TOP 5 STOCKS TO WATCHOUT:-
- HSBC:-The co-head of HSBC’s investment bank Georges Elhedery will take a 6-month sabbatical from the bank starting in March, according to an internal memo seen by Reuters on Friday.
Greg Guyett, who co-heads the Global Banking and Markets business with Elhedery, will take over sole responsibility for the division.
Elhedery plans to “spend time with his family in various parts of the world as well as explore a number of personal interests,” the HSBC memo said.
He will return to his job in September, the memo added.
A spokesman for the bank confirmed the contents of the memo.
The Financial Times earlier reported Elhedery’s sabbatical.
- GOOGLE: -Tech giant Google has spent $1 billion to buy a central London building where it is currently a tenant, showing its confidence in the future of the office as a place to work, the company said on Friday.
Google, which employs 6,400 people in Britain, plans a multi-million pound refurbishment of its offices within the Central Saint Giles development it is buying, close to Covent Garden in central London.
“We have been privileged to operate in the UK for nearly 20 years, and our purchase of the Central Saint Giles development reflects our continued commitment to the country’s growth and success,” said Ruth Porat, CFO of Google’s parent company Alphabet.
Google plans to refit the building so it is adapted for in-person teamwork and has meeting rooms for hybrid working, as well as creating more space for individuals.
The new refurbishment will also feature outdoor covered working spaces to enable work in the fresh air, the company said.
Google said it would eventually have capacity for 10,000 workers at its UK sites, including one being developed in the nearby King’s Cross area of London.
“This investment in jobs from Google is a big vote of confidence in the UK as a world-leading tech hub,” finance minister Rishi Sunak said in a statement.
- ASTON MARTIN :-British luxury carmaker Aston Martin on Friday named Doug Lafferty, finance chief of Africa-focussed fuel retailer Vivo Energy, as its new chief financial officer replacing Kenneth Gregor.
Lafferty’s previous stints include three years as the CFO of Williams Grand Prix Holdings, owner of the Formula One team Williams Racing, and the development comes at a time Aston Martin’s Formula One team CEO and principal Otmar Szafnauer exited the team last week.
Aston Martin said in December Gregor will step down due to personal reasons after about 18 months in the role.
- TESLA: -Tesla Inc merchandise can be bought using the digital currency dogecoin, the electric-car maker’s Chief Executive Officer Elon Musk said in a tweet on Friday.
Products such as the “Cyber Whistle” and “Cyberquad for Kids” could be bought using the cryptocurrency, according to the Tesla website.
Musk had tweeted in December saying Tesla will accept dogecoin as payment for merchandise on a test basis.
- CITI GROUP:-Citigroup Inc said on Friday it has established clearing and settlement services for the new Beijing Stock Exchange and the city’s New Third Board, in order to facilitate foreign investment.
The move enables Citi to support Qualified Foreign Institutional Investors (QFII) to trade in the two equity markets, Citi said in a statement. The QFII scheme allows overseas investors to access China’s onshore markets.
“Our ability now to support settlement and clearing activity for the launch of the Beijing Stock Exchange reiterates our support and confidence in the China market,” said Christine Lam, Chief Executive Officer of Citi China.
China launched the Beijing Stock Exchange in late 2021 to help small and medium-sized enterprises (SMEs) raise funds, underpinning President Xi Jinping’s “common prosperity” policy aimed at reducing wealth gaps in the country.
Citi China established the clearing and settlement route with China Securities Depository and Clearing Corp. Ltd. (CSDCC), according to the statement.