HSBC

HSBC Cuts Mortgage Rate to 4.95%

HSBC Cuts Mortgage Rate to 4.95%

HSBC has reduced its one and two-year fixed home loan rates to 4.95%. Last day, they made a cut to the official cash rate.

Though the rate has been dropped, there are some conditions as well. Borrowers need to be HSBC Premier customers. It means that they should be having at least combined home loan of $500,000 or $1000 in savings and investment with the bank.

People should be having a deposit of minimum 20 or 30% if it is the case of new investment lending in Auckland.

Earlier, the bank's one and two-year fixed rates were set at 5.20 and 5.30%. The bank also announced it has dropped its floating rate to 6.60% from 6.84%. It has also cut its revolving credit rate from 6.99% to 6.75%.

HSBC to Shed 50,000 Jobs

HSBC to Shed 50,000 Jobs

The British bank HSBC said on Tuesday that it will lay off nearly 50,000 jobs as it is selling its several underperforming businesses.

The bank said that it would eliminate 22,000 to 25,000 full-time jobs, or about 10 % of its work force, by the end of 2017.

The bank has said it is also planning to reduce it head count by another 25,000 through the sale of its underperforming businesses in Turkey and Brazil.

It is also looking forward to increase its investment in Asia, where it generates more than half of its earnings.

The bank said it would complete a review of whether to move its headquarters from Britain by the end of the year.

China’s services PMI rose to 52.3 in March: HSBC

China’s services PMI rose to 52.3 in March: HSBC

On Friday, a private survey showed expansion of China’s services sector in March despite growth decline in employment and new business, lowest in at least eight months.

The HSBC China Services Purchasing Managers' Index (PM1) edged up to 52.3 in March from 52.0 in February.

The HSBC China Services PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives at more than 400 private service-sector companies.
Any level above 50 reflects growth in the survey by HSBC and compiled by Markit.

The index, which showed a reading of 52 in February reached inched higher to 52.3 in March, indicating month-over-month expansion. In mid-2012, the readings comfortably hit the mid-fifties.

HSBC Too Slow to Fix Some Compliance Issues, says Monitor

HSBC Too Slow to Fix Some Compliance Issues, says Monitor

According to a US independent monitor, the pace of HSBC Holdings Plc. is very slow in fixing some of its compliance issues.

Monitor Michael Cherkasky's report, which was summarized in a court filing, has praised the lender for the compliance efforts of top leaders. It has also appreciated the HSBC's adoption of anti-money-laundering standards.

However, in the monitor’s view, the bank's corporate culture and rusty technology systems have curtailed the implementation of those standards. It believes that HSBC group canâ€"and mustâ€" should do more.

The appointment of Cherkasky, a Manhattan prosecutor, was done in connection with HSBC's deferred prosecution agreement with the US. He chaired the New York State Commission on Public Integrity.

HSBC chiefs apologise for 'unacceptable' practices at its Swiss bank

HSBC chiefs apologise for 'unacceptable' practices at its Swiss bank

London, Feb 26 - The two top HSBC chiefs have reportedly apologised for "unacceptable" practices at its Swiss bank that helped clients evade millions of dollars in tax.

While Group Chief Executive Stuart Gulliver admitted that it had caused "damage to trust and confidence" in the company, Chairman Douglas Flint said that he felt ashamed and would take "his share of responsibility" for the failings, reported the BBC.

The two bosses were responding to questions from the UK Members of Parliament of the Treasury Committee.

However, on being asked who was responsible for the problems in HSBC's Swiss private bank, Flint pinned the blame on the management in Switzerland. He estimated that about 30 percent of relationship managers were still employed by HSBC. (ANI)

Former UK watchdog brands HSBC's tax evasion scheme 'serious criminal activity'

Former UK watchdog brands HSBC's tax evasion scheme 'serious criminal activity'

London, Feb 23 - A former Director of Public Prosecutions has accused banking giant HSBC of "grave" cross border crime and of engaging in "a systematic and profitable collusion in serious criminal activity" in the UK.

According to the Independent, in a damming intervention Lord Ken Macdonald, who led the Crown Prosecution Service until 2008, said there existed "credible evidence" of HSBC's involvement in "grave" cross border crimes that should have been the subject of urgent and "sustained criminal investigation".

He said that the decision by Her Majesty's Revenue and Customs to not launch a probe into allegations of tax evasion by HSBC was "seriously legally flawed".

HSBC India at centre of fresh tax evasion claims

HSBC India at centre of fresh tax evasion claims

London - HSBC's Indian banking unit is at the heart of fresh revelations around tax evasion, days after a global expose showed tax dodging through accounts in the British major's Swiss banking unit, a media report said today.

It is alleged that representatives of HSBC India, which has employees based in America, assured customers that details of their accounts would not be reported to tax officials.

The latest revelations came even as the bank issued full-page advertisements in British newspapers as a public apology after reports that its Swiss banking arm had helped some wealthy clients avoid tax.

HSBC helped customers across globe evade millions of pounds in tax: Report

HSBC helped customers across globe evade millions of pounds in tax: Report

London, Feb 09 - A report has said that Britain's biggest bank, HSBC, helped its customers evade millions of pounds in tax.

The report was based on details of thousands of accounts from HSBC's private bank in Switzerland, which were leaked by a whistleblower in 2007, reported the BBC.

They showed that bankers helped its customers dodge tax and offered them deals to help them stay ahead of the law.

While admitting that some bank account holders took advantage of bank secrecy to hold undeclared accounts, HSBC said that it has now "fundamentally changed."

The documents, leaked by a computer expert working for HSBC in Geneva in 2007, contained details of about 100,000 clients worldwide. (ANI)

Services sector activity stagnates during October: HSBC

New Delhi - Services sector activity in India stagnated during October amid weaker growth of new business orders, an HSBC survey said on Wednesday.

The HSBC India Services Business Activity Index, that tracks changes in activity at Indian services companies on a month-by-month basis, fell from 51.6 to exactly 50.0 in October.

A figure above 50 indicates the sector is expanding, while a figure below that level means contraction.

The stagnation in services sector activity follows five successive months of growth amid fall in new business orders, the report said.

HSBC says time not ripe for overweight on Dalal Street

HSBC says time not ripe for overweight on Dalal StreetMumbai - British brokerage HSBC Tuesday retained its 'neutral weighting' on the domestic market saying the time is not yet right for it to change its outlook.

"We don't think the time is yet right for us to change our neutral weighting on Indian equities. Valuations still look high and mutual funds are still very overweight on the market," HSBC Global Research said in a report.

HSBC manufacturing PMI jumps to 17-month high in July

HSBCNew Delhi: India's manufacturing sector growth jumped to 17-month high in July, driven by "flood of new orders" from both domestic and overseas companies on the back of post-election boost to sentiments, an HSBC survey said.

The HSBC India Manufacturing Purchasing Managers' Index (PMI), a measure of factory production, rose to 53.0 in July, up from 51.5 in June, signalling a solid improvement in business conditions.

A PMI reading above 50 indicates growth while a lower reading means contraction.

HSBC closes Muslim accounts in UK

HSBCLondon: In a controversial move, global private banking major HSBC has closed a number of "risky" accounts belonging to Muslim groups and individuals in the UK.

HSBC has written to one of London's biggest mosques at Finsbury Park and other organisations, including an Islamic think tank, saying that to continue providing services would be outside the bank's "risk appetite".

It said decisions to close accounts were "absolutely not based on race or religion".

India's manufacturing, services growth outpaced China in June: HSBC

HSBCNew Delhi: Manufacturing and services sectors in India expanded at a faster pace than China during June while emerging market output registered the strongest upturn in business activity since March quarter of 2013, an HSBC survey said Monday.

The HSBC Emerging Markets Index (EMI), a monthly indicator derived from Purchasing Managers' Index surveys, stood at 52.3 in June, up from 50.6 in May, signalling the sharpest rate of expansion since March 2013.

The pick-up in output growth was reflected in both manufacturing and services, most notably the latter, where activity expansion hit a 15-month high, HSBC said.

India's Manufacturing, services growth outpaced China in May: HSBC

India's Manufacturing, services growth outpaced China in May: HSBCNew Delhi: Manufacturing and services sectors in India expanded at a faster rate than China's in May even as emerging market output remained stuck in "low gear", an HSBC survey said on Friday.

The HSBC Emerging Markets Index (EMI), 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. While the EMI stood at 50.6 in May, the developed world's PMI was at 55.4 during the month.

Emerging markets’ business output slips for fourth consecutive month in March: HSBC

Emerging markets’ business output slips for fourth consecutive month in March: HSBCSluggish demand and political uncertainty continues to keep business activity across emerging markets under pressure, HSBC's composite emerging markets index (EMI) revealed.

HSBC's composite EMI of manufacturing & services purchasing managers' survey tumbled from 51.1 in February to 50.3 in March. It was the fourth monthly decline in business activity across emerging markets in a row.

Ireland’s exports to grow 6%, says HSBC

HSBCGlobal financial giant, HSBC has said in a report that it expects Ireland to record an increase of 6 per cent in its exports as the country's economy records strong recovery.

HSBC said that the Irish economy will benefit from improvements in price competitiveness and higher demand from Europe from Irish products. The country recorded a fall in net exports in the previous year due to pharma patent issues but the bank and financial services firm believes that the exports will rise 6 per cent this year.

HSBC's profits to rise to $24 billion for 2013

HSBCBanking giant, HSBC has said that its profits are expected to rise to about $24 billion for 2013 as it implemented a cost cutting programme.

Under the cost cutting plan, the company is aiming to revive business by reducing costs across functions. Chief Executive Stuart Gulliver has sold or closed 60 businesses, cut 40,000 jobs and aimed at cutting costs across the global organisation during the previous three years.

Chinese manufacturing PMI falls to 49.6 in January, HSBC

Chinese manufacturing PMI falls to 49.6 in January, HSBCGlobal financial giant, HSBC has said that the Chinese manufacturing may have contracted in the month of January as indicated by the preliminary reading on its indicator.

HSBC's preliminary reading of the country's purchasing managers' index (PMI) fell to 49.6 during the month of January.  The level of 49.6 is the lowest recording since August of the previous year.  The index measures manufacturing activity in factories and workshops.  The index is carefully followed by economists and indicates the health of the manufacturing sector in the world's second largest economy.

HSBC Holdings to float its UK arm

HSBC Holdings to float its UK armFinancial giant, HSBC Holdings Plc has said that it is considering floating around a third of its British retail and commercial banking arm.

The move to sell up to 30 percent of its British retail and commercial banking arm will allow the banking giant to comply with the new UK rules that require banks to ring-fence their retail arms. According to people closer to the matter, the plan is still in its initial stage and has been discusses with the investors and on the board. There have been informal conversations at board level regarding the plan to float such a stake.

HSBC reluctant to convert into WOS

HSBC reluctant to convert into WOS Foreign lenders do not wish to become a State Bank of India having a presence across the country with a large network by converting into fully-owned subsidiaries, HSBC India said.

Stuart Milne, chief executive officer of HSBC India, said operating as branches or as a fully-owned subsidiary would make no difference to the company's strategy.

Speaking on the sidelines of recently concluded annual banking conference, Milne said, "Whether you operate as branches or whether you operate as a fully-owned subsidiary, makes no difference to our strategy here. Our India strategy remains the same."




Check out More news from Telecom Sector :: Pharmaceutical Sector :: Auto Sector :: Infrastructure :: Real Estate


Syndicate content