February 1st, 2012
12:30 PM GMT
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London (CNN) – It’s one of the great oddities of the former British Empire – the Queen’s Honour List.

Every year people eagerly await the letter from the Queen to inform them if they have received a knighthood, a lordship, an OBE (Order of the British Empire) etc.

I know there is some incredibly crucial ranking to all this, and it’s all very important to some, but don’t ask me to explain it or agree with it. I do know that being awarded a life peerage (a non-hereditary lordship) gets you, no surprise, into the House of Lords - see the likes of Lord Coe of the London Olympics or Lord Webber of musicals. But a knighthood only gives you the right to be called “Sir,” as with Sir Elton John or Sir Paul McCartney.
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February 1st, 2012
06:08 AM GMT
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UPDATE: It's official. Late Wednesday Facebook filed paperwork for a $5 billion IPO. And the company reveals for the first time how much cash its making. Read more here.

(CNN) – The Facebook IPO, or initial public offering, promises to be “the holy grail” of tech IPOs, possibly the biggest ever.

Reports in the Wall Street Journal and New York Times suggest the company is seeking to raise $5 billion – more than double Google’s $1.7 billion IPO in 2004, which remains the largest tech IPO in history, according to Renaissance Capital.

Facebook readies for blockbuster IPO

CNN’s Christine Romans explains IPOs, and what it means for Facebook.
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