Just few days back Apple has launched its iPhone 3G and now it is expected that by the next here months it will sell more than five million iPhone 3Gs.

According to Piper Jaffray new iPhone 3Gs are being sold officially in increased number of countries compared to its earlier models.

He also stated that he thinks that compared to first weekend the company has added another four million units to the million it sold. But it is only a guess clear fact and figures will be revealed in almost a month when Apple accounts for its fourth fiscal quarter earnings.

Apple indicated its intention to achieve 10 million sales targets in 2008 and if the above guess is correct, then it is on target. But guess does not admit retunes.

Recently Apple’s iPhone 3G shocked the market by some networking and hardware problems that are now worked out. But this defect had affected the company’s brand. However the amount of damage to the brand is not yet cleared.

Graphic chips will be recruited in the new version of Adobe Photoshop. Chief product manager for Adobe Photoshop John Nack said that now CS4 will conscript GPU (graphics processing unit).

According to John Nack GPU power progression indicates that Photoshop could take advantage of vast wealth of cycles, which was there.

Artists will be allowed to reorient an image for the best sketching angle, display and manipulate 3D objects, and handle colour adjustment because zooming in and out or rotating the canvas will get more proficient by the use of GPU.

But graphic chips have certain limitations. They are not actually designed to push everything back to the main processor for further work as they are designed to blast pixels to the screen. This signifies that Adobe has to work more cautiously on hardware compatibility as well as Photoshop will not be competent to accelerate all processes.

Soon after Pixel Bender- a GPU-enabled feature that allows people to put special effects quickly will be added as free update into CS4.

CS4 extended is another feature particularly used for more scientific applications such as for medical imagery and creating 3D objects.

Photoshop Elements will be available at the shops for approximately $100 and its online Photoshop Express for free. For the Photoshop CS4 upgrade prices are $199 while $349 for CS4 Extended.

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The US auto industry struggling under rising losses and falling sales is set to receive a federal boost in the form of a $25 million loan guarantee package. The package forms part of a whopping $600 billion government spending bill set to come up for approval on the floor of the US House of Representatives on Wednesday.

Proposals for the auto industry include a series of low-interest loan guarantee schemes intended to bail out major auto manufacturers like General Motors Corp, Ford Motor Co and Chrysler LLC which have been struggling with huge losses. This has been a bad year for the American auto industry which sae a sharp decline in demand due to rising gasoline costs as well as an overall restriction of consumer spending power.

Other proposals in the government spending bill include a $5.2 billion aid for low-income families to pay their heating bills, a $2.3 measure for student loans as well as emergency aid worth $23 billion to prop up states hit by hurricanes and other natural disasters.

The mammoth spending bill is crucial to keep the government running through March and needs to be passed before September 30, which marks the end of the fiscal year.

The Federal Bureau of Investigation has decided to launch a probe into the workings of the four major financial institutions whose collapse last week led to a widespread market meltdown. The investigations will focus on the companies as well as the people who ran them.

Federal Investigators will be especially looking at possibilities of fraud in the past operations of mortgage finance companies Fannie Mae and Freddie Mac, insurance giant American International Group as well as investment firm, Lehman Brothers Holdings Inc. News of the collapsed companies coming under federal investigations was sourced from two unnamed law enforcement officials and reported in the AP.

The housing market crisis which began a year back has led to the FBI opening investigations against a number of companies from across the financial services industry. These companies range from mortgage lenders who backed risky deals to investment banks that bundled home loans into securities sold to investors. The far-reaching probes launched by federal investigators are expected to look into possibilities of accounting fraud, insider trading as well as non-disclosure of mortgage-related securities and other investments. The recent inclusion of the four Wall Street giants in this list has brought the total number of lenders under federal probe to twenty-six.

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Stocks of solar energy companies rallied during early Wednesday trading on news that the Senate had approved extension of tax credits of $18 billion for renewable energy sources.

Extension of tax credits for solar energy companies are crucial as generation of electricity from solar energy remains more expensive than from conventional energy sources like natural gas or coal. The tax credits were set to expire at the end of this year and the industry had been emphatic that an extension was necessary for the growth of solar power. The new measure is expected to be approved both by the House as well as the President and will provide businesses with tax credits of 30% to offset development costs in the generation of alternative energy .

SunPower Corp, the market leader in solar energy saw its shares jump by 8.2% while shares of FirstEnergy, the thin film leader in the nation, rose by 7.9%. However the biggest gainer among solar energy companies was Yingli Green Energy whose shares rocketed by 9% on news of the tax credit extension as well as an announcement from the firm that it was set to supply around 1.4 megawatts of solar modules to a campus of Rutgers University.

Chrysler LLC, the third-largest auto maker of United States, has announced that it is coming up with several models of plug-in electric vehicles, the first of which will be ready to roll out by 2010.

On Tuesday, Chrysler unveiled three prototypes of electric cars in various stages of development. These include a sports utility vehicle titled Jeep Wrangler, a sports coupe Dodge EV and a minivan, Chrysler Town and Country. Of these the minivan and Wrangler are expected to come equipped with a hybrid engine.

the Wrangler is expected to come with the an option of an eight-gallon gasoline engine with a range of 400 miles while the battery will power the vehicle for around 200 miles. Besides the dual advantages of a hybrid engine, the Chrysler Town and Country will come with all the comforts and amenities of a minivan. The EV on the other hand is likely to have a rear wheel drive and be able to give 200 miles on a single battery charge while going from zero to 60 mph in five seconds.

Chrysler LLC is a division of the German Daimler AG and is based at Auburn Hills, Michigan. With the unveiling of its electric models, Chrysler has joined the league of other automakers who are lining up battery-charged vehicles to cater to the rising demand for fuel-saving vehicles among customers.

Speedy attempts by the Bush administration to bail out the US finance sector with a $700 billion package slowed down as the Senate members failed to reach a consensus.

The biggest federal rescue plan in America’s financial history continued to be debated hotly at the Capitol Hill. The plan has been authored by Federal Treasury Secretary Henry Paulson with the approval of the Federal Reserve Chairman Ben Bernanke. The two and other regulatory officials appeared before a Senate Banking Committee on Tuesday to explain that a $700 billion aid was urgently needed to prop up the battered finance market or else risk instability of the market with far-reaching implications on the economy.

However, members of the Senate seem far from convinced on the urgency of the plan and strongly indicated that it was unlikely to be passed in its present form. On one hand, Democrat senators are demanding wider measures such as relief for homeowners threatened by foreclosures, greater oversight as well as government equity in the companies it helps. the Republican lawmakers on the other hand are concerned about the huge cost of the rescue package and the enormous burden it would impose on the taxpayers, which according to an estimate would increase by $2300.