March 2009 Archives

It's nice being at the top.

Mattel chief executive gets $8.6 million in 2008

(AP) Robert A. Eckert, the chairman and chief executive of Mattel Inc., received compensation valued at $8.6 million, down about 29 percent from a year ago, according to an analysis of a regulatory filing on Monday.

Eckert, 54, received a base salary of $1.25 million, equal to last year, the El Segundo, Calif.-based company reported in a filing with the Securities and Exchange Commission.

He did not receive a cash or performance-based bonus. A year ago, he received a bonus of $7.1 million, most of which came from a three-year performance period bonus.

He also received $691,988 in other compensation, including $285,438 for personal use of the company aircraft, a $150,000 reimbursement for a country club initiation fee, $49,906 as part of a company car program, and other perquisites or "perks."

The bulk of his award came in the form of stock and option grants valued by the company when they were awarded at $6.7 million. The total includes options granted in August 2008 that entitle Eckert to buy shares at $20.48 a share. The stock is trading well below that now, but could recover before Eckert decides to exercise his options.

Space Exploration Technologies, the Hawthorne-based developer of low-cost rockets, said the launch window for its next Falcon 1 flight is scheduled to open at 4 p.m. South Bay time April 20.

The rocket will carry a RazakSAT satellite designed and built by Astronautic Technology Sdn Bhd, a Malaysian firm.

The Hawthorne company, known as SpaceX, will use its Falcon 1 launch site on Omelek Island, located about 2,500 miles southwest of Hawaii.

This will be SpaceX's fifth flight attempt. The company failed in its first three launches before achieving a successful flight last year.

Advanced Arm Dynamics, a Redondo Beach-based company that helps fit people with prosthetic arms and hands, today announced the creation of the all-new Reverb Arm, "an prosthetic arm that has MP3 playing capability with amplified sound quality."

If true, the new contract would be a huge morale boost for Boeing's El Segundo satellite operations.

Boeing Nears Intelsat Satellite Deal

(WSJ) After struggling for years, Boeing Co.'s commercial-satellite manufacturing business appears poised for a lift by snaring what is likely to be a $400-million-plus, multi-satellite order from Intelsat Ltd., according to people familiar with the matter.

While no final agreement has been signed, negotiations between Boeing and Intelsat, the largest global satellite-services provider, have been making steady progress over the past months, these people said. Barring some last-minute snag, a contract for as many as four satellites with an estimated value between $400 and $550 million is expected to be signed within the next few weeks.

The deal, first reported by industry publication Space News, would help rejuvenate Boeing's satellite-making unit, which has barely broken even over the years, significantly cut its workforce and largely shunned the commercial arena. Combined with U.S. government awards that were delayed and others that Boeing failed to win, the Chicago aerospace giant's satellite factory, based in El Segundo, Calif., faces the threat of further reductions. In the past, Boeing officials even had preliminary discussions with rivals about potentially merging or selling the unit.

Read the whole story.

Why do Japanese consumers get to pick between two Prius models, while we American consumers will get only one choice?

With American consumers take this lying down? With the economy in such bad shape and demand for hybrids down, I'd say probably.

Toyota will not sell 2 Prius models together in US

(AP) NEW YORK: Toyota says it will not sell the 2010 Prius alongside the current model when the updated hybrid arrives at U.S. dealerships later this year, a departure from its strategy in Japan.

The third-generation Prius goes on sale in the U.S. this spring. In Japan, Toyota has said it will sell both the third-generation model and the smaller existing vehicle together, a move likely meant to counter the economy-priced Honda Insight.

In the U.S., Toyota says the existing Prius will remain in dealerships only until inventory runs out.

The Insight went on sale in February in Japan, and has sold briskly. It will arrive in the U.S. in the coming weeks priced under $20,000.

Toyota prices the current Prius at $22,000 and has not yet priced the 2010.

Andrew Leonard of Salon.com always has an interesting and entertaining perspective on the economy. Here's his latest post:

Put away your economic gloom and doom

How's this for a vote of confidence? On Wednesday, Janet Yellen, President of the Federal Reserve Bank of San Francisco, told an audience of economic forecasters in New York that "I share the guarded optimism of most professional forecasters that the economy may begin to grow again within the next several quarters."

Read the whole blog post.

And here's my Business Casual column on hope and pessimism.

I review a new book by James Flanigan, the former LA Times business columnist who now writes an occasional column for the NY Times.

The column starts like this: "Humbug!"

Read the whole column.

If the two models can co-exist in Japan, then why not in the US?

Toyota head says old Prius to stay after remodeling

TOKYO (Reuters) - Toyota Motor Corp will continue to sell the current, six-year-old Prius alongside the upcoming new version, at least in Japan, its president said on Thursday.

"They will have different engine sizes -- 1.5 liters and 1.8 liters -- and we figure there will be demand for the two to co-exist," President Katsuaki Watanabe told reporters at the unveiling of the new Crown Majesta sedan.

He declined to say whether Toyota will do the same outside Japan. Executives in the United States and Europe have said the current model will be discontinued when the new version is rolled out. The new Prius will be launched in May in Japan.

The South Bay's median home price fell 13.5% in February, compared to the same month last year, to $510,000, according to the California Association of Realtors.

El Segundo-based skin care company Murad Inc. said its founder, Howard Murad, was awarded his 18th patent by the United States Patent Office.

This latest patent represents Murad's research and discovery of a scalp treatment to promote hair growth, the company said.

This is an inventive publicity stunt in the form of an open letter from LiveOffice, the Torrance-based provider of email archiving, to senior executives at companies participating in the U.S. government's Troubled Asset Relief Program, or TARP.

Dear Executives of Companies Receiving TARP Funding:

With the current financial crisis, we as a nation are seeking ways to restore investor, regulator and taxpayer confidence in our financial markets. Many financial services companies are under tremendous pressure to show that TARP funding is being properly allocated, which means increasing the transparency of company operations. With much of your business operations conducted via electronic communications, such as email and instant messaging, why not make a strong statement to the public by ensuring that all of your electronic communications are properly captured and stored in a secure, fully searchable repository, so they are available on-demand? If you're willing, we can help.

We recently introduced the LiveOffice Economic Recovery Plan to state and local governments as well as educational institutions. This program is designed to provide organizations in need with reliable email archiving at a drastically reduced price. We would like to extend this program to you to help increase your operational transparency.

As an added benefit, you can also ensure that your emails and attachments are being properly maintained according to your corporate, legal and regulatory obligations. The LiveOffice Economic Recovery Plan allows you to take advantage of our SaaS-based email archiving and hosting solutions with no monthly payments until June 1, 2009.*

For more information on this program, please contact one of our Economic Recovery Plan Experts at 800.374.2032.

Respectfully,
Nick Mehta
CEO, LiveOffice

About LiveOffice
LiveOffice is the leading provider of cloud-based email archiving and Hosted Exchange 2007 solutions, with more than 8,500 clients and a 99-percent client-retention rate.
Founded in 1998 and backed by leading private-equity firm Summit Partners, the company has more than 100 employees with deep experience in messaging, including executives and board members from Symantec, Microsoft, FrontBridge and Postini. For more information, call 800.374.2032 or visit www.liveoffice.com. Visit the LiveOffice Blog at http://blog.liveoffice.com.
LiveOffice and its logo are trademarks of LiveOffice LLC. All other company names and products may be trademarks of their respective companies.

* Restrictions apply.

Even with fuel-efficient, dependable cars, Toyota and Honda still can't escape the downturn and credit crisis.

But the bank bailout is supposed to make things much better. If the banks are in worse shape than expected -- a definite possibility if not probability -- then car sales and production will continue to slump.

Toyota, Honda Cut Auto Output as U.S. Demand Falls

(Bloomberg) -- Toyota Motor Corp., the world's largest automaker, said its global production fell the most in at least 23 years as the worst recession since the Great Depression hammers vehicle demand in North America and Europe.

The company's output plunged 53 percent to 358,573 vehicles in February from the year-ago period, the company said in a statement today. That's the biggest percentage drop since the company began releasing the tally in January 1986. Honda Motor Co., the country's second-largest automaker, built 190,680 vehicles, down 43 percent. Output at Nissan Motor Co., Japan's No. 3 carmaker, slid 51 percent.

Toyota and other Japanese automakers widened production cuts to reduce their dealer's inventories. U.S. auto sales last month fell to the lowest since December 1981 after rising unemployment and tighter credit deterred car purchases.

"Tighter credit is killing demand in the U.S.," said Hitoshi Yamamoto, chief executive officer of Tokyo-based Fortis Asset Management Japan Co., which manages $5.5 billion in Japanese equities. "A recovery in the U.S. is essential to help Japanese automakers ease production cuts."

Read the whole story.

This is an interesting point of view. Basically, this argument says that our treasury secretary's inevitable failure will be good for America.

Let Geithner Fail

(Salon.com) You know Treasury Secretary Tim Geithner is in a tough spot when one of the most compelling defenses of his plan to fix the banking system is that its inevitable failure will leave us no other option than bank nationalization.

Read the whole story.

More than a dozen local companies, including TCI Precision Metals of Gardena and
Marshall Electronics of El Segundo, will be among the 20,000-plus firms to participate in the WESTEC Manufacturing Convention starting in 10 days.

WESTEC, the largest annual machine tools and advanced manufacturing event in North America, will run from March 30 - April 2 at the LA Convention Center.

The convention will showcase various technologies and include a job fair.

For more info or to register, go to www.WestecOnline.com or call 800-733-4763.

More than a dozen local companies, including TCI Precision Metals of Gardena and
Marshall Electronics of El Segundo, will be among the 20,000-plus firms to participate in the WESTEC Manufacturing Convention starting in 10 days.

WESTEC, the largest annual machine tools and advanced manufacturing event in North America, will run from March 30 - April 2 at the LA Convention Center.

The convention will showcase various technologies and include a job fair.

For more info or to register, go to www.WestecOnline.com or call 800-733-4763.

This week's installment of Business Casual is titled "Staying upbeat in a down economy."

Sure, the stock market has done well lately, but nearly all other economic news is bad.

Read the whole column.

And the businesses their employees patronize also will be hurt after the job cuts. It's a painful cycle.

Toyota supplier AW North Carolina offers buyouts to all 1,100 employees

(Triangle Business Journal) Auto-parts maker AW North Carolina has offered buyouts to all 1,100 of its employees in the hopes that 500 will choose that option and bring the Toyota supplier's head count in line with the slumping auto industry.

The employees all work at the company's 830,000-square-foot facility in Durham's Treyburn Corporate Park, which makes transmissions, oil pumps, torque converters and other products for Toyota, the world's largest car maker.

AW North Carolina said Thursday that its goal is to reduce its head count in Durham by 500 and that it hopes to reach that number through voluntary separations. Some employees already have accepted the deal and left the company, AW North Carolina said.

The company said the decision to cut its head count stems from a projected drop in production needs for the rest of this year and into 2010.

Read the whole story.

Hyundai is offering a similar promotion. For car buyers who lose their job, the company will buy take back the car.

Apartment co. offers free rent to laid-off tenants

CLEVELAND (AP) -- A landlord is promising two months free
apartment rent if its tenants in Ohio, Florida,
North Carolina and Texas lose their jobs.

Goldberg Cos. Inc. says layoffs have become the No. 1 concern for
prospective renters. In response, the company's
"Layoff Proof Lease" program, as it's called, will begin Saturday.

Tenants will qualify after they've signed a 12-month lease and have
made three rent payments. Goldberg says when they
provide a termination letter or other proof of job loss, they will
receive 60 days rent-free, and after that time they may back
out of the lease.

Senior vice president Jordan Goldberg says his family's company hopes
its offer will attract new tenants to its properties
and help retain current ones.

Engineers at Northrop Grumman Corp.'s Redondo Beach facility produced the strongest laser powered by an electric current, the company said Wednesday.

The laser produced a light beam measured at more than 105 kilowatts.

The laser demonstration was part of the final phase of a six-year, $98 million Department of Defense contract to develop high-powered lasers that can eventually be used in combat.

The downturn -- with all the job losses -- has hurt leverage of unions.

Toyota, Honda, Nissan Reject Requests for Higher Pay

(Bloomberg) -- Toyota Motor Corp. and Honda Motor Co., Japan's two largest carmakers, rejected union requests for higher pay, as falling car sales and a stronger yen hurt earnings.

Toyota turned down the union's demand for a base wage increase of 4,000 yen ($41) a month, it said in a statement today. Union wage requests to Nissan Motor Co., Japan's third- largest carmaker, were also rejected. The three companies also rebuffed bonus amounts requested by the unions.

Japanese automakers have slashed jobs, production and profit forecasts as the deepening recession pushes demand for new vehicles to their lowest in almost three decades. Toyota, the world's biggest carmaker, is trying to hold down costs after forecasting its first loss in 59 years amid the worst economic crisis since the Great Depression.

Read the whole story.

Six in 10 over the age of 60 say they are putting off retirement because of a drop in their savings, according to a survey by CareerBuilder

11% of workers over the age of 60 who are putting off retirement say that the decrease to their savings may now cause them to never retire, while 73% think it will take them up to 6 years of extra work to recoup their lost savings. 24% feels they can make their money back by working an additional year or two.

Door to Door Valet Cleaners in Manhattan Beach was named a Certified Green Cleaner by the Green Cleaners Council.

The Green Cleaners Council recognizes the "tremendous investment of time and money already being made by individual dry cleaners to become greener without government subsidies."

The rising competition in hybrids will, of course, lead to more innovations and lower prices.

But the ongoing recession could slow that down more than we think.

Toyota to Cut Prius Price to Match Honda Insight, Nikkei Says

(Bloomberg) -- Toyota Motor Corp. will cut the price in Japan of the current version of the Prius gasoline- electric hybrid car to match that of Honda Motor Co.'s Insight, Nikkei English News said, without citing anyone.

The starting price of the Prius will be cut to 1.89 million yen ($19,250) from 2.33 million yen, the report said. Honda's Insight hybrid went on sale in Japan last month.

Is El Segundo-based Mattel sexing up Dora the Explorer?

Not so, Mattel and partner Nickelodeon say.

But Mattel must admit that it is moving in a direction that troubles many parents, like the "tattoo Barbie."

After Dora uproar, Nick and Mattel soothe moms

(AP) NEW YORK - When toy maker Mattel, working with Nickelodeon, announced earlier this month that a "tween" version of Nick's beloved "Dora the Explorer" cartoon character would be unveiled in the fall, the response was overwhelming ... overwhelmingly negative.

Dora the streetwalker. A sexed-up version of a children's icon. A poor example for kids.

Those were just some of the terms tossed around the blogosphere after Mattel released a silhouette of the "new" Dora, whose image was drastically changed from the endearing tomboy look Dora fans grew to love, with her bowl-cut hairdo, T-shirt and red shorts. This new Dora appeared to have long flowing hair, and was wearing what seemed a scanty skirt, emphasizing her long, shapely legs.

"Did Mattel turn Dora the Explorer into a Tramp?" read one headline from The Huffington Post.

But not so fast.

Read the whole story.

Which side are you on?

After writing a column supporting a bank bailout, I'm giving the other side "equal time" by including a Web site that argues (second item) against a bank bailout.

And here's my argument for a bailout.

Here's today's Business Casual column.

Should we let them die?

Americans are justifiably angry at the banks and other financial institutions that made a mockery of the free market by indulging in subprime mortgages and other risky loans.

Read the whole column.

The delay will mean fewer local jobs created in the short term, but delaying the program of course means less money spent on the federal level, so a lower national debt.

Obama Considering Tanker Deal Delay

(Washington Post) The White House budget office has asked the Pentagon to consider delaying the purchase of aerial refueling tankers by five years, a move that reflects the constraints of drawing up a budget in the midst of a recession, according to two sources familiar with the administration's discussions.

The possible delay in one of the Pentagon's most expensive programs is one of a number of options the administration is weighing, the sources said. No final budget decisions have been made, officials said.

Delaying the purchase of the tankers, which would replace a fleet that dates to the Eisenhower administration, will draw fierce opposition from the defense industry and many members of Congress, whose districts have tens of thousands of jobs related to the program.

Read the whole story.

A projected $35 billion aerial refueling tanker contract should be split between rivals Boeing Co. and Northrop Grumman Corp., Neil Abercrombie, who heads the House of Representatives' Armed Services Committee's panel on air and land forces, said Wednesday, according to Reuters.

Work on the Air Force tanker would create thousands of Southern California jobs regardless of who wins. But Northrop's bid, which includes partner EADS in Europe, is expected to create more local jobs.

Furthermore, a Northrop win would put the program's headquarters in El Segundo, although most manufacturing work would occur in other states.

Abercrombie said he would push to buy both competing models to replace the nation's aging tanker fleet.

"I think that a consensus is developing" in Congress on a dual-source approach, the Democrat from Hawaii told reporters after speaking to a defense industry conference. "I think we can come to a reasoned conclusion on getting both bids accepted."

Space Exploration Technologies Corp., the Hawthorne-based developer of low-cost rockets, conducted a full mission duration firing of its new Merlin Vacuum engine on Saturday at a facility in McGregor, Texas.

The company known as SpaceX fired the engine for a full six minutes, consuming 100,000 pounds of liquid oxygen and rocket grade kerosene propellant.

SpaceX plans the innaugural launch of its Falcon 9 rocket using the Merlin Vacuum later this year.

This is important because South Bay contractors would do work on the tanker regardless of who wins.

Obama Seeks to Delay Tanker, Cancel Bomber
By Josh Rogin, Congressional Quarterly Staff

The White House has given the Pentagon guidance to delay procurement of aerial refueling tankers by five years and cancel plans for a new long-range bomber, according to three sources close to the discussions.

No final decisions have been made, and the recommendations are part of negotiations between the Office of Management and Budget and the Defense Department over possible budget trade-offs this year, the sources said. The guidance represents two of the offset options that OMB gave the Pentagon last month regarding the fiscal 2010 Defense budget request.

If the guidance survives the internal budget process, a huge protest will follow on Capitol Hill, where dozens of lawmakers are heavily invested in the battle over tanker procurement, which has raged for years.

Some Defense budget experts hailed the news as a step toward tighter fiscal discipline and a strong opening salvo in the battle to make hard choices over procurement programs as the military rebalances itself and budgets tighten.

Read the whole story.

The Technology Council of Southern California, a Torrance-based trade group, is seeking nominations for the group's 15th annual Technology Industry Awards.

The awards are for individuals and companies that made "extraordinary contributions to the growth of Southern California as a center for technological innovation."

The nomination deadline is March 25. The awards will be presented on April 30 at the Millennium Biltmore Hotel in LA.

Contest categories include Software Company of the Year, Hardware/Storage Company of the Year, Internet/New Media Company of the Year, Entertainment/Gaming Company of the Year, Mobile/Communications Company of the Year.

Applicants do not need to be members of the Technology Council of Southern California, but must be headquartered in the Southern California region.

Make nominations through the council's website at www.tcosc.org.

Most Americans with "direct experience with Japanese people or products are positively shaped by the relationship," according to a national survey conducted by the Japan America Society of Southern California.

From the survey:

- The majority of Americans rank Japan as a global leader in consumer electronics, video game hardware/software, and automotive products (62 percent, 54 percent and 52 percent, respectively).

- Nearly one in two Americans reports that he/she has a strong awareness of Japan solely because if its technology and products, and seven out of 10 Americans who have experienced Japanese technology and automotive products are positively influenced by the relationship.

- 67 percent believes that Japanese products are known for quality, reliability and innovation, and 78 percent of Americans also feel that Japan is as innovative as it has always been, if not more.

Boeing and Airbus can handle a slowdown, but a worldwide economic depression would devastate the two companies, forcing massive layoffs and curtailing of R&D work.

Boeing, Airbus face turbulence as airlines defer orders

(China Daily) International aircraft giants Airbus and Boeing are bracing for a rough year in China.

The next 12 months will be "much different from the last four years," said Laurence Barron, Airbus China president.

The two companies were both enormously successful over the past few years, netting a combined 6,800 orders from 2005 through 2007. Last year demand for planes started to drop but Airbus still managed to sell 777 and Boeing 662.

Growing demand in Asia-Pacific and the Middle East and pressure for airlines to modernize their fleet to improve fuel efficiency drove the boom.

But the global economic downturn is curtailing air traffic and many airlines are finding it hard to get financing. Boeing and Airbus have a massive order backlog (3,600 jets each) that might help get the companies through the crunch. But some carriers are grounding jets and canceling or deferring delivery of planes they've ordered.

Read the whole story.

Bold predictions on the economy from a 78-year-old man in today's Business Casual column. This man also predicted before the Iraq invation of 2003 that the military plan would turn into a big mess. And now he says we shouldn't escalate the war in Afghanistan. He's an interesting, opinionated person.

About two years ago, on the heels of an unusual conversation with a source, I wondered briefly if our economy was ready to unravel.

Read the whole column.

The answer is Hawthorne at 14.1%. See below for your city.

From the California Employment Development Department
January 2009 Preliminary Unemployment Figures:

- Carson: 10.9%
- Del Aire: 5.8%
- El Segundo: 5.0%
- Gardena: 10.1%
- Hawthorne: 14.1%
- Hermosa Beach: 4.5%
- Inglewood: 13.5%
- Lawndale: 10.7%
- Lennox: 13.7%
- Lomita: 7.4%
- Los Angeles: 12.0%
- Manhattan Beach: 3.8%
- Marina del Rey: 5.6%
- Palos Verdes Estates: 2.2%
- Rancho Palos Verdes: 3.7%
- Redondo Beach: 5.7%
- Rolling Hills: 1.0%
- Rolling Hills Estates: 2.9%
- Torrance: 5.4%

From the California Employment Development Department
January 2009 Preliminary Unemployment Figures:

- Carson: 10.9%
- Del Aire: 5.8%
- El Segundo: 5.0%
- Gardena: 10.1%
- Hawthorne: 14.1%
- Hermosa Beach: 4.5%
- Inglewood: 13.5%
- Lawndale: 10.7%
- Lennox: 13.7%
- Lomita: 7.4%
- Los Angeles: 12.0%
- Manhattan Beach: 3.8%
- Marina del Rey: 5.6%
- Palos Verdes Estates: 2.2%
- Rancho Palos Verdes: 3.7%
- Redondo Beach: 5.7%
- Rolling Hills: 1.0%
- Rolling Hills Estates: 2.9%
- Torrance: 5.4%

Fresh and Easy Neighborhood Market, the El Segundo-based grocery chain, said it has diverted more than 400,000 pounds of plastic display trays from landfills by using an ultra-violet light sanitizing machine.

With this technology, the chain has reused more than 2 million plastic display trays, material that could have been discarded, the company said.

UV Doctor, a Las Vegas company, produces the UV light device.

Don't act so surprised. If it sells, you'll find it in stores.

'Inked' Barbie Draws Ire Of Some Parents

SACRAMENTO (CBS13) ― A popular doll is sporting a new look that has some parents pretty upset. Mattel comes out with a new Barbie that capitalizes on the popularity of tattoos.

The "Totally Stylin' Tattoos" Barbie is part of the company's spring line.

She comes with a set of tattoo stickers, which can be placed anywhere on her body.

The set also has a tattoo gun that's similar to a water gun so kids can stamp washable tattoos on her clothes and themselves. The inked Barbie is not getting praise from some.

Read the whole story.

The more job losses, the faster the housing market declines and the deeper our recession gets. Are we ready for another federal stimulus package.

U.S. private sector cuts 697,000 jobs in February

NEW YORK (Reuters) - U.S. private sector job losses accelerated in February, according to a report by ADP Employer Services that suggests hefty employment declines are on the way in the government's payrolls report due on Friday.

ADP said on Wednesday that private employers cut 697,000 jobs in February versus a revised 614,000 jobs lost in January. The January job cuts were originally reported at 522,000.

It was the biggest job loss since the report's launch in 2001 and showed the misery of declining employment spreading broadly and evenly throughout the economy.

Read the whole story.

Farmer Bros. Co., the Torrance area coffee roaster for commercial and institutional customers, completed its previously announced purchase of Sara Lee Corp.'s U.S. direct-store delivery coffee business known as Foodservice.

The $45 million acquisition makes Farmer Bros. the nation's top direct-store delivery business for coffee and allied products, with service to all 48 mainland states, the South Bay firm said.

Farmer Bros. is financing the deal with cash and a credit line from Wachovia Bank.

Aztec Tents, the Torrance-based maker of tents for outdoor events, acquired the manufacturing assets of Anza Tents of Torrance.

The deal's financial terms were not disclosed.

The acquisition expands Aztec's manufacturing base while allowing Anza to focus on sales instead of production.

The South Bay lost another car dealership as the auto retail market continued its steep slide with no bottom in site.

Superior Nissan of Carson, at 1505 E. 223rd St., closed last Wednesday, depriving the city of a major generator of sales tax revenue.

Newport Beach-based Superior Automotive Group closed the Carson dealership and its five other car lots around the state last week, according to a Carson city official and a company employee.

Superior Automotive Group's owner did not return a call seeking comment.
A call to the Carson dealership rang more than a dozen times without someone picking up the line.

"It's a big blow to the city," Cliff Graves, Carson's economic development general manager, said. "The city's very proud of its auto row and it's been very supportive. But market forces are what they are and sales have been down in Carson as they've been everywhere else."

Toyota's February US sales declined 40% comapred to a year earlier.

Toyota sold 109,583 vehicles in the U.S. last month, with its passenger-car sales dropping 36% and its light-truck sales falling 44%. Sales of the Prius dropped to 7,232 from 10,893.

Read the WSJ story.

Fresh & Easy Neighborhood Market Inc., the El Segundo-based grocery chain, is voluntarily recalling all Fresh & Easy brand Milk Chocolate Peanut Clusters, Sweet & Salty Granola Bars, Chewy Peanut Butter Chocolate Chip Granola Bars because they have the potential to be contaminated with Salmonella.

The move was in response to the investigations of Peanut Corporation of America and its Texas facility, which has been linked to a Salmonella recall.

Fresh & Easy stores are located in Southern California, including Manhattan Beach and Harbor City, as well as Arizona and Nevada.

Some prominent economists believe the recession could go into 2010.

(Bloomberg) Nouriel Roubini, the New York University professor who predicted the current financial and economic crises, said the recession may last a total of 36 months. It's possible, he wrote, that the slump, instead of following a typical "U" shape back toward growth, "may turn into a more virulent L-shaped near depression."

Read the whole story.