BLOOMBERG Australia’s central bank weighed the risk of upside surprises to inflation from a tight labour market and rising home prices when it decided to deliver a surprise interest-rate increase this month. The Reserve Bank’s board discussed the case to pause but concluded the “finely balanced” arguments were in favour of raising the cash rate to 4.1% — a level ...

BLOOMBERG UBS Group AG faces hundreds of millions of dollars in regulatory fines over Credit Suisse Group AG’s dealings with Archegos Capital, as the Swiss bank inherits its former rival’s entire litigation portfolio, according to a person familiar with the matter. The US Federal Reserve’s fine over Archegos may be as high as $300 million, while the UK’s Prudential Regulation ...

BLOOMBERG New Zealand’s government announced an inquiry into its banking sector amid concerns that lenders are making excessive profits. Cabinet has agreed to a market study into competition in the sector for personal banking services to ensure the market is working well for New Zealanders, Finance Minister Grant Robertson said in Wellington. It will be conducted by the antitrust watchdog ...

BLOOMBERG Chinese banks followed the central bank by lowering their benchmark lending rates, although a relatively modest reduction to the mortgage reference rate disappointed investors. The one-year and five-year loan prime rates were reduced by 10 basis points each, according to a statement by the People’s Bank of China (PBOC). While that was in line with the reduction in the ...

SHARJAH / GULF TIME UAE’s Favourite Indian Restaurant, India Palace, and favourite Asian restaurant Golden Dragon opens doors to two new outlets in Sharjah, giving more people in UAE the opportunity to indulge in authentic Indian cuisine and savor their legendary biryanis, carefully curated selection of Indian kebabs, and exquisite curries, in Sharjah at its new flagship location at Al ...

ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Thursday met with Hossein Amir-Abdollahian, Minister of Foreign Affairs of the Islamic Republic of Iran, who is on a working visit to the UAE. During the meeting, which took place at Al Shati Palace in Abu Dhabi, the Iranian Foreign Minister conveyed to His Highness ...

ABU DHABI / WAM The Environment Agency – Abu Dhabi (EAD) has announced the winners and recognised participants of the ‘Mission to Zero Government Challenge,’ in conjunction with the Year of Sustainability and its continued efforts to achieve the goals of the Abu Dhabi Single-Use Plastic Policy. The challenge for Abu Dhabi government entities — held from January 23 to ...

ABU DHABI / WAM HH Lt General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, bestowed honours upon the recipients of the “Minister of Interior’s Award for Excellence” during its sixth edition, during a ceremony that took place in Emirates Palace, Abu Dhabi. The event commenced with the national anthem and the recitation of ...

ABU DHABI / WAM Hub71, Abu Dhabi’s global tech ecosystem, has welcomed its first cohort of the year comprised of 15 startups operating in priority sectors aligned with Abu Dhabi’s strategic ambitions, including HealthTech, FinTech, and EdTech. The addition of the latest cohort has increased the size of Hub71’s vibrant community to over 240 startups. In the latest cohort, 67 ...

ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a written letter to Faure Gnassingbé, President of the Republic of Togo, with an official invitation to attend the COP28 climate conference, to be hosted by the UAE at Expo City Dubai this November. The letter was delivered by Amer Al Alawi, Chargé d’Affaires ...