Russian envoy meets UAF vice chancellor
FAISALABAD: Russian Ambassador Albert Khorev has said that the educational and research ties especially between Russian universities and University of Agriculture Faisalabad (UAF) will be further strengthened to learn from each other's experiences.
He along with Education and Cultural Attaché Alina Kolesnikov visited UAF and called on UAF Vice Chancellor Prof Dr Zulfiqar Ali.
He lauded the steps being taken on the part of UAF to address the agricultural challenges and ensure the food security. He said that his visit was aimed at further improving the bilateral ties. The areas of collaboration in academia and research including students exchange programs came under discussion. The meeting also discussed the possibilities of joint degree program, establishment of cultural center and short courses of Russian language.
Prof Dr Zulfiqar Ali said that collaboration with international partners, including Russia, could open new avenues for joint research, faculty exchange and student mobility which ultimately will benefit both nations in the fields of research, advancement and education. He highlighted the immense potential and ongoing contributions of the university in the global academic and research landscape.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
11 hours ago
- Business Recorder
Russian Urals oil to India sells at narrowest discounts since 2022, traders say
MOSCOW/NEW DELHI: Discounts for Russian flagship Urals crude oil for delivery to Indian ports in July hit their narrowest levels since 2022 as spot supplies have tightened, four traders involved in the market said on Friday. Narrowing discounts and tight spot supplies are nudging Indian refiners to scout for alternatives through buying tenders. Spot discounts for Urals crude narrowed to $2.25 per barrel on average for cargoes arriving in India in July, from $2.70 to $3.10 per barrel to dated Brent on delivery ex-ship (DES) basis in the previous month, the sources said. That is the narrowest discount for Urals oil cargoes sold to India since the Ukraine war broke out in 2022. India became the largest buyer of Russian seaborne crude after Moscow diverted its energy supply away from the European Union which imposed a ban. India's GAIL sells LNG cargo as early monsoons cause weak power demand, say sources Some Indian refiners which do not have long-term supply agreements with Russian oil companies are not getting enough Urals oil in July, the sources said. India's largest private refiner, Reliance Industries, locked in a term supply contract with Russian oil giant Rosneft last year, which reduced the availability of Urals in the spot market, they said. Russian oil traders cited higher demand for the grade from refiners in Turkey, which has recently increased buying, boosting competition with Indian refiners over the supply. Turkey's largest oil refiner, Tupras, resumed buying Urals in April after stopping earlier this year, because of tougher U.S. sanctions on Moscow. Two of the traders also said improving refining margins globally also helped boost Russian oil demand as refiners are eager to increase crude runs. India remains the biggest buyer of Russian Urals oil by sea, with imports hitting a 10-month high in May.
Business Recorder
11 hours ago
- Business Recorder
Russian central bank cuts key rate by 1 percentage point to 20%
MOSCOW: The Russian central bank cut its key interest rate by one percentage point to 20% on Friday, saying economic growth is cooling down and inflation is slowing. 'Current inflationary pressures, including underlying ones, continue to decline. While domestic demand growth is still outstripping the capabilities to expand the supply of goods and services, the Russian economy is gradually returning to a balanced growth path,' the bank said in a statement. A Reuters poll had predicted that the central bank would keep the key rate on hold. It had been at 21% since last October to curb inflation in the overheated economy, which is focused on the needs of the military fighting in Ukraine. As a result, Russia's economic growth rate fell to 1.5% year-on-year in the first four months of 2025, compared to 4.3% last year, prompting sharp criticism of central bank governor Elvira Nabiullina. Consumer prices have risen by 3.39% since the start of the year, compared to 3.88% in the same period last year, while the annualised inflation rate fell below 10% in May after peaking at 10.34% in March. The central bank forecasts inflation this year at 7% to 8% and economic growth at 1% to 2%. The Economy Ministry is more optimistic, predicting growth of 2.5%. Russia central bank says current account surplus in January-April at $21.1bn The strengthening of the rouble, which has rallied by about 40% against the dollar since the start of the year, has aided the central bank in its fight against inflation by making imported goods cheaper. Its rise has been largely thanks to U.S. President Donald Trump's efforts to bring Russia and Ukraine to the negotiating table. But most analysts agree that without any sign of a breakthrough in the talks, the rouble is waiting for a trigger to start falling. 'Tight monetary policy has a particularly strong effect on the decrease in prices for non-food goods, including through the rouble appreciation,' the central bank said. Inflationary expectations among households, an important gauge monitored by the central bank, rose for a second month in a row in May to a level last observed around the time of the last rate hike in October. Some analysts have linked the rise in inflationary expectations to a planned mid-year nationwide increase in payments for electricity, gas, water, and communal services for households, suggesting that the regulator might ignore the gauge this time. Food inflation, with prices for staples like potatoes tripling since last year due to a poor harvest, has severely affected Russia's poor. The harvest outlook for this year will heavily influence the central bank's thinking. 'As for food products and services, inflationary pressures remain high,' the bank said. The tight monetary policy, with the key rate at its highest level since the early 2000s and also the highest among major economies in the BRICS group, has made loans and debt financing, and therefore investment, inaccessible for many Russian firms. The central bank counters this by saying that its research shows enterprises in most sectors make enough profits to finance their investments and that the situation even in vulnerable sectors, such as construction, does not pose systemic risks.
Business Recorder
21 hours ago
- Business Recorder
Countrywide expansion: Halan receives licence from State Bank of Pakistan
KARACHI: Halan Microfinance Bank ('the Bank'), a Pakistani microfinance bank owned by MNT-Halan, Egypt and the MENA region's first fintech unicorn, has received a national license from the State Bank of Pakistan, allowing it to expand outside Sindh to the rest of the country. The national license permits the Bank to launch and manage financial services, including branchless banking, cards, mobile banking, retailer-based transactions, and wallet services. These services will complement the Bank's current product suite, which includes microfinance, salary advances, pensions, current accounts, and savings accounts. Commenting on this development, Mounir Nakhla, Founder and Chief Executive Officer of MNT-Halan, said that securing a national license is a major step in our journey to serve more people and businesses across Pakistan. This milestone would not have been possible without the continued support of the State Bank of Pakistan, he said. Copyright Business Recorder, 2025
