Prices are likely to rise across the automotive industry board

 Prices are likely to rise across the automotive industry board.

  Pakistan's economy is going through an unprecedented period - and its impact is being felt throughout the business sector.  The sharp fall in the value of the US dollar against the Pakistani rupee over the past two months has led to a significant increase in the cost structure of import-dependent industries.  The automotive sector imports its CKD kits and that is why the devaluation has hit the industry hard.  This has forced major automotive players to reconsider pricing 

  Apart from Proton Pakistan, some major OEMs have already increased their prices before Eid.  However, the Pakistani rupee has depreciated by more than 20% against the US dollar over the past two month

  As a result, Proton is the first OEM to come up with its revised prices, but only 11%, which is far less than the actual effect.  This is a welcome step and we hope that other OEMs who are expected to increase their prices in the coming weeks will follow suit without shifting the entire burden of cost overruns to consumer

  The price increase will apply to all vehicle classes including hatchbacks, sedans and SUVs.  Due to its high cost, the crossover SUV category will be most affected.  Due to the depreciation of our currency against the US dollar, Korean SUVs can add up to 7.0 million Pakistani rupees

  This price increase will hit both consumers and the industry hard, which could affect demand and we can only hope that the economic situation will return to normal and stability will be restored, which will help to heal business sentiments.  It is necessary

  Currently, OEMs are not allowed to open LCs for importing CKD kits.  However, the ban is likely to be lifted after the resumption of the IMF program.  As a result, if the PKR gains continue against the USD, car prices could stabilize. 

Tragic incident in Rica: 46 bodies recovered from a container in the state of Texas

 Tragic incident in Rica: 46 bodies recovered from a container in the state of Texas. 

The bodies of 46 people have been found in a container in San Antonio, Texas, while 16 people, including four children, have been rushed to hospital in critical condition.

According to the Associated Press, Police Chief William McManus said a San Antonio City worker called at 6 a.m. Monday to report the emergency and when police officers arrived, they were outside the container.  A corpse lay and the main door of the container was partially open. Kam expressed concern that the presence of people in the container could be an incident of human trafficking.

Fire Chief Charles Hood said 16 people, including four children, had been taken to hospital in a coma and were receiving medical treatment.

 According to him, the bodies of the survivors were warm and they were exhausted due to lack of water.