OICCI gets new president

KARACHI: Bank Alfalah CEO Atif Aslam Bajwa on Friday was elected as the president of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the year 2015, said a press release.

Syed Khalid Siraj Subhani, CEO of Engro Polymer and Chemicals Limited, was elected as vice-president.

Burger chain Shake Shack sizzles in IPO

NEW YORK: Shake Shack, a burger chain that prides itself on fresh ingredients and good service, soared Friday in its first day of trade on Wall Street.

Near 1740 GMT, shares of the restaurant chain were at $48.24 on the New York Stock Exchange, up 129.7 per cent from its initial public offering (IPO) price of $21. Shares got as high as $52.50 earlier in the session.

Shake Shack raised $105 million in its IPO. With Friday’s surge, the company is currently valued at more than $1.7 billion. It trades under the ticker “SHAK.”—AFP

Amazon surprises with profit

SAN FRANCISCO: Amazon surprised the market on Thursday with a quarterly profit far better than anticipated for the online giant known for pouring money into projects such as original video programs and delivery drones.

Amazon posted earnings of $214 million for the fourth quarter as sales jumped 15 per cent to $29.3 billion, swinging to profit after two consecutive losing quarters.

Published in Dawn January 31st, 2015

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