Business news briefs
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Tiffany reports

higher income

Tiffany & Co. reported a 3 percent increase in first-quarter net income, fueled by solid sales improvement worldwide, particularly in Asia. Results from the luxury retailer beat Wall Street expectations and its shares briefly rose to their highest level in almost two years. Analysts said the trend shows resilience among affluent shoppers despite economic challenges around the globe.

AstraZeneca

to buy Omthera

British drugmaker AstraZeneca PLC plans to spend about $260 million on Omthera Pharmaceuticals Inc., a small specialty drug developer with a potential treatment for patients who have high levels of fats called triglycerides in their blood. AstraZeneca said Tuesday it will pay $12.70 for each share of Omthera, which priced an initial public offering last month at $8 per share.

Chinese buying

more luxury goods

Pernod Ricard, owner of Absolut vodka, Martell cognac and Jameson whisky, says explosive sales growth in China is slowing but an expanding urban elite still makes the country one of the most promising markets. Makers of luxury goods from designer clothes to sparkling wine are looking to China as a key growth market.

Saudi oil

production up

Saudi Arabia's state-owned oil giant says production reached record level last year as global demand surged and international sanctions sharply trimmed output from rival Iran. Gulf Arab states have stepped up crude production to compensate for Iranian exports, which have dropped as major customers such as India and China face pressures from the West to trim their purchases from Tehran.

Airline workers

seek union vote

Mechanics and related workers for American Airlines filed for an election with the National Mediation Board as part of a months-long effort to become Teamsters. The petition comes on the heels of a similar move by US Airways mechanics seeking Teamster representation.

Kellogg settles

Mini-Wheats suit

Kellogg has agreed to pay $4 million to settle a class-action lawsuit over the marketing claims it made for Frosted Mini-Wheats. The maker of Frosted Flakes, Eggo waffles and Pop Tarts was sued for saying the cereal improved children's attentiveness, memory and other cognitive functions.

Report: Chinese

hacked Aussies

Australian Broadcasting Corp. television reported that plans for a new $608 million headquarters for the Australian Security Intelligence Organization had been stolen through a cyberattack on a contractor. Blueprints for the long-delayed building in Canberra, including details such as communications cabling, server locations and security systems, had been traced to a Chinese server, the network reported.