News Model Liliana Matthäus with Patrick Liotard-Vogt and Israeli socialite Hofit Golan in Switzerland

One of the social media company’s backers has made an apparently sudden exit of his own from his native Switzerland for St Kitts in the Caribbean

Is this the end of MySpace?

In its heyday, MySpace made Lily Allen a star and enticed 1 million people a week into cyberspace. But now it's fallen out with the music business. Edward Helmore reports

Caught in the Net: Sidewalk stays sidelined

With the Blur reunion up and running to rapturous acclaim, it would be perhaps appropriate if their US counterparts Pavement (left) – often cited as a major influence on Blur's post-Britpop reinvention – were to make a comeback too. The band split after their 1999 album, 'Terror Twilight', which was good but showed signs they were running out of steam. Since then, there have been rumours that they might reform – most recently, the band's guitarist Scott Kannberg sent out some smoke signals in January. But don't hold your breath; frontman Stephen Malkmus has struck out on his own, while bassist Mark Ibold has hooked up with Sonic Youth. Prior to that, Kannberg had his own band, Preston School of Industry, but now, at least, he's become somewhat nostalgic by reverting to his Pavement-era stage name, Spiral Stairs. Under the moniker, he will release a new album, 'The Real Feel', in October. The first taste of it is "Maltese Terrier", a jangly, jaunty slab of guitar alt-rock, complete with Sixties harmonies, banjo plucking and tinkling piano lines. Listen to it at tinyurl.com/lnjq2r.

Opportunists find there's money to be made from Twitter

Twitter's founders haven't decided how to cash in on their internet messaging service. But this approach may not prevent a gold rush among opportunistic outsiders.

Business Diary: Don't blame us for duff euros, says the ECB

Much indignation at the European Central Bank over Business Diary's story about a new design for euro coins (we were rather rude). The ECB points out it isn't responsible for these designs, with each eurozone member's national bank issuing its own coinage. An ECB spokesperson adds, diplomatically, "I make no comment on the article itself, as obviously tastes do differ: some like modern symbolism, others prefer old-fashioned naturalism."

MySpace axes two-thirds of global workforce

MySpace is to slash two-thirds of its workforce outside the US, just a week after a huge cull at home, as it struggles to compete with rival social networking group Facebook and the economic downturn takes its toll.

David Prosser: Trendy and cool does not equal profit

Outlook Perhaps we should forgive the technology industry for a short-term memory lapse. After all, FSA boss Adair Turner said yesterday that some in the City had already forgotten the lessons of last autumn's financial crisis, so to expect the social networking industry to remember what the dot.com boom and bust taught us 10 years ago might be considered unreasonable.

MySpace to cut two-thirds of global workforce

MySpace, the social networking website owned by Rupert Murdoch's News Corp, said on Tuesday it plans to cut about two-thirds of its international workforce and close at least four of its offices outside the United States.

Just watch MySpace – it's not dead yet

Knocked off its top spot, can this tired social networking site outface Facebook? Oh yes, says Stephen Foley in New York, and here's our 10-point plan to help

'Bloated' MySpace to slash its workforce by 30 per cent

MySpace, the social networking site owned by Rupert Murdoch's News Corporation, is to slash its workforce by 30 per cent after its new chief executive said staffing levels were "bloated".

Oasis, Heaton Park, Manchester

Plenty of bangs, a few whimpers

'I've not seen my mother since I was three. I do not know anything about her, but I would like to ...'

After being 'kidnapped' as a child, Gavin Paros found his family after leaving this note on a website

How do you write a hit?

On the eve of the Ivor Novello Awards for songwriting, Harry McVeigh of White Lies reveals the secrets of the band's dark, introverted lyrics and sweeping, epic tunes

Caught In The Net - Gremlins beset Russian fairy

Even three years since her breakthrough album 'Begin to Hope' was described as "one of the rare albums where the talent practically sears the speakers" by The Onion's AV club, Regina Spektor's quirky piano pop is still as bizarre as anything indie music has to offer. It's been a busy week for the Russian pop fairy (left), with her new record release beset with artwork problems after the wrong images were distributed, leading Spektor to speculate on the chances of her forthcoming album, "Far", being released with a "t" added to the end of its title. "We had a million comps, ideas, and we posted the wrong ones," the starlet mused on her MySpace blog, adding: "I'm giving up trying to make things perfect, because they never are". Gastric mix-ups aside, though the album doesn't hit the shelves until 23 June, anyone looking for a sneak preview can check out the star's MySpace page for the brand new "Laughing With", described by the Spektor herself as "a new song that I never played for people at shows before". Along with some older hits, it's available at tinyurl.com/nypxo

My Fantasy Band Orlando Weeks, The Maccabees

Vocals - Lou Reed
He has the most wonderful, lived-in, voice I've ever heard. There's so much theatrical drama to it but he still sounds really sincere.

How MySpacers would rule the world

They would elect a Green government but they condone capital punishment. Energy would come from solar-power and the leader would be Barack Obama or perhaps Robin Hood.

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