The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash
India's services sector growth quickened in June from May's five-month low, amid a stronger rise in new orders and an unprecedented expansion in international sales, a monthly survey said on Wednesday. The seasonally adjusted HSBC India Services Business Activity Index rose from 60.2 in May to 60.5 in June, pointing to a sharp expansion in output. In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
Well known banker Naina Lal Kidwai has been appointed as the country head of HSBC group companies in India. Kidwai will assume the chairmanship of HSBC India operations and the appointment is effective from April 15, an HSBC statement said.
The HSBC India Manufacturing Purchasing Managers' Index, a measure of factory production, stood at 51.3 in April, unchanged from 51.3 in March, amid moderate expansion of incoming new business orders.
The leaked files relate to accounts holding more than $100 billion, as per ICIJ.
Real estate developers are hoping that the slew of tax concessions announced in Union Budget 2025, set to take effect this financial year, will spur demand for affordable and mid-segment housing, even as the broader housing market shows signs of fatigue.
India's manufacturing sector output increased at a sharp pace in June as new business continued to flow in amid favourable demand conditions and resulted in record upturn in employment, a monthly survey said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) increased from 57.5 in May to 58.3 in June, indicating a sharper improvement in business conditions. In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
Some other tax authorities are looking at the allegations.
An estimated 10,000 to 20,000 jobs will be axed, according to a media report
HSBC Holdings Plc will shut its private banking business in India, a spokesman said
Equity markets this week will take cues from global trends, trading activity of foreign investors and quarterly earnings, with TCS kick-starting the results calendar on Thursday, analysts said.
Preservation of wealth has become the mantra as private bankers are broadening their relationships with exporter communities and family-owned firms.
The pace of hiring by private sector companies was also slowest in seven months, as per a monthly HSBC India survey of services sector managers.
The Reserve Bank on Thursdaysaid it is keeping a close watch on global banking major HSBC.
The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, remained only just above the neutral threshold of 50.0 in September, signalling muted output growth in emerging markets.
Probe found that HSBC's Anti-Money Laundering Compliance Department was highly inadequately staffed.
After lagging behind benchmarks and broader indices over the past five years, real estate investment trusts (Reits) have outperformed them since the start of 2024. The four listed Reits have posted an average return of 16 per cent year-to-date, compared to 9.9 per cent for the S&P BSE Sensex and 11 per cent for the National Stock Exchange Nifty.
Uruguayan soccer player Diego Forlan on Monday denied evading taxes by hiding money in Swiss accounts with the British bank HSBC Holdings PLC.
Herve Falciani, who refused to appear for trial in Switzerland, has been charged of industrial espionage.
For Indian parents, sending a child abroad for a three-year degree could deplete 48% of their retirement savings, while a four-year degree may consume up to 64%.
The HSBC/Markit purchasing managers index for the manufacturing industry stood at 50.1 in July, slightly more than 50.3 in June, indicating a broad stagnation of manufacturing operating conditions in India.
Names of 100,000 a/c holders in HSBC's Swiss unit recently became public.
The Securities and Exchange Board of India began its formal investigation into the complaint earlier this year.
Hongkong and Shanghai Banking Corporation (HSBC) is looking at entering the retail broking business to benefit from the rapidly growing middle class investors in India. It may scout for an existing retail broking house to hasten the pace of setting up business.
The entire HSBC list features names of 1,668 Indians
The chief operating officer of HSBC Holdings, A W Jebson informed that HSBC board would meet in Mumbai on November 25.
Switzerland, UK, Venezuela, US and France are t
India's manufacturing sector activity moderated in April, but still recorded the second fastest improvement in operating conditions in three-and-a-half years supported by buoyant demand, a monthly survey said on Thursday.
Facing black money investigations in India and several other countries, global banking giant HSBC on Monday said it is also being probed in the US for hiring candidates related to government officials in Asia Pacific.
India's manufacturing sector activity contracted for the second consecutive month in September as both output and new orders witnessed a decline, an HSBC survey said.
In the latter half of the year, there would be some economic recovery and return to normal business conditions.
Investors have been hoping for a cyclical recovery.
Data for the four largest emerging economies showed contrasting activity trends in November. China registered growth for the seventh month running, while India posted the fastest growth since June.
The bank said it is cooperating with the US Department of Justice and the Internal Revenue System (IRS) in their probes into whether certain HSBC companies and employees acted appropriately in relation to certain customers with US tax reporting requirements.
The HSBC India Manufacturing Purchasing Managers' Index -- a measure of factory production -- stood at 54.7 in December, up from 53.7 in November, indicating a further improvement in the health of the Indian manufacturing sector.
India's services sector witnessed one of the strongest growth rates in over 13-and-a-half years in March on the back of strong demand that spurred sales and business activity, a monthly survey said on Thursday. The seasonally adjusted HSBC India Services Business Activity Index rose from 60.6 in February to 61.2 in March, one of the strongest expansions in total sales and business activity in close to 14 years. In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
