Hong Kong and Shanghai Banking Corp. (HSBC) on Friday said it will shutter its private banking business in India through which it provides asset-management services to wealthy individuals.
The decision was taken after a review of the bank’s global private banking business in India, as HSBC felt these customers cab be served by its Premiere banking services, which serve customers with a business relationship worth Rs.25 lakh every year, according to Bloomberg.
“We will work closely with our clients to minimize the impact of this decision and give them a choice to move to HSBC Premiere,” the spokesperson said.
HSBC’s India staff count stands at about 32,000 and there will be no change in that, the spokesperson said.
France pays tribute to victims of Paris attacks
France paid tribute on Friday to the 130 mostly young people killed while they were enjoying themselves in Paris two weeks ago by Islamist gunmen and suicide bombers in the most deadly attacks the nation has seen since World War Two.
Blue-white-and-red French flags hung from the windows of public buildings and private homes as hundreds of survivors and relatives of the dead joined political leaders for a remembrance ceremony at the military museum Les Invalides in the capital.
The militant group Islamic State has claimed responsibility for the Nov. 13 attacks, which targeted cafes, restaurants, a sports stadium and a rock concert. More than 350 people were wounded and nearly 100 of them remain in hospital.
Turkey seeks to calm tensions with Russia over jet
Turkish Prime Minister Ahmet Davutoglu on Friday sought to ease tensions with Moscow over the downing of a Russian warplane over Syria, and said the world must unite to defeat the Islamic State group.
Russia ordered sweeping retaliatory measures after Turkish fighter jets shot down the warplane on Tuesday, threatening ties between two rival players in the Syrian war and raising fears of a wider international conflict.
After a series of furious tit-for-tat recriminations, Ankara said President Recep Tayyip Erdogan wanted to meet his Russian counterpart Vladimir Putin “face to face” when the two leaders are in Paris for the climate summit next week, although the idea has had a cool response from Russia.
RBI to hold rates steady, growth seen rising to 7.3 pct in Sept quarter – Reuters poll
The Reserve Bank of India (RBI) is expected to hold its policy interest rate at 6.75 percent next week to stifle inflation, while data is seen showing economic growth accelerated to 7.3 percent in the September quarter, a Reuters poll of economists showed.
All 45 economists surveyed expected the RBI to stand pat at its policy review on Tuesday, while the range of forecasts for gross domestic product growth for the latest quarter was between 6.9-7.6 percent, with the median at 7.3 percent. The GDP data is set to be released on Monday.
Having posted 7.0 percent year-on-year growth in gross domestic product during the June quarter, the economy is improving, but the government’s target of 8.0 to 8.5 percent for the fiscal year ending March looks a long way off.
Govt’s religion ‘India first’, nation will run on Constitution: PM Modi
Prime Minister Narendra Modi said on Friday “India first” was the government’s only religion and the Constitution was its scripture, but refrained from making a direct reference to the ‘intolerance’ issue in his Parliament speech.
He ruled out any review of the Constitution and reached out to the Opposition by saying that the ruling side does not believe in forcing decisions using its majority but in working through consensus.
The PM also praised Jawaharlal Nehru for his greatness in accepting a point made by an opponent during a Parliament debate and congratulated Congress chief Sonia Gandhi for her speech on the Constitution.