In a strategic move aimed at fostering the growth of cross-border e-commerce, Malaysia and Amazon Global Selling have announced a collaboration set to empower Malaysian businesses and amplify their presence in the global marketplace.
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Amazon Aims to Lower Costs for Efficient Customer Delivery
Amazon’s 2024 strategy emphasizes lowering costs to enhance customer delivery speed and efficiency, reflecting its commitment to optimizing logistics operations.
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Amazon CEO Voices Frustration Over Failed iRobot Acquisition
In a candid interview with CNBC, Amazon CEO Andy Jassy didn’t mince words about his frustration with regulatory hurdles, particularly regarding the collapse of Amazon’s proposed acquisition of iRobot earlier this year due to antitrust concerns.
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Amazon Launches Rufus AI for Conversational Shopping
Amazon has launched Rufus, an expert shopping assistant designed to enhance the customer shopping experience.
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Amazon and Hyundai Unveil Partnership, Introducing Online Sales
Amazon and Hyundai Motor Company have unveiled an extensive strategic alliance aimed at enhancing customer experiences and simplifying various aspects of daily life.
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Amazon registers over 6,000 Pakistani sellers
ISLAMABAD: Over 6,000 Pakistani sellers have been registered on Amazon platform, the leading global e-commerce giant, according to a press release issued on Tuesday.
This was revealed by Pakistani Ambassador to the United States Masood Khan in the press release issued from Washington DC.
He said that more than 6,000 sellers from Pakistan were registered last year on Amazon platforms after the leading global e-commerce giant opened seller registration for the country.
“This was a significant breakthrough for Pakistan providing much-needed international online business exposure to the country,” he continued.
“According to Amazon, these sellers have done good, steady business over the past few months. This is just a beginning, with a promise of huge expansion,” continued the Ambassador of Pakistan.
He said the volume of Amazon-supported businesses would grow exponentially with better networking and integration with US online platforms.
He was addressing a 35-member delegation of Washington Intergovernmental Professional Group (WIPG) who interacted with him at the Embassy on August 23, 2022.
WIPG helps professionals in maximizing their network, realizing their full potential and delivering value to various stakeholders. It also assists companies, associations and organizations to connect with the right kind of workforce to achieve organizational goals.
The delegation comprised former governor of Puerto Rico Luis Fortuno, WIPG President Nelson Garcia, economists, government officials, presidents and CEOs of corporations, entrepreneurs, investment fund managers, legal experts and diplomats.
The Ambassador said that better networking among Pak-US professionals, IT experts, businessmen, entrepreneurs and corporate leaders would create win-win solutions for the two countries and would help meet the growing needs of US economy.
“In past two decades, the two countries remained focused on tackling security issues in the region. These decades of lost economic and business opportunities for Pakistan need to be substituted with massive investment and commercial activities”, emphasized the Pakistan envoy.
Masood Khan said that with a 220 million population with its 100 million middle class, 130 million youth below the age of 30 years, 110 million mobile broadband subscribers and a tech savvy young human capital, Pakistan provides ideal conditions for the US investors and entrepreneurs to explore, invest and expand their businesses not only to Pakistan but to the Central Asia, West Asia, Middle East and North America.
Highlighting the remarkable growth of start-ups and tech sector in Pakistan during past few months, the Ambassador said that the tech sector of the country was taking off and poised to serve the entire region.
The Ambassador said that all efforts were being made to create strong linkages at all levels including government-to-government, business-to-business and most importantly people-to-people contacts.
Our diaspora, he said, is the most reliable and resilient connecting tissue binding the two countries and its people together.
We have to work together to further strengthen our partnerships in all possible areas including trade, investment, health, energy, climate change, green and renewable energy and agriculture.
The Ambassador thanked the Washington-based group for exploring ways to integrate Pak professionals with their peers in America.
Pakistan, he said, had a growing reservoir of a capable workforce. Later, the Ambassador responded to the questions of the participants about business opportunities in Pakistan, Pakistani exports to the US including rice and the security situation in South Asia.
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Amazon declares $2 billion net loss for second quarter
SEATTLE, Washington: Amazon.com, Inc. has announced net loss of $2 billion for the second quarter against the net income of $7.8 billion in the second quarter of 2021.
Second quarter 2022 net loss includes a pre-tax valuation loss of $3.9 billion included in non-operating expense from our common stock investment in Rivian Automotive, Inc.
READ MORE: Amazon Software Technology Park inaugurated
Operating cash flow decreased 40 per cent to $35.6 billion for the trailing twelve months, compared with $59.3 billion for the trailing twelve months ended June 30, 2021.
Free cash flow decreased to an outflow of $23.5 billion for the trailing twelve months, compared with an inflow of $12.1 billion for the trailing twelve months ended June 30, 2021.
Free cash flow less principal repayments of finance leases and financing obligations decreased to an outflow of $33.5 billion for the trailing twelve months, compared with an inflow of $0.6 billion for the trailing twelve months ended June 30, 2021.
Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations decreased to an outflow of $26.1 billion for the trailing twelve months, compared with an inflow of $4.2 billion for the trailing twelve months ended June 30, 2021.
Common shares outstanding plus shares underlying stock-based awards totaled 10.6 billion on June 30, 2022, compared with 10.4 billion one year ago. All share and per share information throughout this release has been retroactively adjusted to reflect the 20-for-1 stock split effected on May 27, 2022.
Net sales increased 7 per cent to $121.2 billion in the second quarter, compared with $113.1 billion in second quarter 2021. Excluding the $3.6 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 10 per cent compared with second quarter 2021.
Operating income decreased to $3.3 billion in the second quarter, compared with $7.7 billion in second quarter 2021.
“Despite continued inflationary pressures in fuel, energy, and transportation costs, we’re making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfillment network,” said Andy Jassy, Amazon CEO.
“We’re also seeing revenue accelerate as we continue to make Prime even better for members, both investing in faster shipping speeds, and adding unique benefits such as free delivery from Grubhub for a year, exclusive access to NFL Thursday Night Football games starting September 15, and releasing the highly anticipated series The Lord of the Rings: The Rings of Power on September 2.”
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USAID conducts training session on Amazon readiness
KARACHI: The USAID – Small and Medium Enterprises Activity (SMEA) has conducted a full day trading session on Amazon readiness and selling for members of Karachi Chamber of Commerce and Industry (KCCI), a statement said on Thursday.
Speaking on the occasion, President KCCI Muhammad Idrees appreciated the Ministry of Commerce for its strenuous efforts that led to inclusion of Pakistan in the Amazon sellers’ list. It is undoubtedly a great milestone which would surely promote e-Commerce all over Pakistan.
READ MORE: Business community welcomes Pakistan’s inclusion in Amazon list
He also appreciated the USAID – Small and Medium Enterprises Activity (SMEA) for conducting the Training session on Amazon for KCCI members which was aimed at educating the Pakistani exporters on how to benefit from the e-commerce being offered by Amazon.
He was of the view that in order to make the most of Amazon opportunity, a lot of hard work was required in training, quality assurance, improvement in logistics, payment systems and customer relationship management etc.
READ MORE: Commerce ministry issues guidelines for joining Amazon
“To reap full benefits, all the stakeholders have to work together in order to drive the Pakistani E-Commerce sector forward and ensure sustained progress and prosperity for Pakistan”, he added.
The training session on Amazon readiness and selling which was attended by prominent members of the business community along with President KCCI Muhammad Idrees, Senior Vice President KCCI Abdul Rehman Naqi, Vice President KCCI Qazi Zahid Hussain, Deputy Chairman Exports Subcommittee Iqbal Khamisani and KCCI Managing Committee Members.
Khurram Shahzad and Asad Kamran, who were representing USAID – Small Medium Enterprise Activity (SMEA), carried out the daylong training session which was followed by a detailed Q&A session.
READ MORE: FPCCI organizes seminar for using Amazon platform
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FPCCI organizes seminar for using Amazon platform
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has organized a seminar for using Amazon platform.
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SBP makes changes for facilitating trade through online marketplace
KARACHI: State Bank of Pakistan (SBP) on Monday proposed amendments to foreign exchange manual to facilitate Pakistani exporters to sell their products though online marketplace such as Amazon, e-Bay, Ali Baba etc.
The SBP said that continuing with the agenda of modernizing foreign exchange regulations, State Bank of Pakistan has proposed changes in its regulatory instructions for exports of goods from Pakistan.
These changes aim at promoting ease of doing business by simplifying the existing instructions. The key amendments proposed include framework for facilitating Pakistani exporters to sell their products through international digital marketplaces including Amazon, e-Bay, Ali Baba under Business to Business to Consumer (B2B2C) e-Commerce model.
Amendments required in export regulations to implement Pakistan Single Window Project, which would eliminate the requirement of Electronic Form-E, are also part of revised draft. Likewise, in some other areas, regulatory approvals required from SBP have been proposed to be delegated to banks to facilitate the business community.
The proposed changes are a part of SBP’s broader agenda to revise the existing foreign exchange regulations to align them with the changing market dynamics, business needs and global trade practices.
As a part of this process, 11 chapters (out of 22) of the Foreign Exchange Manual have already been revised through a consultative process with the banking industry and the business community.
The latest amendments in foreign exchange instructions pertaining to Exports are provided in Chapter 12 of the Foreign Exchange Manual. The document has been placed at SBP’s website inviting feedback/comments from the stakeholders and can be accessed at the following link:
https://www.sbp.org.pk/epd/Draft-Chapter-12-Exports.pdf
State Bank encourages and welcomes feedback/suggestions from the business community, banking industry and other stakeholders, on the revised draft of Chapter-12 (Exports) of FE Manual, for any further value addition/ improvement. The feedback/ suggestions may please be shared at [email protected]latest by Sunday, June 20, 2021.