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May, 27, 2016

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Business > Global Markets
Japan urges G-7 to avert another economic crisis
Japanese Prime Minister Shinzo Abe is urging fellow leaders of the Group of Seven advanced economies to avert another global crisis by acting to rescue the faltering global recovery.
 
Oil prices surge above US$50 a barrel for first time this year
Oil prices jumped Thursday above US$50 for the first time this year as a long-lasting global supply glut shows increased signs of easing. In a boost for countries exporting crude, including the likes of crisis-hit Venezuela, prices are once more on the rise having nosedived from above US$100 a barrel two years ago to around US$27 in early 2016.
 
Higher-yielding currencies in Asia moved higher against the U.S. dollar Thursday, as sentiment in emerging markets picked up as Brent crude passed US$50 a barrel for the first time this year.
 
The U.S. dollar held gains against the yen Wednesday after risk appetite among Asian investors jumped on the back of rising expectations of a rise in U.S. borrowing costs.
 
Oil prices edged towards US$50 a barrel in Asia Wednesday after a larger-than-expected dip in U.S. stockpiles resulting from wildfires that have disrupted oil production in Canada.
 
Swiss approve bank dissolution after BSI found linked to fraud
Swiss financial regulators approved Tuesday the dissolution of Lugano-based BSI Bank over its links to a corruption scandal engulfing Malaysia's Prime Minister Najib Razak.
 
Asian stock markets fell in thin trading Tuesday as falling oil prices deflated energy shares, while Singapore said it was kicking out a Swiss bank linked to Malaysia's 1MDB.
 
Emerging Asian currencies, from the Malaysian ringgit to the South Korean won, weakened Tuesday as falling oil prices and a drop on regional equity markets dampened demand for riskier units.
 
Oil extended losses in Asia Tuesday as a stronger U.S. dollar and progress in controlling wildfires in Canada's crude-producing Alberta province dampened prices.
 
Asian stock markets moved cautiously Monday as investors sat tight awaiting fresh news about a possible U.S. rate rise and after G-7 finance ministers pressed Japan not to weaken its currency.
 
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