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Malaysia's ringgit and Indonesia's rupiah led an emerging market rally against the dollar Friday while Asian equities also pushed higher after minutes from the Federal Reserve's latest policy meeting suggested it could keep borrowing costs at record lows into next year. Energy firms tracked a surge in oil prices as hopes for crude demand picked up and ongoing crises in the Middle East fanned supply worries. The gains across assets come after a painful July-September quarter that saw trillions wiped off global markets owing to worries about the state of China's economy and an expected US interest rate hike.
Mining and commodities giant Glencore, weighed down by debt as it struggles against a commodity price crash, announced Friday it is slashing its worldwide output of zinc by one third. "The main reason for the reduction is to preserve the value of Glencore's reserves in the ground at a time of low zinc and lead prices, which do not correctly value the scarce nature of our resources," the miner said in a statement. Glencore, which claims to be one of the world's largest miners and producers of zinc, said it was slashing its zinc production by 500,000 tonnes across its operations in Australia, South America and Kazakhstan.
An escort's allegations in a tell-all book that former Louisville men's basketball staffer Andre McGee hired her to provide dancers to strip and have sex with Cardinals recruits, their fathers and players stunned the college basketball world when word of its pending release surfaced a week ago.