Bloomberg Wells Fargo & Co., announcing a “new strategic direction” for a mortgage empire that was once the largest in US banking, said it will stop funding home loans arranged by outsiders and shrink the portfolio of debts that it services. The retreat from so-called correspondent lending and reduction in servicing caps years of efforts to clean up a ...

  Bloomberg US mortgage rates retreated for the first time in three weeks, helping provide a modest lift to refinancing activity. The contract rate on a 30-year fixed mortgage decreased 16 basis points to 6.42% in the week ended January 6, according to Mortgage Bankers Association (MBA) data. That helped boost applications for refinancing, which rose 5.1% in the week. ...

  Bloomberg Three months after Goldman Sachs Group Inc carved out a new division to house what’s left of its once-ambitious foray on Main Street, it’s giving shareholders a clearer look at those financials. The collection of businesses — including Goldman’s Apple Card — now packaged into the segment dubbed Platform Solutions racked up more than $1.2 billion in pretax ...

Bloomberg Global funds are returning to China’s onshore stock market in full force as the nation emerges from Covid restrictions and pivots to pro-growth policies. Offshore investors added about $2 billion in mainland shares on Friday alone via trading links with Hong Kong, the largest daily tally in two months, according to data compiled by Bloomberg. Foreigners have boosted holdings ...

  Bloomberg Philippine’s stock benchmark entered a bull market, as the country’s central bank signalled an imminent end to its monetary tightening cycle and the outlook for corporate earnings brightens as China reopens its borders. The peso also strengthened along with most Asian currencies as traders eased off hawkish bets for the Federal Reserve. The Philippine Stock Exchange Index rose ...

  Dubai / WAM The 28th edition of the Dubai International Pharmacy Technologies Conference and Exhibition, Duphat 2023, concluded on Thursday in Dubai, generating exceptional interest from stakeholders across the pharmaceutical industry. The three-day global event saw commercial deals worth over AED6.12 billion, an increase of 20 percent from the previous year. Organised for the past 28 years by Index ...

  Abu Dhabi / WAM In his capacity as Ruler of Abu Dhabi, President His Highness Sheikh Mohamed bin Zayed Al Nahyan, has issued a law establishing Abu Dhabi Media Office. The new entity replaces Abu Dhabi Government Media Office, and has the Creative Media Authority and Abu Dhabi Media Company under its umbrella. As an independent entity, Abu Dhabi ...

  Abu Dhabi / WAM Khalifa Shaheen Al Marar, Minister of State, met with Dr Mahdi Safari, Deputy Foreign Minister for Economic Diplomacy of the Islamic Republic of Iran, and an accompanying economic delegation at the headquarters of the Ministry of Foreign Affairs and International Cooperation in Abu Dhabi. A series of meetings was held to discuss the potential for ...

Dubai / WAM DP World has teamed up with global shipping services provider AP Moller-Maersk (Maersk), to improve operational efficiencies, enhance customer service and collaborate on decarbonising. The long-term strategic partnership will provide support for Maersk’s customers and implement new processes to improve quayside productivity, all leading to faster gate turnaround times at Jebel Ali Port and reduced bunker fuel ...

Abu Dhabi / WAM The Environment Agency – Abu Dhabi (EAD) has successfully planted one million mangrove seeds using drones as part of the first phase of a drone mangrove plantation project supporting the Abu Dhabi Mangrove Initiative. The Abu Dhabi Mangrove Initiative was announced in February 2021 during Prince William, the Duke of Cambridge’s landmark visit to the UAE, ...