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May 10

Daily news rundown

  • Conservatives lead UK elections, but punters think hung Parliament on the way – the Times has a live feed of BBC’s coverage of the election which is on right now (it’s currently 4am GMT!) – Seats: 226 Con / 169 Lab / 36 Soc Dem / 26 Others (need 326 to win, 457 seats out of 650 called). Link
  • Freak wave of selling sees DJIA fall 550 points in 5 minutes, before rebounding to close the day down 3.21% (-349 pts) – DJIA was down around 1k pts at one point – AUD/USD fell 3c to 0.8780 – mostly caused by European jitters – Euro hammered, reached 14-month low of $1.28. Link. Some of it due to glitches and nerves – Accenture went from $40 to $0.01 for a couple minutes, P&G went from $60 to $39.37. Link 2. Update: looks like some glitch triggering a mass of automated trading programs. Link 3
  • TechCrunch reports how web struggled to keep up with stockmarket volatility – people like to trumpet how quickly Tweets move info, but nothing moves and acts on info as fast as Wall St (or at least the trading programs that traders use). Link. News anchors also struggled to keep up with it. Link
  • Peter Henning analyzes the three arms of litigation GS is potentially facing – SEC civil, criminal, shareholder derivative suits – also evaluates the desirability of obtaining a settlement. Link
  • Blackstone, TPG and others in LBO talks with $11b-large Fidelity National – would be largest LBO since Blackstone bought Hilton for $25b almost 3 years ago – FN is a leading technology provider to banks
  • ICANN switches on non-Latin TLDs – three new TLDs in Arabic script. Link
  • Judge denies AP’s request to unseal affidavit used to obtain search warrant in the Gizmodo iPhone investigations – DA argued affidavit contained names of “two individuals of interest, whom police do not want to alert”
  9:04pm  •  Business & Finance  •  Current Affairs  •   •  Tweet This  •  Add a comment