Facebook has  announced that it will showcase a new look for its “newsfeed” next week on March 7th. This is the latest in a series of recent moves by the Web giant to revamp key elements of its one billion member strong social network. The revamped “newsfeed” will be showcased at a media event at its Menlo Park, California headquarters which reporters were invited to by email. Following the rollout of its social search feature in January, this will be Facebook’s second high-profile product event this year.