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Australia’s Westpac announces to return $4.3bn to shareholders

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Westpac Banking Corp, an Australian bank and financial services provider, said on Monday it would return A$4.2 billion ($3.16 billion) to shareholders.

However, the banking corporation’s shares fell over 6 percent in early trading despite more than double profit with the release of funds.

Westpac, whose home lending volumes dropped in 2020, said the rebound in the Australian economy and hiking house prices had helped drive a 4 percent rise in its mortgage book, but at a cost of lower margins.

Net interest margin (NIM), a key measure of banking profitability, also slid 10 basis points during the second half, to 1.99 percent. For the full year, the NIM was 4 basis points lower to 2.04 percent.

Driven by the turnaround in impairment charges, the bank’s cash earnings missed Refinitiv’s forecast of A$5.5 billion as A$5.35 billion were recorded for the year ended September compared with the A$2.61 billion reported last year.

Cash earnings fell in the second half for all units at the country’s No.3 lender. Core profit, excluding a pre-announced A$1.3 billion hit from Westpac’s institutional bank and remediation costs, was 13 percent lower for the year.

Westpac’s Chief Executive Peter King said that the corporation’s underlying results were not registered as expected and there’s needed to do more to become a high-performing company. However, Westpac is making progress, he added.

Westpac said it is targeting a A$8 billion cost base by fiscal 2024, down from the A$11 billion it reported on Monday that excluded an A$2.3 billion one-off “notable” charge.

The Australian bank intends to buy back A$3.5 billion off-market shares and fixed a 60 Australian cents final dividend, worth A$2.2 billion.

Announcements

UAE fuel prices announced for September 2024

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The UAE fuel price committee on Saturday announced petrol and diesel prices for the month of September 2024.

Super 98 petrol will cost Dh2.90 a litre, compared to Dh3.05 a litre in August, while Special 95 will cost Dh2.78 a litre, compared to Dh2.93 a litre the previous month. E-Plus category petrol will be available for Dh2.71 a litre, compared to Dh2.86 a litre in August, while diesel will now cost Dh2.78 a litre, compared to Dh2.95 a litre the previous month.

he UAE has been revising retail petrol prices on the last day of the month ever since the government deregulated oil prices in August 2015 to bring them at par with the global rates.

The approved fuel prices by the Ministry of Energy, according to the average global price of oil, whether up or down, after adding the operating costs of distribution companies.

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Secure Connection Brings Honeywell-Licensed Solutions to Saudi Market in Landmark Move

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Secure Connection, the Hong Kong-based electronic products manufacturer, announced its strategic expansion into the Saudi Arabian market with its complete range of Honeywell-licensed products. Secure Connection is an authorized trademark licensee for Honeywell International Inc. and has exclusive rights to manufacture, market, sell, and support a wide range of Honeywell-licensed products in Southeast Asia, South Asia, Middle East Asia & Africa, covering a wide array of product categories such as Air Purifiers, Home and Personal Audio products, Mobile and IT accessories, and Structured Cabling Systems.

Mr. Mohit Anand, CEO, Secure Connection Limited, shared insights on the significance of this market expansion, stating, “Saudi Arabia presents an exciting opportunity for us. Saudi Arabia is known for its vibrant economy and dynamic consumer landscape and presents tremendous opportunities for our Honeywell-licensed product range. We are confident and excited about our launch in the Kingdom and look forward to delighting the consumers with our comprehensive product offerings. We are extremely happy to have partnered with SAMIR Trading & Marketing Company as our distribution partner in Saudi Arabia”.

Samir Trading & Marketing company a leading technology product distributor in Saudi Arabia who aligns with Secure Connection’s long-term vision and shares the commitment to deliver exceptional consumer experiences. Mr. Saed Al-Hindi, CEO, SAMIR Trading & Marketing Company “We are excited to embark on this partnership with Secure Connection. Our shared commitment to delivering exceptional customer experiences aligns perfectly. Together, we will introduce innovative Honeywell-licensed products that cater to the evolving needs of Saudi consumers.”

This move represents a noteworthy step for Secure Connection’s global growth plans by exemplifying its dedication to pursuing new prospects and business opportunities. Secure Connection is committed to the Saudi Arabian market and is demonstrating this by investing resources to help create a robust business and footprint across the country.

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Burjuman or Union ? RTA reveals Dubai’s busiest metro station

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The Dubai Metro was the top choice of public transport in the emirate, accounting for 37 per cent of all commuters in the first half of 2024. Overall public transport ridership clocked 361.2 million in the first six months of the year — a 6 per cent increase over the same period in 2023. BurJuman and Union stations saw the highest number of passengers, with BurJuman recording 7.8 million users and Union station 6.3 million users.

The Roads and Transport Authority (RTA) counts Metro, Tram, public buses, marine transport, taxis, e-hail vehicles, smart rental vehicles, and on-demand buses while computing public transport ridership numbers. BurJuman and Union stations saw the highest number of passengers, with BurJuman recording 7.8 million users and Union station 6.3 million users.

Announcing these figures on Sunday, theDubai Roads and Transport Authority (RTA) said the number of users of public transport and shared mobility means in Dubai, including Metro, Tram, public buses, marine transport, taxis, e-hail vehicles, smart rental vehicles, and on-demand buses—reached saw a six per cent increase compared to around 340.5 million users in the first half of 2023. The daily average number of riders in the first half of this year reached 1.98 million, compared to 1.88 million in the same period in 2023.

His excellency Mattar Al Tayer, director general, chairman of the board of executive directors of the RTA said the authority plans to improve public transport even further. He said: “RTA’s strategic and operational plans are based on achieving multi-modal integration of all public transport and shared mobility means to ensure smooth mobility across Dubai. This included developing and expanding road networks and all elements of public transport — metro, tram, buses, marine transport, first and last-mile solutions, and shared mobility— along with an enhanced and integrated pedestrian and cycling infrastructure. 

“The RTA also focuses on traffic management systems to maximise the efficiency of roads and public transport and implements policies to encourage the public to reduce reliance on private vehicles and increase the use of public and shared transport,” the RTA chief added.

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