Tag: HSBC

Xiaomi, along with its officials and three banks, has received showcause notices from the ED over alleged foreign exchange violations. Citibank, HSBC Bank, and Deutsche Bank AG have been cited, as well as the company's ex-managing director and present Director and CFO. Foreign outward remittances were allowed in the name of royalty without procuring underlying technical collaboration agreements, leading to the seizure of INR 5,551.27 crore from the company's bank account under the provisions of FEMA.

HSBC reports strong profit growth and raises outlook for 2023, driving positive response in London Stock Exchange and NYSE. Learn more.

The UK tech industry is eyeing the top spot in AI startup development, despite setbacks. VC deals have decreased, but investors see potential in UK financing and regulation freedom. Experts note the UK's capacity for AI development, highlighted by recent events such as HSBC's acquisition of SVB UK and Google's consolidation of its AI research under DeepMind in London. University College London has created a £120m tech fund, and AI startups are receiving more investment than fintech firms for the first time since 2011. However, some see a lack of ambition in science and tech strategy hindering UK competitiveness.

HSBC announces $2 billion share buyback and better than expected Q2 profits, driven by global growth and tight cost control.