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President Obama may not have cleaned up the oil spill yet -- but on Wednesday he succeeded in extracting a big financial commitment from BP. After a four hour meeting with BP executives at the White House, the oil giant agreed to put $20 billion in an escrow fund to pay the claims of Gulf residents hurt by the spill.

Apple plans to hold a press conference Friday to discuss the latest iPhone amid complaints that if users hold the phone over a certain spot, signal strength is drastically reduced. Consumer Reports magazine has refused to endorse the phone until the problem gets fixed.

Nearly 200 rip-current related rescues were made in North Carolina last month.

Harvard University has decided to stop offering its "early action" round of applications. The university fears that the system gives wealthy students an advantage in the admissions process.

In their 2004 book, Gary Stern and Ron Feldman, top executives at the Federal Reserve Bank of Minneapolis, cautioned the world about systemic financial risk and the need for more oversight. They admit to a fleeting sense of "I told you so."

Pakistanis vote in a parliamentary election Monday, ending a campaign that has been overshadowed by violence — including the assassination of opposition leader Benazir Bhutto. The vote could empower a new civilian government. But many say they believe the country's army will not go away quietly.

Advisers to the Food and Drug Administration have recommend that drugs Serevent and Foradil no longer be used for asthma. Top-selling Advair was not affected by the recommendation.

The Colombian military on Wednesday freed 15 people held by the FARC rebel group. The hostages include Ingrid Betancourt, who was running for president when the FARC kidnapped her six years ago, and three American military contractors. Carolina Barco Isakson, Colombia's ambassador to the U.S., talks about the rescue operation.

Adam Nelson heads into this weekend's track and field trials with more than an Olympic berth at stake. As he prepares to qualify for the Beijing Summer Games — his third Olympics — he knows it's probably his last chance for an elusive gold medal.

Funeral directors in 15 states can now offer "water cremation," in which bodies are dissolved in a chemical solution. Some see it as more eco-friendly and less traumatic than consumption by flame.