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HSBC Holdings Plc has asked hundreds of managers to reapply for jobs in the firm’s newly formed corporate and institutional banking division as Chief Executive Officer Georges Elhedery continues his hunt for ways to make the bank run more efficiently. Interviews are already underway, according to people familiar with the matter, essentially pitting senior staff who came from the commercial banking division against those from the global banking and markets unit to compete for the jobs available in the combined CIB division. The process will result in the British bank beginning to dismiss several hundred managing directors and other senior bankers in the coming weeks, the people said, asking not to be identified discussing private deliberations. As part of the shake-up, HSBC will phase out its use of the general manager titles that it gives to some of its most senior staff and will instead give those employees managing director titles, a common rank at many major financial services businesses, the people added.

foreign institutional investors (FIIs) for the last one-and-half months which have resulted in an 8-9% correction in the Indian benchmark indices, the outflows are just about 1% of foreign ownership in the domestic equities. Moreover, the local markets are cushioned with 83% domestic ownership with tailwinds of strong retail appetite.

U.S. Federal Reserve is no longer expected to cut interest rates at its December policy meeting, Nomura has said, making it the first global brokerage to signal a pause in the central bank's rate-cutting cycle in the wake of Donald Trump's election win. Nomura now expects the Fed to deliver only two 25-basis-point (bp) rate reductions at its March and June meetings in 2025, leaving the brokerage's Fed funds rate projection unchanged at 4.125% through next year. The Fed's benchmark overnight interest rate is currently in the 4.50%-4.75% range. It has cut rates by 75 bps in 2024.

NTPC Green Limited, a wholly owned subsidiary of NTPC Limited on Monday announced a 50:50 Joint Venture of with ONGC Green Limited (OGL), a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited. ONGC NTPC GREEN PRIVATE LIMITED (ONGPL) will be engaged in exploring and setting up Renewable Energy (RE) projects and assets both through Greenfield development and acquisitions. It will also assess the feasibility and establishment of offshore wind projects, among other related activities.

Subscribe to enjoy similar stories. Big star-led films such as Jigra, Khel Khel Mein, Auron Mein Kahan Dum Tha and Yodha that flopped at the box office are still being readily acquired by streaming platforms, which are known to otherwise control spending and turn cautious, with pressure on subscriptions and profitability. The deals to acquire such titles were all struck when the films went on the floor on the star’s name itself and OTT services are still keen to have these faces as part of their portfolio, experts said.

Netflix, which in May secured the rights to air two National Football League games this Christmas, dropped the surprise announcement after streaming one of the most-watched boxing matchups of all time. The Grammy-winning artist will perform songs from her latest Cowboy Carter album for the first time during a contest between the Houston Texans and Baltimore Ravens in her hometown. She’s expected to invite “special guests,” Netflix said without elaborating. “Your early Christmas wish has been granted,” it said in a statement.

Rajasthan Royals (RR) is finalising their strategy for the upcoming IPL 2025 mega auction scheduled for November 24 and 25 in Jeddah. Having retained six key players, the team has Rs 41 crore remaining to complete its roster. The team is preparing for the 2025 Indian Premier League (IPL) auction with a limited budget and big decisions to make. RR has opted to retain their captain, Sanju Samson, along with Yashasvi Jaiswal, Riyan Parag, Dhruv Jurel, Shimron Hetmyer, and uncapped player Sandeep Sharma. This decision has been driven by a strategic approach outlined by the team management.

Real Estate Investment Trusts (REITs) have disbursed a total of Rs 2,754 crore to their unitholders in the first half of fiscal 2024, reflecting a 14% increase over the previous year's distribution, according to the Indian REITs Association (IRA). The total disbursement for H1 FY24 was split between four major listed REITs —Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. The funds were distributed to more than half a million unitholders, with the second quarter alone accounting for Rs 1,383 crore. Since their inception, Indian REITs have distributed over Rs 19,000 crore to investors, highlighting the sector's growing appeal in the country’s real estate market.

Trudeau recently addressed the rationale behind Canada's new immigration cap, acknowledging past missteps in the immigration system and unveiling a plan to address ongoing challenges. In a 7-minute YouTube video, Trudeau reflected on how certain actors in the immigration system had exploited vulnerable individuals, creating significant issues in the country’s immigration framework.

These adjustments are mandatory under Indian law and ensure that your financial activities are legally compliant. Additionally, aligning your accounts and investments with NRI regulations simplifies fund management, enhances repatriation flexibility, and helps avoid penalties. By proactively updating your banking and investments, you can enjoy the benefits of seamless global financial management while meeting regulatory requirements.

law and order situation in the state", officials said. The development comes amid the National People's Party (NPP), which has seven MLAs in the 60-member Manipur Assembly, withdrawing support from the BJP-led government, claiming that the N Biren Singh dispensation has «completely failed to resolve the crisis and restore normalcy» in the northeastern state. The withdrawal of support on Sunday, however, would not have any impact on the BJP government, as the saffron party enjoys a majority with its 32 MLAs. The saffron camp has also the support of five MLAs of the Naga People's Front (NPF) and six JD(U) legislators.

HDFC Asset Management Company Ltd. traded 2.08 per cent at Rs 4189.75 at 01:49PM (IST) on Monday, even as BSE benchmark Sensex 234.49 points to 77345.82. The scrip had closed at Rs 4278.75 in the previous session. The stock quoted a 52-week high price of Rs 4862.00 and 52-week low of Rs 2759.75, respectively. As per BSE data, total traded volume on the counter till 01:49PM (IST) stood at 6170 shares with a turnover of Rs 2.58 crore.

Reportedly, there were a series of incidents that have caused rifts between senior party leaders, particularly Kailash Gahlot and other top AAP functionaries. The growing mistrust, sources claim, stemmed from Gahlot's increasing proximity to Delhi's Lieutenant Governor (LG) VK Saxena and his perceived shift away from the party’s central leadership.

Indian Oil Corporation Ltd. traded 0.0 per cent at Rs 134.80 at 12:52PM (IST) on Monday, even as BSE benchmark Sensex 27.63 points to 77552.68. The stock had settled at Rs 134.80 in the previous session. The stock quoted a 52-week high price of Rs 196.80 and 52-week low of Rs 99.20, respectively. As per BSE data, total traded volume on the counter till 12:52PM (IST) stood at 699774 shares with a turnover of Rs 9.39 crore.

Marico Ltd. 0.07 per cent to Rs 592.65 in Monday's session as of 01:01PM (IST) even as the equity benchmark Sensex traded 157.17 points at 77423.14. Earlier in the day, the stock witnessed a gap down start to the session. The stock quoted a 52-week high price of Rs 719.80 and a 52-week low of Rs 486.75 on NSE. Around 10852 shares changed hands on the counter till 01:01PM (IST).

Raghuvinder Shokeen will replace Kailash Gahlot as a cabinet minister. Shokeen is an MLA from Nangloi Jat.

Public Distribution System (PDS) never reach their intended beneficiaries and the economic loss to the exchequer is forecast at over ₹69,000 crore annually, a new report by the Indian Council for Research on International Economic Relations (ICRIER) has revealed. The analysis indicates that around 20 million tonnes of rice and wheat, meant to feed 814 million people under government programs, are either diverted to the open market or exported. «This is an annual loss. Where is it going? Maybe it is being diverted to the open market or even for exports,» said Ashok Gulati, Infosys Chair Professor at ICRIER and one of the authors of the policy brief, along with Raya Das and Ranjana Roy. The report draws on data from the Household Consumption Expenditure Survey (HCES) and the Food Corporation of India’s (FCI) monthly offtake figures from August 2022 to July 2023. It highlights that despite improvements, the leakage of subsidised grains remains substantial, causing both financial and logistical strain.

long-range hypersonic missile. The missile was launched from Dr. APJ Abdul Kalam Island, off the coast of Odisha. It has been designed to carry various payloads and boasts a range exceeding 1,500 kilometers, making it a critical addition to India’s defence arsenal. Defence Minister Rajnath Singh highlighted the achievement, stating on X (formerly Twitter), “India has achieved a major milestone by successfully conducting the flight trial of a long-range hypersonic missile from Dr APJ Abdul Kalam Island, off the coast of Odisha. This is a historic moment, and this significant achievement has put our country in the group of select nations having capabilities of such critical and advanced military technologies.” The missile was developed indigenously by DRDO’s Dr. APJ Abdul Kalam Missile Complex, Hyderabad, in collaboration with several other DRDO labs and industry partners.

Sumesh Shokeen joined the AAP in the presence of party national convener Arvind Kejriwal here on Monday. Shokeen is a former MLA from Matiala, considered part of the Delhi-Dehat area. His joining comes a day after the AAP suffered a blow with its Jat leader Kailash Gahlot resigning from the party. Welcoming Shokeen to the AAP fold, Kejriwal said his joining will not only give a boost to the party in rural Delhi but also in other parts of the national capital.

Canara Bank 0.66 per cent to Rs 98.10 at 12:57PM hours (IST) on Monday. Earlier in the day, the stock saw a gap up start to the session. As per data available on BSE, total traded quantity on the counter stood at 605,348 shares with a turnover of Rs 5.88 crore till 12:57PM (IST). The stock traded at a price-to-earnings (P/E) multiple of 5.56, while the price-to-book value ratio stood at 1.27.

«But the way these numbers have been announced after giving the guidance, clearly there is a case of credibility issue to my mind. And the business model, we can all attribute this to the distribution channel, the disruption by Q-commerce, and many more things,» says Hemang Jani, Independent Market Expert. Does the stock deserve to fall by 20%? I mean, okay, numbers are bad, but they are not terrible. Hemang Jani: So, the way the market has reacted, which means that there is a larger concern on the credibility of the numbers that the management has been giving and more so after delivering a very good growth in the last two quarters.