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The Honolulu Advertiser
Posted on: Monday, February 8, 2010

BUSINESS BRIEFS
Toyota to fix brakes on U.S. Prius models


Advertiser News Services

Hawaii news photo - The Honolulu Advertiser

Toyota has decided on a formal recall of its 2010 Prius hybrid in Japan because of braking problems. It's unclear whether it will do the same in the U.S.

ITSUO INOUYE | Associated Press

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TOKYO Toyota said yesterday it will soon announce plans to deal with braking problems in its prized Prius hybrid amid reports it has decided to issue a recall for the vehicle in Japan, a possible new embarrassment for the world's biggest automaker.

The company has told dealers in the United States it is preparing to repair the brakes on thousands of Prius vehicles there, according to an e-mail sent by a company executive. It was unclear whether Toyota planned a formal U.S. recall. Toyota decided Saturday on a recall in Japan covering its latest Prius model and has notified domestic dealers, according to reports in Japanese news media.

ISRAELI ELECTRIC CAR GRID STILL ON TRACK

RAMAT HASHARON, Israel Israel is on schedule to inaugurate a revolutionary electric car grid with dozens of recharge stations and thousands of cars on the road by next year, the project's developers said yesterday.

The California-based company Better Place hopes Israel's model will lead a shift toward electric transportation worldwide.

Between 70 and 100 recharge stations will open across the country by 2011 to service a fleet of electric vehicles, the company said. Beginning in September, the company will test hundreds of cars and install a preliminary infrastructure before the project's commercial launch.

FORMER MERRILL LYNCH CEO TO HEAD CIT

NEW YORK CIT Group said yesterday it has chosen former Merrill Lynch CEO John Thain to lead the company as chairman and CEO as the commercial lender continues to restructure its business following a brief stay in bankruptcy protection last year.

CIT Group Inc., one of the nation's largest lenders to small- and mid-sized businesses, said Thain will take the helm immediately and replace acting interim CEO Peter J. Tobin, who will remain on CIT's board. Thain, 54, served as chairman and CEO of Merrill Lynch until its sale to Bank of America was completed in January 2009.