CAIRO/ Reuters Egypt’s central bank raised its key interest rates by 200 basis points, citing stronger economic growth and falling unemployment, confounding the expectations of economists who forecast rates were unlikely to change. At a meeting of its Monetary Policy Committee, the bank hiked its overnight deposit rate to 16.75 percent from 14.75 percent and its overnight lending rate to ...

Bloomberg Royal Bank of Scotland Group Plc’s (RBS) trial over its 2008 rights issue will be postponed for at least a day as investors suing the bank weigh an improved settlement offer. The bank doubled its offer as Chief Executive Officer Ross McEwan staged a last-minute personal intervention, according to a person with knowledge of the matter, who asked not ...

Dubai / Emirates Business Emirates NBD, a leading banking group in the region, was recognised by The Higher Committee for the Protection of the Rights of Persons with Disabilities (People of Determination), chaired by His Highness Sheikh Mansour bin Mohammed bin Rashid Al Maktoum. The bank was appreciated for its efforts in disability mainstreaming and initiatives that focus on the ...

Bloomberg Barclays Plc plans to recruit 100 staff for its private bank as Chief Executive Officer Jes Staley pushes to expand wealth management in key global hubs, according to a person familiar with the strategy. The bank is searching for relationship managers and administrative staff for the division serving its wealthiest clients, said the person, who asked not to be ...

Bloomberg Four of Australia’s biggest lenders gave estimates of how much Australia’s new bank levy will cost them, as they stepped up criticism of the policy and vowed again to pass on the extra charges. Westpac Banking Corp. said the levy will cost it an annual A$260 million ($194 million) after tax, while Commonwealth Bank of Australia estimated A$220 million ...

Bloomberg Momentum investing may work in commodities, according to Goldman Sachs Group Inc., which said that returns from raw materials may benefit significantly from following the strategy that’s based on backing past winners and eschewing or betting against losers. “Commodities can benefit significantly from momentum investing although the gains are neither uniform across commodities nor constant over time,” analysts including ...

DUBAI / Reuters Boeing Co said on Sunday it had signed several defense and commercial deals with Saudi Arabia including for the sale of military and passenger aircraft during a visit by US President Donald Trump to the kingdom. The announcement is the latest in tens of billions of dollars in deals signed between US and Saudi firms since Trump ...

Dubai / WAM The Business Registration and Licensing (BRL) sector in Dubai Economy has issued 5,646 commercial permits during the first quarter (Q1) of 2017 as the emirate witnessed hectic commercial activity during the period. Advertising accounted for the largest share of 28 percent with 1,604 permits while the emirate’s flagship retail sector stood second with 1,387 permits, or 24 ...

RAS AL-KHAIMAH / WAM Ras al-Khaimah Chamber has explored joint economic cooperation and investment opportunities with France, Germany and Spain. This came during a meeting organised by the chamber at its headquarters which was attended by representatives from the French Business Council, the Spanish Business Council and the German Emirati Joint Council for Industry and Commerce, with the participation of ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, said that the UAE is moving forward in building a universal model to achieve innovative ideas to serve humanity, and that the UAE’s Centennial Vision 2071 originated from the historic lecture delivered by His Highness Sheikh Mohamed bin Zayed ...