NEW YORK (AFP) ― Eight years after its launch, social networking giant Facebook is poised to file papers for an initial public offering seeking to raise at least $5 billion.The prospectus for an IPO could be filed with the U.S. Securities and Exchange Commission as early as Wednesday morning, according to U.S.media reports, although they stressed there was still a possibility it could be delayed.The Wall Street Journal broke the news of Facebook’s impending IPO last week, saying the Palo Alto, C

China’s manufacturing unexpectedly expanded last month on increased new orders, suggesting the world’s second-biggest economy is withstanding Europe’s debt crisis and a government-induced property slowdown at home. The purchasing managers’ index rose to 50.5 from 50.3 in December, China’s statistics bureau and logistics federation said in a statement Wednesday. That compares with a median estimate of 49.6 in a Bloomberg News survey of 17 economists. A reading above 50 indicates an expansion. The

Global oil markets are “very well supplied,” the head of the Organization of Petroleum Exporting Countries said, while Saudi Arabia, the group’s largest member, said it’s able to deal with any future shortages. OPEC, responsible for 40 percent of world oil output, is pumping about 30.6 million barrels a day, Secretary-General Abdalla El-Badri said Monday in a speech at Chatham House in London. There’s unlikely to be any disruption to shipping in the Persian Gulf, as threatened by Iranian officia

World Trade Organization judges rejected China’s appeal of a ruling that found restrictions on exports of nine raw materials break global rules and give the country’s manufacturers an unfair edge over competitors. The WTO concluded on July 5 that Chinese quotas, export duties and license requirements on overseas shipments of industrial ingredients including coke, zinc and bauxite are discriminatory. The restrictions have stoked tensions between China and its trading partners, which accuse the Ch

Japan’s industrial output increased the most in seven months in December as manufacturers made up for disruptions caused by Thailand’s worst floods in 70 years. Factory production rose 4 percent from November, when production slid because of supply disruptions, the trade ministry said in Tokyo Tuesday. The median estimate of 30 economists surveyed by Bloomberg News was for a 3 percent gain. Manufacturers from Honda Motor Co. to Toyota Motor Corp. are optimistic about demand as they recover from

WASHINGTON (AP) ― A Federal Reserve survey has found that more than half of U.S. banks that lend to European banks have tightened their standards, a reflection of the persistent European debt crisis.Of the 26 U.S. banks surveyed that make loans to European banks, five said they had tightened their standards considerably in the October-December quarter. Another 10 said that they had tightened them somewhat in the same period, according to the survey released Monday.Many economists predict that Eu

BRUSSELS (AFP) ― Italian Premier Mario Monti said Monday he was confident the EU’s permanent bailout fund would grow in size with fresh funds, seeing a softening in German opposition.“We are getting the feeling that there is a shift in Germany’s position and I am optimistic,” he told reporters after an EU summit here.“It is important that the capacity of this fund is changed,” he said, although he added that “Italy would not need these funds.”The bailout fund, or European Stability Mechanism agr

BRUSSELS (AP) _ All European Union countries except Britain and the Czech Republic agreed Monday to sign a new treaty designed to stop overspending in the eurozone and put an end to the bloc's crippling debt crisis, while EU leaders also pledged to stimulate growth and employment.The new treaty, kno

Canon Inc. said its president will step down after the world’s largest camera maker forecast profit will increase by less than 1 percent for a second straight year. President and Chief Operating Officer Tsuneji Uchida, 70, will leave the posts effective March 29 and be replaced by Chairman Fujio Mitarai, 76, the Tokyo-based company said in a statement. Uchida, who will become an adviser, offered to resign as Canon plans to introduce a younger management team, Chief Financial Officer Toshizo Tana

STOCKHOLM (AFP) ― Up to five companies are keen to buy Saab, one of the bankrupt Swedish carmaker’s three administrators said Sunday.“I can’t comment on who we are in discussions with, but we are conducting dialogues with four to five interested parties who we consider are seriously interested,” Hans Bergqvist told the TT news agency.He said the aim was to sell all of Saab, which filed for bankruptcy on Dec. 19, to a single buyer.“That is our main tack (since) we ... will get the most value,” he

 Iran's parliament has postponed a vote on a bill requiring the government to immediately halt crude oil sales to Europe, an Iranian lawmaker said Sunday.File photo taken on Jan. 13, 2012 shows a view of Abadan refinery, the largest one in Iran, in southwestern Iranian city of Abadan. Iran's Oi

LOS ANGELES (AP) ― When Facebook makes its long-expected debut as a public company this spring, the social-networking company will likely vault into the ranks of the largest public companies in the world, alongside McDonald’s, Amazon.com and Bank of America. The Wall Street Journal reported Friday that Facebook is preparing to file initial paperwork for an offering that could raise as much as $10 billion and value the company at $75 billion to $100 billion. The filing with the Securities and Exc