CNN 2008-06-26

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Hello, I'm Naamua Delaney at the CNN Center in Atlanta. Here is a look at what's happening NOW IN THE NEWS.

Another day of international pressure levied¹ against Zimbabwe's embattled President Robert Mugabe. British officials have announced they are stripping Robert Mugabe's honorary knighthood title. Nobel Prize winner Desmond Tutu is also speaking out about the election mess there. He's urging the nations of the world to intervene. The calls come after opposition² leader Morgan Tsvangirai withdrew from the election, citing violence against his party. The Zimbabwean Electoral Commission ruled today that the presidential election will go on as planned.

Saudi Arabia arrested hundreds of suspected terrorists, some of whom are accused of plotting to attack major oil installations across the country. Today's actions are part of what, the government says, is a months long crackdown on terrorism in Saudi Arabia. The Saudis say police seized a variety of weapons, ammunition³, money and documents disclosing who may be backing the terrorists. Police say over 700 suspects were rounded up in the raids and more than 500 of them remain in custody⁴.

Decisions were handed down today in two major Supreme⁵ Court cases. The first, an award of 500 million dollars in punitive⁶ damages in the Exxon Valdez oil spill case. That sum was knocked down more than two billion dollars. The court says the 500-million-dollar award would match the estimated cost of the environmental disaster. Also the court ruled the death penalty is reserved for murder, not child rape⁷. The ruling is tied to the case of a convicted child rapist in Louisiana. A judge has sentenced the rapist to death. But the Supreme Court ruled that execution would be unconstitutional.

The Federal Reserve will announce the course of interest rates this afternoon. And it's expected to keep them where they are. That could spell good news for the dollar, which has been taking a beating in foreign markets, especially against the euro. Currently, the Fed's benchmark rate is at 2% and the prime rate is at 5(%).

Eleven people including nine teens are missing inside California's Sierra National Forest. Police, volunteers and a helicopter are searching a 20-square-mile area. The group was last seen over the weekend. A guide says he reported the missing after they failed to show up at a meeting spot. The group is said to have been prepared to camp until Friday.

Well, those are the headlines at this hour. Stay with CNN for more on these stories and the other news of the day.