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Corporate Watch

January 12, 2018

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CEO Morin takes PSX charge

KARACHI: Richard Morin took charge of PSX as its foreign CEO on Thursday. He has 30 years of experience spreading across various emerging markets and in Canada, the bourse announced in a press release.

Walmart raises wages, hands out bonuses

BENTONVILLE: Walmart is boosting its starting salary for US workers to $11 an hour, giving a one-time $1,000 cash bonus to eligible employees and expanding its maternity and parental leave benefits.

The retailer said Thursday that changes to its compensation and benefits policy will impact more than a million hourly workers in the US, with the wage increase effective next month.

The company is also creating a new benefit to assist employees with adoption expenses.—AP

Hyundai invests in ride-sharing service

SEOUL: Hyundai Motor is joining hands with Southeast Asian ride-hailing service, Grab, to break into one of the world’s fastest-growing markets.

Hyundai said on Thursday its partnering with the Singapore-based company to explore the joint use of Hyundai’s Ioniq electric cars, among others, to develop ride-hailing or other services.

Under this partnership, Grab has raised more than $2.5bn in its latest round of fundraising, which also includes Didi Chuxing, Softbank and Toyota Tsusho.—AP

Huawei wins patent lawsuit against Samsung

HONG KONG: Huawei won a patent infringement lawsuit against smartphone rival Samsung on Thursday, according to a Chinese court.

The court ruled in Huawei’s favour over two patents involving fourth generation phone technology, according to a notice released through the court’s WeChat account and video of the trial.

The judge ordered Samsung Electronics to immediately stop selling or manufacturing products using the technology and to pay a small court fee. The ruling did not cite specific phone models.

The decision by the Shenzhen Intermediate Court is the latest in a series of deepening patent disputes between the Asian smartphone makers, which have filed lawsuits against each other in the US and China in recent years.—AP

Published in Dawn, January 12th, 2018

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