IN BRIEF (Page 16)

Banking takeover

Emirates Bank International Ltd will take over National Bank of Dubai, creating the Gulf's largest bank by assets with a combined market value of $11.3 billion.

Shareholders in National Bank will own 33.7 percent of the merged entity and Emirates Bank shareholders the rest, the banks said in a statement.

Job growth slows

Australian employment growth slowed in June from the furious pace of previous months while the jobless rate ticked up from 33-year lows, easing pressure for a restraining rise in interest rates.

The Australian dollar pulled back from 18-year highs while bond and bill futures pared early losses as the market priced in less risk the Reserve Bank of Australia would raise interest rates at its next meeting in August.

Q2 profit up

Genentech Inc said on Wednesday that second-quarter profit rose 41 percent, fueled by growth from cancer drugs Rituxan and Avastin.

The world's second-largest biotechnology company also slightly boosted its full-year profit forecast, but shares inched down as healthy but largely in-line sales of key products failed to excite investors waiting for Genentech's next big revenue driver.

Under pressure

Swiss drugmaker Roche Holding AG ratcheted up the pressure in its $3 billion bid for Ventana Medical Systems Inc on Wednesday, saying it could take action at the US company's annual meeting.

If Ventana refuses to negotiate, Roche will continue to pursue a transaction unilaterally and will consider measures in connection with Ventana's 2008 annual meeting, the Swiss company said.

Agencies

(China Daily 07/13/2007 page16)