Toyotas strong start to 2012 got a boost from a market it has long avoided: rental-car companies.
The Japanese automaker sold 47 percent more cars and trucks to U.S. rental companies and other fleets in January, compared with a year earlier. Without those corporate customers, U.S. sales would have been up less than 1 percent instead of 7.5 percent.
The sharp increase in fleet sales is unusual for Toyota, which has long shied away from that market because its less profitable than sales to individuals. Rental-car sales, in particular, can hurt a brands image and lower resale values because they flood the market with models. Ninety-three percent of Toyotas January fleet sales went to rental-car companies. The rest went to corporate customers.
Toyota says the higher fleet sales wont be a long-term trend. It says its making up for contracts it couldnt fulfill last year after Japans earthquake.
Wheat from Australia nearing all-time high
Wheat exports from Australia, set to be the worlds second-biggest shipper, may advance to a record this year as the harvest climbs to a record high after favorable weather, according to the government forecaster.
Shipments may total 22.3 million metric tons in the year to Sept. 30, the Australian Bureau of Agricultural Resource Economics and Sciences said Tuesday. Thats 3.2 percent more than forecast on Dec. 6 and 20 percent higher than a year earlier. Production may total 29.5 million tons, 4.3 percent more than previously estimated and beating last years record crop of 27.9 million tons, the bureau said in a report.
Increased shipments from Australia will add to record worldwide supply and may help to extend the grains 29 percent slump in the past year, easing global food costs.
Yahoo shareholder targets board seats
A major Yahoo shareholder unimpressed with a recent shake-up at the troubled company is trying to seize four seats on the board of directors.
New York hedge fund manager Daniel Loeb outlined his plans for the mutiny attempt in a Tuesday regulatory filing that revealed he bought an additional 12.9 million Yahoo shares last month. He now controls a 5.6 percent stake in Yahoo Inc.
Loeb hopes to use those holdings as leverage to gain a seat on Yahoos board. He also nominated three other candidates to replace some of Yahoos current board members. Loebs allies are former NBC Universal CEO Jeff Zucker, media consultant Michael Wolf and turnaround specialist Harry Wilson.
The challenge comes a week after Yahoo announced Chairman Roy Bostock and three other directors are stepping down.
Goodyear posts profit, but short of forecasts
Goodyear Tire & Rubber Co. returned to profitability in its fourth quarter partly as it sold more higher-priced tires after reporting a loss a year ago that included hefty costs tied to a plant closing.
But its results fell short of Wall Street expectations.
The biggest U.S. tire maker also cautioned that global tire industry growth will be at a slower pace in the near term than previously predicted due to economic difficulties in several markets.
For the period ended Dec. 31, Goodyear reported net income of $18 million, or 7 cents a share. That compares with a net loss of $177 million, or 73 cents a share, a year ago.