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The soaring price of oil is hitting the airline industry. American Airlines announced Wednesday that it would eliminate about 12 percent of its flights by the end of the year and added a $15 surcharge for each checked bag.

Republican presidential candidate John McCain has named Alaska Gov. Sarah Palin as his running mate. Palin, 44, is the first woman named to a spot on the GOP ticket. She has been Alaska's governor since 2006.

President-elect Barack Obama has named Mary Schapiro to head the Securities and Exchange Commission. In a news conference in Chicago, Obama said government regulators "had dropped the ball," leading to the financial meltdown.

In Fort Hood, Texas, investigators are collecting information about Thursday's deadly attack at a soldier processing center. Thirteen people were killed, 12 of them soldiers, and 30 were wounded when a gunman, identified as Army psychiatrist Maj. Nidal Malik Hasan, opened fire in the facility.

Allegations of fraud have marred Afghanistan's presidential election. Ronald Neumann, former U.S. ambassador to Afghanistan, says despite the allegations it is worth it for the White house to maintain support for Afghanistan.

The arthritis drug Humira has been a blockbuster seller for more than two decades. Now some copycats could end Humira's reign.

President Obama challenged leaders gathered at the U.N. General Assembly on Wednesday to join the U.S. in solving the world's problems rather than waiting for America to do it on its own. Obama used his first address to the U.N. General Assembly to calls for a "new era of engagement."

G-20 leaders will likely leave Pittsburgh with an agreement to have banks build up their capital reserves while cutting back on bonuses and other forms of compensation. The new capital rules will be phased in and banks would have until the end of 2012 to meet the new requirements.

U.N. and Afghan officials confirmed reports of fraud in the Aug. 20 presidential elections and ordered a partial recount. The latest returns from the Afghan Election Commission show incumbent President Hamid Karzai now has enough votes to avoid a run-off with his nearest challenger.

Iranian envoys meet Thursday in Geneva with representatives from Europe, Russia, China and the U.S. for talks that will focus on Tehran's suspect nuclear program. The meeting comes as Iran's foreign minister visited Washington on Wednesday on a rare visit.