NPR 2011-06-24

From NPR News in Washington, I'm Lakshmi Singh.

Stinging losses in the US market today triggered by fears over multiple concerns around the globe. For one—a combination of disappointing data over the pace of economic growth in the US. Another—Greece's financial meltdown and the possible impact on other nations if it defaults. Then there stalled talks in Washington over deficit 1 reduction from which House Republican Leader Eric Cantor pulled out over an impasse 2 on taxes. NPR's Jim Zarroli highlights one more contributing factor for us. And that's the International Energy Agency's decision today to release 16 million barrels of crude oil from global reserves.

The agency said the release of oil was necessary because unrest in Libya has reduced world oil production. And it said the production in the North African country will remain off-line throughout the rest of the year at least. Over the next 30 days, the IEA will release two million barrels of oil every day. About half of that will come from the US Strategic Petroleum 3 Reserve. The Unites States has about 727 million barrels of oil in underground caverns 4 along the Gulf 5 Coast. The announcement about the release comes at a time when economic growth is slowing. And Federal Reserve officials have reduced their growth projections 6 for this year. They say higher energy prices are one of the factors cutting into growth. Jim Zarroli, NPR News.

President Obama reaches out to troops at Fort Drum in upstate New York today, home of the 10th Mountain Division that has been among those most frequently deployed 7 to Afghanistan. He reiterated 8 the plans to withdraw 33000 troops by September of 2012. Later tonight, President Obama's due to attend his first-ever fundraiser for gay and lesbian donors 9 as New York lawmakers move toward an unprecedented 10 vote on legalizing same-sex marriage. Earlier today, proponents 11 of gay marriage rallied at the state Capitol where opponents also gathered.

Republican presidential candidate Jon Huntsman is in Florida to open his national campaign office. More from NPR's Greg Allen.

Huntsman's national campaign office is in Orlando, an area where his wife grew up and where she still has family. He began the day in Miami, appearing at some of the same stops visited by Senator John McCain in his successful bid through Republican presidential nomination 12 four years ago. Huntsman says his "early state strategy" for winning the nomination will put a lot of resources into New Hampshire, South Carolina and Florida.

"We're gonna work it very very aggressively. We're gonna put an excellent ground team together. We're already putting those pieces together. We're gonna raise a lot of money here. It's an expensive state from a campaigning standpoint. Everyone knows that."

Huntsman is a former Utah governor, and until recently part of the Obama administration as ambassador to China. He says the main focus of his campaign will be getting businesses and the economy moving through tax and regulatory reform. Greg Allen, NPR News, Miami.

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Syrian troops are gathering 13 near a village on the Turkey's border where thousands of Syrians have fled earlier government crackdowns. NPR's Peter Kenyon reports from Istanbul that more people are trying to get into Turkey.

The valley surrounding the village of Khirbet al-Jous has become an ad hoc encampment for thousands of Syrians who fled violence into northern villages and towns. After cutting off villagers on the road to Khirbet al-Jous, snipers and troops have been seen on a hilltop above the village. Unconfirmed reports from activists 14 say tanks and troops are in the village itself. The military advance is increasing tensions with Turkey, which has a significant military presence on its side of the border. More than 10000 Syrians have already crossed into Turkey, and that flow is expected to accelerate now. Peter Kenyon, NPR News.

Southwestern Baghdad's been hit by a string of bomb blasts today. They went off in quick succession through Shiite neighborhoods, claiming at least 21 lives and wounding more than 40 other people.

The British drugmaker, GlaxoSmithKline, has agreed to pay more than 40 million dollars to 37 states and the District of Columbia to settle executions that had made and sold faulty drugs. They include certain brands of anti-nausea, antidepressant, diabetes 15 and antibiotic 16 medications, manufactured in a former plant in Puerto Rico. The state complaints surface after Glaxo agreed last year to pay three quarters of a billion dollars to settle similar complaints by the Justice Department.

Before the close on Wall Street, we see a cut to losses today. The Dow was down 60 points at 12050, with the Nasdaq gaining 18 points; it's was at 2687.