Libya is poised to bring its major source of wealth back on line in a matter of days. Oil profits will be vital to a government that has much of its money tied up in frozen overseas assets. The Transitional National Council has said repeatedly it will honor all the contracts made with oil companies by the Gadhafi regime. Critics say those contracts were riddled with corruption.
The Environmental Protection Agency has decided to delay new rules that would limit emissions of climate-warming gases from power plants. It's the second time this month the EPA has either withdrawn or postponed new pollution rules that industry didn't like.
Already dealing with a debt crisis, Europe's banks are now being rattled by another rogue trading scandal. A 31-year-old trader was arrested yesterday in London after a $2 billion loss was revealed by the Swiss banking giant UBS. Megan Murphy has been following the story very closely, and she's the banking correspondent for The Financial Times newspaper in London, and London is where we reached her. Good morning, Megan.
Pakistan is dealing with substantial flooding for the second year in a row, leaving hundreds of thousands of people homeless. For the more on the situation, Steve Inskeep talks to Timo Pallkkala, the humanitarian coordinator for the United Nations in Pakistan.