World Business Quick Take

■ OIL

Price hikes near US$97

World traded near US$97 a barrel in Asia yesterday, its highest level in a month, following the assassination of Pakistani opposition leader Benazir Bhutto, dealers said. They said the rise in prices was also supported by a US report showing a higher-than-expected drop in US crude stockpiles. In afternoon trade, New York's main contract, light sweet crude for February delivery, was US$0.36 higher at USS$96.98 a barrel after closing US$0.65 higher in New York. Brent North Sea crude for February rose US$0.45 to US$95.23 a barrel after a jump of US$0.84 in London trade on Thursday.



■ FINANCE

G7 to meet in February

G7 leaders will gather in Tokyo on Feb. 9 to discuss the US subprime mortgage crisis and high oil prices, Japanese Finance Minister Fukushiro Nukaga said yesterday. "Subprime problems will be a central topic, and we will also discuss financial markets, high crude oil prices and the world economy," Nukaga told reporters. He said finance ministers and central bank governors from the G7 economies would also discuss risk management at financial institutions and bond ratings.



■ FOREIGN EXCHANGE

PRC raises reference rate

The People's Bank of China yesterday fixed the reference rate for yuan trading at 7.3046 against the dollar, the highest since it scrapped a link with the US currency in July 2005. The rate compared with the close of 7.3175 on Thursday. The reference rate was also set at 10.6669 against the euro, and 0.064064 against the yen. The rate was set at 0.93638 versus the Hong Kong dollar and 14.5807 against the British pound. The central bank calculates a daily rate by taking a weighted average of quotes from commercial banks designated to act as market makers in the currency. The yuan is allowed to trade by up to 0.5 percent against the dollar either side of the so-called central parity rate.



■ RETAIL

Genesco cleared of fraud

A judge has ruled that Genesco Inc executives did not commit fraud during negotiations over a US$1.5 billion acquisition and that fellow mall retailer Finish Line Inc must complete the purchase. Nashville Chancellor Ellen Hobbs Lyle on Thursday dismissed Finish Line's claims that Genesco withheld key financial information that could have signaled worse-than-expected earnings after the deal closed in June. Lyle said Indianapolis-based Finish Line and investment bank UBS AG were sophisticated enough to know what they were getting into with the US$54.50-per-share purchase. Nashville-based Genesco operates 2,000 retail stores in the US and Canada under brand names like Journeys, Johnston & Murphy and Hat Shack, and is about twice the size of Finish Line.



■ WEAPONS

Remington to buy Marlin

Remington Arms Co Inc will acquire Marlin Firearms Co in a deal that brings together two US firearm companies founded in the 19th century. Remington, which was acquired by Cerberus Capital Management in April, will add Marlin's long guns, including shoulder arm designs and lever action rifles. Marlin's lever action.22 repeater, now the Model 39, became the favorite of many exhibition shooters like Annie Oakley. The deal is expected to close next month.