Demand for gold in Asia is surging despite prices hovering near the record highs it hit in May, industry officials say, as buyers snap up the metal to hedge against geopolitical and economic uncertainty.

Attacks by Yemen's Huthi rebels on commercial ships in the Red Sea have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates and longer alternative trade routes.

A growing number of wealth managers in Asia are setting up offices in Dubai, capitalising on warming diplomatic ties between China and the Middle East and betting on a surge in demand from clients for geographical diversification.

With Subrata Roy's death, a chapter of financial violations described by many as one of India's biggest Ponzi schemes, comes to an end.

China has reaped savings this year of nearly $10 billion through record purchases of oil from countries under Western sanctions, according to Reuters' calculations based on data from traders and shiptrackers.

Germany’s coalition government, long divided among its parties on how far Berlin should go to insulate itself from its biggest trading partner, has finally published its first strategy on the People’s Republic. Europe’s largest economy made it clear it’s now aligning more with Brussels and Washington on everything from supply chain risks and technology export controls to human rights concerns, after years of viewing China primarily as a lucrative market.

Oil prices fell more than a dollar a barrel on Friday as the dollar strengthened and oil traders booked profits from a strong rally, with crude benchmarks recording their third-straight weekly gain.

India and the United Arab Emirates may announce the start of a rupee-dirham payment mechanism to settle bilateral trade during Prime Minister Narendra Modi's visit to Abu Dhabi on Saturday, industry and government sources said.

Russian oil exports from western ports are set to fall by some 100,000-200,000 barrels per day next month from July levels, a sign Moscow is making good on its pledge for fresh supply cuts in tandem with OPEC leader Saudi Arabia, two sources said on Friday, citing export plans.

United Nations Secretary-General Antonio Guterres is still waiting for a response from Russian President Vladimir Putin on a proposal to extend a deal allowing the safe Black Sea export of Ukraine grain beyond Monday, a UN spokesperson said on Friday.

China's exports fell the most in three years in June, slumping a worse-than-expected 12.4 per cent year-on-year, as signs mount of stress from the struggling global economy and Chinese policymakers face growing pressure for stimulus measures.

More than half of the family offices in Asia are estimated to be located in Singapore, said KPMG Private Enterprise and family office consultancy Agreus in a report.

Benchmark Brent crude futures for August delivery which expires on Friday, settled up 56 cents, or 0.8 per cent, at $74.90. In the three months to the end of June, the contract finished down 6 per cent.

By 0613 GMT, Brent crude futures had climbed 67 cents to $74.85 a barrel, while US West Texas Intermediate (WTI) futures rose 73 cents to $70.10 a barrel. On Monday, Brent had climbed 0.5 per cent and the WTI 0.3 per cent.

Brent crude futures were last up 0.2 per cent at $74.02 a barrel having earlier fetched as much as $74.80. The rouble dropped to a 15-month low early in Moscow.

Amazon.com Inc (AMZN.O) said on Friday it will take its investments to $26 billion in India by 2030, adding $6.5 billion in new planned investments in an announcement made after CEO Andy Jassy met Prime Minister Narendra Modi in the United States.

In a second straight day of losses, Brent crude closed down 29 cents, or 0.4%, to $73.85 a barrel. US West Texas Intermediate (WTI) crude fell 35 cents, or 0.5%, at $69.16.

Indian Prime Minister Narendra Modi's visit to the United States may encourage more American companies to consider investing in the South Asian country as they look to reduce their reliance on China for manufacturing-related activities.

A group of Credit Suisse AT1 bondholders has filed a class action suit accusing former executives at the Swiss bank, including three past chief CEOs, of being responsible for the bank's downfall.

The Swiss National Bank (SNB) on Thursday said it was crucial to draw lessons from the Credit Suisse crisis that led to the bank's downfall and forced rescue by rival UBS (UBSG.S) and consider measures that would prevent such events in the future.