Briefly

Toyota expecting slowdown in growth

TOKYO -- Toyota expects that flat sales in North America -- where higher gas prices, a housing slump and a slowing economy have tempered consumer spending -- will slow growth in its overall sales and profits this year after double-digit gains last year. Besides the anticipated sales slowdown, Toyota officials said Wednesday that investments in new plants to boost production and research costs to develop new models will depress its profit expansion for the fiscal year through March. Japan's biggest automaker has also been spending on quality controls, after suffering a surge in recalls that analysts say may be a byproduct of the automaker's recent aggressive growth efforts. It expects a 0.4 percent rise in profit this year, its smallest improvement since its profit slipped in the fiscal year ending March 2002.

'Borat', other films up News Corp. profits

NEW YORK -- News Corp., which disclosed a surprise bid for Dow Jones & Co. last week, reported 6.2 percent higher profit Wednesday on gains at its movie studio and cable networks, including Fox News Channel. Higher earnings from home video sales of "Borat" and the theatrical release of "Night at the Museum" and other movies helped drive News Corp.'s profit to $871 million in its third fiscal quarter ended March 31, up from $820 million in the same period a year ago. Revenue rose 21.5 percent to $7.5 billion. On a conference call with analysts and reporters, News Corp. chief executive Rupert Murdoch defended his unsolicited offer for Dow Jones, which has run into opposition from the company's controlling shareholders and Dow Jones employees.

Oil prices fall as gas inventories rise

NEW YORK -- Oil prices fell Wednesday on a U.S. inventories report showing the first rebound for gasoline stocks in three months. The increase could relieve pressure on U.S. retail gasoline prices, which have risen to near-record levels ahead of the summer driving season. Inventories remain well below levels a year ago, however, and persistent problems at the nation's refineries and escalating violence in Nigeria's oil region could drive prices still higher. Marking the first increase in 13 consecutive weeks, gasoline stocks rose an average of 400,000 barrels last week to 193.5 million barrels, slightly ahead of analyst expectations. Light, sweet crude for June delivery fell 71 cents to settle at $61.55 a barrel on the New York Mercantile Exchange.

Creditors OK Northwest reorganization plan

MINNEAPOLIS -- Northwest Airlines said its creditors overwhelmingly approved its bankruptcy reorganization plan, another key step on its way toward emerging from bankruptcy protection next month. An unofficial vote tally shows that almost 97 percent of creditors who voted approved the plan, the airline said Wednesday. Final results will be filed in bankruptcy court in New York later this week. A confirmation hearing on Northwest's reorganization plan is set to begin May 16, and Northwest has said it expects to emerge from bankruptcy in June. It has been operating under bankruptcy protection since Sept. 14, 2005.

Builders report slump in sales and profits

PHILADELPHIA -- Hopes of an imminent housing recovery are dimming as the nation's largest homebuilders continue to report slumping sales and profits. Toll Brothers Inc., the nation's largest builder of luxury homes, on Wednesday warned that it won't meet prior earnings projections while homebuilders Hovnanian Enterprises Inc., Pulte Homes Inc. and D.R. Horton Inc. have reported similar malaise. Toll placed part of the blame on stricter lending requirements that have been tough on buyers who want to upgrade but can't sell their current residences. Analysts said problems in subprime mortgages earlier this year have dampened a recovery. Problems in subprime mortgages, which target borrowers with poor credit histories, have choked early indications of a recovery in the housing market.

DirecTV's quarterly profit up 43 percent

LOS ANGELES -- DirecTV Group Inc., the nation's largest satellite TV operator, said Wednesday its first-quarter profit rose 43 percent from a year ago as more subscribers signed on for high-profit offerings and fewer canceled their service. Still, shares slipped as the earnings missed Wall Street expectations and analysts expressed concerns about increased competition from telecommunications companies such as Verizon Communications Inc.

-- From wire reports