Market Update:

Facebook Said to Plan $10 Billion IPO

Facebook Inc. is considering raising about $10 billion in an initial public offering that would value the social-networking site at more than $100 billion, a person with knowledge of the matter said.

Facebook may file for an IPO before the end of the year, said the person, who asked not to be identified because the deliberations are private. Exact timing for the filing hasn’t been determined, the person said.

At $10 billion, the offering would raise more money than any other technology IPO, a sign investors are eager to get a piece of the top social-networking company. The amount would dwarf that of the previous record holder, Infineon Technologies AG, which generated $5.23 billion in its 1999 debut. Agere Systems Inc. raised $4.14 billion in 2000, putting it second.

Facebook’s $100 billion valuation would be twice as high as it was in January, when the company announced a $1.5 billion investment from Goldman Sachs Group Inc. (GS) and other backers at a worth of $50 billion. Facebook is currently pegged at $66.6 billion on SharesPost Inc., which handles trading of closely held companies.

Facebook expects to be required by U.S. regulators to disclose financial results by April 30, 2012, if it doesn’t go public by then, the company said in January. The social- networking company decided to wait until 2012 for its IPO to give Chief Executive Officer Mark Zuckerberg more time to gain users and boost sales, three people said last year.

Jonathan Thaw, a spokesman for Palo Alto, California-based Facebook, declined to comment.

The Wall Street Journal reported earlier today that Facebook is discussing a $10 billion IPO with a valuation of more than $100 billion. The company aims to go public between April and June, the Journal said…read the full article

Major Media Headlines:

• Moody’s says the EU debt crisis threatens the sovereign ratings of all nations in the region. (Reuters)- Media Digest
• Wall St. pay could drop 30% from last year. (WSJ)- Media Digest
• The U.S. labor market is exhibiting more signs that it is like Europe’s. (WSJ)- Media Digest
• Microsoft’s (NASDAQ: MSFT) interest in Yahoo! (NASDAQ: YHOO) may be only to protect the search alliance between the two. (FT)- Media Digest
• Central banks substantially ease monetary policy to prevent contagion. (Bloomberg)- Media Digest
• Fitch keeps AAA US credit rating but dims outlook

Oil Today:

Venezuela and Colombia presidents look to build oil pipeline to Pacific, boost trade

CARACAS, Venezuela — The presidents of Venezuela and Colombia say they plan to boost trade and are looking to build a pipeline to carry Venezuelan oil to Colombia’s Pacific coast.

Colombian President Juan Manuel Santos says the countries now have an agreement to form joint companies that the governments plan to use to build a pipeline from Venezuela’s oil fields across Colombia.
Venezuelan President Hugo Chavez says he hopes to increase trade with Colombia to as much as $7 billion a year. Trade between the neighbors last year stood at about $1.5 billion.

The two leaders are touting several joint projects as examples of cooperation, including plans to build a small power plant to supply towns along their border.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed…Read the full article

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