Business news briefs
ADM close to
Archer Daniels Midland Co. is nearer to making a huge expansion into Australia with a potential deal for a grain handler. It has offered $12.54 a share to buy GrainCorp. That values the target at $3.1 billion, including the portion of the company ADM already owns. In announcing the deal, ADM said GrainCorp's board has agreed to recommend the offer to shareholders for approval.
Chevron Corp. said its net income fell to $6.18 billion, or $3.18 per share, on revenue of $56.82 billion. Last year the company earned $6.47 billion, or $3.27 per share, on revenue of $60.71 billion. Production was up slightly, but oil prices slipped. Chevron hopes to increase production by 25 percent, to 3.3 million barrels per day, by 2017.
Burger King profit
up, revenue down
Burger King's first-quarter earnings more than doubled, even though revenue fell, as it trimmed several restaurant-related expenses. Its net income rose to $35.8 million, or 10 cents per share, in the quarter ended March 31, up from $14.3 million, or 4 cents per share, in the same period a year earlier.
drives up profits
Samsung Electronics posted record earnings as sales of its smartphones surged, widening the company's global lead as its latest Galaxy handset takes on Apple in the U.S. Net income rose 42 percent from a year earlier, to $6.4 billion in the three months ended March 31. Smartphones sales jumped 56 percent and were almost double the number of iPhones sold by Apple.
Google has bought Wavii, a Seattle startup behind an application that condenses online content for time-pressed Web surfers. As with most of its acquisitions, Google isn't disclosing how much it paid for Wavii, whose technology can be used to summarize the main points in news stories and other content.
partner on Internet
Toyota is teaming with Microsoft for an Internet service that links cars, home computers and smartphones so users can find nearby tourist spots, connect on social networks and learn about new models. The new version of Toyota's Internet site, Gazoo.com, starts May 30 in Japan, and will be based on cloud computing from Microsoft.
America First gives
America First Credit Union honored two Weber State University history majors with its annual Tom Connors Memorial Scholarship for the 2013-2014 academic year. Madeline Mordue received a full-year tuition scholarship. Mark Church, who will be graduating with a double major in criminal justice and history, was presented a $1,000 scholarship.