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Oil prices were higher after a top Iranian official threatened to block a considerable part of the world's oil supply, if new economic sanctions are imposed on his country. The official spoke of blocking oil tankers from moving through the Straits of Hormuz.

While the financial world keeps grappling with losses, the industry's leaders have raked in annual pay raises averaging nearly 12 percent. The Financial Times found JPMorgan Chase CEO Jamie Dimon was among the top earners, with a pay package of more than $23 million last year. That's an 11 percent increase over the previous year.

Gambling houses have placed odds on who might become the next leader of the Catholic world. At the top of the list of frontrunners are men not from Europe.

The cat made its way to the top level of Hard Rock Stadium in Miami. As it clung by one paw to the upper deck, fans below grabbed an American flag — which they used to catch the falling feline.

NPR's Tom Goldman reports on the economics of small-market baseball. Unlike major league football, professional baseball revenues aren't widely shared among franchises. Teams like the New York Yankees and the Atlanta Braves earn significant money from TV contracts, and that allows them to afford the sport's top talent. But smaller-market teams must rely on fan loyalty to fill the ballpark. And while they may nurture young, rising stars, these teams know that talented players are likely to go where the money takes them.

New York Mayor Michael Bloomberg mounts a campaign against noise pollution, the top complaint on a police "quality of life" hotline. New Yorkers are annoyed by the racket from car horns and personal stereos -- and from loudspeakers coaxing people into bars and restaurants. NPR's Margot Adler reports.

NPR's Eric Weiner reports that Japan's worst economic downturn since World War II has radically changed expectations of young college graduates. In years past, the country's corporate giants would go to the top schools and actively recruit new employees, who generally were given jobs for life. Now it is the students who are chasing employers. And many of them are not finding jobs. Some have given up on full-time employment and simply bounce from one part-time job to another while living with their parents.

Southern California Edison, one of California's cash-strapped electric utilities, defaulted to some of its creditors today. It failed to repay, at least temporarily, a 596-million-dollar wholesale electricity bill. The move brings the company a step closer to bankruptcy. The utility said the action was necessary to allow it to continue operations while state and federal officials seek a regulatory solution to California's power crisis. The state, meanwhile, declared another top level power emergency today, citing a shortage of natural gas needed to generate electricity. Scott Horsley reports.

Noah Adams talks with reporter Tom Gibb about a massive fire which has crippled an enormous 40-story offshore oil rig located 75-miles off Brazil's Atlantic coast. Officials are trying to prevent a spill of the 400,000 gallons of oil on board. The rig may sink within 48 hours. Three explosions on Thursday damaged a pillar supporting the rig; the explosions killed one worker and left nine others missing and presumed dead. The offshore rig was Brazil's top oil producer in the rich Campos Basin.

Paul Bremer, the new U.S. civilian administrator for Iraq, arrives in Bagdhad as part of a broad shake-up in the U.S. reconstruction team. Moving out of the country are four top U.S. administrators amid charges that the team has been too slow restoring basic services and has failed to ensure security. NPR's Guy Raz reports.