Business

Russian e-commerce giant Yango confirms Pakistan investment plans

Published

1 year ago

Farwa

ISLAMABAD: Yango, which is owned by Russian tech giant Yandex, has announced its plans to invest in Pakistan, company’s president Anton Zykov confirmed during a meeting with Federal Minister for Board of Investment Chaudhry Salik Hussain, The News reported Friday.

The virtual gathering was chaired by the federal minister while Board of Investment (BOI) Secretary Asad Rehman Gilani moderated the meeting.

The minister lauded Yango’s willingness to invest in Pakistan and commence its services and also urged the Russian side to explore other areas of investment in the country.

Hussain also invited the Russian delegation to consider investing in e-bike manufacturing in Pakistan, which presents a considerable investment opportunity.

Earlier in the meeting, Zykov informed the participants that Yango is currently operating in 33 countries across Africa, Europe, the Middle East, and South America, offering a wide range of services, including ride-hail, foodtech, delivery, and e-commerce.

The company has finalised its plans to invest in the Pakistani market, which will bring in substantial foreign investment, direct and indirect job opportunities, and digitalise the transport infrastructure in the country.

The Russian delegation expressed its delight at the positive response from the Pakistani side.

The development comes days after Pakistan placed its first order for discounted Russian crude oil under a deal struck between Islamabad and Moscow.

A day earlier, Foreign Minister Bilawal Bhutto Zardari also met his Russian counterpart, Sergey Lavrov, on sidelines of the Shanghai Cooperation Organisation (SCO) Council of Foreign Ministers meeting in the Indian city of Goa.

The two foreign ministers discussed bilateral, regional and international matters of mutual interest and assured each other of working closely to further deepen cooperation between their countries in the areas of food security, energy and people-to-people contact.

Business

Pakistan’s gold prices continue to decline.

Published

1 day ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

1 day ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

1 day ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.