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.
India's manufacturing sector growth climbed to a four-month high in January as a sharper upturn in new orders boosted output growth amid mild cost inflation, a monthly survey said on Thursday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) recovered from an 18-month low of 54.9 in December to 56.5 in January. The latest reading highlighted the strongest improvement in the health of the sector since last September.
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.
The government expects the economy to grow by 7-7.75 per cent in the current fiscal.
HSBC has cut Reliance Industries to 'underweight' from a 'neutral' rating.
Rural inflation running higher than urban: HSBC
The bank is looking to combat financial times.
Bank has apologised and vowed it has recently overhauled its anti-money-laundering efforts.
After investing $150 million this year, HSBC is willing to step up investments in India as it expects the economy to sustain over 7 per cent growth in the coming years.
HSBC's India staff have come under the scanner for deficiencies in their role as 'offshore reviewers' of the global banking giant's compliance to safety mechanism against money laundering and terrorist financing.
What were the Indian authorities doing all these years, especially when it was well known universally that all was not well within HSBC?
What were the Indian authorities doing all these years, especially when it was well known universally that all was not well within HSBC?
Management commentary on demand environment, and forward guidance will be in focus when Indian IT services players declare their September quarter results for financial year 2024-25 (Q2FY25). The industry is exepected to have continued on the path of recovery in Q2, similar to the preceding quarter, rather than sprint towards growth. The top four firms likely grew between 0 per cent and 4 per cent year-on-year (Y-o-Y), according to consensus estimates.
"India's GDP growth rate is about 6.5 per cent this year and our forecast is that the GDP would grow by 8 per cent in FY 11," HSBC India's CEO, Stuart Arthur Davis, told reporters in Mumbai on Monday.
HSBC Holdings plc on Thursday said it was keen to study the opportunities available in the Indian insurance sector, including pension fund.
India's services sector growth rate saw a slight fall in July but remained in the positive terrain for the ninth month in a row, amid rise in new orders and employment levels holding up, an HSBC survey says.
China posted the sharpest increase in output for 15 months, while India saw the steepest expansion since February 2013.
'We expect market consolidation and recommend buying during market dips.'
The HSBC Emerging Markets Index, a monthly indicator derived from Purchasing Managers' Index surveys, inched up to 50.6 in May from 50.4 in April, indicating weak output growth across global emerging markets.
As the reform process is expected to gain further momentum, the Indian rupee will continue to outperform its Asian peers, which are likely to weaken further against the US dollar in 2015, says an HSBC report.
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.
The HSBC/Markit Purchasing Managers Index for the services industry inched up to 47.2 in November from 47.1 in October, the fifth sub-50.0 reading and indicated an output contraction across the Indian service economy.
The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, inched up to 50.4 in April, from 50.3 in March, signalling only a marginal increase in output across global emerging markets in April.
India will equal China's 4.9 per cent share of world GDP in 2005 by the middle of next decade.
The public-sector lenders were yet to get a formal proposal on sale from HSBC.
Strong new business growth was the primary factor.
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.
HSBC on Monday lowered India's GDP forecast for the current financial year to 4 per cent from 5.5 per cent earlier saying economic uncertainty is likely to weigh on the growth forecast in the coming months.
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The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, sank to 50.6 in June from 51.3 in May, signalling the weakest increase in output since May, 2009.
Swiss police in February searched HSBC offices in Geneva as part of its probe.
According to global financial services major, despite its recent slowdown, India's economic promise remains substantial, with the growing population and nascent domestic middle class generating a growing market for consumption goods.
India's manufacturing sector growth improved in November, registering the fastest pace in five months, driven by a strong pick up in new orders and improved purchasing activity, an HSBC survey said on Monday.
BRIC economies improved slightly on the previous quarter.
Financial services giant HSBC on Tuesday opened its fifth group service centre in India, to provide superior services to its customers worldwide.
