UK Crypto legislation

As 2.3 million people in the UK are thought to own crypto assets, it is clear that the popularity of owning this type of currency is increasing. This has encouraged the government to introduce draft a bill under the oversight of the Financial Conduct Authority. This will ensure citizens and companies acknowledge crypto-assets subject to the same rules as bonds, shares and other financial instruments.

Chancellor of the Exchequer, Rishi Sunak has said this proposition will help ensure “consumers are protected, while also supporting the innovation of the crypto assets market”. Therefore, measures are being introduced to correct misleading cryptocurrency advertisements.

Peleton suspends production

The fitness brand, Peleton has decided to temporarily halt the production of its exercise machines. due to falling demand. Bikes will be suspended for two months and treadmills for six weeks. The company has said that growing customer price sensitivity along with increased competition has lowered demand.

Peleton has also suffered a good brand reputation after a number of injuries and some deaths have been caused by its treadmills. This has reflected the company’s share price which has decreased by 80%.

Primark job dismissals

Primark has announced that it will cut 400 management jobs in order to simplify its operations. As there is a lack of omnichannel marketing such as a site for shopping, this has contributed to a loss of consumer interaction. Furthermore, the fashion brand has suffered from Omicron restrictions as this has encouraged a consumer shift to online shopping.

By Rukiyya Shah