Current Affairs Global - 29 May 2014

1. Global tech giant Apple Inc announced that it will buy Beats for about USD 3 billion. It will help Apple to expand into the fast-growing music-subscription market. Post the acquisition, the iPhone maker also gains a line of high-end headphones popular with a young and urban demographic.

2. US economy contracted by 1% in the first quarter of the current year 2014 due to unusually cold and disruptive winter during the same period. This is much lower compared to initial estimate of 0.1% growth. It is the worst economic performance since the first quarter of 2011. Its GDP grew at an annualized 2.6% rate in the fourth quarter of previous year 2013.