+ Facebook shares set trading record—A RECORD 571m shares traded in Facebook's IPO, and while the market debut was more buzz than pop, its founder is now worth $US19.3bn. [Link to medi...

+ Wall St in 12th straight loss—US blue chips extended a losing streak not seen in almost 40 years as Wall St fell for the 12th consecutive trading session. [Link to media]

+ Wall St extends losing streak—US blue chips extended a losing streak not seen in almost 40 years as Wall St fell for the 12th consecutive trading session. [Link to media]

+ Facebook shares set trading record—A RECORD 571m shares traded in Facebook's IPO, but the market debut was more buzz than pop and the stock closed just US23c higher. [Link to media]

+ Facebook updates status to 'trading'—MORE than 100 million shares were traded in the first four minutes of Facebook's debut on the US Nasdaq market. [Link to media]

+ European alarm triggers share rout—FEAR has gripped investors, and European debt markets that help to fund Australian banks have effectively closed. [Link to media]

+ Nine earns the right to party—AS he rides the glass lift to the executive suite, Nine Network boss Jeffrey Browne admits that a little flair is returning to the place. [Link to me...

+ Japan pressure on projects—AUSTRALIA'S $100 billion pipeline of gas export projects, already being hit by cost blowouts, is coming under more pressure. [Link to media]

+ Leighton board in the spotlight—THE independence of the Leighton Holdings board will be in the spotlight at next week's annual meeting. [Link to media]

+ Consumers pull plug on stores—IN a market widely recognised as the toughest in memory, nobody is doing it harder than retailers of consumer electronics. [Link to media]

+ Ten in talks on selling Eye Corp—TEN Network  has entered an exclusivity agreement with oOh!media Group on the possible purchase of  Eye Corp. [Link to media]

+ Fortescue leads sell-off—THE value of Australia's second-tier iron ore producers was slashed yesterday in response to BHP's warning on  prices and demand. [Link to media]

+ Coming LNG demand 'unrivalled'—A coming change in eastern Australian gas demand fuelled by $60 billion of coal-seam gas LNG projects  is on a truly global scale. [Link to media...

+ Packer calls on Echo to explain—JAMES Packer has again called for the board of  Echo Entertainment to further explain the leaking of confidential emails and text messages. [Lin...

+ Founder backs Billabong chair—BILLABONG founder and largest shareholder Gordon Merchant has quashed suggestions of a rift with chairman Ted Kunkel. [Link to media]

+ Alligator Airways stays on the ground—WEST Australian sight-seeing and charter operator Alligator Airways will remain grounded until June 4. [Link to media]

+ Dollar savaged as panic spreads—THE Australian dollar fell to a near six-month low as the fear of Greece quitting the eurozone roiled foreign exchange markets. [Link to media]

+ Gearing up for Facebook mania—NYSE Euronext said its Arca electronic exchange unit will devote special resources to handle demand for Facebook shares. [Link to media]

+ Stocks plummet in selling frenzy—THE sharemarket lost nearly $30bn today, wiping out all this year's gains as a savage sell-off carried it to a seven-month low. [Link to media]

+ Iraq drills under Hanging Gardens—IRAQ reportedly extended an oil pipeline by drilling under Babylon's Hanging Gardens, one of the Seven Wonders of the Ancient World. [Link to media]

+ Merchant downplays Billabong rift—BILLABONG founder Gordon Merchant has hosed down suggestions of a rift with chairman Ted Kunkel. [Link to media]

+ Victoria's super funds boss quits—VICTORIAN Funds Management head Justin Arter is stepping aside the helm of the state government’s $34 billion investment arm. [Link to...

+ Australia squandering boom: ANZ—THE nation risks losing its first-mover advantage in Asia without serious economic reform, ANZ CEO Mike Smith said. [Link to media]

+ Europe fears spark share panic—PANIC gripped Australia's sharemarket today as fears of a run on Europe's banks slugged investor confidence. [Link to media]

+ Darwin's $34bn LNG project opens—PRIME Minister Julia Gillard has formally opened the $34 billion Ichthys liquefied natural gas project in Darwin today. [Link to media]

+ Retravision under dark cloud—RETRAVISION summoned franchisees to a meeting amid talk of the company entering administration and its inability to meet payments. [Link to media]

+ Shares plunge on EU bank fears—THE sharemarket plunged nearly 2pc as fears of a European banking sell-off spread to Spain and sapped investor confidence worldwide. [Link to media]

+ Zuckerberg's rise was no accident—FACEBOOK'S founder is about to become the 23rd richest person on earth. His own messages reveal a fast learner with a ruthless streak. [Link to media]

+ Buffett finds value in newspapers—WARREN Buffett's Berkshire Hathaway has agreed to buy almost all the newspapers owned by Media General for $142 million. [Link to media]

+ China lifts rare earth exports—AS market demand sours, China is allowing more companies to export rare earth after they met new environmental standards. [Link to media]

+ US stocks continue losing streak—THE Dow fell for the 11th straight session, its longest losing streak in 10 years, as worries about Spain outweighed US profits. [Link to media]

+ HP to axe up to 30,000 jobs—Hewlett-Packard is poised to eliminate up to 30,000 jobs to help offset dwindling demand for personal computers. [Link to media]

+ Facebook hits back over ad concerns—FACEBOOK has gone on the offensive after questions were raised over the value of its advertising ahead of its $US104bn IPO. [Link to media]

+ Facebook hits back over ad concerns—FACEBOOK has gone on the offensive after questions were raised over the value of its advertising ahead of its $US104bn IPO. [Link to media]

+ Banks ready for Greek exit—COMMONWEALTH Bank chief Ian Narev says that banks have had time to prepare for a possible Greek exit from the euro. [Link to media]

+ Fund welcomes BHP's pullback—BHP Billiton's move to wind back plans to spend $US80 billion over five years on growth has been applauded by a fund manager. [Link to media]

+ Nasser's gloom 'for local consumption'—THE head of the world's largest drilling company has offered a far more upbeat outlook than BHP Billiton chairman Jac Nasser. [Link to media]

+ Facebook hits back over ad concerns—A DAY before its $100 billion listing on the Nasdaq, Facebook has gone on the offensive. [Link to media]

+ Perron buys into Centro—CENTRO Retail Australia has sold 50 per cent stakes in three of its premium shopping centres to Perth billionaire Stan Perron. [Link to media]

+ Target joins online rush to Asia—Target will begin shipping goods directly from China to Australian internet shoppers by September, allowing them to avoid paying GST. [Link to media]

+ Billabong founder says chief is swell—BILLABONG founder and major shareholder Gordon Merchant has broken his silence about the company's recent troubles. [Link to media]

+ IAG moves to sell British arm—IAG's struggling British operations could soon be hived off after the company placed the loss-making business under review. [Link to media]

+ QR signs Vale for Galilee line—QR National claims its proposed rail corridor linking the Galilee and Bowen basins with important coal ports has been enhanced. [Link to med...

+ Scramble to save St Hilliers—WORK on four projects of property group St Hilliers resumed yesterday, but 13 remain in limbo. [Link to media]

+ Cameron issues dire warning on eurozone—BRITISH PM David Cameron is urging Europe to sort out its currency crisis or face a "potential break-up". [Link to media]

+ Facebook boosts IPO to 400m shares—FACEBOOK boosted its IPO size to more than 400m shares as Goldman and Accel offloaded more stock before tomorrow's debut. [Link to media]

+ Stocks slide as banks fall—AUSTRALIAN shares closed with slim losses today as banks offset a mining rebound, and the dollar held above US99c. [Link to media]

+ Centro in $690m shopping deal—CENTRO Retail has offloaded helf shares in three of its top-line shopping centres to billionaire Stan Perron for $690m. [Link to media]

+ World gas demand to soar 85pc—WORLD demand for gas will rise 85 per cent by 2040, and Australia is well placed to meet that burgeoning need, ExxonMobil said. [Link to media]

+ EU crisis to kill surplus plan—THE EU crisis will force Labor to scrap plans for a budget surplus and will compel more rate cuts, says former RBA board member Warwick McKibbin. [Li...

+ Azerbaijan hails purple haze of cabs—A BRITISH automaker's staff is working full tilt to satisfy a determined customer: the president of Azerbaijan. [Link to media]

+ Driller sees demand staying firm—THE head of the world's largest drilling company has dismissed  heightened concerns of increasing global volatility. [Link to media]

+ Australia suffers 'Dutch disease'—A COMMODITIES boom can be a double-edged sword that destroys competitiveness and breeds resentment, as Australia is learning. [Link to media]

+ Budget must be scrapped, says McKibbin—AUSTRALIA'S budget was "very badly timed" and will need to be "completely" redone, ex-RBA board member Warwick McKibbin said. [L...

+ Stocks up, $A holds above US99c—SHARES edged up today as the market slowly began to price in a Greek exit from the euro bloc, and the dollar held above US99c. [Link to media]

+ CBA profit edges up to $1.75bn—CBA has posted a profit of $1.7bn for the three months to March, but says higher funding costs have reduced its margins. [Link to media]

+ ECB ups pressure on Greece—ECB chief Mario Draghi admitted that Greece may leave the EU, as the central bank cut Greek banks off from its normal funding. [Link to media]

+ Commodities hit by global panic—Commodities were slammed overnight as investors rushed into US dollars and bonds and US oil inventories hit a 22-year high. [Link to media]

+ Dow slumps to four-month low—AMERICA'S blue-chip index fell for a fourth straight session as Greece's political turmoil extended the recent stock slide. [Link to media]

+ BHP ditches $80bn growth plan—THE chairman of the world's largest miner, BHP Billiton's Jac Nasser, has warned of increasing global volatility and uncertainty . [Link to media]

+ Global gloom slams shares—AUSTRALIAN share prices suffered their biggest one-day fall since December, wiping $30 billion off the value of stocks. [Link to media]

+ Packer ups the ante on Echo directors—JAMES Packer has moved to put more pressure on Echo Entertainment before the release of a crucial government report. [Link to media]

+ BHP backtracks on plan to spend $80bn on projects—THE chairman of the world's largest miner, BHP Billiton's Jac Nasser, has warned of increasing global volatility and uncertainty . [Link to media]

+ CBA and ANZ take their fight outside—WHEN Ian Narev presents CBA's third-quarter trading update today, he might be tempted to needle Mike Smith at ANZ Bank about CBA's plans. [Link to m...

+ Pledge bar to Rinehart seat—FAIRFAX Media chairman Roger Corbett has an important weapon in his armoury as he attempts to resist a push by Gina Rinehart . [Link to media]

+ Weak housing hammers CSR—THE chief executive of CSR says the housing industry is in its worst state in 15 years and is unlikely to recover short term. [Link to media]

+ Burgess steps up at Future Fund—THE $77 billion Future Fund is moving towards establishing itself more like a listed company. [Link to media]

+ Iron ore export window closing—BHP Billiton chief executive Marius Kloppers has a more bearish forecast on iron ore demand than Rio Tinto. [Link to media]

+ Battered mining stocks fall in a hole—MINING stocks continue to be punished by investors on growing fears of a slowdown in China. [Link to media]

+ CCA backs away from attack—COCA-COLA Amatil's fruit and vegetable processing division, SPC Ardmona, says once chilly relations with the big retailers have thawed. [Link to med...

+ Dollar falls below US99c—THE Australian dollar ended below US99 cents for the first time since December 2011 as Greece and China hammered confidence. [Link to media]

+ BHP pulls $80bn growth spend—BHP Billiton will not spend a previously stated $80 billion on growth projects, the chairman of the world's biggest miner said today. [Link to media...

+ Global woes push $A below US99c—THE Australian dollar slid below US99c today as concerns over Greece's political stability mounted. [Link to media]

+ Stocks plunge in regional rout—SHARES suffered their worst drop so far this year, falling 2.4pc as fear gripped regional markets, and the dollar fell below US99c. [Link to media]

+ Japan to spend $4.4bn on gas stake—JAPAN'S government and several major firms are to buy a 10pc stake, worth $4.4bn, in an Australian natural gas field. [Link to media]

+ Resource prices to fall further: BHP—HIGH commodity prices are moderating and are expected to ease further, the chairman of BHP Billiton, the world's biggest miner, said. [Link to media]

+ Rate cuts fail to boost confidence—WAGE growth has slowed, increasing the chance of rate cuts, but earlier rate reductions did little to boost confidence, data shows. [Link to media]

+ Shares dive as fear takes hold—AUSTRALIAN shares tumbled as "legitimate" fears for the eurozone grew amid escalating financial and political turmoil in Greece. [Link to me...

+ Eurozone 'ready for life after Greece'—GREECE has been told the euro can survive without it as Athens prepared for another election that could end its membership of the single currency. [...

+ Prison builder goes bust—ST HILLIERS' construction arm is in administration after failing to secure extra funds for Victoria's Ararat Prison expansion. [Link to media]

+ Stocks drop on Greek fear—AUSTRALIAN stocks lost 1.2pc, with the big miners leading the slide, as Greece's political turmoil sent global markets downward. [Link to media]

+ Soft retail sparks Toll warning—TOLL Holdings says it expects underlying earnings to ease this fiscal year due to softer retail and global weakness. [Link to media]

+ GE to buy Industrea for $700m—GENERAL Electric will acquire Industrea, the Australia-based maker of mining equipment for about $700m. [Link to media]

+ Opposition grows to subsidised gas—THE Coalition has warned against industry moves to mandate the use of gas for local industry, in a strong call for a free market. [Link to media]

+ Prison-builder goes bust—ST HILLIERS' construction arm is in administration after failing to secure extra funds for Victoria's Ararat Prison expansion. [Link to media]

+ Miners must plan for lower growth—THE majority of mining companies will have to adjust to lower cash flows over the next year, BHP's Marius Kloppers says. [Link to media]

+ Greek bank run intensifies—GREEK depositors withdrew €700m from local banks on Monday, forcing President Papoulias to warn that Greek banks were "very weak" [Link...

+ FBI opens JPM probe—THE US Justice Department has opened an inquiry into JPMorgan's $US2bn trading loss, as the bank's AGM passed peacefully. [Link to media]

+ Dow slips as Greeks rush banks—THE Dow fell for the ninth session as Greece accelerated concern about its exit from the EU and the health of its banks. [Link to media]

+ IMF jets in for stress tests—THE big four banks face increasing scrutiny from both the IMF and the credit rating agencies. [Link to media]

+ Rinehart seeking two seats on board—GINA Rinehart has stepped up her push to secure representation on the board of Fairfax Media. [Link to media]

+ Coke puts beer goggles back on—COCA-COLA Amatil yesterday signalled its intentions to move back into the beer business. [Link to media]

+ Rival bid fires up battle of Hastings—A BIDDING war for Hastings Diversified Utilities Fund has kicked off. [Link to media]

+ Treasury chief warns of more job losses—FURTHER job cuts at Australia's struggling manufacturers and retailers are likely. [Link to media]

+ PacBrands says merger talks off—POTENTIAL buyers of clothing, homewares and sporting goods group Pacific Brands have walked away from merger negotiations. [Link to media]

+ China growth 'has slowed to a walk'—Even in the few days since the federal budget, some of its basic assumptions, particularly about Chinese growth, look shaky. [Link to media]

+ Virgin tries cooking oil, it may fly—VIRGIN Australia is claiming an aviation first with a move to power its airport ground-handling vehicles using local biodiesel. [Link to media]

+ Scramble for $314m in MFGA claims—MACQUARIE has given its debt-trading team to the end of the week to snap up claims over the debts of broker MF Global Australia. [Link to media]

+ TV and radio pick up ad spend—MEDIA companies enjoyed a reprieve from tough conditions in the advertising market last month. [Link to media]

+ Dollar slips on China fears—THE Australian dollar fell amid worries over Greek politics and slowing growth in China, Australia's biggest trading partner. [Link to media]

+ Macquarie bids for ING unit—MACQUARIE is vying for ING's Asian investment management unit in an auction that could value the business at $US500m. [Link to media]

+ Pipeline bids $1.25bn for Hastings—PIPELINE Partners Australia  has bid $1.25 billion for energy infrastructure investment firm Hastings Diversified. [Link to media]

+ Repsol on hunt for gas projects—REPSOL, fresh from the expropriation of its Argentinian business, is hunting for gas deals in more politically-stable Australia. [Link to media]

+ Gunns to wrap $28m Heyfield sale—GUNNS is on the verge of finalising the $28m sale of its Heyfield timber business, its last native-forest wood supply operation. [Link to media]

+ Rate cuts to ease growth concerns—TREASURY Secretary Martin Parkinson has indicated that interest rates could be cut further if the economy slows more than predicted. [Link to media]

+ Few RBA clues on next rate move—THE Reserve Bank has offered few hints about its next rate move saying the cash rate target  is at "appropriate" levels. [Link t...

+ Coke expects things to go better—COCA-COLA Amatil expects a higher underlying profit in the first half of the year, despite tough trading conditions. [Link to media]

+ Facebook IPO hits $US104bn—FACEBOOK raised the price range on its IPO, valuing the company at up to $US104bn, up from a maximum of $US96bn. [Link to media]

+ PacBrands down 9pc as talks fail—POTENTIAL buyers of Pacific Brands have walked away from failed takeover talks, sending its shares tumbling. [Link to media]

+ PacBrands rules out takeover—PACIFIC Brands has ruled out an imminent takeover bid, months after talks with US private equity firm KKR over a $600m bid. [Link to media]

+ US oil giant warns on resource policy—EXXONMOBIL warned that current government policies risked harming the Australia's growth potential. [Link to media]

+ Dollar sinks on risk flight—THE dollar stayed below $US1 as political turmoil in Greece led to a broad sell-off in assets perceived as more risky. [Link to media]

+ Yahoo CEO exits without payoff—YAHOO said that its recently-deposed chief executive Scott Thompson would leave without receiving severance pay. [Link to media]

+ JPMorgan names new CIO—MATT Zames will succeed Ina Drew as chief investment officer at JPMorgan following her unit’s surprise $US2bn trading loss. [Link to media]

+ US stocks at 3-month low on Greece—CONCERNS about Greece's possible exit from the euro helped push US stocks to three-month lows. [Link to media]

+ US shale move to pay off, says BHP—BHP Billiton's petroleum chief Michael Yeager has moved to hose down concerns about the company's move into US shale gas.. [Link to media]

+ Davies boosts board's energy expertise—THERE was irony in BHP Billiton appointing Pat Davies a director the same day Mike Yeager was singing for his supper in Adelaide. [Link to media]

+ Budget attacks weaken super—CRITICISM of the federal government's budget changes could undermine confidence in superannuation. [Link to media]

+ Cautious Dulux may raise its Alesco bid—DULUXGROUP chief executive Patrick Houlihan has refused to rule out improving the company's $188 million bid for Alesco. [Link to media]

+ Westpac slashes its fixed loan rates—WESTPAC has followed its rivals and slashed fixed home loan rates to the lowest level in three years. [Link to media]

+ Suncorp blasts 'short-term' budget—SUNCORP chief executive Patrick Snowball has joined the growing chorus of business leaders slamming last week's federal budget. [Link to media]

+ Woodside diversifies to Cyprus—WOODSIDE Petroleum boss Peter Coleman is pushing to diversify out of Australia, bidding for deepwater gas ground off Cyprus. [Link to media]

+ Gas prices raise heat—INCREASING use of gas at the expense of coal in US power stations is affecting fertiliser and explosives producer Incitec Pivot. [Link to media]

+ Few women at top—WOMEN are not being given a fair chance to move into leadership positions, according to a study by Chief Executive Women. [Link to media]

+ Air Pacific reclaims its Fijian brand—AIR Pacific will take on Jetstar and Virgin Australia next year with new Airbus A330 planes and a rebrand. [Link to media]

+ Ex-Yahoo boss has thyroid cancer—FORMER Yahoo boss Scott Thompson recently disclosed to the company's board that he has thyroid cancer, sources say. [Link to media]

+ Brave 'sell' calls win the day—ANALYSTS who told clients to sell in depressed equities sectors were the ones who made money for their clients, a WSJ survey showed. [Link to media...

+ $A to hit US98c, says NAB—NAB forecast the Australian dollar to hit US98c in September, joining a wad of downgrades in a session that saw the unit hit US99.94c. [Link to media...

+ Coalworks urges bid rejection—COALWORKS has recommended shareholders reject Whitehaven Coal's $142 million offer for the junior coal developer. [Link to media]

+ Woodside wants policy certainty—WOODSIDE has joined the call for policy certainty ahead of an expected surge in LNG imports and more investment opportunities. [Link to media]

+ Price falls hurt Incitec profit—INCITEC is focussing on boosting overseas earnings as the fertilizer-and-explosives maker reports a decline in H2 profit. [Link to media]

+ Aussie dollar dips below parity—THE Australian dollar has fallen below parity with the US dollar for the first time in almost five months. [Link to media]

+ Dual economy here to stay: RBA—RBA deputy governor Philip Lowe predicted little respite for the two-speed economy, with the non-mining sector to remain weak. [Link to media]

+ Home loans rise in March—THE number of home loans approved in March rose 0.3 per cent to 46,275, official figures show. [Link to media]

+ Dulux hoses hopes on Alesco price—DULUX refused to rule out upping its $188m bid for Alesco but cautioned that the takeover was "not a must-do deal". [Link to media]

+ BHP to defend $US20bn shale play—BHP will defend its $US20bn foray into US shale gas as a chance to take the lead on technology that will change global energy. [Link to media]

+ JPM 'stupid' but profitable: CEO—JAMIE Dimon admitted that JPMorgan's $US2bn trading loss had hit its credibility but said that it would still make "a lot of money". [Link t...

+ Yahoo boss quits over resume fracas—YAHOO CEO Scott Thompson has stepped down amid controversy over a computer science degree he never received. [Link to media]

+ Mine tax revenue a mystery—TREASURER Wayne Swan will not have an accurate idea about first-year revenue from the mining tax until July next year. [Link to media]

+ Mine tax revenue a mystery—TREASURER Wayne Swan will not have an accurate idea about first-year revenue from the mining tax until July next year. [Link to media]

+ Big four banks miss Asian opportunity—A SENIOR banker in Shanghai, former Westpac executive Mike Pratt is blunt about the regional presence of Australia's big banks. [Link to media]

+ Chevron signs $15bn deal with Japan—US oil major Chevron has agreed to sell another $US15 billion ($14.96bn) of liquefied natural gas to Japan. [Link to media]

+ Rivalry over rates may soon be over—NAB's decision to keep 18 basis points of this month's cut in official interest rates is a significant event. [Link to media]

+ Skills gap blamed for blowouts—A SPATE of multi-billion-dollar cost blowouts in Australia's oil and gas industry has been blamed on a major demographic shift. [Link to media]

+ Resources boom good timing for Entrust—GRAEME Yukich walked out on venerable Perth broking firm Hartley Poynton a decade ago to set up Entrust Private Wealth Management. [Link to media]

+ Rinehart's son running his own race—JOHN Hancock says that his momento phainos, or moment of shimmering light, came on a Perth building site early this year. [Link to media]

+ Cashed-up Qatar eyes stake in Shell—ENERGY: Qatar has fed its seemingly insatiable appetite for leading Western businesses by lining up a stake in Royal Dutch Shell. [Link to media]

+ Tokyo seeks big power cuts—THE Japanese government is to ask firms and households in central and western Japan to cut electricity use by up to 20 per cent. [Link to media]

+ Libs demand more from developers—DEVELOPERS would face more rigorous reporting of their compliance with environmental standards under a Coalition government [Link to media]

+ Chevron seals LNG deal with Japan—US oil giant Chevron has inked a deal to sell more LNG to Japan from its $29 billion Wheatstone project being built off the coast of Western Australia...

Last new 19/5/12 3:22pm.