Marvin Isley, youngest member of the Isley Brothers, died Monday morning from complications with diabetes, hospital officials said. He was 56.
The Isley Brothers, with hits such as "That Lady" and "Fight the Power," were inducted into the Rock and Roll Hall of Fame in 1992. Marvin Isley retired from performing in 1997, and later had both legs amputated due to his diabetes.
He joined the Isley Brothers in 1973.
A look at highlights from the day's business news:
Dow at 7-month lows
Stocks slumped Monday, with the Dow and S&P 500 ending at seven-month lows after the euro hit a fresh four-year low, adding to worries about the global economy.
The Dow Jones industrial average lost 115 points, or 1.2 percent, closing at the lowest point since Nov. 4.
The S&P 500 index lost 14 points, or 1.4 percent, and closed at its lowest point since Nov. 4. The Nasdaq composite fell 45 points, or 2 percent, and closed at its lowest point since Feb. 11.
[Updated at 7:42 p.m. ET] At least five people were injured as a result of Monday afternoon's natural-gas pipeline explosion in Johnson County, Texas, officials said.
"Everybody has been accounted for except for one person, and they're trying to account for him," Johnson County Emergency Management Coordinator Jack Snow said.
A crew that had been working on the line apparently ruptured it, leading to the explosion, Cleburne City Manager Chester Nolen said.
Video showed the site of the fire - cattle country - in the center of a patch of scorched grassland. No one was evacuated because no buildings were nearby, Nolen said.
Mexican authorities over the weekend found 55 bodies inside a mine ventilation shaft that was used as a mass grave in the city of Taxco, officials said Monday.
An Australian trekker said he has discovered the site of a significant World War II battle in the jungles of Papua New Guinea, complete with the remains of Japanese soldiers right where they fell almost 70 years ago.
Former army Capt. Brian Freeman, an expert on the Kokoda Trail – a 60-mile trek through rugged mountainous country and rainforest of the island – said Monday he was led to the Eora Creek battle site where he found the remains of the soldiers.
The site about half a mile from the village of Eora Creek was believed to be the location of the last major battle that was pivotal in Australia’s campaign against the Japanese in Papau New Guinea.
Although the site was known to local villages, jungles reclaimed it after the battle of Eora Creek. Although locals hunted on the plateau surrounding the site, they avoided the 600-square-meter battle ground because of a belief that spirits of the dead were still present in the "lost battlefield."
What this means is that the site has apparently remained untouched since 1942.
Bobby Maxwell, a former Minerals Management Service auditor who spent 22 years with the Interior Department unit, tells CNN that he witnessed "inspections" on off shore oil rigs that were barely worth the name.
"They would look at some papers, have lunch, shake hands with their friends and say goodbye," Maxwell told CNN's Abbie Boudreau in an interview scheduled to air Wednesday on AC360.
Maxwell told CNN the agency had a "culture of corruption" and the inspections he saw were like a country fair - all play and no real work.
Oil pools near a boom alongside Cat Island near Grand Isle, Louisiana.
[Updated at 7:22 p.m.] It's Day 49 of the oil disaster in the Gulf of Mexico. We'll be bringing you the latest developments on the story throughout the day. Here's where we stand right now.
LATEST DEVELOPMENTS
- Workers in Louisiana have built about 2 miles of sand berms along the state's coast, Gov. Bobby Jindal said.
- BP Managing Director Bob Dudley said the company has agreed to pay $360 million toward the berm project, which is aimed at raising walls of sand along Louisiana barrier islands to catch the oncoming slick.
- Heavy oil was spotted at several points along the southeastern Louisiana coast, state officials reported.
- Tar balls ranging in size from less than an inch to about 4 inches continued to wash up on Florida's Pensacola Beach and Perdido Key on Monday, but the oil sheen remained 5 to 10 miles offshore, Escambia County Commissioner Gene Valentino said.
- Frustration is "rapidly escalating" along the Gulf Coast, Kelby Linn, a real estate agent and Chamber of Commerce official on Alabama's Dauphin Island, told a House subcommittee meeting in Louisiana. "We do not feel that BP is going to be stepping up to the plate," Linn said.
- The widows of two men killed aboard the offshore drill rig that sank in April, ripping open the undersea gusher, told members of Congress that more needs to be done to keep oil companies from putting profits ahead of safety.
- "Let's not place the importance of oil over the importance of a life," said Natalie Roshto, whose husband, Shane, was aboard the rig. But both she and Courtney Kemp, whose husband also died aboard the Deepwater Horizon, said they still supported drilling in the Gulf.
- A BP spokesman told CNN, "BP's priority is always safety."
CLEANUP
- BP says that it has closed one of four valves on the top of the cap that it had put in place last week, and that the process is working well. The company says it may not close all four of the valves because engineers think the valves may be releasing more gas than oil.
- Federal authorities reopened about 340 square miles of federal waters off the Florida Panhandle east of Destin to fishing Monday after finding no sign of oil in that area, the National Oceanographic and Atmospheric Administration announced.
- The federal government has accepted Canada's offer of 3,000 meters - or more than 9,800 feet - of ocean boom to help combat the oil disaster, a State Department spokesman said Monday. The boom is expected to arrive in the Gulf on Tuesday.
–The total amount of crude being collected from the ruptured undersea well responsible for the Gulf oil disaster increased Sunday to roughly 466,000 gallons, or 11,100 barrels, according to estimates from BP and Coast Guard Adm. Thad Allen, the federal government's response manager for the spill. On Saturday, BP indicated that it had increased the amount of crude being funneled to the surface to roughly 441,000 gallons.
- Since the containment cap was installed Friday, the total number of gallons of oil being captured on a daily basis has nearly doubled, Allen said at the White House on Monday. BP "anticipates moving another craft" to the well site shortly in order to raise the capacity of oil that could be captured on a daily basis to roughly 840,000 gallons, or 20,000 barrels, Allen said.
- Allen said Monday that roughly 120 miles of coastline in the Gulf of Mexico have been affected by the spill and it could take years to fully restore the environment impacted by the disaster.
Allen said BP has made progress, but cautioned it was too early to call efforts a success. "We're making the right progress. I don't think anyone should be pleased as long as there's oil in the water," he said.
After reviewing new images and data, the National Oceanic and Atmospheric Administration reopened more than 16,000 square miles of ocean along the Florida coast that was previously closed for fishing because of the oil spill.
More than 13,000 square miles of that lie just west of the Florida Keys and Dry Tortugas. But the federal agency also closed a 2,275-square mile area off the Florida Panhandle, extending the northern boundary just east of the western edge of Choctawhatchee Bay. That means that 32 percent of the Gulf still remains off limits for fishing.
POLITICS
- Sen. David Vitter, R-Louisiana, asked that the moratorium on deepwater drilling be lifted early.
- Allen was in Washington to brief President Obama and the cabinet on the administration's ongoing response to the incident.
- President Obama plans to personally offer his condolences to families who lost loved ones in the rig explosion, said White House spokesman Robert Gibbs. The president has invited the families of the 11 dead workers to the White House on Thursday.
- The cost of the federal response effort to the Gulf of Mexico oil spill totaled $93 million as of June 1, according to a Friday letter from Secretary of Homeland Security Janet Napolitano and Coast Guard Adm. Thad Allen to congressional leadership. They are requesting that Congress approve a proposed
provision that would make available up to an additional $100 million to the Coast Guard.
Helen Thomas, middle, will retire effective immediately, her company said.
Veteran Washington reporter and columnist Helen Thomas announced Monday that she is retiring effective immediately, according to a statement from the Hearst Corporation.
Thomas's decision came days after her controversial statement that Jews should "get the hell out of Palestine."
"I deeply regret my comments I made last week regarding the Israelis and the Palestinians," Thomas said in a statement. "They do not reflect my heart-felt belief that peace will come to the Middle East only when all parties recognize the need for mutual respect and tolerance. May that day come soon.’’
Thomas under fire for saying Jews in Israel should go back to Germany, Poland
The search for a second-grade student who disappeared last week after he arrived at his Portland, Oregon elementary school intensified Monday
Kyron Horman, 7, did not return home on Friday from Skyline Elementary School, police said.
According to investigators, the boy's stepmother said she last saw Kyron Friday morning while he was walking down the hallway towards his classroom.
President Obama called him one of America's "most experienced and most respected intelligence professionals." Obama nominated the top Pentagon official to be the new director of national intelligence on Saturday.
Clapper, who retired from the Air Force in 1995 after a 32-year career, was head of the National Geospatial-Intelligence Agency from September 2001 to June 2006.
Clapper would replace Dennis Blair, who resigned at the end of last month. Obama said he'll be looking for Clapper "to ensure that we have the most capable and efficient intelligence community possible."
If confirmed, Clapper will become the nation's fourth director of national intelligence in five years. The position was created after the September 2001 attacks to oversee the 16 agencies of the U.S. intelligence community. FULL POST
Iran's Red Crescent Society will try to break the Israeli blockade of Gaza by sending food and medical supplies "in the next few days," Iranian media reported Monday, citing an official with the organization.
Abdul Rauf Adibzadeh said relief goods will arrive in Gaza via Egypt crossing by the end of the week.
9:30 a.m. – NYSE Opening Bell
10:00 a.m. –  Allen/Gibbs news briefing on oil spill – The National Incident Commander Admiral Thad Allen will join Press Secretary Robert Gibbs to hold a news briefing on the progress of the ongoing crisis in the Gulf.
An update from London on some of the international stories we expect to develop on Monday:
Bhopal verdict - A court in India has returned guilty verdicts against seven executives of an American chemical company subsidiary over the worlds worst industrial disaster - in Bhopal, India, in 1984. A gas leak at the Union Carbine plant immediately killed thousands of people. Hundreds of thousands more died over the next two decades. Read the full story
Peru murder suspect - A judge has extended the investigation into murder suspect Joran van der Sloot, accused of killing a Peruvian woman, for another week, a spokeswoman for Peru's Interior Ministry said Sunday. Read the full story
The next-generation Apple iPhone will likely will be unveiled on Monday at the Worldwide Developers Conference in San Francisco.
In past years, Apple has used the conference's keynote presentation to announce new products, including versions of the iPhone in 2008 and 2009.
While the arrival of each new generation of the smart phone has been eagerly awaited, the anticipation was tempered this year after tech website Gizmodo published details about the new phone after paying $5,000 to get its hands on the device. The tech site said it bought it from a person who picked it up at a bar where it had been carelessly left on the floor.
The site returned the phone after Apple sent a letter asking for it.
Authorities then raided the home of the editor who published the photos.
In court documents, Apple said the theft and leak of its new iPhone prototype will have a "huge" negative effect on the company's earnings.
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