Today in business: 5 things you need to know

Auto sales rise, Cyprus' finance minister quits, and more in our roundup of the business stories that are making news and driving opinion

Cypriot Finance Minister Micahelis Sarris abandons his sinking ship.
(Image credit: AP Photo/Virginia Mayo)

1. AUTO SALES SPIKE

Automakers had their strongest month in nearly six years in March. General Motors and Ford said their sales rose by 6 percent compared to the same month last year. Chrysler, which posted a 5 percent gain, had its best sales month since December 2007. Overall, automakers sold nearly 1.5 million vehicles, automotive information company Edmunds reported Tuesday. Toyota reported its best month in the U.S. since the Cash for Clunkers economic stimulus program boosted sales in August 2009. Ford and Chrysler were helped by high demand for pickups and SUVs, while a GM executive chalked up the performance to "a strengthening economy and new products." [Los Angeles Times]

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.