Losses on stock markets have continued after the collapse of fourth largest US investment bank, Lehman Brothers, which has filed for bankruptcy protection. European markets opened sharply lower for a second day, with the UK’s FTSE 100 and Germany’s Dax both down 1.7%. Shares in Japan, South Korea and Hong Kong fell more than 5%, having been shut on Monday for public holidays. Lehman, which may be about to sell its core assets to Barclays, is the latest victim of the global credit crunch. (bbc)
If that is not enough to worry you then this bit of news should do it: <<On Monday President George W Bush said: “In the long term I am confident that our financial markets are flexible and resilient and can deal with these adjustments.”>> Well, if Bush says it’s ok…
Just as Pope Benedict told the clouds crowds (did I write clouds? don’t know where my head must have been!) thronging Lourdes that they should “Kill their Idols” (the false ones – always assuming that your TRUE/FALSE metre comes in Catholic Standard Measurement), Damien Hirst’s Golden Calf was selling for $18 million dollars. Isn’t it ironic? Don’t you think? Where’s Moses when you need him?
Bad boy Brit artist Damien Hirst smashed his previous auction record with the $18.5 million sale of a gold tipped bull in formaldehyde on the first day of his major solo sale at Sotheby’s in London Monday. Entitled The Golden Calf, the controversial artist‘s work exceeded the top end of its estimate by over $4 million, and toppled the previous record of $17.4 million paid for a Hirst work last summer, Bloomberg reports. (luxist.com)