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SAN FRANCISCO:(Net News/ Media 92 News) Snapchat parent Snap came under selling pressure Thursday after a quarterly report showing a loss of one million users even as it grew revenues and narrowed losses.

The California group which operates the smartphone app popular with youth said revenue rose 43 per cent from a year ago to $298 million in the third quarter, as it narrowed losses to $118 million from $325 million.

But the key figure of daily active users was 186 million, a drop of one million from the past quarter and a rise of just five per cent from last year.

Snap shares slipped 5.4 per cent in after-hours trade on the results.

Analysts say Snapchat has become the most popular social network among teens and young adults, but user growth has stalled as Facebook and its Instagram platform introduce services similar to those of Snapchat, known for its disappearing messages.

“We’re investing in long-term growth opportunities and driving operational efficiencies,” said Tim Stone, Snap’s chief financial officer.

“We achieved record revenue and strong bottom-line results this quarter and expect a record fourth quarter, as we continue to invest in innovation for our community and scale our business.”

Although Snapchat is best known for its smartphone messaging, it has also developed partnerships with numerous media outlets eager to reach its audience with news, video and other content.

This month, Snap said it was launching a new slate of original video shows under its own brand in the latest move to spark growth.

The shows unveiled under the Snap Originals brand include a new comedy, a mystery thriller and a “docuseries.”

KARACHI:(Net News/ Media 92 News) Authorities arrested two dacoits during an operation carried out Friday night here in the metropolis’ Liaquatabad No. 4 area, police confirmed.

The arrested dacoits, who are part of a four-member robbery group, have previously been arrested in different cases as well, police said.

Two pistols, five mobile phones, and a motorcycle were recovered from the arrested suspects, police added, noting that both of them have been involved in street crimes as well.

The motorcycle the police recovered had been stolen from North Karachi.

A search for the remaining two members of the four-strong gang is underway, police stated.

SAN FRANCISCO:(Net News/ Media 92 News) Microsoft regained its spot as the second most valuable US company on Friday after a disappointing quarterly report from Amazon.com wiped $65 billion off the online retailer’s market capitalization.

Apple tops the list at over $1 trillion after crossing that threshold in September. Microsoft’s market capitalization was Wall Street’s highest in late 1998 through early 2000 before the dot-com bubble burst.

Amazon’s shares dropped 7 per cent, the most in nearly three years after its holiday season sales outlook missed targets, fanning concerns that Wall Street’s tech darlings are finally starting to face stronger competition.

Microsoft fell a more modest 1.1 per cent in a broad technology sell-off that was also driven by a weaker-than-expected report from Google-parent Alphabet, leaving the Nasdaq composite index. IXIC down 1.9 per cent late Friday afternoon.

Shares of Microsoft remain up nearly 4 per cent from Wednesday, when the four-decade-old software company beat quarterly profit expectations, driven by its cloud computing business that competes with Amazon’s.

Its stock market value on Friday stood at $823 billion, on track to close above Amazon’s for the first time since April, when it gave up its spot as second largest company by market capitalization.

Amazon was worth $805 billion on Friday, after falling below Microsoft’s in extended trade on Thursday. The drop was equivalent to the combined values of Target and Corning.

Amazon’s tumble left it up around 40 per cent year to date, while Microsoft has gained about 25 per cent in 2018. On Wednesday, Amazon’s stock traded at the equivalent of 70 times expected earnings, its lowest level since 2011.

The average analyst price target for Microsoft puts its market cap at $963 billion, while the average price target for Amazon values it at $1.068 trillion.

Apple will report quarterly results on November 1.

LAHORE:(Net News/ Media 92 News) Two alleged gang-rapists were arrested Friday night from the city’s Raiwind neighbourhood where they had subjected a minor girl to sexual assault, police confirmed.

According to police sources, the two predators had sprung up on the unsuspecting 14-year-old girl, reportedly suffering from mental illness, while she was going to a nearby shop.

The suspects, who, as per police, were labourers who worked at an under-construction house in the vicinity, were identified by the girl the next day when they returned to the site.

ISLAMABAD:(Net News/ Media 92 News) Ambassador of China in Pakistan, Yao Jang has rejected the propaganda that the mega China-Pakistan Economic Corridor (CPEC) project would only benefit China and Pakistan would get nothing out of it.

Addressing a press briefing in Islamabad on Friday, Jang said the project was mutually beneficial to the two countries. “We are building this mega project based on mutual sharing and mutual interests,” he noted.

The envoy said China trusts Pakistan which was why it was investing such a huge amount for the economic development of the country. He added that the investment money was hard-earned money of the people of China, and it should therefore be recognised.

“Elements who do not want to see China and Pakistan prosper and develop and the elements who do not want good relationship between the two countries are spreading such propaganda,” he added.

Jang said the government and people of China were eagerly awaiting the historic visit of Pakistan Prime Minister Imran Khan in the first week of November, as China was pinning high hopes on the new government in terms of bringing peace and development not only in Pakistan but in the entire region.

He said China wanted to see Pakistan as an economically strong and independent country to promote regional peace, prosperity, and stability.

During the visit, the prime ministers of the two countries would witness signing of a number of bilateral agreements in areas of mutual interests besides participating as guests of honour in Business Conference, to be held in Shanghai on November 5, the ambassador shared.

He said China was willing to extend maximum possible support to Pakistan, which is its longstanding trade and strategic partner. “We have plans to invest more under [CPEC] and buy more from Pakistan to make it economically stronger and independent country”, he added.

The envoy informed that during PM Imran Khan’s visit, a major breakthrough in a number of projects under CPEC was expected especially in Rashakai Special Economic Zone, the ground-breaking of which is expected to be held by the end of the current year.

He also appreciated the new government’s efforts to bring peace in the region by offering peace talks to its neighbourly countries.

Deputy Chief of Chinese Mission in Pakistan, Lijian Zhao said Pakistan owes debt to China worth only US$6 billion, which was around 6.3 percent of Pakistan’s total foreign debt and repayment of this amount would start on 2021 with payment of $300-400 million per year.

“All the CPEC projects are funded by commercial loans which are borrowed and repaid by the Chinese companies,” he said, adding that there is no debt on the Pakistan government.

Zhao said the average interest on the loan under CPEC was around 5.3 percent including insurance payment.

He said Rashakai, Hatar and Dhabeji SEZs were the front-line projects among all SEZs and work on them would be started soon.

(Net News/ Media 92 News)The Pakistan Cricket Board (PCB) won the troll war against the International Cricket Council when it hit back at the sport’s governing body with a befitting reply over the curious case of the ‘biscuit’ trophy.

Moments after Pakistan beat Australia in the second T20 international at Dubai on Friday night to clinch the three-match series, PCB gave the ICC a taste of its own medicine on Twitter.

The ICC had made fun of the series trophy, which features a giant biscuit nestled on top of the stumps. The bizarre design created much amusement in the cricket world, and the social media came up with dozens of memes mocking the trophy.

The governing body was not one to be left behind. Its Twitter handle had quipped, “You vs the trophy she told you not to worry about.”

View image on TwitterView image on Twitter

ICC
✔
@ICC
You vs the trophy she told you not to worry about.

7:14 PM – Oct 23, 2018
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The PCB was quick to take revenge when Pakistan beat Australia to take a decisive lead in the series.

“Dear @ICC Who cares? Both are ours!” it hit back.

PCB Official
✔
@TheRealPCB
Dear @ICC Who cares?
Both are ours! ?#PAKvAUS #NumberOneT20ITeam

ICC
✔
@ICC
You vs the trophy she told you not to worry about.

View image on TwitterView image on Twitter
12:18 AM – Oct 27, 2018
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A visibly sheepish ICC responded, “Oh crumbs” (pun intended).

PCB Official
✔
@TheRealPCB
· 10h
Dear @ICC Who cares?
Both are ours! ?#PAKvAUS #NumberOneT20ITeam

ICC
✔
@ICC
Oh crumbs. ?

12:26 AM – Oct 27, 2018
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The win was Sarfraz Ahmed’s 10th T20 series win since taking over as captain in September 2016, including a tri-series win in Zimbabwe in July this year.

The third and final match is also in Dubai on Sunday.

KARACHI:(Net News/ Media 92 News) Sindh Chief Minister Syed Murad Ali Shah met with Chief Justice of Pakistan Justice Mian Saqib Nisar in his court chamber on Saturday.

Addressing media following his meeting with the chief justice, Murad Ali Shah clarified that he had not been summoned by the top judge.

“It was incorrectly reported in the media that I had been summoned. I had not been summoned. Chief Justice had requested for a meeting with me,” the chief minister reiterated.

He said the meeting was not held over the purported lack of cooperation by the Sindh government with the Joint Investigation Team (JIT) probing the mega money laundering scam.

“I discussed [a number of] provincial issues with the Chief Justice. I [also] told the Chief Justice about the JIT’s complaints. Providing information is the responsibility of the institutions, not the chief minister’s,” Murad said.

He shared that the JIT had asked for details regarding irrigation works and services, but it had given the provincial government only two days’ time to provide the information.

“How can we provide the data [in such short time]? It’s not like a button that [you can] press to provide the records.”

Murad said the chief justice congratulated him on his re-election as the province’s chief minister. He also appreciated the conditions of hospitals in Karachi and said they were better in comparison to Khyber Pakhtunkhwa’s hospitals, the minister shared.

Declining to offer any further details, Murad said he also discussed the National Accountability Bureau with the top judge.

Media reports on Friday suggested that the chief justice had asked to meet the chief minister over the JIT’s complaint that the Sindh government was not cooperating in the money laundering and fake bank accounts case.

The Supreme Court had resumed hearing the case against fake bank accounts that were used to launder over Rs100 billion out of Pakistan, at its Karachi Registry on Friday.

The Federal Investigation Agency is investigating 32 people in relation to money laundering from fictitious accounts, including former president Asif Ali Zardari and his sister Faryal Talpur.

Zardari’s close aide Hussain Lawai was arrested in July in connection with the probe. The former president’s another close aide and Omni Group chairman, Anwar Majeed, and his son, Abdul Ghani Majeed, were also arrested by the FIA in August. Lawai, Majeed and his son remain under custody.

Earlier this week, FIA sources informed that the mastermind of the money laundering and fake accounts case, Aslam Masood, had been arrested by the Interpol from Jeddah.

MUSCUT:(Net News/ Media 92 News) Second-placed Pakistan will face third-placed Malaysia in the semifinals of the Asian Hockey Champions Trophy 2018 at the Sultan Qaboos Sports Complex in Muscat today (Saturday).

The winner of today’s match will face either India or Japan in the final on October 28.

The green shirts have won three of its five matches, losing one and drawing one. They defeated South Korea 3-1 in the opening match of the tournament while they lost to arch-rivals India 3-1.

This was followed by an 8-1 thrashing of hosts Oman, a 1-1 draw against Japan and a 1-0 win against Malaysia to book a place in the semi-final.

Pakistan will be without the services of captain Mohammad Rizwan who limped off the pitch on Thursday with a hamstring injury.

The biennial event is being held in Muscat from October 18 to 28 at the Sultan Qaboos Sports Complex in Muscat, Sultanate of Oman and features Pakistan, India, Malaysia, Japan, South Korea and hosts Oman.

The match between Pakistan and Malaysia will start at 8pm Pakistan Standard Time.

FAISALABAD:(Net news/ media 92 news) Police on Friday arrested a man who uploaded pictures of weapons and videos of himself firing in the air.

Jamal Handal, a resident of Mansoorabad, Faisalabad, had uploaded the pictures and videos on the social networking site and they went viral soon after.

Police took notice of Handal’s Facebook posts and CPO Faisalabad Ashfaq Khan had ordered his arrest.

Following the orders, personnel at Mansoorabad Police Station registered a case against Handal and arrested him.

A pistol was seized from Handal’s possession at the time of his arrest.

(Net news/ media 92 news)Google said Thursday it fired 48 employees in the past two years, including 13 senior executives, as a result of sexual harassment allegations, citing “an increasingly hard line” on inappropriate conduct.

The US tech giant issued the statement from chief executive Sundar Pichai in response to a New York Times report that one senior Google employee, Android creator Andy Rubin, received an exit package worth $90 million as he faced allegations of misconduct, and that Google had covered up other claims of sexual harassment.

Asked by AFP and other media for its reaction, Google released an email sent to employees from Pichai stating that 48 people had been terminated for sexual harassment in the past two years, including 13 who were senior managers and above and that none received “an exit package.”

“In recent years, we’ve made a number of changes, including taking an increasingly hard line on inappropriate conduct by people in positions of authority,” Pichai said.

He added that the report on Rubin and others “was difficult to read” but he did not directly address the claims in the article.

“We are dead serious about making sure we provide a safe and inclusive workplace,” he said. “We want to assure you that we review every single complaint about sexual harassment or inappropriate conduct, we investigate and we take action.”

Sam Singer, a spokesman for Rubin, rejected the allegations against him in a statement to AFP, saying Rubin left Google of his own accord to launch venture capital firm and technology incubator Playground.

Rubin went on to found smartphone company Essential. The Android operating system, which Google makes available to device makers free of charge, powers about 85 percent of the world’s smartphones.

The New York Times cited court documents and interviews while reporting that Rubin was one of three senior executives that Google has shielded in the past decade after complaints of inappropriate sexual behavior.

The Times cited two unnamed Google executives as saying that then-chief executive Larry Page asked for Rubin’s resignation after the company confirmed a complaint by a woman about a sexual encounter in a hotel in 2013.

A Google investigation found the woman’s complaint credible, the Times reported.