THE NEWS WRAP: Xiaomi now the world’s third-largest smartphone maker

Chinese smartphone maker Xiaomi is now the third largest smartphone manufacturer in the world after Samsung and Apple, according to new IDC figures.

The figures show the global smartphone market grew 25.5% year-on-year to 327.6 million units for the quarter ending October 29.

First-placed Samsung claimed 23.8% of the market with 78.1 million units, down 8.2% from a year earlier.

The iPhone 6 release saw Apple claim 12% of the market with 39.3 million units, however at 16.1% its growth rate was slower than the overall market.

Meanwhile, Xiaomi accounted for 5.3% of all smartphone shipments with 17.3 million units, up a remarkable 211.3% from a year earlier.

Firefox OS HDMI streaming stick raises $470,310 on Kickstarter

Matchstick, a HDMI streaming stick based on Mozilla’s Firefox OS mobile operating system, has successfully raised $US470,310 against a $US100,000 target on Kickstarter.

The new device, which will retail for $US25 in the US, is similar to Google’s ChromeCast except it uses both an open source operating system and an open hardware design.

Tim Cook’s personal statement on his sexuality applauded

Apple chief executive Tim Cook has publicly acknowledged he’s gay in an essay written for Bloomberg BusinessWeek.

Apple’s board of directors later issued a statement, applauding Cook for his courage in coming out.

“While I have never denied my sexuality, I haven’t publicly acknowledged it either, until now. So let me be clear: I’m proud to be gay, and I consider being gay among the greatest gifts God has given me,” Cook says.

Overnight

The Dow Jones Industrial Average is up 221.11 points to 17195.4. The Aussie dollar is up 0.42%, buying US88.37 cents.