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AP Top News at 3:17 a.m. EDT

By Associated Press

3:17 AM EDT, July 9, 2008

Bush tells Hu he is looking forward to Olympics

TOYAKO, Japan (AP) -- President Bush made clear Wednesday that he intends to enjoy himself at the Beijing Olympics next month. In a private meeting, Bush told Chinese President Hu Jintao that he was looking forward to attending the games. The president had already said at the Group of Eight economic meeting in Japan that he believes boycotting the opening ceremony of the games would be an affront to the Chinese people.

Iran test-fires missiles in Persian Gulf, Hormouz

TEHRAN, Iran (AP) -- Iran's elite Revolutionary Guards test-fired nine long- and medium-range missiles Wednesday in war games officials say are in response to U.S. and Israeli threats, state television reported. Gen. Hossein Salami, a top Guards commander, was quoted as saying the exercise "is to demonstrate our resolve and might against enemies who in recent weeks have threatened Iran with a harsh language." The drill was conducted in the Persian Gulf and the Strait of Hormouz.

Fed to curb shady home-lending practices

WASHINGTON (AP) -- The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs. Fed Chairman Ben Bernanke spoke of the much-awaited rules in a broader speech Tuesday about the challenges confronting policymakers in trying to stabilize a shaky U.S. financial system. To that end, Bernanke said the Fed may give squeezed Wall Street firms more time to tap the central bank's emergency loan program.

As some flee fires anew, others return for a time

BIG SUR, Calif. (AP) -- Firefighters pushed back a blaze threatening this small coastal community just enough to allow hundreds of people to check on their homes Tuesday as a separate fire 300 miles north forced residents of other towns to evacuate. Fire crews have been straining to cover 330 active California wildfires, many of which were ignited by a lightning storm more than two weeks ago. A heat wave forecast to linger in much of the state until the weekend was making the job all the more difficult.

McCain, Obama pitch economic plans to Hispanics

WASHINGTON (AP) -- Republican John McCain and Democrat Barack Obama sought Tuesday to send the same message to a critical constituency: They understand that Hispanics share the same economic concerns as other Americans -- and they will help the whole country prosper. It was the second time in as many weeks the presidential candidates directly appealed to a Hispanic group. Appearances before a third were on tap for next week, underscoring the fierce fight for these fickle voters.

Panel calls for new war powers legislation

WASHINGTON (AP) -- The next time the president goes to war, Congress should be consulted and vote on whether it agrees, according to a bipartisan study group chaired by former secretaries of state James Baker III and Warren Christopher. In a report released Tuesday, the panel says the current law governing the nation's war powers has failed to promote cooperation between the executive and legislative branches. It says the 1973 resolution should be repealed and replaced with new legislation that would require the president to inform Congress of any plans to engage in "significant armed conflict," or non-covert operations lasting longer than a week.

FTC considers backing off nicotine guidance

WASHINGTON (AP) -- The Federal Trade Commission said Tuesday that it no longer considers reliable a test for tar and nicotine used for more than 40 years and touted by the tobacco industry in marketing "light" and "low-tar" cigarettes. The FTC said it may rescind its guidance on tar and nicotine yields that is based on that test. The commission said if the guidance is withdrawn, advertisers should no longer use terms suggesting FTC endorsement or approval of any specific test method.

Oil rebounds slightly after second big drop

BANGKOK, Thailand (AP) -- Oil prices rebounded slightly Wednesday in Asia after tumbling more than $5 in the previous session as traders worried about the health of the global economy cashed in gains from the recent rally. Tuesday's drop hurled crude back to levels not seen since June 26. The market's bearish turn this week erases, at least for the time being, the effect of a run-up that pushed prices past U145 a barrel in a string of record-setting sessions before the Fourth of July holiday.

Matthew McConaughey, girlfriend welcome baby boy

LOS ANGELES (AP) -- Matthew McConaughey's longtime model girlfriend, Camila Alves, has given birth to the couple's first child, a 7-pound, 4-ounce boy. Alves, 24, gave birth Monday night in California and named the child Levi, McConaughey's publicist, Alan Nierob, said in an e-mail Tuesday to The Associated Press.

CC Sabathia wild, but a winner in Brewers debut

MILWAUKEE (AP) -- CC Sabathia was a little wild in his debut with the Milwaukee Brewers, but still delivered as advertised in a 7-3 victory over the Colorado Rockies on Tuesday night. Sabathia (1-0) gave up two earned runs and five hits over six innings in his first outing since being traded by Cleveland on Monday. The reigning AL Cy Young winner walked five, tying the season high he set back in April.