Business news briefs
Smith's Food & Drug Stores has opened its 38th Express fuel station in Utah. The new station is at 500 South and 600 East in Salt Lake City, on the former site of Bill and Nada's Cafe, which operated from 1946 through 1999. The facility also offers a bicycle fix-it center, complete with tools for riders to repair their bikes.
Two Utah organizations providing education services to youth the Mountainville Academy in Alpine and the Utah Jump$tart Coalition for Personal Financial Literacy in West Jordan each received $18,500 grants from the Daniels Fund. The grants are part of a projected $1.6 million that the Daniels Fund is expected to award to Utah nonprofits in 2012.
Utah charity sets
The Community Foundation of Utah has teamed up with former inmate Karl "Willy" Wisness, now a successful plumber, to create a scholarship fund to help young adults whose parents are incarcerated. The fund will award its first scholarships in 2013, with gifts of $1,000 for students attending two- or four-year colleges and $500 for those attending trade schools.
McDonald's Corp., the fast-food chain that brought the hamburger to the world, is opening what is thought to be its first vegetarian-only restaurants. The company said it is planning locations in India that will serve only vegetarian food because of customer preferences. It could not immediately say when the restaurants would open or how many there would be.
FedEx Corp. cut its earnings forecast Tuesday, blaming the weak global economy. The world's second-biggest package delivery company expects to earn $1.37 to $1.43 per share in the fiscal first quarter that ended Aug. 31. That's down from an original forecast of $1.45 to $1.60 per share.
ING plans to sell
Capital One stake
The Dutch financial services giant ING Group is poised to sell its 9 percent stake in Capital One in a deal that could be worth $3 billion. ING acquired the stake in the U.S. firm when Capital One bought ING Direct USA for $9 billion in cash and stock. ING said it would make a net profit of $378 million after selling 54 million shares in Capital One.
FDA takes heat on
A consumer group pressing the Food and Drug Administration to remove the highest dose of an Alzheimer's disease drug from the market is suing the agency for "foot-dragging." Public Citizen says the FDA's own reviewers found that high-dose Aricept doesn't work better than two low doses but has more-dangerous, potentially deadly side effects.