IN BRIEF

Manager search for proposed Aqueduct casino starts anew

New York Lottery officials have restarted their search for an operator to manage a proposed 4,500-machine video lottery terminal casino at the Aqueduct Racetrack in New York City.

The winner of the bidding process will be chosen by a committee to be led by the lottery director and staffed by lottery workers and a representative of the state Division of Budget, the lottery said in a statement.

Bidding last year led to the selection of a group that included Las Vegas-based Navegante Group, which was chosen by legislative leaders and New York Gov. David Paterson.

However, Paterson pulled the contract back in March and said the bidding would restart.

The original bidding attracted several gaming industry heavyweights, including MGM Mirage, Harrah's Entertainment, Penn National Gaming, Wynn Resorts Ltd. and the Florida-based Hard Rock Casinos.

WASHINGTON

U.S. trade deficit hits 15-month high; economists see recovery

The U.S. trade deficit rose to a 15-month high as rising oil prices pushed crude oil imports to the highest level since the fall of 2008, offsetting another strong gain in exports. The larger deficit is evidence of a healing U.S. economy.

Analysts expect this year's deficit to be up sharply from 2009, when it hit an eight-year low. But U.S. exports should keep growing, providing a major source of strength from American manufacturers, and will only be marginally affected by the European debt crisis.

The Commerce Department reported Wednesday that the trade deficit rose 2.5 percent to $40.4 billion in March compared to the February imbalance. It was the largest monthly trade deficit since December 2008.

Exports of goods and services were up 3.2 percent to $147.87 billion, the highest level since October 2008. Imports were up 3.1 percent to $188.3 billion.

SAN FRANCISCO

Software maker SAP will buy Sybase in $5.8 billion deal

German business software maker SAP AG has agreed to buy Sybase Inc. in a $5.8 billion deal that intensifies SAP's rivalry with database leader Oracle Corp.

The acquisition is the first big move by SAP's new co-CEOs Bill McDermott and Jim Hagemann Snabe, who took over in February after the previous CEO, Leo Apotheker, suddenly resigned. The resignation came amid concerns over SAP's faltering finances and its ability to counter the mounting threat from Oracle.

SAP is offering $65 for each outstanding share of Sybase's common stock. Sybase's stock hadn't closed above $50 per share since the mid-1990s.

Before the announcement, rumors of the deal pushed Sybase shares up $14.57, or 35.1 percent, to close a $56.14 on the New York Stock Exchange. In after-hours trading, Sybase shares rose an extra $8.36, or 14.89 percent, to reach $64.30 at 6 p.m. PDT.

NEW YORK

Focus on local markets helps Macy's post first-quarter profit

Macy's intense focus on tailoring its merchandise to local markets helped push the department store chain to first- quarter profitability.

Macy's Inc., based in Cincinnati, said Wednesday that it posted net income of $23 million, or 5 cents per share, for the quarter ended May 1, reversing a loss of $88 million, or 21 cents per share, a year earlier.

Revenue increased 7.3 percent, to $5.57 billion from $5.19 billion.

Revenue at stores open at least a year, also known as same-store sales, rose 5.5 percent. Economists consider same-store sales a key barometer of retail health.