. I became a creative director. I launched shows and podcasts. I helped build studios from the ground up. I led rebrands and campaigns for some of the most exciting names in the region. I formed teams that felt like family, and together, we told stories that mattered. Today, I lead content at one of the region's most competitive media platforms. And no bank, no government, no system failure can take that from me. If you're reading this and you've lost everything. Your business. Your savings. Your sense of control. I want you to know, I see you. You're not alone. You're not broken. You're not done. You're just in the process of becoming. Sometimes the ground has to give out from under you before you realise you were meant to fly. Sometimes hitting rock bottom is the beginning of your real story. The story you were actually meant to tell. And to all the builders, the creatives, the dreamers who've been forced to watch their work evaporate in the chaos, don't let this system define you. You are not your bank balance. You are not your business registration. You are your fire. Your clarity. Your vision. That's what builds movements. That's what survives collapse. The runway is still there. You just have to walk it again. So, walk it. Even if you're walking alone at first. Even if you're scared. Especially if you're scared. Because your steps, no matter how shaky, are still steps forward. And each one takes you closer to who you're really meant to be. The banks may have stolen our money. But they can't steal our spirit. And that is what rebuilds nations.
Associated Press
20-05-2025
- Entertainment
- Associated Press
Book Review: Donal Ryan's spellbinding sequel in 21 voices continues the saga of a small Irish town
In 2014 Donal Ryan published a novel in the U.S. called 'The Spinning Heart' about a rural Irish town after the 2008 financial collapse. It was narrated by a chorus of voices, one per chapter, and at the center was a good-hearted contractor, Bobby Mahon. Ryan's latest book is a spellbinding sequel, 'Heart, Be at Peace,' that works just fine on its own. It chronicles the changes that have buffeted Nenagh, County Tipperary, in the decade since the recession. Once again, the story is told by 21 townspeople, including one who has died, and Bobby is at the center. Over the years he has done well for himself with a 'kitchen the size of a soccer pitch' and a 'marble island in the middle of it that you could feed an army at,' as one envious frenemy grouses. But recently Bobby has been having panic attacks because a compromising picture of him at a stag party in Amsterdam has been making the rounds. Also, he is worried sick about the drug dealers lurking around town in cars with blacked-out windows, posing a threat to the children, including his own. Another member of the chorus is Lily, who describes herself as 'witch by training' and prostitute by inclination. She learned her magic from a Roma woman who settled in the town, 'caught roots' and married a local. Lily adores her beautiful granddaughter, Millicent — her long legs, blue eyes and 'the shine off of her like the sun on the water of the lake.' They go for long walks in the meadows, gathering wild garlic, dock leaves and sorrel, but lately, the girl has fallen under the spell of Augie Penrose, the ringleader of the drug dealers, and Granny knows in her heart it will not end well. Bobby, Lily, Millicent and all the others see the town and its residents, including the newcomers from Eastern Europe, from a different perspective. Together, they narrate a gripping story that is heartbreaking, funny and occasionally raunchy of a beaten-down but resilient community that embodies the best and worst of humanity. The book ends with a monologue from Bobby's preternaturally wise and forbearing wife, Triona, who is puzzling over a dramatic plot development in the last chapter. 'There's more to that story, a lot more I'd say, but it'll be told elsewhere, I'm sure.' If she is right, then perhaps Ryan is already planning the third installment of a trilogy. What a gift that would be for readers everywhere. ___ AP book reviews:
Yahoo
19-05-2025
- Entertainment
- Yahoo
Justin Bieber Sold His Music Catalog for $200 Million Because He'd Lost His Entire Fortune, New Documentary Claims
Justin Bieber was on the verge of "financial collapse" when he sold his music catalog in 2022, a new TMZ documentary claims The singer sold his catalog for a reported $200 million to Hipgnosis Songs Capital The debt was allegedly incurred following the cancellation of his Justice World TourJustin Bieber was in dire financial straits when he sold his song catalog in December 2022, according to a new TMZ documentary. Bieber, 31, unloaded his nearly 300-song collection to Hipgnosis Songs Capital for a reported $200 million — and it was because he was on the verge of 'financial collapse,' claims a new documentary titled TMZ Investigates: What Happened to Justin Bieber? In the documentary, which is streaming on Hulu, TMZ executive producer Harvey Levin claims the 'Peaches' singer amassed between $500 million and $1 billion throughout his career, but ultimately 'had to sell his music catalog because he was broke,' due in part to debts incurred following the 2022 cancellation of his Justice World Tour. 'I was on a call with multiple people — Justin's side acknowledges that in 2022, he was on the verge of… the words were 'financial collapse.' And that's why he had to sell his catalog," Levin alleges in the documentary. When reached by PEOPLE, a rep for Bieber had no comment. Levin also alleged that when Bieber's then-manager Scooter Braun got wind of the sale, he encouraged the star to wait until January 2023 to make the sale in order to get a tax break. 'Justin said, 'I gotta sell it now.' And he sold it in December. That's how broke he was,' Levin claims. Though it remains unclear just how Bieber spent his fortune, one TMZ staffer alleges that he had eight buses on his Justice World Tour and spent $2 million renovating one, and also flew on expensive jets and paid cash for several mega-mansions. Elsewhere in the documentary, TMZ executive producer Don Nash claims that Bieber would have made $90 million had he finished his Justice World Tour, which he canceled in September 2022 in order to prioritize his health. The TMZ documentary comes one month after The Hollywood Reporter published a story similarly claiming that Bieber had been left with millions of dollars in debt after canceling the tour. At the time, a rep for the star slammed the outlet's sources in a statement, telling PEOPLE: 'This is just clickbait stupidity based on unnamed — and clearly ill-informed — 'sources,' disappointed that they no longer work with Justin. As Justin forges his own way forward, these unnecessary stories and inaccurate assumptions will continue. But, they won't deter him from staying committed to following the right path." Meanwhile, a source told PEOPLE that same month that the Grammy winner — who welcomed son Jack Blues in August with wife Hailey Bieber — is 'facing a lot of different demons right now.' 'He is making some really poor decisions lately, further impacting friendships, money and business. People are worried about him,' the source said. Read the original article on People
Coin Geek
19-05-2025
- Business
- Coin Geek
When the East buckled, blockchain whispered
Homepage > News > Editorial > When the East buckled, blockchain whispered Getting your Trinity Audio player ready... This post is a guest contribution by George Siosi Samuels, managing director at Faiā. See how Faiā is committed to staying at the forefront of technological advancements here. What a Japanese hedge fund collapse reveals about enterprise blockchain's next move. On April 8, 2025, a Japanese hedge fund collapsed under the weight of a 60x leveraged position in 10-year U.S. Treasury bonds. The timing wasn't coincidental. Just days prior, Trump's revived tariff announcements sent markets into a spiral. Bond yields surged. Liquidity evaporated. And then—like a signal too loud to ignore—a domino fell. The result? A cascade sell-off in Treasuries, surging Japanese 30-year yields, and enough global pressure to force Trump into pausing his plans—at least for now. But beneath the geopolitical theatrics lies a quieter question: what does this moment signal for enterprise blockchain? Let's examine the fallout—through an east vs. west lens. The West: From transparency theatre to on-chain accountability In the U.S. and Europe, blockchain has long been marketed as the next evolution in trust. But in practice, it's often been relegated to pilot programs, glossy white papers, or internal innovation teams far removed from real risk. This hedge fund's collapse may change that. Why? Because it wasn't some meme-stock gamble or crypto blowup—it was a traditionally structured, institutionally respected fund betting on U.S. government debt—the safest of the safe. And it still cracked. This sends a signal to Western enterprises: If the global financial plumbing can buckle under legacy assumptions, then maybe 'blockchain for auditability' isn't a side quest. It's survival infrastructure. Expect a rise in: Tokenized treasuries with real-time on-chain proof of collateral Smart-contract-driven leverage thresholds for hedge funds and asset managers Auditable risk registries that allow governments and counterparties to monitor systemic exposure before it's too late Enterprise blockchain here stops being theoretical. It becomes tactical. The East: Circuit-breakers and sovereign stack recalibration Japan's role in this story is more than geographical—it's philosophical. In a culture known for precision, resilience, and long-term stewardship, the idea that a local fund imploded from exposure to foreign debt will land hard, especially in a region where U.S. monetary policy still casts a long shadow. This may accelerate two moves in Asia: 1. Rethinking risk transparency through public-private DLT collaborations – Japan and South Korea were already exploring blockchain-based finance tools—but now, expect movement toward real-time leverage indexing, cross-border asset tracing, and circuit-breaker layers powered by distributed consensus. 2. Regional financial sovereignty via blockchain rails – The shock of U.S.-led volatility will likely boost projects like: mBridge (multi-CBDC settlement) RCEP-backed digital trade corridors Intra-Asian DeFi infrastructure with enterprise compliance baked in Asia won't decouple from the west—but it will want more say in how systems operate. Blockchain gives them the levers. A moment of pattern recognition This isn't just about one hedge fund or one policy move. It's about what this moment reveals: The world's most secure assets are no longer 'safe' Rate shocks in one country ripple into another's retirement funds Old pipes are leaking—and everyone's still using them Enterprise blockchain doesn't solve everything, but it offers a new type of resilience: Programmable trust Distributed oversight Real-time calibration East vs. West: How they're likely to move Closing thought Blockchain isn't here to save the system. It's here to show us where it's broken—and build what comes next. For enterprise leaders still on the fence, this moment isn't just a warning. It's a window. And it's closing fast. Watch | Mining Disrupt 2025 Highlights: Profitable trends every miner should know title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
