Mumbai: Morgan Stanley said on Monday it has signed an agreement to sell its Indian wealth management unit to Standard Chartered. Financial terms of the deal were not disclosed.
"Morgan Stanley will work closely with Standard Chartered over the coming months to ensure a smooth transfer of our wealth management clients currently serviced in India," the US bank said in a statement.
This process is expected to be completed by the end of 2013, it said. Morgan Stanley launched the sale of its Indian private wealth management unit in November 2012, after entering the highly fragmented and competitive market about four years earlier.
The sale of the unit underscores a growing trend of consolidation in Asia's wealth management industry as private banks struggle to earn profits in the face of rising regulatory costs and wafer-thin advisory fees....
more
02:44 PM, May 20, 2013
New Delhi: The Chinese embassy was on Sunday turned into a fortress as Premier Li Keqiang arrived on a state visit while a tight security ring was thrown around the Taj Palace Hotel where he is staying. Delhi Police have deployed more personnel and shut down certain roads, including those near the Chinese embassy, as a precautionary measure. All the inner roads leading to the hotel have been barricaded and...
05:43 AM, May 20, 2013
Dharamsala: Himachal Pradesh Congress chief Sukhvinder Singh on Sunday asked party workers to start preparations for 2014 Lok Sabha elections, saying they should reach out to people and help solve their grievances. The Congress state chief told party members to work as a unified unit to help achieve desired results in the next Lok Sabha polls. Singh presided over the first meeting of Kangra District Congress Committe in Dharamsala to...
03:41 AM, May 20, 2013
Chennai: DMK leader MK Stalin on Friday surrendered his illegally-imported Hummer to the Central Bureau of Investigation (CBI) in Chennai. Sources said Stalin's son Udayanidhi came to the Chennai office of the agency and handed over Sports Utility Vehicle Hummer which was imported in 2007 and registered in his name. They said the car was one of the vehicles which were allegedly imported by Hyderabad businessman Alex C Joseph evading...
08:49 PM, May 17, 2013
New Delhi: The Delhi High Court verdict that the Right to Education (RTE) Act is not applicable to nursery admission in unaided private schools has been challenged in the Supreme Court. An NGO, Social Jurist, has approached the apex court, saying that the high court erred in law in holding that the Act applied only in the matter of admission of children between the age of 6 years to 14...
04:46 PM, May 16, 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 already achieved, but sluggish growth outside Asia, particularly in Europe, means its target to get costs below 52 per cent...
08:10 PM, May 15, 2013
New Delhi: Youth Congress workers on Wednesday protested outside the Bharatiya Janata Party headquarters in the national capital over the BJP's demand for Prime Minister Manmohan Singh's resignation. The protesters stormed barricades, following which the police fired water cannons. The protesters said that the BJP must stop asking for the Prime Minister's resignation and let Parliament function. This came even as Parliament was adjourned sine die last week. However, there...
12:44 PM, May 15, 2013
Panaji: The transporters continued their strike in Goa on the second day on Tuesday, refusing to withdraw it until the government resolves the issue of toll fee levied on the non-Goan vehicles entering the state. "The strike will continue till Goa government resolves the issue. Today is the second day and impact would be visible from tomorrow onwards," All India Motor Transport Congress (AIMTC) president Bal Malkit Singh said. The...
03:00 PM, May 14, 2013
Los Angeles: Actress Gemma Arterton worked out with her trainer with the help of Skype while shooting for a film. She had to workout six days a week when she was in Ireland for 'Byzantium'. "It's the new thing, we've decided, because I was filming in Ireland. I hate working out in gyms, and I don't like the way they make your body look," Marie Claire magazine quoted Arterton as...
06:22 PM, May 05, 2013
New Delhi: Telecom major Bharti Airtel on Friday announced it will sell 5 per cent stake to Doha-based Qatar Foundation Endowment (QFE) for around Rs 6,800 crore ($1.26 billion) by issuing over 199.87 million new shares. The company said in a statement that "it has entered into a binding agreement with Qatar Foundation Endowment (QFE), under which Bharti will issue 199,870,006 of its new shares to QFE representing a shareholding...
11:10 AM, May 03, 2013
Bikhiwind: The body of Sarabjit Singh, who died after a brutal attack by inmates in a Pakistani jail, was on Wednesday night handed over to his family after the post-mortem. A contingent of Punjab Police led by SSP Tarn-Taran Raj Jeet Singh handed over Sarabjit's body to his family at Bikhiwind village for a state funeral on Friday. Earlier, Sarabjit's body was airlifted to his village and sent to Government...
03:00 AM, May 03, 2013
New Delhi: Telecom major Bharti Airtel on Thursday reported a 31.1 per cent fall in standalone net profit at Rs 1,084.4 crore for the fourth quarter ended March 31, 2013, mainly due to higher expenses. The company's standalone net profit stood at Rs 1,574.3 crore in year-ago period. Total expenses of the company increased by 11.76 per cent at Rs 9,816.3 crore during the reported quarter from Rs 8,782.9 crore...
10:26 AM, May 02, 2013
New Delhi: A Delhi court on Monday fixed July 8 for further proceedings in the additional 2G spectrum allocation case in which Bharti Cellular CMD Sunil Mittal, Essar Group promoter Ravi Ruia and others have been summoned as accused. Special CBI Judge OP Saini deferred the matter as the Supreme Court on April 26 had issued notice to CBI on Mittal's plea challenging the summons issued against him and had...
01:24 PM, Apr 29, 2013
Mumbai: Shares in Hero MotCorp Ltd, India's largest motorcycle manufacturer, gained as much as 4.8 percent in early morning trade after the company's January-March profit beat street estimates for the first quarter in six. Hero reported a net profit of 5.74 billion rupees for the three months to end-March on Friday compared to analysts expectations of 4.98 billion rupees. ...
10:43 AM, Apr 29, 2013
Mumbai: Key equity benchmarks closed in green after consolidating for most part of the day. The action was by and large limited around the stocks that had declared their results. Positive regional shares helped the Nifty to close above 5900 mark once again. Broking house Religare expects to see some correction in Indian stocks in May due to macroeconomic headwinds. The May selloff is likely despite the satisfactory January-March corporate...
09:53 AM, Apr 29, 2013
New Delhi: Delhi Police on Saturday said they have cracked an "international cartel" of drugs and fake currency dealers, arresting seven Nigerians and a Burmese woman. "The arrested include a Nigerian couple and a pastor, along with four other Nigerians and a Myanmarese woman," said Sanjeev Yadav, deputy commissioner of police (Special Cell). The group was also involved in human trafficking using fake passports, Yadav said. Police recovered 1.450 kg...
05:10 AM, Apr 28, 2013
San Francisco: Apple Inc on Tuesday bowed to investors' demands to share more of its $145 billion cash pile, while posting its first quarterly profit decline in more than a decade. The new expanded capital plan includes issuing debt for the first time to fund $100 billion in share repurchases and higher dividends until the end of 2015. That doubles the amount from a program set up last year and...
09:44 AM, Apr 24, 2013
New York: Apple is opening the doors to its bank vault, saying it will distribute $100 billion in cash to its shareholders by the end of 2015. At the same time, the company said revenue for the current quarter could fall from the year before, which would be the first decline in many years. Apple CEO Tim Cook also suggested that the company won't release any new products until the...
08:37 AM, Apr 24, 2013
New Delhi: After recusal of two judges, a new bench has been constituted in the Supreme Court to hear the petitions of Bharti Cellular Ltd CMD Sunil Bharti Mittal and Essar Group promoter Ravi Ruia in a case of alleged irregularities related to allocation of additional 2G spectrum in 2002. Justice SS Nijjar would be the new judge sitting with Chief Justice Altamas Kabir to hear the matter on Thursday....
08:48 PM, Apr 23, 2013
New Delhi: Reliance Industries' telecommunications arm will use Bharti Airtel's submarine cable network to provide data connectivity across Asia Pacific, the two Indian companies said on Tuesday. The i2i cable network connects India to Singapore and is wholly owned by Bharti, India's top mobile phone carrier. Bharti and Reliance Jio Infocomm Ltd, unit of Mukesh Ambani-controlled Reliance Industries, will continue to build on this "strategic framework" and consider other mutual...
11:47 AM, Apr 23, 2013
