New monetary policy today

KARACHI: State Bank of Pakistan might cut the discount rate by 1 to 1 ½ percent in its new monetary policy which will be announce today.

Senior bankers told Geo News that the Central Bank would review the discount rate in the backdrop of the fall in inflation rate and it was being hoped that the discount rate would be slashed by 1 to 1 ½ percent in the new monetary policy to be announced on August 15 and inflation new index also indicative of the flexibility in monetary policy.

According to Federal Statistics Department data on inflation rate, which were released in July, inflation fell down to the 19 months lows 11.17 percent as against 13.13 percent in June.

Huge blast near Nato Kabul base

A suicide car bomb has exploded outside the Nato headquarters in Kabul, killing at least three people and wounding about 70, Afghan officials say.

A plume of smoke was seen rising above the area, where the presidential palace and embassies are also located.

The explosion comes less than a week before Afghanistan stages presidential and provincial elections.

Taliban insurgents have vowed to disrupt the elections and have stepped up their attacks in recent weeks.

The blast rocked Kabul's heavily fortified area on Saturday morning.

Sirens blared as police and ambulances rushed to the area which was sealed off by international forces.

bbc.com

Pilot sentenced for DUI related airplane crash

Sean Oskvarek, a pilot who was arrested last November after his plane clipped a house and crash landed in a neighborhood yard pleaded guilty on August 12, 2009 to flying his airplane under the influence of alcohol and drugs.

He will serve 30 days in jail and two years on probation. The accident happened in DuPage County, Illinois last November after he clipped a house and crashed in the yard.