In today’s newsletter:

• HSBC splits east from west

• The son of Singapore’s founder is granted UK asylum

• Why Xi changed his mind on China’s stimulus

Good morning. HSBC has announced a sweeping reorganisation that will split the Asia-focused bank into four standalone units serving “eastern” and “western” geographical regions.

Under the plan announced yesterday, HSBC will turn its UK and Hong Kong businesses into standalone units — a major overhaul for a lender that has touted its credentials for decades as one of the world’s few truly global banks.

The other two units will be “corporate and institutional banking” and “international wealth and premier banking”. Businesses within these units will fall either into the “eastern markets” section of Asia-Pacific and the Middle East or a “western” one including operations in the UK, Europe and the Americas.

The restructuring comes as new chief executive Georges Elhedery seeks to cut costs and better navigate geopolitical tensions between China and the west.

The bank plans to shrink its top management layer by a third, but it did not say if it would start cutting jobs. The FT previously reported that Elhedery was planning a $300mn cost-cutting drive that would target senior bankers. Here’s more on the changes coming for HSBC.

And here’s what else I’m keeping tabs on today:

• Economic data: Singapore releases September inflation data and Taiwan reports industrial output for the month.

• Tokyo Metro IPO: The subway operator will list its shares on the Tokyo Stock Exchange in Japan’s biggest initial public offering in six years.

• HKEX results: The Hong Kong stock exchange reports third-quarter results.

Five more top stories

1. The son of the late Lee Kuan Yew, the modern-day founder of Singapore, has been granted political asylum in Britain. Lee Hsien Yang and his wife have been in self-imposed exile in London since 2022, and successfully argued that they would face persecution if they were to return to Singapore. Read about the dynastic feud at the heart of their case.

2. Taiwan Semiconductor Manufacturing Company has said it alerted the US government to a potential attempt to have it manufacture artificial intelligence chips for Chinese tech giant Huawei in circumvention of export controls. TSMC’s statement follows a report last week that the Department of Commerce was investigating whether the Taiwanese company had been violating US export controls by making AI or smartphone chips for Huawei.

3. Greater global protectionism will endanger the world’s growth outlook, the IMF warned in its latest forecast, as a possible Donald Trump victory in next month’s US election raises the prospect of sharp tariff increases. The Republican candidate has called for an overall 20 per cent tariff on all US imports and a 60 per cent penalty on Chinese goods.

4. A senior Volkswagen executive has been deported from China, in another setback for the German group in the world’s biggest car market. Chief marketing officer Jochen Sengpiehl was detained in China for about 10 days after allegedly testing positive for drugs following a holiday abroad, according to two people with knowledge of the details.

5. A UK-based activist fund Palliser Capital has taken a stake in Tokyo Tatemono, one of Japan’s biggest property groups, and is calling for divestments and a strategy overhaul. The campaign comes as Japanese companies face growing pressure from foreign investors to improve market valuations and raise corporate governance standards.

The Big Read

After resisting calls for fiscal stimulus for years, Xi Jinping has made a sudden U-turn. Today’s Big Read explores why the Chinese leader changed his mind — and whether it will be enough.

We’re also reading . . . 

• China’s luxury sector: Despite the economic uncertainty weighing on Chinese consumers, Italian luxury brand Moncler sees great potential in the country.

• Books: Patriot, the memoir of Vladimir Putin’s murdered opponent Alexei Navalny, is a worthy testament to his courage, defiance and humour, writes FT Moscow bureau chief Max Seddon.

• Pakistan’s flood recovery: With 12mn victims languishing in tents, the debt-burdened country is a disappointing test case for global financial co-operation aimed at helping countries rebuild after extreme climate events, officials said.

Chart of the day

Europe’s share of global commercial clinical drug trials almost halved over the past decade as pharmaceutical companies turned to the US and China to take advantage of their simpler regulatory regimes, according to industry representatives.

Take a break from the news

Nilanjana Roy, who has a “modest” collection of 4,000 books, confronts a dilemma that all bibliophiles eventually face when the ever-growing stacks around the house threaten to fall: to keep, or not to keep old books.

CHOCOHOLICS are going wild after a Cadbury’s treat they thought was “extinct” was spotted on the shelves at B&M.

It marks the return of an iconic chocolate bar – but this time in miniature form.

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A picture of the Cadbury Fuse Mini Treats was posted to a Newfoodsuk Facebook group.

So far, it has wracked up a whopping 539 reacts and over 70 shares.

Nearly 300 overexcited chocolate-lovers rushed to the comments, with one telling their friend: “If you see these buy all of them.”

Others pointed out that the Mini Fuse Treats hailed the return of a cult classic – the Fuse bar.

This is not currently on sale in supermarkets, but does occasionally appear on specialist websites such as Bombon.

One wrote: “I thought fuse chocolate was extinct, seems like it still exists.”

Another said: “If these are like the old FUSE bars I NEED these!”

A third disbelieving fan commented: “Used to have these in full size bars years ago. Delish.”

The Fuse bar is a combination of crunchy peanuts, gooey caramel and a creamy truffle centre, all coated in smooth milk chocolate.

The grab-bag version contains seven mini bars, according to the packaging.

It comes as B&M shoppers also went wild for a new twist on the Dream bar.

Meanwhile, chocolate lovers raved about a new type of M&Ms – the Candy Popcorn M&M Minis.

And Nestle added a new chocolate to its Quality Street “Favourites Golden Selection” pouch – the Toffee Penny.

How to save money on chocolate

We all love a bit of chocolate from now and then, but you don’t have to break the bank buying your favourite bar.

Consumer reporter Sam Walker reveals how to cut costs…

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Go own brand – if you’re not too fussed about flavour and just want to supplant your chocolate cravings, you’ll save by going for the supermarket’s own brand bars.

Shop around – if you’ve spotted your favourite variety at the supermarket, make sure you check if it’s cheaper elsewhere.

Websites like Trolley.co.uk let you compare prices on products across all the major chains to see if you’re getting the best deal.

Look out for yellow stickers – supermarket staff put yellow, and sometimes orange and red, stickers on to products to show they’ve been reduced.

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They usually do this if the product is coming to the end of its best-before date or the packaging is slightly damaged.

Buy bigger bars – most of the time, but not always, chocolate is cheaper per 100g the larger the bar.

So if you’ve got the appetite, and you were going to buy a hefty amount of chocolate anyway, you might as well go bigger.

Karan Johar has sold 50 per cent stake of Dharma Productions and Dharmatic Entertainment to Serene Productions led by Adar Poonawalla for Rs 1,000 crore, according to reports.

ALSO READ: How Bollywood’s Big Daddy Karan Johar built his empire

Karan will be the executive chairman and look at the creative side while CEO Apoorva Mehta will head the operational segment. 

He has been seeking to monetise his stake but the plan was delayed over disagreement about valuation of the production company. This comes as emergence of OTT services and dip in theatre crowd have been posing challenges to Bollywood studios.

Before the deal with Poonawalla, he owned 90.7 per cent stake in Dharma Productions. His mother owned 9.24 per cent stake.

Earlier, reports said that Mukesh Ambani’s Reliance Industries was planning to invest in Dharman Productions.

Reports also suggested that Saregama led by Sanjiv Goenka was also in talks with Karan but the deal reached a dead-end.

SOCIAL media users are going wild for a clever cleaning hack that removes rust – and it’s basically free.

You can make it yourself with two, everyday store-cupboard items – and it’s perfect for de-rusting garden furniture before you pack it away for the winter.

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The tip was posted on a Facebook group inspired by cleaning influencer Mrs Hinch, also known as Sophie Hinchliffe.

It involves simply combining tomato ketchup with scrunched-up tin foil.

The hack was shared after a user took to the group seeking advice on how to remove rust from her outdoor metal stools.

One commenter wrote: “Tomato sauce and scrunched-up tin foil. Used it on mine. Removed the rust and didn’t scratch the metal.”

Another advised: “Foil scrunched up and tomato ketchup. Mine are quite a few years old and were very rusty.”

The poster then returned to the group to share her feedback on the hack.

She said: “Today I tried ketchup and tin foil, and it worked.

“I have to admit I was sceptical, but you were all right, and I was wrong. And, as somebody asked, it didn’t scratch the chrome.”

Another shared that they had tried the hack on their bathroom tower rail and were delighted with the results.

She hailed it a “game changer”, adding: “Vinegar didn’t make any difference this is much better.”

The method works because the acetic acid in the tomato sauce reacts with the copper oxide in the rust.

Meanwhile, the scrunched-up foil helps create friction to gently rub away the rust.

Cleaning enthusiasts should first apply the tomato sauce to the area, leaving it to sit for 20 minutes.

Then, you should use the crumpled foil to scrub the surface in circular motions.

Once finished, wipe the patch clean with a soapy cloth and dry.

It comes as Mrs Hinch fans also shared a handy trick for getting rid of kids’ ink stains – using hairspray.

Hairspray, which costs as little as 85p from Bodycare, can be used to help remove stains by letting the formula sit on the affected area for a few minutes before washing the item with a detergent and warm water.

Courtesy of Ocean Edge Resort & Golf Club

Summertime is one of the most popular seasons for families to visit Cape Cod to soak in its natural beauty while enjoying miles of pristine coastline, seafood shacks, and picture-perfect lighthouses. After the crowds have dissipated and the leaves start turning, those in the know start planning the perfect getaway to this color-filled seaside destination.

One of the best spots to revel in fall splendor is Ocean Edge Resort & Golf Club.

Located in Brewster overlooking Cape Cod Bay, the 342-room resort offers a variety of guest rooms and suites found throughout the main Nickerson Mansion, Villas, and Villages. With 429 enormous acres to explore, getting around the property is easy thanks to a complimentary shuttle bus that operates Memorial Day through Labor Day.

Courtesy of Ocean Edge Resort & Golf Club

When it comes to booking a stay here, The Villages at Ocean Edge are designed for the entire family and offer every amenity you might expect to find in a condo-style stay.

The pet-friendly, one-bedroom Arbor Villa features a fully stocked kitchen with full-size appliances, a living area with stackable washer/dryer and access to a private terrace offering stunning golf course views.

Courtesy of Ocean Edge Resort & Golf Club

The 122 guest accommodations ranging in size and style on The Mansion side offer the most luxurious stays between the 90 found at the Nickerson Mansion and 32 located at the Presidential Bay Collection Villas.

For larger gatherings, a three-bedroom, multi-level townhouse offers 1,400 square feet of updated space with modern kitchen, spacious living room with fireplace, and several terraces to soak in the views. A two-bedroom villa located just a short walk from the beach has cathedral ceilings, a gas fireplace, and full kitchen.

Courtesy of Ocean Edge Resort & Golf Club

One of the most impressive amenities found here is their recently added bespoke menu of high-end experiences. Designed exclusively for guests staying on the Mansion side of the resort in the Presidential Bay Collection Villas, the menu of private in-room experiences include:

Chef Menu (curated by Executive Chef Philip Flath to include everything from Brewster Oysters and seared Georges Bank scallops to rosemary peppercorn crusted beef tenderloin, chocolate Pots du Crème, and strawberry shortcake offered with optional wine pairings)

Sound Bath (Guests can enjoy an hour of this ancient meditative practice from the comfort of your own villa)

Champagne Tasting & Food Pairing (Featuring Henri Giraud Dame Jane Brut Rose, Charles Heidseck Blanc de Blanc, Champagne Autreau De Champillon Premiere Cru Extra Brut, and Nomine Renard Brut)

Oyster Experience (Featuring champagne and mocktail options, an educational component, and menu tastings)

Chef Fondue Experience (Featuring classic Gruyere cheese fondue, meat and seafood fondue, and dark chocolate fondue)

Courtesy of Ocean Edge Resort & Golf Club

There is so much to do here that you won’t ever need to leave, even if you book a weeklong stay.

For the outdoor enthusiast, you can reserve a kayak or standup paddle board, take a bike for a cruise along the Cape Cod Rail Trail, book a tee time on Cape Cod’s only 18-hole Nicklaus Design golf course, or play a round of tennis on one of their nine courts.

The resort also hosts beach yoga and fitness classes, weather permitting.

Courtesy of Ocean Edge Resort & Golf Club

If lounging by the pool is more your speed, there are plenty of options when it comes to relaxing.

The lower Cape property boasts 700 feet of private beach designed for exploring, not to mention a playground for little ones and a picnic area designed for all ages to enjoy the outdoors. Guests also have complimentary access to the fully equipped fitness center along with indoor and outdoor pools.

For the ultimate in relaxation, book a signature massage, hydrating facial, or a total wellness body ritual at the on-site The Beach House Spa.

Courtesy of Ocean Edge Resort & Golf Club

When it comes to dining, there are several options to choose from. Ocean Terrace is their signature restaurant located in The Mansion. Offering alfresco dining overlooking Cape Cod Bay, the upscale restaurant offers a cozy spot where you can warm up with a bowl of creamy clam chowder or sample some New England classics like a fresh lobster roll, Chatham mussels, and crabmeat crusted haddock.

The Roscommon Room is open daily for breakfast, lunch, and dinner. The cozy wood-paneled dining room has a wood-burning fireplace and large bar. Breakfast standouts here are the hearty Hearthside Breakfast with North Country Smokehouse’s maple sausage, breakfast potatoes, and eggs served any way; and Eggs Benedict topped with Hollandaise sauce accompanied by a side of crispy Canadian bacon.

Bayzo’s Pub located on the lower level of The Mansion is a great spot for a casual lunch or hearty dinner in an English-style tavern.

Offering seasonal live music, the laid-back eatery with exposed stone walls and four flat screen TVs is an ideal spot for catching a game. Nosh on creative starters like their beer cheese dip served with soft pretzel bites, or an order of hot honey chicken wings accompanied by blue cheese sauce for dipping. Be sure to save room for their famous Pub Burger served with Guinness glaze topped with lettuce, tomato, red onion jam, crispy onions, crispy bacon, and melted Vermont cheddar cheese served on a brioche roll accompanied by shoestring fries. Trust us, it’s as good as it sounds.

Bayzo’s also offers a nice selection of elevated pub fare, including Butternut Squash Risotto, Shepherd’s Pie with braised beef short rib, and Sirloin Steak Frites with onion confit and herbed mushrooms.

Another fun spot to enjoy alfresco lunch on one of two outdoor patios overlooking the first tee or a cold beer after an 18-hole round of golf is Linx Tavern.

Nestled in the Ocean Edge Villages golf course clubhouse, the restaurant offers an approachable menu featuring shareable dishes like butternut squash hummus, charred broccolini, or prosciutto flatbread.

If you prefer to stay in during game day, order up some appetizers (think Buffalo wings, a New England cheese plate, and cheesy chili dip) at Linx Tavern and take them back to your room to enjoy.

Courtesy of Ocean Edge Resort & Golf Club

During the warmer months, the Beach Bar found on the Mansion side is open seasonally for snacks and drinks.

In the summer, The Front Lawn also is a great spot to relax and unwind while enjoying live music, lawn games, and a wood-fired oven serving up pizzas and other light bites.

Ocean Edge Resort & Golf Club is located at 2907 Main Street in Brewster, Massachusetts.