LinkedIn share price almost doubles in NYSE debut

Shares of LinkedIn Corp surged nearly 90 percent in their public trading debut on Thursday, a jump reminiscent of the heyday of investors' love affair with Internet stocks in the late 1990s.

The shares rose to $85.18 in morning trading on the New York Stock Exchange, 89.3 percent above their $45 initial public offering price. That pushes the market value of the company to about $8 billion.

LinkedIn is the first prominent U.S. social networking company to publicly test just how hungry investors are for Web 2.0 inhabitants as people turn to other hot names in the space: Facebook, Groupon, Twitter and Zynga.

LinkedIn, which runs a professional social network, raised $352.8 million on Wednesday by selling 8 percent of the company, or 7.84 million shares, for $45 each.

The company increased its anticipated price range by $10 on Tuesday to $42 to $45 per share.

Underwriters on the IPO were led by Morgan Stanley, Bank of America Merrill Lynch and JPMorgan.

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GL SLAMS ‘COLONIAL’ RIGHTS GROUPS

Sri Lanka’s foreign minister Gamini Lakshman Peiris rejected “colonial” criticism Tuesday of a government-appointed civil war probe, after foreign rights groups snubbed an invitation to attend. New York-based Human Rights Watch, London-based Amnesty International and Brussels-based International Crisis Group last week accused the panel of a cover-up and refused an offer from Colombo to appear before it. Peiris said in a speech to the International Institute for Strategic Studies, a leading think-tank based in London, that the rights groups had displayed a “most unattractive attitude.” “It smacks of an attitude that is almost colonial, patronising and condescending, the assumption being that other people must step in because Sri Lankans are unable to chart a course for their own future,” he said. Peiris, who is in London for talks with the British government, said the LLRC was based on similar reconciliation commissions in countries such as South Africa. He urged rights groups and

IRRESPONSIBLE TALK BY MEMBERS COST UNP ITS VOTERS, SAYS SAJITH

The voters have distanced themselves from the United National Party (UNP) because several members had demeaned the military victories during the recently concluded war against the Liberation Tigers of Tamil Eelam, said Hambantota District parliamentarian Sajith Premadasa. Former President Ranasinghe Premadasa’s son, Sajith was addressing a meeting at Gurutalawa at the Yatinuwara electorate in Kandy last evening to raise awareness on his Jathika Jeewaya Programme. Mr. Premadasa launched this programme within three electorates in the Gampaha District last week as well. Adding further, Sajith Pramadasa said the UNP suffered erosion in its support as some had uttered irresponsible comments when the Sri Lankan armed forces were gaining victory after victory in the fight against the LTTE. When the Army captured Thoppigala, some in the UNP had said that Thoppigala was only a jungle, while some had accused the then government and the military of claiming to be advancing towards Kilinochc

TNA vows civil disobedience

Sri Lanka’s main Tamil party on Saturday vowed to launch a Gandhi-style civil disobedience campaign to press a long-standing demand for regional autonomy for their ethnic minority. The Tamil National Alliance (TNA) in its manifesto for April parliamentary elections renewed its demand for extensive regional autonomy – after Tamil Tiger rebels who fought in their name were crushed last year. “If the Sri Lankan state continues its present style of governance without due regard to the rights of the Tamil-speaking peoples, the TNA will launch a peaceful, non-violent campaign of civil disobedience on the Gandhian model,” the party said. The TNA was a puppet of the Tamil Tiger rebels who were crushed by security forces in May last year after 37 years of fighting. The United Nations has said up to 100,000 people were killed in the conflict. On Saturday the alliance said it would lobby neighbouring India and the international community to ensure the island’s Tamil community -- 12.5 percent

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