Toyota sells 2.58 million vehicles, outselling GM

TOKYO -- Toyota kept its position at the top in global vehicle sales for the first quarter of this year, outpacing rivals General Motors and Volkswagen.

Toyota Motor Corp. said Wednesday that it sold a record 2.583 million vehicles in the January-March period, putting the Japanese automaker ahead of Detroit-based GM at 2.42 million and Volkswagen of Germany at 2.4 million.

Toyota's first quarter sales rose by more than 6 percent from the same period the previous year. GM's sales grew 2 percent, while Volkswagen's added nearly 6 percent.

Toyota finished first last year with a record 9.98 million vehicles in sales, remaining the top-selling automaker for a second year in a row. General Motors Co. finished second and VW third.

Toyota is targeting sales of more than 10 million vehicles this year. No automaker has sold that many in a year. Toyota officials say being No. 1 is not that important, and they want to be No. 1 in customer satisfaction.

But competition is intense among all the world's automakers, and clinching the top-selling automaker crown is not taken lightly.

By region, Toyota's first quarter sales grew in Japan as consumers rushed to buy ahead of a rise in the sales tax, which kicked in April 1. Its sales also grew in the rest of Asia, the Middle East, South America and Africa, according to Toyota.

General Motors had been the No. 1 selling automaker for more than seven decades before losing the title to Toyota in 2008.

GM retook the sales crown in 2011, when Toyota's production was hurt by the quake and tsunami in northeastern Japan. But the maker of the Prius hybrid, Camry sedan and Lexus luxury model made a comeback in 2012, and kept that lead in 2013.

GM's image has taken a hit after a February recall of 2.6 million vehicles for defective ignition switches, a defect the company tied to 13 deaths.

GM and the U.S. government are investigating why it took the company more than a decade to recall the cars after engineers first learned of the switch problems.

Toyota also underwent a massive recall debacle in the U.S., announcing recall after recall starting in 2009. It paid a $1.2 billion earlier this year to settle a U.S. Justice Department investigation into charges of covering up problems that caused unintended acceleration in some cars.

From 2010 through 2012, Toyota paid fines totaling more than $66 million for delays in reporting safety problems. Toyota agreed last year to pay more than $1 billion to owners of its cars who claimed to have suffered economic losses because of the recalls. The company still faces wrongful death and injury lawsuits.

Volkswagen is growing so quickly in China and other relatively new markets it is close on the heels of its two longtime rivals.

Ericsson in $260 million first-quarter profit

STOCKHOLM -- Wireless equipment maker Ericsson says first-quarter profit increased to 1.7 billion kronor ($260 million) mainly because of restructuring and licensing income even as revenue fell by 9 percent compared to the same period a year earlier.

Net sales in the period dropped to 47.5 billion kronor from 52 billion kronor. Net profit in the same period last year was 1.2 billion kronor.

The world's largest supplier of mobile phone infrastructure said Wednesday that the main reason for the sales decline was lower revenue from mobile broadband projects in North America and reduced activity in Japan.

But the Sweden-based company was upbeat saying it expects "key contracts" will positively impact sales in the second half of the year.

FedEx sued over deadly California bus crash

LOS ANGELES -- The mother of a 17-year-old honors student who was among 10 people killed in a fiery Northern California bus crash sued FedEx on Tuesday, alleging that its trucks have a history of catching fire.

The negligence suit that seeks $100 million in damages is the first filed in connection with the April 10 freeway crash in Orland, said A. King Aminpour, the attorney for the plaintiffs.

The suit was filed in Los Angeles County Superior Court on behalf of Rosa Rivera, mother of Jennifer Bonilla of Los Angeles.

The Dorsey High School student had earned a college scholarship. She and other teens were heading north for a free tour of Humboldt State University when the bus was struck head-on by a FedEx truck.

Dozens escaped through windows before the bus exploded into towering flames, but five students, three adult chaperones and both drivers died.

"She had her whole future before her," Aminpour said of Bonilla. "She was the first in her family to ever go to college."

The California Highway Patrol has not determined the cause of the crash 100 miles north of Sacramento.

Some witnesses reported that the FedEx truck was on fire before the crash, and the lawsuit alleges that FedEx trucks have a history of catching fire from mechanical problems, driver error or improper cargo loading.

"Our heartfelt condolences remain with everyone affected by this tragic accident," Memphis, Tenn.-based FedEx Corp. said in a statement. "We remain focused on providing support to those affected and cooperating with the authorities as they conduct their investigation. This is not the time for us to discuss potential litigation."

The suit also names the estate of the FedEx driver and the bus owner, Silverado Stages, as defendants. The bus lacked adequate exit doors that would have allowed passengers to escape after the crash, the lawsuit contends.

A message seeking comment from a Silverado Stages executive after hours Tuesday was not immediately returned.

Wanted Islamist escapes assassination in Sidon

SIDON, Lebanon: An Islamist activist from an Al-Qaeda affiliated group survived Wednesday an assassination attempt in the southern Palestinian refugee camp of Ain al-Hilweh.

Security sources told The Daily Star Mohammad Abdullah Jumaa traded gunfire with two attackers who surprised him as he left Al-Nour mosque after performing the dawn prayer.

The sources said Jumaa, a member of the Abdullah Azzam Brigades, is wanted by Lebanese authorities on multiple charges.

Stocks move higher as more earnings roll in

NEW YORK -- Stocks are moving higher as more U.S. companies report solid earnings.

Netflix rose 6 percent after the online video streaming service said its first-quarter earnings soared.

Botox maker Allergan surged 15 percent after Valeant Pharmaceuticals said it has teamed up with activist investor Bill Ackman to make a bid for the company.

The market is headed for its sixth gain in a row, which would be the longest winning streak since September.

The Standard & Poor's 500 index rose nine points, or 0.5 percent, to 1,880 as of noon Tuesday.

The Dow Jones industrial average rose 88 points, or 0.5 percent, to 16,537. The Nasdaq composite rose 38 points, or 0.9 percent, to 4,160.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.74 percent.

Experts tapped to help judge in Detroit bankruptcy

DETROIT -- A judge overseeing Detroit's bankruptcy has selected experts from Boston and New York to advise him on the city's plan to get out of Chapter 9.

Marti Kopacz (KO'-paz) of Phoenix Management Services will be the court's expert witness. She will give opinions on whether Detroit's plan is feasible and whether the forecast for future revenues and expenses is reasonable.

Kopacz will testify this summer when Judge Steven Rhodes holds a trial on Detroit's bankruptcy exit plan.

Rhodes also is tapping former New York Lt. Gov. Richard Ravitch for help. Ravitch won't be testifying, but he'll be a consultant working for free.

Detroit hopes to leave bankruptcy by fall. Thousands of retirees and current workers soon will vote on cuts in pension payouts.

McDonald's profit slips amid weak sales

NEW YORK -- McDonald's said that its profit slipped in the first quarter as global sales remained weak for the world's biggest hamburger chain.

The Oak Brook, Ill.-based company said global sales edged up 0.5 percent at established restaurants. In the flagship U.S. market, the figure fell 1.7 percent as customer traffic declined. The company cited "challenging industry dynamics and severe winter weather."

It said global sales for April are expected to be modestly positive. April would reflect the first full month that Taco Bell has offered its national breakfast menu, which it has pitched a challenge to McDonald's dominance in the morning hours.

The decline in sales and customer traffic in the U.S. reflects the struggles McDonald's is facing as eating habits change and competition intensifies. After a decade of growth, annual sales at established U.S. locations fell for the first time last year. The continued decline in the U.S. in the first quarter of 2014 is in stark contrast to Chipotle Mexican Grill Inc., which last week said sales at established locations rose 13.4 percent.

McDonald's CEO Don Thompson has noted in the past there seemed to be a split in the fast-food industry, with people who have more spending money heading off the chains that charge more. He said McDonald's will focus on underscoring value for its more cash-strapped customers, but the chain is also offering more premium offerings such as its new Bacon Clubhouse Burger.

In a statement Tuesday, Thompson said McDonald's is focusing "creating the best overall experience for our customers." To adapt to shifting trends, for instance, the chain has been rolling out new prep tables in its U.S. kitchens that can hold more sauces and toppings.

The idea is to eventually offer greater customization on its menu while keeping orders easy to assemble for workers. Speed and accuracy have been an issue for McDonald's as it stepped up the pace of new menu items in the past year.

In Europe, McDonald's said sales rose 1.4 percent at established locations in the latest quarter. The figure rose 0.8 percent in the unit that encompasses Asia, the Middle East and Africa, despite a decline in traffic.

For the quarter ended March 31, net income fell to $1.2 billion, or $1.21 per share. Analysts expected $1.24 per share.

A year ago, the company earned $1.27 billion, or $1.26 per share. McDonald's Corp. noted that the year-ago results were boosted by income tax benefits.

Revenue edged up to $6.7 billion, but was shy of the $6.71 billion Wall Street expected.

Shares of McDonald's edged up 83 cents to $100.50 in pre-market trading.