Morning Edition

The Postal Service announced Thursday that it lost more than $3 billion during the first three months of the year. Post office officials are pushing Congress to give it more authority to cut some of its burgeoning costs.

David Greene checks in with Tyler Saladino, a minor league baseball player for the Chicago White Sox organization. As he works his way up to the majors, Saladino is currently an infielder for the Birmingham Barons in Alabama.

Former GOP presidential candidate Michele Bachmann announced Thursday that she has asked the Swiss Consulate to withdraw her Swiss citizenship. The Minnesota Congresswoman is married to the son of Swiss-born parents. Earlier this year, the couple formally registered for dual citizenship.

In Egypt's first presidential debate, only the top two candidates participated. Voters go to the polls later this month to choose among a field of 13 candidates. The winner is expected to be decided in a runoff next month.

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STEVE INSKEEP, HOST:

NPR's business news starts with Sony hitting a three-decade low.

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INSKEEP: Sony shares fell to their lowest level since 1980 on Japan's Nikkei stock exchange today. That drop follows yesterday's report that the company suffered a net loss of $5.7 billion for the last fiscal year. The once dominant tech company has fallen behind other industry giants like Samsung and Apple, and has seen especially heavy losses in its TV division. Transcript provided by NPR, Copyright NPR.

Mitt Romney's presidential campaign is in damage control mode after an article in The Washington Post accused the candidate of bullying in high school. Romney says he does not remember the incidents. Several of his classmates independently recall him going after students who seemed different, vulnerable or effeminate.

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STEVE INSKEEP, HOST:

Now, the presidential election is expected to turn on the economy, which means that every bit of economic news takes on political significance. Trouble is, we don't always know what to make of it when we hear that unemployment claims fell again. Sounds good. Or that the trade deficit jumped. Not so good. NPR's Tamara Keith and Scott Horsley will now help us sort that out.

TAMARA KEITH, BYLINE: Whatever story you want to tell about the U.S. economy, you can find some data points to make your case.

J.P. Morgan Chase reported $2 billion in losses over the last six weeks, and said there may be more to come. In a news conference shortly after the market closed Thursday, CEO Jamie Dimon said the losses stemmed from a credit default swap that was "poorly executed and poorly monitored."

According to a survey by the National Retail Federation, mothers will be treated to a little more this holiday. All told, American consumers are expected to spend about $18.6 billion on the moms, stepmoms or grandmas in their lives.

The Department of Justice has announced it is suing Maricopa County Sheriff Joe Arpaio because of civil rights violations. He became a controversial figure for his tough stance on immigrants. Arpaio says he will not surrender his office and will fight the suit.