Ministry also wants to set up a Petroleum Board. The Ministry of Commerce and Supplies (MoCS) is gearing up to introduce a new set of laws to regulate the petroleum business in the country. The new laws will aim at ending the monopoly of Nepal Oil Corporation (NOC), ministry sources, said. T h e ministry h a s formed a committee to prepare the draft of the prop o s e d regulation. The committee is headed by Ganesh Kumar Dhakal, joint secretary at the ministry and Raju Man Singh Malla, Sushil Bhattarai and Matrika Prasad Marasini are the members.
The draft of proposed law will try to ensure competition in the petroleum business, according to Matrika Prasad Marasini, under secretary at the ministry.
The committee is mulling to propose setting up of a Petroleum Board to monitor the price, quality, supplies and market as a whole, he said.
Another key part in the new regulation will be the clause of liabilities, he said, adding that the new law will endorse the system of compensation if any loss or harm is caused by accident due to petroleum products. “Since petroleum products are highly inflammable and risky, this clause will be crucial from the consumers point of view,” he said.
Similarly, the new law will mention the investment and infrastructure requirements to
operate the petroleum business, he said, adding that security measures will be mentioned in the law.
The draft will be forwarded to the Ministry of Law for recommendation and further action, Marasini said, adding that the draft will be finished within two weeks by the committee.
The ministry had forwarded the Petroleum Act to Parliament in 2007.
However, the house was dissolved before a decision was taken on the matter.
Sunday, March 27, 2011
Deposit and Credit Guarantee Corporation (DCGC) cover for United Finance
United Finance Ltd has insured individual deposits up to Rs 200,000 with Deposit and Credit Guarantee Corporation (DCGC) on Sunday. The finance company has also introduced a new fixed deposit plan of six-month duration. The fixed deposit will yield 14 per cent interest and can be opened with a minimum deposit of Rs 20,000. The interest will be provided on quarterly basis,
Monday, February 21, 2011
HTC brings HD mini
HTC Corporation — a global designer of smartphones — today introduced the HTC HD mini, an HTC Sense-based Windows Phone focused on delivering the popular experience of the HTC HD2 in a more compact design.
"The integration of HTC Sense and Windows Phone on HD mini and HD2 gives customers an additional choice for an advanced Windows Mobile phone that is sleek, well crafted and easy to use," said Jack Tong, vice president of HTC Asia.
The HTC HD mini sports a high degree of usability along with its own unique and beautiful design. The strong design ethos continues under the battery cover where a bright yellow internal structure, offers an unexpected surprise when the phone is opened.
The HTC HD mini utilises HTC Sense, a user experience focused on putting people at the centre by making the phone work in a more simple and natural way. This experience revolves around three fundamental principles that were developed by observing and listening to how people live and communicate.
Like the HTC HD2, the HTC HD mini continues the same focus on people-centric communication with complete Outlook integration. It helps you stay close to the important friends and colleagues in your life by providing a single contact view that displays individual communication snapshots of your conversations regardless of whether it was a call, text, status update or email.
HTC HD mini includes capacitive touch for viewing, zooming and resizing websites, Microsoft® Office files, PDF documents and pictures with just a pinch of your fingers. Leveraging its 3G broadband connectivity, it also offers personal Wi-Fi anywhere for your computer or other devices. Marketplace for Mobile.
The new HTC HD mini will be available from
early May at all authorised resellers at a suggested retail price of Rs 38,888. Standard retail HTC HD mini package will come with a 2GB microSD™ card.
"The integration of HTC Sense and Windows Phone on HD mini and HD2 gives customers an additional choice for an advanced Windows Mobile phone that is sleek, well crafted and easy to use," said Jack Tong, vice president of HTC Asia.
The HTC HD mini sports a high degree of usability along with its own unique and beautiful design. The strong design ethos continues under the battery cover where a bright yellow internal structure, offers an unexpected surprise when the phone is opened.
The HTC HD mini utilises HTC Sense, a user experience focused on putting people at the centre by making the phone work in a more simple and natural way. This experience revolves around three fundamental principles that were developed by observing and listening to how people live and communicate.
Like the HTC HD2, the HTC HD mini continues the same focus on people-centric communication with complete Outlook integration. It helps you stay close to the important friends and colleagues in your life by providing a single contact view that displays individual communication snapshots of your conversations regardless of whether it was a call, text, status update or email.
HTC HD mini includes capacitive touch for viewing, zooming and resizing websites, Microsoft® Office files, PDF documents and pictures with just a pinch of your fingers. Leveraging its 3G broadband connectivity, it also offers personal Wi-Fi anywhere for your computer or other devices. Marketplace for Mobile.
The new HTC HD mini will be available from
early May at all authorised resellers at a suggested retail price of Rs 38,888. Standard retail HTC HD mini package will come with a 2GB microSD™ card.
MEX adds commodity
KATHMANDU: MEX has introduced two new products — Platinum and Palladium — and one contract — small gold — for providing variety of products to the market. The contract size of both Platinum and Palladium is 1,000-gm and small gold is 100-gm, said the commodity exchange that has fixed the initial margin for the platinum, palladium and small gold is Rs 100,000, Rs 50,000 and Rs 12,000, respectively. The trading timing for all the contracts will be from 04:45am to 03:45 am next day for a period of 23 hours, said company.
Qatar to fly to Shiraz
KATHMANDU: Qatar Airways on Monday announced plans to launch flights to the southern Iranian city of Shiraz. The airline will commence twice weekly flights from its Doha hub to Shiraz International Airport from June 5. Shiraz will become the airline’s 101st global destination and third route to Iran. The carrier already operates double daily services to the capital city of Tehran and five-flights-a-week to Mashad in northern Iran. News of the new route further enhances Qatar Airways’ commitment to Iran, where it first began operating services in 2004 with the launch of the Tehran route, followed a year later by Mashad.
Qatar to fly to Shiraz
KATHMANDU: Qatar Airways on Monday announced plans to launch flights to the southern Iranian city of Shiraz. The airline will commence twice weekly flights from its Doha hub to Shiraz International Airport from June 5. Shiraz will become the airline’s 101st global destination and third route to Iran. The carrier already operates double daily services to the capital city of Tehran and five-flights-a-week to Mashad in northern Iran. News of the new route further enhances Qatar Airways’ commitment to Iran, where it first began operating services in 2004 with the launch of the Tehran route, followed a year later by Mashad.
Ministry mulls to shift casinos
The Ministry of Tourism and Civil Aviation (MoTCA) is studying possible ways to phaseout the casinos out of the Valley.
“The ministry is forming a separate committee for a detailed technical and feasibility study of the shifting process after February 27,” said secretary at the ministry Kishore Thapa.
“The idea to shift casinos is a good one from every aspect including that of security concern of the Valley. “However, the ministry needs to have a detailed study, he said.
Appropriate venue, possibilities of security measures and chances of infrastructure construction will be taken into consideration before taking decision, according to him. “Since casinos are targeted to high-end tourists, the possibility of building a new airport along with other basic facilities is a must at the site.”
Public Accounts Committee (PAC) under Legislature-Parliament had on February 2 directed ministries concerned to
shift the casinos outside the Valley, gradually. The PAC members had also accused the casinos for posing security threat and compelling Nepalis to go bankrupt overnight by giving them illegal entry.
Finance secretary Rameshwor Prasad Khanal had suggested to create a separate ‘casino-city’ outside the Valley. Speaking at the PAC, he had assured that the finance ministry will make necessary arrangement within six months, if the government decides to shift the casinos outside the valley.
“The ministry is forming a separate committee for a detailed technical and feasibility study of the shifting process after February 27,” said secretary at the ministry Kishore Thapa.
“The idea to shift casinos is a good one from every aspect including that of security concern of the Valley. “However, the ministry needs to have a detailed study, he said.
Appropriate venue, possibilities of security measures and chances of infrastructure construction will be taken into consideration before taking decision, according to him. “Since casinos are targeted to high-end tourists, the possibility of building a new airport along with other basic facilities is a must at the site.”
Public Accounts Committee (PAC) under Legislature-Parliament had on February 2 directed ministries concerned to
shift the casinos outside the Valley, gradually. The PAC members had also accused the casinos for posing security threat and compelling Nepalis to go bankrupt overnight by giving them illegal entry.
Finance secretary Rameshwor Prasad Khanal had suggested to create a separate ‘casino-city’ outside the Valley. Speaking at the PAC, he had assured that the finance ministry will make necessary arrangement within six months, if the government decides to shift the casinos outside the valley.
Tuesday, February 1, 2011
Nepal Oil Corporation loss to touch Rs 1billion in Feb
Nepal Oil Corporation (NOC) has said that its loss in January could jump to Rs 968.3 million in February, as the sole supplier of fuel for Nepal -- Indian Oil Corporation -- jacked up the supply rates citing rise in crude prices.
“The loss has jumped to almost Rs 1 billion, but the government still continues to turn deaf ears to our calls to adjust prices,” said Digambar Jha, managing director of NOC.
The corporation has estimated the loss based on its projection that it will import 111,000 kiloliters of fossil fuel during the month.
According to the import rates issued by the IOC on Tuesday, NOC´s loss on petrol has jumped to Rs 4.94 per liter, widening by more than a rupee than what it was seeing in January. Likewise, loss on diesel too has widened by more than Rs 2 to Rs 9.06 per liter. “This is a massive loss, especially given that more than two-thirds of fuel we consume is diesel,” Jha added.
The new rate has shrunk NOC´s loss on liquefied petroleum gas (LPG). But the shrink is too nominal to make significant positive impact. According to the new rates, NOC will now suffer a loss of Rs 357 per cylinder (14.2 kg) of LPG, down from previous loss of Rs 363 per cylinder.
While the new rates have widened loss on major products, it has also reduced profit margin that NOC was enjoying on products like kerosene and aviation fuel.
“Our profit on kerosene has dropped to 80 paisa per liter from Rs 5 per liter,” said Jha.
Likewise, the profit on aviation fuel too has shrunk to Rs 11.40 per liter.
“The new rates have made petrol in Nepal cheaper by Rs 10.73 per liter than in bordering Indian towns. We fear this will trigger illegal outflow of the fuel to India,” said Jha.
The new rates have also made aviation fuel in Nepal cheaper by Rs 13.59 per liter than India. This could encourage international airlines to refill more fuel in Nepal, adding pressure on NOC´s weak supply capacity.
Given the situation, NOC has requested the government to allow it adjust fuel prices, mainly petrol.
“Clearly, NOC neither has the capacity to absorb loss nor manage the impact the loss will have on import and inventory management,” Jha said, urging the government to take a concrete decision at the earliest.
“The loss has jumped to almost Rs 1 billion, but the government still continues to turn deaf ears to our calls to adjust prices,” said Digambar Jha, managing director of NOC.
The corporation has estimated the loss based on its projection that it will import 111,000 kiloliters of fossil fuel during the month.
According to the import rates issued by the IOC on Tuesday, NOC´s loss on petrol has jumped to Rs 4.94 per liter, widening by more than a rupee than what it was seeing in January. Likewise, loss on diesel too has widened by more than Rs 2 to Rs 9.06 per liter. “This is a massive loss, especially given that more than two-thirds of fuel we consume is diesel,” Jha added.
The new rate has shrunk NOC´s loss on liquefied petroleum gas (LPG). But the shrink is too nominal to make significant positive impact. According to the new rates, NOC will now suffer a loss of Rs 357 per cylinder (14.2 kg) of LPG, down from previous loss of Rs 363 per cylinder.
While the new rates have widened loss on major products, it has also reduced profit margin that NOC was enjoying on products like kerosene and aviation fuel.
“Our profit on kerosene has dropped to 80 paisa per liter from Rs 5 per liter,” said Jha.
Likewise, the profit on aviation fuel too has shrunk to Rs 11.40 per liter.
“The new rates have made petrol in Nepal cheaper by Rs 10.73 per liter than in bordering Indian towns. We fear this will trigger illegal outflow of the fuel to India,” said Jha.
The new rates have also made aviation fuel in Nepal cheaper by Rs 13.59 per liter than India. This could encourage international airlines to refill more fuel in Nepal, adding pressure on NOC´s weak supply capacity.
Given the situation, NOC has requested the government to allow it adjust fuel prices, mainly petrol.
“Clearly, NOC neither has the capacity to absorb loss nor manage the impact the loss will have on import and inventory management,” Jha said, urging the government to take a concrete decision at the earliest.
Tourist Arrivals up by 26 percent in January
Visitors arrivals in the first month of 2011 show a prospect of the country recording a significant growth in tourist arrival during Nepal Tourism Year 2011.
Tourist arrivals via air in January increased by 26.2 percent as compared to the arrival figures of the same period last year.
According to the Immigration Office at the Tribhuvan International Airport, the country received a total of 32,914 foreign visitors in January with positive growths from all regions.
Arrivals from India -- Nepal´s largest tourist generating country -- increased by a whopping 35.5 percent. The arrivals from Bangladesh and Pakistan also registered positive growth of 10.3 and 13.3 percent respectively. Although the arrivals declined from Sri Lanka, overall arrivals from the SAARC region grew by 28.8 percent.
Similarly, arrivals from Asia, excluding the SAARC region, grew by 36.6 percent. Arrivals from Europe also grew by 14.6 percent as compared to arrival figures of January, 2009.
Tourist arrivals via air in January increased by 26.2 percent as compared to the arrival figures of the same period last year.
According to the Immigration Office at the Tribhuvan International Airport, the country received a total of 32,914 foreign visitors in January with positive growths from all regions.
Arrivals from India -- Nepal´s largest tourist generating country -- increased by a whopping 35.5 percent. The arrivals from Bangladesh and Pakistan also registered positive growth of 10.3 and 13.3 percent respectively. Although the arrivals declined from Sri Lanka, overall arrivals from the SAARC region grew by 28.8 percent.
Similarly, arrivals from Asia, excluding the SAARC region, grew by 36.6 percent. Arrivals from Europe also grew by 14.6 percent as compared to arrival figures of January, 2009.
Cable operators submit memo to govt
Cable TV operators have requested the government to scrap fifth amendment to the National Broadcast Regulation 2010, saying that it was not in favor of cable operators.
Speaking at a press meet in the capital on Tuesday, the cable operators demanded the government not to make it mandatory for cable operator to get a new license while switching to digital transmission.
Speaking on the occasion, Dinesh Subedi, past president of Nepal Cable Association, alleged the government of showing bias in favor of DTH companies.
The cable TV operators also forwarded a memorandum to Prime Minister Madhav Kumar Nepal, putting forth 21-point demand. The demands include waiving off existing royalty amount, legal provision for television scroll advertisement and shutting DTH operation by foreign companies.
The operators have threatened of launching nationwide protest if their demands were not addressed within a week.
Speaking at a press meet in the capital on Tuesday, the cable operators demanded the government not to make it mandatory for cable operator to get a new license while switching to digital transmission.
Speaking on the occasion, Dinesh Subedi, past president of Nepal Cable Association, alleged the government of showing bias in favor of DTH companies.
The cable TV operators also forwarded a memorandum to Prime Minister Madhav Kumar Nepal, putting forth 21-point demand. The demands include waiving off existing royalty amount, legal provision for television scroll advertisement and shutting DTH operation by foreign companies.
The operators have threatened of launching nationwide protest if their demands were not addressed within a week.
Telecom launches campaign against Indian PCOs
Nepal Telecom has started a campaign with the help of the local administration against Indian PCOs being run illegally at different places in Biratnagar.
According to Chief of Telecome Birgunj Ramakanta Karna, the campaign against Indian PCOs, illegally running PCOs in different places here by evading tax, has started from Monday.
Karna said that action was taken against four PCOs on Monday and their owners were arrested.
It is said that the campaign was started to seize Indian phones and mobiles.
Telecom started the campaign after its revenue collection decreased.
Meanwhile, donation collection in the name of Swaraswoti Puja has increased in different places in Birgunj.
Locals complained that people are collecting money from industrialists and businessmen by putting logs on roads.
According to Chief of Telecome Birgunj Ramakanta Karna, the campaign against Indian PCOs, illegally running PCOs in different places here by evading tax, has started from Monday.
Karna said that action was taken against four PCOs on Monday and their owners were arrested.
It is said that the campaign was started to seize Indian phones and mobiles.
Telecom started the campaign after its revenue collection decreased.
Meanwhile, donation collection in the name of Swaraswoti Puja has increased in different places in Birgunj.
Locals complained that people are collecting money from industrialists and businessmen by putting logs on roads.
Broadlink CAN Info-Tech kicks off
Computer Association of Nepal (CAN) has proposed the government to declare the year 2013 as ´Information Technology Year´. CAN President Suresh K Karna made such a proposal during the inauguration of 17th Broadlink CAN Info-Tech here on Tuesday.
Karna requested the government to come up with necessary strategy by 2012 and observe 2013 as Information Technology Year.
He urged the government and the private sector to work together for the development of ICT sector. Karna also informed that CAN was working in coordination with the Ministry of Information and Communications to publish an IT Directory.
Inaugurating the six-day event, Prime Minister Madhav Kumar Nepal said the government was planning to include computer education in secondary level school curriculum as a compulsory subject. The PM also said the government was benefiting from the Government Integrated Data Centre (GIDC). The data center was set up to store government data. It has the capacity of storing data of all government offices for 15 years.
Speaking on the occasion, Minister of Information and Communications Shankar Pokharel said IT holds a great prospect for developing countries like Nepal.
Surendra Bir Malakar, president of Nepal Chamber of Commerce, said the event would provide a platform for new generation to come up with newer innovations.
More than 100 companies are displaying their products and services in 300 stalls at the Bhrikuti Mandap Exhibition Hall. The event showcases IT related products like notebooks, tablets PCs, software solution, computer accessories, mobile sets and power solution, among others.
Companies have been showcasing their products in lavishly designed stalls and also offering special rates to attract more visitors. Hi-Tech Engineering - the sole authorized distributor of DIGICOM in Nepal - was able to grab the attention of visitors with artistically built one-storied stall.
Visitors were seen attracted toward products like notebooks, tablet PC and other newly launched products.
CAN is organizing ICT Conference on Wednesday and Thursday. The first day of the conference will feature a discussion program on the theme ´Building e-Nepal: Prospects and Challenges”.
The association is expecting a total of 400,000 visitors. More than 56,000 people visited the Info-Tech on the first day, according to CAN General Secretary Narayan Neupane.
“We are very much encouraged with the overwhelming turnout of visitors in the first day. We expect to welcome more visitors in the next four days,” Neupane added. The final day of the event will be business day.
CAN has been organizing Info-Tech for the last 16 years to share knowledge on latest innovations in information technology.
Karna requested the government to come up with necessary strategy by 2012 and observe 2013 as Information Technology Year.
He urged the government and the private sector to work together for the development of ICT sector. Karna also informed that CAN was working in coordination with the Ministry of Information and Communications to publish an IT Directory.
Inaugurating the six-day event, Prime Minister Madhav Kumar Nepal said the government was planning to include computer education in secondary level school curriculum as a compulsory subject. The PM also said the government was benefiting from the Government Integrated Data Centre (GIDC). The data center was set up to store government data. It has the capacity of storing data of all government offices for 15 years.
Speaking on the occasion, Minister of Information and Communications Shankar Pokharel said IT holds a great prospect for developing countries like Nepal.
Surendra Bir Malakar, president of Nepal Chamber of Commerce, said the event would provide a platform for new generation to come up with newer innovations.
More than 100 companies are displaying their products and services in 300 stalls at the Bhrikuti Mandap Exhibition Hall. The event showcases IT related products like notebooks, tablets PCs, software solution, computer accessories, mobile sets and power solution, among others.
Companies have been showcasing their products in lavishly designed stalls and also offering special rates to attract more visitors. Hi-Tech Engineering - the sole authorized distributor of DIGICOM in Nepal - was able to grab the attention of visitors with artistically built one-storied stall.
Visitors were seen attracted toward products like notebooks, tablet PC and other newly launched products.
CAN is organizing ICT Conference on Wednesday and Thursday. The first day of the conference will feature a discussion program on the theme ´Building e-Nepal: Prospects and Challenges”.
The association is expecting a total of 400,000 visitors. More than 56,000 people visited the Info-Tech on the first day, according to CAN General Secretary Narayan Neupane.
“We are very much encouraged with the overwhelming turnout of visitors in the first day. We expect to welcome more visitors in the next four days,” Neupane added. The final day of the event will be business day.
CAN has been organizing Info-Tech for the last 16 years to share knowledge on latest innovations in information technology.
Thursday, June 3, 2010
TATA Consultancy may design CDS for NEPSE
Nepse is more than likely to hand out the contract to design the software for much anticipated Central Depository System (CDS) to Tata Consultancy Services (TSC). “After the preparation of software, there will not be any further delay about starting CDS,” informed Shambhu Pant, Nepse’s acting deputy manager and spokesperson.
“Nepal’s CDS will be based largely on Indian Central Depository Services Ltd (CDSL), a sister concern of the Bombay stock Exchange (BSE) as we are undertaking this project under the financial and technical support of BSE,” he added.
The CDS is a new clearing and settlement system being used in stock exchanges abroad. Under the CDS, the current practice of holding and moving the scrip of quoted shares physically will be replaced by a safe and dependable computerized book entry system. When investors trade under the CDS, there will be no need for delivery and receipt of physical certificates. All the physical scrips of the companies listed on the stock exchange will be recorded centrally, and investors will have CDS accounts which will show their holdings. The seller’s account will be debited and the buyer’s account will be credited when shares are traded by the new system automatically as is practised by major stock exchanges the world over.
“The implementation of CDS will do a great deal in encouraging the investors as there will be hassle-free and swift ownership transfer and instant liquidity,” said Surbir Paudyal, Chairman of Securities Board of Nepal.
The increase in volume and number of share transactions after the automation of Nepse had created demand for the establishment of CDS that offers safety and convenience compared to holding securities in physical form, enhances liquidity by instantaneous transfers and delays, thefts, interceptions and subsequent misuse of certificates eliminated.
The implementation of CDS is supposed to be able to wipe out inconsistency and manipulation in stock trading and make the Nepali secondary market more transparent and a significant reduction in discrepancy rates is expected by Nepse.
Meanwhile, the Nepse has started the process to take the exam for new brokers. The process to add new brokers has halted since long.
“Nepal’s CDS will be based largely on Indian Central Depository Services Ltd (CDSL), a sister concern of the Bombay stock Exchange (BSE) as we are undertaking this project under the financial and technical support of BSE,” he added.
The CDS is a new clearing and settlement system being used in stock exchanges abroad. Under the CDS, the current practice of holding and moving the scrip of quoted shares physically will be replaced by a safe and dependable computerized book entry system. When investors trade under the CDS, there will be no need for delivery and receipt of physical certificates. All the physical scrips of the companies listed on the stock exchange will be recorded centrally, and investors will have CDS accounts which will show their holdings. The seller’s account will be debited and the buyer’s account will be credited when shares are traded by the new system automatically as is practised by major stock exchanges the world over.
“The implementation of CDS will do a great deal in encouraging the investors as there will be hassle-free and swift ownership transfer and instant liquidity,” said Surbir Paudyal, Chairman of Securities Board of Nepal.
The increase in volume and number of share transactions after the automation of Nepse had created demand for the establishment of CDS that offers safety and convenience compared to holding securities in physical form, enhances liquidity by instantaneous transfers and delays, thefts, interceptions and subsequent misuse of certificates eliminated.
The implementation of CDS is supposed to be able to wipe out inconsistency and manipulation in stock trading and make the Nepali secondary market more transparent and a significant reduction in discrepancy rates is expected by Nepse.
Meanwhile, the Nepse has started the process to take the exam for new brokers. The process to add new brokers has halted since long.
Oman Airs Direct Flight
The Ministry of Tourism and Civil Aviation has granted permission to Oman Air to operate direct flights between Oman and Nepal. An agreement to this effect was signed between the governments of the two countries in Kathmandu on Wednesday. Oman Air is planning to operate Oman-Kathmandu flights from the third week of June. It plans to operate seven flights a week. The ministry said direct Oman-Kathmandu flights will help Nepal Tourism Year 2011, besides facilitating Nepali workers going to Oman for jobs. Nepal government is planning to attract more international airlines for the success of Nepal Tourism Year 2011.
Tuesday, June 1, 2010
Nepal telecom Reduces International Call
Nepal Telecom (NT) is providing international calls through IP Technology, starting from June 1. The new service can be accessed by GSM enabled postpaid subscribers, PSTN services, CDMA services and pre-paid credit limit account users by using the access code 1424, said the NT that has started the service with an aim to provide customers with service to make international calls making the service convinient and cost effective for users. Customers using the technology can call Canada, China, Hong kong, India, Singapore, Thailand and US at Rs 4 per minute.
NIC bank's lending to industries more
Some eight commercial banks have applied for the refinancing facility from the central bank. Out of the eight commercial banks -Citizens Bank International, DCBL, Kumari Bank, NIC Bank, Global Bank, Prime Commercial Bank, NCC Bank, Kist Bank, Laxmi Bank -Citizens Bank International has already received Rs 430 million.
Similarly, the NIC Bank -that has consistently focused on channeling its credit to productive sectors contributing to the country's economic growth -has also applied for Rs 440 million refinancing facility. As of midApril, it has floated 90 per cent of it's total April, it has flo loan portfolio of about Rs 14 billion in over 2,000 diversified industries and businesses, said the bank.
NIC has floated loans in a wide range of industries including food processing, steel, cloth, yarn, cement, paints, jute, ca paints, jute, carpets, paper, handicrafts, hotels, hospitals, education, agriculture, leather, plastics, cables, bricks, and IT. "It has only around 10 per cent exposure in real estate portfolio," it claimed. The bank -that has a large network of 25 branches spread from Jhapa in the east to Mahendra Nagar in the far west -has announced a 27 per cent growth in net profit to Rs 319 million in the first nine months of the current fiscal year compared with the same period last year.
The mid-term evaluation of the Monetary Policy has introduced refinancing facility to pump in liquidity in the banking system for productive sectors like tourism, hydropower, exports, agriculture, small and medium scale industry and other productive sectors.
Similarly, the NIC Bank -that has consistently focused on channeling its credit to productive sectors contributing to the country's economic growth -has also applied for Rs 440 million refinancing facility. As of midApril, it has floated 90 per cent of it's total April, it has flo loan portfolio of about Rs 14 billion in over 2,000 diversified industries and businesses, said the bank.
NIC has floated loans in a wide range of industries including food processing, steel, cloth, yarn, cement, paints, jute, ca paints, jute, carpets, paper, handicrafts, hotels, hospitals, education, agriculture, leather, plastics, cables, bricks, and IT. "It has only around 10 per cent exposure in real estate portfolio," it claimed. The bank -that has a large network of 25 branches spread from Jhapa in the east to Mahendra Nagar in the far west -has announced a 27 per cent growth in net profit to Rs 319 million in the first nine months of the current fiscal year compared with the same period last year.
The mid-term evaluation of the Monetary Policy has introduced refinancing facility to pump in liquidity in the banking system for productive sectors like tourism, hydropower, exports, agriculture, small and medium scale industry and other productive sectors.
Saturday, May 29, 2010
Govt preparing to set up NBF
The government is soon establishing Nepal Business Forum (NBF) -- a public-private body -- to stimulate dialogue and enable the public and private sector to work constructively for improving investment and business climate in the country.
The forum is being set up after the cabinet meeting held recently endorsed the proposal that Ministry of Industry mooted under the aegis of the International Finance Corporation (IFC) of the World Bank group.
NBF is the replica of a model practiced in recent years in various low income countries, where it successfully bridged policy and environment related gaps that impeded business growth.
“We reckon NBF can play an instrumental role to identify constraints and barriers to business and investment, foster commitment and mobilize concerned government agencies to solve the problems promptly,” said Dhundi Raj Pokharel, joint secretary at MoI.
Most importantly, officials believe that NBF being an interactive platform between the private sector, government, civil society and donors will create strong pressure for concerned stakeholders, mainly political leadership, for addressing labor problems, energy crisis and insecurity and bring about other reforms.
Labor problems, energy crisis and insecurity are being tagged as the three major constraints to investment and doing business in Nepal at present. And despite suggesting various measures to deal with them, MoI has not been able to garner strong will and commitment from concerned ministries and political leaders.
The NBF statute endorsed by the government envisages formation of multi-tier bodies, including general assembly, headed by the Prime Minister; steering committee led by Industry Minister; and private sector development committee headed by the Chief Secretary.
While the steering committee will function as the main executive body of NBF, six different sectoral working groups jointly led by concerned government secretary and private sector representatives will work to identify problems, recommend policy reforms and implement reforms related to respective sectors.
The working groups will be formed on industry, trade and services, infrastructure, access to finance, women in business and business registration and tax.
“NBF will have a separate secretariat, which will be manned by experts and supporting staffs,” Pokharel told myrepublica.com, adding, “While work groups will meet more frequently, NBF plenary meeting will be held once a year.”
NBF will include all concerned ministers, secretaries, private sector organizations, donor agencies, civil society representatives and experts. Though its structure and size appears mammoth, concerned officials argued that the inclusion of all stakeholders and ministries, stimulating dialogue among them and making them responsive and accountable are the key to the success of NBF.
“Otherwise, we fear, it will fail just as many other public-private initiatives have failed.”
As for its function, NBF will work for consistent enforcement of law, removal of barriers that investors face in establishing and closing enterprises and provide feedback on policies and regulations that affect the private sector.
It will also field various needs of the industrial sector like taxes and fees cut, relaxing interest rates and ceiling, simplifying rules, improving patent and industrial design protection and predictable environment for foreign direct investment.
The costs of operating NBF will be shouldered jointly by the government, private sector and donors, according to MoI.
The forum is being set up after the cabinet meeting held recently endorsed the proposal that Ministry of Industry mooted under the aegis of the International Finance Corporation (IFC) of the World Bank group.
NBF is the replica of a model practiced in recent years in various low income countries, where it successfully bridged policy and environment related gaps that impeded business growth.
“We reckon NBF can play an instrumental role to identify constraints and barriers to business and investment, foster commitment and mobilize concerned government agencies to solve the problems promptly,” said Dhundi Raj Pokharel, joint secretary at MoI.
Most importantly, officials believe that NBF being an interactive platform between the private sector, government, civil society and donors will create strong pressure for concerned stakeholders, mainly political leadership, for addressing labor problems, energy crisis and insecurity and bring about other reforms.
Labor problems, energy crisis and insecurity are being tagged as the three major constraints to investment and doing business in Nepal at present. And despite suggesting various measures to deal with them, MoI has not been able to garner strong will and commitment from concerned ministries and political leaders.
The NBF statute endorsed by the government envisages formation of multi-tier bodies, including general assembly, headed by the Prime Minister; steering committee led by Industry Minister; and private sector development committee headed by the Chief Secretary.
While the steering committee will function as the main executive body of NBF, six different sectoral working groups jointly led by concerned government secretary and private sector representatives will work to identify problems, recommend policy reforms and implement reforms related to respective sectors.
The working groups will be formed on industry, trade and services, infrastructure, access to finance, women in business and business registration and tax.
“NBF will have a separate secretariat, which will be manned by experts and supporting staffs,” Pokharel told myrepublica.com, adding, “While work groups will meet more frequently, NBF plenary meeting will be held once a year.”
NBF will include all concerned ministers, secretaries, private sector organizations, donor agencies, civil society representatives and experts. Though its structure and size appears mammoth, concerned officials argued that the inclusion of all stakeholders and ministries, stimulating dialogue among them and making them responsive and accountable are the key to the success of NBF.
“Otherwise, we fear, it will fail just as many other public-private initiatives have failed.”
As for its function, NBF will work for consistent enforcement of law, removal of barriers that investors face in establishing and closing enterprises and provide feedback on policies and regulations that affect the private sector.
It will also field various needs of the industrial sector like taxes and fees cut, relaxing interest rates and ceiling, simplifying rules, improving patent and industrial design protection and predictable environment for foreign direct investment.
The costs of operating NBF will be shouldered jointly by the government, private sector and donors, according to MoI.
DDC dominating dairy market for decades
Most of Kathmanduites begin their day with products of Dairy Development Corporation (DDC) as most of them prefer pasteurized milk produced by the state-owned dairy manufacturer for morning tea.
And why not, DDC claims that it enjoys 50 percent share of Nepal´s pasteurized milk market. Not only the pasteurized milk, other products manufactured by DDC have also been dominating the market of dairy products for the last many years.
Dr Ishwari Pd Adhikari, project manager at DDC, said the state-owned dairy manufacturer enjoys 50 percent share of pasteurized milk market in the country. "We are also the market leaders in different varieties of cheese and dairy products like yoghurt, paneer, ghee and butter, among others," Dr Adhikari added.
The demand for pasteurized milk and other milk products has been so high that DDC has been facing difficulty in meeting it.
The main reason behind the increasing popularity of DDC products is because of the credibility that the dairy manufacturer has earned by not compromising on quality of milk and milk products and hygiene and sanitation on its plants across the country, according to Dr Adhikari. "We have modern machineries and a pool of trained manpower that are of international standard," he added.
DDC was established as a government entity under the Corporation Act 2021 BS. Its plants at Lainchaur and Balaju have received ISO: 22000:2005 certifications. It has its head office at Lainchaur and 16 procession centers across the country.
DDC collects 60 million liters milk a day from more than 75,000 farmers through 888 co-operatives spread out in 33 districts. With the sate-of-art infrastructure comprising of fully modern dairy plants, 11 cheese manufacturing units, 45 milk chilling plants and highly qualified dairy specialists, DDC is one of the most important public enterprises in the country.
"We recorded an annual turnover of Rs 3.5 million in the current fiscal year and hope our turnover to rise to Rs 5 billion next year," Ajab Lal Yadav, general manager of DDC, told.
Dr Adhikari further added that strong distribution network was another reason behind the increasing popularity of DDC products in the market.
The state-owned dairy manufacturer is the leading manufacturer of standardized pasteurized milk, full cream milk, sterilized flavored milk (DDC Fresh), cream, yogurt, ice-cream, yak cheese, cheese spread, kanchan cheese, mozzarella (pizza) cheese, processed cheese, paneer, ghee, yak ghee, butter, lalmohan, rasbhari, peda, gundpak and jeera butter milk among others.
It has been producing ghee in Biratnagar plant, lalmohan in Hetauda, canned rasbhari in Butwal plant and mozzarella (pizza) cheese in Lumbini plant. Curd, ice-cream and cheese are manufactured at Lainchaur plant.
"The demand for ice-cream and curd is very high, but we have not been able to meet the growing demand for these products due to limited production capacity," Dr Adhikari told, adding, "We are committed to meeting the demands for our products at the earliest."
And why not, DDC claims that it enjoys 50 percent share of Nepal´s pasteurized milk market. Not only the pasteurized milk, other products manufactured by DDC have also been dominating the market of dairy products for the last many years.
Dr Ishwari Pd Adhikari, project manager at DDC, said the state-owned dairy manufacturer enjoys 50 percent share of pasteurized milk market in the country. "We are also the market leaders in different varieties of cheese and dairy products like yoghurt, paneer, ghee and butter, among others," Dr Adhikari added.
The demand for pasteurized milk and other milk products has been so high that DDC has been facing difficulty in meeting it.
The main reason behind the increasing popularity of DDC products is because of the credibility that the dairy manufacturer has earned by not compromising on quality of milk and milk products and hygiene and sanitation on its plants across the country, according to Dr Adhikari. "We have modern machineries and a pool of trained manpower that are of international standard," he added.
DDC was established as a government entity under the Corporation Act 2021 BS. Its plants at Lainchaur and Balaju have received ISO: 22000:2005 certifications. It has its head office at Lainchaur and 16 procession centers across the country.
DDC collects 60 million liters milk a day from more than 75,000 farmers through 888 co-operatives spread out in 33 districts. With the sate-of-art infrastructure comprising of fully modern dairy plants, 11 cheese manufacturing units, 45 milk chilling plants and highly qualified dairy specialists, DDC is one of the most important public enterprises in the country.
"We recorded an annual turnover of Rs 3.5 million in the current fiscal year and hope our turnover to rise to Rs 5 billion next year," Ajab Lal Yadav, general manager of DDC, told.
Dr Adhikari further added that strong distribution network was another reason behind the increasing popularity of DDC products in the market.
The state-owned dairy manufacturer is the leading manufacturer of standardized pasteurized milk, full cream milk, sterilized flavored milk (DDC Fresh), cream, yogurt, ice-cream, yak cheese, cheese spread, kanchan cheese, mozzarella (pizza) cheese, processed cheese, paneer, ghee, yak ghee, butter, lalmohan, rasbhari, peda, gundpak and jeera butter milk among others.
It has been producing ghee in Biratnagar plant, lalmohan in Hetauda, canned rasbhari in Butwal plant and mozzarella (pizza) cheese in Lumbini plant. Curd, ice-cream and cheese are manufactured at Lainchaur plant.
"The demand for ice-cream and curd is very high, but we have not been able to meet the growing demand for these products due to limited production capacity," Dr Adhikari told, adding, "We are committed to meeting the demands for our products at the earliest."
· 57 YEARS OF FIRST ASCENT More records, celebrations to mark Everest Day today
The government has planned to celebrate the Everest Day with much fanfare, though the uncertain politics has taken the front seat.
Saturday marks the 57 years of the first ascent of Mt Everest. The government has started celebrat ing May 29 as Interna tional Everest Day three years ago. This year too, the day is being celebrated with much gaiety.
The day starts with rally in the morning. The government is honouring Everest summiteers and the Ministry of Tourism and Civil Aviation is giving away Sagarmatha and Tenjing-Hillary awards.
Veteran Everest climber Apa Sherpa will be appointed as SAARC Goodwill ambassador.
Similarly, an Everest marathon, rafting and sanitation campaigns will be organised and tourism entrepreneurs will take out rallies in several places to mark the day. It was Tenjing Norge Sherpa and Sir Edmond Hillary who became the first humans to make it to the top of the world on May 29, 1953, making Nepal popular all across the world.
Since then, around 4,000 mountaineers have scaled the highest peak.
Many records have been created and broken. The government had allowed 25 teams to climb Everest this year. Among them, some made records. Latest in the list of record-hold
ers is Jordon Romeo (13) of the US. He became the youngest to climb the world's tallest peak.
On May 22, veteran climber Apa Sherpa climbed Everest for a record 20 times, breaking his own record.
World cyclist Pushkar Shah, who travelled to 150 countries on bicycle, made it to the top of the world on May 17 and unfurled the flags of all the countries he visited to spread the message of peace and harmony.
Making another record in May is Ang Chhiring Sherpa. He scaled Everest on May 23 and bagged the title of climbing the tallest mountains of all seven continents within 50 days.
The media fraternity has also something to cheer with woman journalist Sailee Basnet scaling Everest. She is the first woman journalist from South Asia to climb the peak. Junko Tabei of Japan holds the record of being the first woman to climb Everest and Pasang Lhamu Sherpa is the first Nepali woman.
Rainhold Messner holds the record of climbing Everest without oxygen; Pemba Dorje Sherpa as fastest Ever est climber and Babu Chiri Sherpa for climbing it with artificial legs. Mt Everest is the most sought-after destination among 14 highest peaks above 8,000 meters around the world.
More than 30 per cent tourists come to Nepal for trekking and mountaineering. Tourism entrepreneurs say celebrating the Everest Day is a big boost to Nepal's mountaineering sector.
"The government's decision to hold golden jubilee celebrations of various mountains has increased morale of tourism entrepreneurs and this will certainly help make Nepal Tourism Year 2011 successful," says president of Nepal Mountaineering Association Aang Chiring Sherpa.
Saturday marks the 57 years of the first ascent of Mt Everest. The government has started celebrat ing May 29 as Interna tional Everest Day three years ago. This year too, the day is being celebrated with much gaiety.
The day starts with rally in the morning. The government is honouring Everest summiteers and the Ministry of Tourism and Civil Aviation is giving away Sagarmatha and Tenjing-Hillary awards.
Veteran Everest climber Apa Sherpa will be appointed as SAARC Goodwill ambassador.
Similarly, an Everest marathon, rafting and sanitation campaigns will be organised and tourism entrepreneurs will take out rallies in several places to mark the day. It was Tenjing Norge Sherpa and Sir Edmond Hillary who became the first humans to make it to the top of the world on May 29, 1953, making Nepal popular all across the world.
Since then, around 4,000 mountaineers have scaled the highest peak.
Many records have been created and broken. The government had allowed 25 teams to climb Everest this year. Among them, some made records. Latest in the list of record-hold
ers is Jordon Romeo (13) of the US. He became the youngest to climb the world's tallest peak.
On May 22, veteran climber Apa Sherpa climbed Everest for a record 20 times, breaking his own record.
World cyclist Pushkar Shah, who travelled to 150 countries on bicycle, made it to the top of the world on May 17 and unfurled the flags of all the countries he visited to spread the message of peace and harmony.
Making another record in May is Ang Chhiring Sherpa. He scaled Everest on May 23 and bagged the title of climbing the tallest mountains of all seven continents within 50 days.
The media fraternity has also something to cheer with woman journalist Sailee Basnet scaling Everest. She is the first woman journalist from South Asia to climb the peak. Junko Tabei of Japan holds the record of being the first woman to climb Everest and Pasang Lhamu Sherpa is the first Nepali woman.
Rainhold Messner holds the record of climbing Everest without oxygen; Pemba Dorje Sherpa as fastest Ever est climber and Babu Chiri Sherpa for climbing it with artificial legs. Mt Everest is the most sought-after destination among 14 highest peaks above 8,000 meters around the world.
More than 30 per cent tourists come to Nepal for trekking and mountaineering. Tourism entrepreneurs say celebrating the Everest Day is a big boost to Nepal's mountaineering sector.
"The government's decision to hold golden jubilee celebrations of various mountains has increased morale of tourism entrepreneurs and this will certainly help make Nepal Tourism Year 2011 successful," says president of Nepal Mountaineering Association Aang Chiring Sherpa.
Nepal Bangladesh Bank and Oman International Exchange LLC join hands
Nepal Bangaldesh Bank Ltd (NBBL) and Oman International Exchange LLC entered into an agreement to expand remittance service from Oman. Chief Executive Officer of NBBL Givinda Babu Tiwari and chairman of Oman International Exchange Al Khurisi signed the agreement on Friday on behalf of their respective organisations amid a function. Oman International Exchange established in 1985 has 12 branches throughout the country. Around 10,000 Nepalis are believed to working in Oman.
LG Launches new set
CG Impex Pvt Ltd -the authorised distributor of LG mobiles -has launched five new handsets in the market: GB 195, GU 230 in the multi media series, GU285 in the 3G series and GS 290, GS 500 in the Cookie Series.
GS290 is a slim and light phone with 3" touch screen. The set -priced at Rs 11,499 -has a 2 MP camera with active flash UI. Similarly, GS500 -priced at Rs 18,590 comes with 3" touch screen, accelerometre sensor, a 3 MP camera with multimedia player and a Bluetooth.
GU285 is a 3G Slider phone that is priced at Rs 9,499 and has 1.3 MP Camera and VGA with Audio and Codec.
The set also has Bluetooth, FM and Video Call with an expandable memory up to 2 GB. The other set GU230 -priced at Rs 7,699 -has 1.3 MP camera with video recording, MP3 player, FM, Bluetooth and expandable memory up to 2 GB with long battery life.
Its GB 195 -priced at Rs 4,699 -comes with a MP3 player, wireless FM and camera.
LG Mobile has a range of service centres throughout the country making it the highest in the service network, claims the company, said the company.
"Every set comes with free 1 GB or 2 GB memory card accord ing to the conditions applied."
Under the `LG Mo bile Sun Chandi Of fer' Every customer purchasing a LG mo bile priced less than Rs 10,000 gets a five gram silver coin and mobile priced at Rs 10,000 or above gets a 10 gram silver coin.
GS290 is a slim and light phone with 3" touch screen. The set -priced at Rs 11,499 -has a 2 MP camera with active flash UI. Similarly, GS500 -priced at Rs 18,590 comes with 3" touch screen, accelerometre sensor, a 3 MP camera with multimedia player and a Bluetooth.
GU285 is a 3G Slider phone that is priced at Rs 9,499 and has 1.3 MP Camera and VGA with Audio and Codec.
The set also has Bluetooth, FM and Video Call with an expandable memory up to 2 GB. The other set GU230 -priced at Rs 7,699 -has 1.3 MP camera with video recording, MP3 player, FM, Bluetooth and expandable memory up to 2 GB with long battery life.
Its GB 195 -priced at Rs 4,699 -comes with a MP3 player, wireless FM and camera.
LG Mobile has a range of service centres throughout the country making it the highest in the service network, claims the company, said the company.
"Every set comes with free 1 GB or 2 GB memory card accord ing to the conditions applied."
Under the `LG Mo bile Sun Chandi Of fer' Every customer purchasing a LG mo bile priced less than Rs 10,000 gets a five gram silver coin and mobile priced at Rs 10,000 or above gets a 10 gram silver coin.
Strong greenback takes toll on gold price
The strong dollar coupled with international price hike have spoiled the party of the domestic gold traders.
“Stronger dollar pushed the price of precious yellow metal up in the domestic market,” said Nepal Gold and Silver Dealers’ Association (NEGODISA) general secretary Manik Ratna Shakya.
“The rising gold price is hurting the trade before the marriage season,” he said adding that the price in the international market is also increasing.
The precious metal — in the international market — was traded at $1,178 per ounce on Sunday but it went up to close at $1,210 on Friday. Though, it had touched a high of $1,245 per ounce.
Taking the cue from the international price, the domestic market also witnessed price fluctuation, though the price has increased by only Rs 555 per 20 gram during the week.
On Sunday, 10 gram of gold was sold at Rs 29,625 which did not change till Tuesday but on Tuesday
it looked up to Rs 30,110 and hit the another record high on Wednesday as it was traded at Rs 30,605 for 10 gram.
The market has witnessed a record price of Rs 35,700 per tola (11.664
gram) also due to strong dollar against the rupee on Tuesday. On the closing day — today — however gold price came down to Rs 30,180 per 10 gram.
Similarly, silver opened at Rs
per 10 gram for the week but decreased to Rs 463 per 10 gram on Monday. On Tuesday it continued to decrease to Rs 460.5 before rebouncing by Rs 13.5 to Rs 474 per 10 gram to close today. The US dollar — that has shot the price of precious yellow metal — had decreased from Sunday’s Rs 75.96 to Rs 75.29 on Friday. On Tuesday, it was at its highest — in the week — to Rs 76.44 pushing the gold price up.
According to Nepal Rastra Bank (NRB), dollar fluctuated throughout the week before settling at Rs 75.29 at the end of the week.
The US dollar is gaining strength, currently as most of the European countries are going through economic crisis. The Greece crisis has spread to other Eurozone nations making it difficult for the EU to cope up with.
The investors have been after the gold as a hedge against their weak currency and crisis looming large in EU.
The experts have estimated the precious yellow metal to touch $1400 per ounce if the crisis situation continues in the Eurozone countries making the euro more weaker.
“Stronger dollar pushed the price of precious yellow metal up in the domestic market,” said Nepal Gold and Silver Dealers’ Association (NEGODISA) general secretary Manik Ratna Shakya.
“The rising gold price is hurting the trade before the marriage season,” he said adding that the price in the international market is also increasing.
The precious metal — in the international market — was traded at $1,178 per ounce on Sunday but it went up to close at $1,210 on Friday. Though, it had touched a high of $1,245 per ounce.
Taking the cue from the international price, the domestic market also witnessed price fluctuation, though the price has increased by only Rs 555 per 20 gram during the week.
On Sunday, 10 gram of gold was sold at Rs 29,625 which did not change till Tuesday but on Tuesday
it looked up to Rs 30,110 and hit the another record high on Wednesday as it was traded at Rs 30,605 for 10 gram.
The market has witnessed a record price of Rs 35,700 per tola (11.664
gram) also due to strong dollar against the rupee on Tuesday. On the closing day — today — however gold price came down to Rs 30,180 per 10 gram.
Similarly, silver opened at Rs
per 10 gram for the week but decreased to Rs 463 per 10 gram on Monday. On Tuesday it continued to decrease to Rs 460.5 before rebouncing by Rs 13.5 to Rs 474 per 10 gram to close today. The US dollar — that has shot the price of precious yellow metal — had decreased from Sunday’s Rs 75.96 to Rs 75.29 on Friday. On Tuesday, it was at its highest — in the week — to Rs 76.44 pushing the gold price up.
According to Nepal Rastra Bank (NRB), dollar fluctuated throughout the week before settling at Rs 75.29 at the end of the week.
The US dollar is gaining strength, currently as most of the European countries are going through economic crisis. The Greece crisis has spread to other Eurozone nations making it difficult for the EU to cope up with.
The investors have been after the gold as a hedge against their weak currency and crisis looming large in EU.
The experts have estimated the precious yellow metal to touch $1400 per ounce if the crisis situation continues in the Eurozone countries making the euro more weaker.
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