HSBC Midcap Equity Fund is the latest fund to hit the 'mid cap diversified equity fund' space.
The I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
Stuard Milne, CEO, HSBC India talks about the bank's gameplan in the country.
The sharp jump in shares of Kalyan Jewellers (Kalyan) has surprised many on the Street; however, analysts believe more steam could be left in the stock as the Thrissur-based gold retailer pivots to a new asset-light network expansion model. Kalyan's stock has surged 62 per cent in the past month, even as the S&P BSE SmallCap Index has gained just 5 per cent. In its latest business update, the company said its consolidated sales grew more than consensus expectations at 31 per cent year-on-year, led by strong domestic sales regardless of the volatility in gold prices.
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.
As part of the service, UAE-based Indian immigrants can transfer money to their families based in India and the service would complement existing remittance channels and make transferring money internationally more affordable, Tata Communications said in a filing to the Bombay Stock Exchange. In the first phase, this service would be extended to over 27 lakh subscriber base of mobile services operator Idea Cellular in Kerala.
The study conducted by the US-based non profit organisation Center for Public Integrity has revealed that these 25 entities accounted for a whopping 72 per cent of subprime loans during the 2005-07 period. Topping the list is Countrywide Financial Corp which shelled out subprime loans worth $97.2 billion while CitiFinancial/Citigroup Inc' is at the 16th place and had generated $26.3 billion in such loans.
Among the Sensex firms, Larsen & Toubro, Tata Consultancy Services, Infosys, HCL Technologies, Hindustan Unilever, Axis Bank, ICICI Bank and Wipro were the major gainers. Nestle India, Asian Paints, JSW Steel, Kotak Mahindra Bank and HDFC Bank were among the losers.
Hedge fund redemptions and margin calls on leveraged investors will trigger further selling.
Replying to a query, whether the government has made any assessment of black money stashed by Indians in foreign countries, Jaitley said there is no official estimation of that.
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.
Prices of perishable items could spike in the near term.
Rising bilateral trades, growing consumer wealth and high confidence level will push India to the top league of trading nations.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
Mumbai, the financial capital of India, has emerged as the most risk-averse city, according to a survey, conducted by HSBC India.
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.
Forum president M G Rahatgaonkar and Member Jyoti Mandhale observed in their order that the complainant had not filed the complaint within the specified time frame (the case pertains to 2006) and hence it was being disposed off.
The bank has been at the centre of the black money and tax evasion scandal.
According to the global financial services major, inflation may remain sticky, with a possible El Nino effect on the monsoon likely to push up food prices and geopolitical uncertainties seen pumping up global commodity rates.
'Corporations that were recruiting 15 or 20 [students] have reduced the number to two or three.'
The Hongkong and Shanghai Banking Corporation is in the process of setting up a non-banking financial company to cater to new market segments
According to the Financial Times, Credit Suisse will be trimming its workforce by 10 per cent leading to job loss for 650 employees, while HSBC said it was slashing 500 jobs. Credit Suisse has been impacted by the loan writedowns, which has led to two quarters of losses for Switzerland's second-largest bank this year, the report said.
Air India on Friday said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City. This is also the first wide body aircraft to be leased through the GIFT City, the country's first International Financial Services Centre (IFSC). In a release, the airline said the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Ltd (AIFS) and is also the first financing transaction from the orders for 470 aircraft that were made earlier this year.
Hong Kong has regained its spot as the world's fourth-largest market following a broad market rout in Indian equities. Currently, the Chinese territory's market capitalisation stands at $4.9 trillion versus India's $4.75 trillion, according to data compiled by Bloomberg. In January, the domestic equity markets' market capitalisation had surpassed that of Hong Kong following a spectacular rally in the small- and midcap stocks.
Ashvin Desai of San Jose has been indicted by a federal grand jury on three counts of tax evasion, two counts of willfully aiding preparation of false tax returns and three counts of failing to file reports of Foreign Bank and Financial Accounts, the Justice Department said.
The cash was reported missing while being ferried to various ATMs in Delhi.
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.
I-T, FinMin approach Switzerland and France for access to full transaction activity of these entities from the period accounts were opened.
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.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
Equity benchmark indices Sensex and Nifty hit their all-time high levels on Friday helped by impressive GDP data and fresh foreign fund inflows. Also, a rally in global markets added to the positive momentum in the equity markets. The 30-share BSE Sensex jumped 1,139.04 points to 73,639.34 -- its all-time peak -- in the late afternoon trade.
Rejecting allegations of stashing away unaccounted money in Swiss accounts, Jet Airways on Friday said there is no account in the name of its Chairman Naresh Goyal in HSBC Bank, Geneva, though he is entitled to have bank accounts outside India as he is a Non-Resident Indian.
Sandwiched between demonetisation, GST and other smaller policy changes, Gross Value Added or GVA may be a more reliable measure of economic activity over the next few quarters.
rediffGURU Kirtan A Shah answers your personal finance queries.
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.
