January 8, 2009 / 5:26 AM / 10 years ago

PRESS DIGEST - New York Times business news - Jan 8

Jan 8 (Reuters) - The following were the top stories in the New York Times business pages on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

* As the global downturn has intensified, Beijing is starting to keep more of its money at home, a move that could have painful effects for American borrowers.

* Satyam Computer Services SATY.BO, one of India’s largest outsourcing companies, significantly inflated earnings and assets for years, the chairman said before resigning.

* Economists and politicians across the political spectrum say the U.S. Congress should spend whatever it takes to rescue the economy.

* Bernard Madoff violated his bail agreement by sending jewelry to his friends and family, prosecutors argued.

* Quest Diagnostics Inc (DGX.N) provided possibly erroneous results to thousands of people who had their vitamin D levels tested in the last two years.

* Negative business sentiment, a hard-hit banking system and a global downturn are working their way through Europe with a vengeance.

* Congress should ease certain tax laws governing defaults on mortgages, credit cards and other consumer debt to help Americans who are struggling in the economic downturn, the watchdog agency of the Internal Revenue Service said.

* Time Warner Inc TWX.N, the owner of CNN and Time magazine, said that it expected to record a fourth-quarter $25 billion write-down that would lead to an operating loss for the period.

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