NPR 2008-10-23

World markets went back into retreat today, amid a slew 1 of disappointing corporate 2 earnings 3 showing the extent to which many financial firms and other companies have been hurt by the current financial crisis. Fears about the economy have become a major worry despite some recent actions aimed at easing the ongoing 4 credit market crunch 5 and getting banks to lend to one another again. The White House meanwhile announced today world leaders will gather in Washington November 15th to discuss the current global financial crisis. It's likely the first in the series of summits amid growing fears of a long and deep global economic downturn. The session will bring together leaders from the US, Europe, China, Japan as well as a number of other nations including Brazil, India and Russia.

On Wall Street, the Dow Jones Industrial Average fell 514 points today to close at 8, 519. The NASDAQ was down nearly 81 points. The S&P 500 lost 58 points today.

The price of oil took another big tumble amid growing fears of global recession. Steve Beckner of Market News International reports.

The OPEC oil cartel is expected to consider cutting output when it meets Friday in Vienna but that didn't faze futures 6 traders. Oil plunged 7 again after the Energy Information Administration reported today a sharp drop in demand and a bigger than expected 3. 2 million barrel jump in US crude oil inventories 8 last week. As the economic downturn weakened corporate earnings and triggered a stock sell-off, speculation 9 mounted that energy demand worldwide will continue to fall. Adding to downward pressure was a further rise in the dollar in which oil is priced. US light sweet crude fell as low as $66. 20 per barrel before closing down 7% at $66. 75 on the New York Mercantile Exchange. Oil has fallen 55% from its July peak above $147. For NPR News, I'm Steve Beckner.

For the second time at as many months a troubled Air Force procurement 10 contract has been delayed over complaints of unfairness. NPR's JJ Sutherland reports.

This time it's a 15-billion-dollar contract to replace the air force's fleet of search and rescue helicopters. The deal was awarded to Boeing originally two years ago. But two other companies complained the deal was unfair and appealed to the Government Accountability Office which agreed. The air force now says it will issue an additional amendment 11 to the contract which will move the deal into next year. There's also an Air Force Inspector 12 General investigation 13 into the original contract to see if it unfairly steered 14 the deal to Boeing. It's eerily 15 familiar to a contract delay on replacement 16 in/air refueling tanker 17. That contract is worth 35 billion dollars and was kicked on the road to the next administration after a rancorous dispute over choosing a company to build the planes. JJ Sutherland, NPR News, Washington.

Big losses for Charlotte-based Wachovia bank which is in the process of being acquired by Wells Fargo. Wachovia's reportedly losing 24 billion dollars in the third quarter. This is NPR.

US officials appeared to be growing increasingly frustrated 18 over the status of a proposed agreement that would allow US troops to remain in Iraq past the end of this year. The White House, the State Department and the Pentagon have called on Iraqi officials to either sign off on the pact 19 between the two sides that recently received tentative approval or specify 20 their objections. Iraq has effectively said it wants to reopen talks on the draft of a plan that would allow troops to remain there beyond the expiration 21 of UN mandate 22. Well the pullout of US forces then is scheduled to take place by 2011.

A Virginian man has been indicted 23 on charges for allegedly urging someone to harm the foreperson of a jury that convicted white supremacist Matthew Hale in Chicago four years ago. NPR's Cheryl Corley has more.

Federal prosecutor 24 say that William White of Roanoke, Virginia is a self-claimed white supremacist. They charged that in recent weeks White used his website to solicit 25 violence against the jury foreman in the Matthew Hale case. Hale who once called for a racial holy war gained notoriety after one of his followers 26 went on a shooting spree in 1999. Five years later Hale was convicted of soliciting 27 the murder of a federal judge who ordered his group to stop using the name World Church of the Creator after losing a trademark 28 dispute. William White posted derogatory remarks and the personal address and phone number of the jury foreperson in that case while also soliciting harm against the juror. White was arrested in Virginia last week and remains 29 in custody 30 pending 31 transfer to Chicago. Cheryl Corley, NPR News, Chicago.

Current procedures used by the Food and Drug Administration to monitor the drug and manufacturing facilities outside the US are outmoded. That's according to a new Government Accountability Office's study. It finds the FDA inspects only around 8% of facilities outside the country.