Oil prices fell further Wednesday after tumbling more than $3 a barrel in Tuesday’s session “as a hurricane looked likely to spare key oil installations in the U.S. Gulf of Mexico,” the Associated Press reports.
Costco Wholesale on Wednesday said that its profit in the quarter ending in August will be “well below” analysts expectations. The retailer had been benefitting from consumers trading down for lower-cost goods.
“GlaxoSmithKline PLC, the world's second-largest drug maker, posted a 3 percent drop in second-quarter profit on Wednesday, after strong competition from generic drugs outweighed asset sales and the cost-saving effects of job cuts,” the Associated Press reports.
Iran's president, Mahmoud Ahmadinejad said Wednesday that his country will not back down in the face of international pressure to suspend sensitive nuclear activities and vowed that Iran will continue to pursue nuclear technology.
"The Zimbabwean government was today struggling to find enough cash to pay its workers, and more importantly the military, after it was forced to severely cut back on printing money because sanctions severed its supply of banknote paper from Europe," The Guardian.
The Italian parliament on Tuesday approved a law “giving Prime Minister Silvio Berlusconi immunity from prosecution, a victory for the conservative billionaire who has long complained of being hounded by ‘biased’ prosecutors,” AFP reports.
Hurricane Dolly has been downgraded to a Category 1 storm after making landfall as a Category 2 storm on the South Texas coast Wednesday. Dolly brought winds of over 100 mph, and caused power outages for thousands of residents, reports Dallas-Forth Worth NBC affiliate KXAS.
AIDS rates in the U.S. Latino community are increasing and have reached what experts are calling a “simmering public health crisis,” MSNBC reports. Hispanics make up 14 percent of the nation’s population, but represented 22 percent of new HIV and AIDS diagnoses in 2006.
“Spam King” Robert Soloway was sentenced to nearly four years in prison Tuesday. He is the second person in the country to be convicted under the Can-Spam Act for flooding the Internet with fraudulent e-mails.
“U.S. Democratic presidential candidate Barack Obama pledged staunch support for Israel on a visit to Jerusalem on Wednesday, describing the Jewish state as a miracle before meeting Palestinian leaders in the West Bank,” Reuters reports.
The director of the University of Pittsburgh Cancer Institute and UPMC Cancer Centers plans to warn about 3,000 employees about the risks of cell phone use, the Associated Press reports. The advisory, to be released Wednesday, suggests certain measures to limit exposure to the electromagnetic fields emitted by cell phones.
A new drug for prostate cancer could “help up to 80 per cent of patients with the aggressive and previously untreatable form of the disease,” The Independent Reports. Prostate cancer is the most common cancer in men.
NPR reports that this year China has been working to improve its chances in Olympic sports where gold medals are plentiful, “focusing especially on sports that have not been China's traditional strong suits.”
A business management and accounting firm has sued Courtney Love, the widow of Kurt Cobain, for nearly $1 million, claiming she failed to pay them a share of the profits from the sale of Nirvana’s publishing catalogue.