This is the latest news from Twitter:

What are applications?

There are over 250,000 applications built using the Twitter API. To use most applications, you first authorize the application to access your Twitter account, after which you can use it to read and post Tweets, discover new users and more. Applications come in many varieties, including desktop applications like TweetDeck, Seesmic, or EchoFon, websites such as TweetMeme, fflick, or Topsy, or mobile applications such as Twitter for iPhone, Twitter for Blackberry, or Foursquare.

New authorization rules for applications

Starting August 31, all applications will be required to use “OAuth” to access your Twitter account.

What’s OAuth?

• OAuth is a technology that enables applications to access Twitter on your behalf with your approval without asking you directly for your password.
• Desktop and mobile applications may still ask for your password once, but after that request, they are required to use OAuth in order to access your timeline or allow you to tweet.

What does this mean for me?

• Applications are no longer allowed to store your password.
• If you change your password, the applications will continue to work.
• Some applications you have been using may require you to reauthorize them or may stop functioning at the time of this change.
• All applications you have authorized will be listed at http://twitter.com/settings/connections.
• You can revoke access to any application at any time from the list.

Not yet got to grips with Twitter? It is a great tool for spreading the word about your business: Sign up (over to the right of this post) to find out more.