The U.S. lifted a wide range of sanctions against Venezuela in October but retained the option to reimpose them, acknowledging the failure of the ban on buying Venezuelan bonds. Wall Street investors provided evidence to Washington indicating that the trading of Venezuelan bonds was benefiting individuals with Russian ties, suggesting a potential increase in Russian influence in the region.

EY, one of the Big Four accounting firms, is starting to lay off partners in the US as part of cost-cutting measures due to slowed growth and excess capacity. Dave Burg, EY’s head of Americas cybersecurity, communicated this decision during a webcast call with partners and staff.

The Biden administration's easing of sanctions against Venezuela has reinvigorated the trading of the country's sovereign bonds, with prices rising as a result. Bondholders, who have not received payments for nearly six years and are owed $63 billion, have seen between $2 billion and $3 billion of these bonds change hands in the week following the lifting of the ban on U.S. investors buying and selling Venezuelan debt.

An increasing number of retailers are liquidating and permanently closing after bankruptcy, with Christmas Tree Shops announcing the closure of all its stores following the withdrawal of support from its lenders.

Banks have successfully sold off a substantial amount of leveraged-buyout debt that was previously hindering their lending operations, signaling a potential return to normalcy for a vital segment of Wall Street. This debt, which is considered high-risk, is typically used to finance private-equity buyouts. However, rising interest rates last year made investors hesitant to purchase this debt, leading to approximately $80 billion being retained on banks' balance sheets, which limited their ability to issue new loans and impacted their profits.

Zambia has secured an agreement with Chinese and Western creditors to restructure $6.3 billion in loans, providing a three-year grace period before commencing a 20-year repayment plan. This deal is pivotal for developing countries with significant debt from China's Belt and Road initiative and is dependent on Zambia's ability to reach a similar agreement with private-sector creditors. The arrangement also enables Zambia to access the second tranche of IMF funds from a 2021 assistance program.

NSO Group, the Israeli cybersecurity firm known for its Pegasus software and recently blacklisted by the U.S., has undergone a change of ownership. Creditors, including Credit Suisse and Senator Investment Group, foreclosed on NSO's parent company, NorthPole, leading to a restructuring that ousted the previous owners, such as the private-equity fund by Novalpina Capital. Despite the controversy surrounding its spyware, the business is set to continue under the new ownership structure.

Apollo Global Management and Fortress Investment Group are competing to acquire and revitalize the bankrupt cryptocurrency lender Celsius Network. Each group is prepared to invest around $50 million to reestablish Celsius as a publicly traded company, primarily owned by its creditors.

The German-speaking community in Belgium, previously known as 'Deutschsprachige Gemeinschaft Belgiens', has officially changed its name to 'Ostbelgien' (East Belgium). This move has sparked controversy in Belgium, where language and names are politically sensitive. The change reflects the region's historical ties to Belgium and its distinct identity. Some fear this could lead to further fragmentation of Belgium, which has been undergoing decentralization since the 1970s. Ostbelgien's residents feel a stronger connection to the EU than to Wallonia, with which it shares autonomy. The region benefits from EU policies like open borders, facilitating cultural and business ties with neighboring German-speaking areas. Despite the change, regional politician Karl-Heinz Lambertz emphasizes Ostbelgien's contentment within Belgium and the practicality of a common German name for its citizens.

Seven banks, including Morgan Stanley and Bank of America, face potential losses of at least $2 billion from a $13 billion loan provided to Elon Musk for the Twitter acquisition. The debt has remained unsold due to a lack of investor appetite, exacerbated by Musk's unpredictable management and a declining advertising market. The banks are preparing to sell the debt, but a possible junk-bond rating could increase losses. Twitter, now renamed X, has cut costs and jobs to manage debt interest payments, with the CEO anticipating profitability next year. The unsold debt is a concern for regulators, especially following recent bank failures.

The article discusses the personal struggle of Maria Andreeva, whose husband has been fighting in Ukraine. She is actively trying to bring him back to Moscow, indicating that she is among many others facing similar challenges. The story highlights the human aspect of the ongoing conflict in Ukraine, particularly the impact on families of those who are involved in the fighting.

The article discusses the political landscape in Germany with the rise of Martin Schulz as the new leader of the Social Democratic Party (SPD). Despite a recent surge in popularity, the SPD still trails behind Chancellor Angela Merkel's Christian Democratic Union (CDU), as evidenced by regional election results in Saarland. The article explores the SPD's history, Schulz's political career, and his vision for Germany, which includes a focus on social justice, workers' rights, and a pro-European stance. Schulz's lack of national political experience is contrasted with Merkel's extensive background, and the challenges he faces in the upcoming federal elections are examined. The article also touches on the broader context of European politics, including the EU's challenges and the state of center-left parties in Europe.

The article discusses a conflict between the European Parliament and the European Commission over the regulation of packaged retail investment and insurance products (PRIIPs). MEPs have rejected the commission's regulatory standards for key information documents (KIDs), which are essential for informing consumers about the risks and costs of investment products. The standoff could jeopardize the entire PRIIPs regulatory package aimed at protecting consumers from exploitation in the financial industry. The commission is determined to proceed with the regulation, while MEPs and member states are pushing for a delay. The insurance industry has criticized the KIDs for portraying insurance-based investment products as riskier and more expensive than they are. The commission is ready to cooperate and plans to submit new standards before the year-end deadline.

Brussels faced a citywide lockdown following terrorist attacks on Tuesday, which resulted in at least 34 deaths and numerous injuries. The attacks, claimed by the Islamic State group, targeted Zaventem airport and the Maelbeek metro station, disrupting the European Union's central district. The city's public transport authority, STIB, closed all services, while citizens and local groups mobilized to offer support and transportation via social media. European institutions instructed staff to stay indoors, and makeshift refuges like Maison Antoine provided comfort. Political figures, including members of the UK Independence Party and Germany's AfD, linked the attacks to EU policies. The day ended with lowered flags and a vigil, but also with heightened political rhetoric.