(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.