BP estimates 100,000 barrels of oil per day are gushing into the Gulf, according to Reuters. The Reuters report comes days after CEO Tony Hayward’s Gulf responsibilities were transferred to Robert Dudley. The New York Times has a video showing what caused the explosion: failure of a component on the well’s blowout preventer. A Deepwater Horizon rig worker has also come forward, saying he identified problems at the Macondo well weeks before the explosion, but was ignored.
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China says it is easing control over its currency and will allow the renminbi to rise. Businessweek reports China’s decision is linked to confidence in Obama’s leadership.
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Nebraska votes tonight on whether to ban hiring or renting to illegal immigrants, The Associated Press reports. The decision overlaps with coverage by Poltico, which reports Senate Majority Leader Harry Reid (D-Nevada) is at odds with his party. The article says Senator Reid, who is fighting to keep his seat in this year’s elections, is pursuing the Hispanic vote, while his party, the Democrats, say immigration is a no-go issue this election season.
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Iran barred two UN nuclear inspectors, The Associated Press reports.
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The ban on weapons continues, but Israel is now allowing food and household items into Gaza, according to The Los Angeles Times. The list of banned items will soon be published, the article says. The Australian Broadcasting Corporation calls it Israel’s most significant backdown in Gaza in years.
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“The banking industry is making an end run,” reports The New York Times as the Senate makes a final push toward far-reaching financial reform. The New York Times says JP Morgan, Goldman Sachs and Morgan Stanley would benefit from the bill. The House and Senate need to reconcile their respective versions for legislation to go forward.
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A helicopter crash and two roadside bombs killed six NATO troops, The Washington Post reports. Three Australian special operations soldiers were among the dead. The post says this is the second deadliest incident among Australian forces over the past nine years.
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