More Business In Brief

Toyota raises price of new Corolla

Toyota is raising the base price of its reworked Corolla compact car by 3.5 per cent.

The 2014 version of the nation's second-best-selling compact car will start arriving in showrooms in the next week or so.

Toyota says it will charge US$16,800 for a base version with a new six-speed manual transmission, up US$570 from the 2013 model.

It will cost US$17,400 to get a four-speed automatic transmission, up two per cent, and US$18,300 for a Corolla with a continuously variable transmission. The prices do not include an US$810 shipping charge. CVT transmissions don't shift gears, instead allowing the engine to operate efficiently at most speeds.

Toyota is giving the Corolla a sportier look and more gadgets, a recognition by the world's biggest automaker that the under-50 crowd wants more than just reliability in a compact car. The company hopes to shed the old version's no-frills image and attract new, younger buyers.

The 2014 model is longer and sits lower, with an athletic look that's much closer to a sports car than the econobox it replaces.

Burger King to offer 'French Fry Burger'

Burger King says it will start offering a 'French Fry Burger' for a buck, as it looks to fend off McDonald's aggressive push for its Dollar Menu.

The Miami-based chain says the burger will be available September 1 through the fall, as it looks to drum up sales and customer interest with cheap new concoctions.

The burger, which clocks in at 360 calories and 19 grams of fat, is a relatively novel offering, but doesn't require any extra investment from Burger King; it's basically a standard beef patty topped with four of the chain's french fries.

The offering comes as fast-food chains jump through hoops to get customers through their doors, in large part by heavily promoting their cheapest eats.

McDonald's in particular has stepped up advertising for its Dollar Menu, which now features its Grilled Onion Cheddar Burger and a more substantial McDouble, which has two patties and a slice of cheese.

Nicaragua to start exploring for oil in Caribbean

Nicaragua says it will start exploring for oil in a swath of seabed in the Caribbean Sea that an international court granted it last year after a dispute with Colombia.

Energy and Mines Minister Emilio Rappaccioli said Thursday the exploratory work in an area that is home to one of the largest barrier reefs in the Americas will start this weekend. It will be done by the US-based company Noble Energy.

The International Court of Justice last year granted Nicaragua a large horseshoe-shaped area of the sea and seabed surrounding a group of tiny islands that the court granted to Colombia.

The archipelago is home to the 100-square-mile (255-square-kilometre) old Providence reef.

Environmentalists say exploratory drilling in the area will damage the environment.