The wave of e-commerce flops behind the record 113,700 UK business closures in the second quarter
New figures show that the UK’s fastest-growing online retail sector during the pandemic has suffered a wave of closures since the government relaxed COVID-19 restrictions. The number of retailers closing increased 40% year-on-year in the second quarter. According to the data, 113,700 companies were removed from the Office for National Statistics (ONS) registration in the second quarter of 2022.
Russia plans amendments to regulate NFTs
The Ministry of Economic Development of Moscow has made a number of amendments planned to regulate non-fungible tokens (NFTs). The news came from a special working group meeting led by the ministry, in which participants provided the legal definition of an NFT. Representatives of the Central Bank of Russia (CBR) and Vkontakte, a Russian social media site, attended and announced that they would like to support blockchain and NFTs on the platform.
FinTech Supy introduces managed marketplace to help UAE restaurants simplify supplier payments
For Middle Eastern restaurant owners and chefs, getting the best quality ingredients at the best prices requires contracting with multiple suppliers, each with their own billing and payment system. This does not help buyers who need the flexibility to adjust their orders to optimize the procurement process and avoid wasting material, allowing the same product to be ordered on a rolling basis. To solve this problem and build trust with restaurants, Dani El-Zein, co-founder of Dubai-based supply chain management software startup Supy, said his company was a “managed marketplace.” Build a restaurant or supplier.
Tourism rebounds and demand for luxury designers boost results in the first half of Kering
The recovery in travel and rising demand for luxury apparel combined to push Kering to new financial heights in the first half of 2022. In the first half of this year, the company’s revenue increased 23% from the same period in 2021. Kering Group Revenue — Including Gucci, Yves Saint Laurent and other well-known brands, the period from January to June 2022 was € 9.93 billion.
Dbank Raises Pakistan’s Largest Seed Round for $ 17.6 Million
Pakistan’s FinTech startup Dbank has raised $ 17.6 million in a seed funding round. This is the largest ever in Pakistan. Founded in 2021, Dbank is building a user-centered digital banking system based on ethical banking. Currently focused on the Pakistani market, the startup has the ambition to expand to other countries in the future.
Inflation Redefines “Value” at McDonald’s, Other Fast Food Chains
McDonald’s has raised the price of its value menu cheeseburger by as much as 20% in the UK due to rising food costs. This is the first price increase in 14 years. The company hinted that a similar price increase would be coming soon. Fast food price increases begin with UK ONS reporting in June that consumer prices for domestic food and non-alcoholic beverages rose 9.8% year-on-year.
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