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June, 29, 2016

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Business > Global Markets
Oil prices dipped in Asia Friday, pulling back further from the psychological US$50 level as traders took profit and expectations of tighter global supply receded.
 
Shares of Advanced Semiconductor Engineering Inc. (ASE,日月光) and Siliconware Precision Industries Co. (SPIL, 矽品) got a boost Friday as the two largest integrated circuit packaging and testing services providers in Taiwan prepared to form a joint holding company, dealers said.
 
The U.S. dollar fell against the New Taiwan dollar Friday, shedding NT$0.048 to close at NT$32.528 as foreign investors continued to move funds into the country, dealers said.
 
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.
 
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