Artificial intelligence-driven marketplace for engineers Gaper.IO said on Thursday it’s launching a technology fund of Rs500 million to help IT companies navigate the recession and scale their operations. A press release said Fund-1 of Gaper Technology Fund will be deployed in 2023. “In the past, funding and business ecosystem growth have typically focused on startups and businesses in thei
The Securities and Exchange Commission of Pakistan (SECP) registered 2,374 new companies in December 2022. The total number of registered companies now stands at 183,744. The total capital of these companies stands at Rs4.1 billion. Foreign investment has been reported in 85 new companies. The major chunk of investment was received from China with 48 companies, Germany with 5, Afghanistan
Banks seem to have hit the brakes on deposit mobilisation in December, a rare development that analysts attribute to the lenders’ attempt at reducing their tax bills. In a break from the past when bankers would hustle for deposits at the end of the calendar year to meet performance targets, the annual pace of deposit mobilisation slowed down to 7.1 per cent for 2022, down from 17pc for 2021.
The government has no plans to sell Roosevelt Hotel in New York and is instead seeking a joint venture for a mixed-use development. This was revealed by the Privatisation Commission in a briefing to the Senate Standing Committee on Privatisation on Thursday. The commission said the terms of reference for the process have been sent to the aviation division and a decision was awaited. The deci
Pakistan on Thursday secured a lifeline of about $4 billion from the United Arab Emirates and Saudi Arabia to sail through the immediate challenge of a sovereign default amid rapidly shrinking foreign exchange reserves, massive flood damages and an overall economic slowdown. Two separate official announcements said the UAE pledged to roll over $2bn debt payable over the next two months and top