Corporate News

OpenAI’s ChatGPT experienced a brief yet significant outage on Friday, affecting over 19,000 users for around 30 minutes. Despite the disruption, OpenAI quickly restored service by 5 pm PT (0100 GMT) with users regaining access within minutes. CEO Sam Altman took to X (formerly Twitter) to apologize for the downtime, acknowledging the inconvenience and reassuring users of the platform’s full …

Mark Zuckerberg, CEO of Meta, has officially joined the elite $200 billion net worth club, becoming one of the three wealthiest individuals globally. According to Bloomberg’s Billionaire Index, Zuckerberg’s net worth now ranks behind Elon Musk ($265 billion) and Jeff Bezos ($216 billion). Key Drivers of Zuckerberg’s Wealth Surge Meta’s Stock Surge: Meta’s stock has skyrocketed by nearly 60% in …

Pakistan International Airlines (PIA), the national flag carrier, has announced a significant pay raise for its daily waged employees. This move is intended to boost employee morale and enhance productivity. Details of the Pay Raise Effective from July 1, 2024, the daily wages for PIA’s employees have been increased by Rs 5,000. This adjustment brings the new monthly salary to …

British energy giant Shell plans to cut hundreds of jobs in its oil and gas exploration division as part of an extensive cost-cutting program it announced last year. According to a source familiar with the matter, the cuts will affect two key units specializing in hydrocarbon extraction projects, resulting in a 20% reduction in their workforces. Impact and Scope The …

French authorities have formally placed Telegram CEO Pavel Durov under investigation, suspecting his involvement in criminal activities carried out on the messaging platform. The investigation, initiated by a French judge, includes allegations of complicity in facilitating illicit transactions, dissemination of child sexual abuse materials, drug trafficking, money laundering, and failure to cooperate with judicial authorities. The investigation has sparked widespread …

Introduction The International Monetary Fund (IMF) has postponed the approval of Pakistan’s $7 billion bailout package, as it is not part of the IMF Executive Board’s agenda for the upcoming week. This delay adds to the uncertainty surrounding Pakistan’s efforts to stabilize its economy, which continues to struggle with significant financial challenges. IMF Executive Board Meeting Schedule The IMF’s Executive …

The Hub Power Company Limited (HUBC) has reported robust financial results for the fiscal year 2024 (FY24), with consolidated earnings reaching PKR 70,018 million (Earnings Per Share: PKR 54.0), marking a 22% year-on-year (YoY) increase compared to PKR 57,554 million (EPS: PKR 44.4) in FY23. Despite a 14% YoY decline in profitability during the fourth quarter of FY24 (4QFY24), where …

Traders Across Pakistan Prepare for Nationwide Strike on August 28 On August 28, traders across Pakistan will unite in a nationwide strike to protest the unbearable electricity costs and the continuation of Independent Power Producer (IPP) agreements. The Central Traders Association (CTA) and the Sindh Traders Alliance (STA) are leading this movement, emphasizing the dire need to safeguard the economy …

FSWL Directed to Disclose Details Amidst Unusual Share Price Movements In accordance with Section 97 of the Securities Act, 2015, and clause 5.6.3 of the PSX Regulations, listed companies are required to disclose relevant information to the public when unusual movements in the price or volume of their traded securities are observed. This requirement ensures transparency and provides investors with …

Suspension of Trading in Mughal Iron & Steel Industries Limited Sukuk [MUGHALSC] In a recent update from the Pakistan Stock Exchange (PSX), trading in the Sukuk of Mughal Iron & Steel Industries Limited, identified by the symbol [MUGHALSC], will be suspended due to the company’s book closure dates. Key Dates and Suspension Details Mughal Iron & Steel Industries Limited has …