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Top World News

China opens Olympics with pageantry, pyrotechnics (AP)

Illuminated performers line the floor of the National Stadium during the opening ceremonies for the Beijing 2008 Olympics in Beijing, Friday, Aug. 8, 2008. (AP Photo/David Guttenfelder)AP - Once-reclusive China commandeered the world stage Friday, celebrating its first-time role as Olympic host with a stunning display of pyrotechnics and pageantry.


Georgia says Russian aircraft bombed its air bases (AP)

In this image, made from television, Russian tanks are moving towards the breakaway South Ossetia republic's capital, Tskhinvali, on Friday, Aug. 8, 2008. Russia's Defense Ministry says it has sent reinforcements to its peacekeepers deployed to South Ossetia to help end bloodshed. Georgian officials confirmed that the Russian convoy had crossed the border and was advancing toward Tskhinvali. Georgia launched a massive attack Friday to regain control over South Ossetia, using heavy artillery, aircraft and armor. South Ossetian officials said at least 15 people were killed Friday and an unspecified number were wounded. (AP Photo/APTN)AP - Russia sent columns of tanks and reportedly bombed Georgian air bases Friday after Georgia launched a major military offensive Friday to retake the breakaway province of South Ossetia, threatening to ignite a broader conflict.


 

Business News

Oil falls as dollar rises, ignores Georgia conflict (Reuters)

Firemen struggle to extinguish the fire at the Baku-Tbilisi-Ceyhan (BTC) pipeline near the eastern Turkish city of Erzincan August 7, 2008. (Anatolian-Muhammet Ispirli/Reuters)Reuters - Oil fell $4 to below $116 on Friday in line with declines across the commodities complex as weaker demand and a stronger U.S. dollar outweighed concern conflict in Georgia could disrupt Caspian energy supplies.


Fannie Mae posts another huge loss (Reuters)

Construction workers are seen at a townhouse complex in a Denver, Colorado suburb May 16, 2008. (Rick Wilking/Reuters)Reuters - Fannie Mae on Friday posted a much larger-than-expected second-quarter loss and slashed its dividend more than 85 percent to preserve capital as home loan defaults accelerated in the bleakest U.S. housing market since the Great Depression.