AUTOS

Volkswagen ready to file plan

Volkswagen would repair or buy back polluting diesel vehicles and pay each owner as much as $10,000 under a $14.7 billion deal the car maker has reached to settle lawsuits stemming from its emissions cheating scandal, a person briefed on the settlement talks said Monday.

The figure would be the largest auto scandal settlement in U.S. history and a huge step in Volkswagen’s efforts to address the legal fallout from its admission that its vehicles were designed to fool emissions tests.

The deal sets aside $10 billion to repair or buy back roughly 475,000 polluting Volkswagen vehicles with 2-liter diesel engines, and to compensate each owner with an additional payment of between $5,100 and $10,000, the person said.

The person asked not to be identified because the deal will not be filed in court until Tuesday, and a judge has ordered attorneys not to talk about it before then.

OIL/GAS

Developer sues for damages

The company that proposed the Keystone XL pipeline is seeking $15 billion in damages from the federal government after the Obama administration rejected the Canada-to-Texas project, a company spokesman said Monday.

TransCanada Inc. filed a request for arbitration Friday under the North American Trade Agreement, arguing that the State Department’s actions led the company to believe the project would win approval. Obama rejected a federal permit for the project in November, saying it would have undercut the nation’s reputation as a global leader on addressing climate change.

The Calgary company argues that it moved forward with the project under the assumption that it would win approval, given numerous federal reviews and the government’s approval of the original Keystone pipeline. It also alleges that the administration rejected the project to bolster its environmental credentials.

AGRICULTURE

Ohio farmland prices drop

The average per-acre sale price of farmland in Ohio has dropped slightly from $7,500 in June 2015 to $7,300 in June 2016.

That’s according to a new Farmers National Co. agent survey, which was released Monday.

The drop was blamed on a “swing in commodity prices,” Roger Hayworth, area sales manager, said in a Farmers National Co. release.

The average prices paid per acre for “high quality” farmland in Michigan from June 2015 to June 2016 declined $100; in Indiana by $500; in Illinois by $600; and Mississippi by $100, the company said.

Missouri saw a slight uptick of $200 per acre and Tennessee saw $150; prices paid per acre in Kentucky and Arkansas remained steady from last June, the survey said.

While commodity prices have had a significant impact on land values, location and quality remain major influencers on land values, Farmers National said.

FAST FOOD

Wendy’s expanding to Brazil

The Olympics aren’t the only thing opening this summer in Brazil.

Wendy’s plans to introduce Brazil to its burgers and Frosty desserts with two restaurants in Sao Paulo next month, the first Wendy’s locations in South America’s largest country.

The restaurants are a joint venture between Wendy’s, Starboard Group, a large Wendy’s franchisee, and Infinity Services, a Brazil-based restaurant investment company. Starboard owns 182 Wendy’s across Alabama, Florida, Illinois, Michigan, Missouri, New Jersey, Pennsylvania, Virginia, and Wisconsin.

Wendy’s plans to expand throughout Brazil over time, according to a press release, but did not specify a number of stores or additional cities. Sao Paulo is considered the financial and food capital of Brazil, according to Marcel Gholmieh, CEO of Infinity Services.

The move into Brazil follows a strategy announced by Wendy’s last year; it wants to enter a few countries in a deep way, opening a large number of stores instead of opening a few stores in many countries.

Compiled from staff and wire reports.