SpiceJet, India's second-largest private airline, kicked off the process of hiving off its logistics business to its subsidiary SpiceXpress as it looks to raise much-needed capital. On Tuesday, the company sought its shareholders' approval to complete the process and to raise up to Rs 2,500 crore via a qualified institutions placement (QIP). It is in talks with multiple private equity investors as it tries to sell shares in the logistics arm to raise money.
Finance Minister P Chidambaram has been repeatedly stressing he will meet the fiscal deficit target of 4.8 per cent of the gross domestic product in this fiscal, but HSBC said the spending-revenue gap may overshoot to 5.1 per cent.
The headline HSBC India Purchasing Managers' Index -- a composite gauge designed to give a single-figure snapshot of manufacturing business conditions -- stood at 54.5 in December, up from 53.3 in the prior month.
The HSBC Markit Services Purchasing Managers' Index fell to 51.7 in June from May's three-month high of 53.6, in a sign that Asia's third-largest economy is still struggling to climb out of a quagmire of low growth and high inflation.
India's manufacturing sector activity remained broadly flat in June as new orders declined for the first time in over four years and power cuts and fragile economic conditions weighed on the sector's performance, an HSBC survey said.
According to HSBC, the volatility in Indian markets since May can be attributed to the initial talk about tapering of bond purchase by the US Federal Reserve but the catalyst for recent volatility in Indian equities was when policymakers decided to tighten liquidity to stem capital outflows.
World champion shuttler P V Sindhu on Thursday donated Rs 5 lakh each to the Chief Minister's Relief Funds of Telangana and Andhra Pradesh to fight the dreaded COVID-19 pandemic, which has claimed over 21,000 lives globally. The number of positive cases in India has surpassed the 600-mark, while 13 deaths have been reported so far, prompting the government to put the country under lockdown till April 14 to halt the spread of the virus.
Let's take a look at countries that will see biggest jump in exports.
During May, the HSBC composite index for India, which maps both manufacturing and services sectors, stood at 52, whereas for China it was 50.9, Brazil (51.2) and Russia (51). An index measure of above 50 indicates expansion.
Income Tax dept will launch over 100 fresh prosecution complaints.
India's private sector activity contracted further in August, reflecting faster contractions of both manufacturing and services output, amid decline in new orders and tough economic conditions.
The RBI left interest rates unchanged, saying there was no substantial development on inflation or fiscal fronts to warrant a fresh reduction.
India's services sector activity expanded in May and the pace was the fastest in three months, driven by uptick in new orders, an HSBC survey said on Wednesday.
With the Financial Intelligence Unit deciding to probe three major banks for alleged money laundering, it is interesting to note that the same agency also conducted a probe in the HSBC money laundering case.
Bumper liquidity as a result of global central bank stimulus measures should prevent a sharper downturn.
August witnessed the fastest pace of growth in new business orders since February.
The index, however has remained above the 50 mark - below which it indicates contraction - for more than three years now.
Chances of a rate cut in April improve if core inflation continues to ease, growth falling below the projected 7.2% for FY19 and if the global trade slowdown exacerbates.
It, however, remains to be seen how much money Softbank actually puts in, what the implied equity valuation is and if the e-commerce venture is included in the Jio entity.
India's manufacturing sector witnessed a slowdown in July - the weakest growth rate since November - because of moderation in domestic and export orders amid sagging global economy, an HSBC survey said.
Terrorist groups and drug mafias often use middlemen, who open several accounts in a bank under a number of assumed identities, says Vicky Nanjappa
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
According to HSBC, the RBI will keep the policy rate on hold next week, although it is likely to cut the CRR by 0.25 per cent to address the lingering liquidity tightness.
With the rapid growth of the emerging markets, the global economy is experiencing a seismic shift, points out the latest study by HSBC. Titled, 'The World in 2050', the report highlights that the economic shift is likely to continue.
The monsoon has so far disappointed and if rainfalls do not increase soon it will push up inflation as well as the subsidy bill, further limiting the room for RBI rate cuts, an HSBC report says.
The survey, commissioned by HSBC last year, covered 16,000 people.
The CBI also told the court that it has sought Interpol's help in seeking access to overseas bank accounts of the Mukerjeas
It was Sindhu's third successive loss to Marin, who had won both the Super 1000 events in Thailand in January before finishing runners-up at the HSBC BWF World Tour Finals.
If you are looking for a change, and have been considering to move oversees, this survey can help you find the best foreign country to live and work in.
Naina Lal Kidwai, Country Head, HSBC India and the first Indian woman to have graduated from the Harvard Business School, in 1982 speaks about the importance of hard work, women in IIM classrooms and more.
India's manufacturing PMI rose to 54.5 in December, 2014, while in the corresponding period a year ago it stood at 50.7, just above the crucial 50 mark which separates growth from contraction.
Similarly, 51 per cent of 105 market participants polled by RBS said they do not expect a CRR cut in the quarterly policy announcement next Tuesday.
HSBC's purchasing managers' index was released on Tuesday.
It has been in force since October 2011.
Foreign banks were ahead in terms of technology, but that is no longer the case as Indian private banks steal the innovation march.
Why does the world's fastest-growing major consumer of energy fail to attract investments in oil and gas? This is a question worth pondering after private sector conglomerate Reliance Industries Ltd (RIL) failed to close a $15-billion downstream asset deal with Saudi Arabia's national oil company, Aramco. It's understandable if multi-billion dollar investments in oil and gas projects or deals involving state companies that need to traverse a complex bureaucracy at state and federal levels and the corridors of ministries unravel. However, Mukesh Ambani-run RIL, India's most successful energy company, is not typically known to fumble on closing deals (Ambani closed deals worth around Rs 2 trillion early last year in telecom and retail with blue chip investors).
The finance ministry has received over 600 names of Indians who have accounts in HSBC Bank's Switzerland branch, from the government of France.These names were obtained by the French government after an employee of HSBC Bank became a whistleblower. He took refuge in France and brought along a long list of account holders who have allegedly stashed money in the Swiss branch of HSBC Bank. Now the Indian government is sitting tight on those names.
In 2008, Josephine Bhasin's bank accounts at HSBC India were valued at $8.3 million.
The IRS uses a John Doe summons to obtain information about possible tax fraud by people whose identities are unknown.
The Indian team, comprising Olympic hopefuls PV Sindhu, Saina Nehwal and B Sai Praneeth, have been allotted training timings. The players also had their first gym session in the afternoon.
