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• Costco beats Q1 earnings estimates with a potential membership fee hike looming

• Ledger wallets drained in crypto’s latest embarrassing hack

• Will hyperrealistic AI images make fake news impossible to control?

Business

Pam Kaur to Lead HSBC’s Finance Team Amid Leadership Shake-Up

HSBC Holdings Plc, a global financial powerhouse with 159 years of history, is entering a new chapter in its leadership as it undertakes a strategic reorganization. In a landmark decision announced on Tuesday, the bank revealed that Pam Kaur has been appointed Chief Financial Officer (CFO), making her the first woman to hold this position at HSBC. Kaur’s appointment underscores the bank’s commitment to fostering diversity at the highest levels of leadership.  

Starting January 1, Kaur will not only oversee HSBC’s financial strategy but also join the board of directors as an executive director, playing a pivotal role in shaping the bank's future direction. Her promotion comes as part of a broader restructuring aimed at aligning leadership with HSBC’s evolving priorities and global ambitions. This historic appointment signals the bank’s intention to embrace fresh perspectives as it navigates both emerging market challenges and opportunities in the financial sector.

LATEST IN CRYPTO

DOGE and XRP Drive Crypto Market Downturn as Bitcoin ETFs Suffer $80M Loss

Bitcoin struggled to maintain its rally towards $70,000, contributing to a broader market decline where the CoinDesk 20 index dropped nearly 2%. U.S.-listed Bitcoin ETFs experienced their first net outflow in a streak of inflows, indicating a potential shift in investor sentiment or profit-taking after recent gains. Traders noted that stablecoin volume, which typically reflects market liquidity and buying power, has remained stagnant, suggesting a slowdown in crypto market growth. 

Both DOGE and XRP fell by 5% and 4%, respectively, following Bitcoin's inability to continue its upward momentum from Monday. Despite this, traders anticipate a potential run to $80,000 in the coming weeks, particularly with the U.S. elections approaching. Overall market activity for mid- and low-cap tokens remained flat, although memecoin Bonk (BONK) and governance token APE lost over 7%, leading declines among smaller assets. 

Analysts pointed to key resistance levels for Bitcoin and a pause in stablecoin issuances as factors stifling upward momentum. According to Alex Kuptsikevich, a senior market analyst at FxPro, Bitcoin's inability to break the $70,000 mark has led to intensified selling pressure, pushing its price down from $69,500 to $66,500 by Tuesday morning. Stablecoin liquidity is critical for crypto price growth, and recent trends indicate a potential halt in market expansion. 

In terms of Bitcoin ETFs, there was a net loss of $80 million on Tuesday, with Ark Invest’s ARKB seeing a record $134 million outflow, while BlackRock’s IBIT led inflows with $42 million. Additionally, BlackRock’s ether ETF added $11 million, whereas other products showed no significant activity.

TECH

High Stakes: What a Tech Staff Strike at the NYT Could Mean for Election Night Coverage

The New York Times Tech Guild has announced plans to strike during the critical period surrounding Election Day, a move that could significantly disrupt the newspaper’s ability to provide timely news updates, election results, and forecasts. Such a strike would threaten essential digital operations that the Times relies on to cover major events.  

“Pretty much every aspect of the business is backed by digital systems that we’ve built,” explained Benjamin Harnett, a principal software engineer and Tech Guild shop steward. He pointed to key components at risk, such as the Times’s famous election-night needle, which delivers real-time result forecasts, as well as mobile push notifications that alert readers to breaking developments. Other areas affected could include live blogs, homepage curation, and even the paper’s popular games, which offer readers moments of relief during high-stress events.  

With the public increasingly dependent on digital news delivery, the absence of these tools on election night could create significant challenges, limiting access to crucial information just as readers seek up-to-the-minute coverage. The potential strike underscores the importance of the tech team’s work behind the scenes—and the possible consequences if that work comes to a halt during one of the most pivotal nights in U.S. politics.