Crude oil rises past $102 mark

Crude oil rose to a record above $102 a barrel as a weakening dollar spurred investors to buy commodities priced in the US currency.

Dollar declines to new low of $1.50 against euro

The dollar weakened below $1.50 per euro for the first time on speculation Federal Reserve Chairman Ben S. Bernanke will indicate the US central bank is ready to cut interest rates from a three-year low.

Ospel vows to remain at helm

UBS AG Chairman Marcel Ospel, urging shareholders to approve the bank's plan to replenish capital, said his duty is to stay "on the front lines" while the company seeks to return to profit.

Sun's Schwartz stands by firm's free software

Sun Microsystems Inc Chief Executive Officer Jonathan Schwartz, criticized by analysts for giving away the company's software, defended the plan, saying it will boost sales of server computers needed to operate the programs.

Toll Brothers suffers second straight loss

Toll Brothers Inc, the largest US luxury homebuilder, reported its biggest quarterly loss in 22 years as the worst housing recession in more than two decades forced the company to write down the value of developments.

IN BRIEF (Page 17)

Strong year sees StanChart earnings increase

Standard Chartered beat forecasts with a 27 percent rise in 2007 profit and said it was set for another strong year as Asian markets were well placed to cope with a US economic downturn, sending its shares higher.

Sarkozy hits out at bank chief

French President Nicolas Sarkozy said in a newspaper interview yesterday that it was "not normal" for the head of French bank Societe Generale to shirk his responsibility for SocGen's trading scandal.

Chicago wheat surpasses $12 mark

Chicago wheat prices rose the most in more than five years, breaching $12 a bushel for the first time as investors poured money into agricultural commodities on signs that global crop production isn't keeping pace with demand.

Subprime takes toll on retailer

Home Depot Inc, the world's largest home-improvement retailer, said fourth-quarter profit fell and forecast earnings below analysts' estimates after the deepest housing slump in a quarter century showed no signs of letting up.

Business International

Sales hike helps Puma to pick up profit pace

Puma AG, the sporting-goods maker controlled by PPR SA, said fourth-quarter profit rose 17 percent after new products fueled sales growth in Europe and Asia.