THE NEWS WRAP: Facebook prepares groundwork to become publicly listed company

Facebook is to lay the groundwork to become a publicly listed company this week, with the social media giant set for a valuation between $75 billion and $100 billion.

 

 

According to the Financial Times and the Wall Street Journal, Facebook will file papers to the US financial watchdog on Wednesday.

 

The move, set to be one of the largest ever share sales in Wall Street’s history, is predicted to raise $10 billion for the business.

 

Swan issues 2012 warning

 

The coming year will be as tough for Australian businesses as 2011 was, Federal Treasurer Wayne Swan has warned.

 

Swan said that the eurozone debt crisis will impact the Australian economy, while the strong dollar will cause headaches for tourism and manufacturing businesses.

 

Older men worst hit by workplace age bias: Study

 

Male workers on average salaries are the most likely working group to suffer age discrimination in Australia, according to a new study.

 

A survey of 500 workers by the Financial Services Council found that more than a third of staff aged over 50 who earned $70,000 had experienced age discrimination.

 

Markets

 

The Dow Jones Industrial Average fell by 74 points, or 0.6%, to 12,660.46 on Friday. The Australian dollar edged down to 106.11 US cents.