So the logical assumption is that Facebook will file the S-1 in April, once it has year-end audited financial data, and then go public a few months after that, likely next August or September.

FORBES: Facebook IPO Before Christmas? Uh, I Don't Think So

Mr Bush's trade supremo, Robert Zoellick, and the commerce secretary, Don Evans, presented the new plan as the logical culmination of the step-by-step reduction of trade tariffs that has taken place since the end of the second world war.

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