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Early Edition January 06 2009 at 03:25 AM Harry Maurer

Toyota to Shut Japanese Factories for 11 Days

In an unprecedented move, Toyota will suspend production at a dozen of its Japanese plants for six days in February and another five days in March, the Japanese automaker announced on Tuesday. "Demand in the world auto market is so depressed that every model is falling sharply in sales," said Toyota spokesman Hideaki Homma. The last time Toyota suspended production in Japan was 1993, when the company closed factories for one day.

The announcement of the February and March closures came after Toyota reported dismal sales numbers for December: In the U.S., sales plunged 37% last month, worse than the 32% fall for Ford and 31% drop for General Motors.

Was Apple 'Adequate but Late' on Jobs?

Following Apple's disclosure of CEO Steve Jobs' health problem, some corporate governance experts questioned whether Apple said as much-as early-as necessary. On Dec. 6, when Apple said Jobs would not speak at the annual Macworld Expo, it did not cite his health as a reason. Earlier in the year, an Apple spokesperson attributed Jobs' apparent weight loss to a "common bug," and the company later called his health a "private matter." Joe Grundfest, co-director of the Arthur and Toni Rembe Rock Center for Corporate Governance at Stanford, says securities lawyers could "get a good debate going" over whether Apple was as forthcoming as necessary. Another question raised by the disclosure is how much more Apple may be compelled to say on the issue.

Source: BusinessWeek

Wall Street Woes Hit Manhattan Property Market

The fallout from the financial crisis hit Manhattan real estate in the fourth quarter, new reports show. According to the Corcoran Group, the number of closed sales dropped by at least 30% year-on-year following the Sept. 15 Lehman bankruptcy, while a report by Prudential Douglas Elliman found that resales of existing apartments dropped 24.8 percent. Brown Harris Stevens and Halstead Property reported the average apartment sale dropped 2% from the previous quarter.

Source: New York Times

Obama Stimulus Plan Wins Support in Congress

President-elect Obama met with Congressional leaders on Monday and won support for quick passage of a two-year, $775 billion stimulus plan. With Obama warning the economy is ""bad and getting worse," GOP House leader John Boehner said Republicans would support passage of the plan by mid-February.

Source: Politico.com

Cash-Rich Japanese Companies Making Deals

With the stronger yen making overseas acquisitions more appealing and foreign rivals weakened by the financial crisis, Japanese companies are shopping for deals. Trading companies such as Marubeni and Itochu helped lead a surge in Japanese M&A last year, with companies from Japan spending a record-high $77.8 billion on overseas acquisitions, more than triple that of the previous year.

Source: Wall Street Journal

Prosecutors Ask Judge to Send Madoff Directly to Jail

Bernard Madoff, currently under house arrest, should go to prison immediately, prosecutors told a Federal magistrate on Monday. U.S. lawyers said the alleged swindler violated terms of his bail by mailing $1 million in jewelry and other items to family members and friends. The judge did not make a decision and asked both sides to present more information on Thursday.

Source: Reuters

Whitman Quits Board Posts in Preparation for California Run

Former eBay chief executive Meg Whitman resigned from the boards of eBay, Procter & Gamble and DreamWorks Animation, a sign that she is preparing a run to win the GOP nomination to replace Arnold Schwarzenegger as governor of California.

Source: Financial Times

Indian IT Companies Reported in Merger Talks

Embattled Indian IT company Satyam Computer, under fire from investors after a botched takeover last month of two companies owned by the family of its founder, is the target of merger talks initiated by smaller Indian rival Tech Mahindra. Market speculation has also focused on other potential suitors, including HP and private-equity firms.

Source: Economic Times of India

In Your Face: The Web's Free Labor Economy

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