E-commerce and trade

Nova ransomware claims breach of KPMG Netherlands

KPMG Netherlands has allegedly become the latest target of the Nova ransomware group, following claims that sensitive data was accessed and exfiltrated.

The incident was reported by ransomware monitoring services on 23 January 2026, with attackers claiming the breach occurred on the same day.

Nova has reportedly issued a ten-day deadline for contact and ransom negotiations, a tactic commonly used by ransomware groups to pressure large organisations.

The group has established a reputation for targeting professional services firms and financial sector entities that manage high-value and confidential client information.

Threat intelligence sources indicate that Nova operates a distributed command and control infrastructure across the Tor network, alongside multiple leak platforms used to publish stolen data. Analysis suggests a standardised backend deployment, pointing to a mature and organised ransomware operation.

KPMG has not publicly confirmed the alleged breach at the time of writing. Clients and stakeholders are advised to follow official communications for clarity on potential exposure, response measures and remediation steps as investigations continue.

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France proposes EU tools to map foreign tech dependence

France has unveiled a new push to reduce Europe’s dependence on US and Chinese technology suppliers, placing digital sovereignty back at the centre of the EU policy debates.

Speaking in Paris, France’s minister for AI and digital affairs, Anne Le Hénanff, presented initiatives to expose and address the structural reliance on non-EU technologies across public administrations and private companies.

Central to the strategy is the creation of a Digital Sovereignty Observatory, which will map foreign technology dependencies and assess organisational exposure to geopolitical and supply-chain risks.

The body, led by former Europe minister Clément Beaune, is intended to provide the evidence base needed for coordinated action rather than symbolic declarations of autonomy.

France is also advancing a Digital Resilience Index, expected to publish its first findings in early 2026. The index will measure reliance on foreign digital services and products, identifying vulnerabilities linked to cloud infrastructure, AI, cybersecurity and emerging technologies.

Industry data suggests Europe’s dependence on external tech providers costs the continent hundreds of billions of euros annually.

Paris is using the initiative to renew calls for a European preference in public-sector digital procurement and for a standard EU definition of European digital services.

Such proposals remain contentious among member states, yet France argues they are essential for restoring strategic control over critical digital infrastructure.

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UK banks block large share of crypto transfers, report finds

UK banks are blocking or delaying close to 40% of payments to cryptocurrency exchanges, sharply increasing customer friction and slowing market growth, according to a new industry report.

Around 80% of surveyed exchanges reported rising payment disruptions, while 70% described the banking environment as increasingly hostile, discouraging investment, hiring, and product launches in the UK.

The survey of major platforms, including Coinbase, Kraken, and Gemini, reveals widespread and opaque restrictions across bank transfers and card payments. One exchange reported nearly £1 billion in declined transactions last year, citing unclear rejection reasons despite FCA registration.

Several high-street and digital banks maintain outright blocks, while others impose strict transaction caps. The UK Cryptoasset Business Council warned that blanket debanking practices could breach existing regulations, including those on payment services, consumer protection, and competition.

The council urged the FCA and government to enforce a risk-based approach, expand data sharing, and remove unnecessary barriers as the UK finalises its long-term crypto framework.

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WorldLeaks claims massive Nike data leak

Nike has launched an internal investigation following claims by the WorldLeaks cybercrime group that company data was stolen from its systems.

The sportswear giant said it is assessing a potential cybersecurity incident after the group listed Nike on its Tor leak site and published a large volume of files allegedly taken during the intrusion.

WorldLeaks claims to have released approximately 1.4 terabytes of data, comprising more than 188,000 files. The group is known for data theft and extortion tactics, pressuring organisations to pay by threatening public disclosure instead of encrypting systems with ransomware.

The cybercrime operation emerged in 2025 after rebranding from Hunters International, a ransomware gang active since 2023. Increased law enforcement pressure reportedly led the group to abandon encryption-based attacks and focus exclusively on stealing sensitive corporate data.

An incident that adds to growing concerns across the retail and apparel sector, following a recent breach affecting Under Armour that exposed tens of millions of customer records.

Nike has stated that consumer privacy and data protection remain priorities while the investigation continues.

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China gains ground in global AI race

US companies are increasingly adopting Chinese AI models as part of their core technology stacks, raising questions about global leadership in AI. In the US, Pinterest has confirmed it is using Chinese-developed models to improve recommendations and shopping features.

In the US, executives point to open-source Chinese models such as DeepSeek and tools from Alibaba as faster, cheaper and easier to customise. US firms say these models can outperform proprietary alternatives at a fraction of the cost.

Adoption extends beyond Pinterest in the US, with Airbnb also relying on Chinese AI to power customer service tools. Data from Hugging Face shows Chinese models frequently rank among the most downloaded worldwide, including across US developers.

Researchers at Stanford University have found Chinese AI capabilities now match or exceed global peers. In the US, firms such as OpenAI and Meta remain focused on proprietary systems, leaving China to dominate open-source AI development.

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IMF chief sounds alarm at Davos 2026 over AI and disruption to entry-level labour

AI has dominated discussions at the World Economic Forum in Davos, where IMF managing director Kristalina Georgieva warned that labour markets are already undergoing rapid structural disruption.

According to Georgieva, demand for skills is shifting unevenly, with productivity gains benefiting some workers while younger people and first-time job seekers face shrinking opportunities.

Entry-level roles are particularly exposed as AI systems absorb routine and clerical tasks traditionally used to gain workplace experience.

Georgieva described the effect on young workers as comparable to a labour-market tsunami, arguing that reduced access to foundational roles risks long-term scarring for an entire generation entering employment.

IMF research suggests AI could affect roughly 60 percent of jobs in advanced economies and 40 percent globally, with only about half of exposed workers likely to benefit.

For others, automation may lead to lower wages, slower hiring and intensified pressure on middle-income roles lacking AI-driven productivity gains.

At Davos 2026, Georgieva warned that the rapid, unregulated deployment of AI in advanced economies risks outpacing public policy responses.

Without clear guardrails and inclusive labour strategies, she argued that technological acceleration could deepen inequality rather than supporting broad-based economic resilience.

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Apple accuses the EU of blocking App Store compliance changes

Apple has accused the European Commission of preventing it from implementing App Store changes designed to comply with the Digital Markets Act, following a €500 million fine for breaching the regulation.

The company claims it submitted a formal compliance plan in October and has yet to receive a response from EU officials.

In a statement, Apple argued that the Commission requested delays while gathering market feedback, a process the company says lasted several months and lacked a clear legal basis.

The US tech giant described the enforcement approach as politically motivated and excessively burdensome, accusing the EU of unfairly targeting an American firm.

The Commission has rejected those claims, saying discussions with Apple remain ongoing and emphasising that any compliance measures must support genuinely viable alternative app stores.

Officials pointed to the emergence of multiple competing marketplaces after the DMA entered into force as evidence of market demand.

Scrutiny has increased following the decision by SetApp mobile to shut down its iOS app store in February, with the developer citing complex and evolving business terms.

Questions remain over whether Apple’s proposed shift towards commission-based fees and expanded developer communication rights will satisfy EU regulators.

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Major European banks unite to develop euro-backed stablecoin

A consortium of 10 central European banks has established a new company, Qivalis, to develop and issue a euro-pegged stablecoin, targeting a launch in the second half of 2026, subject to regulatory approval.

The initiative seeks to offer a European alternative to US dollar-dominated digital payment systems and strengthen the region’s strategic autonomy in digital finance.

The participating banks include BNP Paribas, ING, UniCredit, KBC, Danske Bank, SEB, Caixabank, DekaBank, Banca Sella, and Raiffeisen Bank International, with BNP Paribas joining after the initial announcement.

Former Coinbase Germany chief executive Jan-Oliver Sell will lead Qivalis as CEO, while former NatWest chair Howard Davies has been appointed chair. The Amsterdam-based company plans to build a workforce of up to 50 employees over the next two years.

Initial use cases will focus on crypto trading, enabling fast, low-cost payments and settlements, with broader applications planned later. The project emerges as stablecoins grow rapidly, led by dollar-backed tokens, while limited € alternatives drive regulatory interest and ECB engagement.

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Oklahoma advances voluntary Bitcoin payments framework

Oklahoma lawmakers have introduced Senate Bill 2064, proposing a legal framework that allows businesses, state employees, and residents to receive payments in Bitcoin without designating it as legal tender.

The bill recognises Bitcoin as a financial instrument, aligning with constitutional limits while enabling its voluntary use across payroll, procurement, and private transactions.

Under the proposal, state employees could opt to receive wages in Bitcoin, US dollars, or a combination of both at the start of each pay period. Payments would be settled at prevailing market rates and deposited into either self-hosted wallets or approved custodial accounts.

Vendors contracting with the state could also choose Bitcoin on a per-transaction basis, while crypto-native firms would benefit from reduced regulatory friction.

The legislation instructs the State Treasurer to appoint a payment processor and develop operational rules, with contracts targeted for completion by early 2027.

If approved, the framework would take effect in November 2026, positioning Oklahoma among a small group of US states exploring direct Bitcoin integration into public finance, alongside initiatives already launched in Texas and New Hampshire.

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TikTok restructures operations for US market

TikTok has finalised a deal allowing the app to continue operating in America by separating its US business from its global operations. The agreement follows years of political pressure in the US over national security concerns.

Under the arrangement, a new entity will manage TikTok’s US operations, with user data and algorithms handled inside the US. The recommendation algorithm has been licensed and will now be trained only on US user data to meet American regulatory requirements.

Ownership of TikTok’s US business is shared among American and international investors, while China-based ByteDance retains a minority stake. Oracle will oversee data security and cloud infrastructure for users in the US.

Analysts say the changes could alter how the app functions for the roughly 200 million users in the US. Questions remain over whether a US-trained algorithm will perform as effectively as the global version.

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