Headlines

Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, is set to be sentenced in New York federal court on Thursday for fraud and conspiracy, Reuters reported. Kwon, 34, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, previously pleaded guilty and admitted to misleading investors about a coin that was supposed to maintain a steady price during periods of crypto market volatility.

Leon is preparing to shut 20 restaurants and cut jobs as its co-founder scrambles to turn around the business, The Telegraph reported. John Vincent, who repurchased the fast food chain in October, said Leon would reduce its estate from 70 to 50 locations across the country. The struggling chain has hired administrators to oversee a Company Voluntary Arrangement (CVA), a legally sanctioned restructuring that will allow the business to push through closures.

Mexico's decision to raise tariffs as high as 50% will affect $1 billion worth of shipments from major Indian car exporters, including Volkswagen and Hyundai, despite industry lobbying to persuade New Delhi to prevent such a move, according to two sources and a letter from an industry group reviewed by Reuters. Mexican President Claudia Sheinbaum's government approved on Wednesday raising import tariffs next year on hundreds of items from countries it does not have trade agreements with, including China and India, to protect local jobs and manufacturing. But the move also comes amid U.S.

Brazil’s central bank on Wednesday held its key interest rate steady at a steep level, as expected, and maintained its hawkish outlook as inflation remained above target, the Wall Street Journal reported. The bank’s monetary policy committee, known as Copom, kept its Selic rate at 15%—among the world’s highest levels—for a fourth consecutive meeting and gave no indication that a cut might be coming anytime soon.

Japanese companies sold a record amount of yen-denominated bonds targeting individuals this year, in the latest sign that sticky inflation is causing households to shift more of their $14.3 trillion of financial assets into riskier investments, Bloomberg News reported. The note sales climbed to about ¥2.76 trillion ($17.6 billion) as of Dec. 10, surpassing last year’s full-year record of ¥2.73 trillion, according to compiled data.

Japanese companies said strained diplomatic relations with China are their primary concern as they head into 2026, followed closely by U.S. trade policies, a Reuters survey showed on Thursday, Reuters reported. Ties between the Asian neighbours have deteriorated since Japanese Prime Minister Sanae Takaichi told parliament last month that a hypothetical Chinese attack on democratically governed Taiwan could trigger a Japanese military response.

Bank of Canada Gov. Tiff Macklem is trying to throw some cold water on signs showing that the country’s economy is suddenly heating up, the Wall Street Journal reported. The latest readings on the labor market show a steep drop in the unemployment rate and after three months of strong job growth. Revised data also now indicate the economy was healthier than previously believed before the U.S. trade conflict. Also, third-quarter growth blew past tepid expectations.

Consumer prices in Ireland were 3.2 per cent higher in November than the same month last year, the Central Statistics Office (CSO) said on Thursday, as inflation in the Irish economy continued to pick up steam, the Irish Times reported. On an annual basis, prices accelerated last month at the fastest pace since February 2024, with education, clothing, and food prices all contributing to the headline consumer price index (CPI) increase.

Central banks in big economies are signaling a change of stance, with many now on hold after a long easing cycle, and policymakers flagging that their next moves, in time, could be rate hikes, Reuters reported. The U.S. Federal Reserve is something of an outlier. It cut rates this week, and markets still see more easing next year, but the Fed expects one further rate cut, so it too could be nearing the end. Read more.

Manchester United swung to a first-quarter net loss on Thursday, weighed by lower broadcasting revenue and ticket sales as the club sits out European competitions this season, Reuters reported. The Old Trafford club posted a net loss of 6.6 million pounds ($8.83 million) for the quarter ended September 30, compared with a profit of 1.4 million pounds a year ago. Total revenue for the quarter fell 2%, with player and staff wages falling 8.2% due to job cuts.