Global banking major, HSBC has retained its India GDP growth forecast of 6.2 per cent in FY10 but hiked the outlook for next fiscal by 0.5 per cent to 8.5 per cent given the economic recovery.
The HSBC/Markit purchasing managers index for the services industry inched up to 47.1 in October from 44.6 in September, the fourth successive monthly contraction of service sector output across India.
Stuard Milne, CEO, HSBC India talks about the bank's gameplan in the country.
Strong new business growth was the primary factor.
Cuts its 2013 price forecast to $1,760 an ounce from $1,850.
Twenty five year-old Jagmeet Channa, who worked at the Canary Wharf headquarters of the bank, hijacked his colleagues' identities to plunder the coffers of the bank. Hoping the looming weekend would help hide his betrayal, Channa followed orders of fellow conspirators who had promised him a 'cut', by first sending Euro60 million (47,970,227 pounds) from one of its trading accounts to Morocco.
HSBC admitted to a breakdown of controls and apologised in a statement announcing it had reached a deferred-prosecution agreement with the US Department of Justice, as was first reported by Reuters last week.
The expectations of a borrowing cut by the government faded among bond-market participants after the general election results because they feel the compulsions of running a coalition may put pressure on the exchequer, according to dealers. The recent trend of moderate depreciation in the rupee's nominal effective exchange rate (NEER) might not persist if there are significant changes to the structural reform agenda.
A magistrate court here has summoned the CEO of HSBC India and others to appear before it after finding that the MNC bank had "forged" documents to wriggle out of a case relating to termination of an employee.
The Asian Development Bank too had projected Indian's economic growth for current fiscal at 7.4 per cent.
India's first quarter GDP growth print was 7.9 per cent y-o-y, primarily led by urban consumption demand
A probe by the New York State's key banking regulator, the Department of Financial Services, has found deficient money laundering controls in outsourcing of work by StanChart to India, thus exposing the US financial system to terror financing and other risks.
'We suggest an equity strategy of 5% to 10% exposure to cash, 5% to Gold ETF, close to 50% to Sensex/Nifty/large mid-cap stocks.'
Reliance Petroleum Ltd, a unit of Reliance Industries that plans to sell 1.8 billion shares in an initial public offering to raise up to $1.3 billion
Activist-turned-politician Arvind Kejriwal on Friday took on the issue of hawala money stashed in Swiss bank accounts.
According to HSBC, India's current account deficit is expected to narrow from 1.1 per cent of GDP in 2014 to 0.6 per cent in 2015.
Sector-wise, pharmaceuticals, transport equipment and textiles will help accelerate overall export growth.
On Tuesday, UK-based Standard Chartered's outsourcing of key banking jobs to India came under the lens of US authorities.
A leading Chinese bank may have been used by Palestinian terrorist group Hamas and its allies to launder money for their global operations,according to Israeli intelligence reports.
The HSBC/Markit Purchasing Managers Index for the services industry fell to 46.7 in December from 47.2 in November, registering the sixth consecutive monthly drop in output levels, the longest period of continuous reduction since the 2008/2009 global financial crisis.
The bank has been at the centre of the black money and tax evasion scandal.
The investigative arm of the country's anti-monopoly watchdog has recommended action against two multinational banks for making false promises to their credit card customers and violating the Reserve Bank of India guidelines.
Though fiscal deficit is a concern, the country needed spending to boost the economy hit by financial crisis, she said. Going by the bank's research, Kidwai said India is likely to grow at 8 per cent in next fiscal 2010-11.
The UPA government has been facing a lot of flak for not doing enough to unearth the black money kept by Indians in banks abroad. Sheela Bhatt reports.
The Hongkong and Shanghai Banking Corporationon Friday announced it will acquire the Indian business of Royal Bank of Scotland worth $1.8 billion, a move that will help the British giant gain greater exposure in the country.
'With technology advancing rapidly, the need for branches is declining.'
The I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
According to HSBC, the 'storm has abated' for the Indian markets as the US Fed has deferred tapering of its quantitative easing stimulus, and as the new Reserve Bank of India Governor Raghuram Rajan has taken steps to contain the rupee fall.
The New Delhi District Consumer Disputes Redressal Forum pulled up the bank saying that HSBC's act was not only 'motivated by commercial gains', but also by a 'malicious mind' to 'settle scores' with the complainant, who was a former employee, for challenging his termination in a labour court.
Hedge fund redemptions and margin calls on leveraged investors will trigger further selling.
The government, Jaitley said, is committed to detecting and preventing generation of black money
Inflation has seen some moderation in the recent past, falling from double-digit figures in 2013 to 7.8 per cent year-on-year in August.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
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Improved investor sentiment is expected to drive the economy forward in the coming quarters.
Growth, said HSBC, would be helped by higher public investment, bankruptcy code and direct transfer of subsidies
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