Word: nasdaq
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Dates: during 2000-2009
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...ahead without shareholder approval. Investigators say Raju actually wanted to buy the companies because they held many of the illicitly acquired properties; absorbing them into Satyam could have allowed Raju to cover up his misdeeds indefinitely. But many of Satyam's foreign stakeholders, who owned 47% of the Nasdaq-listed company, grew suspicious and angry over the deal and dumped the stock, sparking a 50% drop in the shares. Satyam canceled the acquisitions, and Raju, no longer able to hide the massive fraud, confessed three weeks later...
...endured not one but two market crashes - one at each end of the decade. You might recall the first Wall Street crash, when swooning tech stocks tanked the market from 2000 to 2001, not long after the Nasdaq hit an all-time high of 5049 on March 10, 2000. (Recent levels: 2150-2200.) The economy went into a recession that now seems laughably mild. What followed wasn't funny at all: the most divisive and confusing presidential election in history, a discombobulated drama that we once thought could occur only in the Third World...
...Lost America I wholeheartedly agree with Michael Schuman's views in "American Lament" [Oct. 12]. America's influence, reach and power is waning, but on the other hand, we read President Obama's compelling speeches on the Internet, follow the Nasdaq index, and accept the U.S. dollar as a base currency. America might have lost its direction in recent years, but I believe the best is yet to come under Obama's leadership. Sirinthra Malhotra, Bangkok, Thailand...
...seems bad timing, then, for the Shenzhen Stock Exchange to be launching the country's first Nasdaq-style board in October. After dithering for nine years, mainland regulators finally approved the bourse's proposal for a Growth Enterprise Market (GEM), which aims to help technology and other innovation-oriented start-ups get off the ground. Of the 150 companies that have applied to launch initial public offerings, 22 have won approval. Last week, the first batch of 10 enterprises in electronics, software, pharmaceuticals and biotechnology started accepting subscriptions from domestic investors (foreigners are excluded). (See pictures of China's infrastructure...
...long-time Macau gambling king Stanley Ho, opened the French-themed, 170-table Casino L'Arc. It is SJM's 17th casino in the city, and the company plans to launch another, Casino Oceanus, by the end of the year. In June, Ho's son Lawrence, CEO of NASDAQ-listed Melco Crown Entertainment, opened a mega-resort called City of Dreams, with a 520-table casino and a Hard Rock Hotel. An 800-room Grand Hyatt opens at the resort later this month. Wynn is also finishing a $650 million expansion of his Wynn Macau. Called the Encore, the addition...