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Facebook is sued after stock plunge ‘shocked’ market

NEW YORK: Facebook Inc and its chief executive Mark Zuckerberg were sued on Friday in what could be the first of many lawsuits over a disappointing earnings announcement by the social media company that wiped out about $120 billion of shareholder wealth. The complaint filed by shareholder James Kacouris in Manhattan federal court accused Facebook, Zuckerberg and Chief Financial Officer David Wehner of making misleading statements about or failing to disclose slowing revenue growth, falling operating margins, and declines…

Saudi carrier flynas in $8.6 bn Airbus deal: shareholder

RIYADH: Low-cost Saudi carrier flynas has concluded an $8.6 billion purchase deal with Airbus, a major shareholder said Thursday, as competition grows in the kingdom's expanding market. Kingdom Holding Co, which owns a 34 percent stake in the airline, said flynas has finalised the "deal with Airbus for the purchase of new aircraft". It gave no details of the number or type of planes that flynas will acquire but a source close to the negotiations told AFP they are from the A320 family of single-aisle aircraft.…