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Send your rising stars to work elsewhere ⭐️

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Hello and welcome back to Working It.

I talk to a lot of leaders, in a bid to stay “ahead of the curve” and hear what’s on their minds. These meetings are not just about good ideas and premium biscuits 🍪. I also enjoy the unexpected ways that life comes full circle.

In 2022, I went with my Most Successful Friend (as her “plus one”) to a new event: Anthropy at the Eden Project in Cornwall. It was an invigorating experiment: a coming-together of leaders from business, charities, government and beyond, to work on a blueprint of positive changes for Britain after Covid. Think Davos, but in a biome. And without the tiered ticketing structure/crazy egos.

I was in at the start (such a trendsetter 😎). Many more people have since got involved — if you’re interested, the next, much bigger, Anthropy conference is in March 2025. This week, I finally met its founder, John O’Brien, to talk about leadership and connection. (No biscuits, though).

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Isabel Berwick and John O’Brien
Not at the Eden Project. Yet.

Read on for the many benefits of younger people joining boards (PSA: “young” in board terms is 40 something.) And in Office Therapy we advise someone feeling left out at work. We’ve all been there 😥.

Send your stars out to shine as Neds (or become one yourself) 🙋🏽‍♂️

Why not encourage your talented executives to become non-executive directors (Neds) in another organisation? That’s the most original staff retention and career development idea* I’ve heard in a long while. It comes from Warren Partners’ Sally Dunwoody**, a specialist headhunter for leaders in financial services companies.

Sally told me: “If you offer someone who has an executive role the chance to be a non-exec in an organisation that does not compete with what they are doing, it is a great development opportunity for them and you will keep them. You will retain them, they will be trained in a whole range of skills that will be very useful to your business, and you won’t be paying for that training — someone else is.”💡

Even better, Sally said: “[Neds] immediately have access to, say, six other people from the board they are serving on, plus the rest of the company they are working with, plus their resources. All that brings a ton of extras to your business and access to people and places who can coach, mentor and help.”

Generally, serving executives will only have the time to take on one Ned role. What sort of person, I asked Sally, is likely to be a candidate for a Ned role? “You’d be in a broad business role — probably starting to be a functional specialist, so you are probably in finance or marketing, business development or HR. Tech in particular is good — anything to do with tech or data — or a general manager.” For the new generation of Neds, you’re probably at the stage of “ExCo or ExCo minus one”.

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The biggest barrier to executives taking on a role elsewhere might not be an unsupportive boss, but age. According to the latest (2023) Spencer Stuart Board Index, the average age of Neds in the UK is 60.9 years: “Female Neds are slightly younger on average (59.3 years) than their male counterparts (62.5).” Boards are proving surprisingly stubborn about recruiting younger people — even those with relevant experience. The very youngest Neds are likely to be in their mid-40s.

It’s something that needs to change, especially now that many companies have four or five generations in the workplace (as discussed here last week). As Sally pointed out: “You need people who are younger round the board table as they can help shift the debate away from ‘this is how we have always done it’ and also they can help ‘get the customer in the board room’. Think about a payday loan business, for example — how many of their board members have ever been in the situation of needing that service?”

There are also plenty of programmes aimed at supporting people into board positions — Warren Partners, for example, has a Board Fellowship Programme that connects FTSE 250 companies with talented people from minority backgrounds. Women on Boards offers networking and training opportunities. And, *declaring an interest*, the FT Board Director Programme offers a diploma for aspiring Neds in the UK and Asia. (Tell me any others you have taken part in, or run, and we will mention them here.)

What can you do to improve your own chances of finding a non-executive position? Thinking several years ahead will help — whether you’re thinking of doing it alongside a corporate job, or as part of a transition to a portfolio career. Becoming a school governor, or a trustee of a charity, are good first steps. Sally’s advice: “Do something that speaks to you, so you lean into it properly and give it the energy and passion it deserves.”

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*Got more ideas for expanding the Ned pool 🌊? Email me: isabel.berwick@ft.com

**I first met Sally many years ago, on a campsite in France ⛺️. We reconnected recently, creating another “full circle” moment.

This week on the Working It podcast

Burnout is a huge issue, but very ill-defined — and there’s even more confusion about how to prevent and treat it. Into this void comes the expert voice of this week’s guest on the Working It podcast, Dr Audrey Tang. Audrey is a psychologist, coach and award-winning author. We recorded our talk earlier this month, live on stage at the FT Weekend Festival.

Listen in for tips on spotting early warning signs of burnout in yourself, and in colleagues, and learn how to keep yourself afloat when you are working in a dysfunctional organisation. Lots of great audience questions, too 🏆.

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Office Therapy

The problem: I recently found out by chance that I had not been invited to a select workplace dinner. When I heard, I felt like I was in the playground and nobody wanted to play with me. It was pure humiliation and later I was furious. I’m over it but I’m curious: why was my response physical — and how best to deal with “bruises” to our status🤕?

Isabel’s advice: I decided not to answer this myself because my reaction was visceral. It took me back to that moment when I realised my daughter was the only one in the friendship group not invited to the Alpha Girl’s birthday party. It sucks 🤬.

Here’s the rather more impartial (and more impressive) Ben Tye, CEO at digital transformation consultancy Gate One, and also a psychotherapist and executive coach:

“Ouch, I feel for you. Rejection hurts, and being excluded is a powerful form of othering that can bring up feelings of shame, impotent anger and rage.

“It’s telling that you describe an intense physical reaction and feeling like you were back in the playground with no one wanting to play with you. We all carry what’s called our ‘inner child’ within us. It’s a way of describing the younger parts of ourselves that can sometimes emerge during stressful or traumatic situations. In psychological terms, it’s a form of regression when an experience can suddenly take us back to feeling very young and vulnerable.

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“Be good to yourself, acknowledge the pain of being excluded and find a way to be kind to yourself on the day of the dinner. Maybe have one of your own with friends, family and people you love, who love you in return? Finally, if you experience this regularly, you might consider working with a psychodynamic coach or a psychotherapist to work through what is happening and address whatever is there.”

*Got a workplace problem for Office Therapy? Big, small — we tackle them all. Send to isabel.berwick@ft.com. We anonymise everything.

🚨 Office Therapy will be alternating here with the extremely popular “Dear Jonathan” careers advice column by Jonathan Black. Send your career dilemmas to dear.jonathan@ft.com.

Five top stories from the world of work

  1. Uber’s next act: taking on Amazon. Newly profitable Uber is in the business of expansion — a great case study on corporate ambition from Yasemin Craggs Mersinoglu and Camilla Hodgson. Is it really going to turn into the “operating system for your everyday life”?

  2. The office is not the only solution: Amazon CEO Andy Jassy sent the “return to office” debate into overdrive when he announced that he wanted workers back at their desks five days a week. Emma Jacobs asks how something as boring as the office ended up being such a hot topic.

  3. Young women are starting to leave young men behind: Women are making strides in education and workplaces, but the more startling thing is that some young men are actively disengaged — and their prospects are going backwards. A worrying data trends piece from John Burn-Murdoch.

  4. Get a grip: why has the UK’s Labour government been so bad at politics? A classic tale of dysfunctional office politics, except this time they are governing the UK. Jim Pickard and Lucy Fisher investigate.

  5. PwC average UK partner pay falls to £862,000 as sales growth stalls: No further commentary needed, but PwC is the first of the Big Four to report results, says Simon Foy.

One more thing . . .

If you’ve ever wanted to look more “put together” in your clothing choices, or have felt you don’t really “get” fashion 🤷🏼‍♀️, please read “How I Lost (and Found) My Style at 67“, by Cathy Horyn in The Cut. What will make you feel instantly better is that Cathy is a fashion critic. If she has been uncertain about what to wear, what hope for the rest of us? It’s also a great example of positive ageing — embracing change and making the most of it. (Yes, this is a piece aimed at women — but there are many universal lessons.)

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This week’s giveaway

OK, I lied, not a giveaway . . . but a big NY-based future of work conference that’s free to join online. Charter’s Workplace Summit 2024 is on October 8. Register here and join Charter co-founders Kevin Delaney and Erin Grau and other top names on leadership and the future of work. Sessions that caught my eye include JPMorgan’s head of AI on how humans and AI can best work together.

A word from the Working It community . . . 

The newsletter on the benefits of journaling about working life brought in interesting replies, including a couple of readers who questioned the ownership of such artefacts. If you are writing down who said what in meetings . . . does it belong to your employer as evidence if something goes bad 🤢? I will investigate (do send me your expert thoughts).

But my favourite email came from Trigvie Robbins-Jones, known as Trig, a director at PwC. He wrote: “I do something similar in cartoon form because work is too funny to be taken seriously”. I agree, but Trig actually draws his thoughts. And they are brilliant. He’s got a blog, or follow him on LinkedIn, where he posts professional-life-adjacent strips that will lighten your feed when it gets bloated with earnest posts from self-promoters and overcaffeinated conference attendees 😱.

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Business

Wizz Air says CEO is unlikely to meet targets needed to trigger £100mn bonus

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Struggling Wizz Air has conceded that its chief executive is unlikely to deliver on performance targets needed to earn a controversial £100mn bonus after a “parade of black swans” hammered its shares.

Shareholders in the London-listed low-cost airline have instead backed a new bonus scheme for József Váradi that includes a one-off share award worth around €2.3mn for this year, and the opportunity to earn around €4mn per year in shares as bonuses from 2026.

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Stephen Johnson, interim chair of the remuneration committee, said on Wednesday that a new plan was needed to “motivate” and “retain” Varadi, who was “by far the worst compensated CEO” among his airline peers.

Wizz Air’s ambitious growth plans have been knocked by a string of crises, most notably the grounding of scores of its aircraft because of possible engine problems. Its shares have slumped 39 per cent this year, while those of BA owner IAG have risen by almost a third.

Line chart of Share price, pence showing Wizz Air shares have tumbled over the past three years


Váradi was paid a total of €1.4mn in Wizz Air’s 2024 financial year, down from €4mn in 2019. That compares with IAG chief executive Luis Gallego, who was paid £3.1mn in 2023, and easyJet’s Johan Lundgren who received £2.2mn. Both these companies have enjoyed a smoother ride as the industry has recovered from the pandemic.

Váradi, who was one of the airline’s founders in the early 2000s, has grown it into one of the most significant players in European aviation after masterminding a growth strategy that prioritises cutting operational costs.

Wizz Air offered Váradi a £100mn bonus in 2021 if he could raise its share price to £120 by 2026, with shareholders last year approving a change to give him until 2028 to achieve the target.

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But with shares trading at £13.45 at close on Wednesday, Johnson told shareholders in notes accompanying its AGM notice that the old plan was “underwater” and the chances of Varadi hitting his targets were “remote”.

“József has been instrumental in leading the company to success . . . and the Board believes that it is essential that he be retained to lead the company through its challenges for the next few years. However, that objective is at risk,” Johnson said.

Váradi has promised to significantly grow the airline this decade, and is working towards a long-term target to grow passenger capacity by 20 per cent a year and have 500 aircraft by 2030, although he previously said this could slip to 2031 or 2032 because of supply chain problems.

The airline has been hurt by a large exposure to Ukraine, Russia and Israel, where operations have been disrupted by war. It has also been forced to ground around 45 planes, about a fifth of its fleet, because of potential problems with their Pratt & Whitney engines.

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“Unfortunately, the parade of ‘black swans’ has continued,” Johnson said.

The old £100mn bonus scheme will still be in place, but any payouts from the newer scheme would be deducted from it.

The new scheme offers Varadi a one-off share award of three times his €775,00 base salary, worth €2.3mn, payable in October.

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It also contains a new annual incentive plan from the 2026 fiscal year, worth up to five times his salary, or €3.9mn in shares at current levels.

Wizz Air suffered a sizeable shareholder rebellion at the AGM on Wednesday, where only 63 per cent of shareholder voted to support the changes.

In a statement, Wizz Air said: “The board is pleased that investors recognise the need for appropriate incentives for the CEO and management team during this period of significant external challenges for the company and the airline industry.”

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Money

B&Q shoppers rush to buy 80p hot tub must have perfect for keeping away Autumn chill in 95% off clearance

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B&Q shoppers rush to buy 80p hot tub must have perfect for keeping away Autumn chill in 95% off clearance

B&Q shoppers have been hot-footing it down to their local store to bag a hot tub accessory which is ideal for the chiller autumn temperatures.

The homewares store is currently selling a “CleverSpa Grey Square Canopy” for just 80p each in a clearance sale, with the original retail price being £15.

B&Q originally sold the CleverSpa canopy for £15 but is now heavily reduced

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B&Q originally sold the CleverSpa canopy for £15 but is now heavily reducedCredit: B&Q

That’s a huge reduction of 95 per cent.

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The polyester canopy which fits over the top of a CleverSpa hot tub, shielding you from the elements, measures 75.5cm by 187cm.

However, the bargain seems to have been hugely popular already as currently B&Qs website says “this product is currently out of stock”.

According to the product description: “It will keep you cool on sunny days with 50+ UPF protection, keep you sheltered from the elements and provide you with a little privacy too!”

The canopy also has a mesh panel which “ensures that the wind doesn’t lift the canopy once in place”.

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It also says the product can be easily cleaned with a wet soft cloth.

For comparison, B&Q is selling a “Lay-Z-Spa black and grey dome spa canopy” for £150.

We recommend you search on the B&Q website to see if the product is in a store near you, before making the decision to buy online.

To find your nearest outlet use the Store Locator tool on their website.

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Shopping discounts – How to make savings and find the best bargains

It’s often useful to shop for outdoor items such as these at the end of the summer season, as they are much less in demand so are sold at much lower prices.

When searching for the perfect item, be sure to also shop around using the search tool and filter functions on a range of sites.

The price toggle when surfing websites is perfect for setting your own budget and shopping within a particular range.

The “sort by” tool can also be your best friend, allowing you to view the lowest priced items first, and spot all the best deals.

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Comparing prices between websites also helps you make sure you’re getting the right deal for the right product.

How to bag a bargain

SUN Savers Editor Lana Clements explains how to find a cut-price item and bag a bargain…

Sign up to loyalty schemes of the brands that you regularly shop with.

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Big names regularly offer discounts or special lower prices for members, among other perks.

Sales are when you can pick up a real steal.

Retailers usually have periodic promotions that tie into payday at the end of the month or Bank Holiday weekends, so keep a lookout and shop when these deals are on.

Sign up to mailing lists and you’ll also be first to know of special offers. It can be worth following retailers on social media too.

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When buying online, always do a search for money off codes or vouchers that you can use vouchercodes.co.uk and myvouchercodes.co.uk are just two sites that round up promotions by retailer.

Scanner apps are useful to have on your phone. Trolley.co.uk app has a scanner that you can use to compare prices on branded items when out shopping.

Bargain hunters can also use B&M’s scanner in the app to find discounts in-store before staff have marked them out.

And always check if you can get cashback before paying which in effect means you’ll get some of your money back or a discount on the item.

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How else to save when shopping

To luck out on future B&Q savings, keep your eyes peeled for reduced labels and make use of community social media platforms

By joining Facebook groups such as the Extreme Couponing and Bargains UK group, you might be first in the race when scouting for bargains in your local area. 

Also remember to make use of seasonal bargains, and search retailers websites to compare prices, to see which deals on products are available near you.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

B&Q shoppers may want to check with their nearest store to see if the product is in stock

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B&Q shoppers may want to check with their nearest store to see if the product is in stockCredit: Getty

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Travel

One of the UK’s largest Premier Inn hotels to open next year – with new fancier bedrooms and chic bar area

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Plans have been announced for the largest Premier Inn in the north of England, which will be at Manchester Airport

PLANS to develop the biggest Premier Inn in the north of England have been put in motion.

The 276-room hotel, to be located at Manchester Airport, will have the brand’s latest style bedrooms, including its fancier Premier Plus rooms.

Plans have been announced for the largest Premier Inn in the north of England, which will be at Manchester Airport

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Plans have been announced for the largest Premier Inn in the north of England, which will be at Manchester Airport
The rooms at the hotel will be in the brand's latest style, with Premier Plus rooms available

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The rooms at the hotel will be in the brand’s latest style, with Premier Plus rooms available

There will also be a trendy space on the ground floor known as ‘The Social’, seen in other Premier Inn hotels.

The space, with a plush bar area and colourful seating, is for checking in and hanging out in style.

Plans have been announced by Whitbread PLC, the parent company to Premier Inn, and MIX MANCHESTER.

The new hotel will look to grow Premier Inn’s bedroom stock by more than 50 percent in the catchment serving the UK’s third busiest airport.

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Recently, Whitbread has been investing heavily in Manchester as the company works to realign and grow its network of hotels in the city for its customers. 

So far this year, the company has acquired a consented freehold development site on Rochdale Road for a new 229-bedroom Premier Inn.

It’s also disposed of its Deansgate Locks hotel for redevelopment into alternative uses.

Jill Anderson, Acquisition Manager for Whitbread, said: “We are serious about continuing to grow Premier Inn across the north of England and offer the flexibility, security, and development expertise to acquire large hotel sites as we have done at Manchester Airport. 

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“Securing what will become the largest Premier Inn in the north of England is a significant moment for Whitbread and one which we are proud to have delivered.

“With passenger numbers growing strongly at the airport I’m sure it will be a popular choice for our customers when we open the doors and start welcoming our guests.”

A planning application for the new hotel is expected to be submitted to Manchester City Council before Christmas.

If it’s approved, construction will be able to start in early 2025.

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The hotel will be built on a cleared site adjacent to Manchester Airport’s transport interchange less than 400 metres from Terminal 1 and 2.    

Manchester Airports Group is in the final stages of its £1.3bn Transformation Programme at the airport. 

It’s undertaken an extension of T2, which was completed in 2021, and further upgrade and infrastructure works are due to be completed by 2025. 

Gareth Jackson, Group Property Director at Manchester Airports Group, said:“Whitbread’s decision to open a Premier Inn of this size at MIX MANCHESTER is further endorsement of the complementary offer we’re creating here alongside the airport’s extensive transformation programme.

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“It also demonstrates our continued ability to satisfy the growing demand for hotel beds at the airport, as well as providing science, innovation, and manufacturing occupiers we’re attracting to MIX MANCHESTER with a range of additional leisure amenities.”

There are currently three Premier Inns serving Manchester Airport:

  • Manchester Airport (M56/J6) Runger Lane South
  • Manchester Airport (M56/J6) Runger Lane North
  • Manchester Airport (Heald Green)

The newest of the hotels was opened in 2009.

‘I stayed at the largest Premier Inn in the UK…this is what I thought’

Deputy Travel Editor Kara Godfrey stayed at Premier Inn at Gatwick Airport, located just outside the North Terminal…

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The Premier Inn hotel is literal steps from the Gatwick shuttle – just take the lift down and cross the road and it is right in front of you.

Celebrating its 10th-anniversary last year, it’s currently undergoing some new room refurbishments.

The hotel is open 24/7, due to its nature as an airport hotel, but has more than 10 self-check-in booths for a speedy rush to your room, although the four very slow lifts leave something to be desired if you are in a rush.

With 701 bedrooms, I ended up in their brand new Premier Plus rooms, found on the ninth ‘quieter’ floor, which was very clean.

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I had great views of the airport, so I could watch some of the planes take off.

There is also a Nespresso coffee machine and kettle with chocolates, a large shower with toiletries and towels and a mini-fridge with complimentary water.

Plus unlike many hotels, they’d placed a USB socket near the bed, so you don’t have to worry if you forget your plug.

The rooms weren’t perfect – the WiFi didn’t seem to stretch to the top of the hotel – but they are definitely worth the extra £10 for some added luxury.

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The hotel is often full so I had to book dinner and breakfast in advance as it gets busy.

But it has a range of classic comfort food options, including burgers, pizza and curries.

I opted for a lasagne, followed by a brownie with a glass of wine. 

They didn’t have everything listed – they were bizarrely out of avocado, French dressing and naans, but there is more than enough to choose from even if your favourite isn’t there. 

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Like all airport travellers, I was mainly there to get a decent night’s kip and with the black-out curtains and barely any noise seeping through the walls – it passed with flying colours.

There will also be a trendy social area on the ground floor, where guests can check in, enjoy a drink and relax

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There will also be a trendy social area on the ground floor, where guests can check in, enjoy a drink and relax

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CryptoCurrency

Hamster Kombat reveals plans for 2025 in new roadmap

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Hamster Kombat reveals plans for 2025 in new roadmap


Hamster Kombat announced that it plans to buy back tokens and distribute them to players regularly. 



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CryptoCurrency

Tokenized asset market to hit $10T by 2030: Chainlink report

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Tokenized asset market to hit $10T by 2030: Chainlink report


Despite current crypto market volatility, Chainlink projects rapid growth in tokenized assets, driven by institutional demand and regulatory advancements.



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CryptoCurrency

Telegram Wallet temporarily blocked for UK users due to restructuring

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Telegram Wallet temporarily blocked for UK users due to restructuring


Telegram users in the United States are also restricted from using the platform’s in-app wallet due to financial regulations.



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