Stocks of computer giant Apple were downgraded by two rating agencies on concerns that consumers were less likely to spend money on electronic gadgets in times of continuing economic slowdown.

On Monday, analysts from both RBC and Morgan Stanley slammed Apple with neutral ratings thus downgrading from buy, based on predictions that consumers would refrain from buying non-essential electronic products unless there was a significant increase in their disposable incomes. This is bad news for Apple since a decline in the sales of Mac notebooks and desktop computers would mean a slash in its growth rate.

Apple shares plunged by 16% in Monday’s morning trading as reports of downgrades hit the morale of the investors. This is an indication of how popular consumer devices can lose steam in a weakened economy. In recent times, Apple growth figures have not only been hampered by slowing PC sales but also by the fact that it has no product in the below-$1000 price range which is a market section that has seen comparatively less slow down.

Aftershocks of the finance market crisis are being felt across nearly all sectors and technology majors like Apple and Research in Motion too have seen their shares fall in the past month.

The first ever cap and trade greenhouse gas auction in the United States raised around $40 million that will be utilized by the Northeast states for developing renewable and energy efficient technologies.

Power companies were the biggest spenders in the greenhouse gas auction which is a product of the Regional Greenhouse Gas Initiative and covers ten states in the North-eastern part of the country. If successful, this might become a national model for reduction of carbon dioxide emissions. According to the RGGI, all fossil burning power plants in the ten states were asked to buy credits to cover the carbon they emit. The results of the auction which netted a total of $38.5 million were announced on Monday.

While carbon credits have been traded before in commodities market, this marked the first instance of a government-mandated auction in the United States. The next auction in the quarterly series is schedule to take place in December.

Thursday’s cap and trade greenhouse gas auction raised $38.5 million in all and the money is slated to be distributed among the states of Maryland, Maine, Connecticut, Rhode Island, Massachusetts and Vermont. The states intend to invest the money in renewable and energy-saving technologies besides beneficial programs for utility rate payers.

Personal spending in the US continued to stagnate in August as consumers remained disillusioned by the economic slowdown, revealed a government report on Monday.

A report issued by the Commerce Department showed that consumer spending figures remained unchanged in August despite a 0.2% increase in rate of personal spending predicted by economists. The last time consumer spending stagnated to this extent was in February this year.

The only bright spot in the Commerce Department report was a slight increase in the personal income figures which has registered a marginal rise of 0.5% in August. This is particularly welcome as it comes after a revised 0.6% decline in personal income for the month of July. Analysts had forecast that personal income for August would rise by 0.2%. However the report also points out that after adjusting for taxes and price changes, real disposable income for consumers have fallen by 0.9%.

Consumer spending had picked up earlier this year in May and June when stimulus grants worth billions of dollars had been distributed among Americans. The Economic Stimulus Act 2008 had been passed in order to give a fillip to economic activity, the bulk of which is driven by personal spending from consumers.

Bruce Springsteen and the E Street Band will be performing at the half-time slot of the Super Bowl Game, billed as annually the most-watched musical performance in the United States.

On Sunday night, the NFL and NBC issued a joint statement announcing that the Bridgestone Super Bowl XLIII half-time show will feature performances by rock icon Bruce Springsteen as well as the E Street Band. The Super Bowl is scheduled to take place on 1February next year at the Raymond James Stadium in Tampa, Florida.

The Super Bowl half-time show attracts the largest percentage of viewers annually in the country. According to an estimate, this year’s half-time show was watched by 148 million people in the US alone while being telecast in 230 nations and territories across the world. The half-time spectacle of the championship game of American football this year featured Tom Petty and the Heartbreakers

The half-time show of the Super Bowl will be aired on the NBC network and is an NFL network production. With this act, Bruce Springsteen and E Street Band will be entering the league of high-profile artists like Rolling Stones, Paul McCartney, U2, Prince and Janet Jackson who all have performed at the Super Bowl half-time spectacle in recent times.

Crude oil prices fell by more than $10 per barrel on Monday after a $700 billion finance rescue plan was rejected in the US House of Representatives. This marked the second biggest drop of crude prices in dollar terms ever on an active contract.

At the New York Mercantile Exchange, light sweet crude for November delivery plunged by $10.52 or 8.9% to settle at $96.37 a barrel. The fall comes exactly a week after crude prices shot up by $16.37 in the biggest one-day gain ever as traders rushed to buy futures before the October contract expired.

Besides the rejection of the $700 billion bail-out measure, the reason for drop in crude prices is also being attributed to a stronger dollar which seems to have gained over the euro and pound due to turmoil in the European markets. The sharp fall in prices of crude oil has left analysts worried since it indicates that economic weakness is spreading across global markets. This coupled with a seasonal decline in demand for petroleum could drive crude prices even below $75 a barrel, feel some economic experts.

Monday’s fall in crude oil prices came as lawmakers in the House voted down the long-negotiated finance rescue proposal carrying a price tag of $700 billion which would have been used to clean up tainted assets of finance firms and thus ease up the credit crunch plaguing the markets.

Benidorm Hotels is a popular tourist resort at Costa Blanca in Mainland Spain. While Benidorm is more famous for its twin luxurious beaches, the Levante and Poniente, it also offers breathtaking views of the surrounding mountains. Benidorm hotels range from beach resorts to luxury and standard accommodations and in recent times, its imposing skyscrapers have also impressed visitors.

Benidorm Hotels is one of the largest resorts in Mainland Spain and has a variety of lodging options for its visitors. Among the top end Benidorm hotels are Hotel Gran Bali, Hotel Deloix, Hotel Mediterraneo Benidorm while those on the more affordable side are two or three-star hotels like La Caeta Apartments and Carlos V Apartments.

Prospective travellers to the beautiful Spanish beach resort can make online bookings of Benidorm hotels from reliable sites like Squeezeholidays.com. here visitors will not only find a wide array of lodging options for their stay at Benidorm but can plan their own holidays with the site’s easy-to-use search facility. All the user needs to do is to enter the date of checking in and checking out, the number if rooms required the number of occupants in each room and finally the grade of hotel preferred. Users will not only get a list of hotels tailored to their requirements but also have the option of booking online.