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Merrill Lynch, the world's largest brokerage, says its chief executive, Stan O'Neal, has retired, effective immediately. Alberto Cribiore will lead the search for O'Neal's replacement.

The Writer's Guild of America says its 12,000 members will go on strike Monday. The writers want to be paid more when their movies or shows are sold as DVD's and internet downloads.

Paul Tibbets, who piloted the plane that dropped the first atomic bomb, has died at age 92. On Aug. 6, 1945, Tibbets' B-29 dropped the nearly five-ton bomb on the Japanese city of Hiroshima. Tibbets always insisted that he did not have regrets.

Pakistan's President Gen. Pervez Musharraf declares a state of emergency, suspending the country's constitution, firing the chief justice of the Supreme Court and filling the streets of this capital city with police officers. International pressure mounts against imposition of emergency powers.

An investigation was launched in December 2022 after Northwestern University received an anonymous complaint about hazing activities in the school's football program.

President Bush hosts Turkey's Prime Minister Recep Tayyip Erdogan, who is expected to press for help in stopping Kurds in northern Iraq from further cross border attacks. The Turks have threatened to send in troops. But so far, Ankara has heeded U.S. calls for restraint.

Unless Hollywood writers and studios reach a deal over the weekend, the Writers Guild of America will strike just after midnight next Monday. That could mean many TV shows will have to revert to re-runs. The writers and studios are at odds over how much writers should make in royalties when shows are resold on DVD or the Internet.

It is Day One of the first strike by TV and film writers in almost 20 years. Screenwriters in red T-shirts picketed in front of studios in New York and Los Angeles. It's hard to tell how long the strike will go on or what long-term damage it could do to the industry.

Ninety years after the Bolshevik revolution and 16 years after the end of communism, Russians look back at the Soviet era. Some recall the horrors of gulags and executions, while others look wistfully at the strong hand of the Soviet government.

Real estate has often been referred to as the one of the surest investments, and homeownership has long been part of the American dream. But in a market that seems to be in a freefall, buying may no longer be the safest bet.