Monday, August 31, 2009
Countering the accusation, CA member from Sindhupalchowk Keshav Nepal said that these associations are to blame for such activities as they themselves are permitting the establishment of parallel associations and collecting money from entrepreneurs at the Tatopani border in turn. He also alleged that these organizations are not doing anything for the development of Sindhupalchowk district and that they do not include small entrepreneurs in their associations.
"The government must focus on green revolution for the next five years," said UNITE president Kamal Kharel. "The revolution must target surplus food production along with establishment of agro-based and herb-based industries," he said. Without industrializing and commercializing the agriculture sector the country's development cannot be sustained, he added.
The government has allocated Rs 100 million for the promotion of cash crops -- tea, coffee, ginger honey and fruits -- in the budget 2009-10.
"How can we promote these sectors with a meagre budget?" asked Kharel. "If the government wants development which would be tangible, it should target two sectors -- green revolution and hydropower," he said.
According to UNITE, the government must adopt five and ten year plans for bring ing a green revolution and energising the hydropower sector. Without electricity, the establishment of indus, tries is impossible so the con centration must be in energy sector, said UNITE. Over 50 per cent of the development budget should be set aside for agriculture and hy dropower sectors to build the foundations of industrializa tion, it urged.
The Forte LPI Hybrid is the newest addition to the Kia stable, which includes both gasoline-powered 4door sedan and sporty coupe versions. Kia Motors invested approximately US$180 million over a period of 25 months to develop the eco-friendly forte LPI Hybrid. It has a fuel efficiency rating of 17.8 km per litre.
Additionally, with CO2 emissions of just 99 gram per km, the forte LPI Hybrid qualifies for billing as a Super Low Emission Vehicle (SULEV).
The car utilizes a 1.6litre Gamma LPI engine with an independently developed continuously variable transmission (CVT) and hybrid system, comprising an electric motor, inverter, converter and 180 V lithium ion polymer battery.
"It is efficient, economic and available at a reasonable price,"it said. According to Laxmi InterContinental, i20 is designed for the working people and the family as it is more comfortable.
i20's front headlight and bonnet are attractive and give the look of a luxurious car. The car has received huge accolades in the NADA Auto show that is going on in Bhrikuti Mandap in Kathmandu from Friday.
NEA has invested Rs 3 million for supplying electricity with the separate feeder to the industrial estate. Fifty-nine small and large industries are operating in the industrial park. However, 16 industries have closed due to economic crisis, said the Hetauda Industrial Estate Management.
At present, three different new companies have started construction of buildings for operating new industries. Also, six entrepreneurs have registered applications seeking land for building to establish new industries. More than 7,600 employees have directly benefited from the industries run in Hetauda Industrial Estate.
Industrial estates across the country have been facing the problem of power supply. Balaju Industrial Estate, Patan Industrial Estate and Kathmandu Industrial Estate are also reeling under power shortage while industrial estates out of the valley are also hit by power outage.
The latest sensation from the family of Honda has been kept on display for the public by authorised distributors of Honda cars and motorcycles, Syakar Company Ltd, at the NADA Auto Show.
It is the bike that started motorcycling's `streetfighter' phenomenon across the world. The Hornet CB600F was introduced to the Honda range in 1998. It's aggressive `streetfighter' looks were coupled with a tweaked CBR600F motor optimized for low to midrange torque making it a real fun ride both around town and on winding A-roads, said the company. With one of the most impressive power-to-weight ratios in its class, not to mention its light and responsive handling and racerlook wheels and tyres, the everpopular Hornet lets the whole world know it's loaded for highspirited thrills and the ultimate in riding fun.
The book tries to explain some of the technical system of analysis like double top formation, double bottom formation, head and shoulder formation, rounding top, rounding bottom, triangle, rectangle, support and resistance, A-D ration and volumn analysis.
The investors could take more benefit, if they read the book, though it could not be guaranteed in the domestic market. Bhattarai rightly quotes in the book -- buyers buy in the expectation that the price will go higher and the sellers sell because they think the price will go down, its a huge psychological game that repeats daily at the floor. But the book might boost pyshological confidence of the investors with logical analysis.
Nepal Stock Exchange index drops below the 700-point mark
This week too, Standard Chartered Bank Nepal topped the chart in terms of transaction amount with Rs 65.45 million, though it declared its dividends two weeks ago. Nabil bank followed with Rs 54.55 million whereas Citizens' Bank International (with Rs 41.80 million), Bank of Kathmandu (with Rs 37.81 million) and Nepal Investment Bank (with Rs 35.62 milllion) topped the chart in terms of transaction.
However, these banks' transactions could neither rescue Nepal Stock Exchange (Nepse) nor the commercial banks' sub-group. Nepse plunged by 28.28 points to 681.54 points from Sunday morning's opening of 709.82 points. Similarly, the commercial banks subgroup -- one of the key market propellers -- lost the whopping 45.86 points to 708.75 points from the Sunday morning's opening of 754.61 points.
Except, hotels sub-group, all the other sub-groups performed poorly this week. Development banks sub-group plunged by 12.92 points to 707.84 points from the opening 720.76 points. Finance companies sub-group dropped by 10.87 points to 662.79 points from the Sunday morning's opening of 673.66 points, while the others sub-group also lost 4.70 points to 659.11 points from 663.81 points. Hydropower and insurance sub-groups lost only 2.83 points and 1.55 points to drop to 874.79 points and 640.26 points, respectively.
However, 122-unit shares of Soaltee Hotels -- that were traded on Thursday -- pushed the hotels sub-group's index up by 2.90 points to 366.85 points from Sunday morning's 363.95 points. The rarely traded manufacturing and trading subgroups did not observe any trading this week too.
In terms of number of share units traded, National Hydropower Company topped the chart with 76,000-unit shares changing hands while in terms of number of transactions Citizens' Bank International topped the chart with 1068 transactions.
The transaction amount also decreased by 19.46 points to Rs 512.72 million this week against last week's increase of 63.50 per cent.
However, in the total transactions group-A companies' contribution matched almost last week. This week, the group contributed 62.89 per cent, wheras it was 67.13 per cent last week. The 78-scrip sensitive index -- a barometer of Group-A companies -- lost 10.16 points to 180.21 points, though float index -- calculated on the basis of real transactions -- skidded down only by 2.63 points to 65.95 points from the Sunday morning's opening of 68.58 points.
Compared to the previous year, prices of more than 40 per cent of consumer goods in the market have increased. Not only housewives, students staying in the capital for higher studies are also feeling the heat. Kamal Basnet, who studies at Nepal Humanities College is deeply worried at the spiralling price rise. "One cannot continue studies here in such a situation," he said.
Suntali Kumari who lives off by selling roasted maize on a footpath in the capital said life is becoming harder for people like her.
Students, employees working in lower posts and people with low income are alike reeling under the impact of the exorbitant rise.
During a press meet here today, AAN president Nirmal Poudel briefed the media about initiating an advertisement copyright protection process from today. Under this process, the advertising companies should fill up their application forms so that on violation of copyright of any advertisement the related company can file a complaint.
The advertising companies registered under the AAN for copyright protection will be registered for two years and the registered creations registered under AAN will be kept secure in bank lockers, Poudel said. Along with the initiation of the copyright protection process, AAN has also launched its official website -- www.adnepal.org.np -- for daily updates about the advertising sector and AAN's activities.
"As gold jewellery is not an exportable item till date, there is no authentic data about its export as it is exported indirectly through tourists and Nepalis staying abroad," said Tej Ratna Shakya, president of Nepal Gold and Silver dealers' Association of Nepal (NEGOSIDA). According to him, gold jewellery from Nepal has great demand abroad due to its ethnicity and design but until there is an infrastructure development policy the sector cannot take take up its export uin earnest.
In 2003, NEGOSIDA along with the government, conducted some skill development programmes for trained manpower and by 2008 a total of 100 people were trained, said Shakya.
"Currently, we have only internal trade of gold jewellery though the designs of the jewellery manufactured here can compete in the international market," he said adding that they are trying to coordinate with the government to run more skill development programmes that will give preference from the grass root level.
According to him, though the price of gold in the international market has fallen this week the price in the domestic market is rising. Gold opened at $953.85 per ounce this week and closed at $949.65 per ounce in the international market. The currency exchange rate on Sunday was Rs 78.10 per dollar, which went up to Rs 78.45 per dollar on Friday.
"The exchange currency rate of US dollar has increased compared to the Indian currency. This has pushed up our currency rate purchasing cost and due to which although international gold price decreased this week, there was no effect on the domestic market," Shakya said.
Gold this week opened at Rs 24,065 per 10 gram in the domestic market on Sunday and increased to Rs 24,220 on Monday. Gold was traded for Rs 24,180 on Tuesday. With an increase of Rs 200 on the opening price, gold was traded for Rs 24,265 per 10 gram on Wednesday and Thursday and closed at the same price on Friday.
Meanwhile silver opened at Rs 374 per 10 gram and was traded for Rs 377 per 10 gram on Monday and closed on friday at the same price.
Ace Development Bank is issue manager for the IPO of 6,00,000-unit of primary shares at Rs 100 face value per unit.
The report, published in a special chapter of Key Indicators 2009, the flagship annual statistical publication of ADB, says a return to rapid regional growth will require stronger domestic demand, for which the emergence of a large and rapidly growing urban middle class is key. The health of Asian enterprises, especially small and medium-sized enterprises (SMEs) -- where most Asian workers are employed -- will be important in this regard.
The special chapter, titled `Enterprises in Asia: Fostering Dynamism in SMEs', looks at the actual and expected impacts of the current global economic crisis on workers and enterprises and discusses how to make SMEs more innovative and productive once the crisis has played out.
Many of the region's most dynamic and export-oriented enterprises have been forced, as a result of the crisis, to scale back operations, cut production, and lay off workers. In seven out of eight East and Southeast Asian countries tracked in the report, manufacturing employment has declined by about two per cent to seven per cent between the first quarters of 2008 and 2009.
Smaller enterprises, which tend to be more domestically-oriented, have been less affected, but the credit crunch and a slump in demand are now beginning to hurt.
Many governments have taken steps to support economies through fiscal stimulus and the easing of monetary policies. Some have directly assisted enterprises through credit guarantees, subsidized loans and fiscal incentives, among other programmes.
Policy needs to help smaller firms raise their levels of productivity and employment through innovation, which includes adopting new technology and diversifying into new markets. Governments can assist firms by providing information services on technology and markets, vocational training, and technical support services, and by fostering linkages between SMEs and large enterprises, said the report.
A key challenge in public policy is to understand, within individual country contexts, which specific factors restrain the growth of SMEs and their diversification from traditional low-productivity activities to modern, higher-productivity activities, and how to design and implement interventions that are truly effective.
Colors mobile handsets offer tailor-made, smart and extra features at unbeatable prices that are sure to please highend consumers. At present, Tele Talk will introduce 4 new CDMA and 4 new GSM models. The models will be available in single GSM, single CDMA, dual SIM GSM+GSM and dual SIM GSM+CDMA.
Of special interest to the consumer would be Colors GSM phone model G-101. It offers all hiend features such as GPRS, Bluetooth and many more for only Rs 4350. Additionally, the GSM range also consists of G786 & G786Q mobile handset tailor made for the Muslim community having full Quran recital, prayer timings and other exciting features. Another unique GSM phone is the dual SIM Touch G201 phone which has a unique Voice Changer feature that enables the users to adapt to different voices during a conversation.
In addition, Colors CDMA range consisting of basic FM phones such as C-111, C-222, C-333 to hi-end C-105N -- a multimedia phone offering consumers an opportunity to buy original, genuine quality CDMA phones. Feeling cheated until now, consumers but had no option but to buy sub-standard, nonwarranty CDMA phones from the gray market.
All Color mobile phones come with a 6month battery and charger warranty and 1year mobile phone warranty and are backed with qualified Colors Clinic service available at New Road.
NRNA president Dr Upendra Mahato handed over the cheque for Rs 1.5 million to the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) president Kush Kumar Joshi amid a function here today.
FNCCI has been operating the school in partnership with the government to train workers for Nepali industries.
Federation of Nepalese Chambers of Commerce and Industry is running trade schools in eight zones and planning to expand in three more zones in future.
This support will help expand training for youth, Joshi said. He added that hoped NRNA's support would continue for this sector in future.
"We are providing the best training to support youth in finding jobs in the domestic and international markets," he said.
NRNA president Mahato said his organisation was pleased to support the trade school.
FNCCI vice-president duo Krishna Prasad Tamrakar and Pradip Jung Pandey along with Azad Shrestha, Dr Jugal Bhurtel, director general of Federation of Nepalese Chambers of Commerce and Industry Megh Nath Neupane and FNCCI-NRNA Cell coordinator Dr Hemant Dawadi also attended the function.
Saturday, August 29, 2009
A disgruntled Central Dairy Cooperative Association Ltd Nepal (CDCAN) has been protesting since a week and demanding the implementation of the Ministry of Agriculture ad Cooperatives' decision to hike milk price for the farmers. The ministry decided to increase milk by Rs 4 per litre, dividing benefits between farmers and dairy industries. However, DDC made an increment of only Rs 2 per litre of milk.
"Talks were held between us and DDC representatives at the ministry but to no avail. DDC is ready to make an increment of Rs 1.26 per litre and we do not agree to that. We need a hike of Rs 2.76 in the price that farmers get," said CDCAN chairman Dhaka Ram Aryal. He added that the association would go on with its protest programmes.
According to DDC, there has been a hike in the rpice of milk products and the hike varies according to the product from 4-5 per cent. In some instances, there is even 10 per cent price increase in some other dairy products.
After DDC expressed reluctance to implement the new rate fixed by the ministry, the dairy cooperatives association started protests since August 18. CDCAN has also demanded its representation in the DDC board and a mandatory contribution of Rs 0.5 per litre in Dairy Development Fund.
Tuesday, August 25, 2009
CDCAN director Lok Bahadur Khadka said that the problem was not regarding the commercial milk packet prices but the need to hike the price of raw milk that is sold by the farmers. "It is we who need the larger hike," he said. As per its protest programme, CDCAN has halted dairy products distribution from August 21.
The ministry had directed DDC to hike the milk rate from August 19 but DDC just made a fragile increment of Rs 2 per litre which does not the meet the directive of the ministry.
When DDC appeared reluctant to implement the new rate, dairy cooperatives association started protests since August 18. CDCAN, the umbrella organization of farmers and milk cooperatives has planned to stop all dairy supplies from Friday and padlock DDC's central office and regional offices. The association has also demanded its representation in the DDC board and a mandatory contribution of Rs 0.5 per litre in Dairy Development Fund.
CDCAN representatives said, "Farmers should get Rs 2.76 hike per litre of raw and dairy industries Rs 1.24 per litre." They also voiced their anger at the government's use of force to disrupt their protest programmes.
DoTM is taking this step to reduce vehicle-related crimes, said Sharad Chandra Poudel, director general. "The new system will be difficult to duplicate. We are studying security measures for the number plate system," he said. The study commissioned by the DoTM has suggested three number plates -- in front, at the rear and on the body -- for all vehicles.
The front and rear number plates should be kept fixed as usual while the third number plate should be changed every year. "Vehicle owners will get the third number plate after paying road and vehicle tax at the end of each fiscal year," Poudel said. The third number plate will be a sticker and a proof of revenue payment, he added.
According to DoTM, more than half of the private vehicles -- two wheelers and four wheelers -- plying on the roads are not paying road and ownership taxes.
Around 8,97,629 vehicles have registered in Nepal till May 14 this year. "It is more than Rs 2 billion that we still have to collect from vehicles till the fiscal year 2008-09," said Poudel.
DoTM is also mulling reducing the vehicle number plate categories to two. "We are thinking of dividing number plates into heavy and light categories," said Poudel, "Frankly, we don't need more than two categories." Currently, eight categories of number plates are being used for ministers, civil servant, corporations, public transport, private-owned, diplomatic mission and others.
The department is also considering to engraving the national flag along with vehicle number on number plates. As per the DoTM plan, the new number plate system will be enforced from the next Nepali New Year -- mid-April 2010.
Megelli has presented three new 150cc motorcycles -- Megelli150R, Megelli150M and Megelli150S, said the company. GFI has introduced a new line of 150cc motorcycles with a wicked combination of street style and performance, created from the ground up with aim of achieving a brand with a `must have factor' combining quality, reliability and value.
A prospective customer after visiting the showroom gushed, "Looks do what they can, beauty does what it must. Megelli motorcycles are completely stunning and have great performance. It's the bike with the overall package one has been looking for."
Booking for the Megelli opened today at the Megelli showroom in Teku.
CrimsonLogic is the top company in Asia, providing IT solutions and services, mainly expertise in e-governance implementation worldwide. It has proven its competence in e-governance implementation in 20 countries. In Nepal, the alliance aims for implementation of the e-governance.
It also increased its paidup capital by 99.92 per cent compared to the preceding fiscal year -- from 1.203 billion to Rs 2.407 billion.
"Individual tax payers with over Rs 1.5 million turnover and Rs 0.15 million income should register in it," said IRD director general Shanta Bahadur Shrestha.
"It is targeted at also those who rent out houses, professionals including doctors and engineers and investors who have invested over Rs 10 million in the capital market," he said adding that PAN is applicable to those who are listed in Income Tax Act section 78.
According to IRD, around 3,53,121 people and companies have listed for PAN till July 15 and of them 2,76,607 are individual taxpayers. The department is planning to increase the number of PAN holders to 5,50,000 in the current fiscal year adding 1,50,000 individual and 50,000 organizational taxpayers. "We have plans to bring in over 2,00,000 taxpayers this year," said Shrestha.
Moreover, IRD has launched e-filling and verification facilities for small tax payers called D01. People having income below 1,50,000 can file online tax and also verify their account using Internet. IRD is brining online tax filing system for medium (D02) and large (D03) taxpayers within a month.
"Till August 22, the ministry has collected Rs 13.43 billion revenue," said finance minister Surendra Pandey here today.
Last fiscal year, his predecessor Dr Baburam Bhattarai was successful in collecting a record amount of revenue but failed to launch spending on development activities. He exceeded his revenue target of Rs 147.72 billion that had been billed ambitious.
The present Madhav Kumar Nepal-led government's ability to spend on development activities is also suspect as local bodies have not yet been formed.
Under the new scheme buyer of all Yamaha models would get sure shot prizes, said the company.
The prize includes cash discounts, scratch cards, and a bumper prize. Under the scheme buyers of Gladiator, Alba normal and Crux would get cash discount of Rs 10,000 for both cash and financing purchase. Similarly, scratch card with cash coupon of Rs 5,000 to Rs 100,000 will be offered to the buyers of Enticer, Alba ES, JYM, R-15 and FZ brands for both cash and financing purchase.
Bumper Prize is offered to all the buyers of Yamaha Bike, in which 26 lucky buyers will get their purchase amount of the bike through a lucky draw done individually at respective dealer's showroom across the country. The scheme starts from August 24.
Prime Minister Madhav Kumar Nepal's recent five-day visit to India has revised the Trade Treaty.
"The PM's interaction with Indian businessmen and entrepreneurs has also broadened the horizon of Indian investment in Nepal," it said.
With the new Trade Treaty a new trade era would begin, hoped FNCCI that has, along with other trade and commerce related organisations, calling for an equal status treaty since long.
Nepal-India Trade Treaty of 1996 is considered a milestone in trade promotion and Indian investment in Nepal.
Th revised treaty has been signed tentatively and it is hoped that it will simplify Nepal-India trade.
Sunday, August 23, 2009
Overall demand for gold fell back from recent high levels as weak economic conditions and high gold prices combined to impact demand, accordin to the Global gold Report.
Although gold demand remains very high on a historical basis, total demand in second quarter of 2009 was down by nine per cent on the levels of a year earlier, a six per cent decline in US dollar value terms.
Central banks will continue to hold gold as a Reserve Asset and important part of their reserves to provide protection, should the monetary system suffer extremely damaging fractures, read the report.
Speaking at a press meet at Reporters' Club, he said India has provided Rs 32 billion for Nepal's postal road construction, railway area development and development of a Police Academy.
While the revised treaty is yet to be formalised it is certain that Nepali exports will get a boost, he said adding that it will support the economic development of the country.
The trade treaty has greatly supported the proposed economic enhancement that will give tremendous relief to Nepalis. According to minister Mahato, the revised trade treaty will be renewed every seven years. "Earlier, it used to be renewed every five years," he added.
Hereafter, Nepali flowers, medicinal herbs, essential oils, flour, refined flour will get duty free access to India, according to the revised treaty that is yet to be finalised.
Both the South Asian neighbours have already put their initials and the Indian Commerce Minister will soon visit Nepal to ratify the revised treaty. It mainly widens the facilities for Nepal and addresses non-tariff barriers, additional duty and standards-related hurdles that Nepali exports have suffered from for the last five years.
Export procedures for goods like acrylic yarn, copper, zinc and vegetable ghee will be simplified and measures will be taken to facilitate agro-based exports. India will recognise Nepal´s standard certification and upgrade Nepali labs to ensure standards accreditation. Nepali agricultural produces will no longer be needed to go to Kolkata or Patna for lab tests. This will save Nepali traders from huge losses.
At present, Nepal has a trade deficit of over Rs 107 billion with India.
Speaking on the occasion, Minister for Energy Dr Prakash Sharan Mahat said that Pancheswor Multipurpose Project will be started soon which will help reduce load-shedding. "India is ready to provide support for regualr supply of electricity," he said adding that the present transmission lines will also be upgraded.
Minister Limbu said this while talking to journalists after inaugurating the boating festival organized by the local women's group at Biratpokhara, Anarmani, today.
The boating event was organized on the occasion of Teej festival. The minister said that the government would provide whatever assistance possible for the development of Biratpokhara, a place of historical significance in Jhapa district.
The minister also stressed that the local people should themselves strive for the development of their area.
He said the government will bring special programmes for the reconstruction of the physical infrastructure damaged by floods and landslides and for the management of rescue and relief to the flood-affected people.
Minister Limbu ruled out any change of government and said the reason why the Maoist-led government collapsed was its own shortcomings and also because it lost the confidence of the House majority.
He also claimed the new Constitution would be drafted within the stipulated time and sought the cooperation of all to that end.