NPR News

China's new leadership team has been announced. Xi Jinping was elected general secretary of the Communist Party of China early Thursday morning. He succeeds Hu Jintao.

Famous for processed treats like Twinkies, Hostess Brands says it will go into liquidation if striking bakers don't return to work Thursday. Analysts say the company's most iconic brands would likely be bought by other companies.

Republicans claim President Obama's plan to raise taxes on the wealthy will cost the economy 700,000 jobs. Another study from the Congressional Budget Office puts the number of lost jobs as 200,000. But both studies also assume millions of new jobs will be created.

House Republicans investigating the collapse of MF Global placed responsibility for the firm's demise on former Democratic senator and New Jersey Governor Jon Corzine. He was MF Global's CEO. The firm still owes its customers an estimated $1.6 billion.

President Obama travels to New York Thursday to get a first hand look at the continuing recovery efforts and lingering damage from Hurricane Sandy. Damage and lost economic activity from the storm have been estimated as high as $50 billion. State officials and lawmakers from the affected region say they intend to tap the federal government for as much assistance as possible.