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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.

Stocks slip on telecom and financials; Apple jumps(Reuters)

Reuters - Stocks fell on Monday as investors booked profits after last week's run-up, while concerns about slowing cell phone sales hit shares of the biggest telecommunications companies.

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.