Industrial production down 5.05 percent in four months
The industrial production has declined by 5.05 percent in the first four months of current fiscal year over the same period of last year on the back of high input cost of energy crisis. Official figures released by the Federal Bureau of Statistics (FBS) on Tuesday show that production in all the three major sectors contributing to the Large Scale Manufacturing (LSM) declined more... (BR)

Export proceeds: SBP relaxes rules for repatriation
The State Bank of Pakistan on Tuesday announced one-time waiver for those exporters, who have failed to repatriate their export proceeds in 90 days, and instructed banks to give them Export Refinance Facility. The central bank has received complaints from various exporters' associations that banks are not allowing export refinance facilities under the scheme to exporters due to non-realisation of export proceeds keeping in view the SBP's instructions more... (BR)

ECC takes note of no cut in commodity prices
The Economic Co-ordination Committee (ECC) of the Cabinet on Tuesday met under the chairmanship of Finance Minister Shaukat Tarin and took serious note of not reducing commodity prices despite drastic reduction in oil and palm oil process at international market more... (BR)

Pakistan asks India to pull back troops, air force:
Mukherjee denies mobilisation of forces
Pakistan on Tuesday proposed to India to pull back its forces from its forward air and ground bases in a bid to defuse tension, and create friendly atmosphere between the two countries. Foreign Minister Shah Mehmood Qureshi in a policy statement said that troops withdrawal by India would be helpful in defusing the prevailing tense situation between the two countries more... (BR)

India wants to launch air strikes inside Pakistan: McCain - News Briefing
US Senator John McCain has voiced his deep concern over tense South Asian situation, saying India was preparing for some kind of attack on Pakistan in the wake of last month’s Mumbai attacks more... (FD)

Banks allowed to reclassify investments in equities, TFC, Sukuk
The State Bank of Pakistan (SBP) has clarified that banks/DFIs may reclassify their investments in equities, TFCs and Sukuk, categorised as 'Held for Trading' (HFT) to 'Available for Sale' (AFS), or 'Held to Maturity' (HTM). The SBP said that it has clarified as per guidelines mentioned in Para 4 of BSD Circular No 10 dated July 13, 2004, treating prevalent market conditions as exceptional circumstances more... (BR)

Proposed cut in oil prices opposed by two ministries
Petroleum and Finance Ministries have opposed reduction in oil prices, and Petroleum Ministry has moved a summary to Prime Minister to keep oil products prices unchanged for the next fortnight from January 1, 2009. Sources told Business Recorder that Finance Ministry had backed the Petroleum Ministry to maintain the current oil prices unchanged during the next fortnight, from January 1 to 15 more... (BR)

Accord likely with Iran for oil on deferred payment
Pakistan and Iran are likely to sign an accord under which Pakistan will get oil supply on deferred payment. The two countries are also likely to reach an more... (D)