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Facebook announced that it is testing an online-banking service with Australia's Commonwealth Bank expected to debut this year. The new system lets people make payments to other Facebook users, and will become a test of how well Facebook can handle the deep-science realities of financial privacy and security.

Chris Hughes’s first business venture worked out nicely. As a teenager, he helped start something called Facebook. Within four years, working mostly part-time, Hughes vaulted into the ranks of the stratospherically wealthy. He wasn’t quite 23 years old.

A report in the tech blog AllThingsD says Facebook and Yahoo have reached a deal that settles their patent squabbles and expands their licensing and advertising partnership.

Facebook is gearing up for a huge social commerce push. The developer who recently discovered that the social network is testing a “Want” button, which would allow you to add products to a virtual wish list, has found a series of new coding for actions that would allow users to share product purchases, charitable donations or items purchased within Facebook games to profile pages and Timeline.

Executives at the Internet company are pinning much of the blame on Nasdaq, according to several people close to the company and its underwriters, who spoke on the condition of anonymity because of continuing shareholder lawsuits. Tensions remain so high that Facebook is still considering switching exchanges and is weighing the costs of such a move, these people said.

On most days, Twitter is now generating the majority of its revenue from ads shown to its users on mobile gadgets, rather than from ads on Twitter.com, company executives said. One key reason: People who see a Twitter ad on their phones are more likely to click or interact with it in some way, which is how Twitter gets paid for advertisements.

Facebook has changed your email address. At least that's how many felt after a quiet but vast change in the way the company displays users' contact information. Facebook replaced the email address users chose when they signed up and changed it to a facebook.com address. The Facebook email accounts allow users to communicate with outside email addresses via Facebook.

Over the weekend, Facebook added a stalkerish feature called "Find Friends Nearby" to its mobile website; on Monday, it was gone. "Find Friends Nearby" let users of iOS and Android devices locate BFFs — and perhaps nBFFs (never BFFS) — who were within range.

Facebook Inc named Chief Operating Officer Sheryl Sandberg a director on Monday, elevating the first woman to a board that includes seven men.