HSBC is setting its sights on doubling the assets under management (AUM) in its British wealth division to £100 billion ($131 billion) over the next five years, as the bank seeks to capitalize on the growing mass affluent market. Jose Carvalho, the head of HSBC’s UK wealth and personal banking division, emphasized the bank’s strategy…
San Francisco-based startup Story announced on Wednesday that it has secured $80 million in Series B funding to enhance its blockchain technology aimed at protecting creators’ intellectual property from misuse by artificial intelligence (AI) systems. The company’s valuation has reached $2.25 billion, as reported by sources who preferred to remain anonymous. The funding round, led…
The Chinese government has expressed strong criticism of the European Union’s recent adjustments to tariffs on electric vehicle (EV) imports, which have notably affected major automakers including Tesla. This move has intensified trade tensions between China and the EU over the issue of electric vehicle subsidies. On Wednesday, a spokesperson for the Ministry of Commerce…
Chinese commercial banks are experiencing a decline in net profit growth, primarily due to falling interest rates on loans and shrinking net interest margins, according to a National Financial Regulatory Administration (NFRA) official. This trend highlights the sector’s struggle to maintain profitability amidst a challenging economic environment. Liao Yuanyuan, director of the Statistics and Risk…
India’s Commerce Minister Piyush Goyal has voiced concerns about the impact of major e-commerce companies like Amazon and Flipkart on the country’s traditional retail sector. Goyal accused these companies of engaging in predatory pricing practices, which he claims undermine the survival of millions of brick-and-mortar stores across India. The rapid expansion of Amazon and Walmart’s…
Paul Barrett, the Dublin-born CEO of Australian green energy firm Hysata, is leading the charge to make green hydrogen more affordable by tackling one of the industry’s biggest challenges—bubble formation during electrolysis. “If you remember being a kid and blowing up a balloon or into a milkshake, your cheeks got sore because there is an…
The World Health Organization (WHO) has issued a renewed global health emergency declaration for mpox, marking the second time in two years that the viral infection has warranted such a designation. This declaration underscores the urgent need for improved medical responses and equitable access to vaccines, particularly in the hardest-hit regions. Background on Mpox Mpox…
In July, Russia experienced a notable increase in seaborne exports of fuel oil and vacuum gasoil (VGO), with China and Saudi Arabia emerging as the primary destinations. This surge in exports highlights a significant shift in market dynamics following the European Union’s embargo on Russian oil products. Export Growth and Destinations Russian exports of fuel…
The World Health Organization (WHO) is set to convene an emergency meeting on Friday to address global equity in access to tests, treatments, and vaccines for mpox, a viral infection currently affecting parts of Africa and beyond. The meeting aims to ensure that lessons learned from past inequities during the COVID-19 pandemic are applied to…
OpenAI announced on Friday that it had taken action against an Iranian group for misusing its ChatGPT chatbot to create content aimed at influencing political discourse and U.S. elections. The group, identified as Storm-2035, generated content on controversial topics such as U.S. presidential candidates, the Gaza conflict, and Israel’s Olympic participation, which was then disseminated…
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