CNN 2008-11-25

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Hello, and happy Monday to you. I'm Stacey Elgin at the CNN center in Atlanta. Here is a look at what's happening NOW IN THE NEWS.

President-elect Barack Obama has named Timothy Geithner as Treasury¹ Secretary. Geithner will be the point man on the financial crisis. He is currently the president of the New York Federal Reserve Bank. The president-elect is also tapping former Treasury Secretary Lawrence Summers to head of the National Economic Council. Summers teaches economics at Harvard. The president-elect is urging congress to approve a massive new economic stimulus² plan he can sign into law when he takes office.

Washington is giving Citigroup a second shot in the arm. 20 billion dollars in cash plus some specific asset protections are aimed at keeping the banking³ giant intact. The agreement limits executive pay and dividend⁴ payments.

Some good news now, for your next flight. Delays are down sharply this fall. Industry experts tell USA Today from September 1st through mid⁵ November, 17% of flights arrived more than 15 minutes late. That's down 4% from last year. Improvements were even better for longer delays.

Space shuttle astronauts will conduct the final spacewalk of their mission today. They will try to fix the broken solar wing on the International Space Station. The fix is necessary so the station can hold six crew members instead of just three. Inside, astronauts are also trying to fix a new water recycling system that's not working right. The shuttle Endeavor will leave the station on Thanksgiving Day.

And singer Michael Jackson has settled the law suit filed against him in Britain by a prince in Bahrain. The son of Bahrain's emir sued Jackson for 7 million dollars, saying the pop star didn't honor a contract for a new album and autobiography⁶. Settlement details have not yet been released.

And that's a look at the headlines for you this hour. Do stay with CNN for more on these stories and of course, other news of the day. Thanks for logging on.