THE NEWS WRAP: Facebook sets its share price

Facebook has set the initial share price for its stock market float at between $US28 and $US35 per share, valuing the company between $US85 billion and $US95 billion.

 

The social media giant’s IPO is set to be the largest for an internet company, beating Google’s $23 billion valuation in 2004

 

High Court rules against James Hardie directors

 

Seven former James Hardie non-executive directors broke corporate law by making misleading statements about the company’s asbestos compensation fund, the High Court has ruled.

 

The High Court upheld a 2009 NSW Court decision that the board members, including chairwoman Meredith Hellicar, breached company director rules with a 2001 statement that the company had a fully-funded compensation plan, when this wasn’t the case.

 

Lagarde praises Australian “leadership”

 

Australia’s economic kudos on the world stage is on the up due to its performance during the global financial downturn, according to the head of the International Monetary Fund.

 

Christine Lagarde said that Australia had shown “real leadership” during the GFC but warned that the downturn had triggered a bout of pessimism among people around the world that will be hard to shift.

 

Overnight

 

The Dow Jones industrial average dropped 61.98 points, or 0.47%, to 13,206.59. The Australian dollar was down to 102.66 US cents.

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