A social networking giant Facebook has purchase a digital book publisher Push Pop for an undisclosed amount of money. The ebook publisher was co-founded by an ex-Apple employee Mike Matas, who designed UIs and artwork for the company's Mac OS X, iPhone and iPad products. "Now we're taking our publishing technology and everything we've learned and are setting off to help design the world's largest book, Facebook," said the company in a statement on its website.

American Express launched a first of its kind Facebook application “Link, Like, Love” to provide its cardmembers with deals, access and experiences based on the likes, interests and social connections of cardmembers and their Facebook friends. Using American Express Facebook page customers can link their cards to the program and choose their favorite deals; American Express will send statement credits to cardmembers’ accounts as they shop online or in stores, without the need to pre-purchase anything, print out or show a coupon at the point of sale.

A provider of payment software Revo Payments announced the beta release of the first Facebook Payment Applications for some industries including Property Management, Education, Non-Profits, and B2B. Using the Revo PAAGO Facebook App customers can make online payments for Tuition, Donations, Rent, Homeowner Dues, and business invoices within Facebook. They may choose to pay by credit card, eCheck, ACH, Paypal, or Facebook Credits. Thus, the service provides users with the convenience to stay on the website of Facebook while making their payments.  

A new study revealed that Facebook is falling in terms of user satisfaction losing thus significant market share to Google+. American Customers Satisfaction Index (ACSI)/ForeSee Results E-Business Report showed that while Facebook performed well this year compared to the last it still ranked last among all the sites included in the study. The report author Larry Freed described the Facebook user experience as "poor” saying Facebook has benefitted from "a monopoly of sorts" in the social networking market.

Parents in Britain cannot obtain friendship with their children on the Facebook website, reveals a new survey. 30% of UK parents get rejected when sending Facebook “friend” requests to their children and many of them then use other people's login details in order to keep track of their kids’ activities.

AT&T announced Monday that it is launching its HTC Status smartphone this week on July 17. The phone with a dedicated Facebook share button will go on sale in AT&T stores for just $50. The smartphone is mostly targeted at young consumers who spend a lot of time browsing social networking services.

Talking to journalists at the Allen & Co. media conference in Sun Valley, Idaho, chairman of Google Inc Eric Schmidt said that the company is open to more co-operation with social-media giants Facebook and Twitter, and believes there is room for multiple social networks as it is launching its another social media project. Schmidt noted that Google will cooperate fully with U.S. antitrust regulators but will not let the formal probe launched last month distract or disrupt its strategy.

Social networking leader Facebook is adding Skype video chat to its pages in a move to boost up its appeal while at the same time preparing to diminish competition from Google. Facebook Chief Executive Mark Zuckerberg announced the agreement which strengthens the relationship between Facebook and Microsoft Corp who is in the process of acquiring Skype. Zuckerberg said Facebook has hit a record 750 million users. The new service, rolling out from Wednesday, could be a huge boost for Skype, which currently has about 145 million regular users.

China is making efforts to grab a $1.2 billion stake in Facebook which would give it a significant role in the largest social networking service in the world. And that may be concerning.

Google Inc terminated inviting users to join its new social networking service just 48 hours after the official launch. Google Senior Vice President of Engineering Vic Gundotra said the company had "shut down invite mechanism" for the Google+ service for the night, in a note he posted on Google+ on Wednesday evening. "Insane demand. We need to do this carefully, and in a controlled way," Gundotra wrote. On Tuesday Google announced the service Google+ as another effort to dethrone Facebook from its crown position in the social media market.

Facebook is about to unveil a new feature next week, most likely in the mobile or tablet sector, said Mark Zuckerberg, CEO of the social networking giant. In a visit to Facebook's Seattle office on Wednesday, Zuckerberg told reporters that the company plans to "launch something awesome" next week. The project has been designed at the 40-person Seattle office, Facebook's only major engineering center outside of its Palo Alto, California, said Zuckerberg.

American Express OPEN announced the launch of YourBuzz service that allows small businesses to manage their online presence and learn what is being said about them and their rivals in the social networking sphere. YourBuzz aggregates conversations across such sites as Yelp and CitySearch as well as Facebook, Foursquare and Twitter. YourBuzz ensures listings are accurate, builds customer relationships, and mitigates the damage that can be done from poor reviews.

A Facebook backed social networking browser RockMelt secured financing of $30 million from two investors. Accel Partners and Khosla Partners joined existing investor Andreesen Horowitz in this latest round, the company and investors said. Accel's Jim Breyer and Khosla's Vinod Khosla will take observer roles on RockMelt's board.

According to the stats from a recent research Facebook’s US advertising revenue will reach $2.2 billion in 2011 displacing Yahoo Inc. eMarketer’s report shows that Facebook's U.S. advertising revenue will give it a 17.7 percent share of the market for graphical display ads that appear on websites. Last year Facebook had 12.2 percent share of the U.S. market.

Business Insider reported this week that Mike Doughty from the band Soul Coughing had encountered a reprimand from Facebook for “liking” too many birthday wishes from his friends. He was shown the following message from the social networking website:   Block! You are engaging in behavior that may be considered annoying or abusive by other users.   You have been blocked from using the like feature because you repeatedly misused this feature.