Financial news on January 3rd, 2009

Business and Financial news
Austria Picks Overseer for Bank in Madoff Case

The management of Bank Medici, which has emerged as one of the largest victims of the Madoff scandal, resigned, leaving day-to-day operations in the hands of an overseer. Read more..

By JULIA WERDIGIER - The New York Times

Brazil’s Currency Falls as Trade Surplus Narrows

The country’s trade surplus narrowed to a six-year low in 2008, propelled by a deepening economic slowdown that curbed demand for exports. Read more..

By BLOOMBERG NEWS - The New York Times

Coping Skills and Horrible Imaginings

Researchers have found that uncertainty about things such as job security can sometimes take a greater toll than bad news. Read more..

By ALINA TUGEND - The New York Times

Credit Card Companies Willing to Deal Over Debt

Credit card companies are rushing to settle even if that means forgiving a portion of some borrowers’ debts. Read more..

By ERIC DASH - The New York Times

Desperate Retailers Try Frantic Discounts and Giveaways

An era of desperation marketing is at hand as retailers adopt virtually any tactic that might grab the attention of frightened consumers. Read more..

By JACK HEALY - The New York Times

H & R Block to Settle Marketing Case for $4.85 Million

The agreement settles claims in California that the company had engaged in deceptive marketing of loans to customers against their expected tax refunds. Read more..

By BLOOMBERG NEWS - The New York Times

Manufacturing Reports Show Depth of Global Downturn

New reports from the world’s leading economies showed manufacturing continuing to slump amid the worst slowdown since the Great Depression. Read more..

By BETTINA WASSENER - The New York Times

Sears to Suspend Matching Contributions to 401(k)’s

The department-store company will stop matching contributions to its workers’ retirement plans on Jan. 31. Read more..

By BLOOMBERG NEWS - The New York Times

Some Forecasters See a Fast Economic Recovery

Many economists are heading into the new year declaring that the worst may soon be over. Others are pessimistic. Read more..

By LOUIS UCHITELLE - The New York Times

Stocks Rally to Start Year; Will January Be an Omen?

In 60 of the last 80 years, the performance of the S.& P. 500 in January has accurately predicted whether stocks would end higher or lower for the full year, one analyst said. Read more..

By VIKAS BAJAJ - The New York Times

See what else happened on January 3rd, 2009