Wegelin, Switzerland's oldest bank, is still on the loose, and failed to send a representative to U.S. Federal court Wednesday afternoon and answer to charges that it actively helped U.S. citizens hide $1.2 billion in foreign bank accounts to avoid paying taxes.

The head of the IMF told Harvard University graduates they faced one of the most challenging economic times since the 1930s.

(Jacksonville, Fla.)-David Stovall Jr. was named president and chief executive of this retailer. Mr. Stovall succeeds Linda Farthing, 61, who will remain a director. Mr. Stovall, 61, was chairman of Belk Inc.'s Central division.

Research into the rare eye condition Stargardt disease is raising hopes that sufferers could gain an effective treatment, like patients with another rare and poorly treated disorder resulting from a defective gene: cystic fibrosis.

Goodbye.

To promote its holiday "Believe" campaign and boost store traffic this season, department store chain Macy's Inc. put out an A.P.B. for anybody named Virginia, inviting them to their 800 stores throughout the country today to receive the $10 card.

Guest-blogger Mark Spelman, who leads Accenture's Global Strategy practice, is writing for Davos Live. The conclusion to be drawn from the conference at the Swiss resort, he says, is that 2009 will be a year of volatility, opportunity, challenge and transformation.