THE NEWS WRAP: Facebook shares slump 11% on its second day of trading

Facebook’s share price slumped by 11% on its second full day of trading, sparking debate that the tech giant’s stock was given an overvalued initial price.

The company’s shares dropped by $US4.20 to end up at $34.03, a huge 25% drop on the high of $45 achieved on its first day on the NASDAQ.

Labor attacked over Fair Work Act review

The federal government’s review of the Fair Work Act should focus on productivity rather than workplace disputes, the vice-president of Fair Work Australia has claimed.

Graeme Watson told the Australian Financial Review that Labor was in danger of “missing the boat entirely” by failing to look at how productivity has been affected by the Fair Work Act.

Unions lash out over Qantas job losses

Unions have accused the Victorian and federal governments of not doing enough to save 530 sacked Qantas workers.

The airline has made deep cuts to its Victorian maintenance operations, with unions claiming that the state and federal governments could’ve done more to push work the way of the now-redundant workers.

Overnight

The Dow Jones Industrial Average gained 104.25 points, or 0.84%, to 12,473.63. The Australian dollar rose back above 99 US cents, finishing at 99.15 US cents.