Pakistan News

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  • HSBC Bank Oman agrees to sell Pakistan business to Meezan Bank

    DUBAI: HSBC Bank Oman has agreed to sell its banking business in Pakistan to Meezan Bank , a sharia-compliant Pakistani lender, it said on Sunday...

    Also read: HSBC to axe 50,000 jobs in radical overhaulThe sale, at a small discount to the net asset value of the business, will not materially impact the full-year profits of HSBC Bank Oman, it said...

  • HSBC to impose charges on bank deposits in some currencies

    HSBC has become one of the biggest global banks to say that it will begin charging clients on deposits in a range of European currencies...

    HSBC has written to other banks to warn that it will start charging them for deposits in euros, Swiss francs, Danish krone and Swedish krona — all currencies of countries that have negative interest rates — at its UK, German and Hong Kong operations from this summer...

  • HSBC looks at moving headquarters out of UK

    LONDON: Global banking giant HSBC on Friday said it had launched a review on whether to remain headquartered in Britain as the country tightens regulation of the sector...

    The board has “asked management to commence work to look at where the best place is for HSBC to be headquartered” amid “regulatory and structural reforms”, said HSBC chairman Douglas Flint in a statement...

  • HSBC to axe 50,000 jobs in radical overhaul

    LONDON: HSBC will cut its global workforce by up to 50,000 as it exits Brazil and Turkey and mulls relocating headquarters back to Asia from London, the banking giant said Tuesday...

    HSBC said it wants to focus more on Asia, particularly in the Pearl River Delta region in southern China, amid an ongoing review of its London headquarters that will completed this year...

  • HSBC profits plunge

    HONG KONG: HSBC posted Wednesday tumbling second-quarter net profit on volatile markets and China’s slowdown, warning it faced “a period of heightened uncertainty” after Britain voted to leave the European Union...

  • HSBC to keep headquarters in London

    HSBC Holdings plc said it will keep its headquarters in London, ending a 10-month process in which one of the world’s largest financial companies considered moving to Hong Kong to get closer to its centre of gravity in fast-growing Asian economies...

    “I think we’ve ended up with the best of both worlds,” HSBC chairman Douglas Flint told the BBC on Monday...

  • Switzerland to pass information on HSBC accounts to US

    ZURICH: Switzerland said it plans to give information to US tax authorities about accounts at HSBC Holdings Plc’s Swiss private bank, as part of a US investigation into tax evasion...

    HSBC’s Swiss unit has already paid tens of millions of dollars in fines after admitting substandard compliance on tax evasion and other issues...

  • HSBC should stand trial in tax fraud case: French prosecutor

    PARIS: A French prosecutor has called for British banking giant HSBC to stand trial for enabling French clients to hide at least 1...

    If the case goes to trial, HSBC would face charges that its private banking division offered its customers several ways of hiding assets from the French taxman, notably via the use of offshore tax havens...

  • British court rejects Indian attempt to strike out Pakistan’s claim to Hyderabad Fund

    ISLAMABAD: The British High Court of Justice on Tuesday rejected India’s attempt to strike out Pakistan’s claim to the Hyderabad Fund in a judgment the Foreign Office said is a “clear vindication of Pakistan’s stance”...

    is a clear vindication of Pakistan’s principled stance, and the effective legal strategy being pursued by the new legal team,” Foreign Office Spokesperson Nafees Zakaria said in a statement...

  • Rising Pakistan children festival held in Hyderabad

    HYDERABAD: A large number of students of public and private schools were enthralled by daylong activities in a programme titled ‘Rising Pakistan Children Festival’ held at Mehran Arts Council Latifabad here on Saturday...

    The programme was organised by Bazm-i-Sathi Hyderabad and sponsored by the Al-Khidmat Foundation Orphan Care Programme...

  • The night my family miraculously escaped Hyderabad Deccan for Pakistan

    How aware were the powers that be that communities, families, friendships would be ripped apart?Desperate times lead to desperate measures, but the horrific chaos leading up to Indian independence, the partition of India and the birth of Pakistan defies belief...

    My mother’s family lived in Hyderabad Deccan in a beautiful house commissioned by my nana abba, Syed Taqquidin, then the Finance Secretary to the Nizam of Hyderabad...

  • Living: The jogi artisans of Hyderabad

    Owing to the socially non-protective nature of the state apparatus in Pakistan, minority groups and poor working classes cannot exercise their fundamental civic opportunities and basic human rights...

    In Hyderabad, the Jogi, a Gujrati-speaking Hindu minority artisan community survives in miserable socio-economic conditions in a small, ghetto-like slum settlement near the central city area...

  • Sectarian tension in Hyderabad localities subsides

    HYDERABAD: Residents of Gujrati Para, Gulshan-i-Hamid and some other localities held a protest demonstration after Juma prayers against some statements made by the prayer leader of the Jama Masjid Rais, located in neighbouring Gulshan-i-Rais, a couple of days back...

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