The services sector growth in India rose to a three-month high in December supported by favourable economic conditions and positive demand trends, a monthly survey said on Friday. The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 56.9 in November to 59 in December, highlighting a sharp increase in output that was the most pronounced since September. In Purchasing Managers' Index (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
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.
Preservation of wealth has become the mantra as private bankers are broadening their relationships with exporter communities and family-owned firms.
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.
Herve Falciani, who refused to appear for trial in Switzerland, has been charged of industrial espionage.
Uruguayan soccer player Diego Forlan on Monday denied evading taxes by hiding money in Swiss accounts with the British bank HSBC Holdings PLC.
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.
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.
The entire HSBC list features names of 1,668 Indians
Among the Sensex firms, JSW Steel, Tata Steel, Tech Mahindra, Infosys, Wipro, Tata Consultancy Services, Nestle, HCL Technologies, HDFC Bank and Maruti were the major laggards. IndusInd Bank, ITC, Bharti Airtel and State Bank of India were among the winners.
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.
Switzerland, UK, Venezuela, US and France are t
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.
Investors have been hoping for a cyclical recovery.
From the Sensex basket, Power Grid, Asian Paints, Tata Motors, Tata Steel, NTPC, Sun Pharma, Mahindra & Mahindra, HDFC Bank, Tata Consultancy Services and JSW Steel were among the major gainers. Kotak Mahindra Bank, Bharti Airtel, Axis Bank, Wipro, ICICI Bank and IndusInd Bank were among the laggards.
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.
The chief operating officer of HSBC Holdings, A W Jebson informed that HSBC board would meet in Mumbai on November 25.
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.
Funds raised by India Inc. through offshore loan syndication hit a 15-year high in 2023 with companies and banks raising $21.4 billion, the highest since 2007. The momentum is expected to continue in 2024 as well with over $4 billion fund raising expected in the first three months of this year. Companies raise funds, both onshore and offshore, depending on interest rates and activities. Funds raised offshore can be deployed in overseas activities.
In the latter half of the year, there would be some economic recovery and return to normal business conditions.
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.
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 government expects the economy to grow by 7-7.75 per cent in the current fiscal.
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.
According to the global financial services major, FII flows in May were mixed, with investors being more selective.
Rural inflation running higher than urban: HSBC
HSBC has cut Reliance Industries to 'underweight' from a 'neutral' rating.
The bank is looking to combat financial times.
Bank has apologised and vowed it has recently overhauled its anti-money-laundering efforts.
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