Author: Arabian Media staff
Staff at HSBC were delivered a sobering message about the frailties of working in high finance in March after the bank fired investment bankers on the day they were due to learn about their bonus figures.The bankers were made redundant as part of new chief executive Georges Elhedery’s plans to streamline the company but the move also served as a stark reminder to employees across the financial services industry of the thin ice they sometimes tread when it comes to job security. And the ice has been particularly thin of late. Alongside the redundancies at HSBC, Deutsche Bank said it would…
Destination dupes, or lesser-known locales that are culturally and geographically similar to a popular tourist getaway without the crowds and pricey accommodations, are growing in popularity as consumers cut back on spending. Source link
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Target sales tumbled more than expected in the first quarter as customers vented their anger over the retailer’s retreat from diversity initiatives and fears about the US economy mounted.Same-store sales dropped by 3.8 per cent year on year in the quarter as fewer shoppers visited — and spent less — at Target’s nearly 2,000 locations, the company reported. The fall was the first in a year and surpassed expectations for a 1.7 per cent slide, according to Visible Alpha.Brian Cornell, Target’s chief…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.It looked like an easy win for Xi Jinping in the superpower battle for global influence.The Chinese leader played host to three Latin American presidents and a gaggle of foreign ministers at a regional summit in Beijing last week. Trade between China and Latin America exceeded $500bn last year, Xi noted in his speech, a 40-fold increase in 25 years.Then he took a swipe at US President Donald Trump: “There are no winners in tariff wars or trade wars. Bullying or hegemonism…
“He has a large old house, valued at about $170,000, and many valuable antiques. I will be the executor of his estate.” Source link
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Brussels wants EU governments to exclude foreign bidders in public procurement tenders and “buy European”, as the bloc attempts to reassert itself despite the impact of US President Donald Trump’s trade war.Trump’s tariffs and threats to remove US protection from European countries unless they spend more on their militaries has spurred Europe to try and increase its self-sufficiency, from technology to defence and economic security.Stéphane Séjourné, the EU’s executive vice-president for industry and the internal market, on Wednesday presented a plan harmonising…
This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe/Africa or Americas edition to get the newsletter delivered every weekday morning. Explore all of our newsletters hereGood morning and welcome back to FirstFT. Today I’ll be covering:Nvidia’s condemnation of US chip export controlsTrump weighs plans to open up US retirement funds to private equityThe “death camp” uncovered by a search group in MexicoAnd why Rome is frustrating Italian AmericansGood morning. Nvidia’s chief executive Jensen Huang has called US export controls on Chinese chips a “failure” that has turbocharged rivals in China to…
Image credit: Getty Images Saudi Arabia is revolutionising the pilgrimage experience through a suite of smart technologies and AI-driven platforms that streamline travel, enhance religious services, and ensure the comfort and safety of millions of Hajj pilgrims. From digital guidance apps in Madinah to smart transportation systems in Makkah and AI-powered support at international airports, these innovations reflect the country’s commitment to Vision 2030 and its goal of delivering world-class services to pilgrims from around the globe. Read-Travelling for Hajj? Here’s what you need to know The country is leveraging the latest in digital innovation to improve the pilgrimage experience…
The benchmark 10-year Treasury yield reaching 5% would be a hazard for stocks but buying a buying opportunity for bonds, one strategist says. Source link
Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldEuropean and Asian investors pumped record sums into global equity funds that exclude the US market after President Donald Trump’s return to the White House.Investors put $2.5bn into world ex-US mutual and exchange traded funds between the start of December and the end of April, according to data from Morningstar. The inflows — more than $2.1bn of which came in the past three months — include the highest monthly total on record and mark a reversal after three years of…