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Bulgaria is a step closer toward becoming the 21st country to adopt the euro and join the euro zone. On June 3, the European Commission announced that the Balkan nation now fulfills the four nominal convergence criteria requirements to adopt the single currency and enter the euro zone, and it may transition as soon as January 1, 2026. “The euro is a tangible symbol of European strength and unity,” European Commission President Ursula von der Leyen said in a statement. “Bulgarias economy will become stronger, with more trade with euro area partners, foreign direct investment, access to finance, quality jobs and real incomes. Bulgaria will take its rightful place in shaping the decisions at the heart of the euro area.” Bulgaria first joined the European Union in 2007, and like other members, agreed to eventually adopt the single currency. Out of the 27 member states, only 20 countries currently use the euro, which is the second most-used currency in the world with 341 million users. While the green light from the commission paves the path for the poorest EU member state to integrate into the euro zone and get rid of its national currency, the lev, its road to getting here hasn’t been easy, and not all Bulgarians are happy about it. Here’s what to know. What is the euro zone? All 27 European Union members, who had to formally apply and be accepted into the union, coordinate economic policy as a part of the European Monetary Union. However, not all EU members use the single currency, and only those who have replaced their national currencies for the euro are considered to be part of the “euro zone.” While countries have slowly been admitted, the latest addition to the euro zone was Croatia in 2023. In addition to Bulgaria, the six other nations who are yet to transition to the euro zone include Denmark, Sweden, Poland, Hungary, Romania, and the Czech Republic. Upon being accepted into the European Union, members (except Denmark, due to an “op-out” clause) are required to adopt the euro once they meet the convergence criteria. The criteria requires countries to fulfill requirements for price stability, sustainable public finances, sustainable interest rates, and stable exchange rates. Before formally adopting the single currency, the decision still needs approval from EU ministers, which are expected to green-light the transition per the commission’s recommendation. Why now? Bulgaria had failed to meet convergence criteria in the past, as it requires countries not to have consumer inflation higher than 1.5% above the top three euro zone performers. Now, with a new review by the European Commission and the European Central Bank, Bulgaria has met the requirements, setting itself up for a transition early next year. Not everyone is happy about joining While long awaited, the transition has met opposition from Bulgarian citizens and Bulgarian pro-Russian and anti-euro political leaders. A recent survey showed the country is split, with 50% of Bulgarians opposing the euro. The country, which has a population of 6.4 million, also saw several thousands of protesters earlier this year opposing the currency adoption, with thousands more demanding a referendum.
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E-Commerce
The crew of a cargo ship carrying 3,000 vehicles to Mexico, including 800 electric vehicles, abandoned ship after they could not control a fire in waters off Alaska’s Aleutian island chain. Smoke was initially seen coming from the deck loaded with electric vehicles Tuesday, according to a Wednesday statement from the ships management company, London-based Zodiac Maritime. There were no reported injuries among the 22 crew members of the Morning Midas. Crew members abandoned ship and were later transferred from lifeboats to a nearby merchant vessel in the North Pacific Ocean, roughly 300 miles (485 kilometers) southwest of Adak Island in Alaskas Aleutian chain. Adak is about 1,200 miles (1,930 kilometers) west of Anchorage, the state’s largest city. The crew initiated emergency firefighting procedures with the ship’s onboard fire suppression system, but they couldnt bring the flames under control. The relevant authorities have been notified, and we are working closely with emergency responders, with a tug being deployed to support salvage and firefighting operations, a statement from the management company said. Our priorities are to ensure the continued safety of the crew and protect the marine environment. The U.S. Coast Guard said it is sending air crews to Adak and a ship to the area. The 600-foot (183-meter) Morning Midas, a car and truck carrier, was built in 2006 and sails under a Liberian flag. The cars left Yantai, China, on May 26, according to the industry site marinetraffic.com. They were being shipped to Mexico’s major Pacific port of Lázaro Cárdenas. By Mark Thiessen, Associated Press
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E-Commerce
Rather than sitting at home watching your favorite influencer unbox gifts from their all-expenses-paid brand trip, now the rest of us have a chance to feel like an influencer for a day. Last week, Brandon Edelman, the same TikTok creator who recently went viral for sharing his $768,000-a-year salary, launched his very own Bran Trip, his version of the ubiquitous influencer brand trip. Attendees were chosen via video application using the hashtag #thebrantrip. Three of Edelmans lucky followers and their plus-ones were then transported to their own suites at the Bellevue Hotel in Philadelphia for the weekend. The trip included tickets to a Phillies game, facials, and an IV lounge for recovery from the night before. @bran__flakezz I AM SO EXCITED #thebrantrip @Lindsay Anderson @carter @Tierra Money @Jocelyn Vargas @Drink Poppi @Beis Travel @GarnierUSA @Ferkos Fine Jewelry @Shark Beauty @Coastal Caviar @EVRY JEWELS @@KIND Snacks @TOPICALS original sound – bran_flakezz Of course, it wouldnt be an influencer-hosted trip without gifting from 30 different brands. This included gifted outfits from Abercrombie & Fitch, initial necklaces from Ferkos (a Westchester-based fine jewelry company), a $349 CryoGlow LED mask from Shark, and Béis luggage to get their goodies back home, Edelman told Glossy. @bran__flakezz #thebrantrip DAY ONE SETUP!! @UrInternetBF @Lindsay Anderson @Eli Rallo @corinna carter @Tierra Money @tykiadee @Jocelyn Vargas @Alexandria @Olivia Palacio #philly #philadelphia original sound – Penny B Hollywood While influencer fan meetups are nothing new, these events have evolved from the thousands-strong gatherings of the 2010s, where excited fans queued for hours for a quick hug and a selfie with their favorite influencer. Now, influencers are inviting followers in and building community in intimate settings that align with their personal brands. Just like some influencers have been taking their followers out for dinner, I want to take you to a workout class, New York-based influencer Danielle Pheloung posted in April. The next month, Pheloung hosted 25 girls at the heated workout studio Fuze House in Tribeca. The event was on-brand for Pheloung, with early morning workouts a staple in her videos. After the free class, each attendee left with a bag full of items gifted by some of Pheloungs favorite brands including Smart Sweets, Lancôme, and Ouai. @daniellephe Such a special day! Cant wait to do more of these evergreen – favsoundds These fan meetups are part of a larger shift in the creator economy and beyond, from online to offline. For years, creators chased virality online, but these days, influence is about access, not scale, Casey Lewis, writer of After School, a newsletter about youth consumer trends, wrote in a recent Substack post. Follower count matters less than who actually shows up. Often dubbed the loneliest generation, Gen Z has figured out that the secret to making friends is organizing their own third spaces and meetups. According to a new study from Eventbrite, 95% of Gen Z and Millennials are interested in turning online interests into real-world interactions. Brands are noticing this shift, and platforms are stepping in to help facilitate meaningful community marketing opportunities. Last month, the youth research firm dcdx launched Offline, a platform connecting brands with real-life communities to co-host and sponsor events ranging from micro-community activations for dozens to meetups of hundreds. As Offline founder Andrew Roth told Forbes: Just as the Influencer rose to fame, so will the Host.
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E-Commerce
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