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May 10

Daily news rundown

  • The UK goes to the polls tomorrow – general election being contested between the Tories, Labour, and Lib Dems, but none of these parties are expected to get a majority of seats in the 650-seat House of Commons, leading to a hung Parliament. A coalition will need to be formed to break the deadlock. Hung Parliament makes it difficult to pass legislation at a time the country faces a $250b budget deficit
  • Singaporean shipbuilder New Century cancels $3.84bn IPO – reportedly because the Singapore stock exchange received a complaint that a lawsuit against NC wasn’t mentioned in the prospectus. Link
  • Stack Overflow raised $6m from VCs – including Union Square Ventures
  • Supreme Court Nominees list narrowed to 4: Kagan (Sol-Gen), Woods (7th Cir), Garland (DC) & Thomas (9th) – Kagan is the odds-on favourite, but ATL thinks Woods is the front-runner for a variety of compelling reasons. The two men are probably out of the running
  • Fitch downgrades GS outlook from stable to negative – citing litigation issues. Rating remains at A+, but may slip if criminal indictment occurs (unlikely). S&P and Moody’s already have GS’ outlook at negative. GS closed the day down 0.84% at 148.19
  • Groupon opens Silicon Valley office – Chicago-based daily deals company was valued at $250m last December and, after funding from DST, was valued at $1.35b – 2010 revenue on a $350m runrate (although I question the usefulness of revenue without also knowing their margin)
  • Picasso sold for $106.5m at auction – record price for an auctioned artwork – buyer was anonymous, but speculation it was a hedge fund owner. Link

Bonus links

  8:47pm  •  Business & Finance  •  Current Affairs  •   •  Tweet This  •  Add a comment