According to reports from Reuters, Rupert Murdoch and News Corp, are in no hurry to let go of Myspace. The group bought the networking site for $580 million in 2005. However it has since then faced strong competition from other networking alternatives such as Facebook and of course twitter which is speedily becoming more popular. The News Corp chief executive has however warned against investing in twitter.

“Be careful of investing here,” he said of Twitter. it seems the site has yet to show serious ways in which it could bring profits for investors.

When speaking on Facebook he stated “Facebook is like a directory, How they make money is another matter.” The opinions of many investors may differ though, as Speculation at the 27th Sun Valley conference were still running rampant over which company might want to buy Twitter.

The service, which lets people post to Web what they are thinking or doing in 140 characters or less, is growing in popularity. While Myspace in recent months has had to cut jobs in both the United States and abroad, it is deemed that figures reaching around 30 per cent of the Myspace international staff have been laid off. Murdoch’s confidence however could prove enough to sustain the venture.

Reported by Michael Adeyemi

Australia are to use two most popular social networking site in warning people about bushfires, especially resident of towns in victoria state where 173 people were killed from the devasting incident where they said they had no warning of the attack.

Victorian state premier John Brumby says social networking sites on the internet will help to improve advice to households.

“We’ll be providing more information to the community, like Twitter and Facebook – alternative means of communication to get the information out to the public,” Mr Brumby said.

“So that they’ve got better information from a variety of sources and if they need to make a judgement to go early, they will go and they will go early,” he added.

Facebook will be allowing its members to set and adjust their privacy settings for any piece of content they post on the site.

The changes follow the recent announcement of new settings for publishing content that allow you to choose to post items that everyone, not just your friends, can see. Many see both moves in part as Facebook’s attempt to blunt the rapid rise of microblogging service Twitter.

Read more on businessweek

Check on facebook’s Blog for more info

Mark in the video talks about the new facebook office, How technology is changing the way messages are being sent around with facebook, twitter and blogs…
He also talks about the competition facebook faces from competitors such as: Twitter, and friendfeed.

Check out the full interview
Click here