HSBC

  • India's manufacturing, services growth outpaced China in July: HSBC August 6, 2014

    New Delhi: Manufacturing and services sectors in India expanded at a faster pace than China in July, even as emerging market output registered a slower pace of growth, HSBC said on Wednesday. The HSBC Emerging Markets Index (EMI), a monthly indicator derived from Purchasing Managers' Index surveys, stood at 51.7 in...
  • Doha Bank to purchase HSBC Bank Oman business in India April 19, 2014

    Qatar-based Doha Bank has entered into an agreement with HSBC Bank Oman to purchase the latter's banking business in India. HSBC Bank Oman is an indirect 51 per cent owned subsidiary of HSBC Holdings plc. Chairman of Board of Directors of Doha Bank, Sheikh Fahad Bin Mohamed Bin Jabor Al Thani,...
  • Bhullar finishes at tied 63rd as Johnson wins title November 4, 2013

    Shanghai: Gaganjeet Bhullar finished final day with a disappointing two-over 74 as he totalled a poor one-over 289 to finish a lowly tied 63rd at the end of the WGC-HSBC Champions on Sunday. It was indeed disappointing for Bhullar, who at one stage was as high as tied fourth towards the...
  • Dustin Johnson pulls away for first World Golf Championship November 3, 2013

    Shanghai: Against an all-world cast of contenders, Dustin Johnson pulled away with power and a clutch putt to win his first World Golf Championship on Sunday. Johnson played a pivotal five-hole stretch on the back nine in 5-under par, seizing control by pitching in for eagle from just short of the...
  • Johnson takes the lead after second round 63 at WGC-HSBC Champions November 2, 2013

    Shanghai: For 16 holes, Dustin Johnson looked like the player who has won every year since turning pro and has played on two Ryder Cup teams. Starting the third round of the HSBC Champions with a five-shot lead, he blasted his way to 10 birdies and was running away from...
  • Bhullar drops with late bogeys in second round November 1, 2013

    Shanghai: Gaganjeet Bhullar came crashing to the ground with three bogeys in a row at the very end of his second round to drop down to tied 18th at the halfway stage of the WGC-HSBC Champions here on Friday. Bhullar, who was going great guns at four-under after 12 holes, suddenly...
  • Gaganjeet Bhullar eyes upset after opening 69 at WGC-HSBC Champions October 31, 2013

    Shanghai: India's Gaganjeet Bhullar is hopeful of causing an upset after he opened his campaign with a three-under-par 69 to take a share of eighth place at the USD 8.5million WGC-HSBC Champions here Thursday. Although Bhullar trails first round leader Rory McIlroy of Northern Ireland by four shots, India's sole representative...
  • Rory McIlroy finds form to surge clear of WGC field October 31, 2013

    Shanghai: Rory McIlroy enjoyed one of his best rounds of a disappointing season to storm into a two-shot lead over a star-studded field at the $8.5 million WGC-HSBC Champions tournament on Thursday. Displaying a deft short game with a new lob wedge, McIlroy reeled off eight birdies en route to a...
  • Bhullar seeks rise in world rankings at WGC-HSBC Champions October 29, 2013

    Shanghai: Rising Indian golfer Gaganjeet Bhullar is hoping to improve his world rankings with a good finish on the leaderboard this weekend when he tees up for his third appearance at the WGC-HSBC Champions which begins on Thursday. Bhullar is currently ranked 185 in the world and is eyeing a huge...
  • HSBC to exit India retail broking; 300 jobs to be cut October 17, 2013

    London-based HSBC said on Thursday it will exit its retail broking business in India, the latest global bank to scale back operations in the country. About 300 jobs will be cut as a result, a spokesman said. A source involved in the process said the bank decided to exit the business due...
  • Cabinet likely to take up IOC disinvestment proposal at the CCEA on Thursday July 24, 2013

    New Delhi: The Cabinet, on Thursday, is likely to consider the proposal for sale of 10 per cent of government's stake in Indian Oil Corporation (IOC), which may fetch over Rs 4,300 crore to the exchequer at the current market price. "IOC disinvestment proposal is likely to come up for consideration...
  • Govt may issue NRI bonds soon to check rupee fall: HSBC July 21, 2013

    New Delhi: With rupee continuing to be weak against the dollar, an NRI bonds issue may become imminent soon to contain its free-fall that has already impacted the Indian economy, HSBC country head Naina Lal Kidwai said. Government has used NRI bond issue as a tool to stem rupee fall...
  • Sensex ends 98 points up on FDI liberalisation; HUL, NTPC rally July 17, 2013

    Mumbai: The BSE benchmark Sensex on Wednesday rose by nearly 98 points led by gains in bluechips, including HUL, NTPC and Wipro, buoyed by government's decision to liberalise FDI norms in a dozen sectors. The 30-share index started the day on a firm footing at 19,970.02, higher by 118 points from...
  • Is the violation of banking norms far more widespread than believed? June 18, 2013

    After the Reserve Bank of India (RBI) fined ICICI, HDFC and Axis banks for flouting customer norms, highlighted by a Cobrapost expose, the latest sting operation by the online magazine exposes how some employees in two foreign banks in India have also been involved in accepting black money and agreeing...
  • StanChart, HSBC officials caught on camera offering to launder money June 18, 2013

    New Delhi: After the Reserve Bank of India (RBI) fined ICICI, HDFC and Axis banks for flouting customer norms, highlighted by a Cobrapost expose, the latest sting operation by the online magazine exposes how some employees in two foreign banks in India have also been involved in accepting black money...
  • HSBC may cut 14,000 more jobs as revenue faces pressure May 15, 2013

    London: HSBC will redouble cost-cutting efforts, including axing up to 14,000 more jobs, but Europe's largest bank was forced to soften a key performance target in the face of muted revenue. London-headquartered HSBC is seeking up to $3 billion in additional annual savings by 2016, on top of $4 billion...
  • Indian hedge funds dare where foreign investors fear April 29, 2013

    Mumbai: Indian hedge fund manager Kalpesh Kinariwala is so sure of his equity strategies in a country that has stumped foreign rivals that he sends a daily e-mail tracker of his performance - including to competitors. Kinariwala's Capveda Capital (India) Advisory fund, which he runs from a modest office in...
  • 'India's manufacturing growth at 16-month low in March' April 1, 2013

    New Delhi: India's manufacturing sector witnessed the slowest rate of expansion in 16 months in March as power outages hampered production activity and decline in new business orders, an HSBC survey said on Monday. The HSBC India Manufacturing Purchasing Managers' Index (PMI) - a measure of factory production - stood...
  • RBI likely to reduce rate by 25 bps: HSBC March 13, 2013

    Mumbai: Foreign brokerage HSBC on Wednesday said the Reserve Bank will cut the policy rate by 0.25 per cent on Tuesday as the central bank is likely to boost growth amid some comfort on the inflation outlook front. The central bank may further reduce repo rate by 25 bps on...
  • HSBC, Morgan Stanley lower India's FY14 growth estimate March 13, 2013

    Mumbai: Global financial institutions HSBC and Morgan Stanley lowered India's economic growth forecast for the next financial year to 6 per cent from 6.2 per cent earlier due to challenging domestic and external environments and lower-than-expected expansion in the current fiscal. According to an HSBC report, despite signs of growth...
  • HSBC, Morgan Stanley cut India's FY14 GDP forecasts March 13, 2013

    New Delhi: Morgan Stanley and HSBC each cut their India's economic growth forecasts for 2013/14 to 6.0 per cent from 6.2 per cent to reflect lower-than-expected growth in the October-December quarter. HSBC says it expects 50 basis points of additional rate cuts in the calendar year 2013, and "a slightly more...
  • Service sector growth falls sharply in February: Poll March 5, 2013

    Bangalore: Indian services growth eased off the accelerator last month as new orders failed to keep up with January's blistering pace, a business survey showed on Tuesday, although companies remained optimistic about future business. The HSBC services Purchasing Managers' Index (PMI), based on a survey of around 400 companies, fell...
  • HSBC to pay fine for not removing man from defaulters list February 17, 2013

    New Delhi: The Hongkong and Shanghai Banking Corporation (HSBC) Ltd has been directed by a consumer forum to pay Rs 25,000 as compensation to one of its former credit card holders for not getting his name removed from a defaulters list even after he cleared all his dues. The New...
  • Strong start by Jeev in Abu Dhabi; McIlroy, Woods falter January 17, 2013

    Abu Dhabi: Indian golfer Jeev Milkha Singh made a good start to his campaign at the Abu Dhabi HSBC Championship as he was two-under through 16 holes in the opening round, even as World No. 1 Rory McIlroy struggled to a three-over 75, here Thursday. The Chandigarh golf had birdies...
  • Tiger Woods to begin his season in Abu Dhabi January 10, 2013

    Tiger Woods will begin his season next week at the Abu Dhabi HSBC Golf Championship, the 14-times major winner said on Wednesday, the second consecutive year he will start his campaign in the United Arab Emirates. Woods finished tied third in the European Tour event last year, two shots behind winner...
  • HSBC cuts India GDP forecast for Fiscal Year 2013 January 10, 2013

    Mumbai: HSBC further cut its India growth forecast for the current and next fiscal years, saying the slowdown in the economy has become more structural than cyclical. HSBC cut its GDP forecast for the year ending in March to 5.2 per cent from 5.7 per cent, and its forecast for the...
  • Indian-American pleads guilty to hiding $8 million January 9, 2013

    New York: An Indian-American entrepreneur has pleaded guilty to charges that he concealed from US tax authorities nearly $7.9 million which he held in secret bank accounts in India and Switzerland and has agreed to pay $2.4 million penalty for not disclosing them. Sanjay Sethi, 52, of New Jersey pleaded...
  • We welcome new banks and more competition: HSBC India December 19, 2012

    Welcoming the Banking Laws Amendment Bill, which allows setting up of new banks in the country, HSBC Indian Country Head Naina Lal Kidwai said more competition always helps. ...
  • HSBC pays $1.9 billion to settle US probe December 11, 2012

    Hong Kong: HSBC says it's paying $1.9 billion in penalties to settle a US money laundering probe. The investigation into HSBC has focused on the transfer of billions of dollars on behalf of nations such as Iran and the transfer of money from Mexican drug cartels. The British bank said in...
  • I-T to act against those who have accounts in HSBC Geneva November 28, 2012

    New Delhi: The Income Tax department has decided to begin prosecution action against those having "substantial" amounts in their bank accounts in HSBC's Geneva branch. The department has now written to the Finance Ministry to suggest a benchmark for funds held on the basis of which the I-T department can...