Looking for IMF help, Pakistan approaches US

They have said publicly that they do not need it. They have denied vociferously any reports that suggested they may ask for it. But privately, Pakistan’s top economic managers have been pleading with the United States to assist Islamabad in seeking a second bailout from the International Monetary Fund, after having exited the last one early on account of not having fulfilled its conditions. more... (ET)

Pakistan Ratings Affirmed At 'B-': Outlook Stable

Standard & Poor's Ratings Services on Monday affirmed its 'B-' long-term and 'C' short-term foreign and local currency sovereign credit ratings on Pakistan . more... (BR)

OGRA reduces petroleum prices

Prices of all petroleum products, except Diesel, have been reduced for November.According to a notification issued by Oil and Gas Regulatory Authority (OGRA) on Monday, the price of petrol was reduced by Rs 1.54 per liter to Rs 87.14 and that of Light Diesel Oil by Rs 1.53 to Rs 81.99 per litre. more... (BR)

Safta sensitive list: FBR objects to duty cut on 32 tariff lines

Pakistan has formally decided to trim 233 tariff lines from the sensitive list under South Asia Free Trade Agreement (Safta) and make 20 per cent reduction in customs duty on imports of these items to further liberalise its trading regime with her neighbouring countries, it is learnt. more... (D)

Fate of Mashal LNG project unclear

The fate of multi-billion-dollar Mashal liquefied natural gas (LNG) import project hangs in the balance after the Oil and Gas Regulatory Authority (Ogra), while pushing ahead with a different project, permitted three LNG importers to use the pipeline network of state-run companies for gas supply. more... (ET)

Corporate results: Engro profits surge 34%

Engro Corporation’s profits rose 34% to Rs5.4 billion during January to September 2011 as its single train fertiliser plant, which is the largest in the world, made its first impact on the company’s financial statements. more... (ET)

Informal sector grows faster than formal economy

The informal sector in Pakistan has grown more rapidly than the formal economy over the last three decades and while estimates vary a great deal, the size of the informal sector is not less than one-third of the country’s gross domestic product (GDP). more... (ET)

Fauji Fertilizer profits double on higher prices

Fauji Fertilizer Company’s net profit almost doubled to Rs13.8 billion in the first nine months of 2011 as higher prices acted as a major factor. more... (ET)

CJ orders Railways chief to send corruption cases to NAB

A Supreme Court hearing on the state of affairs in Pakistan Railways exposed on Monday an amazing tale of ineptness where one of the largest state entities was turned into a cesspool of corruption in a systematic and deliberate manner. more... (D)

US seeks help from Pakistan in Afghan peace effort: NYT

The United States is now relying on Pakistan to help broker a peace deal in Afghanistan with the Haqqani network that Washington accuses of mounting attacks on Americans, The New York Times reported Monday. more... (BR)

Afghans, Pakistan may use talks to ease tensions: Turkey

Afghanistan and Pakistan have a chance at talks in Istanbul to end the blame game over a series of militant attacks that have deepened their mutual mistrust, officials from the Turkish host government said on Monday. more... (ET)

We almost agree with all US demands: Gilani

Prime Minister Yousuf Raza Gilani has said he had a lengthy meeting with US Secretary Hillary Clinton during her visit to Pakistan and the two leaders 'almost agreed' on all points demanded by the US. more... (TN)

Saudi business activity rebounds

Activity in Saudi Arabia’s non-oil private sector increased at a faster pace in October boosted by a rise in new orders, data from a survey by the Saudi British Bank and Matkit Economics showed Monday. more... (Gulf Base)

Enforcement critical in emerging markets

Dubai There is no single, easy solution for the challenge of strengthening corporate governance in emerging markets. Each market is economically and politically distinctive and each will have to customise their own solutions to meet international standards. more... (Zawya)

Kuwait's crude oil exports to Japan jump 59.2 pct

Kuwait's crude oil exports to Japan surged 59.2 percent in September from a year earlier to 9.59 million barrels, or 320,000 barrels per day (bpd), for the first increase in two months, the government said Monday. The figure was the highest since July, when its shipments hit 10. more... (Zawya)

Oman: Construction sector to cement ties with SMEs

Strengthening the role of local stakeholders in the growing construction industry in the Sultanate has to be adopted as a core strategy in the coming period, according to Oman Society of Contractors (OSC), the apex body of contractors and builders in Oman. more... (Zawya)