Nepal To Turn Into Shopping Stop

The Complex Developers Leaser Association (CDLA) plans to develop Nepali cities into major shopping destinations like Singapore, Hongkong and Dubai.

"We aim to develop Nepal as the shopping destination of South Asia," CDLA president Sakuntalal Hirachand said at a press meet organised to announce that the organisation has representation of all shopping malls and complex developers in Nepal.

"We are currently concentrating in Kathmandu valley," he said adding that their next target is to develop Pokhara as a mall city. "The association will work for the benefit of the people," he added.

There are around 40 shopping complexes in Nepal and these complexes have benefitted the economy," informed CDLA vice-president Ichha Bahadur Wagle. He said that they would work to make the Leasing Act more practical.

According to the members of the association, it will not only focus on benefiting limited complex developers but also work to create employment opportunities for the people. With the development of mall culture in the country, the definition of facilities has also changed. Whether in the field of security or entertainment, shopping malls now provide a common destination for people, all under one roof.

CDLA treasurer Narendra Ballabh Pant said, "The aim of the association is to develop urbanisation along with market development."

NRB's 20th Anniversary

Nepal Rastra Bank employees exchanged good wishes on the occasion of he bank's 20th anniversary on Tuesday. Speaking in the programme organised by the employee association, governor Dipendra Bahadur Kshhetri said NRB employees are capable of taking decisions in favour of the bank. He assured his colleagues that he would work to stop external influences in the management of the central bank. Employee assciation general secretary Rajendra Rijal expressed deep concern over decreased decision making capacity of NRB officials and urged for more coordination and cooperation between employees and executives.

Yamaha Super Exchange Camp at Kantipath

MSK automobiles authorised dealer of Morang Auto Works (MAW) - has organised Yamaha Super Exchange Camp from April 28 to 30 at Yamaha Showroom, Kantipath. According to a press release, the exchange camp includes a sureshot scratch card worth at least Rs 5,000 to Rs 1,00,000 on both the cash and finance purchase of ALBA ES and G5 ES motorcycles. Paragliding scheme is also available in Gladiator SS/RS. The company gives the option of a straight discount of Rs 10,000 on both cash and finance purchase.

NIC Posts Profit

NIC Bank has posted 44 per cent growth in its net profit to Rs 251 million in the first nine months of the current year compared to the same period last year. "Our non-performing loans currently stand at a mere 0.9 per cent," said the bank that now has a network of 19 branches across the country from east to far-west including seven branches in Kathmandu valley. All branches are connected through VSat /Optical fibre network enabling real-time on-line connectivity.

Laxmi Bank's Profit Ups

Laxmi Bank Ltd (LBL) posted 38 per cent growth to reach Rs 251 million in the third quarter of the current financial year in comparison to the same period the last financial year. Its deposit base also grew by 38 per cent to Rs 13.3 billion and loan portfolio increased by 42 per cent to Rs 12.2 billion. The bank has also increased its paid up capital to Rs 1.09 billion and balance sheet size to Rs 15.5 billion. Its non-performing loan is less than 0.1 per cent.

Nepali Pashimna Registered in EU State Norway

Norway became the first country to register Nepali pashmina brand while Australia is the first country to grant a confirmation letter for registering it.

"Australia was the first country that gave us a confirmation let ter regarding our application for brand registration and now, after a month Norway has registered Nepali pashmina brand," said a delighted Shanker Prasad Pandey, president of Nepal Pashmina Industries' Association (NPIA).

The association has made a logo of Nepali Pashmina, 'Chyangra Pashmina', for its brand registration in the international and national markets. NPIA has also started its brand registration in the EU and Switzerland, Korea, Japan, America, Canada, and Russia.

"We are going to apply to 14 more countries aside from the 11 to whom the application for brand registration has already been forwarded," Pandey said adding that within the next fiscal year apart within the EU Nepali pashmina brand will be registered in 26 countries.

NPIA has launched its brand registration programme to check fake products being exported in the name of Nepali Pashmina and to guarantee the quality of the products.

Nepali pashmina does not cover major markets. Therefore, even an export of Rs 10 billion is a huge business in the international market. According to Pandey, "We are forced to register Nepali pashmina's brand logo though it is time-consuming. The government has granted us priority, but we are working in coordination with an Australian company 'Mitrata Foundation' for the brand registration." Pandey added that the process was quite expensive and there is no government support. Till date, NPIA has spent around Rs 5 lakh. "It's getting hard enough getting the money to spend on the process. We have to pay heavily during the registration, counting the advocate charges and brand registration process," said Pandey adding that to complete the initiation NPIA needs a budget of Rs 1.24 crore from the government and that it is hopeful that the government will allot the budget.

Due to lack of a brand name for Nepali pashmina, different countries are selling low quality products in the name of Nepali pashmina but which are made of viscous polyester, wool, cotton and other textile materials. More than 50 per cent of the local market has been taken by fake pashmina, said NPIA which is also planning to start a campaign in the local market by using hoardings explaining the quality of real pashmina at major tourist spots.

The total pashmina exported during the fiscal year 2007-08 was worth Rs 584,265,083, i.e. 21.78 per cent of the total export of handicraft goods. Pashmina worth Rs 2,24,468,491 was exported in the first three months of the current fiscal, an increase of 42.56 per cent over the same period the last fiscal year that saw export of pashmina worth Rs 157,460,067, according to Federation of Handicrafts Association of Nepal (FHAN).

Bottlers Nepal Bagged the CEO’s Award

Kathmandu, 22nd April 2009: This April Bottlers Nepal bagged the CEO’s Award in the 2009
General Management Meeting of Coca-Cola Sabco held at Siam Reap for its outstanding performance in 2008. Fanus Nothnagel, Group CEO of Coca-Cola Sabco presented the award to the Managing Director of Bottlers Nepal Saumindra Bhattacharjee.

Coca-Cola Sabco has its operations spread over East Africa, South East Africa besides South Africa itself and employs more than 9500 people. It operates 25 bottling plants and aims to fulfill the refreshment needs of more than 240 million consumers that live in its markets. Coca-Cola Sabco is considered to be a specialist in the emerging markets. The Coca-Cola Company with its Headquarter in Atlanta, USA operates in more than 200 companies mainly through seven anchor bottlers and some independent franchisees. Coca-Cola Sabco is one of the leading anchor bottler of the Coca-Cola Company.

Managing Director of Bottlers Nepal Saumindra Bhattacharjee says- “it’s a moment of pleasure and pride. This is the first time such a prestigious award of international standard is being conferred to the Nepal operations. Grabbing this award would not have been possible without the strong association of the esteemed consumers with the World’s most valuable brand, the customers, vendors, each stakeholder, local community and the sheer commitment of the associates of BNL and BNTL to excel in every sphere. ”

MAW Unveils Skoda Octavia and Laura

Our service centre uses very sophisticated, state-of-the-art diagnostic equipment to provide world class service to Skoda owners Morang Auto Works, the sole authorized dealer in Nepal for Skoda Auto which is part of the Volkswagen Group, which as of today is the world's third largest car producer, has launched two sedan models in the premium category - the Laura and the Octavia - both 1900 cc Turbo Diesel engined European cars that are manufactured in the Czech Republic with German technology.

Skoda cars are the toughest on the road and offer an attractive design along with technical innovations in an excellent price-performance ratio coupled with special features such as high quality coupled with functionality, reliability, safety, environment friendliness, fuel efficiency that fulfil the highest standards. These cars have a special Rough Road Package developed for Nepal road conditions that includes a high ground clearance at 165 mm, a special steel plate under the engine and reinforced suspension. Octavia and Laura are priced at Rs 36 and 46 lakhs, respectively.

Adhering to its credo of 'Service through Excellence', Skoda MAW has a wellequipped workshop worth over Rs 20 million in developing service and spare part facilities for Skoda. "Our service centre uses very sophisticated, state-of-the-art diagnostic equipment to provide world class service to Skoda owners," said Vishnu Kumar Agrawal, managing director of Skoda MAW.

Morang Auto Works' future plans by the end of 2009 in clude the introduction of the Fabia Combi and the second generation of one of the most successful models in the Skoda range, the Fabia, within a few months. Earlier this year, Skoda Fabia won the CNBC Overdrive Car of the Year Award 2009 in India. MAW will also launch the 7-star super luxurious Superb and the Yeti, the compact SUV from Skoda Auto that is to be launched in Europe this summer.

Toyota Corolla New Year Offer Extended

EastLink Motors Pvt Ltd - the exclusive dealer of Toyota Corolla vehicles in Nepal has extended its Corolla New Year Offer to July 15. The offer started from April 21.

United Traders Syndicate Pvt Ltd incorporated by VOITH is the sole distributor of Toyota vehicles in Nepal and has appointed EastLink Motors Pvt Ltd as exclusive dealer of Toyota Corolla vehicles in Nepal.

EastLink Motors Pvt Ltd had previously come up with the Corolla X-Change Offer that became a huge success.

Dr Dhananjay Regmi, managing director of EastLink Motors Pvt Ltd, assured of after-sales service and genuine spare parts availability. The Corolla New Year Offer campaign incorporates a value-oriented customer benefit package including New Year Special Cash Discount, 10 Years Bank Finance, 90 per cent Finance Facility, three years Bumper to Bumper Warranty, Free Banking Services, Free Car Accessories and Exchange Facility with any brand.

The campaign venue is at EastLink Motors Pvt Ltd at Scout Building in Lainchaur here, in Pokhara by Autoways Pvt Ltd, in Chitwan by Swastik Trade Link and in Biratnagar by AB Enterprises.

Toyota Corolla's refined version has new looks and a sophisticated interior with dynamic and advanced design with a 1.6 litre VVT-i engine.

Monetory Policy A Flop

The new Monetary Policy has miserably failed to control the price hike.

Speaking during Nepal Rastra Bank's 54th anniversary today, central bank governor Dipendra Bahadur Kshhetri showed serious concern over the rising prices at a time when prices around the world are falling due to financial crisis. The inflation rate at present is above 13 per cent nearly double the target of 7.5 per cent.

"Though Nepal's economy is not completely integrated with the global market, it has already started feeling the heat of the global financial meltdown in some sectors like tourism, exchange rate of Nepali rupee vis-à-vis US dollar and foreign employment," he said adding that local problems like energy crisis, frequent bandhs, strikes and labour disputes have also posed a serious threat to the growth that was pegged at around seven per cent.

During the current fiscal year, the expected growth in the agriculture sector and industrial output also might be adversely affected, according to NRB data.

NMB Starts Online Share Applications

Good news for share investors ! Soon it will be possible to apply for primary issue from home.

"Those days of long queues will soon be a thing of past," said Upendra Poudyal, CEO of NMB Ltd, launching the online share application service - NMB eSolutions: NMB online share application, here today.

NMB has come up with the first step in online share application system. "An investor can now file profile online and need not fill up any applications," he said adding that it will also help them save time and energy each a primary issue is floated.

However, for the time being as Securities Board of Nepal (Sebon) has not brought an online share application regulation one has to follow some procedure manually as usual, such as registration.

"Once an investor files his/her profile online, he/she will get a slip with ID code and can register at privileged counters with mandatory documents like photos and xerox copy of citizenship certificate and pay the amount equal to the number of shares sought," CEO Poudyal added.

However, it will take some time to go to full electronic application system for shares. Some changes in the framework of the Securities Regulation and greater awareness among investors could help go for complete electronic system of application.

Bank of Asia Launches Two New Products

Bank of Asia Nepal (BoAN) has launched two new savings accounts on Monday targeting both its shareholders and the servicemen sector. "BoA Shareholders Savings Account" is aimed at shareholders and their families while "BoA Servicemen Savings Account" is targeted at public and private sector servicemen, said a press release. The bank will give seven per cent interest on shareholder accounts and 7.5 per cent interest on servicemen account. It has also launched Internet banking service, i-Touch. The Internet banking service will facilitate the account holders in transferring deposits, paying their mobile bills and recharging pre-paid mobiles

Experts For Digitalising All Sectors

There is a need to digitalise every sector of the country, experts today opined.

Speaking about the importance of ICT in Nepal, Microsoft Swabhimaan 2066 coordinator Subodh Sudhakar Rijal said, "The event has proved to be a sucess and the aim to promote e-goverence system has been highlighted by the assurance of Minister of Industries Asta Laxmi Shakya."

Speaking on the occasion, Minister Shakya said, "The ICT sector has to be developed and the concept of digitalization implemented in other sectors to develop the country in the field of IT."
Around 4,000 visitors visited the programme. Most of them were students who showed keen interest in IT and expressed willingness to start their career in the field of information technology.

"Nepal is between two neighbours like India and China which have developed themselves in the field of IT, but it is still in the toddler stage in this field," said Rijal. He added that there would be accuracy and speed in the working process of the goverment and other organizations with these technologies.

Swabhimaan 2006 focused on e-goverence, rural computing and information security. Around 350 participants from IT colleges, professionals and other people actively participated in the event.

Governer of Nepal Rastra Bank Dipendra Bahadur Kshhetry said both the private and public sectors should work together so as to provide facilities to the common people by utilizing these systems.

The organizers are hopeful about the assurances given by the goverment about implementing these advanced technologies in other to develop the country in the field of IT and introduce digitalization in every sector.

The expo is expected to be a cultivation of latest technology in Nepal in the presence of government and private sectors, Non Resident Nepalis. universities, Non-Governmental Organisations (NGOs), INGOs and ICT experts.

Liquidity Crunch Fuels Bank Interest Rates

Liquidity crunch has started fuelling the banks interest rates that were till last year hovering around and below five per cent.

"A huge amount of money is going to be invested in mega projects like Upper Tamakoshi soon and the banking sector will feel the heat," said Kishore Maharjan, chief executive officer (CEO) of Sunrise Bank - the 23rd commercial bank.

Maharjan also forecast liquidity crunch in six to eight months.

"We believe that in six to eight months, there will be a massive liquidity crunch in the market," he said.

He added that Sunrise Bank has, targetting the coming critical period, launched a fixed deposit product Sunrise Nava Barsha 2066 Muddati Patra that gives nine per cent interest per annum.
Though the established commercial banks are in comfortable position, new banks may have to face a critical situation if they do not plan ahead.

"The days of following institutional depositors in a cut-throat competition offering them highest rate at the cost of individual customers are gone," Maharjan added.

Sunrise is targetting individual depositors who are getting low interest rates on their hardearned money, according to Maharjan. Sunrise has earlier announced it will float 3.75 million-unit primary shares worth Rs 375 million.

The bank has also tried to lure more depositors by bringing another new product called Share Lagaani Khata offering 6.75 per cent interest per annum.

The recent heavy withdrawal from commercial banks due to the government's fears has also compelled banks to increase the interest rates.

Revenue Collection by DAO Mahottari

The Mahottari district administration office has collected Rs 33.8 million revenue during the first nine months of the current fiscal year. Administrative officer at the office Basu Prasad Koirala said collection was up by 30 per cent from the revenue collected during the corresponding period last year. The largest volume of revenue was collected from issuance of passports. The DAO collected Rs 32.52 million from passport distribution.

NCC Bank Posts Profit

NCC Bank has posted Rs 408.1 million operating profit in the third quarter of this fiscal year. The bank also increased its capital adequacy ratio (CAR) to 12.51 per cent, more than Nepal Rastra Bank's 10 per cent under Basel-II, claimed NCC Bank. Non-Performing Assests (NPAs) also went down to 9.14 per cent

Yamaha's Paragliding Scheme

Sole authorized distributor of Yamaha Motorcycles for Nepal, Morag Auto works has launched "Paragliding" scheme on its very popular youthful 125cc bike "Gladiator SS". This scheme includes from Kathmandu to Pokhara and back transportation and expenses paid for paragliding. The company has also provided the option of attractive cash discount for those who don't want to go paragliding or take the hang gliding option.

Artha Ko Artha Turns 16th

Arthako Artha - a business and economic TV programme - telecast by Nepal Television will complete its 15 years on Sunday. "We will enter the 16th year with new challenges and dedication," said Hridaya Raj Gautam, managing director of Independent Business News (IBN), the producer of the programme. IBN has also launched a website www.arthakoartha.com, where the programme can be watched online.

Industrial Exhibition Proves An Instant Crowd-Puller

Over the last four days, over 30,000 people visited the 20th National Industrial Expo which is being held at Bhrikuti Mandap here.

"There is a steady flow of visitors as well as buyers," said Hem Kumar Rai, director of Cottage and Small Industries Development Board.

However, the herbal products proved the largest crowd-puller in the five-day event. "The herbal juices are better for the health," said Durga Chudal, sales officer of the Alternative Herbal Products that is showcasing their herbal products like allovera juice, Beel juice, herbal tea, avogardo and allovera-mixed soap, organic coffee and many other herbal products.

Providing a platform for small-scale entrepreneurs to exhibit their products, the board is the main organiser for the expo. Dhaka cloth, bamboo products, Nepali handicrafts, food items and stalls displaying other such products made in Nepal are other crowd-pullers in the expo that runs till Sunday.

Hum Bahadur Gurung, an entrepreneur form Syangja came to display his homemade cold drinks, which sold out today. "I sold cold drinks worth Rs 10,000 and that was very gratifying," added Gurung, who has also received a letter of appreciation and certification for his cold drinks from the Department of Food Technology and Quality Control.

"The expo is to showcase Nepali products and encourage people to use products made in Nepal," director Rai said adding that they are also providing a platform for small entrepreneurs to promote their products at the national and international levels. Meanwhile, an interaction was held at the Nepal Tourism Board (NTB) among government agencies, importers, exporters and small entrepreneurs to discuss their needs and problems.

There are 162 stalls set up by small entrepreneurs and 13 stalls provided by the sponsors while there are 357 participants from 71 districts who are displaying their products.
The expo is supported by NTB, FNCCI and several other organisations.

FIT Nepal Holds IT Showcase Event

Swaabhimaan 2066 organised 24 talk programmes on three topics - rural computing, information security and e-governance - today. Around 350 participants from IT colleges, professionals and interested persons participated.

"We are happy at the participation," said Subodh Sudhakar Rijal, coordinator at Microsoft Swaabhimaan.

The two-day knowledge series started yesterday and attracted around 500 visitors at its 12 stalls today. Among them 80 per cent were students and youngsters.

"I am here to see new development in IT sector of Nepal", said Kamala Rijal, a grade 11 student. She said she gleaned lots of information regarding ICT and added that she plans to study computer science.

Forum for Information Technology Nepal (FIT Nepal) has organised the national showcase and ICT conference, 'Microsoft Swabhimaan 2066.' The two-day event has been organised in association with Microsoft and the Prime Minister's Office, Ministry of Science and Technology, National Information Center (NITC), Controller of Office of Certification, ITC Association of Nepal and Direction Nepal.

"The expo will be a cultivation of latest technology in Nepal in the presence of government and private sectors, Non Resident Nepalis. universities, NGOs, INGOs and ICT experts," said Ganesh Shah, Minister for Science and Technology.

A highlight of the event will be the showcasing of leading technology by 10 national companies. According to the organisers, around 3000 visitors are expected to visit the event. "The conference will focus on e-governance, info security, rural computing and private sector in ICT," said coordinator Rijal.

" Our country is still digitally divided and so we are least developed. Only two per cent of Nepalese are English literate, said Allen Bailochan Tuladhar, chairman of FIT Nepal.
According to Tuladhar, there must be ICT plans and ICT budgets from the government.

NT to Give 25% Dividend

Nepal Telecom (NT) added 10,095 mobile users everyday between last July and this March, according to the company.

The company - that held its first annual general meeting (AGM) recently - said at a press briefing here today that it has a customer base of 24,22,699 in the pre-and-post paid mobile segment whereas the number of landline users is 5,51,416 and that of CDMA users 6,86,032.

Its new service ADSL users has also reached 13,969 till February. The company posted a net profit of Rs 7.94 billion in from the fiscal year 2064 to 2066 BS. It is looking to achieve a target of Rs 10.13 billion for the current fiscal year. In its AGM, however, it decided to distribute only 25 per cent cash dividends to its shareholders.

The unhappy shareholders have formed a struggle committee. They have accused NT of not mentioning what happened to the Rs 500 per unit share in the annual report. "The company did not listen to shareholders and took an arbitary decision during the AGM," complained Hari Kumar Shah, a shareholder. "While floating shares also NT did not mentioned its net worth but added Rs 500 premium stretching a minimum bid of a Rs 100 per unit shares to Rs 600 per unit," he added.

From last June-July's teledensity of 10.12, in February it has reached 13.28 - the highest teledensity in this region. The company has also started providing its pre-paid services on demand and its GSM/CDMA has reached all 75 districts, said the company.

However, the company is blamed for its poor quality and service. "We have been facing many problems and receiving many complaints but at the same time we are trying to improve our service quality," said Amar Nath Singh, managing director of NT. He said that the results will be felt in the next five to six months.

Admitting that Nepal Telecom has not been able to meet the needs and expectations of the public, Singh added that they are looking to expand extensively and consumers will be experiencing a change in all aspects of the service soon. "Load-shedding has been affecting the smooth functioning of services as the BTS towers cannot function due to prolonged hours of load-shedding," he said adding that NT is adding alternative means of energy like solar panels and generators to counter the problem.

Nepal Telecom also made public today that it has implemented Employee's Code of Conduct.

Surya Life Insurance in Expansion

Surya Life Insurance Co Ltd is planning to expand its base with six more service centres within current fiscal year. According to a press release, the company will have two branches and 30 service centres by the end of this fiscal year. It plans to expand its network to 10 branches and 50 service centres in the fiscal year 2009-10. The company is using Soham Life software developed by Dream Tekis Software Pvt Ltd of Bangalore, India, for effective service delivery.

StanChart's ATM at Itahari

Standard Chattered Bank Nepal Ltd has set up ATM service in Itahari. Nepal Rastra Bank (NRB) chief manager Jagadishwor Adhikari inaugurated the ATM on Thursday at the ex-Gurkha Departmental Store. The bank has a wide network of 18 ATMs, 13 in Kathmandu valley and five outside the valley. http://www.standardchartered.com

Kist Branch Expansion Continues

Kist Merchant Banking and Finance continues its branch expansion in Damauli. This is there 23rd branch. Chief Executive Officer Kamal Prasad Gnanwali inaugurated the institution's 23rd branch in Byas municipality of Tanahun on Thursday. It is also planning to open a branch in Ratnanagar of Chitwan soon. This youngest commercial bank will start its full operations as a commercial bank from May 7. It has six branches in Kathmandu valley and 17 outside the valley.

Sipradi Comes Off With Flying Colours

Despite political turmoil, mounting inflation and a nagging fuel crisis, Sipradi Trading Private Ltd, the distributor of Tata Motors pipped rivals from 16 other countries to become the highest seller of commercial vehicles manufactured by Tata in the international market.

International business chief of Tata Motors Ltd, Mumbai PG Shankar handed over the best distributor award and letter of appreciation to Sipradi chief executive officer Shambhu Prasad Dahal yesterday.

On the occasion, Dahal and Tata Motors representative Gursha Man Singh signed a fresh strategy paper for the year 2009-10. The company sold more than 3,500 tippers, buses, mini buses and Tata mobile in the financial year 200809, the company said.

Sipradi Trading - the sole dealer for Tata vehicles in Nepal for 25 years - had in the past faced a shut down called by the Maoist guerrillas. The Nepali company is also the secondhighest seller of Tata vehicles spare parts in the international market.

Sipradi has been boosting its sales with its network of service centres and spare parts dealers. Aside from its current seven service centres, this year it plans to open 14 more such centres besides boosting its mobile van services. Sipradi has five branches, seven authorised service centres and 112 spare parts dealers.

According to Dahal, Sipradi is planning to extend its aftersales service through 31 service centres throughout Nepal and add 12 new mobile service vans within the current fiscal year 2008-09.

20th National Industrial Expo Begins

"The country cannot move ahead until the industrial sector become stronger," Minister for industries Astalaxmi Shakya said today while inaugurating the 20th National Industrial Expo here at Bhrikuti Mandap.

"Only when small-scale industries get recognition in the national and internation al market, the industrial sector will grow," she added

There are 175 stalls set up by participants from 70 districts. The organisers estimate business of Rs 2 million and expected turnout is 1,50,000 in the five-day event.

Main attractions are Nepali handicrafts, woodcraft, herbal products, agricultural products, Dhaka, pashmina and organic coffee, etc.

The other highlight of the event is 'Outstanding micro entrepreneur' programme in which the winning participant will be awarded with an industrial tour of Thailand.

President of Nepal Cottage and Small Scale Industries Saraswoti Bati said," It is very important to promote Nepali products within the country so that we can compete in the international market."

Get Ready To Be Seduced By The Sirens!

In the last four years, Skoda has started rolling on the roads of four countries, and now it is officially being launched in Nepal tomorrow.

"Nepal is the 105th market of Skoda," said Axel Andreas Oberdiek, regional manager, Asia Skoda Auto, speaking to The Himalayan Times, before the launch of this European beauty that is considered a status symbol and an amalgam of style and safety. "Though we en tered the Indian sub-continent a decade ago in 2001, Skoda's ride has been slow but steady," he said adding that Nepalis will get the chance to ride European luxury brands - Skoda Laura and Octavia - that Europeans are proud of.

Even before the official launch, Skoda MAW - a sister concern of Morang Auto Works - has been able to sell 30 units of this beautiful machine that has satisfied Nepali auto-buffs for its safety and pollution norms of Europe standards.

Skoda Laura priced at around Rs 45,00,000 and Octavia priced at around Rs 35,00,000 are on sale at present at the Skoda MAW showroom. "MAW has started selling Skoda Laura and Octavia - high end cars - as a top-down marketing strategy to promote the luxury brand," he said.

"The premium segment automobiles of Skoda are famous for quality, superior technology and value for price," Oberdiek said adding that the whole range of Skoda cars like Fabia and Fabia Sedan will be available in Nepal. In the domestic automobile market that is increasing at around 14 per cent annually, Skoda's Fabia - yet another car from the Skoda stable - is considered to give high competition in terms of price as well to the other cars in the market.

"Skoda cars are synonymous with power, low operating costs, environment friendliness and suitable for the family and business and even leisure options, value for money, reliability, technical advancement, originalilty in design and fully comparable to even higher parameters as well as user properties," the regional manager said.

"Our target is to sell 1,000 units by 2012," said Vishnu Kumar Agarwal, chief executive of MAW. "This year we will definitely cross 150 units," he added.

What began over a century ago with Vaclav Laurin and Vaclav Klement founding a company, is today a world renowned brand that will conquer Nepali hearts.

Get ready to be seduced by the sirens!

Mobile Expo From April 30

Mobile Association of Nepal will organise the second Mobile Expo 2009 at Fun Park, Bhrikuti Mandap, from April 30 to May 5.

"Expos such as these should also be held at the district level in order to make people aware of technology that they can utilise," said Ganesh Shah, Minister for Environment, Science and Technology.

He added that the government would render full support to development and revolution in the field of technology.

The telecom sector has been facing severe problems concerning connectivity and service quality for quite sometime now and the expo is aimed at providing businesses, consumers and the government with viable solutions to manage these problems.

During an interaction programme about the proposed expo, Kavindra Shrestha from Nepal Telecom Authority (NTA) said that in order to address consumers' complaints, Type Approval procedures set according to international standards should be implemented.
Implementation of the type approval would ensure quality and standard, with consumers without having to face problems.

Nokia, Samsung, LG, Lenovo, Dell, Philips are some of the known brands that will be on display at the expo.

Prime Bank to Issue Worth Rs. 3 Billion IPO

Prime Commercial Bank Ltd has got permission from Securities Board of Nepal (Sebon) to issue three million-unit shares worth Rs 3 billion initial public offerings (IPO). According to a press release, Prime Bank has appointed Citizen Investment Trust as issue and sales manager.

SBI Bank's 31st Branch at Kalanki

South Asian Associa tion for Regional Cooperation (SAARC) secretary general Dr Shil Kanta Sharma inaugurated the 31st branch of Nepal SBI Bank Ltd at Kalanki of Kathmandu on Wednesday. The branch will provide remittance, deposit and lending services to people of Kalanki, Swyambhu, Sitapaila, Syuchatar, Thankot, Kalimati, Kuleshwor and Baphal areas.

ADBL Readies For Its Largest Primary Issue

Agriculture Development Bank Ltd (ADBL) has appointed Ace Development Bank Ltd as the issue manager for its mega initial public offering (IPO) of 96,00,000-unit shares worth Rs 960 million.

Janak Raj Shah, chief executive officer (CEO) of ADBL, and Siddhanta Raj Pandey of Ace Development Bank Ltd signed an agreement today on behalf of their respective organisations here today. The agreement paves the way for ADBL to issue the largest ever public offering. By next month, the bank will float the primary issue.

Three organisations Ace Development Bank, NMB Bank and NIDC Capital Market - had applied to ADBL to get the post of issue manager.

"Established as a development bank, ADBL is now a commercial bank," Shah said adding that the new financial institutions (FIs) cannot match its network strength. The growing number of FIs are a concern for some economists. But Shah thinks the growing number of FIs is beneficial for the economy as they will push up the rate of interest. He was of the view that policy rethink is the need of an hour as the concentration of financial insititutions is increasing in urban areas leaving the rural areas far behind.

"More FIs are needed to monetise the whole economy," he justified adding that rural sectors are still out of reach of the banks. "The increasing number of FIs and increasing deposit indicate that the market is not saturated yet," said Shah.

The growing number of financial institutions has also led to cut-throat competition and growing consumerism which has been blamed for sub-prime loan leading to the global financial crisis.
"Banks also must face business cycle and Nepali banks will have to face it sooner or later," said Shah, who is also the president of Managament Association of Nepal (MAN). He added that competition would bring good results. "FIs will be selective in investment, maintain professional ethics and culture and risk mitigation practices."

However, as a commercial bank ADBL has also started consumer banking. Shah thinks that ADBL's case is different. "The other FIs have limitations and are forced to concentrate on consumer segment," he said, "That could lead to problems."

His prescription to the central bank, Nepal Rastra Bank (NRB), is to do assessment with right policy measures and be more vigilant in mitigating risk. "The lack of a long term policy and inconsistency in policy matters have hit us and we are only into patchup work," Shah said.
Talking about financial reform programme and privatisation, the wholly government-owned commercial bank's chief was of the opinion that Indian and Chinese experiences could be imitated. "They have not completly divested banks but entered into partnetships," he added.
Banks can be wheels of change too. "Development and commercial banks should be linked up," ADBL's first CEO Shah said. adding, "Capital is key in development activities."

Puja Soap Relaunched

Mahashakti Soap and Chemical Industries has relaunched Puja Soap with additional features. "A very popular soap which is widely used has come up with Foam Booster technology which makes clothes shine more and at the same time it is more fragrant," said the company. Foam Booster creates more fizz, which washes out all dirt, making clothes shinier. The new Puja Soap has elements that make clothes more fragrant. The size of the soap is bigger than before and it gives consumers more value for their money. Puja Soap has no harmful chemicals, says the company adding that it is gentle on and safe for the hands.

NAC Relaunching Mumbai Flight from May 1.

"NAC will fly twice a week on the Kathmandu Mu m b a i - Ka t h m a n d u route," said Raju K C, spokesperson for the national flag carrier. "Five days a week it will fly on Kathmandu-New DelhiKathmandu route, except Monday and Friday when it will fly to Mumbai," he said adding that the Mumbai flight, contrary to the New Delhi one in the evenings, will be in the afternoon.

The flight duration of Mumbai-Kathmandu is a little over two hours and it will take off at 1.25 pm from Kathmandu and land at 3.45 pm in Mumbai. "In the evening, the aircraft returns at 4.50 pm from Mumbai and lands at 7.55 pm at Tribhuwan International Airport," K C said.

NAC has also offered discount rates on its ticket on the occasion of the re launch of the Mumbai flight. Earlier, NAC - then RNAC - used to fly on the route regularly from 1992 to 2007.

Currently, it is flying to six international destinations and re-launching the flight to Mumbai will make it the seventh international destination.

The ailing national carrier has only two Boeing 757s - Gandaki (RA 217) and Karnali (RA 218) since long and it is planning to buy more aircraft after a bid to lease aircraft failed last month.

In the late '80s, the then RNAC acquired two Boeing 757s on lease - Karnali in 1987 and Gandaki in 1988. After, the movement in 1990, successive govern ments of Nepali Congress and Communist Party of Nepal (United MarxistLeninist) had leased aircraft from Lauda Airlines and China South Western Airlines amid controversy.

The present Maoist-led government has decided to buy brand new aircraft instead of leasing them like its predecessors.

In the budget for the fiscal year 2008-09, Finance Minister Dr Baburam Bhattarai has assured that the government will guarantee to acquire the necessary funding to purchase two large aircraft for NAC in order to enhance international seat capacity and make services timely and reliable.

SBI's 27th Branch at Suryabinayak

Nepal SBI Bank Ltd opened its 27th branch at Suryabinayak in Bhaktapur. Bank managing director N K Chari and Bhaktapur CDO Kamal Mani Kafle jointly inaugurated the branch on Monday. The bank recently opened a branch in Palpa also. It will open new branches in Surkhet, Tamghas, Itahari, Illam and Kalanki shortly.

StanChart CSR

Standard Chartered Bank Nepal joined teams from Helen Keller International and Nepal Technical Assistance Group to raise awareness and provide support to community health volunteers during the Nepal National Vitamin A Programme's distribution programme. The foreign team and the home team are part of the Standard Chartered Bank 'Seeing is Believing' programme, said the bank.

LG Mobile's 3M Offer

LG, a leading name in electrical goods and appliances, has brought a consumer scheme titled 3Ms - mobile, money and motorbike - to promote its mobile phone brand. The scheme offers a chance to win the bumper prize of 160 cc TVS Apache Bike by lucky draw. According to the scheme, anyone purchasing any LG mobile will get a scratch card which promises either LG wrist watch or attractive cash prize. The lucky draw announcement will be aired live on television. Names of winners of the lucky draw will also be published in national dailies.

Citizen Bank International Turns Three

Citizens' Bank International Ltd has completed its second year of operation and entered its third year. "After its successful primary issue, issued capital of the bank touched Rs 1 billion," said the bank. It also posted operating profit of Rs 124.832 million by the end of the year 2065 BS. Currently, it is providing services through nine branches. Soon, it will open new branches in Birtamod, Narayanghat, Butwal, Dhangadhi, Kalanki, Nayabazar and Thahiti.

National Industrial Expo from April 22-26

The 20th National Industrial Expo will be held from April 22 to 26 at Bhrikuti Mandap here. The event has been organised by the Small and Cottage Industries Department in association with the Federation of Nepalese Chambers of Commerce and Industries (FNCCI), Federation of Handicrafts Association (FHAN) and is sponsored by Nepal Tourism Board (NTB).

Micro entrepreneurs from all 75 districts of the country will participate in the five-day event. There will be 186 stalls and more than a hundred thousand visitors are expected at the expo that has been organised since the last 20 years.

"Such events are necessary to promote Nepali products as these products are being replaced by foreign branded items," said Shyam Prasad Giri, executive director of Cottage and Small Industries Development Committee.

"Altogether 15 best micro enterpreneurs will also be awarded on the basis of their presentation, business and artistic values," he added.

The winning participants of the events will get a chance to visit Thailand for industrial tour as a reward this time instead of money. The association has targeted to transact business over Rs 2 million during the five-day event.

"Being Nepali one should always give preference to Nepali products and the event will prove to be a landmark for the promotion of small scale industries," said Saraswoti Badi, president of the association. In keeping with the theme - Use Nepali Products, Feel Proud to be Nepali - all stakeholders of the event are looking forward to making it a success.

RBB to Start Mobile Banking Service

Foreign management is not necessary to catapult a bank into a profit making venture.
"Foreign management is not necessary for the growth of a bank," said Rastriya Banijya Bank (RBB) chief executive officer (CEO) Janardan Acharya during the inauguration of the first convention of Nepal National Employees' Association here today.

A cordial mutual relationship between the workers' union and the bank can help allow the bank to grow into a profitable venture, he said adding that RBB will launch mobile banking service in the market within this week.

"The bank management is in the process of running the bank at a minimal cost by utilizing modern technology," Acharya said.

Speaking on the occasion, Nepal Rastra Bank governor Dipendra Bahadur Chhetry said, "Bank employees play a vital role in the development of the bank." Minister for General Administration Pampha Bhusal said, "RBB can play a vital role in peaceful socioeconomic transition."

Hot Pot Noodles in Market

Pokhara noodles Pvt Ltd has brought its new product 'Hot Pot' noodles in the market.

According to the company, the new product has chilli flavoured oil along with a first-of-itskind noodles in Nepal. The noodle can be enjoyed by all age groups but the youths will espe cially like it for the fiery taste of the chilli oil, the company said. Hot Pot costs Rs 12 per packet. The company hopes 'HOT POT' will make its mark with a whoosh in the Nepali market in the days ahead.

Himalayan Bank's Branch in Ghorahi

Himalayan Bank Limited has launched its new branch in Ghorahi which was inagurated by bank chairman Manoj Bahadur Shrestha. Shrestha said the bank is focusing on productive sectors starting with lending activities to small and medium enterpreneurs under its recent ‘Small and Medium enterprises Loan’ scheme. Ashoke SJB Rana said the deposit base of the bank has reached Rs 32.31 billion and the loan poprtfolio is over Rs 24.40 billion. Shrestha added that the bank is trying to explore new areas. “Ghorahi was an appropriate location for achieving this goal and the bank will prioritise exploration of areas for investment in this region.”

KIST Opens 22nd Branch

Kist Merchant Banking and Finance Ltd opened its 22nd branch in Chatachowk of Sunsari district. Kist has 16 branches outside Kathmandu valley. Rajendra Shakya, president of the finance company, inaugurated the branch and said Kist will soon become a full-fledged commercial bank, making it the youngest commercial bank in the country. The name of the financial institution has also been changed to Kist Bank Ltd. It plans open branches in Bhaktapur, Ratnanagar and Damauli soon

Jagdamba's Structural Steel

Jagdamba Steels Private Limited, a subsidy Shankar group, has started producing structural steel for the first time in Nepal. The company aims to manufacture quality structural steel to promote construction industries in the country. “We will produce high quality structural steel using state-of-the-art infrastructure and cutting edge technology,” the company said. Jagdamba Steel is one of the foremost names in the construction sector of the country.

Complex Developers' Committee Registered

Complex developers’ group has registered its Complex Developer-Leasers’ Association here recently.The group has elected Sukuntalal Hirachand of United World Trade Center as president and Ikshya Bahadur Wagley of Kantipur Mall as vice-president. Uday Ratna Tamrakar, Rishi Tulsiyan and Nugal Ananda Baidhya were elected members.

UTL's New Charge Rates

UTL customers can now make a call for 60 paisa per minute within UTL network from 10 pm to 6 am excluding government taxes whereas general charge will be 80 paisa per minute. Call made within a district from UTL to UTL is Rs 1 per minute. The charge for all UTL calls made to India, America and Hong Kong is now Rs 8 per minute, excluding taxes

Sunrise Bank's New Deposit Scheme

Sunrise Bank Limited launched a new deposit scheme ‘Sunrise Nava Barsa 2066 Muddati Patra’ from April 14. On minimum Rs deposit of 500,000.00 there will be nine per cent interest per annum. Interest on fixed deposit will be posted in half yearly basis. The bank will give overdraft against account with

10 percent interest yearly. This offer will last till June 14, 2009.

Siddhartha Bank With a New Look

Siddhartha bank one of the commercial bank has recently changed its look. The bank has changed its identity from the old one. With this new look the bank promises its customer on betterment in services. More to be seen in near future.
http://siddharthabank.com/

Telecom Service Providers Bring Reduced Rates

The first AGM of Nepal Telecom Company Ltd on Sunday decided to distribute cash dividends from its profit of the fiscal year 2007-08. The company has met the target quorum of 92.29 per cent in total shares, said a press statement.

Speaking during the programme, Sushil Ghimire, secretary at the Ministry of Information and Communication (MoIC), said, “The company has registered a net profit of Rs 7.94 billion during the fiscal year 2007-08 while it has targeted to achieve a total profit of Rs 10.13 billion in the present fiscal year.” Ghimire also assured of extending the mobile service to five million more customers and CDMA service to around 15 lakh customers. The company has also assured of providing more value-added services and developing Voice and Data PTV services through NGN technology in Fixed Network.

Meanwhile, the telephone service provider companies, NT, Spice Nepal and United Telecom Ltd, will reduce interconnection charge rates from April 14. Along with the new interconnection charge from April 14, the interconnection charges of NTC users will be reduced to minimum Rs 1 for local calls and to Rs 3.80 per minute for STD calls. Earlier the STD interconnection charge taken by NTC was Rs 5 per minute.

Mero Mobile, the telecom service provider under TeliaSonera Group and product franchise of Spice Nepal Pvt Ltd, will cut call costs from Mero Mobile to all other networks from April 14. Interconnection costs will be toned down. A minimum of Rs 2.13 (to NTC prepaid local), Rs 1.89 (to NTC postpaid local) and a maximum of Rs 2.83 (to UTL LMS prepaid in different charging areas) have been applied.

Call costs from Mero Mobile to NTC (prepaid, postpaid, CDMA and PSTN landlines) and Mero Mobile to UTL (LMS and CDMA fixed) have been cut by an average ranging between more than 25 per cent and 40 percent. Costs have been cut for SMS services as well.

CAAN, Thai Air ink mutual access deal

Civil Aviation Authority of Nepal and Aero Thai signed a memorandum of understanding here saturday to facilitate mutual access to technologies of the airlines of the two countries.

Control and monitoring of air services between the two countries would be eased after the agreement. Both sides claimed the agreement would prove a milestone in exchanging suggestions, technology and monitoring in the air service sector of the two countries.

The agreement was signed by CAAN director Keshav Raj Khanal and Aero Thai’s chief Marshal Somchai Then Ananta on behalf of their respective organizations.

Minister for Culture, Tourism and Civil Aviation Hisila Yami and Thai ambassador to Nepal Ashimama Ni were present on the occasion.

Mero Mobile cuts call cost from 14th of April 2009

Mero Mobile, the telecommunication service provider under TeliaSonera Group, and the product franchise of Spice Nepal Pvt. Ltd. would like to inform that from the 1st of Baishak 2066 (14th April 2009), the call costs from Mero Mobile to every other network will be cut down.

Mero Mobile would like to notify that the call cost will be toned down by a massive degree of 25% (avg.) [40% optimum amount] from Mero Mobile to NTC (prepaid, postpaid, CDMA and PSTN Land lines) and Mero Mobile to UTL (LMS and CDMA fixed).

Mero Mobile Technical and Marketing Team inform that the call costs have been reduced to a minimum amount of Rs. 1.89 (to NTC Postpaid local) to a maximum amount of Rs. 2.83 (to UTL LMS prepaid at different Charging Area).

Mero Mobile would also like to notify that the call cost for Local SMS Networking at NTC GSM Mobile and UTL CDMA Mobile from Mero Mobile will also be brought down from Rs. 2 to Rs. 1.27 from the very day.

Mero Mobile would also like to inform that the company is launching Datacard in recent future. The Mero Mobile Datacard avails the facility to use internet anywhere.

With facilities and amenities to maximize consumer preference towards Mero Mobile services, Spice Nepal Pvt. Ltd. has taken an initiative to be Nepal's No.1 telecommunication service provider by excelling in every telecommunication sector.

Mero Mobile's First Dealer and Distribution Program

Mero mobile had its first dealer and distribution meet program in 2065 B.S. The program included interaction program regarding the present situation and future planning that company will be doing for the betterment of the facilities towards the mobile user. In the program also the discussion were done regarding the past work, which will help in order to improve the service that is needed to the customers. Mero mobile announce to make the distributors number to five by introducing CM Trading Enterprises limited (IME group of companies). In order to facilitate the more and more subscribers Mero mobile will be opening sales point and customer care centers in many parts of the countries.

SNPL to invest Euro 120 Million to Enhance its Service

Spice Nepal Private Ltd (SNPL), the first private GSM mobile operator under the brand name "Mero Mobile" in Nepal, is planning to invest Euro 120 million with an aim to further consolidate the foothold of the brand in 2009.

Organising a press conference in the capital on Sunday, Dilip Singh, CEO, SNPL, said that the company has earmarked the amount to improve connectivity, service quality and penetration of Mero Mobile across the country.

According to Singh, the SNPL is also planning aggressively to invest Euro 130 million in 2010 in order to enable the Mero Mobile cellular telephony to outpace its competitors."Currently, the total subscribers of the brand in the country stand at 1.7 million. And, the SNPL is devising strategies to drastically augment its customer base in this year," further informed Singh.

Lars Nyberg, CEO, TeliaSonera, leading Nordic telecom operators which owns 80 stake in the SNPL, said that their ultimate vision is to establish Mero Mobile as the number 1 mobile company in Nepal."We are here for a long haul. So, our major priority is to become the unrivalled mobile operator in Nepal," he said.
Nyberg also said that the ongoing financial turmoil will not deter his company from materializing his ambitious investment plan in SNPL http://spicenepal.com

CG tie-up with WWF

Chaudhary Group (CG) is aiming to be Nepal’s first green company partnering with WWF.The group issued a statement today saying CG and WWF had decided to come together to help each other attain the common vision of promoting sustainable business practices.“We aim to be the first fully green company in Nepal, and in this context we will work with WWF to make a broader and more positive impact,” said CG executive director Nirvana Chaudhary.Chaudhary added that CG and WWF will work together to set attainable and measurable targets in the coming which will in time lead to full-fledged partnership between the two organisations.

Samsung brings “Kathmandu Ma Afnai Ghar” as the New Year consumer promotion

Samsung – the world leader in consumer electronics and one of the favorite brands in Nepal has brought – “Kathmandu Ma Afnai Ghar” as the consumer promotional scheme for Nepali New Year 2066.

On the clearance of this scheme, on the purchase of every Samsung Television and Refrigerator, the customer is eligible to receive a sure-shot prize of John Player Polo T-shirt for free.

Also, from this scheme, upon daily lucky draw basis, the customer can also receive one Samsung Microwave Oven. The lucky draw of this programme will be telecasted live on Image Channel every day in the programme ‘Music of Your Choice’.

The Bumper Prize of this offer is the fundamental dream of every Kathmanduites. With the purchase of every Samsung high-end products, the customer is eligible to enter the bumper prize lucky draw that offers one apartment at Suncity Apartments located at Manohara, Kathmandu.

About Suncity Apartments:
Suncity Apartments, located at Manohara, Kathmandu is a massive real estate project constructed under the concept of Global Township Initiative. Suncity Apartments is the first project in Nepal under the Global Township Initiative. With the premium location available for the proximity to the city centre, Suncity Apartment makes a perfect 'home' to everyone.

This 'apartment' scheme has been brought about to the general mass as a 'prize' for the first time in Nepal under the global number 1 consumer electronics – Samsung.

First Real estate Expo 2009 Concludes.

Public response to the first Real Estate Expo 2009 that concluded here today was overwhelming. The turnout of over 35,000 was more than that expected. Title sponsor of the event was Panchakanya Group and co-sponsors were Direction Nepal Pvt Ltd and Gharghaderi.com. The event was held from April 2 to 5 at Bhrikuti Mandap.“The event was historic in itself and more such events will develop the real estate industry in our country,” said Pradip Kumar Shrestha, managing director of Panchakanya Group. Direction Nepal’s event manager Ramesh Thapa said the expo was a huge success.“Nowadays, it is a matter of prestige to have your own house in urban areas, especially when it is designed to meet international standards,” said Rishi Pradhan of Nepal Telecom (NT).Most were agog at the urban housing concepts as the housing companies offered irresistible facilities. Star attractions of the show were the multi-storied apartments, independent housings as well as other housing materials such as solar, furniture ranges, luxury bathroomware, security door locks and others.The event covered all types of housing styles from environmental friendly to modern Grande towers, all matched to meet modern international standards. “The houses are affordable as well as highly facilitated and designed to meet the demands of the people,” said Malvika Subba, sales and marketing manager of Shangrila Housing Pvt Ltd.The throngs visiting the expo were ample proof of the public craze for luxury apartments. Representatives of of the housing companies said bookings of apartments were brisk. They added that some people have went for site tours also. However, the representatives declined to disclose the details of their deals with the customers.Public expectations of about these housing apartments and complexes are high. Will these housing companies be able to fulfill the demands of their customers at the end of the day and keep up their promise of “Always ahead”? Only time, and their own hard work, can tell.

Mahindra Xylo to Redefine Road Travel in Nepal.

Mahindra & Mahindra Ltd (M&M) on Friday launched the Mahindra Xylo, in Nepal. The new Xylo is a versatile and spacious car set to redefine road travel in Nepal. Agni Incorporated Pvt Ltd., the current distributor of Mahindra vehicles in Nepal is the local distributor for the Xylo, according to a press statement.Customers have a choice of two Xylo models — the Mahindra Xylo 2.5 CRDe E8 luxury 7-seater and the Mahindra Xylo 2.5 CRDe E2 8-seater.The 8-seater is priced at Rs 28.5 lakh while the 7-seater is priced at Rs 33.95 lakh.The Xylo is powered by the technologically advanced 2.5-litre m-Eagle CRDe engine and delivers 83.5 kW at 3,800 rpm and 235.4 Nm between 1800 and 3000 rpm.The engine has been refined for better driving and updated with other technological advancements like dual pilot injections, hydraulic valve adjusters, automatic belt tensioner and a recalibrated ECU.Its low kerb weight, coupled with the robust m-Eagle CRDe engine which drives the rear wheels, offers very good drivability.The engine is linked to a five-speed manual gearbox and improved power delivery while reworked gear ratios play a key role in the engine’s enhanced performance.The Mahindra Xylo clocks 0-60 km/h in 5.8 seconds, with a top speed of 155 km/h, and returns a fuel economy average of 12-14 kilometres per litre in urban and highway cycles.

Citizen Bank ties up with Union Exchange Money Transfer

KATHMANDU: Citizens’ Remit of Citizens Bank International and Union Exchange Money Transfer Company have signed an agreement for remittance service. According to the pact signed by Citizens’ Bank’s Kamaladi branch manager Govinda Prasad Upadhyay at the Union Exchange Money Transfer Company in Doha , remittance from Qatar can be collected from any of the nine branch offices of the bank and also at 200 counters of City Express Money Transfer in Nepal.

Laxmi Bank turns Seven

KATHMANDU: Laxmi Bank Limited (LBL) has completed seven years of operations. It has emerged a key player in both the retail and wholesale business segment and prides itself as being a bank that operates under the highest levels of corporate governance, risk management practices that can be benchmarked with best international practices. It is also recognized for its IT credentials which are arguably the best in the banking industry today. LBL’s merger with HISEF Finance in 2004 was a milestone for the Nepali corporate sector, being the first and the only corporate merger. LBL’s balance sheet size stands at Rs 17 billion, and with 17 branches LBL has an NPA level of 0.1 per cent, CEO Suman Joshi said.