Business

The Pakistan Tobacco Company (PTC) has highlighted a shortage of more than 10.3 million tons of tobacco in the market, leading farmers to sell tobacco at prices ranging from Rs. 430 to Rs. 1,400 per kg, despite the official minimum price of Rs. 310 per kg. PTC representatives explained that cigarette factories set a target to buy 8.5 million kilos of tobacco from farmers but were only able to purchase seven million kilos due to bad weather and the tobacco shortage.

Lamborghini is teasing a new vehicle that will be unveiled on August 18. “Something new and truly thrilling is about to be unveiled,” the Italian automaker said on Instagram.

The US dollar surpassed the Rs300 level in open market trading against the Pakistani rupee on Tuesday, just days after the National Assembly was dissolved, ceding authority to caretaker Prime Minister Anwaarul Haq Kakar

The governor of the State Bank of Pakistan (SBP), Jameel Ahmad, attributed Pakistan’s high inflation rate to outside factors.

This Independence Day, embrace the essence of freedom with Hyundai’s special offer on the Hyundai TUCSON. Hyundai is now running a unique, time-limited promotion on all TUCSON models. Customers who register their new Hyundai TUCSON will receive a special cash-back incentive of Rs. 100,000.

The price of gold in Pakistan has experienced a decline for the second consecutive day, closing at Rs. 221,800 per tola. The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of gold (24 carats) decreased by Rs. 600 per tola to reach Rs. 221,800, while the price of 10 grams dropped by Rs. 514 to close at Rs. 190,158.

The price of high-speed diesel in Pakistan is expected to increase by Rs24 per litre effective from August 16, 2023, leading to concerns of a new wave of inflation. As international oil prices surge, the government may also raise prices of other petroleum products, including petrol, by Rs12 to Rs24 per litre in its fortnightly review for August 16-31, 2023.

The Government of Pakistan has signed a memorandum of understanding (MoU) with Miracle Saltworks Collective Inc (MSCI), a Wisconsin-based company, through the Pakistan Mineral Development Corporation (PMDC) to collaborate on the development of the mineral sector.

The import of Russian crude oil to Pakistan has been suspended after the refining process revealed that it produced more furnace oil than petrol, according to a report in The News. Pakistan Refinery Limited (PRL) has reportedly refused to process more Russian crude due to the significant imbalance between the types of refined products obtained from it compared to Arabian crude.

Amidst ongoing economic uncertainty, the automobile industry has faced yet another significant decline in car sales.

A Pakistani expatriate has achieved the remarkable feat of winning gold coins worth AED 50,000 (equivalent to Rs. 3.9 million) in a fortunate draw organized by Mahzooz in Dubai. Coincidentally, an expatriate from India has also experienced a life-altering transformation by securing an impressive amount of AED 1 million.