The IPO is set to be the largest ever for an internet firm, bigger than Google’s valuation of $23bn in 2004.

IPOs are when companies list shares on the stock market for the first time.

Facebook is set to list on the Nasdaq and would rival Amazon’s and Cisco System’s current market values.

It is thought that Facebook will start promoting the share offering on Monday. Its shares are expected to start trading under the symbol “FB” on 18 May.

More than 10% of the business is being sold, which is expected to raise about $12bn for the company.

The eight-year-old social network has 900 million users worldwide and made a profit of $1bn last year.
Mobile growth

There is expected to be a huge take-up, though some investors have voiced concerns about the company’s longer-term growth.

Last week, Facebook reported its first drop in revenue between quarters for two years.

But during a video presentation on Thursday Facebook executives sought to allay those concerns, pointing to mobile as an area for growth that the company will invest heavily in.

Last month Facebook said it would buy the fast-growing mobile phone photo sharing app Instagram for $1bn, its largest purchase ever.

BG said it expected to deal to be completed by the end of the year.
The group also reported a surge in first quarter profits, which jumped to $2.2bn from $1.4bn a year earlier. Revenue rose 20% to $5.8bn.

Profits were boosted by higher production and “robust” energy prices.
“BG Group has delivered significantly stronger financial results in the first quarter and with new production coming onstream, further progress on our major projects, and continued exploration success, we remain firmly on track to achieve our long-term objectives,” said Sir Frank Chapman, BG Group’s chief executive.

He said the company would be selling further assets in order to free up cash. “We look forward to concluding [the Comgas] deal as part of our plans to release some $5bn of capital in the next two years through strategic divestments.”

First Solar, the industry’s lowest-cost solar panel maker, also said it named James Hughes as its new chief executive to replace Rob Gillette, who was ousted by the company in October last year.

Hughes joined First Solar in March as chief commercial officer and will take over from Chairman Mike Ahearn, who had been serving as the interim CEO.

One analyst said Hughes, who had been the CEO of AEI, a Houston-based company that operates power plants and natural gas projects in emerging markets, appeared to be a good fit for First Solar, which is hoping to increase sales in several developing economies.

“He’s the right person to take the company in that direction,” said Edwin Mok, an analyst with Needham & Co.

First Solar, which announced last month it would cut 30 percent of its workforce as it moves to cuts costs, raised its forecast for full-year earnings per share to between $4.00 and $4.50 from the $3.75 to $4.25 per share it previously targeted.

Amazon shares rose almost 15% in after-hours trading in New York after it said quarterly net income was $130m .

The firm has been launching new products such as the Kindle Fire, a tablet that competes with Apple’s iPad.

There had been nervousness among some investors that new product launches would be a drain on profits.

According to Stifel Nicolaus analyst Jordan Rohan, Amazon, which has been spending heavily on expansion, is starting to get a grip on costs.

The earnings have “something for everyone; growth and margins to satisfy investors”, he added.

Amazon said that revenues rose 34% to $13.18bn during the first three months of 2012.

In a conference call, Amazon executives said they were pleased with growth in sales of the digital content that the Kindle and Kindle Fire are designed to accelerate.

Nokia took the top spot in 1998 from Motorola, but in the first quarter of 2012 Samsung shipped 93m phones compared to almost 83m by Nokia.

Samsung also reported its highest quarterly profit since 2008. Net profit was $4.5bn in the quarter ending 31 March, up 81% from 2.78tn won last year.

Samsung is also the world’s biggest TV and flat screen maker.

“We cautiously expect our earnings momentum to continue going forward, as competitiveness in our major businesses is enhanced,” said Robert Yi, head of investor relations at Samsung.
Bright future

The firm said its IT and mobile communications division, which manufactures the smartphones, made an operating profit of 4.27tn won during the period, as revenues in the division surged 86% from a year earlier.

Samsung will unveil the latest version of its Galaxy range of phones on 3 May.

The Galaxy range has been very popular and helped Samsung overtake Apple to become the world’s biggest seller of smartphones.

“The smartphone market has almost only two players, Samsung and Apple,” said Lee Sei-Cheol of Meritz Securities.

“Since its Galaxy3 phone is being unveiled in May, Samsung will keep enjoying sales growth in its mobile phone division.”

Tesla was founded in 2003 and is best known for the Tesla Roadster, which is sold in 32 countries.

The company, which also has part shares owned by carmakers Daimler and Toyota, has seen its 2010 share listing price of $10 double since then.

Tesla expects to become profitable in 2013 and envisages a tripling of revenues this, helped by July deliveries of its premium electric car, the Model S.

Abu Dhabi’s TAQA said it had sold the 7.3 million shares transferred to it by the Abu Dhabi Water and Electricity Authority in late 2010.

It said it had “admiration for Tesla’s vision, technology and products”, but that the carmaker was a non-core investment for the body.

The emirate remains the largest shareholder in Daimler through its sovereign wealth fund Aabar Investments.

Once the sale is complete, Justice Holdings’ shares will suspend trading on the London Stock Exchange.

Shares in Burger King will then be floated on the NYSE.

This is expected to take place within the next two to three months. It is not yet known what percentage of shares will be sold.

3G Capital, which bought Burger King for $3.26bn in September 2010, will retain a 71% stake in the company, which will be renamed Burger King Worldwide.

Burger King had previously been listed on the New York Stock Exchange prior to its purchase by 3G Capital.

Burger King chief financial officer Daniel Schwartz said: “It’s the right time for Burger King to be public in the US again.

Growth was the slowest quarterly pace since the fourth quarter of 2010. For the full year 2011, BoCom’s earnings also rose 30 percent.

“Looking ahead, the financial markets around the world will continue to be impacted by the global financial crisis, with the instability and uncertainty of the economic recovery escalating,” BoCom said. “In addition, commercial banks in China will face more pressure and challenges from higher supervision standards and more stringent regulatory requirements.”

Profit at Chinese banks is under pressure after the government acted to cool the economy and fight inflation, fuelling concerns that non-performing loans were likely to increase. Premier Wen Jiabao this month forecast GDP growth below 8 percent for the first time in eight years.

Chinese grocery sector was worth $970 billion (607 billion pounds) at the end of 2011, while the U.S. market came in at $913.5 billion (572 billion pounds), research by food industry analysts IGD showed.

The figures come at a time of widespread food price inflation as well as rapid economic growth in China, which is now the world’s second-largest economy as well as the most populous country. The analysts believe the gap between spending by Chinese and American consumers on groceries will widen over the next few years, with the market for groceries in China reaching 918 billion pounds by 2015.

A lower tax rate and mild winter weather as well as fuel surcharges also drove profit up, the world’s second-largest parcel delivery company said.

FedEx said on Thursday that net earnings in the third quarter ended Feb. 29 rose to $521 million, or $1.65 per share, from $231 million, or 73 cents a share, a year earlier.

Excluding one-time items, profit rose to $1.55 per share from 81 cents a year ago.

“FedEx Corp. results were driven by improving yields, record holiday package shipping and exceptional performance at FedEx Ground, said Frederick W. Smith, FedEx chief executive officer, in a statement. “We expect our solid performance to continue in our fourth quarter, capping off a strong fiscal year.