Word: dollarization
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...Aside from making money on each phone sold, Apple will also make money in other ways. While many applications, "if not most," as Apple's marketing boss Phil Schiller told me, will be free to consumers, others won't. Apple will take 30 cents out of every dollar developers make selling their wares at Apple's App Store. Likewise, the more people who buy iPhones, the more folks who will pay to download music and video-despite its power-hungry, high-speed performance, the 3G phone will allegedly give seven hours of video playback and 24 hours of good...
Spurred by the weak dollar and the strong euro, European travelers to the U.S. have been lapping up everything from Gap boxers to iPhones to luxury condos in Palm Beach, Fla. Now a top Italian real estate investor has nabbed one of the crowns of New York City property, a sale that echoes the Japanese purchase of Rockefeller Center in 1989. Valter Mainetti has confirmed to TIME that his company, the Sorgente Group, has acquired a majority share in Manhattan's historic Flatiron Building...
...Though the purchase is not quite as much of a shock as the Mitsubishi Group buying Rockefeller Center, the Flatiron's falling into foreign hands nevertheless carries symbolic weight and shows international investors taking advantage of the upheaval in the real estate market and the weakness of the U.S. dollar. The euro closed Monday...
...company that owns the Chrysler Building. A year later he acquired a minority share in the Flatiron, which today is valued at a total of $180 million. With the latest deal, he holds a 53% share of the famous building. "The Flatiron is expensive, but with the [cheap] dollar, it made sense to increase our share," says Mainetti. "The stability of the New York real estate market is unique. This current crisis will pass, and the dollar will re-establish itself. We are confident...
...curb inflation." So far, Hanoi has moved to cool the economy by requiring banks to increase their reserves; the central bank has also raised interest rates to 12%. But inflation is being made worse by Vietnam's weakening national currency. The Vietnamese dong has fallen roughly 1.5% against the dollar in the past six months. But the recent dismal economic news is threatening to weaken it further. This past week the dong jumped from 16,120 to the dollar to 18,500 on the black market as traders rushed to put their dong into dollars and gold. The currency swoon...