KARACHI: Board of Directors of Shell Pakistan Limited (SPL) announced the company’s financial results for the year ended December 31st, 2022. The company posted a loss after tax of PKR 72 million for 2022 compared to the profit of PKR 4.467 billion in 2021. During the year, SPL continued its focus on business principles, safety…
Profit repatriation from Pakistan declines to all-time low at $2.9mn per month
KARACHI: Profit repatriation out of Pakistan has declined from average $135 million/month during FY22 to $30 million/month during 7MFY23 (July-January 2022-23) over efforts to contain SBP foreign exchange reserves. In January 2023 alone, repatriation declined to all-time low at $2.9 million. With all efforts to improve State Bank of Pakistan’s (SBP) foreign exchange reserves position,…
Pakistan’s Large Scale Manufacturing Industries (LSMI) output increased 1.5%
Pakistan’s Large Scale Manufacturing Industries (LSMI) output increased 1.5% on MoM basis while down 7.9% YoY during Jan’23, according to data released by Bureau of Statistics. LSMI Index stood at 126.9 during Jan’23; 115.5 during 7MFY23 (7MFY22: 120.8). With this, during 7MFY23, LSMI posted a decline of 4.4% YoY. Measures taken by the monetary and…
Capital for Colleagues makes investment in Morris Commercial Ltd.
LONDON, UK: Capital for Colleagues, the investment vehicle focused on opportunities in the Employee Owned Business (EOB) sector, has successfully led an investment of £8.0 million into a substantial investment round by a new portfolio company, Morris Commercial Ltd. Morris Commercial is a UK-based automotive engineering and manufacturing start-up, focused on innovation and the creation…
Sancus Group announces sale of Sancus Lending (Gibraltar) Limited
LONDON, UK: Sancus Lending Group announced the sale of Sancus Lending (Gibraltar) Limited for £10,000 to Mr John Davey. As noted on 10 January 2023, in reviewing its operations in Gibraltar during 2022, the Company did not identify sufficient quality lending opportunities to merit continued efforts in the region and as a result the Goodwill…
Severfield plc to acquire Voortman Steel Construction Holding (VSCH) for €24 million
LONDON, UK: Severfield plc, the market-leading structural steel group, has entered into an agreement to acquire 100% of the share capital of Voortman Steel Construction Holding B.V. (VSCH), an innovative European steel construction group, for a net consideration of €24 million payable in cash on completion. Acquisition is anticipated to be earnings enhancing in the…
Deyaar Development launches iconic luxury seafront residential tower Mar Casa
DUBAI, UAE: Deyaar Development has launched its signature seafront project Mar Casa with a total value of AED 1.1 billion, redefining the region’s urban life and reinventing the boundaries of conventional luxury. A residential destination at Dubai Maritime City where heritage meets modernity, Mar Casa is perfectly connected to the old city as well as…
TECOM Group shareholders approve AED 200 million cash dividend for H2 2022
DUBAI, UAE: TECOM Group, the creator of specialised business districts and vibrant communities, held its inaugural Annual General Assembly Meeting at one of its major business parks, Dubai Internet City. During the meeting, shareholders approved the Group’s financial statements for the year ended 31 December 2022 and a recommendation by the Board of Directors to…
TradeWindow announces cost reductions
AUCKLAND, NZ: TradeWindow (NZX:TWL) outlined proposed cost reductions to reduce cash usage to a more sustainable level. The proposed changes reflect a more conservative approach to its R&D investments in a challenging funding market for early-stage technology companies. The announcement is in line with TradeWindow’s announcement to the NZX on 27 February. TradeWindow remains in…
Cameron Judson to lead the business as Ignite Limited CEO Tim Moran has resigned
SYDNEY, AUSTRALIA: Ignite Limited announced that Tim Moran has tendered his resignation as Chief Executive Officer. Tim’s final employment date will be 31 March 2023. Following Tim’s decision to step down as CEO, Ignite has appointed Cameron Judson as Executive Director to lead the business until at least the release of Ignite’s full year results…
OpenAI has created GPT-4
OpenAI has created GPT-4, the latest milestone in OpenAI’s effort in scaling up deep learning. “The AI technology “exhibits human-level performance on some professional and academic tasks,” a company blog noted. The company said the model is “more creative and collaborative than ever before” and would “solve difficult problems with greater accuracy” than its earlier…
UK pay growth slows down ahead of interest rate hike
Basic pay in United Kingdom (UK), excluding bonuses, rose by 6.5% in the three months to January compared with 6.7% in the three months to December, representing the first slowdown since late 2021. Total pay grew by an annual 5.7% in the November-to-January period, slowing from 6.0% in the previous figures and the weakest increase…