Sugarcane growers alerted on pest attacks

MULTAN (APP): The agriculture department has advised the sugarcane growers to take special care of sugarcane fields as different pests can attack the crop which could effect the yield. According to assistant director information agriculture department Naveed Asmat Kohloon, due to best canal system of Punjab, sugarcane was considered as one of the important crop. He stated that dangerous pest whites-fly, horse-fly could attack the crop between August to November and cause immense loss to yield of sugarcane. He informed that rains in July and August were ideal for production and growth of the pests. The assistant director informed that pests attack reddish the leaves of the plant, which become dried later.

Similarly, white fly attacks causes making yellowish colour of the plant and thus severely affect the crop. The assistant director proposed farmer to adopt mechanical way of treating the situation instead of using costly pesticides. He suggested them to visit agriculture office for consultation and understanding of the crop management as it was vital to save them from losses of millions of rupees.

Sale of flour in Ramazan bazaars hits record low due to poor quality

RAWALPINDI (Online): Sale of flour at subsidized rate in Ramazan bazaars has declined by 60pc because of supply of low quality flour by the administration. The plunge in sale has evoked grave concern in the food department and district administration and they have started considering to set up flour point near general markets for clearance of stock. The district administration had estimated to sell out 4200 bags flour per day in Ramazan bazaars during holy month of Ramazan and subsidy was also provided in this proportion. On the other hand sale of a flour has hit record low of 60pc. Flour bag of 10 kilograms is being sold at the rate of Rs 310 per bag while in open market it is being sold at the rate of Rs 330 per bag.

Unprecedented increase in prices of essential commodities

RAWALPINDI (INP): While Rawalpindi administration is upbeat over the establishment of Ramazan Sasta Bazars, it is following a criminal negligence over increase in prices of essential commodities in the open market. According to data collected from different markets of Rawalpindi, the mutton is being sold in the open market at Rs 750 per kg, beef at Rs 500, loose milk at Rs 100, Yogurt at Rs 110 and ghee at Rs 200 per kg. All these items are not available at the Sasta Bazars which are only selling vegetables, including onion, tomato, potato and poor quality fruits. There is only a minor difference in the prices of Sasta Bazars and the open markets in their neighbourhood but huge difference in quality.

There are also complaints of less weightage at the government run bazaars. Poor quality beef is also being imported from Sargodha, and Bhalwal and a mafia in the Rawalpindi administration is reportedly behind it.

UBL Funds bags two awards at IPO market development summit

KARACHI (NNI): UBL Fund Managers Limited (UBL Funds) received two awards at the IPO Market Development Summit organized by South Asian Federation of Exchanges Pakistan (SAFE)at a ceremony held at the Pearl Continental Hotel, Lahore on June 04 2015. UBL Fund Managers, one of the leading asset management companies in Pakistan and a subsidiary of UBL Bank claimed their awards in two major categories at the Summit.First category was of “Islamic Instrument IPO Award - 2014”; and the other category was “Maximum Mutual Fund IPOs Award - 2014.” Earlier in 2013, UBL Funds had also won the Most IPO’s launched award at the Pakistan IPO Summit in February 2014.

UBL Funds launched 3 Islamic Instrument IPO’s in 2014 raising over PKR 4.5 Bn in AUM. This is a distinct achievement for an Asset Management Company for which they received the award for Islamic Instrument IPO award 2014.

The funds launched include, Al Ameen Islamic Principal Preservation Fund -III (AIPPF-III) (inception date: 20.6.14), Al Ameen Islamic Principal Preservation Fund -IV (AIPPF-IV (Inception date: 16.10.14) and Al Ameen Islamic Principal Preservation Fund - V (AIPPF-V) (Inception date: 26.12.14).

The second award conferred upon UBL Funds was for launching the Maximum Mutual Fund IPO s in 2014. UBL Funds launched four new Mutual Funds IPOs in 2014 raising a cumulative amount of PKR 6 Billion.

The funds launched under this category include - UBL Principal Protected Fund - III (UPPF-III ) (Inception date: 6.3.14), Al Ameen Islamic Principal Preservation Fund -III AIPPF-III (Inception date: 20.6.14), ), Al Ameen Islamic Principal Preservation Fund -IV (AIPPF-IV) (Inception date: 16.10.14) and Al Ameen Islamic Principal Preservation Fund - V (AIPPF-V) (Inception date: 26.12.14).

Speaking of the occasion, Mir Muhammad Ali, CEO UBL Funds, said “It is a great honor for us to have received these awards. We are extremely grateful to our investors for placing their trust in us and endeavor to continue reaching new heights whilst keeping our investors needs at the forefront of our business decisions whilst also keeping the larger objective of economic growth effort in Pakistan.”

He further added that “This achievement encourages us to continue adding to our product portfolio. It also indicates that investors in Pakistan have an appetite for unique products and have diverse investment needs.

We at UBL Funds strive to fulfill the needs of our investors. “

Both the Islamic Instrument IPO and the Maximum Mutual Fund IPO Awards reflect UBL Funds agility in product development and their commitment to meeting demands of their customers.

The Company is a pioneer in launching the internationally renowned CPPI based principal protected funds in Pakistan and has a sound and professional track record of over 14 years as one of the leading Asset Management Companies in Pakistan.

Canadian economy not heading for recession: minister

MONTREAL (AFP): Canada’s finance minister denied Friday that the country is heading for recession, a day after two major banks predicted economic doomsday. Canada, the world’s fifth-biggest oil producer, has been hard hit by tumbling global oil prices and its economy shrank 0.6 percent at an annualized rate in the first quarter. On Thursday, Nomura bank said it expected Gross Domestic Product to contract 0.5 percent in the second quarter, while Bank of America Merrill Lynch said a 0.6 percent decline in that period was likely. A recession is defined as two consecutive quarters of contraction. But Finance Minister Joe Oliver said: “We’re not in a recession... We don’t believe we will be in a recession.”

Despite the bleak outlook of the banks, Oliver said he expects growth in the second quarter and beyond to be robust.

“We expect solid growth for the year, following a weak first quarter,” he said.

A recession could put the Conservative government, in power since 2006, in bad standing ahead of general elections in October.

Second quarter GDP estimates are expected after the central bank’s next meeting, which takes place on July 15. Final figures are expected to be confirmed in September.