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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…

Zuckerberg gets richer after his testimony to Congress in data scandal

WASHINGTON: Facebook CEO Mark Zuckerberg, after facing 10 hours of hard-hitting questions from the Congress, has finally made a comeback. The tech company's market value is raised by 5% after facing a drop in the market value of $80 billion. Mark Zuckerberg was in the line of fire for over two days from nearly 100 senators and emerged unscathed as he gave a commendable performance, clearly well coached, helped him outperform expectations which were admittedly low. Facebook’s share price rose by more than 5% on the…

Saudi corruption purge winds down but scars will linger

DUBAI: Saudi Arabia’s stock market celebrated the release of some of the kingdom’s top businessmen from detention on Sunday but the after-effects of a purge of the business elite may last for years, deterring private investment. Billionaire Prince Alwaleed bin Talal, head of global investment firm Kingdom Holding 4280.SE, was among at least half a dozen tycoons freed at the weekend after over two months of confinement in Riyadh’s Ritz-Carlton Hotel. Their release signaled a massive anti-corruption drive, in which…

Bloomberg terms Pakistan’s economic growth ‘pleasant surprise’

NEW YORK: An article published in a major American business magazine has called the economic growth in Pakistan is a pleasant surprise. According to the article published in Bloomberg magazine, most of the developments taking place in Pakistan are welcoming. The write up in the business journal said that the performance of the stock market in Pakistan is exemplary which yielded 46 percent profit in FY15-16. The article also mentioned that the economic growth rate of Pakistan has also improved which manifests that…