THE NEWS WRAP: Google and Facebook examine Twitter takeover

Google and Facebook are both reportedly considering an approach for Twitter, with the micro-blogging site valued at $US10 billion.

Twitter was valued at $US3.7 billion after raising $200 million in new financing just two months ago. However, reports suggest that both Google and Facebook are prepared to pay a far higher price to secure the site, which has more than 175 million users.

Telstra sets NBN vote date

Telstra has moved to end uncertainty over its involvement in the National Broadband Network, setting a deadline for a shareholder vote on the issue.

The telco’s executives want a vote by July 1 on whether to hand its fixed-line phone system to the NBN . The move came as Telstra unveiled a 36% decline in profits in the six months to December.

Qantas talks collapse

Qantas passengers could be in for lengthy delays if a dispute between the airline and its pilots continues to escalate.

Negotiations between Qantas and its international pilots over new employment conditions have collapsed, leading to the possibility of industrial action.

Overnight

The Dow Jones industrial average slipped by 39.40 points to 12,200.49, while the Australian dollar dropped to US100.35c.