Gustav weakens to Category 1; canal water receding in New Orleans

Date: Mon, 01 Sep 2008 17:04:08 -0400
Gustav weakens to Category 1; canal water receding in New Orleans

A storm surge from Hurricane Gustav causes water to overtop the repaired
Industrial Canal wall in New Orleans.

Scaled-back Republican convention opens Monday

Republicans open a scaled-back version of their presidential nominating
convention Monday after Hurricane Gustav makes landfall in Louisiana and
throws the party's plans into flux.

Japan Prime Minister Fukuda announces resignation

Japanese Prime Minister Yasuo Fukuda unexpectedly announces his
resignation Monday after less than a year in office.

Currencies: British pound plunges on Darling's weak outlook

The beleaguered British pound accelerated its recent fall, plunging 1.3%
against the U.S. dollar to a level last seen in April 2006 after U.K.
Chancellor of the Exchequer said the economic environment is the most
difficult in 60 years.

British home prices down for 11th straight month, survey says

British home prices fell for the eleventh straight month in August,
dropping 0.9% from July and 5.3% below the level seen in the same month
last year, the lowest level since the survey began in 2001, real-estate
data firm Hometrack reported Monday.