The phrase "in business circles" is correct and can be used in written English. It is used to indicate that the situation being discussed is familiar to people involved in business. For example: "In business circles, the phrase 'cost-benefit analysis' is well known.".
The sentiment is echoed in business circles.
The appointment has aroused much interest in business circles.
Mr. Welch's reputation in business circles is prodigious.
It's been the case in business circles forever.
This shortcoming has not gone unnoticed in business circles.
Ms. Chasen, who was 64, was a familiar presence in show business circles in Los Angeles all year but especially during awards season.
Until last year, when he accepted a plaque from Deloitte & Touche naming American Biogenetic as the fastest-growing Long Island high-tech company for 2000, Mr. Roach was perhaps better known in international scientific circles than he was in local business circles.
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