Today in business: 5 things you need to know

1. APPLE SLASHES ORDERS FOR IPHONE PARTS

Apple's stock fell by three percent early Monday following reports that it had sharply cut orders for iPhone 5 components as demand for the latest version of the popular smartphone proved weaker than expected. People familiar with the situation said Apple had notified suppliers last month that it would be buying half as many iPhone 5 screens as originally planned in the first three months of 2013. The move comes as Samsung Electronics and other rivals making smartphones using Google's Android operating system cut into Apple's dominance. [CNBC, Wall Street Journal]

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2. UPS GIVES UP ON BUYING TNT EXPRESS

United Parcel Service announced it was dropping its $7 billion offer to buy TNT Express, a Dutch delivery company, because the European Union was expected to veto the deal. The news was devastating to TNT, which saw its share price plummet by half in a matter of minutes on Monday. UPS, the world's biggest package delivery company, was hoping the purchase would help it expand in Europe, Asia, and Latin America. "This is going to make it hard for UPS to increase its position in Europe on its own," said Philip Scholte at Rabobank. [Reuters]

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3. ORACLE DESIGNS QUICK FIX FOR JAVA FLAW

Oracle released a hastily designed partial fix for Java on Sunday after the U.S. Department of Homeland Security issued an urgent advisory telling users to disable the Web software. Analysts say a flaw, which could affect 850 million PCs, could allow attackers to use malicious Java applets to install other apps, opening users to identity theft and other potential dangers. The update to Java 7, the latest version and the only affected, changes the default security settings so that unsigned Java applets will request permission before running, instead of starting automatically. [Slashgear]

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4. SOUTH PARK CREATORS LAUNCH STUDIO

South Park creators Trey Parker and Matt Stone announced Monday that they were launching their own production company, Important Studios. The new venture is estimated to be worth $300 million thanks to investors and money from South Park, which is in its 16th season on Comedy Central, and the Broadway smash hit The Book of Mormon. The studio will give the duo the power to finance their future TV, movie, and theater projects on their own, starting with a big-screen adaptation of The Book of Mormon. "Having worked with several different studios over the years," they said in a statement, "we came to realize that our favorite people in the world are ourselves." [New York Times]

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5. TOYOTA REGAINS CROWN

Toyota overtook GM to become the world's top-selling car company again. The Japanese automaker said Monday that it sold 9.7 million cars and trucks worldwide in 2012, and it's still not finished counting. GM reported that it sold 9.29 million. GM was No. 1 for more than seven decades before 2008, but it lost the title to Toyota in 2008 then took it back in 2011, a year when Toyota's factories in Japan faced a slowdown due to that year's devastating earthquake and tsunami, which left Toyota with a shortage of inventory. It bounced back thanks to the introduction of new versions of the Camry and other popular models. [Associated Press]