Some tasty news tidbits from the social media front this week.

Facebook, Google+ vie for news distribution

Facebook is  reportedly working with a dozen news organizations to create exclusive versions of their news content to be delivered via app, reports David Cohen of AllFacebook. A Forbes report says these sources could include  CNN, The Washington Post, and The Daily. Meanwhile Google is said to be in negotiation with media companies to create a portal of its own, Cohen said. The new Google+ beta has surpassed 10 million users and introduced its news badges last week, which basically amount to bragging rights for news junkies. 

Could Facebook be the bank of the future?

Facebook has a mall called Payvment that  has 60,000 retailers and is adding 400 a day, reported Tom Groenfeldt  of Forbes July 15. Facebook also has a cozy relationship with credit system and game builder Zynga, Groenfeldt reports.  Together the two could conceivably create a retail powerhouse running its own payment system. Original source: Chris Skinner at The Finanser.

Yelp hits the 20 million review mark

With its reviews business, Yelp continues to outpace  Groupon, LivingSocial and Google in the local business space, Mashable reports. Yelp reported  that as of July 11, it had recorded  20 million reviews with 53 million unique visitors. View a heat map showing numbers of Yelp reviews

Twitter will add promoted tweets,  accounts

Twitter users will soon be seeing tailored, automated and bulk-published ads from major advertisers in their feeds, reports Alexei Oreskovic for Reuters. A beta test will allow a limited number of partners to deliver Twitter ads via application programming interface, or API, starting 4th quarter 2011. Reuters reported that Twitter only began offering advertising on its service in April 2010. The microblogging service currently has  600 advertisers that will generate about $150 million in ad revenue this year, according to research firm eMarketer.

Heads up!  435Digital Masterclass this Friday, July 22

The 435Digital masterclass is an all-day seminar designed for business owners and communications professionals. It will be held Friday, July 22 at Tribune Tower in downtown Chicago.  Topics covered include website development, search engine optimization (SEO), and social media strategy.

The Masterclass will also include a panel featuring Chicago business leaders who excel in social media. Panelists include Geoff Alexander, executive vice president Lettuce Entertain You Enterprises and managing partner of Wow Bao; Lindsay Avner, executive director of Bright Pink; Mari Luangrath, owner of Foiled Cupcakes; and Scott Kleinberg, director of social media strategy for RedEye. Learn more.