IT sector: 120% Foreign Direct Investment growth, July-October 2011

Foreign Direct Investment (FDI) in Pakistan’s IT sector has seen a 120% growth, with a $9.4 million investment in the first four months of the 2011-12 fiscal year as compared to the corresponding period of the previous year, State Bank of Pakistan (SBP) statistics have revealed. more... (ET)

Heavy duties on raw materials impact textile exports

Nearly 80% custom duties and protective duties on locally produced raw material used in exportable textiles and denial of duty drawback on filament yarn are negatively impacting the textile exports, said Pakistan Textile Exporters Association Chairman Rana Arif Tauseef. more... (ET)

Eurozone woes imperil Asian growth: ADB chief

Asia's projected growth rate of 7.5 percent next year could be jeopardised as the eurozone crisis threatens its export-driven economies, the Asian Development Bank chief said. more... (BR)

SBP to curtail 150-200 bp in third monetary policy: LCCI

The Lahore Chamber of Commerce and Industry (LCCI) on Saturday urged the State Bank of Pakistan(SBP) to make another 150 to 200 basis points cut in policy rate in the third monetary policy. more... (DT)

LSM growth declines 3.5% in September

Industrial production has shown a marked decline in September over the previous month as the impact of change in calculation methodology fades away quickly, show official statistics. more... (ET)

Infrastructure development levy: Gas price for fertiliser industry to go up by 193%

Gas prices for the fertiliser industry, Compressed Natural Gas (CNG) and the power sector are expected to go up by three to 193% after the imposition of the Infrastructure Development Cess (IDC). more... (ET)

Engro decreases fertiliser price by Rs100 per 50kg bag

Engro Corporation has decreased urea fertiliser prices by Rs100 to Rs1,480 per 50kg bag cut following government assurance of improved gas supply during winter for plants operating on the SNGPL network, including Engro’s new plant. more... (ET)

FDC to reduce production cost of textile products

Formulation and Distribution Centre (FDC) established for textile products to reduce the production cost for local textile sector besides enhancing production in Karachi. more... (DT)

US preparing to vacate Shamsi air base

The United States (US) is preparing to accede to Pakistani demands that it vacate a remote air base in Pakistan used for drone flights, but the move is not expected to have a significant impact on operations against militants, US government sources said late on Tuesday. more... (ET)

Clinton hopes for Pakistan cooperation despite Bonn boycott

US Secretary of State Hillary Clinton said on Wednesday she regretted Pakistan’s decision to boycott next week’s international conference on Afghanistan but hoped to secure Islamabad’s cooperation in future. more... (ET)

Karzai urges Pakistan to reconsider Bonn boycott

Afghan President Hamid Karzai telephoned Pakistan Prime Minister Yousuf Raza Gilani on Tuesday to urge him to reconsider a boycott of the Bonn conference over a deadly Nato strike, officials in both countries said. more... (D)

Solid foundation provided for reforms: Bilawal

PPP Chairman Bilawal Bhutto Zardari said on Tuesday that the government had provided a solid foundation for reforms through the 18th Amendment and NFC Award and vowed to surmount all challenges to strengthen democracy and make the people real masters of their destiny. more... (D)

Saudi riyal 'remains unaffected by dollar depreciation'

During a seminar hosted by Sidra CapitalSidra CapitalSidra Capital, leading Turkish Economist and Strategist Erda Gercek reiterated that the Saudi currency would not be affected by the depreciation of the US currency. He emphasized that the currency exchange prices in the Kingdom and the world will remain stable thanks to dollar reserves. more... (Zawya)

Higher rates attract UAE to US Treasuries

The UAE is once again investing in US Treasuries due to improved and reasonable interest rates, according to Sultan Bin Nasser Al Suwaidi, UAE Central Bank governor. more... (Gulf News)

Gulf banks to expand business segments

The banking industry in the Gulf Cooperation Council (GCC) expects to face a whole new layer of activity that is driven by small businesses that are fast emerging as a major market force. more... (Gulf News)

UAE immune to Eurozone contagion

UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi has ruled out any knock-on effects of the Eurozone financial crisis on the UAE economy. more... (Gulf News)