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Apple’s iPhone and iPod have been a success from the moment they were launched. Since the introduction of iPhone, every other rival company has been struggling hard to draw alongside this killer phone, but none of them has succeeded in doing so yet. The quality and performance of iPhone are not easy enough to reach up to. This very quality of this wonderful phone has added to Apple’s profit greatly.
The new concerns about the banks worldwide and deepening recession in the US caused some sharp drops in Asian stocks on Tuesday.
On Tuesday trading, Japan’s Nikkei index ended 2.2% down with 8,711, while Hang Seng in Hong Kong fell 3.7% in day after trading.
This sharp drop was noticed after reports from Bank of America, the largest US bank, in which it showed some great amounts to cover from bad debt.
Bank of America is US largest bank. It has recently made some new purchases that have increased its already great net income. Only first quarter net income of the Bank of America has gone up to $2.2 billion from $1.2 billion during the same time period in 2008.
Lately, Bank of America bought the lender company Countrywide, which is said to have added to the mortgage business of the bank. Similarly, the freshly acquired Merrill Lynch has contributed a highly large share of $3.7 billion in the net income of the largest bank of America. It acknowledges the “outstanding performances” of Countrywide and Merrill Lynch.
Recession has clung to almost all businesses worldwide like an incurable disease; however, it’s another issue that in some businesses the impacts are minor, while in others quite significant. When it comes to online world, many big players like Yahoo! seem to struggling for a better recovery and making their utmost to rescue their sinking ship. Similarly, Google, quite well-known as the Internet giant, has now begun to take that impact slowly but surely.
During the first quarter of the year, Singapore’s economy contracted nearly 19.7% that was the biggest quarterly contraction on country’s record.
According to some estimates the economy has contracted nearly 11.5% if it is compared with the same period last year.
Some government officials are expecting 6 % to 9% shrinkage in the GDP of the country during this year that is quite higher than the estimated 2 to 5%. This considerable shrinkage in the economy is being reckoned a cause of considerable decrease in country’s export in the current worldwide economic slowdown.
