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May, 25, 2016

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Business > Global Markets
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.
 
Oil prices dipped in Asia Monday after Iran said it has no plans to join any output freeze by other major producers.
 
The yen picked up Monday after the G-7 wagged its finger at Japan over threats to weaken its currency, reminding Tokyo of previous commitments not to intervene in forex markets.
 
Global stock markets drifted higher on Friday as investors restored calm a day after worries about the U.S. Federal Reserve's rate hike signals prompted sell-offs.
 
Brent crude powered back above US$49 a barrel in Asia Friday as oil prices resumed their rise after the U.S. dollar eased and militants blew up another pipeline in African producer Nigeria.
 
Grab your sunglasses, a giant cup of coffee and prepare to hit the highway: 2016 is shaping up to be the summer of the road trip. Cheap fuel prices have left many American families flush with spare cash, which they now plan to spend on vacations.
 
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