New SBP policy

Interest rate down from 12 to 10.5 pc

Quantum jump in consumer finance likely

Karachi—The State Bank of Pakistan has reduced policy rate by 150bps to that would cut the interest rate from prevailing 12 percent to 10.5 percent which is likely to generate economic activity in all segments of the economy especially the consumer finance in the country. Yaseen Anwar, Governor, State Bank of Pakistan (SBP) announced a cut of 150 basis points in policy rate with effect from August 13, 2012.

President forms body to address Hindus’ grievances

Islamabad—President Asif Zardari has taken serious notice of the reports of feelings of insecurity among Hindu families in Sindh and directed authorities to allay Hindus’ grievances and submit a report to him. Spokesperson to the President Senator Farhatullah Babar said that President constituted a three member committee of MPs to visit different parts of Sindh to express solidarity with the Hindus on his and Government behalf and to reassure them about their security and well being.

TTP considers current Pakistan rulers as liberals, non-Muslims: Spokesman

South Waziristan Agency—The spokesman for banned Tehreek-e-Taliban Pakistan (TTP) Ehsanullah Ehsan on Friday said that the Awami National Party (ANP) is deceiving itself by offering talks with the Taliban and also criticized the current rulers as liberals and seculars with whom talks of Taliban fighters seems impossible. Vowing to continue attacks on the Nato supplies, Ehsan while talking to reporters at an undisclosed location in South Waziristan Agency (SWA), former stronghold of TTP’s founder commander (late) Baituallah Mehsud, denied TTP’s connection with the bombing in bazaars and mosques.

Pak-US in dialogue to put ties back on track

Islamabad—Pakistan and United States are discussing several proposals to bring their relationship back on track. This was stated by Foreign Office Spokesman Moazzam Ahmad Khan while replying to a question at the weekly news briefing in Islamabad on Friday. He, however, said no specific details can be shared at this stage.

Al-Qaeda calls for fresh attacks against supplies

Peshawar—Al Qaeda, a terror outfit across the globe, has urged its fighters to launch fresh attacks on the NATO supply convoys, traveling from Pakistan to Afghanistan, in order to secure the back of their ally, Afghan Taliban. In a video posted on Jihadi websites on Thursday, al Qaeda’s spokesman for Pakistan, Ustad Ahmad Farooq, said, “On this occasion I urge our Mujahid brothers from Karachi and Makran to Khyber that they must pay special attention to targeting American and NATO supply lines.”

Pakistan Steel Mills will not be privatized: PM

Karachi—Prime Minister Raja Pervez Ashraf announced a special package of two billion rupees for the employees of Pakistan Steel Mills (PSM). Referring to the demands presented by the workers, the Prime Minister said despite limited financial resources, the government would provide maximum facilities to the workers of PSM.

SC verdict on IPPs dues on Aug 15

Islamabad—The Supreme Court on Friday said that it would announce its decision on Aug 15 pertaining to the cases filed by the eight independent power producers (IPPs) seeking clearance of their dues. The verdict would be announced after analyzing responses submitted by the Ministry of Water and Power and other private companies, added the court. A three member bench, chaired by Chief Justice Iftikhar Muhammad Chaudhry, heard the case. Ministry of Water and power and other private electric companies submitted their responses in the apex court. The chief justice remarked that the government will have to give concrete recommendations pertaining to the payments to the IPPs.