A secret N.S. shawarma recipe goes national
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Epoch Times
a day ago
- Epoch Times
Not Throwing Away Our Shot in New York City
When Carmen's new role called for a trip to New York City to lead a customer training session, it opened the door for a travel experience we hadn't shared in years. We seized the opportunity—professionally and personally—and made the most of every minute. We arrived at JFK International Airport early in the week, and as tradition dictates, Tony cued up 'Empire State of Mind' on his headphones during descent. The lyric 'Concrete jungle where dreams are made of ...' always stirs something in him. And this time, New York delivered.
Yahoo
4 days ago
- Yahoo
HSBC sounds alarm over a Reeves bank tax raid
The boss of HSBC has warned Rachel Reeves that a punishing new tax raid would deliver a hammer blow to the UK economy. Georges Elhedery, the bank's cost-cutting chief executive, said piling extra taxes on the bank risked 'eroding' its investment in Britain, which includes lending £220bn in mortgages and business loans every year as well as employing 18,500 staff. 'Banks in the UK are probably subject to the highest level of taxation among all major jurisdictions,' he said. 'The additional taxation on banks does run the risk of eroding our continued investment capacity in the business and in supporting our customers, and ultimately in delivering growth for the UK.' The Lebanese banker, who took over as HSBC's chief last September, said banks already faced an array of levies, including the banking surcharge and bank levy. According to research by PwC, taxes on UK banks are higher than anywhere else in Europe or the US at 45.8pc, compared to 28.8pc in Dublin and 27.9pc in New York. HSBC is currently the UK's largest bank by profits, making it one of the country's biggest corporate taxpayers. Its UK arm forked out £500m in corporation tax last year. Mr Elhedery's comments come amid speculation that Ms Reeves could impose new levies on lenders in her autumn Budget as she pushes to fill a black hole in Britain's public finances. The Chancellor is also mounting pressure to raise more tax revenue after the Office for Budget Responsibility this month warned the UK's public spending plans are 'unsustainable'. In response to speculation around a possible raid, the bosses of Barclays and Lloyds have both separately warned Ms Reeves against raising taxes on banks. HSBC is Britain's largest bank but makes most of its money in Hong Kong and China – leaving it facing a difficult balancing act, placating Western politicians and Beijing. Mr Elhedery spoke on Wednesday after HSBC reported a 30pc drop in its profits because of a $2.1bn (£1.6bn) hit from Chinese lender Bank of Communications (BoCom), in which it owns a 16pc stake. The write-down was linked to a major recapitalisation of the bank by the Chinese government in June amid a move by Beijing to prop up the faltering economy. It follows a $3bn impairment HSBC took on the BoCom last February. The HSBC boss added that an 'oversupply' of offices in Hong Kong had led to defaults on commercial real estate loans. The defaults saw HSBC report a 57pc increase in the sums it expects to lose on bad loans, to $1.1bn. The bank has previously been accused of closing the accounts of pro-democracy dissidents in Hong Kong, a claim HSBC has rebutted by saying it must follow local laws. On Wednesday, shares in the group fell 5.1pc to 921p, the most since April 7, with analysts at Citi saying gloomy investors were sceptical about HSBC because of global trade wars and trouble in China. 'The common pushback we receive is 'why do I need to own this stock?' based on various risk factors (like tariffs),' they said. Donald Trump's trade policies are a key danger for the bank, with tariffs set to hit global activity. Mr Elhedery attempted to shrug off the threat, saying they would have a 'relatively modest impact' on revenues. HSBC's costs also increased 10pc to $8.9bn as the bank invested in artificial intelligence technologies and pushed ahead with a wide-ranging overhaul that will see it split into two separate Eastern and Western divisions. Mr Elhedery is tasked with leading the overhaul of the 160-year old bank that comes as HSBC faces mounting pressure from its largest shareholder Ping An, to spin off its Asian business completely. Speaking on the revamp, Mr Elhedery said: 'We're making positive progress in becoming a simple, more agile, focused organisation built on our core strengths.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
25-07-2025
- Business Wire
Pernod Ricard Board Proposed Appointments
PARIS--(BUSINESS WIRE)--Regulatory News: Press Release – Paris, 24 July 2025 Pernod Ricard (Paris:RI) Board of Directors, on the recommendation of the Nominations and Governance Committee, will propose the appointment of two new independent Directors, Mr. Albert Baladi and Mr. Jean Lemierre, at the Annual General Meeting to be held on October 27th. Both directors would be appointed for a 4-year term. This proposal for appointments follows Ms. Namita Shah's decision not to have her term as Director renewed. The Board would like to thank Ms. Namita Shah for her commitment and valuable contributions to the Board, particularly regarding social and environmental responsibility topics. Albert Baladi, of Lebanese origin and residing in New York, is a recognized expert in the spirit and consumer goods industry. During his 13 years at Beam Suntory (now Suntory Global Spirits), he held the positions of President of the International Region, President of North America and then Chief Executive Officer. Under his leadership, Beam Suntory strengthened its international expansion and its position among the worldwide leaders in the spirits industry. Earlier in his career, Albert Baladi held various roles in Marketing and General Management at Procter & Gamble, PepsiCo and Yum! Brands, developing a strong expertise in brand strategy and international development. Jean Lemierre, a French national, has been Chairman of the Board of Directors of BNP Paribas since 2014. He has had a distinguished career both nationally and internationally, having notably served as Director General of the French Treasury, Chairman of the European Union Economic and Financial Committee, and President of the European Bank for Reconstruction and Development (EBRD). Jean Lemierre is particularly recognized for his experience in financial and international matters. The appointment of Mr. Albert Baladi and Mr. Jean Lemierre reflects the Board ambition to enhance the diversity and complementary of its skills, by incorporating profiles with in-depth knowledge of our industry, particularly the North American market, as well as high-level strategic and geopolitical vision. In a constantly evolving global environment marked by complex economic, regulatory and geopolitical challenges, their expertise will be a major asset in supporting the Group's growth and adaptability. If the Annual General Meeting approves the corresponding resolutions, the Board of Directors will have 15 members, among which two members representing the employees. Of its members, 46% will be woman, 54% men, 62% will be independent and 40% non-French. About Pernod Ricard Pernod Ricard is a worldwide leader in the spirits and wine industry, blending traditional craftsmanship, state-of-the-art brand development, and global distribution technologies. Our prestigious portfolio of premium to luxury brands includes Absolut vodka, Ricard pastis, Ballantine's, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur and Mumm and Perrier-Jouët champagnes. Our mission is to ensure the long-term growth of our brands with full respect for people and the environment, while empowering our employees around the world to be ambassadors of our purposeful, inclusive and responsible culture of authentic conviviality. Pernod Ricard's consolidated sales amounted to € 11 598 million in fiscal year FY24. Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code: FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices.
