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Apple muscles into streaming music market

12:29 PM | 9 Jun, 2015
Apple muscles into streaming music market
SAN FRANCISCO (APP) - Apple launched Apple Music on Monday, a $9.99-a-month streaming music service that may not differ dramatically from competitors but comes with Apple's deep music roots, global brand and hundreds of millions of iTunes customers.

Apple's push into the streaming business will likely alter the dynamics of how consumers listen to music as the music industry grapples with declines in downloaded songs and tries to figure out new ways to get people to pay for music.

"The Apple brand speaks for itself and it will have an earthquake-like impact on the industry," said Daniel Ives, an analyst with FBR Markets. "Given the gold standard brand, given Apple's breadth and awareness, it's more important what Apple is doing strategically than moving the needle financially." Offering few surprises to what had been expected, Apple Inc shares did not react strongly, closing down less than 1 percent at $127.80.

"The only thing that is going to move Apple stock is iPhone sales and there wasn't enough news to be a mover in profitability," said Michael Yoshikami, the chief executive officer of Destination Wealth Management in Walnut Creek, California.

The unveiling of the service, the kick-off to the week-long Worldwide Developers Conference, also included the announcement of an upgraded operating system for Apple's watch that will let developers create speedier "native" apps that rely less on the iPhone. Apple said that "El Capitan" will be the name of the next version of OS X for its Macs.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 Feb 2024

Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.

Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 28 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 282 282.25
Euro EUR 303.1 306.1
UK Pound Sterling GBP 351.6 355.1
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.25 75.05
Australian Dollar AUD 181.1 183.1
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207.1 209.1
China Yuan CNY 38.87 39.27
Danish Krone DKK 40.61 41
Hong Kong Dollar HKD 35.75 36.1
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.5 59.1
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.41 26.71
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207.15 209.15
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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