HSBC to move jobs to Asia

Hong Kong, March 1: HSBC Holdings plc, the world’s second-largest bank by market value, said it plans to move 6,000 jobs to support centres in India, China and Malaysia by the end of 2004 as it shifts work to lower-cost sites in Asia. At the end of 2003, the bank had employed 8,000 people at such centres. Chief executive Stephen Green said he expects the process to “continue”.

Trade deficit

New Delhi, March 1: The country’s foreign trade deficit between April-January this year nearly doubled to $14.43 billion from $7.57 billion year-on-year. The export growth rate of 12.8 per cent during this period could not keep pace with the increase in imports giving rise to this jump in trade deficit. Imports jumped 24.70 per cent to $61.93 billion during the reporting period as against $49.67 billion in the year-ago period.

Trade returns

New Delhi, March 1: Bowing to exporters’ demand, the government today extended the deadline for filing of trade returns to March 31, 2004. Import-export code holders have been asked to file trade returns by this date or else they risk de-activation of their numbers, an official release said here.

RIL price

Mumbai, March 1: Reliance Industries Ltd (RIL) has raised the prices of fibre intermediates and polyester with immediate effect, while the price of polymer showed a mixed trend.

RBI missive

Mumbai, March 1: The Reserve Bank of India (RBI) has cautioned urban co-operative banks while sanctioning loans against relief bonds for certificates and asked them to introduce a control mechanism to prevent occurrence of frauds.

Matrix shares

Mumbai, March 1: The board of Matrix Laboratories has decided to issue 22,50,000 shares at Rs 1,500 each aggregating Rs 337.5 crore on preferential basis to India Newbridge Investment Ltd and Temasek Holdings (Pvt) Ltd.

Jubiliant bonus

New Delhi, March 1: Jubiliant Organosys extraordinary general meeting today approved issuance of 3:5 bonus and a proposal to raise up to $55 million from overseas markets though GDR or private placement.