Yahoo! News: Business Business 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. Toyota to halt output for 11 days as sales slump (Reuters) Reuters - Toyota Motor Corp (7203.T), the world's biggest automaker, is to halt production at all its Japanese plants for a total of 11 days in February and March in a bid to reduce stocks of unsold cars as demand has slumped. Merrill brokerage chief McCann to leave (Reuters) Reuters - Bob McCann, head of brokerage at Merrill Lynch & Co, announced his plans to leave the securities firm, just days after its acquisition by Bank of America was completed. 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.