AFP - President-elect Barack Obama has demanded bold action on his near 800 billion dollar stimulus plan, warning Congress would send the US economy into an even deeper hole if it failed to act swiftly.

Reuters - The new U.S. Congress convenes on Tuesday under pressure to deal with a worsening economy by passing a stimulus package that Barack Obama could sign into law soon after being sworn in as president.

Reuters - Toyota Motor Corp will shut all its factories in Japan for 11 days to combat a global slowdown that is not only hitting company profits but could, a report says, unleash a wave of social unrest in China.

AFP - US auto giant General Motors said Monday its sales growth in China slowed to 6.1 percent in 2008, less than a third of the rate seen the previous year as the economic slowdown affected demand.

Reuters - With the economic outlook darkening, U.S. President-elect Democrat Barack Obama went to Congress two weeks before taking office to try to entice Republican support for a massive stimulus package with talk of big tax cuts.

AP - Huge rebates and zero-percent loans couldn't overcome economic uncertainty as U.S. auto sales plunged 36 percent in December, capping a dismal year that saw sales free-fall by 2.9 million vehicles from 2007.

AP - The Bush administration stuck to its defense of Israel's expanding offensive in the Gaza Strip on Monday and pushed for a cease-fire including a lasting halt to Hamas' rocket attacks on Israel and a reopening of border crossings that are Gaza's economic lifeline.

Reuters - Top economists at the Allied Social Sciences Association's annual meeting have been searching -- in some cases, in vain -- for signs of life in the U.S. housing market, a key element for busting the country out of a deep economic downturn.

AP - Construction spending fell less than expected in November as record activity on nonresidential projects helped offset another steep decline in housing. But the outlook remains bleak as credit is tight for builders trying to stay afloat amid a recession entering its second year.

Reuters - U.S. President-elect Barack Obama said on Monday he expected "sobering" unemployment figures at the end of this week as he went to Capitol Hill to campaign for his economic stimulus package.

Reuters - Major automakers reported U.S. sales in December that plunged by more than a third, closing out the weakest year for the battered industry in over a decade and a half in its largest single market.

Reuters - The worst financial crisis in more than a half century is going to get even worse, putting further pressure on U.S. home prices and driving the unemployment rate above 11 percent, according to two prominent academic economists.

AFP - The Federal Reserve said Monday it began buying troubled mortgage securities through investment managers, kicking off a program expected to spend up to 500 billion dollars to ease a credit crisis.

Reuters - Walgreen Co's sales at drugstores open at least a year rose a better-than-expected 4.9 percent in December, as cash-strapped consumers continued to buy basics but shied away from holiday items.