Business News

• Car sales plunge heralding bleak 2009 (Reuters) -

  Reuters - U.S. auto sales plunged by 36 percent in December led by outsized declines at Chrysler LLC, Hyundai Motor (005380.KS) and Toyota Motor Corp(7203.T) as the battered industry closed out its weakest year since 1992 in its largest single market.

  
  
• Asia stocks up on hopes of recovery (Reuters) -

  Reuters - Asian stocks edged up for a seventh day on Tuesday, boosted by hopes for a global economic recovery later in 2009, though the rising yen and falling high-yielding currencies suggested such optimism was limited.

  
  
• Prosecutors seek to jail Madoff (Reuters) -

  Reuters - U.S. prosecutors asked a judge to jail accused swindler Bernard Madoff on Monday, saying he sent jewelry and other items worth more than $1 million to family and friends in violation of his bail.

  
  
• GE's finance arm launches $10 billion FDIC-backed debt (Reuters) -

  Reuters - General Electric Co's finance arm on Monday launched a $10 billion sale of FDIC-backed debt, the largest sale under the government guarantee program since its inception last November.

  
  
• Fed buys MBS in latest unconventional move (Reuters) - Reuters - The Federal Reserve on Monday kick-started its latest unconventional program to boost the moribund economy, this time taking aim at the heart of the slumping housing market.
• World stocks climb on US revival hopes (AFP) -

  AFP - World stock markets rose on Monday, with Tokyo hitting the highest level for almost two months as investors hoped that the US economy would start to recover this year after a dire 2008.

  
  
• Lawmakers set new mortgage bankruptcy bill (Reuters) - Reuters - Legislation designed to stem foreclosures by allowing bankruptcy judges to erase some mortgage debt will be introduced by Congressional Democrats on Tuesday, and hopes are high that it will pass after a similar plan failed last year.
• NY Fed begins purchasing mortgage securities (AP) - AP - The Federal Reserve Bank of New York said Monday it has begun purchasing mortgage-backed securities in an effort to bolster the battered housing market.
• HK toy makers urge Li & Fung to pay up for failed US retailer (AFP) -

  AFP - More than 40 Hong Kong toy makers who say they lost 10 million US dollars following the collapse of US retailer KB Toys said Monday they would be seeking compensation from trading firm Li & Fung.

  
  

Entertainment News

• Death certificate: Travolta son killed by seizure (AP) -

  AP - An official with a Bahamian funeral home says Jett Travolta's death certificate says he was killed by a "seizure." Glen Campbell is assistant director of the funeral home handling the remains of John Travolta's 16-year-old son.

  
  
• Polanski lawyer claims LA Superior Court biased (AP) -

  AP - An attorney for fugitive movie director Roman Polanski is seeking to move his notorious sex case after accusing the Los Angeles County Superior Court of bias and prejudice against Polanski.

  
  
• Tim Allen Offers Condolences to Travoltas (E! Online) -

  E! Online - As a father himself with another child on the way, Tim Allen can sympathize with John Travolta and Kelly Preston.

  
  
• Why So Sunny? Dark Knight's a PGA Nominee (E! Online) -

  E! Online - The Dark Knight's Oscar campaign has picked up another key endorsement.

  
  
• Jennifer Aniston Dog Tale Nabs Another B.O. Win (E! Online) -

  E! Online - The dog days of winter are here to stay, apparently.

  
  
• Polanski lawyer claims LA Superior Court biased (AP) -

  AP - An attorney for fugitive movie director Roman Polanski is seeking to move his notorious sex case after accusing the Los Angeles County Superior Court of bias and prejudice against Polanski.

  
  
• Music marketers target female shoppers at home (Reuters) - Reuters - With CD sales dropping fast, the music business is exploring nontraditional ways to expose consumers to recording artists. Among the new sales and marketing vehicles are Tara Leigh Music Party and musicShop.
• A solid first step for NBC's "Dance" (Reuters) - Reuters - NBC's new year got off to a fine start with the premiere of "Superstars of Dance" on Sunday
• Music marketers target female shoppers at home (Reuters) - Reuters - With CD sales dropping fast, the music business is exploring nontraditional ways to expose consumers to recording artists. Among the new sales and marketing vehicles are Tara Leigh Music Party and musicShop.
• Cuba opens Hemingway archives to scholars (Reuters) -

  Reuters - Cuba on Monday made the first of thousands of digitized documents, photographs and books that belonged to writer Ernest Hemingway available to scholars after the items languished for decades in the basement of his home outside of Havana.

  
  
• Jett Travolta died of 'seizure': Bahamas officials (AFP) -

  AFP - Officials in the Bahamas who conducted an autopsy on Jett Travolta said the 16-year-old son of actor John Travolta died here last week of a "seizure," and that his body showed no signs of head trauma.

  
  
• Cuba opens Hemingway archives to scholars (Reuters) -

  Reuters - Cuba on Monday made the first of thousands of digitized documents, photographs and books that belonged to writer Ernest Hemingway available to scholars after the items languished for decades in the basement of his home outside of Havana.

  
  

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