National flag carrier to go the extra mile to regain lost turf
Nepal Airlines Corporation (NAC) and Nepal Association of Travel and Tour Agent (NATTA) are moving on with different plans for the success of Nepal Tourism Year 2011. NAC, the national flag carrier, is working for its brand image publicity while NATTA is moving ahead with its plans for Heritage Trail Development.
As international airlines have taken over the market with 90 per cent share, NAC is struggling to develop its marketing plans so as to recover its market. NAC has only 7-8 per cent of the total market share. Now, it has plans to increase its market share to 30 per cent over the next few years.
Talking about the need for developing new marketing strategies, NAC executive chairman Sugat Ratna Kansakar said, “The corporation at the earliest requires new marketing strategies and promotional programmes to publicise itself at both the national and international levels.“
For this, NAC is preparing economy tour packages in collaboration with some of the travel and tour operators here that will be for both outbound and inbound tourists, he said. To warm up its market, NAC is ready to hype its brand image publicity.
Kansakar said that besides the foreign tourist traffic the trend of traveling abroad during vacations is increasing among the middle class and upper middle class Nepalis.
Thus, NAC is developing strategies to offer economy and optimum tour packages to all kinds of tourist.
“It will take about two months, we are in the initial stage,“ he said.
Meanwhile, NATTA is moving on with Heritage Trail Development.
Informing about the developments of trails, NATTA president Arjun Prasad Sharma they are working on development of some trails which have remained unused for long.
“With the identification of new trekking routes, some of the old routes have fallen into disuse and we are trying to revive these trails,“ Sharma said.
Within this week, NATTA will be informing people about the different heritage trails that will be developed for the coming event of NTY 2011.
The NTY secretariat has asked all the people to fly the national flag and display the logo of NTY 2011 in preparation for the mega event.
Tuesday, March 30, 2010
NAC to buy aircraft worth $356 million
Nepal Airlines Corporation (NAC) is working on its most ambitious plan yet to purchase six new aircraft worth $356 million to recapture its declining market share.
As per the NAC new business plan that has been submitted to the Ministry of Finance, NAC will purchase two wide body for $94 million each and four narrow body aircraft for $42 million each from a multinational European Airbus company.
According to NAC executive chairman Sugat Ratna Kansakar, the corporation has submitted its new business plan to the Ministry of Finance. With the addition of six new aircraft Kansakar expects that business by the national flag carrier will increase and it will recover its market share.
At present, NAC has gross revenue Rs 6.5 billion. NAC, the national flag carrier, has only 7-8 per cent market share while the remaining market share is held by foreign airlines. “Within four or five years, we are targeting to regain up to 30 per cent of the total market share,“ said Kansakar adding that with the increase in number of students going abroad and the trend of Nepalis going abroad for vacations will help increase the market share of NAC in the future. Earlier, the Public Accounts Committee had directed NAC to scrap the purchase of new aircraft. The PAC has also directed the Finance Ministry to realise the advance payment made to the Airbus company and take action against those NAC officials who did not abide by the public procurement procedure. The Budget 2009-10 has made a special arrangement of Rs 10 billion for NAC to buy two aircraft on state guarantee. NAC is also planning to add new aircraft to its domestic fleet as well.
On the domestic routes, NAC has been flying four 19seat DHC-6 Twin Otter aircraft though it has seven Twin Otters. Apart from the two much talked about wide-body aircraft, NAC was keen to add six aircraft on international routes. On international routes, NAC is flying a Boeing B-757 and a Boeing 757-200 aircraft -Karnali and Gandaki -each with 190-seat capacity.
Nepal's national carrier, NAC is modernising its international fleet with six new aircrafts. The new Airbus aircraft will be deployed on international services to Japan and will for the very first time connect Nepal to Europe with direct flights.
As per the NAC new business plan that has been submitted to the Ministry of Finance, NAC will purchase two wide body for $94 million each and four narrow body aircraft for $42 million each from a multinational European Airbus company.
According to NAC executive chairman Sugat Ratna Kansakar, the corporation has submitted its new business plan to the Ministry of Finance. With the addition of six new aircraft Kansakar expects that business by the national flag carrier will increase and it will recover its market share.
At present, NAC has gross revenue Rs 6.5 billion. NAC, the national flag carrier, has only 7-8 per cent market share while the remaining market share is held by foreign airlines. “Within four or five years, we are targeting to regain up to 30 per cent of the total market share,“ said Kansakar adding that with the increase in number of students going abroad and the trend of Nepalis going abroad for vacations will help increase the market share of NAC in the future. Earlier, the Public Accounts Committee had directed NAC to scrap the purchase of new aircraft. The PAC has also directed the Finance Ministry to realise the advance payment made to the Airbus company and take action against those NAC officials who did not abide by the public procurement procedure. The Budget 2009-10 has made a special arrangement of Rs 10 billion for NAC to buy two aircraft on state guarantee. NAC is also planning to add new aircraft to its domestic fleet as well.
On the domestic routes, NAC has been flying four 19seat DHC-6 Twin Otter aircraft though it has seven Twin Otters. Apart from the two much talked about wide-body aircraft, NAC was keen to add six aircraft on international routes. On international routes, NAC is flying a Boeing B-757 and a Boeing 757-200 aircraft -Karnali and Gandaki -each with 190-seat capacity.
Nepal's national carrier, NAC is modernising its international fleet with six new aircrafts. The new Airbus aircraft will be deployed on international services to Japan and will for the very first time connect Nepal to Europe with direct flights.
Call for more extensive public-private partnership
Financing required from both public and private sectors at domestic and international levels
Experts on public-private partnerships (PPP) have agreed that more PPP will be needed to meet the demand for infrastructure finance estimated at $300 billion a year in Asia, and $93 billion in sub-Saharan Africa.
“So much could be gained from tapping the private sector participation in infrastructure development,“ said Margarito Teves, finance secretary of the Philippines. “Public-private partnership schemes can combine the strengths of governments, which have the responsibility to ensure the provision of public goods, with the strengths of the private sector -in particular, its ability to move swiftly and deliver highquality services on time. Such involvement can come in a number of forms, from the traditional turnkey type arrangements for construction to complicated Build-OperateTransfer agreements.“
Teves made the remarks in his keynote address to PublicPrivate Partnership (PPP) Days, an annual meeting cohosted in Manila by the Asian Development Bank (ADB) and the World Bank Institute. The event allows public sector practitioners from around the world to share experiences on new financing models for infrastructure-such as sustainable transport, water supply, health and education-that have emerged during the global economic crisis.
“Governments face higher borrowing costs, lower levels of credit, and reduced international capital flows as a result of the crisis,“ said Sanjay Pradhan, vice-president of the World Bank Institute. “This makes it all the more urgent to find innovative ways to combine public and private financing to meet the mounting demand for infrastructure.“
ADB's managing director General Rajat M Nag praised PPPs for coming up with timely solutions to budget gaps.
“Through collaborative efforts of the multilateral development banks, the PPP approach has emerged as an effective tool for governments to enhance the private investments in infrastructure and social sectors needed for economic development and poverty alleviation,“ said Nag.
Infrastructure gaps are an urgent development challenge. In Africa, $93 billion in infrastructure investment is needed annually over the next decade, about half of which is needed in the power sector.
The new estimate amounts to roughly 15 per cent of the continent's GDP , or comparable to what the people's Republic of China has invested in infrastructure over the last decade.
In Asia the figure is estimated to be $300 billion per year and the magnitude of the problem is even greater. These investment needs are based on the amount required to provide over a billion people access to safe water and 2.6 billion people access to basic sanitation.
In addition, curbing rising levels of greenhouse gases and helping countries adapt to anticipated impacts of climate change will also require substantial investments in infrastructure. Last week in Manila, the Clean Technology Fund (CTF), implemented jointly by ADB, World Bank and other multilateral development institutions, endorsed plans for four more countries, including Indonesia, to help provide such investments. There are now 13 CTF investment plans in place around the world and some $4.3 billion of CTF co-financing allocated to projects ranging from solar power development to the greening of public transport systems.
This is expected to leverage an estimated $36 billion in the coming years from other sources, including the private sector through PPPs, bringing the total to be mobilized to US$40 billion.
To meet these needs, financing must come from both the public and private sectors, domestic and international. This means more PPPs on a scale not yet realised or even contemplated.
“The last 18 months have been challenging for PPP financing,“ said Clive Harris, Manager of the World Bank Institute's Public-Private Partnership Practice Group. “The costs of financing are higher, and projects need greater support and risk-bearing from governments. PPP Days discussed how governments can best design programs to bring in financing while also providing value-for-money. The conference also focused on the frontier areas for PPP investment, such as health, education, reducing the carbon footprint of cities, and sustainable urban transport.“
“PPP assistance is most effective when it is part of a longterm engagement effort and integrated with broader sector reforms and institutional capacity development,“ said Jo Yamagata, deputy director General of Private Sector Operations Department of the ADB and Chair of the PPP Task Group in ADB. “With this in mind, ADB endeavours to play a proactive role in PPP advocacy along with other donors and private sector stakeholders.“
Experts on public-private partnerships (PPP) have agreed that more PPP will be needed to meet the demand for infrastructure finance estimated at $300 billion a year in Asia, and $93 billion in sub-Saharan Africa.
“So much could be gained from tapping the private sector participation in infrastructure development,“ said Margarito Teves, finance secretary of the Philippines. “Public-private partnership schemes can combine the strengths of governments, which have the responsibility to ensure the provision of public goods, with the strengths of the private sector -in particular, its ability to move swiftly and deliver highquality services on time. Such involvement can come in a number of forms, from the traditional turnkey type arrangements for construction to complicated Build-OperateTransfer agreements.“
Teves made the remarks in his keynote address to PublicPrivate Partnership (PPP) Days, an annual meeting cohosted in Manila by the Asian Development Bank (ADB) and the World Bank Institute. The event allows public sector practitioners from around the world to share experiences on new financing models for infrastructure-such as sustainable transport, water supply, health and education-that have emerged during the global economic crisis.
“Governments face higher borrowing costs, lower levels of credit, and reduced international capital flows as a result of the crisis,“ said Sanjay Pradhan, vice-president of the World Bank Institute. “This makes it all the more urgent to find innovative ways to combine public and private financing to meet the mounting demand for infrastructure.“
ADB's managing director General Rajat M Nag praised PPPs for coming up with timely solutions to budget gaps.
“Through collaborative efforts of the multilateral development banks, the PPP approach has emerged as an effective tool for governments to enhance the private investments in infrastructure and social sectors needed for economic development and poverty alleviation,“ said Nag.
Infrastructure gaps are an urgent development challenge. In Africa, $93 billion in infrastructure investment is needed annually over the next decade, about half of which is needed in the power sector.
The new estimate amounts to roughly 15 per cent of the continent's GDP , or comparable to what the people's Republic of China has invested in infrastructure over the last decade.
In Asia the figure is estimated to be $300 billion per year and the magnitude of the problem is even greater. These investment needs are based on the amount required to provide over a billion people access to safe water and 2.6 billion people access to basic sanitation.
In addition, curbing rising levels of greenhouse gases and helping countries adapt to anticipated impacts of climate change will also require substantial investments in infrastructure. Last week in Manila, the Clean Technology Fund (CTF), implemented jointly by ADB, World Bank and other multilateral development institutions, endorsed plans for four more countries, including Indonesia, to help provide such investments. There are now 13 CTF investment plans in place around the world and some $4.3 billion of CTF co-financing allocated to projects ranging from solar power development to the greening of public transport systems.
This is expected to leverage an estimated $36 billion in the coming years from other sources, including the private sector through PPPs, bringing the total to be mobilized to US$40 billion.
To meet these needs, financing must come from both the public and private sectors, domestic and international. This means more PPPs on a scale not yet realised or even contemplated.
“The last 18 months have been challenging for PPP financing,“ said Clive Harris, Manager of the World Bank Institute's Public-Private Partnership Practice Group. “The costs of financing are higher, and projects need greater support and risk-bearing from governments. PPP Days discussed how governments can best design programs to bring in financing while also providing value-for-money. The conference also focused on the frontier areas for PPP investment, such as health, education, reducing the carbon footprint of cities, and sustainable urban transport.“
“PPP assistance is most effective when it is part of a longterm engagement effort and integrated with broader sector reforms and institutional capacity development,“ said Jo Yamagata, deputy director General of Private Sector Operations Department of the ADB and Chair of the PPP Task Group in ADB. “With this in mind, ADB endeavours to play a proactive role in PPP advocacy along with other donors and private sector stakeholders.“
Sebon union on warpath
Securities Board of Nepal (Sebon) -the regulatory authority of the capital market -is in trouble since last week due to the dispute between the union and Sebon's chairman. The union closed the office of the chairman last week saying chairman Dr Soorbir Poudel was not serious about solving the problems of the secondary market. “From today all the departments of the Board have been padlocked,“ said the union members.
NMB's further public issue
The capital market is experiencing a new phenomenon -further public issue -for the first time in its history of over one-and-a-half decade. NMB Bank Ltd has floated further public issue for the first time. It has floated 7,15,000-unit of shares for the public at Rs 285 per unit -adding Rs 185 premium to the face value of Rs 100. The 25th commercial bank has floated the further public issue since last Friday
Secondary market bled dry, govt unconcerned
Oversupply,low demand create low confidence
Oversupply and low demand coupled with government apathy has bled the secondary market white over the last couple of months.
The secondary market index today lost 3.65 points to close at 469.17 points as all sub-groups performed poorly.
Among the listed companies, Everest Bank became the top loser as it lost Rs 82 per unit in today's trading whereas groupwise, hydropower sub-group -that has only three hydropower companies under its belt -lost heavily.
Among the nine sub-groups, hydropower saw a whopping fall of 9.66 points to close at 729.58 points. Others sub-group declined by 8.22 points to 531.08 points and development bank sub-group dropped by 5.79 points to 491.98 -bringing the secondary market down.
Technically, the market has also seen loss of confidence of among the investors as they have been sustaining repeated shocks.
However, the bear will continue to dominate Nepse, according to the Securities Research Center and Services (SRCS) study.
“If Nepse starts gaining, the first resistance point comes at 509.69 points. Even if it crosses that, it will again face an important resistance point at 512.48 points,“ said the centre that has projected the data based on the index of March 1, when Nepse index was at 497.86 points. If the bearish trend continues, the first major support will be at 466.89 points. However, if Nepse crosses this level too, the next support level would be at 447.75 points, according technical analysis done by SRCS.
“Liquidity crunch also has hit the secondary market,“ said Rabindra Bhattarai, a renowned market analyst and lecturer at Shanker Dev College.
Oversupply and low demand coupled with government apathy has bled the secondary market white over the last couple of months.
The secondary market index today lost 3.65 points to close at 469.17 points as all sub-groups performed poorly.
Among the listed companies, Everest Bank became the top loser as it lost Rs 82 per unit in today's trading whereas groupwise, hydropower sub-group -that has only three hydropower companies under its belt -lost heavily.
Among the nine sub-groups, hydropower saw a whopping fall of 9.66 points to close at 729.58 points. Others sub-group declined by 8.22 points to 531.08 points and development bank sub-group dropped by 5.79 points to 491.98 -bringing the secondary market down.
Technically, the market has also seen loss of confidence of among the investors as they have been sustaining repeated shocks.
However, the bear will continue to dominate Nepse, according to the Securities Research Center and Services (SRCS) study.
“If Nepse starts gaining, the first resistance point comes at 509.69 points. Even if it crosses that, it will again face an important resistance point at 512.48 points,“ said the centre that has projected the data based on the index of March 1, when Nepse index was at 497.86 points. If the bearish trend continues, the first major support will be at 466.89 points. However, if Nepse crosses this level too, the next support level would be at 447.75 points, according technical analysis done by SRCS.
“Liquidity crunch also has hit the secondary market,“ said Rabindra Bhattarai, a renowned market analyst and lecturer at Shanker Dev College.
Monday, March 22, 2010
No currency devaluation: Finance Minister
Finance Minister Surendra Pandey rejected speculation about the devaluation of Nepali currency despite thinning foreign exchange reserves. “It is a rumour,“ he scoffed at a press meet organised at the ministry here today.
“Our foreign exchange reserves can accommodate import for seven months and there is no problematic situation,“ he said adding that the government is preparing export promotion programmes to increase foreign exchange reserves. “The Economic Activities Monitoring and Advisory Committee will draw up concrete programmes to boost export,“ he added.
FM Pandey assured that the government was ready to control excessive import. “The government decision to increase customs duty on gold is an instance,“ he said. The government has increased custom duty on gold earlier this week from Rs 130 per 10 gram to Rs 470 per 10 gram duty to stop illegal cross-border trade with India.
However, still there is a difference of Rs 10 per 10 gram in Nepal's and India's duty even after revision.
Import of goods and services significantly increased this year compared to the previous year. There was an average monthly import of goods and services equal to Rs 17.43 billion in the fiscal year 2007-08 and which reached Rs 30.81 billion this year. Last year, the average monthly import was Rs 21.97 billion.
The great growth in import was fuelled by excessive import of gold this year. The country saw gold worth Rs 5.6 billion imported per month while the rate was Rs 1.46 billion a year ago. “If we can manage it, we can save Rs 4.14 billion monthly,“ he explained.
FM Pandey also voiced grave concern over the liquidity crunch. Deposit in banks and financial institutions is not increasing at the ratio of money in the market, he said.
Growth of deposit in commercial banks decreased to four per cent this year from 13 per cent last year.
The government has identified irregularities in cooperatives and wants to regularize the sector.
“The government and Nepal Rastra Bank (NRB) are exploring how the irregularities can be controlled,“ he said adding that the department of Cooperatives (DoC) has studied the financial position of 10 big cooperatives in Kathmandu Valley.
According to FM Pandey, low foreign exchange reserves occurred because of increased trade deficit and marginal growth in remittance. “We have two major challenges -managing the liquidity crunch and maintaining the BoP at the earliest to ease the situation,“ he said.
The minister also expressed worry over increasing expenditure of the government.
“Salary increment of civil servants, special security plan and the cholera out-break in the country's far-western region are major causes of increased expenditure,“ he said. However, the ministry will meet the revenue target, he added pointing out at the same time that revenue is not export-based that could propel economic activities in the country. Rather, it is an import-fuelled revenue growth that will not help the economy.
“The government is planning to present a supplementary budget in the Legislative Constituent Assembly to cope with the growing general expenditure,“ he said.
FM Pandey also voiced concern over the price rise and bearish capital market, though he has done nothing to curb inflation and boost the confidence of investors.
Inflation here is at 12 per cent in first seven months of the current fiscal year contrary to MoF's projection of seven per cent.
“Our foreign exchange reserves can accommodate import for seven months and there is no problematic situation,“ he said adding that the government is preparing export promotion programmes to increase foreign exchange reserves. “The Economic Activities Monitoring and Advisory Committee will draw up concrete programmes to boost export,“ he added.
FM Pandey assured that the government was ready to control excessive import. “The government decision to increase customs duty on gold is an instance,“ he said. The government has increased custom duty on gold earlier this week from Rs 130 per 10 gram to Rs 470 per 10 gram duty to stop illegal cross-border trade with India.
However, still there is a difference of Rs 10 per 10 gram in Nepal's and India's duty even after revision.
Import of goods and services significantly increased this year compared to the previous year. There was an average monthly import of goods and services equal to Rs 17.43 billion in the fiscal year 2007-08 and which reached Rs 30.81 billion this year. Last year, the average monthly import was Rs 21.97 billion.
The great growth in import was fuelled by excessive import of gold this year. The country saw gold worth Rs 5.6 billion imported per month while the rate was Rs 1.46 billion a year ago. “If we can manage it, we can save Rs 4.14 billion monthly,“ he explained.
FM Pandey also voiced grave concern over the liquidity crunch. Deposit in banks and financial institutions is not increasing at the ratio of money in the market, he said.
Growth of deposit in commercial banks decreased to four per cent this year from 13 per cent last year.
The government has identified irregularities in cooperatives and wants to regularize the sector.
“The government and Nepal Rastra Bank (NRB) are exploring how the irregularities can be controlled,“ he said adding that the department of Cooperatives (DoC) has studied the financial position of 10 big cooperatives in Kathmandu Valley.
According to FM Pandey, low foreign exchange reserves occurred because of increased trade deficit and marginal growth in remittance. “We have two major challenges -managing the liquidity crunch and maintaining the BoP at the earliest to ease the situation,“ he said.
The minister also expressed worry over increasing expenditure of the government.
“Salary increment of civil servants, special security plan and the cholera out-break in the country's far-western region are major causes of increased expenditure,“ he said. However, the ministry will meet the revenue target, he added pointing out at the same time that revenue is not export-based that could propel economic activities in the country. Rather, it is an import-fuelled revenue growth that will not help the economy.
“The government is planning to present a supplementary budget in the Legislative Constituent Assembly to cope with the growing general expenditure,“ he said.
FM Pandey also voiced concern over the price rise and bearish capital market, though he has done nothing to curb inflation and boost the confidence of investors.
Inflation here is at 12 per cent in first seven months of the current fiscal year contrary to MoF's projection of seven per cent.
Sagarmatha Insurance Tabled its Report
Sagarmatha Insurance Company (SIC) tabled its report in the 13th annual general meeting held on Wednesday. Chairman Ram Krishna Manandhar said SIC had 10.92 per cent growth in 2008-09 compared to the preceding fiscal year. To shareholders, SIC will distribute 11 per cent of its paid-up capital as cash dividend and 10 per cent bonus shares. Ram Krishna Manandhar, Padma Jyoti, Lokmanya Golchha, Divyamani Rajbahandari, Ashok Kumar Todi from Group A, Ajith R Gurbardane and Patrick Elvis from Group B and Ram Bahadur Adhikari from Group C were elected members of the executive committee.
ATM Lounge at Lalitpur
Global Solutions Pvt Ltd (GSPL) has started its third ATM lounge at Lalitpur's Kumaripati. Even in the case of acute power shortage, these lounges facilitate banks and financial institutions in operating ATM counters 24X7. The cost of operation is lower at the lounges since the expenses are shared by all participating branches.
Workers' migration trend back on track
The process of Nepalis getting jobs overseas is back on track. Negative growth listed in overseas jobs between midJuly and mid-October has turned to a positive trend from mid-November, Department of Foreign Employment (DoFE) data show.
The number of Nepali migrant workers going abroad had fallen by 12.57 per cent in the first four months of the current fiscal year compared to 86,016 in the same period the previous year. Some 75,196 Nepali workers left between mid-July and mid-October.
Positive trend in foreign employment started since midNovember and around 97,043 Nepalis got foreign jobs in the last four months -from midNovember to mid-March. It is 25.96 per cent more than in the corresponding period last year. Around 71,843 Nepali got overseas jobs in that period.
According to DoFE, 1,73,239 Nepalis -1,64,711 men and 8,528 women -got overseas jobs in more than four dozen destinations in the first eight months of this fiscal year. The largest number of Nepalis (26,000) secured joined foreign jobs in Magh (from mid-January to mid-February) while Fagun (from mid-February to mid-March) saw a fall and the number stands at 21,158
The number of Nepali migrant workers going abroad had fallen by 12.57 per cent in the first four months of the current fiscal year compared to 86,016 in the same period the previous year. Some 75,196 Nepali workers left between mid-July and mid-October.
Positive trend in foreign employment started since midNovember and around 97,043 Nepalis got foreign jobs in the last four months -from midNovember to mid-March. It is 25.96 per cent more than in the corresponding period last year. Around 71,843 Nepali got overseas jobs in that period.
According to DoFE, 1,73,239 Nepalis -1,64,711 men and 8,528 women -got overseas jobs in more than four dozen destinations in the first eight months of this fiscal year. The largest number of Nepalis (26,000) secured joined foreign jobs in Magh (from mid-January to mid-February) while Fagun (from mid-February to mid-March) saw a fall and the number stands at 21,158
FHAN decides self-help is best
Federation of Handicrafts Association of Nepal (FHAN) is set to launch its own cadmium testing laboratory in the coming fiscal year. On the other hand, although the government had assured of granting 49 per cent financial support and providing authority to FHAN, there is no move for the financial support or granting the sole authority for cadmium testing certification.
According to Pushkar Man Shakya, vice chairman of World Craft Council for Asia Pacific Region and former president of Federation of Handicraft Association of Nepal (FHAN), it's been a long time that the government assured of its support for the development of a cadmium testing laboratory.
“The government had promised us 49 per cent financial support,“ said Shakya adding that even if there is no financial support they will establish the cadmium testing laboratory utilizing their internal resources. FHAN hopes to establish the cadmium testing laboratory in the new fiscal year.
For the preparation of plans and procedures and r working modality, FHAN has c formed a working committee. s The working committee in cos ordination with Nepal Bureau of Standards and Measurement is planning to draw up its working modality. t Shakya also urged the govs ernment to grant the association the facility to issue authorisation certificates. According to him, to import the z required equipment and mar chine for the laboratory FHAN s will have to make a total investment of about Rs 11.7 mili lion. FHAN, along with the epresentatives of the handiraft sector, has time and again ought certification authority o that it can import a cadmium testing machine People related to the handicraft sector have lobbied with he government to take strong teps to check and control the use of cadmium in silver ornaments and products to make Nepal a `cadmium free' export one as since recently EU has estricted its import of Nepali ilver jewellery and ware.
Cadmium has been traced n products exported from Nepal to Europe, and this has raised alert among buyers there of silver products from Nepal. Due to the presence of cadmium in the silver products exported EU had warned it would ban silver import by 2010 and now Nepali silver jewellery is banned in EU.
The credibility of the extensive silver export from Nepal to Europe is hit as the cadmium problem has not been dealt with. Nepal holds 33 per cent of the European market in silver product trade, and if the use of cadmium is not stopped it may completely lose the market.
According to Pushkar Man Shakya, vice chairman of World Craft Council for Asia Pacific Region and former president of Federation of Handicraft Association of Nepal (FHAN), it's been a long time that the government assured of its support for the development of a cadmium testing laboratory.
“The government had promised us 49 per cent financial support,“ said Shakya adding that even if there is no financial support they will establish the cadmium testing laboratory utilizing their internal resources. FHAN hopes to establish the cadmium testing laboratory in the new fiscal year.
For the preparation of plans and procedures and r working modality, FHAN has c formed a working committee. s The working committee in cos ordination with Nepal Bureau of Standards and Measurement is planning to draw up its working modality. t Shakya also urged the govs ernment to grant the association the facility to issue authorisation certificates. According to him, to import the z required equipment and mar chine for the laboratory FHAN s will have to make a total investment of about Rs 11.7 mili lion. FHAN, along with the epresentatives of the handiraft sector, has time and again ought certification authority o that it can import a cadmium testing machine People related to the handicraft sector have lobbied with he government to take strong teps to check and control the use of cadmium in silver ornaments and products to make Nepal a `cadmium free' export one as since recently EU has estricted its import of Nepali ilver jewellery and ware.
Cadmium has been traced n products exported from Nepal to Europe, and this has raised alert among buyers there of silver products from Nepal. Due to the presence of cadmium in the silver products exported EU had warned it would ban silver import by 2010 and now Nepali silver jewellery is banned in EU.
The credibility of the extensive silver export from Nepal to Europe is hit as the cadmium problem has not been dealt with. Nepal holds 33 per cent of the European market in silver product trade, and if the use of cadmium is not stopped it may completely lose the market.
NTY 2011 showcased nicely at Berlin's ITB
With the objective of promoting “Nepal Tourism Year 2011“ to international travel trade agencies and media, Nepal Tourism Board (NTB) along with 19 leading travel trade companies from Nepal, successfully participated in the world's largest gathering of travel trade professionals -the 44th ITB Fair in Berlin, Germany, from March 10 to 14. The participation of approximately 12,000 exhibiting companies from 187 countries in the fair revealed the stupendous response to the upcoming holiday season of European travellers.
The Nepal pavilion was very noticeable due to its unique and traditional pagoda style design and the display of cultural artefacts like various woodcarvings, Mane, Thangka along with Nepal flags with the logo of NTY 2011. The international trade visitors this year accounted for around 45 per cent of the total attendance at ITB Berlin and the exhibiting Nepali companies had good business interaction with them during the first three days.
Germany remains the most important source market of Europe basically for adventure tourism. A large number of consumers enquired about the soft as well as hard adventure activities in Nepal. This year's participation revealed encouraging signs for the Nepali travel industry as most of the queries were about about the scope of accessibility, destination updates and new offers. Many consumers were keen to know more about Nepal Tourism Year 2011 programmes and special offers during the year.
Capitalising on the presence of international trade visitors, NTB organised a “Naturally Nepal Evening“ to showcase NTY-2011 on March 11. An enthusiastic crowd of media and travel trade guests enjoyed the traditional folk dances of Nepal and typical Nepali cuisine.
Nepal's ambassador to Germany, Suresh Pradhan highlighted the excellent bilateral relations between Nepal and Germany and stressed the importance of outbound potential of the German market. He also requested the German media, travel trade and friends of Nepal to publicize NTY 2011. He invited international airlines to operate direct flights between Nepal and Germany and reap the mutual benefits from the liberal open sky policy of Nepal.
Nandini Lahe-Thapa, director of tourism marketing and promotion highlighted the concept and goals of NTY 2011 and stressed on the need for all stakeholders to work in collaboration “Together for Tourism“ for achieving the target of one million tourist arrivals for 2011. The ITB 2010 was the perfect platform to promote NTY 2011 in the background of growing confidence and apparent interest in Nepal as a unique holiday destination again.
The Nepal pavilion was very noticeable due to its unique and traditional pagoda style design and the display of cultural artefacts like various woodcarvings, Mane, Thangka along with Nepal flags with the logo of NTY 2011. The international trade visitors this year accounted for around 45 per cent of the total attendance at ITB Berlin and the exhibiting Nepali companies had good business interaction with them during the first three days.
Germany remains the most important source market of Europe basically for adventure tourism. A large number of consumers enquired about the soft as well as hard adventure activities in Nepal. This year's participation revealed encouraging signs for the Nepali travel industry as most of the queries were about about the scope of accessibility, destination updates and new offers. Many consumers were keen to know more about Nepal Tourism Year 2011 programmes and special offers during the year.
Capitalising on the presence of international trade visitors, NTB organised a “Naturally Nepal Evening“ to showcase NTY-2011 on March 11. An enthusiastic crowd of media and travel trade guests enjoyed the traditional folk dances of Nepal and typical Nepali cuisine.
Nepal's ambassador to Germany, Suresh Pradhan highlighted the excellent bilateral relations between Nepal and Germany and stressed the importance of outbound potential of the German market. He also requested the German media, travel trade and friends of Nepal to publicize NTY 2011. He invited international airlines to operate direct flights between Nepal and Germany and reap the mutual benefits from the liberal open sky policy of Nepal.
Nandini Lahe-Thapa, director of tourism marketing and promotion highlighted the concept and goals of NTY 2011 and stressed on the need for all stakeholders to work in collaboration “Together for Tourism“ for achieving the target of one million tourist arrivals for 2011. The ITB 2010 was the perfect platform to promote NTY 2011 in the background of growing confidence and apparent interest in Nepal as a unique holiday destination again.
Gorkha Finance IPO
Gorkha Finance Ltd (GFL) has appointed Growmore Merchant Banker (GMB) Durbarmarg as issue manger for its rights shares.
GFL will be issuing 6,91,423 rights shares with a face value of Rs 100 per unit. GMB's sales manager Kabindra Dhwoj Joshi and GFL's Kalyan Bahadur Karki inked the MoU.
GFL will be issuing 6,91,423 rights shares with a face value of Rs 100 per unit. GMB's sales manager Kabindra Dhwoj Joshi and GFL's Kalyan Bahadur Karki inked the MoU.
Workout gizmo
Sky Brands Nepal has launched AB Rocket, an abdominal trainer. This weight loss gizmo is a product of an American company -Emson. This is a compact and easily portable manual machine which is also easy to operate. This uses cylinder technology and comes with three different springs -high, middle and low resistance. As a launching offer, customers will get a free Magnetic Acu Twister along with an instruction DVD disc and The Blast Away the Calories Meal Plan. AB Rocket, priced at Rs 9995, is available at Sky Brands showrooms in Kathmandu and Pokhara.
Virgin's Promo
Virgin Mobiles have announced their March Madness promotional scheme for the month of March after last month's Valentine and Holi offer. Under this scheme, on every purchase of a mobile set, customers will get a scratch card each in which they will be offered instant percentage discount and cash discount on another purchase or they can redeem the value at their service centres.
Genset showroom
Risik Automobiles Private Ltd -the authorized dealer for all Yamaha products including motor bikes, generators and spare parts -has opened a new Yamaha showroom for Yamaha generators at Kumaripati.
The showroom especially offers sales, services and spares for the power products to customers, all under one roof. The showroom was inaugurated by Taekwondo champion Deepak Bista on Wednesday. The store offers a wide range of generators starting from 0.7kva to 21kva. Customers can benefit from the 24 months' warranty and prompt aftersales services, said Milan Babu Malla, managing director of Risik Automobiles.
The showroom especially offers sales, services and spares for the power products to customers, all under one roof. The showroom was inaugurated by Taekwondo champion Deepak Bista on Wednesday. The store offers a wide range of generators starting from 0.7kva to 21kva. Customers can benefit from the 24 months' warranty and prompt aftersales services, said Milan Babu Malla, managing director of Risik Automobiles.
Strong NTB presence at MATTA fair in Malaysia
Nepal Tourism Board, in co-ordination with Nepal Airlines Corporation and Nepalese private tourism companies, participated in MATTA Fair from March 12-14 in Kuala Lumpur.
The MATTA Fair organised by Malaysian Association of Tour and Travel Agents, supported by Tourism Malaysia and endorsed by Ministry of Tourism in Malaysia, is the top Malaysian consumer travel exhibition.
There was good turnout of Malaysian visitors and tour operators at the Nepal stall. The stall was decorated with flex posters beautifully designed with diverse nature, culture and adventure tourism attractions of Nepal. Nepal Tourism Year 2011 was highlighted and promoted at the stall throughout the fair. Several queries on Nepal tour packages, air connectivity, air fares, tourism activities in Nepal and queries on NTY 2011 highlights were answered on the occasion.
MATTA Fair is a very popular travel fair in Malaysia getting a huge influx and response of travel trade and public visitors.
The MATTA Fair organised by Malaysian Association of Tour and Travel Agents, supported by Tourism Malaysia and endorsed by Ministry of Tourism in Malaysia, is the top Malaysian consumer travel exhibition.
There was good turnout of Malaysian visitors and tour operators at the Nepal stall. The stall was decorated with flex posters beautifully designed with diverse nature, culture and adventure tourism attractions of Nepal. Nepal Tourism Year 2011 was highlighted and promoted at the stall throughout the fair. Several queries on Nepal tour packages, air connectivity, air fares, tourism activities in Nepal and queries on NTY 2011 highlights were answered on the occasion.
MATTA Fair is a very popular travel fair in Malaysia getting a huge influx and response of travel trade and public visitors.
LG's chocolate sensation slide phones.
CG Impex Pvt Ltd -the sole authorised distributor of LG Mobiles for Nepal -launched the stylish New LG Chocolate phone --BL20 -a next generation mobile phone featuring a sliding keypad. LG Mobile is known for its best innovation, style and technolo g y , said the company. The New LG Chocolate BL20 is referencing the original Chocolate's design characteristic that features 3G data connectivity, a sliding keypad, hidden touch-navigation keys, and touch sensitive side controls.
“Users can customise their home screens with widgets and they can scan documents using the phone's 5.0 mega pixel auto focus camera and Text Scan software feature,“ said the company.
“Users can also listen to songs saved on microSD cards (16GB max) or they can tune into the device's FM radio.“ Ramesh Shrestha, general manager of LG Mobile said that the glossy black surface accentuated with red highlights, the new Chocolate phone is expected to create sensation with its design that reflects perfect harmony of technology and features.
“The New LG Chocolate BL20 offers style-conscientious consumers another way to experience the luxurious style and high performance at an affordable price,“ he added.
The mobile set comes with one year warranty while the battery comes with six months warranty. LG Mobile has the facility of having the widest range of service centres all over Nepal. The MRP of LGBL20 is Rs 24,990.
iNTEX mobile phones KATHMANDU: Biz International Pvt Ltd has brought iNTEX mobile phones manufactured by New Delhi's Intex Technology. This popular Indian brand is aimed at people looking for attractive and durable sets at reasonable price in Nepal.
Biz International's managing director Piyush Mittal said that all the mobile sets have mobile tracker and some of the models even have triple SIM -two GSMs and one CDMA -functions.
“The sets also have wireless FM, high resolution camera, Bluetooth, more internal memory, expandable memory and A/V player,“ he said adding that the sets come with 6month battery warranty and a year warranty in hardware and software.
The price ranges from Rs 3,000 to 9,000 depending on the model.
The showroom along with its after sales service centre is situated at Pako's Tamrakar House.
Intex is an ISO 9001:2008 company which also manufactures computers and inverters.
“Users can customise their home screens with widgets and they can scan documents using the phone's 5.0 mega pixel auto focus camera and Text Scan software feature,“ said the company.
“Users can also listen to songs saved on microSD cards (16GB max) or they can tune into the device's FM radio.“ Ramesh Shrestha, general manager of LG Mobile said that the glossy black surface accentuated with red highlights, the new Chocolate phone is expected to create sensation with its design that reflects perfect harmony of technology and features.
“The New LG Chocolate BL20 offers style-conscientious consumers another way to experience the luxurious style and high performance at an affordable price,“ he added.
The mobile set comes with one year warranty while the battery comes with six months warranty. LG Mobile has the facility of having the widest range of service centres all over Nepal. The MRP of LGBL20 is Rs 24,990.
iNTEX mobile phones KATHMANDU: Biz International Pvt Ltd has brought iNTEX mobile phones manufactured by New Delhi's Intex Technology. This popular Indian brand is aimed at people looking for attractive and durable sets at reasonable price in Nepal.
Biz International's managing director Piyush Mittal said that all the mobile sets have mobile tracker and some of the models even have triple SIM -two GSMs and one CDMA -functions.
“The sets also have wireless FM, high resolution camera, Bluetooth, more internal memory, expandable memory and A/V player,“ he said adding that the sets come with 6month battery warranty and a year warranty in hardware and software.
The price ranges from Rs 3,000 to 9,000 depending on the model.
The showroom along with its after sales service centre is situated at Pako's Tamrakar House.
Intex is an ISO 9001:2008 company which also manufactures computers and inverters.
Everest Insurance holds AGM
Everest Insurance Company (EIC) -during its 14th and 15th annual general meeting (AGM) on Tuesday -has decided to distribute 20 per cent cash dividend to the shareholders from its profits.
“In spite of the unfavourable conditions in the country, the company has successful posted a huge profit.
“It is the first among non-life insurance companies to collect Rs 449.8 million premium during the last fiscal years,“ said the company adding that in this fiscal year's nine months it has already collected Rs 455.2 million as premium that 45.25 per cent higher than the premium collection of the same period in the last fiscal year, said the company.
“In spite of the unfavourable conditions in the country, the company has successful posted a huge profit.
“It is the first among non-life insurance companies to collect Rs 449.8 million premium during the last fiscal years,“ said the company adding that in this fiscal year's nine months it has already collected Rs 455.2 million as premium that 45.25 per cent higher than the premium collection of the same period in the last fiscal year, said the company.
Citizens' brings new account
Citizens' Bank International has brought Citizen's Rastra Sewak Bachat Yojana targetting at Nepali citizens and their family members employed in government, semi government and corporations' services.
Under the scheme, a customer can get eight per cent interest daily, said a press release issued here by the bank. The customer can open the account with a minimum of Rs 1,000 but gets all the facilities like free ATM card and check book, 50 per cent discount on locker deposit, 50 per cent discount on goodfor-payment fee, 50 per cent discount on processing fee of auto loan and mortgage loan, 25 per cent discount on remittance fee, and free SMS services. The bank is promoted by reputed economists and academicians of the country.
Under the scheme, a customer can get eight per cent interest daily, said a press release issued here by the bank. The customer can open the account with a minimum of Rs 1,000 but gets all the facilities like free ATM card and check book, 50 per cent discount on locker deposit, 50 per cent discount on goodfor-payment fee, 50 per cent discount on processing fee of auto loan and mortgage loan, 25 per cent discount on remittance fee, and free SMS services. The bank is promoted by reputed economists and academicians of the country.
NATTA,PADT talk
During a meet between member secretary of Pashupati Area Development Trust (PADT) Sushil Nahata and Arjun Prasad Sharma, president of Nepal Association of Tour and Travel Agency (NATTA), the PADT assured support to NATTA in carrying out plantation in the Pashupatinath area on the occassion of International Environment Day.
JBBL's new ATM
Jyoti Bikas Bank Ltd's (JBBL) director Chhatraman Shrestha inaugurated the bank's ATM in Lagankhel on Tuesday. The bank, established in 2008 -started its first ATM in Kathmandu's Ratnapark within the six month of its operation, said the bank. The bank's CEO Jhalak Prasad Khanal said that the bank is going to open two more branches at Kathmandu's Saraswatinagar and Parsa's Birgunj soon. With its main branch at Kamaldi, Kathmandu; it already has its branches in Rupendehi's Butwal, Mahottari's Bardibas, Bara's Simara, Rautahat's Chandranigahapur, Morang's Pathari, Kathmandu's Koteshwor, Jorpati, Ason and Lalitpur's Prayagpokhari.
NTY 2011 Official launch
After the official launch of NTY 2011 in Kathmandu on February 26, NTY 2011 working committee has decided to make its official launch at Lumbini on April 2. As per the tentative plan of the NTY committee, Lumbini has been selected as the first place outside the valley for the official launch of NTY 2011.
After the NTY inauguration at Lumbini on April 2, similar events will be organised at Pokhara on April 11 and Nepalgunj on April 16. The NTY 2011 working committee has marked various border points like Birgunj, Biratnagar, Bhairahawa, Kakarvitta, Dhangadhi, Pashupati Nagar, Janakpur and Nepalgunj. The study has been made to provide cross-border facility for tourists and visitors reaching the border points.
After the NTY inauguration at Lumbini on April 2, similar events will be organised at Pokhara on April 11 and Nepalgunj on April 16. The NTY 2011 working committee has marked various border points like Birgunj, Biratnagar, Bhairahawa, Kakarvitta, Dhangadhi, Pashupati Nagar, Janakpur and Nepalgunj. The study has been made to provide cross-border facility for tourists and visitors reaching the border points.
Tourism sector cries for tax relief
Though the government has announced Nepal Tourism Year (NTY) 2011 as its most ambitious campaign yet, it has not drawn up proper procedures for tourism entrepreneurs so that they get tax facilitation to buy sufficient vehicles for tourists.
According to Dhruba Narayan Shrestha, coordinator of the tourism sector at Federation of Nepalese Chambers of Copmmerce and Industries (FNCCI) and member of NTY 2011 working committee, there was a facility of 50 per cent tax exemption on the purchase of tourist vehicles but since long the government has not allowed the facility and that has resulted in insufficient number of tourist coaches.
Vehicles for ferrying tourists are assigned green number plates but due to lack of sufficient tourist vehicles, tour and travel operators here are forced to use vehicles with red number plates.
Arjun Prasad Sharma, president of Nepal Association of Tour and Travel Agents (NATTA), said that the lack of tourist vehicles has compelled them to use vehicles with red number plates as tourist vehicles. The government should streamline the basic requirements of the tourism sector, he added.
Earlier, the government used to grant 50 per cent tax exemption to tourism entrepreneurs to buy tourist coaches. According to the rule, such tourist coaches purchased after tax exemption should be plied for 10 years before transfer of their ownership.
“Although the high level committee for tourism under the leadership of Yuvaraj Khatiwada, the present vice-chairman of National Planning Commission, had made a decision three years ago regarding the import of tourist vehicles, the decision still awaits implementation,“ said Shrestha adding that the committee had arranged for the transfer of ownership of the vehicles after just five years of their purchase but there is no move in this regard by the government.
Shrestha also said that targeting NTY 2011 the committee is also developing a plan to operate tourist express service for both domestic and international tourists but the government has not formulated a proper policy or tax exemption on the purchase of tourist vehicles. He added that without the tax exemption it was difficult to replace the existing worn out vehicles. He said a single tourist bus comes at a minimum cost of Rs 50-60 lakh.
According to Dhruba Narayan Shrestha, coordinator of the tourism sector at Federation of Nepalese Chambers of Copmmerce and Industries (FNCCI) and member of NTY 2011 working committee, there was a facility of 50 per cent tax exemption on the purchase of tourist vehicles but since long the government has not allowed the facility and that has resulted in insufficient number of tourist coaches.
Vehicles for ferrying tourists are assigned green number plates but due to lack of sufficient tourist vehicles, tour and travel operators here are forced to use vehicles with red number plates.
Arjun Prasad Sharma, president of Nepal Association of Tour and Travel Agents (NATTA), said that the lack of tourist vehicles has compelled them to use vehicles with red number plates as tourist vehicles. The government should streamline the basic requirements of the tourism sector, he added.
Earlier, the government used to grant 50 per cent tax exemption to tourism entrepreneurs to buy tourist coaches. According to the rule, such tourist coaches purchased after tax exemption should be plied for 10 years before transfer of their ownership.
“Although the high level committee for tourism under the leadership of Yuvaraj Khatiwada, the present vice-chairman of National Planning Commission, had made a decision three years ago regarding the import of tourist vehicles, the decision still awaits implementation,“ said Shrestha adding that the committee had arranged for the transfer of ownership of the vehicles after just five years of their purchase but there is no move in this regard by the government.
Shrestha also said that targeting NTY 2011 the committee is also developing a plan to operate tourist express service for both domestic and international tourists but the government has not formulated a proper policy or tax exemption on the purchase of tourist vehicles. He added that without the tax exemption it was difficult to replace the existing worn out vehicles. He said a single tourist bus comes at a minimum cost of Rs 50-60 lakh.
M-Audio in the market
Human Click Enterprises and Multronics International along with Pulse Incorporate has launched the M-Audio -a business unit of Avid Technology -in Nepal.
The products launched are Delta 1010, Delta 1010 LT, PCI virtual studio and Audiophile 2496, according to a press release. Delta 1010 is a recording system with MIDI and digital I/O and Audiophile is a lighter version of audio card used for professional audio recording.
These products are designed to form an integral creation system so the user can focus on music. They will be available at reasonable rates.
The products launched are Delta 1010, Delta 1010 LT, PCI virtual studio and Audiophile 2496, according to a press release. Delta 1010 is a recording system with MIDI and digital I/O and Audiophile is a lighter version of audio card used for professional audio recording.
These products are designed to form an integral creation system so the user can focus on music. They will be available at reasonable rates.
Soaltee union
Nepal Tourism, Hotel, Casino and Restaurant Labour Association affiliated to Nepal Trade Union Congress-Independent has become the official union of Hotel Soaltee. The 27-member working committee includes president Uttam Kumar Gautam, senior vice-president Binod Tuladhar, secretary Surendra Shahi and treasurer Ramesh Sharma.
Union of TrekkingTravels-Rafting Workers demand
Union of TrekkingTravels-Rafting Workers (UNITRAV) wants its demands made in a 21point memorandum forwarded to Trekking Agencies Association of Nepal (TAAN) on September 11, 2009, and these to be fulfilled within five days. UNITRAV said instead of staging bandhs or strikes, it is seeking to reach an agreement through talks.
It warned, however, that if the demands are not met it may take strong action.
It warned, however, that if the demands are not met it may take strong action.
GDBL floats its shares
Gaurishankar Development Bank, Kawasoti, has floated 600,000 units of ordinary shares with a face value of Rs 100 per unit for the public from Monday.
Based in Kawasoti, the bank was established over five years ago as a B-class financial institution. It is more focused on rural areas. It has Ace Development Bank as its issue manager.
Based in Kawasoti, the bank was established over five years ago as a B-class financial institution. It is more focused on rural areas. It has Ace Development Bank as its issue manager.
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