Business

THE NEWS WRAP: Facebook set to delay IPO

Emma Krieger /

The political leaders of Germany and France have sought to reassure markets over the European financial crisis, saying that they are “convinced” that debt-laden Greece will remain part of the Eurozone.

 

French President Nicolas Sarkozy and German Chancellor Angela Merkel said they were confident that Greece would undertake the measures needed to justify the bailout of its economy.

 

Facebook set to delay IPO

 

Facebook has delayed its highly-anticipated initial public offering until the latter part of 2012, according to reports.

 

The float is expected to value the social media giant at $66.5 billion. The expected IPO follows huge valuations placed on other tech companies, such as LinkedIn, in recent months.

 

Yahoo shareholder calls for leadership change

 

A major Yahoo shareholder has appealed directly to the company’s co-founder, Jerry Yang, to help remove chairman Roy Bostock.

 

The shareholder, hedge fund manager Daniel Loeb, said in a letter to Yang that Yahoo requires a “desperately-needed leadership change.”

 

The appeal follows the dismissal of CEO Carol Bartz, who said that the internet company had “the worst board in the world”.

 

Overnight

 

The Dow Jones Industrial Average jumped 141.56 points, or 1.27%, to 11,247.41. The Australian dollar was up to 102.86 US cents

 

 

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