SBP raises policy discount rate by 50bps

In its second monetary policy of the current fiscal year, State Bank of Pakistan (SBP) has raised the benchmark policy discount rate by 50bps to 13.5%, Dunya News reported on Wednesday. The policy has been announced for next two months.
The bank stated that flood has badly affected the economy due to which growth rate would be 2 percent and deficit would further be increased. It is feared that volume of non-operation bank loans would be increased.
Earlier, in its first monetary policy, SBP had raised interest rate by 50 basis points.

Production of oil refineries decrease due to floods

Gross production of oil refineries decreases due to the situation developed by floods.
According to an initial estimate, the gross product in the first two months of the current fiscal year has decreased by 18 percent. Product in July and August appeared to be 12 hundred thousand tons, which is 2 hundred thousand tons less than previous year. In the month of August, only 482 tons of refined petroleum products were produced due to a blockade by PARCO because of floods. Production of furnace oil decreased by 20 percent and of high speed diesel and petrol by 13 and 16 percent respectively, as compared to the previous year.

OGRA increases diesel price; slightly decreases price of petrol

Staff Report

KARACHI: The Oil and Gas Regulatory Authority (OGRA) has announced new prices of petroleum products; diesel has been raised and petrol has slightly been decreased, SAMAA reported on Tuesday.

The Executive Director of OGRA, Jawad Nasim, announced new prices of petroleum products in Islamabad on Tuesday.

According to the new prices announced by OGRA, the price of diesel has risen by Rs. 1.57 per liter and the new price is fixed at Rs. 74.60 per liter, while light diesel’s price has been increased by Rs. 1.32 per liter and fixed at Rs. 62.67 per liter.

The price of kerosene oil, after an increase of 72 paisas, is fixed at Rs. 65.57 per liter.

The price of petrol, after being decreased by 48 paisas, is fixed at Rs. 67.26 per liter; the price of hi-octane, after decreasing by 49 paisas, has been fixed at Rs. 69.50 per

Sialkot lynching: Former DPO among five policemen on remand

SIALKOT: Former DPO Waqar Chohan among five policemen arrested in connection with the Sialkot lynching case have been sent to District Jail Sialkot for a seven day judicial remand, said sources Wednesday.

The accused were presented before the Anti Terrorism Court (ATC) where Deputy Prosecutor General Punjab Rana Bakhtiar Ali has requested a seven day judicial remand, which the court has approved.

DPO Waqar Ahmed Chohan and five other policemen Bashir Ahmed, Mohammad Yasin, Mohammad Akram, Nadir Hussain, Naseer Ahmed have been sent to jail for this remand.

The nominated 17 of the 28 accused have already been sentenced to physical remand.

Accused culprits, former SHO Rana Ilyas, five policemen and two rescue officials are still in hiding.

The culprits were nominated on the testimony of eyewitnesses Hafiz Mugheera, Jamir Butt and Hafiz

Father, three daughters killed in Lahore

Staff Report

LAHORE: Unknown men have brutally killed a man and his three daughters with knives in Janazgah area of Mazang in Lahore, said sources on Wednesday.

According to police, the victims include Abd-ur-Rehman and his three daughters Fauzia, Ghazala and Razia.

“The son of victim Abd-ur-Rehman is missing from the location and the incident is being investigated,” said police.

The attackers are not yet known.

Rescue officials said that police belatedly reached the spot.

Chief Minister Punjab Shahbaz Sharif has taken the notice of this murder and has ordered IG Punjab to immediately arrest the culprits. SAMAA

Security beefs up on Youm-e-Ali

KARACHI: Sindh Home Minister, Dr. Zulfiqar Ali Mirza, has directed the Inspector General of Police (IGP) to pay special attention to the role of the Crime Investigation Department (CID), Anti-Violent Crime Unit (AVCU) et cetera, as well as intelligence outfits of the law enforcement agencies while devising a security strategy on the occasion of `Youm-e-Ali’.

At least 10 walkthrough gates and scanners would be installed along with a command and control room in Nishtar Park for foolproof security measures.

Dr. Zulfiqar Mirza also directed for security cameras be installed along the routes of the procession which should be monitored. There should also be complete sweeps of procession routes by the Bomb Disposal Squad.

“The parking of vehicles should also be banned along the routes of the processions,” he directed.

He instructed for the security of all

Sir Zafrullah’s 26th death anniversary today

Staff Report

Sir Zafarullah’s 26th death anniversary today

Staff Report

KARACHI: Today marks the 26th death anniversary of Sir Chaudhry Muhammad Zafarullah Khan, KCSI. He was a Pakistani diplomat, the first Asian President of the International Court of Justice, President of the UN General Assembly, Pakistan’s first foreign minister and a renowned international jurist.

Zafrullah Khan was born on February 6, 1893, in Sialkot, Pakistan, to Nasrullah Khan. He graduated from the Government College, Lahore in 1911. Between 1911 and 1914, he studied at King’s College London and was called to the Bar at Lincoln’s Inn.

On returning to India, he practiced law in Sialkot till July 1916, and then continued to lecture at the Law College in Lahore from 1919 to 1924. He practiced law in Lahore till 1935.

Muhammad Zafrullah Khan was elected a

Pakistan accepts India aid, but no real disaster diplomacy

NEW DELHI: India said on Tuesday that Pakistan had accepted its offer of flood aid, but analysts say this piecemeal attempt at disaster diplomacy will not help improve relations between the two sides.

Pakistan’s floods, which began over a month ago, have submerged a fifth of the country and left around 6 million people homeless in one of the world’s biggest humanitarian crises of recent years.

But despite a shortage of funds hampering Islamabad’s ability to provide relief to the millions in need, Pakistan had delayed deciding whether to accept $5 million in aid from New Delhi due to historical tensions between the two neighbours.

“Pakistan has conveyed its deep appreciation of India’s offer of assistance,” Indian Foreign Minister S.M. Krishna told parliament. “Pakistan requested on Aug 27 that India may channel its contribution to the flood victims through the

Pak deficit to rise to 6-7pc due to floods: PM

ISLAMABAD: Pakistan’s budget deficit is expected to climb to 6-7 percent of gross domestic product in the fiscal year 2010/2011 as a result of floods, the prime minister said on Wednesday.

“The budget deficit before the flood crisis was estimated to reach 4.5 percent of GDP. Now it is estimated to be as much as 6-7 percent of the GDP,” Prime Minister Yusuf Raza Gilani told the cabinet.

Gilani said the disaster would hit the economy hard.

“The floods have inflicted damage to the economy which may by some estimates reach $43 billion, while affecting 30 percent of all agricultural land,” he said.

Pakistan’s budget deficit for the fiscal year 2009/10 (July-June) was 6.3 percent of GDP, the Finance Ministry said on its website on Tuesday.

This compared with a deficit of 5.2 percent in fiscal year 2008/09.

The monsoon floods have affected

NA approves Rs3259 bln federal budget

ISLAMABAD: The National Assembly on Friday approved the Rs3259 billion federal budget for fiscal year 2010-2011 with PML-N boycotting the session against refusal of its proposals to withdraw one percent increase in sales tax, ARY NEWS reported.

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NA approves Rs3259 bln federal budget

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