1 | London
Too Little, Too Late
Nearly 100 days after the Deepwater Horizon oil rig exploded in the Gulf of Mexico, BP announced July 27 that its embattled CEO will step down. Tony Hayward, who has become the public face of the disaster, will be replaced Oct. 1 by American executive Robert Dudley. The oil giant also said it will set aside $32.2 billion to cover the long-term costs of the spill, the worst in U.S. history. The news came as the company posted a $17 billion loss for the second quarter of 2010--one of the largest losses in British corporate history. For his part, Hayward will leave with benefits valued at $18 million and a potential job with the company's joint operation in Russia. "Life isn't fair," he told reporters.
[The following text appears within a chart. Please see hardcopy or PDF for actual chart.]
Sinking Stock. BP's fall since the rig explosion
4/20 Explosion on Deepwater Horizon
DOW JONES INDUSTRIAL AVERAGE
DOW JONES OIL & GAS TITANS 30 INDEX
BP STOCK PRICE*
* HIGH: 4/20, $60.48; LOW: 6/25, $27.02; 7/26, $38.65.
SOURCE: YAHOO! FINANCE
2 | Arizona
Judge Blocks Law's Key Provisions
Less than a day before Arizona's immigration law, known as SB 1070, was to take effect on July 29, U.S. District Court Judge Susan Bolton blocked some of its most disputed parts. The injunction applies to sections that call for officers to check immigration status when enforcing other laws and that require immigrants to always carry papers. Seven lawsuits, including one by the Justice Department, have been filed against SB 1070. The law's opponents have argued that it could lead to racial profiling, while its proponents say the state must address the influx of illegal immigrants because the federal government has not.
3 | San Francisco
Lutherans Welcome Gay Clergy
On July 25, the Evangelical Lutheran Church in America formally accepted seven openly gay pastors who had previously been barred from serving in the ministry, making it the largest Protestant church in the U.S. to admit noncelibate, openly gay clergy. The 4.6 million--member church voted last year to allow gay clergy in monogamous relationships to serve. Since then, 1% of its congregations have left the denomination; more are expected to sever ties in the coming months.
4 | Uganda
African Leaders Agree on New Rules in Somalia
At a July 27 meeting in Uganda attended by leaders from across the continent, the African Union (A.U.) agreed to expand the size and mandate of a peacekeeping force deployed in the troubled state of Somalia. The A.U. contingent had previously been barred from firing at the country's Islamist militias, including fighters from al-Qaeda-linked al-Shabab, unless provoked. Now they can strike first.
5 | Cambodia
Khmer Rouge Torture Chief Found Guilty