And the biggest bank in the U.S., JPMorgan Chase, says it has lost $4.4 billion from its failed hedging strategy involving a secretive trader. That's more than twice the bank's earlier estimate. The company released its second-quarter earnings report this morning, and NPR's Jim Zarroli is with us now to talk about them. Jim, what is the company telling investors this morning about that money?
NPR's business news starts with a warning about LIBOR.
It came years ago. We now know that Treasury Secretary Tim Geithner pointed out problems with the way that London's key interest rates were set. He did this in 2008, in the midst of the financial crisis at the time he was head of the New York Federal Reserve.
The ancient desert town of Timbuktu is under assault in the west African nation of Mali. Islamist forces have taken over much of northern Mali where Timbuktu is located. One group, allied with al-Qaida, has begun systematically destroying Shrines that celebrate ancient Muslim saints. Human Rights Watch Senior Researcher Corinne Dufka talks to Renee Montagne about the destruction.
This is MORNING EDITION from NPR News. I'm Renée Montagne.
STEVE INSKEEP, HOST:
And I'm Steve Inskeep. Good morning. China's economic growth has slowed down to a three-year low. That's according to new figures released today. The numbers matter to us because of the way the world economy is so interconnected. Americans import a lot from China, sure, but have also been working to boost exports to other nations, including China.
NPR's Louisa Lim joins us from Beijing to make sense of the latest news. Hi, Louisa.
And today's last word in business comes from the Central Asian country of Uzbekistan, which by the way, won six medals in the last Olympics. But today's last word is about another kind of competition, this one between social networking sites. And the word is: YouFace. That's the name of a new social networking site that aims to lure local Internet users away from Facebook, and, quote, "boost patriotism among young people in Uzbekistan."
This month, the U.S. Postal Service begins cutting back hours and services at rural post offices across the country. One store facing changes sits inside the Wood & Swink general store in the northern Florida town of Evinston. The store has been in Freddie Wood's family for more than 100 years. In that time, it's gone through only small changes.
County and city officials in San Bernardino, Calif., are considering a controversial plan: using the power of eminent domain to take over "underwater" mortgages, where the value of the home is worth less than the original loan. Taking on those properties, officials say, would allow the homeowners to refinance those troubled loans.
Some of the most interesting discoveries in archaeology come from sifting through ancient garbage dumps. Scientists working in Oregon have found one that has yielded what they say are the oldest human remains in the Americas and a puzzle about the earliest American tools.
Early Americans used Oregon's Paisley Caves for, among other things, a toilet. Little did they know that scientists would be picking through what they left behind.
Europe is struggling, thanks to a relentless debt crisis. Compounding its problems: It is not one country, but 17.
Many observers agree that to solve their problems, those countries have to start looking a lot more like one country. And there is a force in Europe trying to make that happen: the European Central Bank. The weapon it has that everyone else lacks? Money.
New questions about Mitt Romney's overseas investments have dogged the GOP presidential contender all week. Many arose from a report in the latest issue of Vanity Fair. It describes how the day before Romney was sworn in as governor of Massachusetts, he put a corporation he'd set up in Bermuda in a blind trust held by his wife, Ann. Romney insists he did nothing wrong.