HSBC Slows Hiring, Cuts Costs As Europe's Largest Bank Prepares For New CEO
- HSBC Cost-Cutting Measures: HSBC Holdings Plc is implementing cost-cutting measures by limiting hiring, advising investment bankers to reduce travel and entertainment expenses, and pausing hiring in certain departments.
- Focus on Managing Costs: The bank is managing costs in anticipation of potential interest rate cuts by central banks in the future, with a focus on stabilizing finances before the departure of outgoing CEO Noel Quinn.
- Investment Banking Division Changes: HSBC's investment banking division has seen significant cost-saving measures, including layoffs in Asia, due to industry-wide downturn in dealmaking and capital markets activity, especially in markets like Hong Kong and China.
- CEO Successor Search: The board aims to appoint a successor for outgoing CEO Noel Quinn within the next few weeks as part of the efforts to reduce costs and stabilize the bank's financial situation.
- Stock Performance: HSBC Holdings stock has gained over 9% in the last 12 months, and investors can access the stock through various ETFs. Currently, HSBC shares are trading higher at $43.82.
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Significant ETF Withdrawals Observed - APIE, TSM, BABA, HDB
APIE Stock Performance: APIE's stock has a 52-week low of $26.18 and a high of $35.16, with the last trade recorded at $33.80, indicating a stable position within its range.
ETFs Trading Dynamics: Exchange traded funds (ETFs) function like stocks, with units that can be created or destroyed based on investor demand, affecting the underlying holdings and market dynamics.
Monday's ETF Movers: SPXL, APIE
ETF Performance: The ActivePassive International Equity ETF is down approximately 1.5%, with notable declines in shares of James Hardie Industries (down 18.7%) and Jinkosolar Holding (down 5.6%).
Author's Perspective: The opinions expressed in the article are those of the author and do not necessarily represent Nasdaq, Inc.
Wednesday's ETF Movers: URA, APIE
ETF Performance: The ActivePassive International Equity ETF is underperforming, down approximately 5.2% in Wednesday afternoon trading, with GDS Holdings and Iperionx showing significant declines of 8.2% and 6.3%, respectively.
Author's Perspective: The opinions expressed in the article reflect the author's views and do not necessarily represent those of Nasdaq, Inc.
Toyota To Delay EV Production In North America Due To Slowing Sales: Report
Toyota Delays EV Production: Toyota Motor Corporation is postponing its electric vehicle production in North America to the first half of 2026 due to slowing sales and design adjustments, while also reducing its EV production target for 2026 by 30%.
Investment in Air Taxis: The company announced a $500 million investment in Joby Aviation to support electric air taxi production, increasing its total stake in the company to $894 million.
Toyota Boosts Share Buyback Program: Details Here
Share Buyback Plan: Toyota has increased its share buyback plan to 1.2 trillion yen ($8.31 billion), aiming to repurchase up to 530 million shares, or 3.93% of its outstanding shares, with the buyback period set from May 9, 2024, to April 30, 2025.
Production Target Adjustment: The company has reduced its 2026 electric vehicle production target by 30% to 1 million cars due to a slowdown in global demand, while its shares are currently down 0.63% at $184.24.
Alibaba Teams Up With Nvidia to Supercharge EVs for Chinese Automakers: Report
Alibaba Cloud and Nvidia Partnership: Alibaba's cloud computing unit has partnered with Nvidia to enhance autonomous driving experiences for Chinese electric vehicle manufacturers, despite facing challenges from U.S. semiconductor sanctions affecting access to advanced AI chips.
Showcasing AI Innovations: At the Apsara Conference, Alibaba Cloud unveiled a multimodal model solution for automotive applications, integrating proprietary language models with Nvidia’s platform, while also highlighting its broader commitment to open-source AI across various sectors.
Significant ETF Withdrawals Observed - APIE, TSM, BABA, HDB
APIE Stock Performance: APIE's stock has a 52-week low of $26.18 and a high of $35.16, with the last trade recorded at $33.80, indicating a stable position within its range.
ETFs Trading Dynamics: Exchange traded funds (ETFs) function like stocks, with units that can be created or destroyed based on investor demand, affecting the underlying holdings and market dynamics.
Monday's ETF Movers: SPXL, APIE
ETF Performance: The ActivePassive International Equity ETF is down approximately 1.5%, with notable declines in shares of James Hardie Industries (down 18.7%) and Jinkosolar Holding (down 5.6%).
Author's Perspective: The opinions expressed in the article are those of the author and do not necessarily represent Nasdaq, Inc.
Wednesday's ETF Movers: URA, APIE
ETF Performance: The ActivePassive International Equity ETF is underperforming, down approximately 5.2% in Wednesday afternoon trading, with GDS Holdings and Iperionx showing significant declines of 8.2% and 6.3%, respectively.
Author's Perspective: The opinions expressed in the article reflect the author's views and do not necessarily represent those of Nasdaq, Inc.
Toyota To Delay EV Production In North America Due To Slowing Sales: Report
Toyota Delays EV Production: Toyota Motor Corporation is postponing its electric vehicle production in North America to the first half of 2026 due to slowing sales and design adjustments, while also reducing its EV production target for 2026 by 30%.
Investment in Air Taxis: The company announced a $500 million investment in Joby Aviation to support electric air taxi production, increasing its total stake in the company to $894 million.
Toyota Boosts Share Buyback Program: Details Here
Share Buyback Plan: Toyota has increased its share buyback plan to 1.2 trillion yen ($8.31 billion), aiming to repurchase up to 530 million shares, or 3.93% of its outstanding shares, with the buyback period set from May 9, 2024, to April 30, 2025.
Production Target Adjustment: The company has reduced its 2026 electric vehicle production target by 30% to 1 million cars due to a slowdown in global demand, while its shares are currently down 0.63% at $184.24.
Alibaba Teams Up With Nvidia to Supercharge EVs for Chinese Automakers: Report
Alibaba Cloud and Nvidia Partnership: Alibaba's cloud computing unit has partnered with Nvidia to enhance autonomous driving experiences for Chinese electric vehicle manufacturers, despite facing challenges from U.S. semiconductor sanctions affecting access to advanced AI chips.
Showcasing AI Innovations: At the Apsara Conference, Alibaba Cloud unveiled a multimodal model solution for automotive applications, integrating proprietary language models with Nvidia’s platform, while also highlighting its broader commitment to open-source AI across various sectors.
