February new-home sales slowest on recordSales of new homes plunged in February to the slowest pace on records dating back nearly half a century, a dismal sign for an already-weak housing market. New-home sales fell 16.9 percent last month to a seasonally adjusted annual rate of 250,000 homes, the Commerce Department said Wednesday. It's the third straight monthly decline and far below the 700,000-a-year pace that economists view as healthy. New-home sales now account for just 5 percent of total home sales so far this year. They typically represent closer to 15 percent in healthier housing markets.
Toyota expects to cut N. American productionToyota told its workers in North America that it expects to halt production at one or more plants because of shortages of Japanese-made parts. The carmaker said it did not know where or when it would need to cut output but said it had become clear in the nearly two weeks since the earthquake and tsunami in its home country that its overseas operations would be affected in some fashion. "It's too early to say which models would be affected, but there will be an impact and we acknowledge that," Toyota spokesman Javier Moreno said.
Starbucks to sell single-cup brewing machineStarbucks said it intends to sell a single-cup coffee brewer with manufacturer Courtesy Products to expand its reach in the fast-growing one-cup java market. Starting in 2012, the brewer is expected to be sold at U.S. supermarket chains and warehouse club stores. It will use Starbucks and Seattle's Best coffees. Seattle's Best is owned by Starbucks. Details of where exactly the brewer will be sold and its design are still being hashed out, a Starbucks spokesman said.
Nacchio objects to paying for lawyers' undiesJoseph Nacchio, the former Qwest Communications chief executive convicted of insider trading, sued his defense lawyers, claiming they were negligent and "grossly overbilled him" for costs including underwear. Nacchio, 61, is serving a 70-month prison sentence after his conviction in 2007 for illegally selling $52 million of Qwest stock based on inside information. Attorney Herbert Stern and his law firm, Stern & Kilcullen in Roseland, N.J., billed Nacchio more than $25 million, charging tens of thousands of dollars for staff breakfasts, attorney underwear and in-room movies during the federal trial in Denver, according to the complaint filed in a New Jersey court.
Disney keeps ailing Jobs on board of directorsWalt Disney Co. shareholders returned Apple Inc. Chief Executive Steve Jobs to the entertainment company's board of directors, despite questions raised about whether his health would hamper his ability to serve. Jobs was reelected, along with 12 other directors. The shareholders also rejected a proposal that would have ended the practice of allowing Disney's board to administer a retest to determine whether senior executives qualify for stock bonuses.
U.N. report predicts wheat production boomWorld wheat production will rise, led by a possible 33 percent jump in Russia, on increased planting prompted by higher prices and as yields improve, the United Nations says in a report. Global wheat production will increase 3.4 percent to 676 million metric tons in 2011, the U.N.'s Food and Agriculture Organization said Wednesday in its Crop Prospects and Food Situation report. Wheat traded in Chicago gained 47 percent in 2010 and contracts traded in Paris surged 92 percent.
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