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‘Dropped off the internet’

Doug Lebda, the 55-year-old founder and CEO of LendingTree, has died in a tragic all-terrain vehicle accident at his family’s farm in North Carolina. The online lending platform confirmed his death on Sunday and said the company was mourning the sudden loss of its leader.“Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers,” the board of directors said in a statement. “His passion will continue to inspire us as we move forward together.”Following his death, the company has appointed Scott Peyree, its chief operating officer and president, as CEO with immediate effect. Steve Ozonian, who serves as lead independent director, will take over Lebda’s position as chairman of the board.News of his passing hit the markets, with LendingTree’s shares falling more than 4% in afternoon trading on Monday, AP reported.Lebda launched LendingTree in 1996 after struggling to get his first mortgage, aiming to make loan shopping easier for consumers. The platform went national two years later and became a public company in 2000. It was later bought by IAC/InterActiveCorp before becoming independent again in 2008. Over the years, LendingTree expanded its services to help users compare options for mortgages, credit cards, insurance and more, and also acquired brands like CompareCards and Value Penguin.Beyond his work at LendingTree, Lebda co-founded Tykoon in 2010, a financial platform designed for children and families. Earlier in his career, he worked with PriceWaterhouseCoopers as an auditor and consultant, according to AP.“All of my ideas come from my own experiences and problems,” he told The Wall Street Journal in an interview in 2012.He is survived by his wife, Megan, and their three daughters: Rachel, Abby and Sophia. In her statement, Megan described him as “an amazing man with a heart so big it seemed to have room for everyone he met.”“Our hearts are broken, but we are also deeply grateful for the love and support that has poured in from across the world,” she said.

Bulls took control of the trading floor at the Pakistan Stock Exchange (PSX) on Tuesday, recovering from a steep decline in share prices recorded the previous day. The PSX’s benchmark KSE-100 index surged by 4,249.68 points (2.61%), closing at 162,693.29 points.

In a positive development, Finance Minister Mohammad Aurangzeb, who is in the USA for the IMF and World Bank annual meetings, expressed optimism that a staff-level agreement with the IMF could be finalized next week.

A total of 416 companies traded today, with 367 recording gains, 35 posting losses, and 14 remaining unchanged.

Market confidence was further boosted by reports that State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $20 million to $14.4 billion, while the rupee appreciated slightly to Rs281.17 against the US dollar.

The National Accounts Committee revised FY25 GDP growth upward to 3.04% from 2.68%, while remittances grew 11% YoY to $3.2 billion in September, bringing the first-quarter total to $9.5 billion, up 8% YoY.

Earlier on Monday, the Pakistan Stock Exchange (PSX) came under sustained pressure as bearish sentiment dominated trading, leading to a sharp market selloff.

The benchmark KSE-100 Index tumbled to an intraday low of 157,678 points, reflecting a steep decline of 5,420 points.

Although some recovery emerged later in the session, the index eventually closed at 158,443 — down 4,654 points or 2.85 percent for the day.

Heavyweight stocks, including Bank Al Habib Limited (BAHL), Engro Corporation (ENGRO), Lucky Cement (LUCK), Oil and Gas Development Company (OGDC), and Mari Petroleum (MARI), were among the major laggards, collectively eroding 1,261 points from the benchmark index.

Despite the sharp downturn, trading activity remained notably strong, with total traded volume recorded at 1,361 million shares and traded value reaching Rs62 billion.

K-Electric Limited (KEL) led the volume chart with 197 million shares changing hands.