House panel OKs defense bill, delays gay service

Republican efforts to delay President Barack Obama's new policy allowing gays to serve openly in the military and limit his authority to slash the nation's nuclear arsenal face formidable opposition in the Democratic-controlled Senate.

Early Thursday morning, the House Armed Services Committee approved a broad, $553 billion defense bill that would provide a 1.6 percent increase in military pay, fund an array of aircraft, ships and submarines and meet the Pentagon's request for an additional $118 billion to fight wars in Iraq and Afghanistan.

Bair to leave FDIC in July, ending 5-year term

Sheila Bair is stepping down as chairman of the Federal Deposit Insurance Corp. this summer, ending a five-year term in which she helped craft the government's response to the 2008 financial crisis.

Bair will leave her post as one of the top banking regulators on July 8, the FDIC said Monday.

She was among the first officials to raise concerns about the explosion of high-risk lending to borrowers with bad credit. Under her tenure, the agency closed the most banks since the savings and loan crisis. That included Washington Mutual, the nation's largest bank failure.

Billionaires gather in Arizona to discuss giving

What do dozens of American billionaires talk about when they get together? Their topic this week was of course money; not how to make it, but how to give it away.

Billionaire investor Warren Buffett said Friday that a private gathering was a great chance for the billionaires who have pledged to give away at least half their wealth to meet each other, compare notes, eat and laugh.

The media was banned from Thursday's first meeting of the group that has accepted the giving challenge by Buffett and his friend Microsoft co-founder Bill Gates. Since last June, 69 individuals or couples have made the giving pledge.

Son of guitarist admits guilt in protests

LONDON (AP) -- The son of Pink Floyd guitarist David Gilmour has pleaded guilty to participating in a rampage during student protests that included an attack on a royal convoy.

Charlie Gilmour was among thousands of students who demonstrated on Dec. 9 against rising university tuition fees. Some protesters broke away from the main demonstration and attacked cars accompanying the Rolls-Royce of Prince Charles and his wife, Camilla.

Judge Nicholas Price warned 21-year-old Gilmour that he could face jail -though he was granted bail until July to give him time to complete Cambridge University exams.

Southeast Asian leaders gather in Indonesia

JAKARTA, Indonesia (AP) -- A bloody border dispute between Thailand and Cambodia threatened to dominate an annual summit of Southeast Asian nations Saturday, with Myanmar's bid to become chair of the regional grouping and talks on easing economic disparities across borders also on the agenda.

In his speech that opened the two-day summit, Indonesian President Susilo Bambang Yudhoyono said the Association of Southeast Asian Nations, or ASEAN, was formed based on a desire to create peace and promote stability through regional integration and cooperation.

"We realize that to ensure peace and stability in East Asia, ASEAN must first be able to guarantee peace in its own region," said Yudhoyono, the group's current chair.