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World Business Quick Take

■ OIL

Prices weaken in Asia

Oil prices weakened in Asian trade yesterday after initially spiking sharply in reaction to a fire that struck a pipeline linking the US to key energy supplier Canada, dealers said. With the pipeline partially resuming shipments after the blaze, traders are focusing on next week's OPEC output meeting in Abu Dhabi, they said. In afternoon trade New York's main contract, light sweet crude for delivery next month fell US$0.13 to US$90.88 a barrel from US$91.01 in late US trading on Thursday. Brent North Sea crude for delivery next month fell US$0.27 to US$89.95 a barrel.



■ FINANCE

Samsung Securities raided

State prosecutors raided the offices of a Samsung Group financial company on Friday, a company spokesman and media report said, amid a probe into allegations the conglomerate created a slush fund to bribe influential figures. Kim Jin-ho, a spokesman for Samsung Securities Co, said six prosecutors led the raid of the company's Seoul office and were backed by 40 other officials. The raid came after prosecutors earlier this month launched an investigation into allegations that Samsung, South Korea's biggest conglomerate, bribed prosecutors, judges and lawmakers using a 200 billion won (US$215 million) slush fund.



■ WTO

China-US spat resolved

China has agreed to eliminate a dozen tax breaks and other subsidies the US challenged this year at the WTO, resolving one of the series of trade spats between the countries. "This outcome represents a victory for US manufacturers and their workers," US Trade Representative Susan Schwab said on Thursday. "The agreement also demonstrates that two great trading nations can work together to settle disputes to their mutual benefit," she said. China's decision will abolish tax breaks and other subsidies that benefit the broad spectrum of Chinese industries, including steel, wood products and information technology, Schwab said.



■ FINANCE

Morgan Stanley loses Cruz

Morgan Stanley said on Thursday that co-president Zoe Cruz, one of the most powerful women on Wall Street, will leave in the latest investment bank management shakeup since the summer's credit turmoil. Robert Scully, who was named co-president along with Cruz last year, will remain at the firm in a new capacity. He will join a newly created office of the chairman, and will focus on Morgan Stanley's sovereign investors. Cruz had been with Morgan Stanley for the past 25 years, and rose to her current title after former chief executive Philip Purcell promoted her in a move to consolidate power.



■ RETAIL

Sears profits drop 99%

Sears Holdings Corp reported a 99 percent drop in third-quarter profit on Thursday on weak sales at Sears and Kmart stores and investment losses under hedge-fund manager chairman Eddie Lampert. It was the worst quarter since Lampert formed the company by combining Sears and Kmart in March 2005, heightening questions among investors about Lampert's strategy for reviving two faded chains. Sears shares tumbled US$16.09, or 13.8 percent, to US$100.25 in morning trading. Net income fell to US$2 million from US$196 million a year ago.




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