Obama: "They Talk About Me Like A Dog"
President Obama employed dramatic language over the weekend to mobilize a listless Democratic base and cast Republicans as special interest shills standing in the way of economic recovery. At the Milwaukee Laborfest in Milwaukee, Wisc., the president promoted a plan for $50 billion jobs initiative. His administration, Mr. Obama said, has been focused on strengthening the American middle class, in spite of strong corporate opposition. Rebuilding the middle class, he said, has "meant taking on some powerful interests -- some powerful interests who had been dominating the agenda in Washington for a very long time." "And they're not always happy with me," Mr. Obama added. "They talk about me like a dog. That's not in my prepared remarks, it's just -- but it's true." CBS

Obama To Back More Business Tax Breaks
President Obama will call on Congress to pass new tax breaks that would allow businesses to write off 100 percent of their new capital investments through 2011, the latest in a series of proposals the White House is rolling out in hopes of showing action on the economy ahead of the November elections. An administration official said the tax breaks would save businesses $200 billion over two years, allowing companies to have more cash on hand. The president will outline the proposal during a speech on the economy in Cleveland Wednesday. Washington Times

Sharpton's Nonprofit On The Brink, Audit Finds
An accounting firm hired by Al Sharpton's National Action Network found the civil-rights group in such financial disarray that it flunked its record-keeping -- and may not even survive, The New York Post has learned. The scathing critique was spelled out in a hard-hitting internal audit of NAN's books, a copy of which was obtained by The Post. "The organization has suffered recurring decreases in net assets -- and has been dependent upon advances from related parties and the nonpayment of payroll tax obligations -- to maintain continuity," the firm KBL concluded in an April 2 audit of NAN's 2008 financial records, the most recent available. Fox News

Gold Glitters On Debt Jitters
Gold rose $7 an ounce to $1,258, after a series of reports raised questions about banks' capital levels and their exposure to bonds issued by stressed nations such as Greece, Portugal, Ireland, Italy and Spain. Tuesday's rally takes the gold price up almost $100 an ounce from its midsummer low and just a few dollars from the June record of $1,260. It also confirms the warnings of gold bulls, who insisted during a mostly calm summer that gold's selloff would turn around once the financial markets had to deal with another crisis. But while the European bank crisis is in the headlines Tuesday, it mostly reminds investors of the grim bigger picture: A fragile recovery in which developed world governments struggle to rekindle growth without setting off alarms about their deteriorating finances. CNN

As Dems Kick Off Fall Campaign, Obama Promises Another Multi-Billion Stimulus Program
The Democratic Party officially kicks off its fall election campaign in Philadelphia on today “major national address” delivered by party chairman Tim Kaine. Kaine, according to a Democratic National Committee news release, will “frame November’s elections and explain the choice the American people have in front of them--a choice between Democrats, who are moving America forward; and Republicans, who want to take us back to the failed policies of the past that brought our economy to the brink of collapse.” CNS News

Chicago Mayor Richard Daley Won’t Seek Reelection
Chicago Mayor Richard M. Daley shocked the political world this afternoon when he announced he would not seek reelection to a seventh term in February.  Daley’s approval ratings have slumped to their lowest levels in his 21 years in office, according to a Chicago Tribune poll released in July.  Only 37 percent of voters approved of his job performance, while 53 percent said they didn’t want him to run for another term. ABC

Winds Pushing Fire Through 2 Dozen Detroit Homes
Fire officials say flames have swept through at least two dozen Detroit homes, fanned by strong winds that toppled power lines across the city and knocked out service to at least 113,000 Michigan homes and businesses. Tuesday night's fires were scattered through at least three neighborhoods, including along several blocks on the east side. The National Weather Service reports wind gusts of up to 50 mph. No injuries have been reported. DTE Energy Co. and CMS Energy Corp. say 113,000 customers lost power. Detroit Fire Department Capt. Steve Varnas tells the Detroit Free Press some fires may have been caused by dead tree limbs falling onto power lines. NY Times

Ads Attacking Health Plan Miss Some Facts
An ad by Crossroads GPS, a group founded by top Republican strategists Karl Rove and Ed Gillespie, took aim at Democrat Joe Sestak in Pennsylvania's contest for the Senate. It ran similar ads against Sen. Barbara Boxer in California and Democrat Jack Conway, seeking a Senate seat from Kentucky. President Barack Obama's health care initiative is getting toxic on the campaign trail. With the country sharply divided over the sweeping new insurance law, Republicans and their allies are taking to the airwaves to attack it as elections near, often resorting to exaggeration and omissions to make their points. Democrats generally shy away from even talking about the subject, unless it's to distance themselves from it. Meanwhile, Obama allies try to draw attention to the most immediate provisions, ignoring the biggest - and most contentious - parts of the expanded health care law that are still four years away. Charlotte Observer

Obama To Pitch Trio Of Economic Proposals
President Barack Obama is pitching a trio of economic proposals today in an effort to show the public he's taking action to spur economic growth.  During a trip to Cleveland, the president will outline a $50 billion infrastructure investment, a permanent expansion of research and development tax credits for companies and new tax breaks that would allow businesses to write off 100 percent of their new capital investments through 2011.  The administration hopes the proposals will increase business and consumer confidence, while also giving Democrats a boost in the November elections. But each proposal would require congressional approval, which is highly uncertain given Washington's partisan atmosphere. San Diego Union

Car Booster Seats Make Gains In Insurance Testing
Car booster seats have made strides in ensuring a proper fit for children in the back seat, according to a review by the insurance industry. The Insurance Institute for Highway Safety gave its top marks to 21 of 72 booster seats it evaluated for properly restraining children, or about 30 percent, according to results released Wednesday. Last year, the Institute only handed out its “best bet” citation to nine of the 60 seats it reviewed, or 15 percent. Booster seats are used by children between the ages of 4 and 8 and elevate kids so seat belts fit them better. Seat belts are meant to be routed across a child’s upper thigh and cross over the middle of the shoulder to provide protection in a crash. Kansas City Star

Comerica's Plan To Retire TruPS May Trigger Redemption Wave By U.S. Banks
Comerica Inc.’s plan to retire trust-preferred securities early may save the lender millions of dollars on interest payments and trigger a wave of similar redemptions by U.S. banks. Comerica, the Dallas-based bank that caters to businesses, plans to redeem $500 million of TruPS at face value, saying that the recently enacted Dodd-Frank Act no longer allows lenders to count them as regulatory capital, according to a Sept. 1 statement. Banks including JPMorgan Chase & Co. and Citigroup Inc. may soon stage similar buybacks, lawyers said. The early redemption could be a blow to owners of TruPS, which often carried interest rates higher than other debt securities. Paying off TruPS before they mature deprives investors of future income and compels them to reinvest elsewhere at today’s lower rates. Almost 1,400 U.S. lenders issued $149 billion of the securities by the end of 2008, according to the Federal Reserve Bank of Philadelphia. Bloomberg

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Marijuana On Four Ballots Energizes Political Debate
Marijuana is on the ballot in four states this November, including the first effort of its kind in California to fully legalize pot, but don't expect politicians to get high on the idea any time soon. In what could become another hot button political issue this November, Democrats in California are divided over Proposition 19, which would legalize marijuana use and allow government to make money off of it by imposing new regulations and taxes. The California government projected that at an excise tax of $50 per ounce, the new law would bring in about $1.4 billion in revenues for the state. Several members of Congress, such as Reps. Pete Stark, Barbara Lee and George Miller have spoken candidly in favor of it. The California Democratic Party chose not to take any position on it. But virtually all heavy hitters are opposed to it, including Sen. Dianne Feinstein, Sen. Barbara Boxer, and both gubernatorial candidates. ABC

Obama Student-Aid Rule Riles For-Profits, Spurs Most Letters Since 1983
Matthew Kapral, a student at Education Management Corp.’s Art Institute of Pittsburgh, was walking to class in July when a school representative sat him in front of a computer and coached him on a letter opposing limits on federal student aid to for-profit colleges. “They kind of started it off with a paragraph, and I added a sentence or two myself,” said Kapral, who estimated that his bachelor’s degree in graphic design will cost him $84,000. For-profit colleges are enlisting students and teachers to lobby against proposed limits on student aid, and may at times be using misleading tactics, the U.S. Department of Education said. The proposed government crackdown on aid has generated about 26,000 letters to the department, the most on any topic since 1983. Bloomberg

Lean, Mean Khalid Drops 40 Lbs.
The monster mastermind behind the 9/11 attacks wants to show the world a kinder, gentler -- and thinner -- side. Khalid Sheikh Mohammed sent photos from his Guantanamo Bay prison cell showing he has lost nearly 40 pounds. In place of the scowling, chubby, T-shirted Mohammed, with a rat's nest of a hairdo that he had in photos taken after his capture in Pakistan seven years ago, the jailhouse snapshots show him in a white robe and headdress, with a cryptic, almost beatific smile and graying beard, holding a copy of the Koran. The photos were sent to relatives in letters that seemed part of the terror fiend's attempt at an image makeover. NY Post

LAPD Brass Plead For Calm
Police Chief Charlie Beck pleaded for calm and vowed his department would conduct an exhaustive investigation into a bicycle officer's fatal shooting of a drunken day laborer with a knife. But his words did little to dissuade demonstrators, who spilled into the streets for a second straight night Tuesday , some to pray and light candles and others to pelt a police station near downtown Los Angeles with eggs, rocks and bottles. Police reported 22 arrests on Tuesday night, mainly for failure to disperse and unlawful assembly, Officer Karen Rayner said. Officers fired at least two rounds of nonlethal foam projectiles at demonstrators, Rayner said. No injuries to officers or civilians were reported. Philadelphia Inquirer

Pediatricians Will Join Call For Mandatory Flu Shots
The American Academy of Pediatrics plans to call for all health workers to get flu vaccinations, saying unvaccinated doctors, nurses and other medical staffers pose a threat to patients. The academy, which represents 60,000 pediatricians, is the latest of several organizations that now back mandatory flu shots for health workers. The groups include the National Patient Safety Foundation, the Infectious Diseases Society of America and the Society of Healthcare Epidemiologists. "They're all unanimously saying this is a patient-safety issue," says Gregory Poland, director of the Mayo Clinic's vaccine research group, who helped draft the position adopted jointly by the infectious-disease experts and health care epidemiologists. USA Today

Lawsuit Targets US Searches Of Global Travelers’ Devices
Civil rights lawyers sued the government yesterday to stop authorities from snooping in the laptops, cellphones, and cameras of international travelers without probable cause. The lawsuit was filed in US District Court in Brooklyn against the Department of Homeland Security and US customs and immigration authorities. The government did not immediately return a message seeking comment. The lawsuit says more than 6,500 people have had their electronic devices searched as they crossed US borders since October 2008. Nearly half of those searched were US citizens. In May, a graduate student in Islamic studies at McGill University in Montreal was detained for several hours as his electronic devices were searched, the suit says. The encounter frightened the student, according to the suit. Boston Globe

US Officials To Discuss NKorea Impasse In Asia
U.S. officials are heading to Asia to discuss the impasse over North Korea's nuclear program. State Department spokesman P.J. Crowley said Tuesday that Obama administration's envoys to North Korea, Stephen Bosworth and Sung Kim, as well as the National Security Council's Asia director, Daniel Russell, are leaving next week for talks in Seoul, Tokyo and Beijing. The trip comes as China pushes to resume talks with North Korea. China has suggested a compromise among the six countries involved in the nuclear disarmament talks. Seoul and Washington have been wary. They accuse North Korea of torpedoing a South Korean warship in March. North Korea walked away from the talks to protest international condemnation of its latest missile test. Las Vegas Sun

Bank Stress Socks Europe
Borrowing costs soared Tuesday for weaker European governments and their banks, after a series of unsettling reports about bank risks and the region's capacity to shoulder a massive debt burden. Spreads on government bonds issued by Portugal and Ireland surged above the peaks they reached in May, during the last round of market unrest. Investors were demanding 3.76 percentage points more to lend to Ireland than to Germany, and 3.51 percentage points more to lend to Portugal than Germany. Greek spreads were approaching their record highs. The moves came after investors got bad news from almost every angle over the long Labor Day weekend in the United States. CNN

All Eyes On BP Report On Gulf Oil Spill Disaster
Oil giant BP PLC on Wednesday planned to release the conclusions of its internal investigation into the rig explosion that killed 11 workers and led to the massive Gulf of Mexico spill. BP was striking first with a detailed report about what it believes went wrong on the Deepwater Horizon on April 20. It comes just days after a key piece of evidence in the explosion was raised to the surface but has not yet been analyzed. It also comes as the blame game heats up in Washington and in the courtroom. Detroit News

Global Cooling To Continue
Most of the country will see a colder-than-usual winter while summer and spring will be relatively cool and dry, according to the time-honored, complex calculations of the "Old Farmer's Almanac." The 2011 issue of the almanac, which claims to be the nation's oldest continuously published periodical, was released Tuesday. It predicts that in the coming months, the Earth will continue to see a "gradual cooling of the atmosphere ... offset by any warming caused by increased greenhouse gases." The "Old Farmer's Almanac" also is forecasting a weak La Nina — a climate phenomenon marked by an unusual cooling of the sea surface in the tropical Pacific Ocean. Janice Stillman, editor of the almanac, said that means much of the eastern half of the United States will experience lower-than-normal temperatures with less snow while Mid-Atlantic states will see more snowfall than usual. The West will see a mild winter with average precipitation, she said. Houston Chronicle

Suspected US Missile Attacks Rock NW Pakistan
Two suspected U.S. missile strikes hit militant targets in northwestern Pakistan on Wednesday, officials said, bringing to six the number of such attacks in the region in less than a week. At least 10 suspected members of a group attacking NATO forces in Afghanistan were killed. The strikes happened within hours of each other in North Waziristan, a lawless region home to militants battling foreign troops just across the border in Afghanistan, al-Qaida leaders plotting attacks in the West and insurgents behind bombings in Pakistan. The militants have stepped up their own attacks in Pakistan in recent days, just as the army focuses on helping millions of victims from the worst floods in the country's history. Four big bombs have killed at least 135 people in less than a week. Atlanta Journal

Uncertain Business Climate Is Hobbling Employment
American businesses are most worried about what Washington’s going to do next, N.J. Gov. Chris Christie said on Tuesday. In an interview with Fox & Friends, Christie said the Obama administration lacks a “clear, cogent message” for the American people: “I can tell you that when I talk to business people in New Jersey -- the thing they’re most concerned about is the uncertainty. They never know what’s going to come out of Washington and how it’s going to add to the cost of them doing business. And so you have businesses both small and large sitting on a lot of money that they could put into hiring people – but they don’t know what the real cost [will be], between health care and tax increases that look like they’re on the horizon.” CNS News

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Shorter School Weeks To Save Money
Thanks to a long Labor Day weekend, most students heading back to school today will enjoy a four-day school week.  But for some students around the country, every week this school year will be only four days.  Facing massive budget cuts and teacher layoffs, some school districts have opted to cut operational costs by closing schools one day per week. Fox News

U.S. Judge Refuses To Lift Ban On Govt Stem Cell Funds
A U.S. judge on Tuesday refused to lift a ban on federal funding of human embryonic stem cell research despite warnings from the Obama administration that it would set back key research and cost more than a thousand jobs. U.S. District Judge Royce Lamberth rejected the Obama administration's request to lift his injunction while the government appeals his ruling that barred federal funding of human embryonic stem cell research. Reuters

In Tough Economy, Labor Strikes Are Losing Ground
Labor strikes — seen as one of the key bargaining chips unions have had to get good wages and working conditions from employers — some day may end up only in history books. Not great news after Labor Day weekend, when we’re supposed to be celebrating the social and economic achievements of working stiffs everywhere. The number of major U.S. strikes, including those involving 1,000 workers or more, fell to just five in 2009, the lowest level since 1947, when the Department of Labor first began tracking the data. “The bottom line is that unions know the strike weapon just doesn't work that well anymore, especially in a tough economy,” said Phillip Wilson, president of the Labor Relations Institute. MSNBC

White House Defends King Quote On Oval Office Rug
No need for a rewrite _ or a reweave _ of the new rug in the Oval Office. President Barack Obama's spokesman said Tuesday the White House was correct to attribute a famous quotation in the rug's pattern to Martin Luther King Jr., even though the civil rights leader acknowledged being inspired by a 19th-century abolitionist, Thomas Parker. "It was not us that thought he said it, it was many people that believed _ rightly so _ that he said it," press secretary Robert Gibbs said. The wheat, cream and blue rug, which debuted in the Oval Office last week, features the presidential seal in the center and quotations from famous Americans around the border. Describing the rug, a White House statement credited King for these words: "The arc of the moral universe is long, but it bends toward justice." Las Vegas Sun

Polls Offer Grim Outlook For Democrats In November
A series of polls released today paint a grim picture for Democrats in the upcoming midterm elections. Likely voters surveyed say they favor Republicans over Democrats, and they trust the GOP more to handle issues like the economy. In a Washington Post/ABC News poll, 53 percent of likely voters said they would vote for the Republican candidate in their district if the midterm elections were today, while 40 percent would vote for the Democrat. (Worth noting: the two parties are nearly tied when it comes to the preferences of voters overall, not just likely voters.) Among voters overall, independents -- a critical voting bloc -- say they would support Republican over Democratic candidates in their House districts by a 13-point margin. CBS

Church Rebuffs Military Concerns On Koran Burning
A Christian minister said Tuesday that he will go ahead with plans to burn copies of the Koran to protest the Sept. 11 terrorist attacks, despite warnings from the top U.S. general in Afghanistan and the White House that doing so would endanger U.S. troops. The Rev. Terry Jones, pastor of the Dove World Outreach Center, said he understands the government's concerns, but he plans to go forward with the burning this Saturday, the ninth anniversary of the attacks. He left the door open to change his mind, however, saying that he is still praying about his decision. Gen. David H. Petraeus warned Tuesday in an e-mail to the Associated Press that "images of the burning of a Quran would undoubtedly be used by extremists in Afghanistan — and around the world — to inflame public opinion and incite violence." Washington Times

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Call For Sept 11 Truce Over New York Muslim Center
Families of September 11 victims are arguing whether to call a truce on the anniversary of the 2001 attacks on the United States as debate rages over plans for a Muslim center near the World Trade Center site. Rallies for and against the Islamic cultural center and mosque are set for Saturday in New York after a memorial ceremony at the site known as Ground Zero for the 2,752 people killed when al Qaeda militants flew hijacked planes into the twin towers nine years ago. Critics say the planned location two blocks from Ground Zero in downtown Manhattan is insensitive, while supporters say politicians have wrongly commandeered the emotionally charged debate ahead of U.S. congressional elections on November 2. Reuters

Obama Issues Rosh Hashana Message
U.S. President Barack Obama Tuesday offered videotaped best wishes to Jews celebrating Rosh Hashana and linked it to Middle East peace talks. Noting Rosh Hashana marks the start of the Jewish spiritual calendar, Obama said the holy day "calls us to look within ourselves -- to repent for our sins; recommit ourselves to prayer; and remember the blessings that come from helping those in need." "And as we begin this New Year, it is more important than ever to believe in the power of humility and compassion to deepen our faith and repair our world," he said in a transcript released by the White House. "At a time when too many of our friends and neighbors are struggling to keep food on the table and a roof over their heads, it is up to us to do what we can to help those less fortunate. UPI

Microbes Eating BP Oil Aren't Starving Gulf Of Oxygen
Federal scientists are reporting the best possible scenario for BP's leaked oil: Microbes are munching the underwater oil, but not robbing the Gulf of Mexico of much needed oxygen or creating so-called "dead zones." Oxygen levels in some places where the BP oil spilled are down by 20 percent, but that's not nearly low enough to create the dead zones where fish can't live, according to a 95-page report released Tuesday. Trying to disperse the oil underwater is like walking a tightrope. In an unusual move, BP released 771,000 gallons of chemical dispersant at the leaking well head, about a mile deep, instead of just on the water surface to break up the oil into tiny droplets. MSNBC

Egypt Nabs Weapons Destined For Gaza
Egyptian security forces found nine weapons caches in the Sinai Peninsula and confiscated weapons slated for Gaza, an official said. It is the third time in the past 10 days Egyptian security forces have uncovered weapons destined to be smuggled into the Gaza Strip, Maan news agency said Tuesday. The weapons were found in a number of locations in northern and central Sinai as well as the city of Rafah that borders the Gaza Strip and the Egyptian port of Al Arish, the agency said. Egyptian security personnel confiscated machine guns, anti-aircraft missiles, anti-tank mines, ammunition and explosives. UPI

PA Says 2 Suspects Nabbed For Carrying Out Terror Attacks
Officials say terrorists, who are both members of Hamas, arrested over the weekend and being held by Palestinian security forces; they wont be extradited to Israel.
Palestinian Authority security organizations have arrested two men suspected of carrying out the recent West Bank shooting attack that injured two Israelis. Last week's attack took place at the Rimonim Junction, east of the West Bank city of Ramallah. Two Israelis were injured, one seriously, when Palestinian gunmen ambushed the Israeli car. The terrorists were arrested at the weekend, according to the report, and are now being held by Palestinian security forces but will not be extradited to Israel. Jerusalem Post

Russian FM Tlls Iran To Cooperate With IAEA
Lavrov calls for clarity on Teheran's nuclear program, asks Islamic Regime to behave transparently for the sake of all concerned, including Iran. Russian Foreign Minister Sergei Lavrov on Tuesday called for clarity on all issues pertaining to the Iranian nuclear program. "Clarity in all remaining issues of the Iranian nuclear program is not only necessary, but would also primarily serve the interests of Iran itself," Lavrov said. He also called on Iran to cooperate and behave transparently with the International Atomic Energy Agency. On Monday, Iran's nuclear chief Ali Akbar Salehi announced that Teheran had the right to bar some UN inspectors from monitoring its disputed nuclear program. Jerusalem Post

Two US Soldiers Killed In Northern Iraq Shooting
Two US soldiers have been killed and nine wounded in northern Iraq. The US military says they were shot by a gunman dressed in Iraqi army uniform near the town of Tuz Khormato, 210km (130 miles) north of Baghdad. The Americans were among a group of US soldiers meeting Iraqi security forces at an Iraqi army compound. The killings are the first US military deaths since US President Barack Obama declared an end to US combat operations in Iraq on 31 August. "Eleven US soldiers were engaged with small arms fire, killing two and wounding nine, inside an Iraqi army commando compound," a US military statement said. BBC

Gene Variations May Have Breast Cancer Role, Team Says
Researchers say they have identified a series of gene variations which together may play a role in the development of a common breast cancer. A study of women in Finland and Sweden found 121 variations in their DNA. The Singapore team think these are linked to oestrogen production - known to play a role in a breast cancer type which afflicts post-menopausal women.The researchers say the findings might be used to identify women who might benefit from oestrogen-lowering drugs. BBC

France: Protests Over Pensions Bring Over A Million Onto Boulevards
French protesters furious over the government's proposals to change the pensions system flooded the boulevards of cities from Paris to Marseille today as Nicolas Sarkozy's embattled labour minister presented the reform to a parliament echoing with jeers. Huge numbers of people – 1.1 million according to the government, 2.7 million according to the leading CGT union – turned out throughout France to demonstrate against plans to raise the retirement age from 60 to 62. There was significant disruption caused to trains, planes and public services as a result of the strike. In the capital alone, the CGT union estimated the number of protesters at 270,000. Guardian

Canon Law Has Allowed Abuse Priests To Escape Punishment
The claims come amid growing calls for Pope Benedict to be arrested for crimes against humanity when he arrives in the UK. The system of law operated by the Vatican has allowed serious sex offenders to escape punishment and must be abandoned, says a prominent lawyer. According to Geoffrey Robertson QC, whose book The Case of the Pope is published tomorrow: "Canon law has been allowed to trump criminal law in countries throughout the world. This is a very serious matter‚ the pope through his pretensions to statehood refuses to acknowledge that child sex abuse is a serious crime as well as a sin. "The Catholic church must abandon canon law as a punishment for priests who commit crimes." Guardian

Council Spending Cuts 'Will Cost 1,000 Jobs'
Plans by a council to make savings of almost £220 million in the next four years will lead to more than 1,000 job losses, a leading union warned today. The GMB said job losses on that scale at Sheffield City Council would be a "major blow" to employment prospects in the area. The council said it could not put a figure on job losses, adding that it was entering into discussions with trade unions about the spending cuts. GMB official Tim Roache said: "We believe there will be in excess of 1,000 job losses in Sheffield to achieve this level of savings. This is a major blow to employment in the city and there is no point in the council trying to dispute our figure. "We will enter into discussions with the council to protect jobs and services as best we can." Independent

Bank Capital Rules Uncertainty Sets Up Market For An Anxious Week Of Waiting
A group of central bankers and regulators from around the world agreed on the new capital requirements for banks, however the industry will have to wait until after a further meeting at the weekend to hear the final proposals. On Sunday, the Group of Governors and Heads of Supervision, the oversight body for the Basel Committee, will meet to give their assent to the rules, which means markets will have to wait until Monday to give their verdict on the new capital requirements for banks. This prospect of more uncertainty, with speculation growing that the new capital ratios required will be higher than originally expected, made for a volatile day of trading, with the STOXX indices of European bank shares falling 1.5pc, while gold prices rose on fears over the health of the region's banking system. Telegraph

China To Build $2bn Railway For Iran
China is poised to sign a $2bn (£1.3bn) deal to build a railway line in Iran in the first step of a wider plan to tie the Middle East and Central Asia to Beijing. China's railways minister, Liu Zhijun, is expected to visit Tehran this week to seal the deal, according to his Iranian counterpart, Hamid Behbahani. "The final document of the contract has already been signed with a Chinese company and the Chinese minister will visit Iran on September 12 to ink the agreement," said Mr Behbahani. The new line will run from Tehran to the town of Khosravi on the border with Iraq, around 360 miles as the crow flies, passing through Arak, Hamedan and Kermanshah. Eventually, the Iranian government said, the route could link Iran with Iraq and even Syria as part of a Middle-Eastern corridor. That could also benefit the 5,000 Iranians who make pilgrimages each day to the holy cities of Najaf and Karbala in Iraq. Telegraph

Nigeria: 800 Inmates Escape During Orison Attack
About 800 inmates escaped a federal prison holding Muslim extremists in northern Nigeria during a sunset attack by gunmen who are believed to be members of a radical sect, a police official said Wednesday. The attackers went cell by cell at the prison in Bauchi, breaking open locks and setting fire to part of the prison before escaping during the confusion, said Bauchi state police commissioner Danlami Yar'Adua. Four people died and six others remain in critical condition. Yar'Adua said police believe Boko Haram sect followers freed by the attack are hiding in the mountains surrounding the pasturelands of the rural region. Members of Boko Haram - which means "Western education is sacrilege" in the local Hausa language - rioted and attacked police stations and private homes in July 2009, triggering a violent police crackdown. More than 700 people died. Many of those arrested in the wake of the attacks last were being held at the Bauchi prison pending trial. Seattle Times

Demjanjuk Health Issues Taking Over Trial
John Demjanjuk attends most sessions of his trial in a hospital bed set up in the courtroom, wearing dark sunglasses and a hat pulled down over his face. The case of the retired Ohio autoworker accused of serving as a Nazi death camp guard — which resumes next week after a monthlong summer break — broke potentially precedent-setting ground when it opened last year. But it has become increasingly dominated by the 90-year-old defendant's failing health. Nazi hunters have taken keen interest in the Demjanjuk saga because it's the first time German authorities have prosecuted such a low-ranking suspect on the premise that, even without evidence of a specific crime, simply working at a death camp was enough to be an accessory to murder. German prosecutors have since opened investigations of two others on a similar basis, both men who were called as witnesses at the Demjanjuk trial — and a conviction could open the way to scores of more such cases. SF Gate

China's Hu Calls For Stable Ties With US
Trying to smooth over recently rocky relations before a visit to Washington, Chinese President Hu Jintao told American officials on Wednesday that he wants to see healthy and stable ties between the two countries. The meeting between Hu and a White House economic policy official and deputy national security adviser was unusual because the Chinese president rarely meets with visitors ranked lower in diplomatic protocol. It underscored Hu's desire to move ahead in relations after months of discord over trade imbalances, Chinese currency policies and U.S. arms sales and military maneuvers. Tampa Tribune

Focus On World’s Most Disadvantaged Children Can Save Millions Of Lives – UNICEF
Investing first in the world’s most disadvantaged children and communities can save millions of lives and help spur progress towards achieving internationally agreed development targets, according to a new study by the United Nations Children’s Fund (UNICEF). The agency found that an equity-based approach, focusing on the needs of the most disadvantaged children, can be a cost-effective strategy to reaching the Millennium Development Goals (MDGs) – eight targets that include slashing poverty, hunger and a host of other socio-economic ills, all by 2015. The findings were presented today in two publications: Narrowing the Gaps to Meet the Goals and the flagship data-based report Progress for Children: Achieving the MDGs with Equity. UN News

New UN Humanitarian Chief Spends First Day At Work In Flood-Hit Pakistan
The newly-appointed United Nations Emergency Relief Coordinator Valerie Amos arrived in Pakistan today, her first day on the job, to witness the humanitarian response to the flood disaster and encourage more donor support to the millions of people affected across the length of the South Asian country. “Humanitarian work is about reaching people affected by crises, providing emergency assistance, and supporting them through the most difficult times,” said Ms. Amos, who is also the Under-Secretary-General for Humanitarian Affairs.  UN News

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