Microsoft’s (MSFT) Internet Explorer has dominated the browser world for nearly a decade. It has also been part of legal accusations that the world’s largest software company used the ubiquity of its operating systems to help its online business.
Recently the Firefox browser, a free product built and supported by the Mozilla Foundation has picked up, by some measures, a 20% global share. Google (GOOG) will enter the market and do what it can to crush Firefox and take what it can from Microsoft.
There may be some continued hope among the ludicrously optimistic that the current economic conditions will lead to a "soft landing" making it look a bit like most recent slow periods. The GDP dips for a quarter or two and then it is off to the races again.
Based on a self-examination, the US citizen does not find himself so terribly well off.
Investors have another reason to bail out of Boston Scientific (BSX). It has been in a battle with the medical research community for over a year fighting the perception that its drug-coated stents may be unsafe.
Comments about the potential danger of stents has sharply cut their use for treatment of cardiovascular disease.
The hopes of the Chinese central government that its economy can avoid a recession fade with each passing month.
The CLSA China Purchasing Managers Index was unusually weak in August. According to MarketWatch "The CLSA figures point to the first contraction in manufacturing activity since November 2005."
As Apple (AAPL) moves into India and Russia, it still needs an official foothold in the largest cellular market–China. On the mainland there are over 500 million cellular accounts.
The consumer electronics company may be getting much closer to a partnership with China’s largest wireless carrier, China Mobile. China Mobile would buy the handsets from Apple and sell them to consumers at a subsidized price.
Alitalia went belly up over the weekend. The causes were the same as for most recent airline failures. Fuel is too high, and do are debt-loads. Passenger traffic is being undermined by a slowing economy.
The vultures have come to feed on the carrion. Investment groups and Air France have given indications that they would like to own a piece of the Italian carrier. They would like to have most of the debt go away first. If Chapter 11 has any consistent benefit for airliners it is that debt holders are obliterated.
With Gustav shutting most of the oil and gas production out of the Gulf of Mexico, it is unavoidable that prices for the commodities will rise. The US government will probably open the Strategic Oil Reserve, but that is not enough supply to cushion a long interruption in output.
The only realistic alternative available to keep crude prices in line is OPEC. The cartel produces 40% of the world’s oil. A little help from the group could tide US oil demand over for awhile, at least while domestic production comes back on line.
According to Reuters, Hurricane Gustave is heading toward New Orleans after shutting down most oil production in the Gulf of Mexico.
Reuters reports that Commerzbank will buy Dresdner Bank for $14.5 billion.
Reuters reports that the Korean Development Bank is in talks to take a piece of Lehman (LEH)
Markets in Asia were sharply lower.
The Nikkei fell 1.8% to 12,834.
The Hang Seng fell 1.7% to 20.906. China Mobile (CHL) fell 1% to 89.60. China Petroleum (SNP) rose 1.3% to 7.69.
The Shanghai Composite fell 3% to 2,325.
Data from Reuters
Douglas A. McIntrye
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