CNN Money's Maribel Aber has the latest business and financial news for Thursday, June 19.


NEW YORK, NY (CNN) - CNN Money's Maribel Aber has the latest business and financial news for Thursday, June 19.

University of Arkansas projects $89.2M budget

The University of Arkansas athletic department is projecting $89.2 million in revenue for the 2014-15 fiscal year. That is up 9.6 percent from $80.6 million projected last year, and up 15.2 percent from 75.6 million projected in the 2012-13 fiscal year. Among the top revenue projections are $35.4 million from ticket sales, including $27 million from football, $6.4 million in men's basketball and $1.9 million in baseball.

Fed: the job market is betting better

The American economy, especially the job market, is getting a bit better, but it's still not good enough. That's the main takeaway from the latest meeting of the Federal Reserve that wrapped up Wednesday afternoon. The hopeful news for job seekers is that the central bank expects the unemployment rate will fall to 6% by the end of this year. That's getting awfully close to the Fed's goal for an unemployment rate in the mid 5% range.

Apple introduces new, cheaper iMac

Apple's newest iMac comes with something that's arguably even nicer than a faster processor and more memory: A more affordable price tag. The 21.5-inch "entry level" model now starts at $1,099. That's $200 less than the previous entry level iMac. The new Apple (AAPL, Tech30) iMac features a 21.5-inch LED-backlit screen, a 1.4 GHz dual-core Intel Core i5 processor, 8 GB of memory and a 500 GB hard drive. That's far less powerful than Apple's previous "low-end" iMac, which had a 2.7 GHz processor and a 1 TB (1,000 GB) hard drive.

The million-dollar app that says 'yo'

Can you really call it a messaging app when there's no actual message-writing taking place? A new mobile app called Yo lets users interact with friends and contacts in zero characters -- yes zero. And you thought 140 characters was tough! In place of an actual message, users send and receive push notifications with one simple, single, predetermined greeting: "Yo." Here's how it works according to the app's how-to lesson; "Wanna say 'Good morning' to friends? JUST YO THEM. Wanna say 'Thinking 'bout you' to your love? JUST YO. Wanna say 'Are you up?' YO."

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