Financial News Fri Jun 15th 2012 – Facebook vs NASDAQ, Safe Ecstasy, Egon Schiele Painting
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15. Jun, 2012
Well it’s official, Facebook is gearing up to defend itself, by consolidating all the investor lawsuits against its not so successful IPO, and then slowly directing the flow of complaints towards the NASDAQ. It shall be revealed in court how exactly the NSADAQ mess up on that first trading day, affected the stock. Good news however is that, Facebook is by far not the worst IPO to walk on the trading landscapes, one Chinese company, Giant Interactive Group, lost 30% in its first month of trading, in the year 2007. With a loss of 26% Facebook is leading with a small margin!
Hong Kong Exchanges & Clearing has outbid its fellow bidders and will now be the lucky owner of the London Metal Exchange, for 2.16billion dollars. This move will give Hong Kong’s exchange immediate access to commodity markets and comes at the right time to quench China’s thirst for metals. The deal is still not fully approved but is expected to become official in fourth quarter this year. 80% of trade in metals such as copper and aluminum, is executed through the London Metal Exchange, and this bid will put Hong Kong Exchanges into competition with already established commodity market players, such as the Chicago Mercantile Exchange and the Intercontinental Exchange.
Another very important fact, as confirmed by top health officials in Canada, the pure and unaltered ecstasy drug is safe to consume by adults, as long as you do it responsibly. This statement comes after several deaths have been reported, and a warning has been issued by the police. Apparently it is only the laced kind of ecstasy that poses a danger. The 16 people that died in Canada last July, after responsibly taking their ecstasy, happened to fall prey to the PMMA toxin laced kind of ecstasy. So next time you buy your ecstasy don’t forget to read the fine print!
Exciting news in the art world! An Egon Schiele painting, that had been seized by the Nazis, has re-sufaced and has been shown in public, for the first time, in over a decade. The Viennese Leopold Museum had to settle with the last remaining claimants to Schiele’s painting called “Houses by the Sea”, with the help of funds they obtained with the sale of Schiele’s painting called “Houses with Colourful Laundry, Suburb II”, which was sold for 38.5 million dollars at an auction. It is a special day for the art world as well as for the museum, which maintain the world’s largest collection of Schiele’s work.