VANCOUVER, BC: Copper Mountain Mining Corporation announced the appointment of Patrick Merrin as President and CEO effective April 24, 2023. Mr. Merrin has extensive experience in the mining industry including ten years of senior executive operational and technical experience. Mr. Merrin’s leadership positions focused on North American mines and projects, including most recently acting Senior…
T-Mobile will acquire Ka’ena Corp, owner of Mint Mobile, for $1.35 billion
T-Mobile US Inc would buy Ka’ena Corp, the owner of Ryan Reynolds-backed budget service provider Mint Mobile, for up to $1.35 billion. T-Mobile expects the deal to close later this year and doesn’t anticipate any changes to its 2023 financial outlook. Mint Mobile will be “slightly accretive’ to adjusted earnings before interest, taxes, depreciation and…
U.K. economy would no longer enter a technical recession in 2023: Jeremy Hunt
Finance Minister Jeremy Hunt said that the U.K. economy would no longer enter a technical recession in 2023, as was previously anticipated. The updated outlook was based on new forecasts from the independent Office for Budget Responsibility (OBR), Hunt said. A technical recession is a term used to describe a situation where an economy experiences…
Meezan Bank & Fieldfisher Capital join hands to provide Islamic Finance Advisory to Europe & Middle East
KARACHI: Meezan Bank, Pakistan’s leading Islamic Bank, has recently signed a Memorandum of Understanding (MoU) with Fieldfisher Capital LLP (FFC) – a multi-disciplinary advisory service, under which both parties will collaborate to provide Shariah advisory services to international clients including, but not limited, to Europe and the Middle East. The signing ceremony took place at…
Shell Pakistan announces financial results for 2022
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…