Bloomberg Westpac Banking Corp. raised its key mortgage rate, the first of the nation’s biggest banks to decide passing on higher funding costs is worth the risk of further reputational damage. Its variable standard home-loan rate for owner occupiers will rise 14 basis points to 5.38 percent, the Sydney-based lender said in a statement. The move reflects “a sustained increase ...

Bloomberg China’s biggest banks posted stable earnings growth in the second quarter, boosted by tighter liquidity even as the broader sector struggled with government policies. Profits at four of the five largest lenders rose at least 5 percent in the three months through June, as President Xi Jinping’s crackdown on riskier financiers pushed business to large state-connected banks. The results ...

Bloomberg Deutsche Bank AG Chief Executive Officer Christian Sewing has a stark message for the thousands of banks spread out across the European Union: bulk up or die. “The pressure to consolidate will rise significantly in Europe,” Sewing said. An increase in regulatory requirements, in addition to an already-pressing need for investment in information technology will “overwhelm” many banks, he ...

DUBAI / WAM Dubai Airport Freezone Authority (Dafza) announced strong business results for first half of 2018, showing an 11 percent growth in Earnings Before Interest, Depreciation (EBID) in comparison with same period of 2017 and a growth of new rental revenues by 27 percent. The results include a 10 percent increase in licensing revenues and a 31 percent increase ...

Bloomberg Oil traded near the highest closing level in more than two weeks on estimates that US crude inventories fell and as the prospect of a new US-Mexico trade pact spurred wider financial-market optimism. Futures held near $69 a barrel in New York as President Donald Trump said the US is pursuing a new trade accord with Mexico to replace ...

Dubai / Emirates Business The Museum of Illusions, the world’s fastest growing museum chain, is heading to Dubai — with its biggest edition yet poised for a September opening at the emirate’s Al Seef development located near the iconic Dubai Creek. A flagship attraction in the heritage and cultural development on Dubai Creek, the full line-up of exhibits at Museum ...

Dubai / Emirates Business The Dubai International Financial Centre (DIFC) Courts released its key figures for the first half of 2018, with total a volume of 368 cases across all divisions, revealing a 64% increase year-on-year. The overall value of claims saw an increase of 181% over the same period, delivering strong growth for the English-language common law courts. The ...

SHARJAH / WAM The Sharjah Executive Council (SEC) reviewed on Tuesday a set of proposals of the retail project (Supermarkets) in Sharjah. Sultan Abdullah bin Hadda Al Suwaidi, Chairman of Sharjah Economic Development Department, said that the presentation included a number of suggestions and recommendations, as well as accurate statistics of the grocery stores in the various areas of Sharjah ...

SANTIAGO / WAM Abdul Razzaq Mohamed Hadi, UAE Ambassador to Chile, met with Susana Jimenez, Minister of Energy of Chile, and Francisco Chahuan, member of the Chilean Senate and Chairman of the UAE-Chilean Parliamentary Friendship Group. During the meeting, the two sides discussed ways to enhance cooperation and mutual investment with Chile in the renewable energy sector and the possibility ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), in celebration of the 4th annual Emirati Women’s Day — and its theme of ‘‘Women on the Course of Zayed’’ — reaffirmed its commitment to empower women, drive gender diversity and promote inclusivity in the oil and gas sector as part of its 2030 growth strategy, focussed on People, ...