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Oil price up but rising supply checks gains

NEW YORK: Oil prices edged higher in choppy trade on Thursday after the International Energy Agency said global oil demand is expected to pick up this year, but warned supply is growing at a faster pace

OPEC on Wednesday raised its forecast for non-member oil supply this year to almost double the growth predicted four months ago. Malaysia is nota member of Opec.

Scandals to bailouts fail to dent analysts’ faith in emerging market banks

LONDON: A US$2bil corruption scandal is rocking India’s banks. Russia has taken over some of its biggest private lenders, while Latvia’s No. 3 bank has been shut down amid US money-laundering accusations. Turkish financiers are under attack from Erdoganomics and warning signs are flashing for a Chinese bank crisis.

China sovereign fund to cut exposure to public markets

BEIJING: China’s US$814bil sovereign wealth fund plans to expand investments in areas such as real estate, hedge funds, infrastructure and private equity for more stable returns, as it reduces exposure to volatile public markets.

Still keen: Even as trade friction between China and the US is rising, Tu says CIC still wants to explore direct investments in the US, which could also help deepen economic ties. — Bloomberg