MID-DAY UPDATE: U.K. plans for BP collapse, Postal Service meets on rate increase

The Mid-Day Update is a five-day-a-week podcast from the Marketplace Morning Report co-hosted by Bill Radke and Steve Chiotakis that wraps up the morning news in a fun little package. Listen here every day at 10 a.m. PT or download it to your iPod by subscribing to the Morning Report Podcast:

It's been two-and-a-half months since oil started gushing from the Deepwater Horizon well into the Gulf of Mexico. The oil leak has cost BP billions of dollars and share prices have tumbled, so the company has been trying to attract rich investors. Meanwhile, the British government has reportedly become increasingly concerned that BP could collapse and reports say that officials are drawing up contingency plans for such an event.

The U.S. Postal Service is meeting today to discuss going forward with a rate increase and the elimination of Saturday deliveries. The postal service says it's been hit hard by the recession, which has eaten into junk mail advertisements -- and, of course the Internet has long been eroding its business.

Regulators are looking to crack down on airlines' practice of bumping passengers to later flights. The Department of Transportation wants to make compensation rules more clear, and raise the fee for involuntary bumps to about $1,300.

Japanese broadcasters are refusing to air the big sumo Nagoya tournament because the sport has been corrupted by illegal gambling. It's the first time a tournament will not be televised live for more than half a century.

Israeli Prime Minister Benjamin Netanyahu is visiting Washington today. A controversy over Jewish settlements in the West Bank and the blockade of Gaza are likely to dominate the agenda. Despite the country's troubles, Israel's economy seems to be doing OK.

About the author

Daryl Paranada is the associate web producer for Marketplace overseeing all daily website content and production, as well as producing multimedia features -- including the popular economic explainer series Whiteboard -- and special projects. Follow him on Twitter @darylparanada.

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