Global economy
Drowning, not waving
It has been a cheerful couple of days for those starved of bright economic news. Hopeful statistics have been trickling in from many parts of the world. On Friday May 29th revised first quarter GDP figures for America showed that the economy there had contracted slightly less than had earlier been reported. In addition durable-goods orders in the country rose by the most in 16 months. In Japan, factory output rose by 5.2 per cent in April, the biggest monthly increase, in percentage terms, in over half a century. And in the first quarter India's economy grew by a bullish 5.8 per cent, compared with a year before, while South Korea's industrial production continued to rise in April.

UBL Liquidity Plus Fund FSR: AA+(f)
JCR-VIS assigns Preliminary Fund Stability Rating of AA+(f) to UBL Liquidity Plus Fund
JCR-VIS Credit Rating Company Limited has assigned preliminary Fund Stability Rating (FSR) of AA+(f) (Double A Plus (f)) to UBL Liquidity Plus Fund (ULPF), to be launched by UBL Fund Managers Limited. The ratings will be finalized following a review of the final trust deed and offering document. ULPF has been structured as an open end money market scheme with the objective of investing in low risk instruments while maintaining high liquidity. At least 60% of the assets of the fund will be deployed in short term government paper while remaining exposure will be taken in counterparties with issue or issuer ratings of at least AA.

GLOBAL MARKETS
A glimmer of hope?
The rays are diffuse, but the specks of light are unmistakable. Share prices are up sharply. Even after slipping early this week, two-thirds of the 42 stock markets that The Economist tracks have rose in the past six weeks by more than 20 per cent. Different economic indicators from different parts of the world have brightened. China's economy is picking up. The slump in global manufacturing seems to be easing. Property markets in America and Britain are showing signs of life, as mortgage rates fall and homes become more affordable. Confidence is growing. A widely tracked index of investor sentiment in Germany has turned positive for the first time in almost two years.

THE NEWS Index June- 2009
End of Last End of Net Net
Month Previous Change Change
Month Points %
Composite 4,755.5 4,819.8 (64.3) (1.3) (-) Financials 2,642.8 2,695.8 (53.0) (2.0) (-) Industrials 5,769.7 5,849.4 (79.8) (1.4) (-)

IN FOCUS 
Artmart: an Investment of another kind Karachi's art scene presented some rich and vibrant canvases of local artists and also those coming in from other cities. Most of the art galleries remained busy mounting new shows regularly.
The many faces of art
Tracing Pakistan's art history at Bonhams of London
A n exhibition and sale of modern and contemporary artworks by artists from thirteen Middle Eastern and South Asian countries, is scheduled by Bonhams of Bond Street, London, to be held in June. Among the exhibits originating in Pakistan are the works of its art icons such as A.R.Chughtai, Sadequain, Jamil Naqsh and Tassaduc Sohail. Today's scene is touched with Adeela Suleman's third dimensional constructions of sieves, nuts and bolts, and paintings by Unvar Shafi Khan.

Book Bazaar 
Investing in an intellectual pursuit Books are like good and interesting companions, they provide unlimited pleasure and enhance ones knowledge base. Investing in books is like investing in the future. 
Aspects of development
By S. H. Jafri
Industrial development is considered as the key to progress of a country. In the development of a country two resources play a vital role i.e. human resources and natural resources. Pakistan has these two resources in abundance. Inspite of these resources, Pakistan is considered an underdeveloped country. The reason of this that our human resources are inactive I mean to say that they are untrained and uneducated. They are illiterate and have no technical knowledge to use their natural resources.

Lingering memories
By Hania Ansari
Preserving memories is perilous activity. I refrain from collecting intimate objects that hold emotional significance, and, contrary to what you may have heard from Ms Coelho, rarely take photographs anymore.

RATING ROUNDUP
Publicly Notified Ratings by JCR-VIS Credit Rating Company LIMITED
ISSUE / ISSUER MEDIUM TO OUTLOOK SHORT
LONG TERM TERM
Entity Ratings
AlBaraka Islamic Bank BSC - Pakistan Branches A Stable A-1
Al-Zamin  Leasing Corporation Ltd. BBB+ Rating Watch - Developing A-2
Al-Zamin Leasing Modaraba A- Rating Watch - Developing A-2
Amtex Ltd. A- Stable A-2