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China's government is implementing a series of measures to stabilize its economy, including interest rate cuts and a focus on the stock market. Recent data shows growth has slowed, prompting calls for more aggressive stimulus to boost consumer confidence and address the struggling property sector.
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HSBC's new CEO, Georges Elhedery, has announced a significant restructuring plan, dividing the bank into four key units and establishing geographical divisions to enhance efficiency and navigate geopolitical tensions. The changes will take effect on January 1, 2025, and include the appointment of Pam Kaur as the first female CFO.
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Starbucks is implementing a strict hybrid work policy requiring corporate employees to be in the office three days a week, with potential job loss for non-compliance. This move, led by new CEO Brian Niccol, aims to improve operational efficiency amid declining sales. The policy will take effect in January 2025.
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Standard Chartered has reported a 37% increase in underlying pre-tax profits for Q3 2024, reaching $1.81 billion. The bank has raised its full-year operating income growth forecast to nearly 10% and plans to double investments in its wealth management sector, while also restructuring its retail business.
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As of October 31, 2024, Asian markets, particularly in India and Japan, are experiencing shifts in investor sentiment due to political instability and renewed interest in China's stock market following a stimulus package. This change raises concerns about the sustainability of previous market rallies.
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China's National People's Congress has approved a 10 trillion yuan fiscal package to address local government debt, including 6 trillion yuan for refinancing hidden debts. This comes amid economic challenges and expectations of further measures following Donald Trump's election victory in the US.
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Bitcoin's price has surged to around $89,313 following Donald Trump's election victory, driven by expectations of pro-cryptocurrency policies. The cryptocurrency has gained 18% in just five days, with predictions of it reaching six figures by year-end. Other digital assets, including dogecoin, have also seen significant increases.