BUSINESS

In what could it be its biggest product recall, German automaker Volkswagen is set to withdraw a whopping 2.64 million cars worldwide to fix a number of problems that came with a number of different models. The biggest recall was in China at 640,309 cars and minivans.

After having set up the market for a dovish tone, it was one-way traffic at the Senate hearing as incoming Fed chair Janet Yellen re-emphasised the need for QE. While acknowledging the economy is significantly stronger and continues to improve, she said the US economic recovery is still fragile and as a result, prematurely pulling aid could derail the recovery. This was not really fresh news and traders didn't add to US dollar shorts. The market has known for a while that Janet Yellen's po...

Fed Governor Yellen's testimony to the Senate Banking Committee was a relatively dove-ish affair that was roughly in synch with the Fed's official view. Crucially she indicated that the "benefits of QE still exceed the costs" and that the Fed ´´must not remove support while recovery is fragile." This does not suggest any particular urgency to commence tapering and suggests that an announcement will only be made in 2014.

By Greg PeelThe Dow rose 54 points or 0.4% while the S&P gained 0.5% to 1790 and the Nasdaq added 0.3%.

Twitter announced that the users can now customize their timelines with the new feature custom-timeline within the TweetDeck. Here you will find a step by step guide to customize your Twitter timeline and embed it too.

The Australian share market staged a rebound today, boosted by another record high on Wall Street and after incoming US Federal Reserve Chair Janet Yellen gave dovish commentary which investors took as a signal the current US economic stimulus plan would continue.

The Australian share market is making a solid comeback at lunchtime in the East, buoyed by expectations incoming US Federal Reserve Chair Janet Yellen will continue Ben Bernanke's path of cheap money until the US Central Bank is satisfied with unemployment and inflation levels.

For the first time in 18 years, the U.S.' crude oil production has exceeded the number of its imports, the U.S. Energy Information Administration said.

Apple Inc. is under scrutiny over Apple iOS 7 insulting definition of the word “gay”

Iron ore prices are improving, and it spells good news for Australian miners. Reports from proactiveinvestors Australia said that at China's Tianjin port, price of the key steelmaking ingredient has reached $137 a tonne.

It takes a natural disaster of major catastrophic proportions like Category 5 super typhoon Haiyan (Yolanda) for the world to literally stop, forget its selfish cares and unite for a common good.

By Greg PeelThe Dow closed up 70 points or 0.5% while the S&P gained 0.8% to 1782 as the Nasdaq jumped 1.

When the five largest stocks (which make up over 30% of the ASX) contract by one per cent or more, a 1% plus contraction will also occur, considering the market that has very little diversification.

In Eurozone economic news, industrial production fell by 0.5pct in September, but annual growth accelerated to 1.1pct.

Despite only a modest pullback in the early part of the session, local equities started to deteriorate in the final three hours of trade. The All Ordinaries Index (XAO) slumped by 1.3 per cent, making it the worst day for local equities in 1.5 months. The major banks were the biggest culprits for today's selloff.

The security of Bitcoin banks was once more placed in doubt after reports came out on Tuesday that a Chinese Bitcoin exchange holding $4.1 million for 1,000 customers had disappeared.

Members of the LGBT community may now marry in Hawaii after the state's legislative chambers approved a gay marriage bill on Tuesday.

The All Ordinaries Index (XAO) is down by close to 0.5 per cent at lunch, with the tiny IT sector the only industry to escape the losses.

The World Energy Outlook of 2013 report from International Energy Agency

The prolonged Apple-Samsung battle deluxe returns this week as the jury trial before the New York court of Judge Lucy Koh resumed on Tuesday. The new trial would tackle the monetary compensation for the patent technology question on charged by Apple that Samsung copied its iPhone and iPad technology.

Aside from the loss of lives and damages to infrastructure and livestock, the Philippines is expecting Typhoon Haiyan (Yolanda) will make an impact on its economic growth.

Samsung debuts an online soap opera series titled Infinite Power

By Peter Switzer, Switzer Super ReportRegular readers know I've been wrestling with the history of stock markets, which suggests a correction or pullback is overdue.

Although there is some reduction in investments in the mining sector in Australia, the decline could be made up by expected increase in mining production in the next 5 years.

The dominant theme in global markets was continuing US dollar strength, as tapering expectations continue to ramp up. This saw equities drift lower, with many investors out there in wait-and-see mode heading into a raft of Fedspeak including Ben Bernanke and Janet Yellen. Fed member Richard Fisher got the ball rolling on taper talk after saying it could happen next month during a speech in Melbourne, adding that monetary accommodation was getting riskier by the day. Meanwhile, Dennis Lockhart sa...

In US economic news, chain store sales rose by 3.3pct in the past week compared with a year ago according to Redbook Research, down from 3.8pct in the previous week. The Chicago Federal Reserve national activity index rose from 0.13 to 0.14 in September. But the employment trends index eased from 114.8 to 113.65 in October.

By Greg PeelThe Dow lost 32 points or 0.2% while the S&P dropped 0.2% to 1767 and the Nasdaq was flat.

The Australian share market ran out of steam in the afternoon session, managing only a modest daily gain, despite record highs being reached on Wall Street overnight.

The behaviour of some Tacloban residents continue to puzzle observers after reports surfaced of rampant looting in the city ravaged by Super Typhoon Haiyan (Yolanda). First, the emptied the Gaisano Mall, taking even appliances, electronic goods and branded clothes, putting in question their motives - is it for survival or simply for personal gain. Then they also looted gasoline. On Tuesday, GMA News reported that warehouses in the city were also being robbed of cases of beer!