HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash
The biggest question looming over the summit is whether there will be a joint leaders' declaration in view of the sharp differences between the West and the Russia-China combine on the text to describe the Ukraine conflict in the document.
The bank remains on high alert to intervene if markets freeze.
The Indian economy recovered from the Covid-induced downturn during 2022 and is poised for further improvement in the coming quarters though downside risks emanating from geopolitical tensions, strengthening dollar and elevated inflation will continue. The positive trajectory in the growth trend and improved fundamentals will help the nation in neutralising the impact of global headwinds which are expected to have a bearing on the country's exports in the months to come. The challenges before the government and the Reserve Bank in the new year would be to arrest inflation, check declining value of rupee against US dollar and promote private investment and growth, with a view to ensure that the country remains one the fastest growing major economies of the world.
The total money of Indians fell by 45 per cent during 2016 to CHF 675.75 million, marking the biggest ever yearly decline in such funds.
The 50-share NSE Nifty settled lower by 76.05 points, or 0.88 per cent, at 8,615.25
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
The search for the missing person started early morning on Wednesday with the help of divers and four drones, rescuers have given up hope of finding the missing person alive, MyRepublica newspaper reported.
Benchmark Sensex declined 224 points on Wednesday, snapping its four-session winning streak, mainly due to sell-off in IT and pharma counters amid rising concerns over possible aggressive interest rate hikes to tame high inflation. The 30-share index rebounded more than 1,200 points from the early lows before settling at 60,346.97 points, a total loss of 224.11 points or 0.37 per cent compared to Tuesday's closing level. The broader NSE Nifty closed lower 66.30 points or 0.37 per cent at 18,003.75 points.
The S&P BSE Midcap and S&P BSE Smallcap indices gained 0.4% and 1%, respectively
Some persons with accounts in a Swiss bank have paid taxes amounting to about Rs 180 crore so far, Finance Minister Pranab Mukherjee has said in Parliament. He did not disclose any name.
The largest private sector lender is also looking to open a full-fledged branch in China, where it already has a representative office, managing director and CEO, Chanda Kochhar said during the bank's 19th annual general meeting in Vadodara.
Images from Day 5 of the 2023 Wimbledon Championships on Friday.
BSE Sensex on Monday closed nearly 34 points higher at 26,350.17 with gains in realty, power, FMCG and oil & gas stocks amid sustained buying by domestic institutional investors.
With the Swiss government showing eagerness to help India trace suspected black money hoarders, banks based in Switzerland appear to be losing traction among the wealthy Indian clients and could not get much business commitments during the just-ended WEF summit.
These include Goldman Sachs, HSBC, UBS, Deutsche Bank, Barclays, RBS, Citigroup and JP Morgan and they have said in their respective regulatory filings that they are cooperating with the relevant authorities in the investigations.
Asian Games gold medallist and Olympian Tulsidas Balaram, part of Indian football's 'holy trinity' in the 1950s and 60s, passed away in Kolkata on Thursday after a prolonged illness, sources close to his family said.
"Mateo, Luka and Marcelo are the best Croatia midfield in history. I don't think it can be repeated. When you pass them the ball it is safer than having your money in the bank," the defender said.
Four men were arrested in Madrid, police said, three of whom were members of "a radical group of fans of a Madrid club", who were previously flagged during matches as "high risk" to help curb violence during games.
Henry Kravis, co-founder of global private equity firm Kohlberg Kravis Roberts & Co, thinks India should go for a bad bank to deal with bad assets in banks. In an interaction with journalists in Delhi, he says there are plenty of opportunities in India. He was joined by India CEO Sanjay Nayar.
On February 22, 2013, the Reserve Bank of India issued guidelines on 'Licensing of New Banks in the Private Sector'.
The inward remittances to India has more than doubled from about $12.89 billion in 2000 to $27 billion in 2007. In 2006, inward remittances were $25.43 billion, while the outward flow constituted around $1.58 billion. Rich countries are still the main source of remittances with the United States leading the pack.
The silver lining for India's presidency is likely to be the support by almost all G20 countries to its proposal to include the African Union as a permanent member of the bloc that has emerged as perhaps the most influential multilateral forum after the United Nations.
Overseas education consultant NNS Chandra offers advice on how to pick the right international career
Shares of L&T Technology Services, an arm of engineering giant Larsen and Toubro, made a decent debut on the bourses
The Pandays aka The Travelling Family are making a trip around the world. Three days spent in the Amazon were unforgettable.
In a world without politics, time zones would change by an hour for a shift of 15 degrees of longitude. But, of course, political considerations apply, explains Devangshu Datta.
From the peak of $3.67 trillion in January, India's market cap has eroded by $676 billion amid rising bond yields and a record-breaking sell-off by overseas investors.
The 20-member squad also includes goal-keepers PR Sreejesh and Krishan Bahadur Pathak; defenders Harmanpreet Singh, Amit Rohidas, Surender Kumar, Varun Kumar, Jarmanpreet Singh and Jugraj.
China's intended role for AIIB is not so different from the existing Western lenders like the World Bank.
Domestic market is losing its trend to rate sensitive stocks post the announcement of the new RBI governor who is likely to maintain a cautious stance on interest rate cut
Top gainers among the S&P BSE Sensex include GAIL, Dr Reddy's Laboratories and Bharti Airtel, all edging up by 1% in late morning deals
Jugraj made his International debut against France during the FIH Hockey Pro League matches in South Africa
The aircraft that took off from Kathmandu at 10:30 am crashed into the Seti river gorge, killing all four crew members and 68 passengers. One person on board the aircraft is still missing.
This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1997.
Royal Bank of Scotland and JP Morgan were also fined over attempts to rig currency benchmarks in a year-long probe that has put the largely unregulated $5 trillion-a-day market on a tighter leash, with dozens of dealers suspended or fired.
Businessman Vijay Mallya's property worth Rs 14 crore located in France has been seized under the anti-money laundering law, the Enforcement Directorate said on Friday. It said the action was undertaken by French authorities "on the request of the Enforcement Directorate" and the property bears the address: 32 Avenue FOCH in France.
The strengths and weaknesses of leading contenders in the 2011 Tour de France which starts on Saturday.
'There are many things we need to work on.' 'At the heart of it is, one, the extent of inequality, which is not good for democracy and nation; two, a structural decline on how a country ought to function, how people should be held accountable, whose role is what.'
'China is in the middle of a substantial expansion of its nuclear weapon arsenal, which satellite images indicate includes the construction of over 300 new missile silos,' SIPRI's statement noted.
