BUSINESS

By Greg PeelThe Dow closed down 125 points or 1.0% while the S&P lost 1.1% to 1338 and the Nasdaq dropped 1.

This week, three seemingly unrelated stories hit the news.

Apple co-founder Steve Wozniak said that consumers should not blame the company for the constant program crashes of Macintosh computer during the 90s. He said that it was Microsoft’s fault.

The Fair Work Ombudsman will go over the books of about 120 cafes, restaurants and fast food outlets in Adelaide to check abuse of workers, particularly in the area of wages.

Facebook co-founder Eduardo Saverin has decided to junk his American passport, believing that his U.S. citizenship would prove impractical as he stays most of the time in Asia, where he has long-secured residency status.

The unexpected gains in Australia's unemployment rate in April may once again be placed in peril with threats of job cuts in several companies.

Conflicting data...what to believe?

Sony Corp, once the envy of its rivals, chalked up anew billions in yearly losses, pointing to the sagging fortune of the Japanese firm that once crafted consumer electronic products that became ubiquitous in global households.

Samsung Electronics has finally started rolling out Android 4.0 or Android ICS updates for Samsung Galaxy Note. The lucky people who would first experience the update would be Samsung Galaxy Note users in Europe.

Many people who have Android-based smartphones and tablets are becoming frustrated due to the lack or slow roll out of Android updates. Both Google and mobile carrier AT&T are refusing to take the blame for this situation.

Intel’s chief executive Paul Otellini predicted that a hybrid of tablet and ultrabook will be “the next big thing” in the tech world.

A mortgage broker in Western Australia has been found guilty of bilking as much as $1.2 million from seven borrowers and using the cash to pay his credit card bills and other debts.

After four years of housing market slump, in early-2012 house prices in the Netherlands continue to fall.

Nothing excites Australians like house prices and mortgage rates. It is no surprise, therefore, that the recent decision by major banks to increase interest rates 'outside the cycle' - that is independently of the Reserve Bank of Australia (RBA) - has led to hyperventilation among consumers and politicians.

Australian banking major ANZ has defended its policy on interests in a letter addressed to The Age from its Australian operations chief Phil Chronican who argues that the cost of funding has increased substantially, and provided data to support his claim.

Nicholas Moore, chief executive of Macquarie has added his voice to growing calls made by leaders of industry for interest rates to be cut next week as a means by which confidence in the country would be boosted by helping export based industries who are currently suffering from the high value of the Australian dollar.

Your Facebook account will soon be like your iOS and Android phones as it will launch its App Center in the coming weeks.

Australian miner Dart Energy said on Friday that it would no longer drill a coal seam gas (CSG) well in St Peters, Sydney, The firm confirmed its statement in a filing with the Australian Securities Exchange.

Today we take up the challenge of the art of stock valuation in a world of monetary madness. We're already a few years into what's probably going to be a prolonged bear market.

The U.S. Federal Reserve has given permission to three Chinese state-backed banks to set up branches within the U.S.

London's finance sector is facing a 16-year low in the number of available jobs, said the Centre for Economics and Business Research (CEBR) on Wednesday, with the euro zone crisis expected to cause more than 25,000 layoffs in 2012.

By Greg PeelThe Dow closed up 19 points or 0.2% while the S&P gained 0.3% to 1357 and the Nasdaq was flat.

Facebook, the largest social networking site in the world recently announced that they will be launching their own app store. This is the company's latest strategy in profiting from the large population registered in Facebook.

While Nokia Australia confirmed that no Pureview 808 will be heading on the land down under, two Windows Phones are on their way to invade the Sydney Shores.

Retailers are hoping that Australians would spend some of their budget handouts on shopping to lift the industry.

Before you continue with today's Reckoning, do yourself a favour and watch Murray's stock market updateon YouTube from yesterday. The Slipstream Trader points out that the ASX/200 staged a 'false break out' on Friday around the 4416 level. If you're unfamiliar with his theory of price action, that means the new high isn't a bullish signal but a 'false' signal.

With a potential merger between US Airways and American Airlines already in place, the airline industry is experiencing yet another shakeup.

Rio Tinto officials have admitted that challenges in the near-term could hamper the mining firm's full-growth capability, chief of which is the increasing cost of producing the company's prime commodities - iron ore and coal.

A proposal to extend country of origin labelling to unpackaged beef, sheep and chicken meat in Australia by Food Standards Australia New Zealand (FSANZ) has received support by the Australian Made, Australian Grown Campaign (AMAG).