Latest news with #LettersofIntent
Express Tribune
30-07-2025
- Business
- Express Tribune
PSX dips on monetary policy uncertainty
A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File Listen to article The Pakistan Stock Exchange (PSX) closed bearish on Tuesday as investors resorted to profit-booking, pulling the benchmark KSE-100 index down by 1,415 points, or 1.02%. In the morning, the session resumed on a strong note, with the index hitting intra-day high of 140,331, up 951 points, on optimism about reports that a trade and tariff deal between Pakistan and the US was nearing finalisation. However, early momentum faded as investors opted for profit-taking and switching sectors ahead of the upcoming monetary policy meeting, where a 50-basis-point rate cut is expected. Ahsan Mehanti of Arif Habib Corp commented that stocks closed bearish over uncertainty ahead of the State Bank's policy announcement on Wednesday. Political noise, concerns over rupee movements and futures rollover pressure fuelled bearish activity at the PSX, he added. At the end of trading, the KSE-100 index recorded a decrease of 1,415.24 points, or 1.02%, and settled at 137,964.82. In its review, Topline Securities noted that bulls opened trading on a strong footing, lifting the benchmark index to an impressive intra-day high of 950 points. However, the optimism proved short-lived as heavy selling pressure took over, allowing bears to dominate proceedings. The index slipped to intra-day low of 1,743 points before closing at 137,965, cementing a decisive bearish victory, it said. Sentiment turned negative largely due to speculation surrounding Engro Fertilisers, with investors bracing for lower-than-expected earnings and dividend. The much-anticipated result, initially scheduled for Tuesday, was deferred to Wednesday morning, adding a layer of uncertainty and fuelling sell-off, Topline added. In its commentary, Arif Habib Limited (AHL) stated that the PSX saw another day where the 140,000 mark proved too heavy to hold by the close of trading. Some 23 shares rose while 76 fell on KSE-100, where Fauji Fertiliser Company (FFC, +0.75%), Ghana Glass Limited (+9.44%) and Meezan Bank (+0.83%) contributed the most to index gains. On the flip side, Engro Holdings (-3.17%), Engro Fertilisers (-5.12%) and UBL (-1.8%) were the biggest drags, it said. AHL noted that FFC announced its first-half earnings per share (EPS) of Rs27.02, an increase of 5% year-on-year, with dividend of Rs19 per share. "This beat earnings and payout expectations." Additionally, Pakistan National Shipping Corporation (+1.43%) received Letters of Intent from the Port Qasim Authority and Karachi Port Trust for jointly exploring investment opportunities to increase fleet and shipping business of the company, AHL mentioned. JS Global analyst Muhammad Hasan Ather remarked that the benchmark index's decline was driven by profit-taking as investors adopted a cautious stance ahead of the State Bank's monetary policy announcement due on Wednesday. Intra-day volatility reflected investor indecision amid speculation about a potential policy rate cut. With inflation falling and a stable exchange rate, market sentiment hinges on monetary policy committee decision. A dovish policy tone could trigger renewed buying and support upbeat outlook for equities in the near term, Ather said. Overall trading volumes increased to 606.3 million shares compared with Monday's tally of 589.3 million. Traded value decreased to Rs32.7 billion as compared to Rs34.6 billion in the previous session. Shares of 484 companies were traded. Of these, 108 stocks closed higher, 350 dropped and 26 remained unchanged. Telecard Limited was the volume leader with trading in 38.7 million shares, gaining Rs0.24 to close at Rs7.84. It was followed by The Bank of Punjab with 31.9 million shares, falling Rs0.02 to close at Rs13.47 and WorldCall Telecom with 28.5 million shares, shedding Rs0.02 to close at Rs1.44. Foreign investors bought shares worth Rs14.3 million, the National Clearing Company reported.
NDTV
12-07-2025
- Business
- NDTV
"Soham Parekh 2.0?": Indian Woman In US Exposes Startup Scams By 2 "Desi" Founders
A US-based Indian venture capitalist has stirred up a storm on social media after calling out fraudulent practices by two "desi" founders in San Francisco's startup ecosystem. Ash Arora, a LocalGlobe partner featured on the Forbes 30 Under 30 (Europe Finance) list, alleged that she met two Indian founders who were inflating metrics and fabricating client associations. She claimed that while one founder was subletting a rented apartment and falsely projecting the rent income as startup revenue, the other claimed that Amazon and Google had signed Letters of Intent with his firm, despite the tech giants reportedly having no knowledge of such deals. "Have met two founders in SF this month. Both fraud: 1. Is subletting a rented apartment and showing that as revenue for his startup. 2. Is claiming Amazon and Google are clients who have signed LOIs when they have never even heard of them," Ash Arora wrote. "What's common among them? Both desi men Beware of these people!" she continued, adding, "4 VCs have pinged me correctly guessing both these founder names. Is this Soham Parekh 2.0? We need a BS radar community out here." 4 VCs have pinged me correctly guessing both these founder names Is this Soham Parekh 2.0? We need a BS radar community out here. — Ash Arora (@asharoraa) July 8, 2025 The post quickly caught the internet's attention, sparking mixed reactions. Several users accused Ms Arora of unfairly singling out her own community. "A sample of two. What's the point of including their race?" asked one user. "The 'desi men' part is a spicy take, but honestly, the patterns of fraud in SF are pretty universal. Desperation or greed, it always comes back to the same stuff," commented another. However, Ms Arora defended her mention of the founders' ethnicity, saying, "Absolutely shocked to see egos being hurt here. The ONLY reason I mentioned them being desi was to ensure other people (and investors) are able to guess who these people are without actually naming and shaming them. The intention was to ensure people are staying away from these founders. That's it." "As a desi myself, why in the world would I think lesser of my own community? It is dumb to think someone who is consistently proud of India, literally talks about successes every month and supports Indians in this world would ever want anything except progress for our ethnicity. Also, if we can't self criticize, who will? How will we ever fix something if we are too proud to acknowledge it? If a non Indian pointed out this 'jugaad' culture that is already present everywhere in our country, they would 100% be called racist in this woke environment. Didn't we cancel woke culture? Do better," she added. Others on social media expressed shock at the fraudulent practices. "I really don't understand. This way will never stay longer than few weeks or months. The end is dead. With life goal of genuinely making difference in whatever industry they are willing to do with perseverance is key to success. Shortcuts Never Works," wrote one user. "What's the point of doing this? If you're severely inflating your revenue, you're only hurting yourself. You'll never truly validate your idea, and you'll keep pouring time and effort into the wrong direction," commented another. Notably, Ms Arora's post comes days after Mixpanel founder Suhail Doshi publicly warned fellow entrepreneurs about software engineer Soham Parekh on X. Mr Doshi alleged that Parekh had worked at Mixpanel briefly before being fired and claimed that Parekh had been taking advantage of YC companies. Mr Doshi also shared Parekh's CV, questioning the authenticity of his portfolio, and arguing that probably 90% of the claims made in it are fake. Several other Silicon Valley founders, engineers, and hiring managers also accused Parekh of exploiting job opportunities for personal benefit
Business Upturn
02-07-2025
- Business
- Business Upturn
Keystone shares jump 4% after securing redevelopment project in Andheri West with Rs 3,000 crore GDV
By Aman Shukla Published on July 2, 2025, 09:15 IST Shares of Keystone Realtors (Rustomjee) gained 4% in morning trade after the company announced it has been selected as the developer for a large-scale cluster redevelopment project in Andheri West (Lokhandwala), Mumbai. As per the exchange filing, the project involves eight housing societies, with development agreements already signed with five. The remaining three societies have issued Letters of Intent (LOIs), and final agreements are expected soon. The redevelopment covers a total plot area of 4.75 acres (approx. 19,229 sq. m) and includes 548 existing members. The company expects to unlock nearly 10.6 lakh sq. ft. of saleable area, with an estimated Gross Development Value (GDV) of ₹3,000 crore. This project aligns with Rustomjee's strategy to strengthen its footprint in Mumbai's prime suburban micro-markets through redevelopment. It also boosts the company's project pipeline for FY26, reinforcing its growth plans. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Yahoo
10-06-2025
- Automotive
- Yahoo
Tim Lamb Group Appoints Paul Minahan Jr. as Director of The Midwest Region
Paul Minahan Jr. Director of the Midwest Region for the Tim Lamb Group Columbus, OH, June 10, 2025 (GLOBE NEWSWIRE) -- The Tim Lamb Group, the largest auto dealership sales and acquisitions firm in North America, is proud to announce the addition of Paul Minahan Jr. as Director of the Midwest Region. Minahan Jr. brings with him more than 40 years of automotive leadership experience, having held key regional and corporate roles with four major OEMs: Chrysler Corporation, Mitsubishi Motors, Mazda USA, and most recently, 17 years with Nissan North America, Inc. In his new role, Minahan Jr. will serve clients across the Midwest from his dual residences in Perdido Key, Florida and Naperville, Illinois. He will assist clients with buying and selling dealerships, facilitating Letters of Intent and Asset Purchase Agreements, evaluating pro-formas, developing operational business plans, and guiding parties through the Dealer Agreement process. Minahan Jr.'s most recent role was as General Manager of Dealer Network Development and Strategy for Nissan and Infiniti. During his six years there, he worked extensively with dealers, attorneys, and accountants, successfully managing dozens of dealership transactions and proposals. 'Paul's deep industry knowledge, unmatched experience, and strong ethical standards make him an ideal fit for our team,' said Tim Lamb, President of the Tim Lamb Group. 'His ability to navigate complex dealer transitions and his longstanding relationships with OEMs and retailers alike will be invaluable to our clients.' As a graduate of Western New England University with a Bachelor of Science in Business Administration (BSBA), Minahan Jr. has built a reputation as a trusted advisor and expert in dealership operations. Reflecting on his decision to join the firm Minahan Jr. stated, 'From the very first conversation I had with Tim, I knew he was a person of strong integrity and a true student of the automotive business. After retiring from Nissan, the opportunity to work with a company of this caliber and leadership became an easy decision.' Minahan Jr. and his wife, Patty, enjoy spending time at the beach and traveling. They have a large, blended family with five children and 11 grandchildren. In his spare time, Minahan Jr. enjoys boating, biking, and reading. About Tim Lamb GroupSince 2006, Tim Lamb Group has been the number one choice for dealers looking to sell, or purchase, a new vehicle dealership. Fifteen regional directors handle billions of dollars per year in transactions for multiple dealer operators in every part of the United States and Canada. The Group has leveraged their factory management experience and retail dealership background to become the largest auto dealership sales and acquisitions firm in North America. For more information and dealerships for sale, visit Attachment Paul Minahan Jr. Director of the Midwest Region for the Tim Lamb Group CONTACT: Dawn Kelley Expand Marketing Group 734-765-1429 DawnK@ Katrina Luts Expand Marketing Group 586-747-7418 KatrinaL@
The Star
22-05-2025
- Business
- The Star
Defence Ministry inks strategic arrangements worth RM11bil at Lima '25
LANGKAWI: The Defence Ministry signed 40 contracts or Letters of Acceptance (LOA), Letters of Intent (LOI), and Memoranda of Understanding (MOU), worth RM11bil, with selected strategic partners during the Langkawi International Maritime and Aerospace Exhibition 2025 (LIMA'25). Defence Minister Datuk Seri Mohamed Khaled Nordin said these contracts involved 40 LOA, two LOI worth over RM30mil, to companies that have been awarded procurement contracts by MINDEF from the end of 2023 to date, and six MoUs between the ministry and selected strategic partners. "However, the total value of the contracts also includes 45 other procurement contracts worth between RM10mil and RM30mil signed previously," he said after the signing and handover ceremony of the contracts, LOA, LOI, and MoU at the Mahsuri International Exhibition Centre (MIEC) here on Thursday (May 22). Mohamed Khaled said the procurement amount increased by about RM1 billion compared to around RM10.1bil, with 43 documents, signed at LIMA '23. All those acquisitions, he said, involve five main areas, namely the acquisition of strategic assets for land, maritime, air defence, cybersecurity, and the facilities and welfare of the Malaysian Armed Forces (MAF). He said that this was done to enhance the readiness of the country's defence assets to the highest level and to strengthen territorial sovereignty, for example, through a LOI to Mildef International Technologies Sdn Bhd for the procurement of 136 units of Type A Armoured Vehicles (KJA) and Infrastructure worth RM1.88bil. He said this is important in efforts to strengthen the readiness of the MAF assets to the maximum level and to support the development of defence capacity and the strengthening of local industry capabilities. He said that the empowerment of MAF's capabilities is also being carried out by ensuring that assets are always in good condition through the enhancement of existing asset capabilities. "Under this aspect, among the contracts that have been sealed include the Maintenance and Repair Contract for the Prime Minister's Class Submarine, worth RM1.02bil, and the obsolescence management service procurement contract for KD Perdana, worth RM48mil," he also said. Empowering the capabilities of the MAF is also important to address non-traditional threats through strengthening national cybersecurity and telecommunications technology such as X-Band Satellites and leasing "Secure Satellite Communication Channels". He added that procurement also involves development and research, including the use of artificial intelligence (AI) and new technologies while emphasising aspects of well-being. - Bernama
