BUSINESS

After a tumultuous end to last week the Aussie opens on Monday at 1.0400 as investors continue to digest news of the United States downgrade by S & P on Saturday morning local time from AAA to AA+.

Standard & Poor's took the unprecedented step of downgrading the U.S. government's "AAA" sovereign credit rating Friday in a move that could send shock waves through global financial markets and potentially undermine world economic growth. In a press release, S&P, cut its top-notch long-term credit rating for the U.S. Treasury's debt to AA+ with a negative outlook.

Perhaps all those doomers and gloomers in Australia moaning about how tough times are here, will lift their blinkers and have a quick look at Australia's AAA credit rating and compare that to the US after Standard & Poor's cut on Saturday, our time.

So the biggest questions about the impact of the S&P downgrade of America's credit rating are: the impact on the share market here and offshore today and tonight, and how many dominoes will fall as the rating cut impacts on the emerging crisis of confidence.

According to research firm IDC, the smartphone market has recently crowned a new leader, and its name is Apple. Though many have been asking why the iPhone 5 is still not available in the Apple Store, the question that matters to Jobs is... Do they really need to release the iPhone 5 at this time?

AFTERNOON REPORT- CLOSING (4.30pm AEST)The Australian share market fell to a two year low today, as global markets were heavily sold off on fears of a renewed global economic slowdown. US markets posted their biggest one day decline in two and a half years overnight while the local market had its worst one day fall since January 2009. The All Ordinaries Index (XAO) shed 183.2pts or 4.2pct to 4169.7. The All Ords closed at a level of 4097 on the 24th July 2009.

Sony's newest handheld device the PlayStation Vita will not be launching this year instead the gaming giant has pushed back the release of the gaming system into 2012.

Social media giant Facebook has filed suit against adult dating site Shagbook. The case: that Facebook's reputation would be damaged "by the issuance of a registration" of its name to Shagbook.

AFTERNOON REPORT (12pm AEST)The Australian share market has fallen to its lowest level since July 2009 in early trade. Overnight European share markets slumped to 11 month lows on continued worries about European sovereign debt, while US stocks recorded their biggest one day decline in two and a half years. At lunchtime in the East, the All Ordinaries Index (XAO) is down 187.8pts or 4.3pct to 4165.1.

Consumer group Choice has advised retailers to see the online shopping world as consumers do, as an opportunity and not as a threat. Choice welcomed the Productivity Commission’s draft report into the Australian retail industry, saying it supports arguments in the consumer group’s submission to the inquiry.

As promised, a massive public protest is now being announced to give the members of the public an opportunity to voice their outrage against today's arrest of three raw foods advocates who are all being charged with conspiracy.

The recent act of government-sponsored terrorism against Rawesome Foods in Venice, California was authorized by a woman named Michelle LeCavalier.

Not only that Apple is on the roll, it is wreaking havoc on its competitors and according to the latest report issued this week by global research firm International Data Corporation (IDC), the tech titan’s second quarter smartphone numbers toppled perennial market leader Nokia of Finland.

The national construction industry remained in the doldrums in July with further declines in activity, employment and new orders. The latest Australian Industry Group Australian Performance of Construction Index (Australian PCI®) in conjunction with the Housing Industry Association, rose just 0.3 points to 36.1. It was the 14th consecutive month of contraction for the sector (readings below 50 indicate a contraction in activity).

Australians are sick of sub-par customer service, according to a recent survey released by American Express.

Managers should be warned of burning out employees by excessive use of mobile devices outside work hours, consultancy firm Kelly Executive has said.

The market had been looking for an interim profit of just over $US8 billion for the six months to June from Rio Tinto.

The Dow fell 500 points, with a whack of that happening in the final minutes to make it the worst day since the dark times of late 2008 after Lehman Brothers collapsed.

Taking note of the emerging trend that site contributors are migrating out of Wikipedia, founder Jimmy Wales revealed on Thursday that the web-based encyclopaedia is implementing tweaks that hopefully would lure fresh entry providers.

By Rudi Filapek-Vandyck, Editor FNArenaI joined Twitter. Not because I am curious what this celebrity has to say about her kids, or to read that another one is waiting for a connecting flight, impatiently.

After a vicious blog post from Google's chief legal officer David Drummond that accused Microsoft and Apple of conspiring against Android, Microsoft isn't taking the high road but is firing back with tweets and blog posts.

Broker businesses that do not harness the growing power of internet lead generation are likely to suffer in an increasingly cluttered market, according to Money Quest.

The Aussie saw an extreme move lower overnight as markets sold out of risk instruments. We could see a small bounce from 1.0400 which is an absolutely crucial level for the Aussie dollar, but traders will continue to focus on the downside. A break of 1.0400 could set up a medium-term move to below 0.9800.

By Greg PeelThe Dow fell 512 points or 4.3% while the S&P fell 4.8% to 1200 and the Nasdaq fell 5.1%.All talk in the market yesterday morning was as to whether activity on Wall Street on Tuesday night and Wednesday night had signalled a capitulation bottom.

The AUD is significantly lower this morning as risk aversion trading takes centre stage.

- Norfolk reiterate earnings guidance at AGM- Update highlights the resilience of group earnings- Moelis sees value, retains a Buy ratingBy Chris ShawNorfolk Group ((NFK)) provides integrated electrical, communications, heating and air conditioning and fire protection services, management concentrat...

US jobless claims (new claims for unemployment insurance) fell by 1,000 to 400,000 in the latest week. Economists had tipped a reading around 405,000. The four-week average has fallen to the lowest levels in over four months.

The Australian dollar has sunk to 5 week lows as risk aversion grappled the markets on Thursday, extending its weekly loss to 5.3%. In a day where there was no other movement than to the downside, the local session saw a move from 1.0770 to 1.0650 and close to another 2 cents were erased over the course of the evening.

U.S. stocks plunged in the biggest selloff since the financial crisis, driving the Dow Jones Industrial Average down more than 500 points, as investors appeared to lose faith in the ability of the world's policy makers to revive the global economy and stave off a rolling debt crisis in Europe