IBT Staff Reporter

Since the launch of Microsoft's Windows Phone 7, the market share of Windows-powered smartphones has fallen 38 percent, something unusual to happen following the debut of a new product.

From the United States and Italy to Japan and Greece, slow growth is hobbling the capacity of governments to service their debts, spooking markets and sapping confidence and so further darkening the economic outlook.

The stock market today show sharp drops, following a downgrade by S&P from a stellar AAA to AA+, including all sectors in the S&P 500. On the other hand, investors are rushing into buying bonds rather than stock.

France and Britain are most vulnerable within Europe to a rating review following the U.S. downgrade, with anemic growth and hefty borrowing placing them among the shakiest of the world's triple-A rated lenders.

Private equity firms are likely to dominate the auction for France Telecom's Swiss business, with Apax, EQT and Providence among those expected to take a look at the asset, banking sources said on Monday.

Announcements should be expected this morning about more knock-on effects to corporations from S&P's decision to downgrade the United States' credit rating, the head of Standard & Poor's sovereign ratings said on Monday.

A 40-year-old woman who suffered cardiac arrest while competing in a triathlon in the Hudson River died on Monday, the second death reported in the weekend event, a hospital spokesman said.

Oil dropped 3 percent on Monday, crashing below technical support levels as the reduction of the United States's top-tier credit rating hammered markets and stoked concerns of an economic slowdown.

The Department of Justice has issued Merck & Co a subpoena seeking information about the drugmaker's marketing of three drugs acquired in its 2009 merger with Schering-Plough Corp.

Investors fled stocks on Monday in the first session since Standard & Poor's cut the United States' perfect AAA credit rating, reflecting growing discouragement about the economic outlook and Washington's ability to meet the challenges.

U.S. National Oceanic and Atmospheric Administration predicted four "extreme" solar emissions which could threaten the Earth this decade, and with solar flare activity expected to peak around 2013, the Sun is entering a particularly active time and big flares like recent one will likely be common during the next few years, federal scientists say.

Mauritius is cutting its foreign reserve exposure to the U.S. dollar and the euro due to debt concerns in both regions by purchasing commodity currencies and is eyeing government securities from some of the BRIC nations, it said on Monday.

The Kenyan shilling extended its tumble to touch a new record low of 93.58 against the dollar on Monday, while the benchmark share index fell 2 percent as the global sell-off of emerging and frontier assets hit local markets.

South Africa's Reserve Bank sees no reason at this stage to make any significant changes in the make up of its foreign currency reserves, the Bank said on Monday, after Nigeria and Mauritius announced plans to diversify their own holdings.

Gold vaulted to record highs above $1,700 an ounce on Monday, surging nearly 3 percent as European Central Bank's buying of Italian and Spanish bonds failed to ease debt fears after Standard & Poor's cut the top-notch AAA credit rating of the United States.

China's foreign minister was due to meet Sudanese President Omar Hassan al-Bashir on Monday for the highest-level talks between the two allies in the Sudanese capital since South Sudan seceded to form an independent state.

S.Africa's rand and stocks fell to multi-month lows on Monday as investors dumping risk hammered everything from resource firms to banks after the downgrade of the U.S. credit rating prompted a sell-off.

South Africa's ruling ANC put off discussions planned for Monday to bring its Youth League leader Julius Malema to heel after the populist politician angered the party by calling for nationalisation of mines and meddling in foreign affairs.

President Robert Mugabe said on Monday Zimbabwe would punish firms from Western states who have slapped sanctions on senior officials in his ZANU-PF party, warning that global miners including Rio Tinto could be hit.

Libyan rebels who seized this town 80 km (50 miles) south of Tripoli said on Monday they would now push on towards Muammar Gaddafi's stronghold in the capital but expected a tough fight.

Almost half the workers in Verizon Communications' wireline telecommunications business went on strike on Sunday as negotiations for a new labor contract failed.

A weekend contest at the world's largest hacking convention in Las Vegas showed one reason why big corporations seem to be such easy prey for cyber criminals: their workers are poorly trained in security.

Canada has options to deal with disruptions in the financial sector and is well positioned to cope with "global headwinds," Finance Minister Jim Flaherty said on Friday.

Toronto's main stock market index sank more than 3 percent to its lowest point in nearly a year on Monday as a downgrade of the U.S. credit rating shook investor confidence globally and drove commodity prices sharply lower.

Stocks tumbled in heavy volume on Monday, with more than 1,000 stocks traded on the New York Stock Exchange hitting 52-week lows, after rating agency Standard & Poor's cut the United States' perfect AAA credit rating, rattling already jittery investors.

Kim Kardashian is preparing for her big wedding with fiance, Kris Humphries. Many are expecting her big day to be lavishing, stylish, and very, very costly. Of course, the event will include a massive 1,000+ attendees with stars like Demi Lovato and Cameron Diaz on the guest list.

U.S. meat producer Tyson Foods Inc reported a lower quarterly profit due to higher feed costs for its chickens, while strong pork exports helped results beat estimates.

Oil dropped 3 percent on Monday, crashing through technical support levels as the reduction of the United States's top-tier credit rating by Standard & Poor's hammered markets and stoked concerns of an economic slowdown.

Monday, Apple launched a low-spec iMac to the educational market.The 21.5-inch desktop is priced at $999, $200 cheaper than the regular entry-level iMac of the same size. It is available only to education institutions.