■ENERGY
Oil prices near US$57
Oil prices rose toward US$57 a barrel yesterday in Asia, extending gains to near six-month highs on investor expectations that global economic growth may begin to rebound by the end of the year. Benchmark crude for delivery next month was up US$0.27 to US$56.61 a barrel by midday in Singapore, in electronic trading on the New York Mercantile Exchange. The contract on Wednesday rose 4.6 percent, or US$2.50, to settle at US$56.34, the highest level since mid-November. Oil has broken above a trading range of about US$45 to US$55 a barrel that it’s been in since dropping from a record US$147 last July, boosted by investor perceptions that the worst of a severe US recession may be over.
■UNITED STATES
Senate approves envoy
The US Senate approved one of its senior aides, Demetrios Marantis, on Wednesday to be deputy US trade representative in charge of negotiation and enforcement of trade agreements in Asia and Africa. Marantis joins the Democratic administration of US President Barack Obama after several years working for Senate Finance Committee Chairman Max Baucus. He was most recently chief international trade counsel for the panel and was approved by the Senate for his new job on a voice vote. The Harvard Law School and Princeton University graduate helped Baucus, a Montana Democrat, and former US president George W. Bush win approval of free trade pacts with Central American countries as well as Bahrain, Oman and Peru. Marantis now faces the challenge of helping US Trade Representative Ron Kirk win passage of the South Korean free trade agreement.
■FINANCE
Barclays profit rises
British bank Barclays said yesterday net profit rose 12 percent in the first three months of this year to £826 million (US$1.25 billion) compared with the first quarter of last year. Sales surged 42 percent to £8.15 billion and Barclays added in a statement that it would resume shareholder dividend payments in the fourth quarter of this year. Barclays chief executive John Varley said the bank “generated strong income growth,” driven by its purchase of the investment banking and trading units belonging to Lehman Brothers.
■TEXTILES
Gucci sues Guess
Italian fashion house Gucci sued rival fashion and leather goods label Guess Inc on Wednesday, claiming it copied a dress design and several trademarked logos. Gucci accused Guess Inc of imitating trademarked designs, including a green and red stripe, a repeated interlocking GG mark and stylized G mark it emblazoned on accessories like handbags, belts, gloves, watches and glasses. The lawsuit, which was filed in Manhattan federal court and seeks unspecified monetary damages, also accused Guess of copying a dress featuring an interlocking GG diamond motif.
■INTERNET
Ballmer floats Yahoo idea
Microsoft Corp chief executive officer Steve Ballmer said there are opportunities to improve the company’s Internet search engine by working with Yahoo Inc. “I still think that there exists opportunities to, in a sense, almost create a better search product by having more customers and more advertisers to generate more relevant advertising,” Ballmer said yesterday at an event at Stanford University. “That may or may not at some point happen. That may or may not be appropriate discussions.”
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