A little-known chapter in Sen. Barack Obama's life is the year he spent writing about financial markets for a New York City firm. The job gave him a crash course in market economics — knowledge that some say is still evident on the campaign trail.

Iran test-fired missiles Wednesday, an exercise that Iranian officials say was a response to hostile rhetoric from the United States and Israel.

The Pentagon is expected to announce Wednesday that the Air Force is re-opening the bidding process on a multibillion-dollar contract for new air refueling tankers. The contract has been mired in controversy after Northrop Grumman and its European partner, EADS, won the deal earlier in the year. But a government auditor's report last month found major flaws in the procurement process.

The Iraqi government now says it wants a U.S. troop withdrawal timetable as part of a Status of Forces Agreement or any other document outlining the U.S.-Iraqi military relationship. But this poses a problem for the Bush administration, which has resisted all calls for a timetable — primarily from Democrats.

It hasn't been lost on automakers that Americans are looking for cars that are reliable and affordable. In fact, car companies have been marketing their vehicles that way for decades, starting as far back as when Henry Ford's Model T hit the scene. In the final report of our "People's Car" series, a look at how car companies have promoted low-cost vehicles.

"Sounds Wild" is an occasional series of short stories that take you to remote parts of the planet to hear the sounds of rare animals. Wildlife recordist David Stewart introduces the "goanna" lizard that is native to the Australian desert.

In Italy on Tuesday, opposition parties protested Prime Minister Silvio Berlusconi's efforts to pass legislation that would grant immunity from prosecution to the country's top four officials. That includes himself. He is currently on trial for corruption charges and under investigation for bribery. The government insists the law is needed to allow the officials to serve without worries. But critics have warned that democracy is in trouble.

With an eye on the fast-growing Hispanic vote, Republican John McCain and Democrat Barack Obama addressed the League of United Latin American Citizens on Tuesday. Both presumptive presidential nominees spoke about immigration.

Host Steve Inskeep has this morning's business news.

The Securities and Exchange Commission investigation of credit rating agencies has uncovered numerous problems. It's the first time the SEC had the regulatory power to review the performance of the nation's largest credit rating firms, including Moody's and Standard and Poor's.