We are against war, India provide evidence urges Zardari

Updated at: 0354 PST, Wednesday, December 17, 2008 ISLAMABAD: President Asif Ali Zardari said, “Neither do we favour war nor a war could serve any good to India and Pakistan. We are peaceful nation and want India to provide concrete evidence on the Mumbai carnage.” He was talking to leaders of various political parties here at the President House. A delegation of Awami National Party (ANP) headed by party Chief Asfandyar Wali called on the president. They suggested that opposition parties also should be taken into confidence over Pak-India tension and the ensuing international pressure.Muttahida Qaumi Movement (MQM) headed by Dr. Farooq Sattar called on President Asif Ali Zardari and suggested that concrete measures should be taken to eliminate terrorism and extremism overlooking all the vested interests. Meantime, Jamiat Ulema-e-Islam-Fazl (JUI-F) chief Maulana Fazlur Rehman also called on the president and urged the government to tread the path of reconciliation to cope with the issues relating to extremism and terrorism.President Zardari said that the government took up measures in the wider national interests following the Mumbai attacks, adding the government is firmly resolved against any compromise on national integrity and sovereignty.

US Federal Reserve slashed interest rates

Updated at: 1012 PST, Wednesday, December 17, 2008 WASHINGTON: The dollar slid to 13-year lows against the yen in Asian trade Wednesday after the US Federal Reserve slashed interest rates to near zero as it struggles to curb an accelerating economic downturn. The Fed lowered its target federal funds rate from 1.0 percent to a range of zero to 0.25 percent after a raft of bad data, including a historic plunge in housing starts.The Federal Open Market Committee in a statement said it expected to keep the federal funds rate "exceptionally low" for some time because of markedly declining inflationary pressures.

Pakistan’s C/A deficit could be less than IMF estimation

Updated at: 1056 PST, Wednesday, December 17, 2008 ISLAMABAD: Pakistan’s current account deficit could be less that the IMF expectations.Addressing a seminar here, IMF Director for South Asia, Masood Ahmad and Senior Advisor, John Carlos D Tata told this. Masood Ahmad said that IMF estimating Pakistan economic growth for the current fiscal year at 3 to 3.5 percent. He said that the Americans were paying a serious attention to the promotion of savings. Similarly, Pakistanis would have to focus on savings also, he emphasized. John Carlos D Tata said that the international market price plummeting by $10 has reduced Pakistan’s oil import bill by $1.3 billion.State Bank of Pakistan (SBP) Governor, Dr. Shamshad Akhtar in her address to the seminar stressed on the promotion of social security. She said that the Central Bank was increasing the agricultural loans allocation from Rs200 billion to Rs250 billion.

Rupee against dollar once more under pressure

Updated at: 1159 PST, Tuesday, December 16, 2008 KARACHI: The value of rupee against dollar once more seen struggling under severe pressure since last two days, following yesterday’s index ‘floor’ removal from the stock markets, as the inter-bank dollar exchange rate cross passed the psychological barrier of Rs80.Rupee once more continued to depreciate in the inter-bank and local markets after nearly a month long thaw, which saw the dollar breaching even the Rs80 level and was selling at Rs80.30.

Drone attacks to continue: Bush

Updated at: 1017 PST, Tuesday, December 16, 2008 WASHINGTON: US President George W. Bush has indicated that drone attacks on suspected terrorist targets inside the tribal areas would continue and Washington will not consult other governments before ordering such strikes.President Bush, who was talking to the White House press corps on his plane en route to Afghanistan, said he believed the Pakistani government, particularly President Asif Ali Zardari, had the determination to fight terrorists.“President Zardari is determined,” said Mr Bush. “He’s said so publicly and he’s said so to me privately. He looked at me in the eye and said: ‘You don’t need to talk to me about extremist violence; after all, my wife got killed by extremists.’”The US president said that for dealing with extremists who got embedded in the population, a country needed to combine pressure with a strategy to win over the hearts and minds of the local people.“Find them and get them, press them hard, and then win the hearts and minds of the locals through economic development,” he added.