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SBP Diary - SBP News

KARACHI: The government s total expenditure in the first six months of fiscal 2009/10 rose by 21.1 per cent, to Rs1,313 billion against the previous year s 10.4 per cent rise, the SBP said. Current expenditure increased by 15.2 per cent, to Rs1,058.6 billion, as defence spending recorded a surge of 15.2 per cent to Rs166 billion.

UBL Funds announce payouts

By our correspondent

KARACHI: UBL Fund Managers Limited has announced interim payouts for its funds i.e. UBL Liquidity Plus Fund (ULPF) and United Growth & Income Fund (UGIF) on Monday. As per details, the Company has announced a payout of Rs2.3837 per unit at par value of Rs100 for UBL Liquidity Plus Fund (ULPF). Those unit holders, who are holding 100 units as on March 26, 2010 will get 2.3783 units on the ex-dividend price of Rs100.2257 per unit. This is in addition to an aggregate payout of Rs4.84 per unit disbursed since July 1, 2009. A payout of Rs2.1004 per unit of par value of Rs100 was announced for United Growth & Income Fund (UGIF). Those unit holders, who are holding 100 units as on March 26, 2010 will get 2.1181 units on the ex-dividend price of Rs99.1644 per unit. This is in addition to an aggregate payout of Rs3.89 per unit disbursed since July 1, 2009.

Importance of technology stressed

By our correspondent

KARACHI: NWFP Governor Owais Ghani said on Monday that it is essential to educate our new generation about the power of technology. He was visiting the 4th Power & Alternative Energy Asia (ITIF Asia 2010) conference on its last day, said a press release. He asserted investment in developing the human resource capital of Pakistan with special emphasis on the demography of the country that shows a greater percentage of youth. The Consul General of a Malaysia on the visit also expressed that Malaysia takes it as an opportunity to extend its support & investments for healthy bi-lateral entrepreneurial relations between the two countries. The Trade Commission of Malaysia External Trade Development Corporation (MATRADE) was also present at the occasion. The Event was also graced by the two high level Iraqi delegations of 27 members as they were recommended specially by the Government of Iraq.

ACCA meet

By our correspondent

LAHORE: Association of Certified Chartered Accountants (ACCA) Pakistan organized Annual Network Meeting here on Monday with aim of apprising the members of the activities of the Members Network Panel and the subcommittees formed by the Members Network Panel for the year ending 31 December 2009. According to a statement issued here the Annual Network Meeting was an interactive session for members to discuss significant developments on the accountancy and legislative front that affect the profession.

Oil prices rally

LONDON: World oil prices rallied on Monday, buoyed by the weak dollar, rising stock markets and optimism that upcoming US data will show a solid recovery in the world s biggest energy consuming nation. New York s main contract, light sweet crude for delivery in May, soared $2.36 to $82.36 a barrel. London s Brent North Sea crude for May surged $2.20 to $81.49 per barrel. Probably the main reason is the weakness in the dollar, said analyst Phil Flynn at PFG Best Research.

Gold up

LONDON: Gold hit its highest in more than a week on Monday due to strong physical demand and lingering dollar weakness following last week s aid deal for Greece. Spot gold rose as high as $1,113.95 an ounce, strongest since March 19. At 1323 GMT, it traded at $1,111.55 versus $1,105.10 at New York s notional close on Friday, when it rose more than 1 per cent to regain the level of $1,100. US gold futures for April delivery added $7.4 to $1,111.70 an ounce.

Head of Indian steel firm visits
North Korea

SEOUL: A party from a leading Indian steelmaker arrived in the North Korean capital Pyongyang on Monday, the communist state s official media reported. A delegation of the Global Steel Holdings Limited of India led by Chairman Pramod Mittal arrived here, the Korean Central News Agency said, without stating the reason for the visit. Pramod Mittal is a younger brother of Lakshmi Mittal, chairman and CEO of leading world steelmaker ArcelorMittal. Impoverished North Korea has abundant but largely unexploited reserves of iron ore and other minerals. The (South) Korea Chamber of Commerce and Industry, in a 2007 report, estimated their potential value at more than 1.5 trillion dollars.

Rapid US growth could come soon: IMF

WARSAW: The US economy looks set to return to relatively rapid growth soon, International Monetary Fund chief Dominique Strauss-Kahn said here on Monday. The
US economy, whilst it has been hard hit by the crisis, may recover rather rapidly, Strauss-Kahn said in a speech at the Warsaw School of Economics, during a visit to Poland. It s a flexible economy, noted Frenchman Strauss-Kahn, who is managing director of the Washington-based global lender. We ll see how rapid the recovery in the US economy can be. But I m rather confident that the US economy will grow rather rapidly again quite soon, he added. In January, the IMF raised its forecast for US growth this year to 2.7 per cent from output in 2009, from its earlier 1.5-per cent forecast. Strauss-Kahn did not say whether the IMF was set to revise its forecast upwards again.

Spot Rates

The following are Karachi Cotton Association official spot rates for local dealings in rupees for base grade 3 staple length 1-1/16 micronaire value between 3.8 to 4.9 NCL.

Rate for Ex-Gin Price Up-country Spot rate

Expenses Ex-Karachi

37.324 kg 5,450 100 5,550

Equivalent

40 kgs 5,841 100 5,941

Courtesy: The News


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