Business briefs

Beige Book

US economic conditions stabilized or improved modestly in most parts of the country, according to the Federal Reserve’s “Beige Book” report, that suggested the economy was slowly clawing out of a recession. The Fed noted improvement in two of the hardest hit areas — resi dential real estate and manufacturing.

Oil up

Crude oil surged $2.25 to $81.37 a barrel on the Nymex, the highest set tlement since Oct. 9, 2008. Oil advanced 2.8 percent as the dollar slipped beyond $1.50 per euro for the first time in 14 months, bolstering the appeal of commodities.

Chais responds

Money manager Stan ley Chais denied SEC al legations in a fraud law suit against him stemming from the Ber nard Madoff scandal. Chais pointed the finger at the SEC for failing to catch Madoff’s fraud.

Rigas ruling

Adelphia Communi cations founder John Rigas and his son Tim othy, who are in a Butner, NC, federal prison, won an appeals court ruling that may lead to the dismissal of conspiracy charges in a second criminal case against them.

Derivatives

The House Agriculture panel approved legisla tion regulating over-the- counter derivatives after adopting a provision that may speed agreement on regulation of the $592 trillion industry. The amendment would exempt end-users from increased capital, trading and disclosure require ments.