CLOSE OVERSIGHT: The proposal, which seeks to address problems that generated the bad loan crisis, is certain to meet heated debate within the financial services sector
The Bush administration is proposing a sweeping overhaul of the way the government regulates the nation's financial services industry from banks and securities firms to mortgage brokers and insurance companies.

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US jets widened the bombing of Basra yesterday, dropping two precision-guided bombs on a suspected militia stronghold north of the city hours after strafing a house and reportedly killing eight civilians, officials said.

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Foreign diplomats demanded unfettered access in Lhasa yesterday after authorities allowed a visit to the riot-torn city amid debate in Europe over a boycott of the Beijing Olympics opening ceremony.

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For the second successive day, British Airways canceled dozens of flights at Heathrow's glittery new Terminal 5 as staff struggled with state-of-the-art technology supposed to hasten check-in procedures and make flying a pleasure.

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ABSENT: King Abdullah of Saudi Arabia, Egyptian President Hosni Mubarak and King Abdullah of Jordan stayed away from this year's Arab summit
Syrian President Bashar al-Assad yesterday promised at an Arab summit in Damascus to help resolve a political crisis in Lebanon, which boycotted the meeting, along with top figures from other Arab countries.

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