HSBC made a significant announcement on Wednesday, revealing that Georges Elhedery will be taking over as the group CEO starting September 2. This move comes after the departure of Noel Quinn, who had been at the helm for nearly five years. Elhedery, the current chief financial officer, will step into his new role in September,
Global Finance
Gold prices surged to a record high on Tuesday, with gold futures climbing 1.5% to $2,465.30. This jump surpassed the previous peak of $2,454.20 reached in May. Spot gold also hit an all-time high of $2,465.19 during the session. This increase in prices was largely driven by the growing anticipation of a September interest rate
Following the attempted assassination of former President Donald Trump at a Pennsylvania rally, the leaders of Wall Street’s most powerful firms have come forward to denounce the act of violence. JPMorgan Chase CEO Jamie Dimon expressed deep sadness over the incident and emphasized the need to stand together against hate and violence that threaten democracy.
Goldman Sachs recently reported an impressive second-quarter profit and revenue, surpassing analyst estimates. However, one area where the company fell short was in its investment banking division. While investment banking fees rose by 21% to $1.73 billion, it was slightly below the $1.8 billion StreetAccount estimate. The main reason for this miss was the lower-than-expected
China’s National Bureau of Statistics recently released data showing that the country’s second-quarter GDP rose by 4.7% year on year, falling short of expectations of a 5.1% growth as per a Reuters poll. This figure indicates a slower economic recovery than anticipated, raising concerns about the pace of China’s post-pandemic rebound. In addition to the
China’s imports in June took a surprising hit, falling by 2.3% in U.S. dollar terms compared to the previous year. This unexpected decline deviated from the forecasted 2.8% growth, indicating a potential slowdown in the demand for foreign goods within the country. The sluggish performance of imports could be a sign of weakening domestic consumption
China’s push towards developing robotaxis has gained momentum in recent years, with local governments allowing domestic players to operate driverless taxi services. This has led to increasing competition in the transportation industry, particularly concerning traditional taxi drivers who fear losing their jobs. The rise of robotaxis in China has garnered significant attention on social media
Wall Street is abuzz with excitement as a new wave of cryptocurrency exchange-traded funds (ETFs) is set to hit the market. Among these new offerings are spot ether ETFs, which could potentially receive approval from the U.S. Securities and Exchange Commission as early as this week. The upcoming launch has caught the attention of industry
Bill Gross, a seasoned investor, recently shared his thoughts on Tesla’s stock behavior, likening it to a speculative play among retail investors. He expressed concerns about the company’s fundamentals appearing to take a backseat to the price action, describing the situation as reminiscent of a meme stock trend. Gross’s comments suggest a growing trend in
Athletic Brewing Company, a leading nonalcoholic brewer, has recently secured an additional $50 million in equity financing, with General Atlantic leading the round. This investment is expected to propel the company’s growth and expansion plans, further solidifying its position in the market as a key player. With a focus on transforming the way modern adults
The chances of President Joe Biden not seeking re-election have been estimated at 40% by Stifel, a notable firm in Washington. Brian Gardner, the firm’s chief Washington policy strategist, has stated that this upcoming week is crucial for Biden’s campaign as Congress returns from its Fourth of July recess. Gardner believes that although there is
In the year 2023, there was a significant surge in employment scams, with criminals taking advantage of artificial intelligence to deceive unsuspecting job seekers. Reports of job scams saw a staggering increase of 118% from the previous year, as per the Identity Theft Resource Center. These scammers often pose as recruiters, posting fake job listings