HSBC's new chief executive, Georges Elhedery, faces challenges in transitioning. Donald Trump accepts Republican nomination. European Central Bank maintains interest rates. The FT's Clive Cookson discusses the revival of the space race.
Trump emphasizes unity in acceptance speech, highlighting the need for societal healing.
HSBC's new CEO must navigate growth strategy challenges amid global tensions and cost-cutting initiatives.
Deep dives
Donald Trump Accepts Republican Nomination for U.S. President
Former President Donald Trump formally accepted the Republican nomination at the party's convention. His speech focused on unity but also included jabs at Democrats and President Joe Biden's administration. Trump emphasized the need to heal the discord and division in American society quickly, highlighting the importance of rising together. The acceptance speech followed an assassination attempt against him and set the tone for the upcoming Democratic convention.
HSBC's New CEO Faces Challenges in Transition and Geopolitics
HSBC announced George El-Hedary as the new CEO, succeeding Noel Quinn. El-Hedary faces challenges in navigating the bank's growth strategy amidst changing interest rates. Additionally, HSBC's significant revenue from Hong Kong means it must balance relationships between China, the UK, and the US amid rising tensions. The new CEO will continue cost-cutting initiatives initiated by Quinn, aiming to address the bank's struggle to reduce costs in recent years and drive profitability.
Donald Trump formally accepted the Republican party nomination for president. HSBC’s new chief executive, Georges Elhedery, will face a unique set of challenges while transitioning into the role, and the European Central Bank decided to keep interest rates unchanged yesterday. Plus, the FT’s Clive Cookson talks about the revival of the space race. Credit: NASA, BBC, NDTV, Global News
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