Money daily brief: On strong yen, markets slip
鈥�Yen on the rise: The Japanese yen has against the dollar, and raising the prospect of government intervention. Japanese Finance Minister Hirohisa Fujii Monday by backing off previous remarks expressing a willingness to let the yen strengthen but telling Reuters that the currency's gains were "not abnormal."
鈥�World stocks slump: Poorer than expected US manufacturing and home sales data from Friday has . The US economy is 鈥� 鈥� [and the strong yen] brings negative sentiment to other markets,鈥� Jackson Wong, vice president at Tanrich Securities in Hong Kong, told the Associated Press. Asian stocks, also reacting to a strong yen, were particularly hard hit, with exchanges in Japan, Hong Kong, and China .
鈥�Metal makes a comeback: Anglo American PLC CEO Cynthia Carroll said the metals industry has "." While job cuts will continue at a company that holds large shares in platinum and diamond producers, global banks are in the midst of a "" for commodities traders as demand rises. Carroll called the mining industry's long-term prospects "."
鈥�iPhone comes to China: The world's largest mobile market . For $732.50, Chinese consumers will be able to purchase an iPhone for use on Chinese provider Unicom. Service will begin with Oct. 1, a national holiday marking the 60th anniversary of the founding of the People's Republic of China. South Koreans, where an estimated 93 percent of the population use cell phones, will also have access to the iPhone there last week.
鈥�In my backyard: Abu Dhabi announced it would launch in the Arab world's oil-rich Gulf states. The project will supply half the electricity for a being constructed outside of Abu Dhabi, the capital of the United Arab Emirates. Prior to the geothermal project, solar energy had been the main focus of renewable energy in the Gulf.
-- Tom A. Peter is a Monitor correspondent based in Amman, Jordan. For a look at how the G20 summit in Pittsburgh concluded, see
