Wind Energy Centre

The first wind energy centre in Kagbeni VDC of Mustang is wrecked. It established in 2046 BS at a cost of Rs 7 million but the fan broke immediately. The centre was closed after the fan broke, said a local teacher Prem Gautam. 

Global’s Debit Card

Global Bank is launching Global visa debit card from Sunday. The easy plastic money can be used in over 3,000 stores of Nepal and 3,50,000 stores and point of sales in India, said the bank. “Apart from that, one can withdraw money from 400 ATMs in Nepal and 30,000 ATMs in India.” One can withdraw Rs 1,00,000 and buy things worth up to Rs 2,00,000 in a day, it said.

NMB Adds Branch

NMB Bank Ltd is opening its eighth branch at Jaljala Rangeli Road in Biratnagar on Sunday. NMB plans to increase its network strength to 12 within this fiscal year, said the 25th commercial bank.

The  bank has also started online payment for NTC prepaid mobile service and landline phone services. 

Virgin Mobile Offer

To celebrate its anniversary, Virgin Mobile is offering a 2-year warranty which will include a 1-year warranty from the manufacturer & 1-year warranty from Virgin Mobile itself. Its first care centre is opening here in July.

Nepal-Bangladesh Trade Talks Fruitful

Bangladesh has urged Nepal to fix the destination for cargo trade.

During a joint secretary level meeting with Nepal, Bangladeshi officials discussed the transportation modality at length with their Nepali counterparts. “Bangladesh is convinced that a destination should be fixed for the cargo trade,” said Surya Silwal, joint secretary at the Ministry of Commerce and Supply, who led the Nepali delegation to Bangladesh.

This joint secretary level meeting was a revision meeting of the last commerce secretary level meeting. “We discussed three major issues: revision of the last commerce secretary level meeting between the two countries, facilitating the next talks that will be held in October first week and revising the wish list for exports,” he added.

Officials from both countries discussed establishing a preferential bilateral trading arrangement and simplifying movement of goods in respective markets. The Bangladeshi private sector also took active part in the bilateral talks.

Bangladesh has restricted Nepali exports with a heavy tariff barrier.

It has imposed higher customs duty on some agricultural products that are Nepal’s main export items. Nepal has been requesting Bangladesh to provide duty-free entry facility to some 140 Nepali commodities. “We repeated our request for duty free access and Bangladesh responded positively,” Silwal said adding that Nepal’s suggestion was to start with a couple of items.

Nepali traders describe the Bangladeshi high duty structure as the barrier in expediting the bilateral trade. However, Silwal said that both countries want to expedite trade “but there are political barriers.” Apart from the tariff, transportation is another major hurdle in bilateral trade. Nepal has proposed tripartite talks for smooth transportation link between the two South Asian countries as both Nepali and Bangladeshi traders or tourists have to cross India while using land routes.

Additional secretary of the Commerce Ministry of Bangladesh Mustafa Mohiuddin headed the 12-member Bangladeshi delegation while Silwal led the fourmember Nepali team.

During the bilateral trade talks yesterday, both sides also agreed to mobilise tour operators and travel agencies of Bangladesh and Nepal to take initiatives to give a boost to the tourism sector of the two countries.

Around three per cent Bangladeshi tourists used to visit Nepal, but the flow of Bangladeshi tourists to Nepal has seen a whopping fall in recent months. “During 2065 BS (mid-April 2008 to midApril 2009), the Nepali embassy in Dhaka issued 1,547 visas,” said Ramesh Prasad Khanal, minister counsellor and deputy chief of mission at the Nepali embassy, Dhaka. “This year, from mid-April 2009 till date only around 500 visas were issued,” he added.

The Bangladeshi tourists visiting by land routes need double entry visa as they have to cross the Indian border twice to enter Nepal. India started issuing a single entry visa that has reduced the number of Bangladeshi tourists coming to Nepal by land.

Price Hike Trots at Steady Pace

Price hike in Kathmandu Valley, Hills and Tarai maintained a similar trend. “Region-wise, price rise in Kathmandu valley was 12.5 per cent followed by 11.8 per cent in Hills and 11.7 per cent in Terai in the reviewed period. Last year, the respective rates were 8.6 per cent, 8.5 per cent and 9.2 per cent,” according to the Nepal Rastra Bank — the central bank — current macroeconomic situation based on the third quarter’s report.

Incidentally, the price hike seems to be slowing down. According to the year-on-year (yo-y) consumer price inflation data, it rose to 11.9 per cent in mid-April 2009 from 8.9 per cent in the same period last year. “The inflation, in the review period, was driven mainly by the rise of 14.8 per cent in food and beverages group,” said the central bank. The price index of non-food and service group increased by 8.8 per cent. The price rise of food and beverages and non-food and services group was 12.6 per cent and 4.9 per cent respectively in mid-April 2008.

In the food and beverage group, price indices of sugar and sugar-related products increased in mid-April 2009 by a whopping rate of 50.5 per cent.

This is in sharp contrast to last year’s decline of 3.8 per cent, said the report.

Similarly, the price indices of meat, fish and eggs as well as vegetables and fruits subgroups increased in the review period by 28.2 per cent and 21.3 per cent respectively compared to an increase of 8.8 per cent and three per cent in the same period last year. During the review period, the indices of pulses rose up by 20.7 per cent compared to an increase of 14.9 per cent in the same period last year.

In the review period, the y-oy core inflation rose to 12.1 percent from 7.0 percent a year ago. The y-o-y wholesale price inflation increased to 13.7 per cent compared to 9.4 per cent a year ago. The index of agricultural, domestically manufactured and imported commodities increased by 19 per cent, 9.1 per cent and 8.7 per cent respectively in the review period as compared to 10.4 per cent, 8.5 per cent and 8.3 per cent a year ago.

Of agricultural commodities, mainly the price index of cash crops increased by 34.3 per cent in the review period compared to a rise of six per cent a year ago. Likewise, livestock production and fruits and vegetables increased by 30.3 per cent and 26.7 per cent compared to an increase of 7.1 per cent and 4.1 per cent in the same period last year.

The overall y-o-y salary and wage rate index rose by 20.3 per cent in the review period as compared to a rise of 9.2 per cent a year ago. The salary index increased by 16.8 per cent in the review period compared to a rise of 10.9 per cent in the corresponding period the previous year.

In the first nine months of 2008-09, the government budget remained at a surplus of Rs 12.7 billion in contrast to a deficit of Rs 5.3 billion in the corresponding period the previous year. “An impressive growth of resource mobilisation relative to the government expenditure accounted for such a budget surplus in the review period,” the report said.

In the review period, the government has significant cash surplus of Rs 28 billion with Nepal Rastra Bank (NRB).

Nepal Investment Bank's 30th Branch

Nepal Investment Bank Ltd opened its 30th branch at Bhotahity on Thursday. This is the 13th branch of the Bank within the valley and 30th all over the country.

The branch will provide world class services to the residents and business community in Jamal, Kamalachhi, Ason, Ratnapark and surrounding areas.

Bhotahity has become a major business hub over the last few years, with expansion of retail outlets, grocery vendors, wholesale dealers etc. The Bhotahity branch is part of the bank’s strategy to expand its network and provide services in all major pockets of the country. It will be linked via ABBS (Any Branch Banking Services) to all other 29 branches. Services include 365 days banking, deposit and credit facility, forex and retail banking, etc.

FNCCI Team Meets Finance Minister

A team led by Federation of Nepalese Chambers of Commerce and Industries (FNCCI) president Kush Kumar Joshi met newly-appointed finance minister Surendra Pandey today and offered its suggestions for the upcoming budget.

The team advised that the new budget should promote public private partnership (PPP) and intro duce special packages for economic development.

The team urged minister Pandey to take the necessary steps to secure double digit economic growth.
The FNCCI officials also urged the minister to spend the development budget, start infrastructure projects, rehabilitate conflict victims, revive ragged industries and end the syndicate system.
Meanwhile, another FNCCI delegation led by vice-president Bhaskar Raj Rajkarnikar for Japan to participate in the conference of Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) that will be held from May 31 to June 1 in Yokohama.

The delegation will discuss bilateral issues with Japan Chambers of Commerce and Industries and the Yokohama chamber, read a separate statment by the federation.

Apa Sherpa Plea

On the second International Mount Sagarmatha (Everest) Day, Apa Sherpa urged the government to promote Nepal as the world’s best adventure tourism destination.

According to him, there are not promotional activities to boost the mountaineering sector. “ High royalty is charged, $10,000 per person,” said Sher pa. There must be proper facilities for tourist arriving here for trekking, he said.

About the Eco Everest Expedition, Sherpa said new waste control strategies have been formed. “If a person is found guilty of littering the Sagarmatha, he/she will not get the $4000 deposit amount back,” he added.

Trekking Agencies’ Group for One-Window TIMS

Trekking Agencies’ Association of Nepal (TAAN), to control illegal operations and for proper maintenance of trekkers’ data, is trying to implement a one-window Trekking Information Management System (TIMS).

According to TAAN president Jyoti Adhikari, the multi-window system is not effective as it is hard to take action against illegal activities as the data are not exact and accurate due to lack of a control mechanism. “ We are on the trail basis now but as soon as the gazette is published we will get full authority to conduct the TIMS,” said Adhikari.

The Ministry of Tourism and Civil Aviation decided on May 13 has named TAAN as the authorised body to implement the one-window system through it.

“We are working on software designing through which we will be updated about tourist arrivals and other personal data in order to control illegal activities in this sector,” said Adhikari.

According to Adhikari, TAAN is all set for the implementation of TIMS. Along with the control mechanism through software, there will be representatives at major gateways for cross-checks.

“Through web based data we can get information about the peak time movements and prepare fo control. We will also get to know about the routes which hav maximum flow of tourist and trekkers,” Adhikari said.

Bank of Asia Inaugurated 3 Branches

Bank of Asia Nepal (BoAN) inaugurated three new branch offices at Samakhusi, Bouddha, and Baghbazar, respectively. According to a press release, the bank will inaugurate another two branch offices at Nepalgunj on June 8 and at Kaushaltar on July 15, respectively.

Prime Bank’s IPO Crosses Rs 7 Billion

Prime Commercial Bank has received applications worth over Rs 7 billion for its primary issue that closed on May 27.

“Our collection exceeded our expectations of Rs 4 million and crossed Rs 7 billion,” said Narayan Das Manandhar, chief executive officer of Prime Com mercial Bank.

“We thought that the collection would be less because the general investors have not yet got their money back from Sunrise Bank’s primary issue though the money has returned to the banking channels,” Manandhar said adding that the financial institutions also could not lend sufficiently as their closing was nearing.

The bank’s Initial Public Offerings (IPOs) closed today after it received more applications than the units of shares it had floated. The bank floated 30,00,000-units of shares worth Rs 300 million on Sunday. According to the new regulation of Securities Board of Nepal (Sebon), the primary issue can be closed after the fourth day if the collection exceeds the target.

On the first day, Sunday, some 28,328 applications worth Rs 704.239 were received and on the second day 35,994 applications worth Rs 1.05 billion rolled in, making it a total of 1.75 billion in the first two days but by the end of third day, the collection shot up to over Rs 4 billion. “On the last day today, we expect the collection to cross Rs 7 billion,” Manandhar, the CEO of the 21st commercial bank said. “The bank has 60 collection centres at Ranjana Cinema hall alone in New Road and has managed the collection well,” Manandhar added.

Prime Commercial Bank — established on September 24, 2007 — was one of the last commercial banks to float primary issue.

Citizen Investment Trust (CIT) was the issue manager for Prime Commercial Bank. Agriculture Development Bank Ltd (ADBL) is the now the last of 26 commercial banks that is planning to float its primary issue.

It has appointed Ace Development Bank as its issue manager for the largest ever IPO of Rs 960 million — more than three commercial banks put together.

Earlier, the primary issue of Sunrise Bank was oversubscribed by around 30 times to over Rs 10 billion.
Similarly, the primary issue of Bank of Asia Nepal was over subscribed by below 19 per cent to Rs 5.40 billion whereas Citizens’ Bank International’s primary issue was oversubscribed by a little above 20 times to Rs 6 billion. Due to no other investment opportunity, investment in financial institutions’ shares has become a newfound interest of late.

Meanwhile, Sebon has approved the much-awaited Chilime Hydropower Company’s primary issue of 23,04,000 units. The board permitted Chilime to add a premium of Rs 223.70 to the face value of Rs 100 per unit, making it a total of Rs 323.70 per unit share equal to its networth. Vibor Bikas Bank is planning to float 26,52,000-unit primary shares for the public.

Low Banking Transaction of Indian Currency

Despite the growth in number of banks, financial institutions and moneychangers in the country the exchange of Indian currency through banking channels is very low in Pokhara.

Exchange of Indian currency between individual-individual and rampant transaction of IRs 500 and IRs 1,000 — both banned denominations — is common in villages and even cities like Pokhara.

Indian currency is exchanged like a national currency in Gandaki and Dhaulagiri zones, considered the hotbeds of Indian money exchange. If data of the Nepal Rastra Bank (NRB), Pokhara office, are anything to go by, transaction of Indian currency through banking channels is going down.

“While transaction worth Rs 558.7 million was made through NRB in fiscal year 2005-06 in Pokhara, it fell to Rs 323.8 million in 2006-07. The transaction of IC dipped further in 2007-08, coming down to Rs 407.7 million,” said Keshav Thapa, NRB Manager, Pokhara.

World Everest Day Fest on May 29

To mark the first ascent of the world’s highest peak, Mount Everest on May 29, 1953 by Tenzing Norgay Sherpa and Edmund Hillary and pay tribute to mountaineering heroes for their historic contribution to humanity, Nepal Tourism Board (NTB) and government today announced its programmes and activities for celebrating, International Mount Sagarmatha (Mt Everest) Day.

International Mount Sagarmatha Day is being organised with a number of programmes inside and outside Nepal, to dissemi nate the message across the world that Nepal is the hub of not only mountaineering expeditions but also the locus of adventure activities in the world.

“The government and NTB in association with various tourism associations and stakeholders of tourism are jointly organising different programmes for May 29. This is the second time that International Sagarmatha Day will be commemorated,” said Prachanda Man Shrestha, CEO of NTB.

Objectives of the event are to remember the first climbers’ heroic achievement, promote Nepal as a world class adventure tourism destination, create awareness about the importance of mountains for the livelihood of people here, maximize the involvement of all stakeholders for their respective roles in preserving the mountain environment and help to preserve Sagarmatha region as an icon of Nepal.

Everest Day will be celebrated along with tourism entrepreneurs’ rally and tourism meets. During the celebration, people related to tourism business will also be awarded cash prize of Rs 1 lakh by the Ministry of Tourism and Civil Aviation and Rs 50,000 TenzingHillary prize. It will also be celebrated abroad.

UWTC Brouhaha Continue

Dispute between management and shopkeepers of United World Trade Center (UWTC), the largest mall in Kathmandu, continues to linger as both parties are reluctant to come to negotiation. The dispute started after a theft case in a mobile accessories shop on May 20. The shopkeepers are demanding better security arrangements and other facilities from the manage ment whereas the latter begs to differ. “Actually, there is no problem. A few people with vested interests are making it an issue,” said Sakunta Lal Hirachan, chief executive officer of UWTC. Shopkeepers led by Sanjaya Adhikari organised a press meet and put forward their demands. “The management is ignoring our genuine demands,” he said adding that they want security, workable power supply backup, water, sanitation and other facilities.

Ovi Mail to Come in Nepal

You don’t know English but want to have an e-mail account. No need to worry, Nokia has launched its Ovi mail that will give Nepali users the opportunity to create their e-mail accounts in Nepali language — Devnagari script.

“From within one year to one-and-a-half years Nepalis can create Ovi mail usernames in their own language,” said Prem Chand, general manager at Nokia Emerging Asia, during the launch of Nokia’s own mail service — Ovi Mail — that will have 50 languages.

Unlike most other email services, an Ovi mail account can be created and used directly in a Nokia device without ever having to use PC, laptop or fixed landline. “Since the launch of the beta service in December 2008 around 90 per cent of the email accounts have been created on a Nokia phone,” Chand said adding that to bring the Internet — the easiest and most popular means of communication — closer in emerging markets, Nokia has launched its new technology.

Chand also launched Ovi mail compatible entry category devices — Nokia 2323 classic and Nokia 2330 classic — that will be available in Kathmandu from June. “However, the Nokia 2730 classic will be available during the third quarter of this year,” he added.

“All these phones come internet ready and work with Ovi Mail, giving firsttime email users the opportunity to set up and start using an e-mail account (username@ovi.com) directly on their mobile phones,” said Paula Laine, vice-president, entry category marketing.

With a choice of black and dark blue, the Nokia 2323 classic will retail for approximately $60 while Nokia 2330 Classic will be available in black or deep red and will retail for about $50 at all Nokia stores.

“In 2002, Nokia unveiled a strategy to lower the cost of owning and operating a mobile phone and bring the benefits of mobile telepho ny to people in emerging markets — Nepal, Bangladesh, Sri Lanka, the Maldives and Bhutan. “The aim of introducing these devices and services is to bring the power of the Internet to the people of this region at affordable rates,” Laine said adding that the mobile device and Internet are a powerful combination in connecting people and the service. “These products are not only affordable but also relevant and easy to use,” she added.

“The power of the Internet is undeniable, and we have seen mobile technologies catalyse the growth of the informal sector across the world empowering local entrepreneurs and having an immediate and lasting impact on people’s lives,” Chand said.

According to him, services like Ovi Mail combined with mobile phones bring powerful solutions that can be a gateway to knowledge and entertainment that people can access without the need for a PC.
According to consumer research, nearly half of the emerging market customers wanted Internet connection over a mobile phone than a PC. Ovi Mail has the potential to be the first digital identity for many people in emerging markets like Bangladesh, Sri Lanka and Nepal where Internet and PC penetration rates are the lowest in Asia.

Record-breaker Appa Sherpa Felicitated

Nepal Tourism Board (NTB) and other stakeholders related to the tourism industry today felicitated Apa Sherpa, leader of Eco Everest Expedition 2009, who broke his own world record and reached the summit of the world’s highest mountain, Mt Everest, the 19th time at 8 am on May 21.

Speaking at the felicitation programme, Sherpa said the aim of his joining the Eco Everest Expedition 2009 was to send a wake-up call to the world about the negative effects of climate change on the Himalayas.

NTB chief executive officer Prachanda Man Shrestha presented a felicitation certificate to Sherpa and congratulated him.

Ram Chandra Man Singh, Ministry of Tourism and Civil Aviation (MoTCA) secretary, hailed Sherpa’s effort in creating history.

President Ram Baran Yadav will felicitate Sherpa on Wednesday, said NTB. The Eco Everest Expedition 2009 organised by Asian Trekking focused on climbing in a eco-sensitive manner and field testing different eco-sensitive methods to be adopted while climbing the Himalayas. The expedition has brought down to the base camp 6,000 kg of garbage for disposal. Wreckage of an Italian Army Helicopter was recovered from the edge of Khumbu Icefall. The helicopter had crashed in 1973.

New FM Promises Better Economy

Newly-appointed finance minister Surendra Pandey said today that the next budget would be guided by a Common Minimum Programme (CMP) that they would finalise with other political partners after the formation of a full-fledged cabinet.

Speaking at the Reporters Club Nepal here, Pandey, who assumed office yesterday hailed the efforts of the immediate past finance minister Dr Baburam Bhattarai for generating more revenue. “The resultoriented programmes of the earstwhile government will be given continuity,” he said adding that the size of the budget — that he is propably bringing by July-half — would be a little bigger in size than last year’s which was Rs 236.15 billion.

His predecessor Dr Bhattarai had presented his first budget of Rs 236.15 billion for the fiscal year 2008-09 on September 19 last year. The revenue target that he had set for this fiscal year was Rs 141.72 billion. Though the government was successful in revenue generation it failed to kickstart development works resulting in the growth forecast of 7.5 per cent getting hit.

Dr Bhattarai was blamed for not being able to create job opportunities and spend on development works. However, Pandey said without elaborating that the government would emphasise on creating more jobs. He said a separate mechanism would be formed — if an allparty mechanism could not be formed — at the local level to expediate development works. He would focus on spending on development works and try to crack the whip on price hike.
“We will also bring some relief packages,” he promised.

Pandey said that the priority of his government’s budget would be to create an investment-friendly environment, improve industrial relations and increase investment in productive sectors to create job opportunities.

“The government will encourage the private sector,” he said adding that he would try to combine three pillars of economic development — government, cooperatives and private sector — for a prosperous Nepal. “People should feel the change,” he added.

However, Pandey said that he still needed to study the privatisation of government corporations and act against tax and revenue evaders.

German Grant Aid for Nepal

The government of the Federal Republic of Germany has agreed to provide a grant assistance of Euro7.50 million (equivalent to Rs 789.9 million) to Nepal for Town Development Project, Phase III.
According to a Finance Ministry, the grant assistance will be used in urban economic and social infrastructure projects and renovation of municipal buildings damaged during the conflict period.
Earlier, with grant assistance from Germany, two phases of Town Development Fund Project have been launched.

Like the other two grant amounts, this one also will be ad ministered by the Town Development Fund (TDF) — an autonomous financial institution established under the Ministry of Physical Planning and Works according to its Loan and Grant Policy 2009.

By the end of 2012, TDF shall disburse the total fund with 80 per cent for loan financing and 20 per cent for grant financing to municipalities, small towns, users committee and the private sectors, according to a ministry statement.

An agreement to this effect was signed by and exchanged between Rameshwore Prasad Khanal, secretary at the Ministry of Finance and Verena Grafin Von Roedern, Federal Republic of Germany’s ambassador to Nepal.

Yasuda Air Condition in Market

Yasuda Home Appliances has launched its air-conditioners (ACs) made with Japanese technology.
Yasuda ACs have elaborate designing with highly efficient chilling and saw teeth fanwheel design for noise reduction. It has intelligent control, On/Off by timer and has inbuilt Vitamin C filter for healthier and fresh environment.

Nabil Bank's Special Saving Scheme

Nabil Bank Ltd has launched a special savings scheme, Nabil Jestha Bachat, for senior citizens of 50 years and over. The scheme offers an interest rate of 5% per annum on daily balance, said the bank. Under the scheme, interest is paid every month that would help senior citizens manage their monthly expenses more conveniently. The scheme also has various attractive features. In its endeavour to provide customised services to meet the needs of all its customers, Nabil intends to keep innovating and offering various other attractive deposit schemes to all market segments in the near future.

ADB Awards Four Project Teams

Road Connectivity Sector I Project, Teacher Education Project and Small Town Water Supply and Sanitation Project were awarded by Asian Development Bank (ADB) for their best performance among ADB-supported project teams in Nepal.

The three were awarded the Outstanding Project Management Team Award. The Community Livestock Development was also presented a Special Recognition. Project secretary for the Ministry of Agriculture and Cooperatives, Shankar P Panday; secretaries for the Ministry of Physical Planning and Works, Purna P Kadariya and Uma Kanta Jha and secretary for the Ministry of Education Ram Swarup Sinha gave the awards to the winning teams at a special ceremony at ADB’s Nepal Resident Mission (NRM) today.

“The awards recognise the project teams’ excellent performance, efficiency in implementation and achievements of targets — both statistical as well as on the ground,” said Barry J Hitchcock, country director of Nepal Resident Mission. “We have seen excellent results in terms of portfolio performance in Nepal last year and we appreciate the efforts made by the project teams in delivering the desired results,” he added.

Road Connectivity Sector I Project aims to support construction and upgrading of 10 feeder roads measuring a total of about 490 kms whereas Teacher Education Project is a follow-up of the ADB’s first Primary Education Development Project and aims to establish an effective and sustainable teacher education system for primary education.

Small Town Water Supply and Sanitation Project assists the government in providing water supply, drainage and sanitation facilities in 29 small towns with an average population of about 18,000 and Community Livestock Development Project aims to reduce the incidence of poverty in rural areas of 48 districts through intensive livestock programme, livestock processing and marketing and higher-altitude livelihood pilot programmes.

NRM instituted the award in 1996 to encourage project staff of ADB-assisted projects to improve portfolio performance in support of its goal of poverty reduction.

The Manila-based lender is dedicated to reducing poverty in the Asia and Pacific region through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966 — ADB is owned by 67 members — 48 from the region. In 2008, it approved $10.5 billion of loans, $811.4 million of grant projects, and technical help amounting to $274.5 million.

Kasthamandap Development Bank's New ATM

Kasthamandap Development Bank (KDB) has started its ATM service at its Gongabu branch office from Monday. This is the second ATM of the bank which has a total deposit of Rs 1.48 billion by the end of third quarter of this fiscal year. The bank registered a net profit of Rs 9 million, read a bank release.

Bank of Asia's 16th Branch at Pokhara

Bank of Asia Nepal (BoAN) on Monday inaugurated its 16th branch office at Pokhara. According to a press statement, the bank has registered a deposit of Rs 7.6 billion and credit flow of Rs 6.87 billion. It plans to open branch offices at Samakhushi, Bouddha and Baghbazar on Wednesday.

Shopper's Heaven - Shopping Destination

Spread over an area of 35100 square feet, this super market has everything, which you and your kids have been asking for lately. Even mummies and daddies can discover their shopping answers here — whether its daddy’s wine queries or mummy’s fascinating saris. Centrally located at Bhatbhateni, this is the Bhat-Bhateni Supermarket and Departmental store.

With lots of brands accommodated on four floors, Bhat Bhateni supermarket sells everything from groceries, clothing line, and cosmetics to books and magazines.

Since the supermarket caters a huge bulk commodity, one is likely to feel lost here. Collect some patience to find for your perfect hunt in this four-storey building.

Ground floor of this shopping centre is dedicated to groceries, where fresh fruits, vegetables, sweets, chocolates, hair conditioners, perfumes, fast foods and much more fulfil everyone’s necessities.

To make the first impression, the last impression girls can find their cosmetic’ solution at the first floor which sells top class brands from Lakme, L’Oreal Paris, Revlon and many more. This floor also has something and everything for your kitchen and your living room. Just step in to check out for what you were hoping for.

Second floor indulges every variety of readymade garments. From John Play ers to Spring Woods, kids apparel to stylish men’s clothing you can step into this floor to find items of your choice. You can also find readymade formal and casual pants imported from Bangkok, Thailand and Shanghai. Third floor of this shopping mall is the place where our mummies and didi-bahinis surely love to shop and indulge. To her delight, this floor has saris and kurtas imported from Japan, France and India.

This floor also has an answer to everyone’s foot queries. Please collect patience to roam around if you are planning for a serious shopping hunt and make sure you don’t land on the things you never wished to shop for.

Fourth floor is dedicated to lifestyle floor where you can run for home appliances from Philips, LG, Samsung and number of others brands selling micro oven, refrigerator, home theatres, music system, mobile device and much and much more. If you are planning a journey and wondering about the size of your suitcase, be ready to get pulled in the fourth floor of this supermarket, where you can get luggage from different brands and in various size.

If you are seeking for a break from shopping and beat the scorching heat of this summer enjoy the flavours from Juicy ice cream stall, which is at the left of the entrance. To the same side Jewellers store is always at your service to help enhance your beauty with different carats and designs of gold. You can relish delightful meal at The Bakery Café that offers good taste and variety of cuisines.

Since the supermarket accepts all the debit and credit card you need not to worry for the ready cash. More than 21 trained personnel are at work in order to safe guard the life of the visitors in case of any mishaps.

There are more than 30 fire extinguishers to combat against fire. For the service of visitors Himalayan Bank and Investment bank have installed their respective ATM booths in the backyard of the supermarket. Bhat Bhateni also has ample of space for parking that has the capacity of holding (approximately) 140 cars and 350 motorbikes at a time. In case of any untoward inci dent backdoor of the supermarket can be used as an emergency exit, which leaves to open areas and ensures that there will not be any over crowding, mad dash or any other tragedies.

With over more than 7000 people visiting this supermarket each day, Bhat Bhateni is surely a shoppers’ right choice for indulgence.

UWTC Reopens, Dispute Lingers

United World Trade Center (UWTC), the largest mall in Kathmandu, opened today after three days of closure, but the dispute between shopkeepers and the management is not settled yet. The shopkeepers in the mall had closed their shops on Thursday demanding strong security arrangements.

“They opened their shops after we guaranteed them security,” said Sakunta Lal Hirachan, chief executive officer of the mall. The traders’ union of UWTC had called an indefinite closure of the mall after a mobile phone shop in the Mall was burgled last week.

Clarifying that it was not a security issue but something else, Hirachan said, “It was not about security. When we asked some shop owners to pay their pending rent, other shopkeepers forced the closure in the name of security.” He accused Sanjay Adhikari, who operates a Raymond show room on the first floor of the mall, of misleading shopkeepers. “Sanjaya and some other three or four shopkeepers used the theft issue to mislead people and shut down the mall,” Hirachan said adding that Sanjay has to pay Rs 6,516,184 in rent to the UWTC management. The management has called the agitating parties to come to the negotiation table.

Meanwhile, mall member Himal Gurung, who opened his restaurant — De Valley — was manhandled by the agitating group. “They broke tables and chairs in my restaurant and mistreated workers,” Gurung said adding that he had refused to support their protest as he did not see sufficient cause in their demand.

“I think it is a conspiracy by some persons,” Gurung said.

The management has filed a case against the thieves based on proof recorded with CC TV camera. “We have identified the thieves and police is searching for them,” said Hirachan. He said he hoped the police would catch them soon.

UWTC has 24-hour CC TV camera monitoring system apart from security guards.

UWTC was opened on April 14, 2007 with an investment of Rs 500 million. It is spread over 11 ropanis of land leased from Tribhuvan University for 30 years. The mall has 220 shops.

Sujal Gum in New Flavour

Sujal Foods has launched two new flavours of chewing gum — orange and strawberry — in the Nepali market with the slogan ‘Jhuma Orange Ra Strawberry ko swad ma’. Sujal Gum is manufactured in very hygienic conditions using world-class technology, according to a statement by the company. The company said it applies proper wrapping methods, with silver foil inside and branded paper cover outside to protect the gum from en vironmental damage. Major features of Sujal Gum are softness, long-lasting taste and a delicious juiciness. “Sujal Gum feels like an international product though it is manufactured in Nepal,” the company said.

According to it, the gum eeps breath fresh and makes teeth and gums stronger. Sujal Gum is already available in tasty Banana, juicy Lemon Mint and fresh Spearmint flavours since the last two years for Rs five per packet and one rupee per stick.

Chaudhary Group’s Scholarships For Meritorious

Chaudhary Group (CG), the producer of Wai Wai brand noodles in Nepal, has announced five different schemes of scholarships targeting students of electoral area no. 1 of Nawalparasi district. CG has been operating the educational campaign Wai Wai Gyan Udaya scholarship under ‘Educated Nepalis: Prosper ous Nepal’ programme since quite some time.

The new scholarships are targeted at the factory area of the group.

According to CG, all five scholarships are aimed at providing marginal communities and bright students the chance to pursue higher education after their school leaving certificate (SLC) examination.

As per the CG plan, two students (a boy and a girl) who pass SLC from any public school of Nawalparasi electoral area no. 1 will get scholarship of Rs 5,000 each. Likewise, two more scholarships of Rs 5,000 will be given to bril liant students (a boy and a girl each) from Dalit, ethnic and indigenous communities for higher education.

Moreover, CG will provide four scholarships — two to brilliant girls and two to girls from marginalized communities — for schools in electoral area no. 1 of Nawalparasi.

SLC topper students, a boy and a girl, of the district will get scholarships of Rs 10,000 each. Two students in community schools within the district will get scholarships for polytechnic studies in Man Mohan Memorial Academy at Biratnagar.

The company announced the scholarships at a function organized in Chaudhary Industrial Village, Dumkauli, of Nawalparasi on Friday in the presence of District Education Officer Barkhu Prasad Rajak along with academics, industrialists and others.

Aid for Training

CA member of Nepali Congress Krishna Kumari Pariyar handed over Rs 60,000 of the Parliamentary Fund to social organizations for providing skills training during the inauguration of a three-day workshop for candle-making training and a month-long workshop on sewing and cutting training organized by Pokhara-18 based Samaj Sudhar Ama Samuha and Deurali Pariyar Samaj.

Western Regional Administrator Rudra Kumar Shrestha inaugurated the training workshop. 

Stock Market Stays Immune to Ongoing Political Turmoil

Despite political turmoil, the Nepal Stock Exchange (Nepse) index gained 10.91 points and reached 676.64 this week. Last week, the index closed at 665.73 points. Experts of the capital market have taken this trend as recovery of past loss.

The Nepse trading floor was open five days May 17 to 21 and shares of 86 companies were traded in 6708 transactions. Around 531,800 units of shares equal to Rs 420.7 million were traded on the Nepse floor, which is 51.70 per cent more than previous week’s Rs 277.3 million in 5118 transactions.

The class ‘A’ companies dominated in total transactions with 67.78 per cent (Rs 285.1 million) of the total traded amount.

Nepal Development and Employment Promotion Bank was at the top in all three categories transaction amount (Rs 58.81 million), shares traded (111,000 units) and transactions (2,527 times).

Standard Finance, Stan dard Chartered Bank, Bank of Kathmandu and Nepal SBI Bank were in second to fifth position in that order with Rs 57.15 million, Rs 52.73 million, Rs 27.06 million and Rs 20.06 million, respectively.

Nepse experienced gain and loss in different categories.

The business group was the top gainer with 32.65 points between May 17 and May 21 whereas the hydropower group was the top loser slipping down 28.59 points.

Following the hydropower group trend, manufacturing industries group and development banks group lost 0.67 points and 16.24 points, respectively.

Nepse’s sensitive index, which measures trade of class ‘A’ companies, gained 2.06 points and closed at 177.62 points on May 21.

The float index also gained 0.33 point between May 17 (64.31 points) and May 21 (64.64 points).

Around 6,851,862 units of rights shares of National Hydropower Company were listed at Nepse this week.

FNCCI's Demand

The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) on Friday handed a list of demands two committees — Fundamental Rights and Directives Committee (FRDC) and Economic Rights and Revenue Distribution Committee (ERRDC) of the Constituent Assembly. The umbrella organization of the private sector has demanded a constitutional guarantee of right to property, promotion of private sector, market economy and entrepreneurial rights for all.

NLIC’s New Branch

Nepal Life Insurance Company Ltd inaugurated its 16th branch office at Phidim on Friday May 22. According to a press statement, the company is planning to establish two more branch offices by end of Asadh. The company till the end of Baisakh has registered an insurance fee of Rs. 4.38 billion and a total investment of Rs 4.5 billion. 

New Vodka in Town

Siddha Baba Distillery has recently launched its new product Mark Devon Vodka in the market. Along with this product other products of the company that is White moon, Bachelor, Charlie and Calorie Brand is getting popular in the market.

Dot Fashion's New Outlet

The third outlet of Dot Fashionwear was inaugurated in People’s Plaza, Khichapokhari, on Friday May 22. After its third outlet, Dot Fashionwear is soon going to open its fourth outlet in Kathmandu, said a release.

Panel Zeroes In On Bank Loan Defaulters

Nepali banks, mainly stateowned, have bad debts over Rs 35 billion, said the Defaulter Punishment Monitoring Committee (DPMC) in a press meet today. The government had formed the DPMC on January 13, 2009 to recover bad debts of banks and other financial institutions.

So far, the committee has compiled a list of 355 defaulters, 14 more than the list published three month before of 339 defaulters.

The committee has alleged that state-owned banks Nepal Bank Ltd (NBL), Agriculture Development Bank Ltd (ADBL) and Rastriya Banijya Bank Ltd (RBB) are not cooperating in identifying defaulters.

“Despite our efforts, we do not have the final list of defaulters from the stateowned banks,” said Hari Roka, coordinator of DPMC and Constituent Assembly member. ADBL submitted a list of 13 defaulters of above Rs 50 million in bad debts.

The committee is expecting more fraud in ADBL as DPMC is not getting the details, he added. However, the committee succeeded in forcing 13 defaulters — 10 of NBL, two of RRB and one of ADBL — to repay their loans.

DPMC is currently focusing on defaulters above Rs 50 million from 5-6 years ago.

“Thereafter, we will investigate cases above Rs 10 million,” said Roka.

Meanwhile, DPMC is coordinating with banks, government agencies and the private sector to develop an effective legal framework to punish defaulters. It is trying to integrate Revenue Tribunal (RT), Debt Recovery Tribunal (DRT) and Commercial Bench (CB) of the court. “If we can integrate RT, DRT and CB into a common minimum agenda we will surely get success,” he said.

The committee has advised the government to include financial crime in extradition treaties. “Some defaulters are living outside the country, mainly in India, so we need to include financial crime in extradition treaties,” Roka said. DPCM has found that Basuling Sugar and General Industries Ltd, Amatya Group (The Fulbari Hotel Ltd and Mt Everest Brewery Pvt Ltd), Rohi Group (Bagmati Khandsari Chini Mills Pvt Ltd and Triveni Distillery Pvt Ltd), Lakshmi Prasad Acharya Group (Radhika Handicrafts, Apinappa Carpet and Bagmati Apparel, Bagmati Traders and others), Lalwani Group, Luna Nepal Chemicals and Fertilizers Pvt Ltd) deliberately cheated the banks.

Furthermore, DPCM has asked the Ministry of Land Reforms and Management (MoLM) to investigate the property of defaulters in eight districts — Kathmandu, Bhaktapur, Lalitpur, Morang, Parsa, Chitwan, Kaski and Rupandehi.

The committee selected these districts on the basis of banking transactions and transfer of land ownership.

“We have asked for details of the defaulters along with those of their relatives,” Roka said.

Himlayan's 2 New ATM

Himalayan Bank Ltd established two ATM counters — one each at Sagarmatha Complex and Hotel Manang on Friday May, 22, 2009. According to a press statement, the bank has total 38 ATM counters of which 25 are outside the valley.

Gen X Smart Cars Here

Arun Intercontinental Traders — the automotive wing of Chaudhary Group, Nepal — has launched two new models: ASTAR and the Swift DZIRE.

The Swift DZIRE is a Sedan version of the popular Swift, and is the new style statement among contemporary models of its kind, said the company. This new A3 model has kicked the previous sales record in its category even in Nepal and generated overwhelming customer satisfaction.

It is not just the design but the practicality and the price factor, which appeal to all customers.

A-STAR is from the next generation of smart cars. After a whirlwind response in more than 150 countries in Europe, America, Latin America and Asia, the new A-STAR is finally ready to hit Nepal’s roads. The company claims this new power packed small compact car has a next level of tech nology with Penta Drive function. At the same time, the company has also brought the concept of a 3-S showroom and announced the inauguration of the first such 3-S in Nepal. This also marks the nearly three-decade long relations with Suzuki Motors Corporation, Japan, and Maruti Suzuki India Ltd India, said the company.

Maruti-Suzuki boasts of the widest reach in the country in terms of dealer network, after sales services and authorised service centre network. It is to be remembered that even today Maruti-Suzuki is the top selling brand in the country. This is the result of people’s confidence in the product because of its reliability and ability to offer good value for money.

The new state of the art 3-S showroom — made according to international standards — was opened today at Pulchowk, Lalitpur, by the chairman of Chaudhary Group, Lunkaran Das Chaudhary.

Samsung Prize Winner

Him Electronics an nounced the camera winner photograph competition of April month on Thursday. Rabindra Maharjan’s photograph under the title ‘Two birds feeding’ submitted on www.saycheese.com.np got the prize of a Samsung S760 Digital Still Camera after the decision of senior photographer Raj Bhai Suwal. HNEZ VR Marketing is promoting Samsung brand for Him Electronics. The contest for May is going on.

Nepal SBI Bank Opens its 32nd Branch

Nepal SBI Bank Ltd inaugurated its 32nd branch office in Ilam on Thursday. The bank recently brought a new savings scheme under which one can open an account with a minimum balance of Rs 501, according to press statement.

Bitter Taste of High-Priced Sugar

The price hike is at its peak, wallets are getting thinner and the one factor that has turned things bitter is the spiralling price of our daily sweetener that no one can do without — sugar.

According to data for the first seven months of this fiscal supplied by Nepal Rastra Bank (NRB), the central bank, among the items in the food and beverages group, the price indices of sugar and sugar-related products increased by a whopping 46.7 per cent in mid-February 2009. A kg of sugar that cost Rs 50 just a month back is priced at Rs 60 today. Though the hike in sugar prices have not affected the market for sweets, the price of sweetmeats has definitely gone up by a good amount over the past seven months. Shree Ram Bhandar, one of the oldest sweet shops in the valley, has had to hike prices over the last seven months, with the result that a piece of Rasbhari that used to cost Rs 10 just a few months is selling for Rs 15.  

Another sweets shop, Angan, increases its prices every year. “We increase prices annually to stay in tune with the market, but we do not change prices according to the fluctuation in ingredients’ prices,” said Anil Agarwal, manager. Though the hike in sugar prices have not affected sweet shops, consumers are surely feeling the pinch due to the increase in prices. “The way everything is becoming so expensive, it will be impossible to survive.

Sugar is an indispensable household item and we can’t do without it,” said housewife Renu Chettri.

69 more RBB Staffers Opt for Voluntary Retirement Scheme

Around 69 employees took voluntary retirement under the sixth phase of Voluntary Retirement Scheme (VRS) offered by Rastriya Banijya Bank (RBB).

After the sixth phase of VRS, the number of present regular employees at the governmentowned bank — excluding those on contract — has reduced to 2,740.

“Under the Financial Sector Technical Assistance Project (FSTAP), the bank had planned to reduce its workforce to 2,870 by the end of 2010,” said RBB chief executive officer Janardan Acharya.

While the bank has achieved its target of reducing the number of employees it has also infused fresh blood for the effective operation of the bank. “Around 242 new employees have been inducted,” he added.

Employees who have worked for 15 years or more can put in their papers voluntarily under the VRS. They will be given a golden handshake depending upon the number of years of service and level, which is minimum Rs 3,90,000, an extra amount.

“The total cost of VRS has come to around Rs 7 million,” Acharya said adding that though the cost is funded by World Bank under FSTAP, the bank has been paying from its own fund and the World Bank fund has been kept for emergency.

The VRS idea was floated when the management of NBL and Rastriya Banijya Bank (RBB) was handed over to foreign executives in 2002 under FSTAP to re-engineer the two financial institutions and make them competitive.

One reform measure undertaken by the foreign management was introducing VRS to downsize these two overstaffed public sector banks.

Both banks are successfully running under Nepali CEOs — Janardan Acharya in RBB and Dr Binod Atreya in Nepal Bank Ltd — at present.

In Nepal Bank Ltd’s (NBL) fourth phase of VRS 225 staffers have applied and the number could go up 275, after the bank collects all the applications.

The final date for NBL’s VRS application ended yesterday. Around 69 employees took voluntary retirement under the sixth phase of Voluntary Retirement Scheme (VRS) offered by Rastriya Banijya Bank (RBB).

After the sixth phase of VRS, the number of present regular employees at the governmentowned bank — excluding those on contract — has reduced to 2,740.

“Under the Financial Sector Technical Assistance Project (FSTAP), the bank had planned to reduce its workforce to 2,870 by the end of 2010,” said RBB chief executive officer Janardan Acharya.

While the bank has achieved its target of reducing the number of employees it has also infused fresh blood for the effective operation of the bank. “Around 242 new employees have been inducted,” he added.

Employees who have worked for 15 years or more can put in their papers voluntarily under the VRS. They will be given a golden handshake depending upon the number of years of service and level, which is minimum Rs 3,90,000, an extra amount.

“The total cost of VRS has come to around Rs 7 million,” Acharya said adding that though the cost is funded by World Bank under FSTAP, the bank has been paying from its own fund and the World Bank fund has been kept for emergency.

The VRS idea was floated when the management of NBL and Rastriya Banijya Bank (RBB) was handed over to foreign executives in 2002 under FSTAP to re-engineer the two financial institutions and make them competitive.

One reform measure undertaken by the foreign management was introducing VRS to downsize these two overstaffed public sector banks.

Both banks are successfully running under Nepali CEOs — Janardan Acharya in RBB and Dr Binod Atreya in Nepal Bank Ltd — at present.

In Nepal Bank Ltd’s (NBL) fourth phase of VRS 225 staffers have applied and the number could go up 275, after the bank collects all the applications.

The final date for NBL’s VRS application ended yesterday.

Dairy Product's Prices Touch Sky

Prices of dairy products have risen considerably over the last nine months and are looking to go up further in the near future.

Milk, which is probably the most widely consumed dairy product, is at a high after being priced at Rs 34 per litre. Seven months ago, it was priced at Rs 30 per litre.

“We have had to increase prices based on the cost of getting products from suppliers and farmers,” said Ganga Timilsina, Dairy Development Corporation marketing chief.

The price of curds per kilo has gone up as well. Priced at Rs 50 only eight months back, a kilo is now selling at Rs 60.

Butter too has become expensive. Earlier, 250 grams of butter was being sold at Rs 90 and now it costs consumers Rs 100. The hike in prices has been seen in cottage cheese (paneer), and clarified butter (ghee) as well. “We are looking to re vise the prices in the near future, and there could be a definite increase in prices of certain products,” added Timilsina.

DDC is looking to bring in milch cows and buffaloes into the country from India due to the lack of sufficient number of milch cattle in the country.

ADBL Loan Waiver

Agricultural Develop ment Bank Ltd (ADBL), sub-branch office, Khotang, has waived the loans of 5,047 farmers in the district under the government’s ‘Small Farmers Loan Waiver’ scheme. Under the scheme, loans and interest on loans to small farmers who had taken loans of less than Rs 30,000 each from ADBL’s Khotang branch, the total amounting to Rs 1,59,673,000, have been waived. Interest on loans amounting to Rs 29,495,057 of 144 farmers who took loans up to Rs 100,000 has also been written off. The bank said that it recovered interest on loans amounting to Rs 48,87,400.

FNCSI, FCAN Tieup

Federation of Nepal Cottage and Small Industries (FNSCI) and Federation of Contractors’ Association of Nepal (FCAN) on Wednesday have decided on mutual coordination in work. FNSCI and FCAN on Wednesday agreed to work on a Memorandum of Understanding (MoU), according to a press statement.

FNSCI president Ang Dendi Sherpa FCAN president Yakhsya Dhoj Karki represented their respective organisations.

Himalayan Bank's ATM in Tansen

Himalayan Bank Ltd set up an automated teller machine (ATM) each in Tansen and Ghorahi of Dang district. The bank has a 36-ATM network — 23 ATMs in Kathmandu valley and 13 outside. People having Visa Card, MasterCard and STC credit card can withdraw money from all these ATMs 24 hours a day.

Pharma Expo To Be Held Next Year

A special general assembly of the Association of Pharmaceutical Producers of Nepa (APPON) held recently has decided to organise the third Pharma Expo on March 5-7 next year. APPON had organised the first and second expo in 2006 and 2008, respectively.

The expo will provide direct interaction with medicine producers and consumers and help enhance the effectiveness of Nepal medicine, said APPON The general assembly was chaired by Umesh La Shrestha. 

Dr Bhattarai Makes a Clean Breast of it

In a press meet here today, Finance MInister Dr Baburam Bhattrai admitted that the Maoist-led government had failed to control the price hike. The government budget had projected a 7.5 per cent price hike for the current fiscal year but Nepal Rastra Bank (NRB) statistics show it has been in double digits throughout the year — 13.5 per cent in the tenth month of current fiscal year.

“I am not satisfied with our performance,” he said, “It is a fifty-fifty case of success and failure.” The government succeeded in changing the image of revenue offices like custom and inland revenue and managed a record revenue collection of Rs 108.03 billion till May 8. MoF strictly implemented the 92-point economy pact made nine months before.
But, it failed to mobilize the development budget.

It could spend only Rs 23.177 billion, which is 25.37 per cent of the total development budget of Rs 91.31 billion. The government could not realize people-centric programmes due to lack of local bodies, said Dr Bhattarai.

However, it bailed out 268,259 small farmers from bank debts by spending Rs 5.535 billion. In his budget speech last year, Dr Bhattarai had announced a bail out for small farmers who could not repay loan below Rs 30,000 and interest and fine in loan upto Rs 100,000.

The government distributed Rs 100,000 each to families impacted by the Maoists’ armed conflict.

Clearing the international community’s doubts about the Maoist-led government, Dr Bhattarai said the Ministry of Finance (MoF) signed foreign assistance of Rs 43.13 billion, Rs 38.25 billion as donation and Rs 4.88 billion as debt.

The government significantly reduced the domestic loan. Though it had proposed Rs 25 billion as domestic loan in the budget, because it managed to collect Rs 8.7 billion revenue till May 8 it reduced the need for domestic borrowing, he said.

Dr Bhattarai hoped the coming government would follow his polices and programmes of ‘New Nepal Campaign’. The Maoist-led government has programmes for building EastWest Highway in hill area, laying rail network in the Tarai, self-employment programme for youth and initiating cooperative movements throughout the country. “We failed to initiate mega projects but I do hope the new government will work on it,” he added.

Dr Bhattarai experienced ups and down in his tenure as finance minister. His much vaunted Education Service Tax failed under pressure from private educational institutions whereas the Voluntary Declaration of Income Source (VDIS) got success in collecting revenue of Rs 1.52 billion.

The private sector is skeptical of the Maoist-led regime because of its cooperatives promotion policy.

Truckers Withdraw Strike

Agitating truckers who had declared a strike against the government have withdrawn their strike after the Department of Customs (DoC) on Wednesday gave in to the truckers´ demands and agreed to allow truck containers to transport goods to Kathmandu from the nation´s four major customs.

The federation had launched the strike after the DoC enforced a new arrangement that allowed only sealed containers to transport goods to Kathmandu from Bhairahawa, Birgunj, Biratnagar and Mechi customs.

The new system had been put in place from Friday, and the strike that was immediately launched had brought the transportation of goods across the country to a grinding halt.

The federation had mainly argued that the new system would instantly… the businesses of the owners of the 35,000 trucks operating between the major borders and the capital city, the largest market.

However, during the talks held Wednesday, the DoC agreed that it would also allow encased trucks that can be sealed to continue business. This was one of our two demands,” said Rajendra Shrestha, general secretary of the Nepal Truck and Tankers Entrepreneurs Federation (NTTEF).

The restriction, however, will continue for trucks that cannot be sealed. Truckers said that the flexible new rules mean that all trucks can now continue operating, as the trucks can be converted into sealable trucks, with far less investment than the original plan entailed. “Otherwise, switching to containers such as the ones the government wanted would have cost us billions of rupees,” said Shrestha.

The DoC has also agreed to bear cost of the medical treatment for 12 NTTEF members who were injured during the baton charge by the police on Friday.

The DoC has formed a committee under the coordinatorship of the Senior Superintendent of Police (SSP) in Siddharthanagar to investigate the case and also to ascertain the damage inflicted on the vehicles. The committee has been asked to submit its report within three days.

The federation has claimed that some damaged 40 vehicles were damaged during the riot. It has estimated the damage to amount to about Rs 1 million.

“The customs´ Director General has agreed to provide compensation for the damage and to punish the wrongdoers, on the basis of the committee´s report. But if the DoC does not keep its words, we will launch the strike yet again,” said Shrestha.

The DoC had enforced the containerized transport system scheme in a bid to prevent leakage of revenue. The scheme was implemented as a part of the program that Finance Minister Dr Babu Ram Bhattarai had announced in the budget for the current fiscal year. Officials had stated that the moving of goods in sealed containers would help check duty evasion and revenue leakage.

NRB Suspends Bank of Kathmandu Board

A crucial board meeting of Nepal Rastra Bank (NRB) on Tuesday suspended the board of Bank of Kathmandu (BoK) and took control of its management, amid deepening disputes among promoters of the bank.

A source told myrepublica.com that the action against the BoK management was taken on the charge of its failure to safeguard interests of bank´s promoters and depositors due to ongoing disputes among promoters.

The same board meeting has decided to send a four-member NRB board led by Director Laxmi Prapanna Niraula to manage the bank. The board will work with the existing acting Chief Executive Officer of BoK, Sabin Lal Shrestha.

BoK will remain under the control of central for up to three months during which an in-depth investigation will be carried out to find whether suspended management is competent to run the bank, said the source.

The decision was taken as per the clause 54 of Banks and Financial Institutions Act 2006, which authorizes the central bank to take control of management of a bank, if it is found taking decisions that are not in the favor of the bank.

Earlier, the central bank had sought clarification from the board of the BoK over its decision to remove Radhesh Pant from the post of Managing Director (MD).

NRB warned of taking stringent action, including dissolving the board, if the clarification failed to justify the action taken by the BOK board against MD Pant.

The NRB had argued that the clarification was sought after the central bank was convinced that due processes were not followed in the removal of Pant from the post of MD of the BOK.

However, in its reply to the NRB, the BoK board questioned central bank´s jurisdiction over its enquiry into the decision taken by the board of a bank. BoK board had argued that the executive board of a bank has full authority to appoint or dismiss any staff of the bank and no law allows the central bank to intervene in such cases.

Rice, Oil Prices Abreast of Meat, Poultry

Meat prices aren’t the only ones going into skyrocketing mode.

Compared to last year, the prices of rice and oil have also gone up hugely. Sona Mansuli, the most consumed type of rice that used to cost Rs 23 a kg now fluctuates between Rs 27 to Rs 30 per kg. “It has become expensive. Since the last two months or so, I am seeing an oscillation in the price of this brand of rice and of others also,” said Raj Man of Sada Traders at New Road.

Basmati rice, which had escalated to Rs 80-90 per kg last month is now priced at Rs 70-77 per kg. “Basmati has always been priced much higher than other types of rice. So, with the growth in inflation its price is bound to rise, but it is a few rupees cheaper than what it was a month back,” said Ajay Agarwal.

Oil prices have also risen as compared to last year. The month of April saw soybean oi at a high of Rs 110 per litre as compared to last year’s Rs 65 Currently, soybean oil is fluctu ating between Rs 90 to Rs 95 per kg. Sunflower oil is at a high of Rs 145 per litre. It was at Rs 125 per litre in April. However, some shops are selling sunflower oil at Rs 145 per litre now.

Mustard oil, on the other hand, is more or less the same as last year. It saw a hike in April where it was being priced at Rs 140. Currently, it is selling at Rs 120 per litre.

Sebon Approves Chilime’s IPO

Securities Board of Nepal (Sebon) has approved the much-awaited Chilime Hydropower Company’s primary issue of 23,04,000 units. The board permitted Chilime to add a premium of Rs 223.70 to the face value of Rs 100 per unit, making it a total of Rs 323.70 per unit share equal to its networth.

Today its per unit share was traded at Rs 1,125 per unit at the Nepal Stock Exchange Ltd (Nepse) — the sole secondary market.

According to the new regulation, a company can issue primary shares adding premium if it has recorded profit and distributed bonus for three consecutive years. Chilime last week distributed 35 per cent cash dividends to its shareholders from last year’s profits.

The model hydropower company, after repeated pressure from Sebon, finally agreed to float its primary shares to the public, though it had sold shares to Nepal Electricity Authority (NEA) staff and started trading in the secondary market according to the then regulation.

Chilime Hydropower — constructed with domestic technology — has been long planning to raise Rs 240 million through an equity offering. The Chilime model is an example of how Nepalis can themselves construct hydro power plants by raising money from the domestic market, if the government has a clear vision of utilising the capital market for development purpose.

Chilime Hydropower is the first hydropower company to be listed for share trading at Nepse.

The much-vaunted Chilime model will be replicated in the Tamakoshi Hydropower soon.

Currently, there are only three listed hydropower companies — National Hydropower, Butwal Hydropower and Chilime Hydropower — in the secondary market.

The issue and sales manager of Chilime’s primary issue are NIDC Capital Market Ltd and Citizen Investment Trust.

Sebon — the regulator of the capital market approved the primary issue on the basis of the Due Diligence Certificate that the company provided before the board.

Record Revenue Collection

The government has been blamed for not being able to spend on development activities, but it has exceeded its own target and set another record in revenue collection.

By end of Baishakh (mid-April to mid March) — the 10th month of this fiscal year — the finance ministry has collected Rs 110.51 billion, surpassing its target for the month that was Rs 103.5 billion.

During the same period last fiscal year, the government was able to collect Rs 79 billion. “Revenue collection exceeded 40 per cent in comparison to the last fiscal year’s same period,” according to the finance ministry. At the end of the ninth month, the revenue collection exceeded its own target and 39.3 per cent more revenue up to Rs 98.67 billion was collected against Rs 70.85 billion last Chaitra.
When finance minister Dr Baburam Bhattarai presented a budget of Rs 236.15 billion for 2008-09, it was dubbed ambitious.

He had set a revenue target of Rs 147.72 billion.

Roaring Sales at Book Expo

The 13th education and career expo 2009 has been a boon for publishers. Books are selling like hot cakes and publishers are a happy lot.

According to different publication houses, average sales per day is around Rs 40,000 to 45,000. “We averaging sales of about Rs 40,000 per day,” said M C Pandey of Himalaya Publishing House Pvt Ltd.

Till today, the fourth day of the expo, over 75,000 students as well as book lovers have visited the expo. “Our experience of 13 years has proved sucessful in meeting the demands students and book lovers,” said Global Expedition and Management Services Pvt Ltd manager Keshab Khatri.

Along with Nepali publication houses, there is active participation of Indian publication houses. S Chand, Vishva Books, Taxmann Publication are some of the Indian publication houses. Not to forget that Nepal-India Library stall is the highlight of the event.

“The objective of keeping the Nepal-India Library stall is to promote Indian books in the Nepali market,” said Embassy of India library attendant Paritosh Meiti.
Apart from 59 book stalls, the other stalls are occupied by overseas educational consultancies, various language and computer institutes and colleges. “Most of the students are choosing abroad studies programmes in order to attain international standard qualifications,” said Global education Counselling Centre Pvt Ltd chief executive officer Rajesh Chapagain.

Khatri advised, “Nepali students should give priority to Nepali colleges as these are equally competitive in providing quality educa tion.” He added that on one hand Nepali currency while is flowing overseas, on the other Nepali youths and intellectuals too are shifting abroad. he called for thinking more about the country, rather than just following a trend. “It’s okay to choose overseas educational destinations.

Yet, at the same time it is equally important to utilize that knowledge to uplift the education standards of our own country.” said a visiting student Pradip Giri of Classic Academy.

There are 147 stalls comprising different educational institutions as well as publication houses in the nine-day expo. According to the organisers, the targeted number of visitors during the nine days event is 1,50,000. “The record of the four days is satisfying. We are hopeful that we will cross the targetted number of visitors,” said Khatri.

Standard Chartered Bank New ATM

Standard Chartered Bank Nepal (SCBN) has added a new ATM at Lion´s Chowk in Narayangadh, Chitwan. It is the bank´s 19th ATM.The new ATM, which was brought into operation from Tuesday, is located at the bank´s premises in Narayangadh, SCBN said in a press release.The ATM, which has a built-in deposit facility, offers services to Visa, MasterCard, Maestro, Circus and JCB card holders, in addition to the bank´s own ATM and credit card customers.With the new ATM, the number of ATMs in SCBN´s ATM network outside the Kathmandu Valley has reached 7. In the Valley, the bank operates 12 ATMs.

NIBL Opens 29th Branch at Baneshwor

Nepal Investment Bank Ltd opened its 29th branch in New Baneshwor on Monday.

The Baneshwor branch — the 12 branch within the valley — will provide world class services for Babarmahal, Tinkune, Koteshwor, Sinamangal and surrounding areas, said the bank. Baneshwor is a major business hub since the last few years due to the expansion of corporate houses, hotels/restaurants, grocery outlets and wholesale dealers. As part of the bank’s strategy to expand its network and provide banking services all over the country. Baneshwor branch will be linked through ABBS (Any branch Banking Services) to all other 28 branches of the bank that has 50 ATMs across the country.

UTL Commences its Service in Nepalgunj

United Telecom Limited (UTL) has commenced services in the mid-western city of Nepalgunj from this week. The services have been initiated with CDMA U-SIM cards, which have mobility services, the company said in a press release. According to the press release, the company is also distributing U-SIMs with voice, internet and various other value-added services such as caller-ring-back tone and short-message services for pre-paid service customers in Nepalgunj and its adjoining village development committees.UTL services cost up to 60 paisa per minute during the off hours and its international-call services to countries like India, the United States, Canada, Hong Kong, Singapore and Malaysia cost Rs 8 per minute, without any airtime and additional charges.Apart from the Kathmandu Valley, UTL has already expanded its network to cities like Birgunj, Hetauda, SImara, Banepa, Bharatpur, Pokhara, Butwal, Bhairahawa, Dharan, Itahari and Damak.

Bank of Asia Expands its Service in Butwal

Bank of Asia Nepal (BoAN) expanded its service in Butwal from Monday. Trilok Chandra Agrawal, BoAN chairperson inaugurated the 15th branch of the bank.

The BoAN branch has modern banking facilities like Eye touch-BoAN Internet banking, payment of postpaid mobile bills and recharge facility for prepaid mobile. The bank has collected Rs 6.62 billion deposit and invested Rs 6.18 billion till the third quarter of the current fiscal.

Komatsu´s New Earth-Work Machine

Continental Trading Enterprise (CTE), the authorized distributor of Komatsu Construction and Mining Equipment, has launched PC60-7, a new earth moving machine in the market.The machine can come handy for brick factories, housing companies, urban development, small irrigation projects and utility functions, says a press release.The machine, equipped with 54 HP engine, comes with the standard bucket capacity of 0.28 cubic meter and super-smooth swing, which makes it operate efficiently. It also comes with an optional 2260mm x 460mm dozing blade, which can be useful for earth work and even gravel dozing operations. The firm says that the machine is fuel-efficient.Use of rubber tracks, instead of the regular metal tracks, is also optional for urban operations like housing development, says the release by CTE, which enjoys a huge market share of over 80 percent in the construction equipment market in Nepal.

Kasthamandap Development Bank Now in Baglung

Kasthamandap Development Bank (KDB) opened its branch in Baglung Bazaar of Baglung district.The bank has been providing services from Ridi Bazar, Beni, Kusma, Namche Bazaar, Butwal and Gongabu, Chabahil and Satdobato. Issuing a statement Tuesday, the bank said it is opening two more branches in Pokhara and Narayangadh.The bank has earned Rs 9 million net profit during the first nine months of the current fiscal year 2008/09. The net profit was Rs 269,000 during last fiscal. Total deposit collected by the bank during the first nine months reached Rs 1.48 billion whereas loan flow crossed Rs 953.1 million. The deposit collection and loan extension by the bank stood at Rs 405 million and Rs 495.2 million respectively during the last fiscal year 2007/08.The bank has been providing remittance, locker service, ATM, e-banking, Any Branch Banking Service beside deposit collection and load-distribution.

Samsung Brings Its Admirable Series of Refrigerators

World No. 1 in Consumer Electronics – Samsung, has introduced its excellent series of Refrigerators – Samsung FreshTech Ultima, best solution for the ongoing load-shedding.

Samsung FreshTech Ultima has also designed with i-Spin Cool feature that regulates uniform cooling effect to all the corners of the refrigerator. With the combination of these two technologies – Cool Pack and i-Spin, the food remains fresh and cool for longer period of time even in the lack of electricity.

Samsung FreshTech Ultima has diamond cut linear design in it that provides not only elegant look but also ensures that cool air spreads widely in each section of the refrigerators and maintains optimum temperature for a longer period of time to cope with the prevailing load-shedding.

Provided with consumer-oriented measures such as 0% finance scheme and doorstep delivery, Samsung FreshTech Ultima has been introduced in the market with the price range starting from Rs. 14,690.Samsung refrigerators has now come with the world’s best insulation technology, this enables the refrigerators to preserve the frostiness even during long durations of power cuts, this in addition it is combined with a cool pack. Samsung’s Fresh-tech Ultima refrigerators entire new line up equipped with state of the art technology, elegantly designed, is surely the coolest addition.

• Samsung FreshTech Ultima has been technologically furnished with "Unique Cool Pack" technology that provides longer cooling period and keeps the food fresh and chilled for more than 24 hours

  
  

• 25 different models have been brought in the Nepali Market with the price range starting from Rs.14,690

The All New Pulsar Set to Put Streets on Fire

HH Bajaj has introduced exciting new 2009 series of Pulsar Motorcycles – Pulsar 150 DTS-i & 180 DTS-i that offer unique features with sportier styling to even further strengthen Bajaj Auto’s dominant position in the Premium segment.

2009 Pulsar 180 DTS-i

The 2009 Pulsar 180 DTS-i has freshness written all over it – new looks with better engine performance making it a sporty and stylish powerhouse on two wheels. The street fighter look of the bike has been enhanced by front tank spoilers, clip on handle bar and split seats. The 2009 Pulsar 180 now also stands taller and stronger than any other bike in this range.

The Pulsar 180 DTS-i now also comes with:

• An even more powerful engine with a maximum power of 17.02 Ps @ 8500 rpm.

• A 5-speed toe-gear shifter.

• A12V DC system for quicker engine start-ups.

• A thicker 37mm front fork and tubeless tyres for a superior ride.

• Unique 3-D Logo

• Pulsar 2009 series 180cc DTS-i: Rs. 194,900/-

The new aggressive styling and sporty performance of the 2009 Pulsar 180 DTS-i would be a major attraction for the 180cc bikers who wish to stand out and ride ahead of the rest.

2009 Pulsar 150 DTS-i

The new Bajaj Pulsar 150 DTS-i sporty look is enhanced with an all black engine and alloy wheels. The bike now comes with attractive tank spoilers with 3D Pulsar front decals. An electrical DC system has been employed for easy quicker engine start-ups and constant illumination at variable speed.

• Pulsar 2009 series 150cc DTS-i: Rs. 179,900/-

This exciting new 2009 Pulsar range is now available at Bajaj showrooms across the country.