Google have taken the online social networking battle to a new level with the announcement of a new set of APIs that can be used to create applications on any site that wishes to participate.

A British film project has turned MySpace users into movie moguls, giving them a say in choosing the director, cast, soundtrack and marketing model.

Five months after Facebook said it was opening its platform to third-party developers, Google aims to open social networking still further.

Yahoo on Tuesday released in beta an upgrade of its instant messaging service, which includes more social-networking features.

EUROPEAN stock markets closed firmer Wednesday as investors waited for an expected cut in US interest rates due later in the day, dealers said.

THE dollar has surged past US93 cents for the first time since 1984, soon after the US Federal Reserve cut interest rates overnight.

SHARES of internet search company Google climbed to a record before Wall Street closed overnight, topping the $US700 ($751) milestone.

OIL prices hit fresh record highs overnight, with New York crude at $US94 per barrel after news that US crude inventories had slumped last week.

WALL Street shares closed with a rally today after the Federal Reserve, in a widely expected decision, cut short-term interest rates.

THE US Federal Reserve has cut its base federal funds interest rate by a quarter of a percentage point to 4.50 per cent.