10 things you need to know today: May 24, 2012

1. NEW YORK STOCK EXCHANGE COURTS FACEBOOK

After serious technical issues marred its initial public offering on the Nasdaq stock exchange, Facebook is reportedly in talks with NYSE Euronext and is considering switching to the Big Board. Nasdaq is also facing lawsuits from perturbed investors. Meanwhile, on Wednesday, a class-action lawsuit was filed against Facebook, Mark Zuckerberg, Morgan Stanley, Goldman Sachs, and JPMorgan, alleging that the defendants failed to reveal "a severe and pronounced reduction" in Facebook's revenue growth forecasts to investors. [CNBC]

………………………………………………………………………………

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

2. IRAN REJECTS NUCLEAR PROPOSAL

Nuclear talks with Iran hit a snag Thursday when Iranian negotiators rejected a proposal by a bloc of six world powers to curb Iran's nuclear program. The plan calls for Tehran to stop enriching uranium to 20 percent, which is just one step away from warhead grade, in exchange for spare parts for Iran's civilian airliners, medical isotopes, some nuclear cooperation, and other benefits. "Giving up 20 percent enrichment levels in return for plane spare parts is a joke," said one Iranian analyst. Still, talks are expected to continue through the end of day Thursday. [Associated Press]

………………………………………………………………………………

3. FEDS MOVE TO CURB FOOD STAMP FRAUD

The Agriculture Department wants to crack down on food stamp fraud by giving states more power to investigate those who repeatedly seek replacement cards. Some food stamp recipients sell their cards for cash, or even online, and then get replacement cards from the government. Food stamp fraud costs taxpayers nearly $750 million every year. [Associated Press]

………………………………………………………………………………

4. POLICE: MAN IN CUSTODY FOR 1979 KIDNAPPING

New York police say they have taken into custody a suspect who has implicated himself in the 1979 disappearance of Etan Patz. The 6-year-old's disappearance 33 years ago garnered national attention and helped spark a nationwide movement to find missing children. Authorities say more details are forthcoming. [CNN]

………………………………………………………………………………

5. PAKISTAN JAILS MAN WHO HELPED FIND BIN LADEN

Obama administration officials are outraged after a tribal court in Pakistan found a doctor guilty of treason for helping the CIA find Osama bin Laden. Shakil Afridi was sentenced to 33 years in prison and fined $3,500. Secretary of State Hillary Rodham Clinton has called for his release. [New York Times]

………………………………………………………………………………

6. HEWLETT-PACKARD TO CUT 27,000 JOBS

Hewlett-Packard announced late Wednesday that it would slash 27,000 jobs — about 8 percent of its workforce. The move will save the struggling tech pioneer upward of $3 billion annually, as CEO Meg Whitman tries to reverse its misfortunes. The announcement followed the release of better-than-expected quarterly results. "While I wouldn't say we have turned the corner, we are making real progress," Whitman said on a conference call with analysts. [Associated Press]

………………………………………………………………………………

7. LOS ANGELES BANS PLASTIC BAGS

On Wednesday, the Los Angeles City Council voted overwhelmingly in favor of a ban on single-use plastic bags at store checkouts, making L.A. the largest city in the country to enact such a ban. Forty-seven other cities in California alone already have such a ban. [MSNBC]

………………………………………………………………………………

8. PHILLIP PHILLIPS WINS AMERICAN IDOL

Phillip Phillips was crowned the winner of the 11th season of American Idol Wednesday night. Washington Post critic Lisa de Moraes notes that he's "the fifth consecutive supersafe white guy with a guitar to win." [Washington Post]

………………………………………………………………………………

9. C-SECTIONS MAY INCREASE CHILDHOOD OBESITY RISK

According to a new study, babies born by caesarean section may have a higher risk of childhood obesity than those born vaginally. Researchers say C-sections might change the way babies are exposed to colonies of important digestive bacteria during birth, thus changing the way they digest food. C-sections have previously been linked to an increased risk of asthma. [Washington Post]

………………………………………………………………………………

10. APPLE DESIGNER JONATHAN IVE KNIGHTED

Jonathan Ive, Apple's senior vice president of industrial design, was knighted Wednesday at Buckingham Palace by Princess Anne. Ive has been with Apple since 1992, and is the design guru behind hits like the iPod, iPhone, and iMac. He says the best is yet to come. "What we're working on now feels like the most important and the best work we've done." [Wired]