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Business news in brief

A new home goes up at the Baker Ranch development in Lake Forest, Calif., southeast of Los Angeles. New-home sales soared 7.8 percent, to a 539,000 annualized pace in February - a seven-year high, the government said, exceeding even the most optimistic of economists' forecasts. Homebuilders' stocks reflected the upbeat results, with Toll Brothers Inc. rising 57 cents, or 1.49 percent, Tuesday.
A new home goes up at the Baker Ranch development in Lake Forest, Calif., southeast of Los Angeles. New-home sales soared 7.8 percent, to a 539,000 annualized pace in February - a seven-year high, the government said, exceeding even the most optimistic of economists' forecasts. Homebuilders' stocks reflected the upbeat results, with Toll Brothers Inc. rising 57 cents, or 1.49 percent, Tuesday.Read morePATRICK T. FALLON / Bloomberg

In the Region

Calif. Comcast vote delayed

California regulators have delayed until May 7 a vote on Comcast Corp.'s proposed acquisition of Time Warner Cable Inc. for $45 billion. The Public Utilities Commission also has scheduled a public hearing April 14 in Los Angeles on the merger and conditions that could be placed on it, state officials said. - Bob Fernandez

FCC sued over net neutrality

The Federal Communications Commission was sued by a trade group and a broadband provider claiming net neutrality rules issued this year exceed the government's authority. The lawsuits in Washington and New Orleans filed Monday begin what is expected to be a litigation onslaught from companies claiming the new rules meant to keep the Internet open give government too much power. The United States Telecom Association and Alamo Broadband Inc. asked the courts to void the rules, which forbid Internet service providers led by Comcast Corp. and AT&T Inc. from blocking or slowing Web traffic. The FCC claimed strong legal authority rooted in utility-style regulation for the rules, which it approved Feb. 26. - Bloomberg News

BioClinica expands to N.C.

Newtown-based BioClinica, which provides clinical trials services and technology to pharmaceutical companies and research organizations, said Tuesday it is opening an office in the Research Triangle Park area of North Carolina. BioClinica's facility in Durham will provide space for 40 employees, including some who previously worked from home. - David Sell

Pa. casino license dates set

Appeals to the Pennsylvania Supreme Court of the Pennsylvania Gaming Control Board's November decision to award Philadelphia's second casino license to Live! Hotel & Casino in South Philadelphia moved forward Monday. The court denied a motion by SugarHouse Casino to force the Gaming Board to engage in further fact finding and also set May 4 as the deadline for Market East Associates L.P., PHL Local Gaming L.L.C., and Sugarhouse HSP Gaming L.P. to file briefs explaining why they believe the board's decision should be overturned. The gaming regulators then have 30 days to respond. No oral arguments have been scheduled. - Harold Brubaker

Elsewhere

Morgan Stanley CFO to Google

Google Inc. is turning to Wall Street for its next chief financial officer as the technology giant grapples with rising costs, a growing pile of cash, and increased fiscal complexity. Ruth Porat, 57, will leave Morgan Stanley in April after more than 25 years there, Morgan Stanley said. Jonathan Pruzan, 46, Morgan Stanley's co-head of global financial-institutions banking, will become the company's new finance chief. "A dose of increased discipline could certainly serve Google well," said Colin Gillis, an analyst with BGC Partners LP. - Bloomberg News

FAA alters drone rules

Federal aviation officials say they are streamlining their rules to expedite permits to fly commercial drones as long as flights remain under 200 feet in altitude. The Federal Aviation Administration has been granting permits on a case-by-case basis to companies that want to use drones for aerial photography, to monitor crops and pipelines, and to inspect bridges, cellphone towers, oil platforms, and other tall structures. But the agency has a backlog of more than 400 applications for permits, and the list is growing. Under streamlined rules released Tuesday, the FAA will grant blanket flying permission to applicants whose drones weigh less than 55 pounds and who agree to keep flights under 200 feet, to fly only in the daytime, and to keep away from airports. - Associated Press

Mercedes, GM recall cars

Mercedes-Benz is recalling just over 30,000 CLS-Class cars in the U.S. because the LED tail lamps may not light properly on the sides. Meanwhile, General Motors is recalling nearly 92,000 Chevrolet Malibu midsize sedans to fix a problem with the power sunroof controls. The GM recall covers cars from the 2013 through 2015 model years. - AP

Consumer prices rise

A slight rise in gas costs and broad increases in other categories lifted overall consumer prices in February. The consumer price index rose 0.2 percent, the Labor Department said Tuesday, after having sunk 0.7 percent in January - the biggest drop in six years. Gas prices have plummeted since June, dramatically lowering inflation. They fell for seven straight months before rising 2.4 percent in February. - AP

Cuban companies off terror list

The Treasury Department Tuesday removed dozens of Cuban companies from a U.S. blacklist of terror supporters and drug traffickers, another step in the two countries' process to improve relations. Several of the firms are connected to Cuba's tourism industry, including cruise lines and tour operators. - AP

Chicago schools selling bonds

For all the financial challenges confronting Chicago, its schools are in even more precarious shape as the Board of Education sold debt Tuesday for the first time since 2013. The nation's third-largest system is grappling with pension and budget deficits that spurred the closing of 50 schools almost two years ago. This month, Moody's Investors Service and Fitch Ratings cut their credit to one level above junk, potentially triggering a $228 million payment to end interest-rate swaps. - Bloomberg News