Discover the top business headlines that are trending across the world today.
HSBC Holdings has named Pam Kaur as its first female finance chief on Tuesday, and she is all set to replace Georges Elhedery, who became CEO earlier this year. Not just that, HSBC has also announced a reorganisation of the bank into four business units. With the changes taking effect from January 1, 2025, the company is all set to streamline its operations into four distinct business lines: Hong Kong, UK, Corporate and Institutional Banking, and International Wealth and Premier Banking. The new Corporate and Institutional Banking unit will include the predominantly wholesale banking activities of the Western Markets region.
Ambuja Cements, which is part of the Adani Group, has signed a binding agreement to acquire Orient Cement Ltd (OCL) for an equity value of Rs 8,100 crore. Confirming the same on Tuesday, October 22, Ambuja said it will buy a 46.8 per cent stake in OCL from its existing promoters and select public shareholders for Rs 395.40 per share. Meanwhile, the company is acquiring the stake at a 12 percent premium to the last closing price. “The Open Offer shall be completed in accordance with the provisions of the SAST Regulations,” Adani Group added.
In August this year, Indians spent $3.2 billion overseas, and most of the money was driven towards travel, overseas education, and family maintenance, as per the Reserve Bank of India (RBI) data. Outbound travel alone was done for $2.01 billion, which is almost near the all-time high of $2.04 billion in July 2023. implementation from October 2023, forex spending is gradually increasing after an initial dip. Spending on overseas education too increased at $416 million, the highest since January 2024.
Shares of Hyundai Motor India made a dampened debut at the Dalal Street Tuesday. The shares of the passenger vehicle maker were listed at Rs 1,931 on BSE, a discount of 1.48 per cent over its issue price of Rs 1,960. Meanwhile, the stock was listed at 1.33 per cent at Rs 1,934 on BSE over the given issue price. While the listing of Hyundai Motor India has been on the expected lines, it is believed that the company was taking a premium of Rs 20-25 per share, which is at a loss of around one per cent for the investors.
