NPR 2010-06-22

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Triple-digit gains on Wall Street have(口误) been wiped out. At last check, the Dow was down eight points at 10,443, NASDAQ losing 20 points at 2,289. We'll check back on those numbers a little bit later on.

About 35% of the more than million homeowners getting help from the government's main mortgage aid program are in danger of losing their homes. The Treasury¹ Department estimates more than 400,000 people have already dropped out. Officials fear that could trigger a new round of foreclosures and drag down the housing market.

The Coast Guard wants BP to have a better oil containment² system in place before a hurricane enters the Gulf³ of Mexico. NPR's Debbie Elliott reports it would also be able to take in more oil than BP's current operation.

BP captured about 23,000 barrels of oil yesterday, and Coast Guard Admiral Thad Allen says when a third vessel⁴ arrives next week, the firm should be able to get up to 53,000 barrels a day. In July, shuttle tankers⁵ should arrive from the North Sea, increasing the capacity to 60,000 to 80,000 barrels a day. Allen says the new containment system will rely on flexible floating pipes rather than fixed⁶ pipes attached to the leaking well.

"It will allow the vessels⁷ to have greater flexibility⁸ in dealing⁹ with sea states in higher winds and so forth¹⁰. It won't be completely hurricane-proof, but it will allow them to operate in a little heavier weather than they can right now. It will also allow us to be able to disconnect and reconnect if a hurricane does come through."

If the system is disconnected, the oil would temporarily gush¹¹ unabated into the Gulf. Debbie Elliott, NPR News.

Iran is barring two inspectors¹² with the International Atomic Energy Agency from entering the country. More on this from NPR's Mike Shuster.

Statements by Iranian officials suggest the ban is in retaliation¹³ for alleged¹⁴ leaks of information to the news media. The IAEA received a letter from Iran earlier this month, objecting to the use of the two inspectors in question. In response, the IAEA says it has full confidence in the professionalism and impartiality¹⁵ of the inspectors concerned. Iran has indicated this is not a step to prevent the inspections¹⁶ from taking place. Officials say they can be carried out using other inspectors. The IAEA learned of Iran's action in a letter dated June 10th, just one day after the UN Security Council imposed new economic sanctions on Iran's nuclear activities. The letter was not made public until now. Mike Shuster, NPR News.

Earlier, we saw US stocks steadily¹⁷ gaining ground on the news that China was planning to ease the value of its currency, allowing it to appreciate against the dollar. Now it's expected to bolster¹⁸ US manufacturers' competition when they sell their products in China. But those gains have since been lost. At last check, the Dow was down eight points at 10,443.

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A wildfire now scorching¹⁹ about 9,000 acres north of Flagstaff is still growing. Firefighters are struggling to keep it away from homes. Arizona Public Radio's Laurel Morales says about 900 homes have already been evacuated²¹ since two fires broke out over the weekend.

Fires flanked the town north and south. One started Saturday, the other Sunday. More than 200 people registered with the American Red Cross shelter. Kelly Waxman was evacuated from her ranch²² Sunday and spent that night at a converted middle school gym.

"As far up in the sky as I could see, it looked like a nuclear bomb. I mean literally²³ I was like looking straight up in the sky, and it was red in flames, as far as you could see in it. Just like in ten minutes' time, there was nothing and then the whole neighborhood was just kaplow(kablow)."

Waxman, with the help of a volunteer with a trailer, was able to evacuate²⁰ one of her horses, but three remained. The sheriff's office told her they would cut her fence line to let the others run loose. For NPR News, I am Laurel Morales in Flagstaff.

The death toll²⁴ among NATO forces in Afghanistan is getting higher in a month that is already considered one of the deadliest since the start of the war. An American and three Australian commandos were killed in the southern Afghan province of Kandahar when their helicopter crashed. Several Australian troops were hurt. The Taliban claims its militants²⁵ shot down the aircraft, but NATO and Australian officials say there is no evidence it was brought down by hostile fire.

Billings, Montana is reeling from its largest tornado²⁶ in more than half a century. The governor was expected to visit the city today to tour damaged communities. The area is under a state of emergency.

I'm Lakshmi Singh, NPR News in Washington.