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Apple has more cash than US Government

Computer giant Apple has more cash in hand than the United States government, that is struggling with a debt crisis, figures have revealed.

Official figures showed the US Treasury has 44.8billion pounds in cash in its books, compared with 46.3billion pounds at Apple, the Sun reports.

Finance experts yesterday said the news would increase the nervousness of money markets.

The new figures reduced America's growth rate for the first quarter, and meant the US economy grew by just 0.1 per cent between January and March.

The US is currently spending 122 billion pounds more than it collects in tax revenue each month.

However, Apple last week reported the most successful three months in its history.

The company sold an incredible 20.3 million iPhones alone between April and June.

Industry watchers believe Apple may be building up a war chest to be used for strategic acquisitions of other businesses, and to secure technology patents.

Economists believe American companies are sitting on around 750billion pounds in cash, equal to the entire output of Mexico.

Nokia warns of weaker sales, shares drop 15 per cent

Mobile phone maker Nokia Oyj slashed its sales and profit outlook on Tuesday and scrapped forecasts for 2011 due to tumbling prices and intense competition, sending its shares crashing 15 per cent.

Nokia, once the undisputed force in the mobile phone market, has seen its position challenged in recent years, particularly losing ground in the smartphone market to newcomers Apple Inc

and Google Inc. The company, which is still the number one handset maker by volume, has overhauled its phone business, adopting Microsoft Corp's software instead of its own Symbian platform.

But it continues to suffer from mounting competition and said in a profit warning it expects net sales from its devices and services business in the second quarter to be "substantially below" its previous forecast of between 6.1 billion euros ($8.7 billion) and 6.6 billion.

It expected its non-IFRS operating margin for devices and services to be around break-even in the second quarter, rather than previously expected range of 6 per cent to 9 per cent.

"This update is primarily due to lower than previously expected average selling prices and mobile device volumes," the company said.

"Given the unexpected change in our outlook for the second quarter, Nokia believes it is no longer appropriate to provide annual targets for 2011," it said, adding it would still provide quarterly updates.

"Given the internal turmoil that will be generated by this news, it is increasingly difficult to see that Nokia can leapfrog one handset generation and be on par with the competition in early 2012. Investors should be more than concerned about the dividend possibility," said WestLB analyst Thomas Langer.

"It seems like it's especially their emerging markets exposure in China where they are hit by competition in the low end of the market," said Sydbank analyst Morten Imsgard.

Source: http://goo.gl/A5eT5

Toyota production cuts to last until end of the year

Production is likely to return to normal levels only by November or December, the company said.

Toyota and other auto manufacturers have been facing a shortage of parts due to the damage caused by last month's earthquake and tsunami.

Toyota has curbed production at its factories in Japan and overseas.

The world's biggest carmaker said that production at its Japanese factories was likely to begin the recovery process by July, while its global operations will start to pick up speed by August.

However a complete recovery in its production at its Japanese and global plants will happen only by the end of the year, the company said.

Baidu deletes 2.8m online works due to copyright tussle

Chinese search engine Baidu has deleted 2.8m works from its online library, Baidu Wenku, in an attempt to settle a copyright dispute with writers.

More than 40 authors had accused the company of offering their works as free downloads without permission.

Negotiations between the authors and the company had broken down last week, but Baidu had promised to delete unlicensed items.

Baidu Wenku allows users to read, share or download texts free of cost.

The company said that the latest move meant all infringing material had been removed from its library.

"By Tuesday afternoon we had removed almost 2.8 million files, mainly from the Literary Works section of the site, which was the primary concern of the writers and publishers," Baidu spokesperson Kaiser Kuo told the BBC.
Responsibility issues

Baidu Wenku allows users to upload documents and texts to its library.

As a result, the company had said that the users who uploaded these files should be responsible for any copyright issues.

However, the authors had claimed that the firm should be held responsible for any infringements.

While the two sides look for an amicable solution to the problem, Baidu said it was aiming to work more closely with writers and authors in the future.

Read more: Baidu deletes 2.8m online works due to copyright tussle

Green energy investment seeing strong rise, says WEF !!

Global investment in clean energy projects saw a big rise last year and is poised for further strong growth, a report suggests.

Investment topped $243bn (£152bn) in 2010, a rise of 30% on the $186bn spent a year earlier, the World Economic Forum (WEF) said.

It added that more clean energy sources could now compete with fossil fuels.

Higher energy prices were also likely to increase demand for clean energy, WEF said.

China boom

According to the WEF figures, clean energy investment stagnated in 2009, with a 4% rise from a year earlier.

The rebound in 2010 was spread evenly across the three regions looked at by the forum and Bloomberg New Energy Finance.

Investment in Europe, the Middle East and Africa rose by $19bn to $94.4bn, while the Americas saw a jump of $17bn to $65.8bn. In Asia and Oceania, investment rose by $20bn to $82.8bn.

The report said $51.1bn was invested in clean energy projects in China alone, a rise of 30% on 2009 levels.

Many other countries have also increased their spending on fossil fuel energy projects since the downturn.

The WEF said investment in small-scale clean energy projects took off last year, with global investment almost doubling to $59.6bn. In Germany, for example, residential and commercial rooftop solar capacity grew by a record amount.

Other countries with feed-in tariffs, such as the Czech Republic, Italy and the UK, also saw rapid growth.
Solar power parity

However, high government debt levels following the global downturn meant that some countries have been cutting back on support for clean energy, the report found.

As a result, reductions in feed-in tariffs were likely this year, it said. The WEF also highlighted the continuing lack of a federal climate or energy bill as an obstacle to clean energy in the US.

"But none of these has been sufficient to derail the sector's progress," it concluded.

Looking ahead, the report said the sector appeared to be poised for "further strong growth", supported by the fact that an increasing number of clean energy sources could now compete with traditional fossil fuel power generation without government subsidies.

Clean energy projects have generally relied on subsidies as they have not yet reached the critical mass needed to become economically viable as alternatives to traditional power sources.
Read more: Green energy investment seeing strong rise, says WEF

New powers to vet online adverts

People who use the internet are about to get a new opportunity to complain about company websites.

From 1 March, consumers are being invited to make official objections about indecent or misleading information on the internet.

They will be able to complain to the Advertising Standards Authority (ASA), which is taking on new powers to regulate commercial websites.

Up to now the ASA has only been able to monitor traditional advertising.

These were generally on billboards, in newspapers or on television.
New powers

From the start of March, the ASA will be able to police any statement on a company's website which could be interpreted as marketing, even if it is not a paid-for advert.

"The principle that ads have to be legal, decent, honest and truthful is now going to extend to companies' claims on their own websites," said Matt Wilson, of the ASA.

Earlier this month, for example, the ASA ruled that an Yves St Laurent perfume advert was unfit for broadcast on television.

It showed a woman stroking her own arm, and writhing around on the floor.

The ASA said the advert "simulated drug use", and its use on television was banned.

Under the current rules, however, the company would be entitled to use the same advert on its website, without fear of redress.

In fact the advert still appears on the Yves St Laurent UK website, but with a couple of "offending" shots removed.
Shopping claim

In another ruling this year, the ASA decided that a regional television advert for the Metrocentre on Tyneside breached the advertising code.
Continue reading the main story
“Start Quote

With 2,500 complaints, this does not mean they will all be upheld”

End Quote Matt Wilson ASA

The Gateshead shopping centre had claimed that it was "the best shopping centre in Britain".

The ASA said that claim was based on a three-year-old survey, which was misleading.

However a quick look at the Metrocentre's website shows that they are still claiming to be the best in the country.

That is acceptable within the current rules, but should anyone complain after 1 March, the ASA would have to look at it again.

"I think anyone with a website needs to have a fresh look at it, and say 'am I totally happy about that?' " said Ian Twinn of ISBA, the industry body which represents British advertisers.

"Certainly if you have had a claim ruled against you by the ASA, now is a very good time to put that right before 1 March."
Extra workload

The ASA has spent a year preparing for the change, and is expecting a large number of extra complaints.

Last year 2,500 people complained about website content, but under the old rules their objections were not admissible.

"With 2,500 complaints, this does not mean they will all be upheld," said Mr Wilson.
Source: New powers to vet online adverts