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Share crashes: US impact on European businesses


Here's some proof that the US has a significant impact on international businesses. It's the 12 month share price chart for Sportingbet:

Sportingbet-1

Down from a 52 week high of 447.50 to today's 64.75, a mere 14% of its previously solid value. How about Partygaming?

Partygaming

The US law regulating Internet gambling has had a catastrophic effect on investors' confidence in these European companies. This is another example of government meddling about and causing havoc where it shouldn't (although I guess people are probably getting used to this from Bush).

I wonder if the initial developers and owners of these companies managed to cash out in time. Several of them were listed in the Times' 1000 Rich List at very high positions due to their large shareholdings of these companies.




October 13, 2006 | Posted by peter | Comments (0)
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