Money

According to a report from Business Insider, Apple Inc has more money than the US government. The media portal said that "the world's largest tech company has more cash than the world's largest sovereign government."

Apple recently announced its financial results for the third quarter that revealed the company had $76.2 billion (£46.8bn) in cash and marketable securities at the end of last month.

According to Bloomberg yesterday CEO and Chairman of Time Inc. Jack Griffin has announced his discharge from office. He took up this position 6 months ago after Ann Moore who worked with the company for 32 years.  

A new iPhone application Toshl has been recently launched to help consumers better manage their finances. The new app poses as an expense tracker with a twist, letting you enter your expenses into your iPhone and view, analyze, and export your spending data on your home computer.

Purchases are organized according to tags created by a user instead of predefined categories which makes it more flexible for most purposes. A typical expense is added very easily: a consumer just needs to enter the price, tap his/her existing tag and press Save.

A personal finance website HelloWallet which claims to help people reach their financial goals announced the addition of new options. The two new features dubbed To-Do-Calendar and Visualize Savings are meant to help the users to better track their long-term savings and receive proactive, personalized financial advice.

The To-Do Calendar automatically schedules personalized financial tips that help its members improve their financial health.

John Kanas, a CEO of BankUnited, reiterated his forecast for the banks in the United States. He predicts that a thousand banks will fail in the next year or two.

“There is an overcapacity in the banking industry and that will be taken care of,” he said. “We lost 140, 150 last year; we’re on track to lose a similar amount this year. We lost 25 or 30 the year before.”

Earlier in August Kanas made the same forecasts.

George Soros, a financial expert and a chairman of the Board at Soros Fund Management, made his proposal on how the crisis should be opposed by the states. He mentioned the system of Special Drawing Rights (SDR) to allow circumferential countries to cope with the downturn. Special Drawing Rights system was created in 1969 and it has been used by the IMF for international payments.