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New York – A broad-based selloff in technology stocks weighed heavily on the Nasdaq Composite on Wednesday, overshadowing gains in other sectors. The broader market also came under downward pressure, with the S&P 500 closing lower. The tech-heavy Nasdaq fell 2.2%, marking a continuation of the recent rotation away from high-growth stocks. Mega-cap tech companies, including Apple, Netflix and Alphabet, contributed significantly to the index's losses. The semiconductor sector was hit particularly hard, with shares plummeting after reports of potential new export controls on advanced chip technology to China. The VanEck Semiconductor ETF (SMH) and Nvidia Corporation, a leading chipmaker, suffered substantial declines. In contrast, the Dow Jones Industrial Average managed to eke out a modest ...

London – The International Monetary Fund (IMF) has raised its growth projections for the UK in 2024, a positive indicator for the newly elected Labour government. The global financial institution now expects the UK economy to expand by 0.7% this year, up from its previous estimate of 0.5%. The updated forecast comes as a welcome relief after two years of economic stagnation and a brief recession at the end of 2023. Recent data showing GDP growth of 0.4% in May and expected economic boosts from events such as the Euro 2024 football championship and Taylor Swift concerts have contributed to the optimistic outlook. Major financial institutions, including Goldman Sachs and Deutsche Bank, also expressed confidence in the UK's economic trajectory. These firms raised their growth forecasts, citi...

London – HSBC Holdings Plc today announced the appointment of Georges Elhedery as its next Group Chief Executive, effective September 2. Elhedery, currently the bank’s Chief Financial Officer, will take over the reins from outgoing CEO Noel Quinn. Quinn’s departure, announced in April, marks the end of a nearly five-year tenure guiding the bank through the COVID-19 pandemic and geopolitical complexities. He will officially step down on April 30, 2025, after a 12-month gardening leave. Elhedery, who joined HSBC in 2023, brings with him extensive experience in Asia, Europe and the Middle East. The bank’s Board of Directors expressed confidence in his ability to lead HSBC towards sustainable growth and deliver value to shareholders. A successor to Elhedery’s current CFO role has yet to be na...