The U.S. dollar managed to gain slightly in Asia on Monday, after hitting a record low against Swiss franc, but the situation in Libya and the fears of its potential spreading to other countries in the area maintained a somewhat cautious mood in the market.
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Stocks on the New York Stock Exchange rebounded on Friday after a three-day sell-off as oil prices stabilized, but worries about the situation in Libya persist. The S&P 500 lost 1.7 percent for the week, being its first drop in three weeks, but it’s still up 25.8 percent since the start of September, making analysts demand a correction in stocks.
The turmoil in Libya was certain to have repercussions in the financial markets around the world, and fears that the situation might spread to other oil producers in the area have made investors seek safety. This in turn has made the Swiss franc reach an all-time high against the U.S. dollar on Thursday, while the Japanese yen also gained considerably.
Motorola Mobility Holdings Inc has officially announced the pricing for its Xoom tablet PC and, although its price is not as high as previously expected, the device is still rather expensive.
Google Inc is planning to focus more on its enterprise business, although 96 percent of the company’s revenue in 2010 came from advertising, with now more than 1,000 employees working in Dave Girouard’s department.
The stocks rush continues in the United States as investors seem to race one another, even though the market is believed to be overbought and might undergo correction. This is the largest action of its kind since the Great Depression and the S&P 500 is now up 6.8 percent for the year and more than 20 percent in just six months, after Wall Street has posted its third consecutive week of gains.
Starbucks Corp is planning to expand its business in the one-cup coffee-brewing market which is growing in popularity, looking for new deals around the world to achieve that objective.
After struggling with shrinking sales and accumulating debt for years, bookstore chain Borders Group Inc filed for bankruptcy protection with the U.S. Bankruptcy Court in Manhattan, also announcing that it would close 200 bookstores, which represent about one third of the total number.
A study released last month places China on the third position in the hierarchy of the most popular tourist destinations. Coming next after France and the U.S.A., the Asian state has managed to beat out Spain, the former possessor of “bronze medal” in terms of attracting visitors.
The Italian authorities are about to start an investigation on claims that the organized crime is controlling the distribution of Sicily’s famous Pachino tomatoes, an interesting move since tomato-growing is not usually associated with the mafia.