Business news for Mon, 31 Dec 2007 & with word facebook. 2 news.

The rise of social networks such as Facebook and wireless gadgets such as the iPhone has set off a small stampede of companies hoping to build on or replicate their success. Many are counting on advertising to pay the bills.

The young Turks who made their mark as early backers of Facebook have raised a second investment round more than four times as large as...