Business & Finance Summary

Do Kwon, the South Korean cryptocurrency entrepreneur behind the collapsed TerraUSD, has been sentenced to 15 years in prison over the $40 billion loss that occurred in 2022, according to Reuters. In corporate news, Broadcom has discontinued VMware vSphere Foundation in parts of EMEA, leading smaller clients to consider alternatives like Hyper-V or Nutanix.

Meanwhile, the UK economy has unexpectedly contracted in the three months leading up to October, raising concerns ahead of the upcoming budget. In the U.S., stocks have reached record highs as investors rotate out of tech amid a resilient economy, supported by anticipated interest rate cuts, with Asian markets following suit and trading higher after Wall Street gains.

As the holiday shopping season approaches, buy now, pay later services see a surge in marketing, aimed at encouraging flexible financing options for consumers. Additionally, former Prime Minister Theresa May has indicated that the economy will be the primary issue in the next UK election, emphasizing the challenges facing the Conservative Party amid rising competition from the Reform UK party.