Business News

• Asia stocks edge up for 7th day (Reuters) -

  Reuters - Asian stocks inched higher for a seventh day on Tuesday on hopes for a global economic recovery later in 2009, but the yen's gains against high-yielding currencies suggested scope for optimism was limited.

  
  
• Retail sales seen falling despite deep discounts (Reuters) -

  Reuters - Deep discounts failed to coax consumers to shop in December, but are sure to sap margins and will likely lead to a number of profit warnings when retailers report sales for the all-important holiday month this week.

  
  
• 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.

  
  
• 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.

  
  
• Toyota orders 11-day output halt as sales slump (Reuters) -

  Reuters - Toyota Motor Corp (7203.T) is to halt production at its Japanese plants for 11 days in February and March as a sharp slide in U.S. sales has left dealers' lots full of unsold cars.

  
  
• Apple, Tyson, Barnes & Noble are big movers (AP) - AP - Stocks that moved substantially or traded heavily Monday on the New York Stock Exchange and Nasdaq Stock Market:
• 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

• Oscars 2.0: The film academy revamps its Web site (AP) - AP - Want to hear Cameron Crowe's thoughts on winning an Oscar or see how king-sized movie posters are assembled? How about a sneak peek at some of the exclusive exhibitions held at the film academy's Beverly Hills headquarters?
• Rihanna taking no wardrobe risks for Malaysia show (AP) - AP - The good girl gone bad has promised to be good for one night.
• Medical Expert on Jett Travolta: Seizures Can Kill (E! Online) -

  E! Online - In light of Monday's autopsy finding that Jett Travolta, the 16-year-old son of John Travolta and Kelly Preston, died of a seizure, a medical expert tells E! News that seizures can cause death, even when the person who suffers one is taking medication to manage them.

  
  
• Teen Kate Hudson Crazy for Boys! (E! Online) -

  E! Online - Forget pretty ponies or science homework, Kate Hudson reveals in the new Elle that something else was on her teenage mind.

  
  
• Roman Polanski Wants Court Off His Case (E! Online) -

  E! Online - You can take the case out of court, but can you take the court out of the case?

  
  
• Oscars 2.0: The film academy revamps its Web site (AP) - AP - Want to hear Cameron Crowe's thoughts on winning an Oscar or see how king-sized movie posters are assembled? How about a sneak peek at some of the exclusive exhibitions held at the film academy's Beverly Hills headquarters?
• Rihanna taking no wardrobe risks for Malaysia show (AP) - AP - The good girl gone bad has promised to be good for one night.
• Christine Lahti checks into USA's hospital (Reuters) -

  Reuters - Emmy winner Christine Lahti is returning to the medical genre with USA Network's 90-minute pilot "Operating Instructions."

  
  
• A silver lining for Blu-ray (Reuters) -

  Reuters - Blu-ray Disc player sales were strong through the holidays, and even the season's so-so disc sales went well enough to sustain industry hopes that the format can still become a next-gen cash cow for the studios.

  
  
• 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.

  
  
• Michael Phelps to pitch Mazda in China (Reuters) -

  Reuters - The greatest Olympian in history is returning to China, this time as a brand spokesman for Mazda.

  
  
• 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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