31 Jul '11, 12am

US could slip into new recession

APPLE HAS 'MORE CASH THAN TREASURY' Apple Inc now has more cash to spend than the United States government, according to a BBC report. Latest figures from the US Treasury Department show that the country has an operating cash balance of US$73.7 billion (S$88.6 billion). Apple's most recent financial results put its reserves at US$76.4 billion, the report said. The US is currently spending around US$200 billion more than it collects in revenue every month. Apple, on the other hand, is making money hand over fist, according to its financial results. In the three months ending June 25, net income was 125 per cent higher than a year earlier at US$7.31 billion. With more than US$75 billion either sitting in the bank or in easily accessible assets, there has been enormous speculation about what the company will do with the money. 'Apple keeps its cards close to its chest,' said ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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