(Reuters) - The historic initial public offering of Facebook Inc did not go as planned on Friday, as the social networking company's sky-high valuation combined with trading glitches left the stock languishing near its offering price at the market close.

Facebook shares began trading late Friday morning and opened 11 percent above the $38 (24 pounds) offering price, but after peaking at about $45 slid rapidly at the end of the day to close at $38.23. The IPO was the third-largest in U.S. history and valued eight-year-old Facebook at $104 billion.

(Reuters) - The flame for the London Olympics burned brightly on British soil on Friday after David Beckham stepped off a special flight from the Games birthplace of Greece to light a cauldron with a golden torch.

The British Airways 'Firefly' Flight 2012 from Athens landed on time at the Culdrose naval air station with Britain's Princess Anne, Games chairman Seb Coe and the former England soccer captain among the delegation.

US singer Donna Summer, famous for disco classics including I Feel Love and Love To Love You Baby, has died at the age of 63.

Summer was one of disco's biggest stars and also had a huge influence on the synth pop and dance music scenes.

Her family said they were "at peace celebrating her extraordinary life and her continued legacy".

(Reuters) - Spain's borrowing costs shot up at a bond auction on Thursday and its troubled banks suffered a double blow, with shares in part-nationalised Bankia diving and 16 lenders - including the euro zone's biggest - having their credit ratings cut.

Official data confirmed Spain was back in recession and a newspaper reported a big outflow of deposits from Bankia, but the government said it had taken a fundamental step to strengthen Spain's credibility by agreeing big budget cuts with the country's free-spending regions.

Russia is celebrating Victory Day, the anniversary of the defeat of Nazi Germany in World War II. In honor of those brave veteran soldiers who fought the good fight, parades will mark the spirit and sacrifice of Russia’s military forces.

­On Wednesday morning, military parades are be held in cities throughout the country. Moscow’s central Red Square saw the biggest event, with 14,000 troops marching across its granite paving stones.

(Reuters) - Boris Johnson's victory in the race to lead London through the Olympics raises expectations that he will one day cross the Thames from City Hall to Downing Street, but critics question whether he has what it takes to be Britain's prime minister.

Johnson, whose popularity is largely down to his comic talent and colourful past, won a second four-year term as mayor of London on the same day that his Conservative Party suffered heavy losses in nationwide local elections.

One of the most recognized works in art history, Edvard Munch's expressionist masterpiece "The Scream" has set a world record in price, being sold for nearly $120 million at a New York auction.

(Reuters) - In April 2003, the Federal Reserve Bank of New York and New York state bank regulators cracked the whip on HSBC Bank USA, ordering it to do a better job of policing itself for suspicious money flows. Staff in the bank's anti-money laundering division, according to a person who worked there at the time, flew into a "panic."