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Pakistan shares, rupee open firm as election results eyed

KARACHI: Shares in Pakistan rose to their highest in more than three weeks in early trade on Thursday, while the Pakistani rupee traded firmer at the open as the nation awaits general election results. With cricket hero-turned-politician Imran Khan leading in a partial count, the benchmark index was up 1.6 percent at 42,023.57 by 0542 GMT, giving up some of its gains shortly after the opening, when it was up as much as 1.9 percent. In spot trade, the currency was 0.1 percent stronger against the U.S. dollar.…

Zuckerberg sells nearly $500 million Facebook stock in February

Facebook Chief Executive Officer Mark Zuckerberg sold nearly $500 million in the company’s shares in February to fund his philanthropic investment vehicle, the Chan Zuckerberg Initiative (CZI), regulatory filings showed. The move is not a surprise, being part of Zuckerberg’s plan to expedite stock sales to fund the initiative he set up in December 2015 with his wife Priscilla Chan. Two security filings on Thursday showed that Zuckerberg sold 685,000 shares worth $125.4 million in the last three days of February, taking…

Dollar heads into 2018 on a weaker note, Asia stocks mostly up

HONG KONG: The dollar suffered fresh pressure on Friday as traders cash in the recent gains fuelled by Donald Trump's tax cuts, while most Asian equities were on course to end a strong year on a positive note. Asia's biggest markets have enjoyed huge gains over the past year -- with Hong Kong up more than a third and Tokyo nearly 20 percent higher -- fuelled by expectations that Donald Trump would push through business-friendly measures. And while he suffered a series of stumbles he managed to finish 2017 with one…

Israel regulator seeks to ban bitcoin firms from stock exchange

JERUSALEML: Israel’s markets regulator said on Monday he will propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange (TASE). Shmuel Hauser, the chairman of the Israel Securities Authority (ISA), told the Calcalist business conference he will bring the proposal to the ISA board next week. If approved, it would be subject to a public hearing and then the TASE bylaws would need to be amended. “If we have a company that their main business is digital…

Shares of ‘arrested’ Saudi billionaire’s company dive 9.9%

RIYADH: Shares in Kingdom Holding, 95 percent of which is owned by billionaire Prince Al-Waleed bin Talal, dived 9.9 percent as the Saudi stock exchange opened Sunday after reports of his arrest. The Saudi Tadawul All-Shares Index (TASI) also dropped 1.6 percent only a minute after the start of trading on the Arab world's largest stock market following a sweeping crackdown on corruption that saw the arrest of leading royals and businessmen. The Kingdom Holding share price did not slide further because, under the rules…

Saudi stock market up after new heir named

RIYADH: The Saudi stock market was up four percent Wednesday on news that King Salman had named his powerful son as heir and that the exchange had moved closer to joining a major global index. The Saudi Tadawul index, the largest in the Middle East, surged 4.12 percent in early afternoon trading after Salman ousted his nephew as crown prince and installed his son Mohammed bin Salman. Trader confidence was also up after the Tadawul announced that global stock benchmark provider MSCI had added the exchange to its…

Snap stock falls as alleged CEO comments rile some on social media

Shares of Snap fell 1.5 percent on Monday as the Snapchat owner faced criticism for comments allegedly made by its CEO about not prioritising growth in India and Spain because they were "poor" countries. The dip put Snap on track to close at its lowest level in nearly a month, a bad sign following its $3.4 billion public listing that was the hottest by a technology company in three years. Twitter users using the #boycottsnapchat hashtag called for uninstalling the Snapchat app after a legal document unsealed last week…

Apple stock hits highest since December on Samsung Note 7 fire crisis

SAN FRANCISCO: Apple Inc's (AAPL.O) stock on Monday jumped 2.3 per cent , reaching a high not seen since December, after rival Samsung Electronics Co Ltd (005930.KS) suspended production of its flagship Galaxy Note 7 smartphones following reports of fires in replacement devices. Fires in the smartphones that were meant to replace devices that had been recalled because of their propensity to explode could be a disaster for Samsung and a potential boon to Apple. Apple's stock was up $2.66 at $116.72 in afternoon trading and…