Sunday, May 9, 2010
NATO welcomes move
Nepal Association of Tour Operators (NATO) has welcomed the decision taken by the UCPN Maoist to call off its nationwide general strike. According to the press note, NATO has also appreciated UCPNMaoist for facilitating the movement of tourists during the general strike. The association has urged all the responsible parties, including the UCPNMaoist and the government to resolve the existing political problem through talks.
NFTA hails Maoist step
Nepal Foreign Trade Association (NFTA) releasing a press note has thanked UCPN-Maoist for withdrawing the general strike. According to the press note, strike badly paralysed industries, businesses and general public. NFTA has urged the party to settle the disputes with mutual talks and agreement.
Nepal at Arabian Travel Market
Middle East -specially Dubai -comprises of a higher share of potential economic centers with its growing cosmopolitan cultural juncture where people from different nationality and diverse ethnic group reside in the well maintained harmony with the locals. It has also been emerging as the prime destination for the tourists from the world. With the view to cater and enhnace the traffic flow from the middle east market. The NTB -in association with Nepal Airlines Corporation and eight travel trade companies -took part at Arabian Travel Market being held in Dubai International Convention and Exhibition Center from may 4-7. Gorkarna Forest Golf Resort, The Everest Hotel, Hyatt Regency, Kathmandu, De'l Annapurna Hotel, Yeti Travels, Kundalini Tours and Travels, Nepal Nova Treks and Expedition, Explore Nepal took part in the expo.
The opening ceremony was conducted amongst thousands of Travel Trade visitors from across the world on the gracious presence of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai on May 4. Arjun Bahadur Thapa, ambasaador & Dipak Adhikari, deputy chief of mission in Nepal Embassy Abudhabi welcomed the visiting VVIPs and delegates at the Nepal stall. `Nepal Tourism Year 2011' became the center of attraction throughout the fair amongst the persuants specifically the media and tarde visitors who have shown a high enthusiasm to visit Nepal.
The opening ceremony was conducted amongst thousands of Travel Trade visitors from across the world on the gracious presence of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai on May 4. Arjun Bahadur Thapa, ambasaador & Dipak Adhikari, deputy chief of mission in Nepal Embassy Abudhabi welcomed the visiting VVIPs and delegates at the Nepal stall. `Nepal Tourism Year 2011' became the center of attraction throughout the fair amongst the persuants specifically the media and tarde visitors who have shown a high enthusiasm to visit Nepal.
NTY promotion at Indian border cities
Nepal Tourism Year (NTY) 2011 Coordinating Committee -with an aim to bring 3,00,000 Indian tourists -is going to start its promotional programme at the Indian border cities.
"We are set for the promotion programme at Gorakhpur, Lucknow, Raxual, Sitamadi, and Sunauli and other places at the Nepal-India border cities," said Dhruba Narayan Shrestha, coordinator of tourism sector at the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and a member of NTY 2011 working committee.
For the promotion of NTY 2011, the committee has already made feasibility study of bordering cities. The study has been done at 10 different border points of Nepal, Shrestha said adding that to facilitate the visitors Nepal Tourism Board (NTB) along with private sector will develop a one window system at the border area.
"For all the visitors, we are planning one window system at different border points that will facilitate Immigration, Custom, Transportation Office, Food court, Nepali Handicraft Exhibition Centre and other facilities required for tourist when they reach the border points," said Shrestha.
The study has been made on border points like Birgunj, Biratnagar, Bhairahawa, Kakarbhitta, Dhangadi, Pashupati Nagar, Janakpur and Nepalgunj. It is expected to provide cross border facilities for tourist and visitors on reaching the border points. "We are setting up to attract around 3,00,000 Indian tourists and 1,00,000 Chinese tourists for the year 2011," he said.
On an average some 35,000 Chinese tourist visit Nepal annually. In April, there has been sustained growth of 45.3 per cent in China visitors as China is one of the fastest growing tourist markets for Nepal. Similarly, visitors' arrival from India -which is the largest source market for Nepal -has registered sustained growth since the beginning of 2010 but it witnessed a soft decline by 2.6 per cent in April.
Tourism is one of the largest industries in Nepal which is the largest source of foreign ex change and revenue.
Shrestha said that the sup port given to tourism sector from the Maoist during their general strike is quite appreciating though the strike has hit the tourist arrivals.
"The strike and bandhs will have less impact on Indian tourist as they can even make bookings and reservation 15 days or a month before but in case of tourists other than In dia, the bookings are done six months or a year earlier," he sid adding that "therefore Indi an tourists are in focus for the year 2011.
With a surge in the arrival of Indian tourist number, Indian Airlines is also on its way to start its flights to Kathmandu.
According to the tourism en trepreneurs, Indian tourists are quality tourist with high purchase capacity. Indian tourists spend 40 per cent more than tourist coming from other countries.
With three Indian airlines Indian Airlines, Jet Airlines and Kingfisher Airlines -a total of 57 flights land at the Trib huwan International Airport.
With the most advanced infra structure among urban areas in Nepal, Kathmandu's econo my is tourism centric account ing for 3.8 per cent of the GDP in 1995-96 that declined since then due to political unrest but is picking up slowly.
"We are set for the promotion programme at Gorakhpur, Lucknow, Raxual, Sitamadi, and Sunauli and other places at the Nepal-India border cities," said Dhruba Narayan Shrestha, coordinator of tourism sector at the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and a member of NTY 2011 working committee.
For the promotion of NTY 2011, the committee has already made feasibility study of bordering cities. The study has been done at 10 different border points of Nepal, Shrestha said adding that to facilitate the visitors Nepal Tourism Board (NTB) along with private sector will develop a one window system at the border area.
"For all the visitors, we are planning one window system at different border points that will facilitate Immigration, Custom, Transportation Office, Food court, Nepali Handicraft Exhibition Centre and other facilities required for tourist when they reach the border points," said Shrestha.
The study has been made on border points like Birgunj, Biratnagar, Bhairahawa, Kakarbhitta, Dhangadi, Pashupati Nagar, Janakpur and Nepalgunj. It is expected to provide cross border facilities for tourist and visitors on reaching the border points. "We are setting up to attract around 3,00,000 Indian tourists and 1,00,000 Chinese tourists for the year 2011," he said.
On an average some 35,000 Chinese tourist visit Nepal annually. In April, there has been sustained growth of 45.3 per cent in China visitors as China is one of the fastest growing tourist markets for Nepal. Similarly, visitors' arrival from India -which is the largest source market for Nepal -has registered sustained growth since the beginning of 2010 but it witnessed a soft decline by 2.6 per cent in April.
Tourism is one of the largest industries in Nepal which is the largest source of foreign ex change and revenue.
Shrestha said that the sup port given to tourism sector from the Maoist during their general strike is quite appreciating though the strike has hit the tourist arrivals.
"The strike and bandhs will have less impact on Indian tourist as they can even make bookings and reservation 15 days or a month before but in case of tourists other than In dia, the bookings are done six months or a year earlier," he sid adding that "therefore Indi an tourists are in focus for the year 2011.
With a surge in the arrival of Indian tourist number, Indian Airlines is also on its way to start its flights to Kathmandu.
According to the tourism en trepreneurs, Indian tourists are quality tourist with high purchase capacity. Indian tourists spend 40 per cent more than tourist coming from other countries.
With three Indian airlines Indian Airlines, Jet Airlines and Kingfisher Airlines -a total of 57 flights land at the Trib huwan International Airport.
With the most advanced infra structure among urban areas in Nepal, Kathmandu's econo my is tourism centric account ing for 3.8 per cent of the GDP in 1995-96 that declined since then due to political unrest but is picking up slowly.
Vegetable price back to normal
Vegetable prices came down and started to normalise in the markets of Kathmandu as UCPN-Maoist called off the indefinite general strike. “Green vegetable prices are returning to normal, Bipin Poudel,” a wholesaler at the Kalimati Fruits and Vegetables Market (KFVM).
Price of vegetable is coming down due to huge supply from nearby districts — Dhading, Nuwakot, Kavre and Chitwan. Over 1,100 metric tonnes (MT) of fresh vegetables entered the KFVM today morning which is around 70 per cent more than the normal day’s supply of 650 MT.
“The fresh supply has reduced green vegetable price significantly,” Pralhad Kafle, another wholesaler said. “I lost Rs 10 in a kg of lady finger within six hours as the price came down to Rs 11 kg per kg by the evening,” he said.
He had bought 200 kg lady finger at the rate of Rs 22 kg. Wholesalers are selling tomato, pumpkin and cucumber at Rs 28 per kg, Rs 14 per kg and Rs 18 per kg. The price was Rs 80, Rs 40 and Rs 60 Yesterday. The price of Cabbage has come down to Rs 10 from Rs 25-30.
Thousands of consumers thronged KFVM to buy vegetable at reasonable price today. “Buyers have doubled today,” said Muskan Maharjan, a tea seller at the KFVM. “I am here to buy vegetables in cheap price,” said Sabina Shakya of Shoka Tole.
Consumers are buying vegetable in bulk as the uncertainty still continues.
Rita Gurung of Kuleshwor bought 60 kg vegetables for a week. “I am buying vegetables for next two week as the situation is not clear yet,” she said. Usually she buys 25-30 kg vegetables to feed her 11 member family.
Dissimilarity in prices is also seen in markets of Kathmandu Valley — Bagbazar, New Baneshwor, Kalanki and Lagankhel.
Vegetable wholesaler of New Baneshwor are selling Tomato, pumpkin and cucumber in around two rupees more in a ka than of Kalimati.
Price of vegetable is coming down due to huge supply from nearby districts — Dhading, Nuwakot, Kavre and Chitwan. Over 1,100 metric tonnes (MT) of fresh vegetables entered the KFVM today morning which is around 70 per cent more than the normal day’s supply of 650 MT.
“The fresh supply has reduced green vegetable price significantly,” Pralhad Kafle, another wholesaler said. “I lost Rs 10 in a kg of lady finger within six hours as the price came down to Rs 11 kg per kg by the evening,” he said.
He had bought 200 kg lady finger at the rate of Rs 22 kg. Wholesalers are selling tomato, pumpkin and cucumber at Rs 28 per kg, Rs 14 per kg and Rs 18 per kg. The price was Rs 80, Rs 40 and Rs 60 Yesterday. The price of Cabbage has come down to Rs 10 from Rs 25-30.
Thousands of consumers thronged KFVM to buy vegetable at reasonable price today. “Buyers have doubled today,” said Muskan Maharjan, a tea seller at the KFVM. “I am here to buy vegetables in cheap price,” said Sabina Shakya of Shoka Tole.
Consumers are buying vegetable in bulk as the uncertainty still continues.
Rita Gurung of Kuleshwor bought 60 kg vegetables for a week. “I am buying vegetables for next two week as the situation is not clear yet,” she said. Usually she buys 25-30 kg vegetables to feed her 11 member family.
Dissimilarity in prices is also seen in markets of Kathmandu Valley — Bagbazar, New Baneshwor, Kalanki and Lagankhel.
Vegetable wholesaler of New Baneshwor are selling Tomato, pumpkin and cucumber in around two rupees more in a ka than of Kalimati.
No Trading at NEPSE due to general strike
It can only happen in Nepal.
Twice — in two months time period from February 21 to May 1 — the stock market closed and the government and Security Board of Nepal (Sebon) were least bothered.
The secondary market — that operated even during the 19-day Jana Andolan II in 2006 — closed for the whole week and the government, stock exchange and regulatory authority became mere spectators. They did nothing to boost the confidence of the 1.5 million investors.
“The government is more revenue-centric,” said Mahesh Pandit, an investor, who wanted to sell his shares to send his son for further study but could not due to closure of the Nepse.
“It is quite rare in the world that the stock market is closed,” he said adding that the government and Finance Ministry has no interest in capital market development and investors protection. “I also doubt the Finance Minister’s ability of understanding of stock market and its value in the economy,” he added.
Earlier, investors closed the Nepse for a week — from February 21 to 26 — demanding the central bank’s regulation be changed as, according to them, it was not favourable to them.
Last fiscal year, Nepse had contributed around Rs 930
million to the government coffer but this year, it would plunge three times lower due to poor performance and repeated closure.
Like government, some investors have also taken the closure of Nepse lightly. “The Nepse has been performing poorly due to low confidence,” said an investor without wanting to be quoted. “On one hand, the closure has stopped the free fall of Nepse and on the other, after the closure, there is a chance of Nepse looking up,” he added.
After a week-long closure of Nepse — due to investors’ strike — in the last week of February, the Nepse started looking up. “But the trend could not continue,” he said.
The market had closed at 485.14 points on February 18. After a week-long strike,when the market opened on March 1, the Nepse gained 12.72 points to 497.86 points. But the growth could not continue and after two weeks it came down to as low as 481.19 points.
The new investors might loose confidence in the market, if the market repeatedly closes. At a time when the capital market is bearish due to low investors’ confidence, its going to have negative impact on the investors’ psychology and the chances of panic selling might bring the Nepse down.
The market has closed at 419.28 points a week ago.
Twice — in two months time period from February 21 to May 1 — the stock market closed and the government and Security Board of Nepal (Sebon) were least bothered.
The secondary market — that operated even during the 19-day Jana Andolan II in 2006 — closed for the whole week and the government, stock exchange and regulatory authority became mere spectators. They did nothing to boost the confidence of the 1.5 million investors.
“The government is more revenue-centric,” said Mahesh Pandit, an investor, who wanted to sell his shares to send his son for further study but could not due to closure of the Nepse.
“It is quite rare in the world that the stock market is closed,” he said adding that the government and Finance Ministry has no interest in capital market development and investors protection. “I also doubt the Finance Minister’s ability of understanding of stock market and its value in the economy,” he added.
Earlier, investors closed the Nepse for a week — from February 21 to 26 — demanding the central bank’s regulation be changed as, according to them, it was not favourable to them.
Last fiscal year, Nepse had contributed around Rs 930
million to the government coffer but this year, it would plunge three times lower due to poor performance and repeated closure.
Like government, some investors have also taken the closure of Nepse lightly. “The Nepse has been performing poorly due to low confidence,” said an investor without wanting to be quoted. “On one hand, the closure has stopped the free fall of Nepse and on the other, after the closure, there is a chance of Nepse looking up,” he added.
After a week-long closure of Nepse — due to investors’ strike — in the last week of February, the Nepse started looking up. “But the trend could not continue,” he said.
The market had closed at 485.14 points on February 18. After a week-long strike,when the market opened on March 1, the Nepse gained 12.72 points to 497.86 points. But the growth could not continue and after two weeks it came down to as low as 481.19 points.
The new investors might loose confidence in the market, if the market repeatedly closes. At a time when the capital market is bearish due to low investors’ confidence, its going to have negative impact on the investors’ psychology and the chances of panic selling might bring the Nepse down.
The market has closed at 419.28 points a week ago.
Central Bank to Issue Citizen Bond
Nepal Rastra Bank (NRB) is issuing Citizen Bond worth Rs 5 billion. The ‘Citizen Bond 2070 ka’ — that as a maturity period of in three years — offers 9.5 per cent interest.
The Public Debt Management Department of the NRB is floating ‘Citizen Bond 2070 ka’ from May 12 to June 1. “The interest rate will be paid every six months until the maturity period,” said the central bank.
“The bond will be listed at the Nepal Stock Exchange (Nepse) and can be used as a collateral against loan.” Though the secondary market has listed 16 government bonds and 13 corporate bonds, the Nepse has not witnessed any trading of bonds so far. The government bonds started to be listed at the secondary mar
ket in November 2005.
According to the Nepse, it has listed a total of 224 million units of government bonds worth Rs 22.4 billion. Among the listed fifteen development bonds four will mature within this year.
Similarly, Nepse has also listed corporate debenture of commercial banks. A corporate debenture is also a bond issued by a company to raise money in order to expand its business.
Nepse has listed 4.975 million units of corporate debenture worth Rs 1000 per unit amounting to Rs 4.975 billion.
NEA has listed the highest number of bond — 1500 unit — worth Rs 1.5 billion. Nepse has also alloted the time of trading for the bonds. “Every morning — from Sunday to Friday — the bonds could be traded from 10.30 to 11.30,” according to the Nepse.
All the listed bonds make up about 25 per cent of the total listed securities in the secondary market. The government bonds covers around 20 per cent of the total paid up value of the securities listed in the Nepse. Similarly, corporate bonds cover the 4.43 per cent of total paid up value of the listed securities. A bond is a debt security, in which the authorised issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest (the coupon) and/or to repay the principal at a later date, termed maturity. A bond is a formal contract to repay borrowed money with interest at fixed intervals.
Despite being the safest investment instrument, the domestic secondary market has not seen trading of government bonds. “Stocks, bonds and mutual funds are the most popular asset classes but in domestic secondary market the stocks are more popular due to high and quick return,” said Rabindra Bhattaria, a renowned market analyst.
“Bonds and stocks are both securities but the major difference between the two is that stockholders have an equity stake in the company means stock holders are owners, whereas bondholders are only lenders,” he said adding that another difference is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks may be outstanding indefinitely. The ignorance of the general public about bonds and lust of high return in short time from stocks made investors trade only stocks. “High return means a high risk also,” Bhattarai said adding that the bonds is the safest instrument.
The Public Debt Management Department of the NRB is floating ‘Citizen Bond 2070 ka’ from May 12 to June 1. “The interest rate will be paid every six months until the maturity period,” said the central bank.
“The bond will be listed at the Nepal Stock Exchange (Nepse) and can be used as a collateral against loan.” Though the secondary market has listed 16 government bonds and 13 corporate bonds, the Nepse has not witnessed any trading of bonds so far. The government bonds started to be listed at the secondary mar
ket in November 2005.
According to the Nepse, it has listed a total of 224 million units of government bonds worth Rs 22.4 billion. Among the listed fifteen development bonds four will mature within this year.
Similarly, Nepse has also listed corporate debenture of commercial banks. A corporate debenture is also a bond issued by a company to raise money in order to expand its business.
Nepse has listed 4.975 million units of corporate debenture worth Rs 1000 per unit amounting to Rs 4.975 billion.
NEA has listed the highest number of bond — 1500 unit — worth Rs 1.5 billion. Nepse has also alloted the time of trading for the bonds. “Every morning — from Sunday to Friday — the bonds could be traded from 10.30 to 11.30,” according to the Nepse.
All the listed bonds make up about 25 per cent of the total listed securities in the secondary market. The government bonds covers around 20 per cent of the total paid up value of the securities listed in the Nepse. Similarly, corporate bonds cover the 4.43 per cent of total paid up value of the listed securities. A bond is a debt security, in which the authorised issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest (the coupon) and/or to repay the principal at a later date, termed maturity. A bond is a formal contract to repay borrowed money with interest at fixed intervals.
Despite being the safest investment instrument, the domestic secondary market has not seen trading of government bonds. “Stocks, bonds and mutual funds are the most popular asset classes but in domestic secondary market the stocks are more popular due to high and quick return,” said Rabindra Bhattaria, a renowned market analyst.
“Bonds and stocks are both securities but the major difference between the two is that stockholders have an equity stake in the company means stock holders are owners, whereas bondholders are only lenders,” he said adding that another difference is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks may be outstanding indefinitely. The ignorance of the general public about bonds and lust of high return in short time from stocks made investors trade only stocks. “High return means a high risk also,” Bhattarai said adding that the bonds is the safest instrument.
International Market Pushes Gold Price Up
Taking cue from the international price, the gold witnessed the rise in price in the domestic market, though the market didnot see any trading during the whole week due to UCPNMaoist called general strike since Sunday. Tej Ratna Shakya, president Nepal Gold and Silver Traders Association (Negosida) said that the whole week did not see a single trading of gold, though the market has a demand of 10 kg of gold per day at present. However, the precious metal witnessed a price rise of Rs 455 per 10 gram to close at Rs 28,415 this Thursday. The price was not fixed on Friday.
Gold that was closed at Rs 27, 940 last Friday opened at Rs 28,100 on Sunday. On Monday it went up to Rs 28,102 and continued rising
on Tuesday to Rs 28,175 per 10 gram. The price cooled a little on Wednesday to Rs 28,160 but the international price again pushed the price up to Rs 28,415 per 10 gram on Thursday. At present the bankers provide tentative price of gold to traders within 10:30 am for local market pricing, unlike earlier practice of price fixing by the Negosida it self.
After settling at a fivemonth high, gold sharply extended gains above $1,200 an ounce — In the international market — as a perceived safe haven when US equities cratered on European sovereign debt fears and worries about regulatory changes. Most actively traded gold, for June delivery, hit $1,211.90 in electronic activity on the Comex division of the New York Mercantile Exchange after the Dow Jones Industrial Average lost nearly 1,000 points. It was the metal’s strongest price since early December.
The intensified fear boosted the flight-to-safety buying in gold that had already helped the metal sharply higher during the day. The June gold contract settled its regular floor session $22.30, or 1.9 per cent higher at $1,197.30 an ounce. The higher gold price is notable because it comes despite the continued rally in the US dollar.
Normally, a higher buck pressures the dollar-denominated metal by making it more expensive for buyers using other currencies, hurting demand.
In addition to moving into the dollar as a refuge, participants are shifting assets into dollar-denominated gold and Treasurys. The fact that the greenback and gold are up at the same time indicates investors are moving into both in their traditional roles as safe havens.
Gold that was closed at Rs 27, 940 last Friday opened at Rs 28,100 on Sunday. On Monday it went up to Rs 28,102 and continued rising
on Tuesday to Rs 28,175 per 10 gram. The price cooled a little on Wednesday to Rs 28,160 but the international price again pushed the price up to Rs 28,415 per 10 gram on Thursday. At present the bankers provide tentative price of gold to traders within 10:30 am for local market pricing, unlike earlier practice of price fixing by the Negosida it self.
After settling at a fivemonth high, gold sharply extended gains above $1,200 an ounce — In the international market — as a perceived safe haven when US equities cratered on European sovereign debt fears and worries about regulatory changes. Most actively traded gold, for June delivery, hit $1,211.90 in electronic activity on the Comex division of the New York Mercantile Exchange after the Dow Jones Industrial Average lost nearly 1,000 points. It was the metal’s strongest price since early December.
The intensified fear boosted the flight-to-safety buying in gold that had already helped the metal sharply higher during the day. The June gold contract settled its regular floor session $22.30, or 1.9 per cent higher at $1,197.30 an ounce. The higher gold price is notable because it comes despite the continued rally in the US dollar.
Normally, a higher buck pressures the dollar-denominated metal by making it more expensive for buyers using other currencies, hurting demand.
In addition to moving into the dollar as a refuge, participants are shifting assets into dollar-denominated gold and Treasurys. The fact that the greenback and gold are up at the same time indicates investors are moving into both in their traditional roles as safe havens.
Biz leaders press for consensus
Business leaders, who played a crucial role to pressurize Maoists to postpone their indefinite general strike, have taken fresh initiatives to pile pressure on political parties to seek solution to the current political stalemate through consensus.
On Sunday, a delegation of business community lead by President of Federation of Nepalese Chambers of Commerce and Industries (FNCCI) Khus Kumar Joshi met with Prime Minister Madhav Nepal and Acting President of Nepali Congress Sushil Koirala and asked them to end the deadlock through consensus.
The delegation, which met the prime minister at his residence, told the prime minister that FNCCI, with support from professional organizations, organized peace assemblies across the country to save the country from sliding into chaos.
The business leaders complained that the business community has been suffering from Maoist extortion and asked the government to take effective measures to discourage illegal donation collection drive of the Maoists, said a statement issed by the FNCCI.
In response, the prime minister told the business community that he would take initiatives to bring together the three major parties if the Maoists cooperate to evacuate the cantonments and disband the paramilitary structure of Young Communist League.
He further said there would not be environment of trust until the Maoists continue to have armed combatants, the prime minister´s Press Advisor Bishnu Rijal said in a statement.
On Sunday, a delegation of business community lead by President of Federation of Nepalese Chambers of Commerce and Industries (FNCCI) Khus Kumar Joshi met with Prime Minister Madhav Nepal and Acting President of Nepali Congress Sushil Koirala and asked them to end the deadlock through consensus.
The delegation, which met the prime minister at his residence, told the prime minister that FNCCI, with support from professional organizations, organized peace assemblies across the country to save the country from sliding into chaos.
The business leaders complained that the business community has been suffering from Maoist extortion and asked the government to take effective measures to discourage illegal donation collection drive of the Maoists, said a statement issed by the FNCCI.
In response, the prime minister told the business community that he would take initiatives to bring together the three major parties if the Maoists cooperate to evacuate the cantonments and disband the paramilitary structure of Young Communist League.
He further said there would not be environment of trust until the Maoists continue to have armed combatants, the prime minister´s Press Advisor Bishnu Rijal said in a statement.
Monday, April 19, 2010
FNCCI sends two more JITCO trainees
Federation of mbers of Com Nepalese Chambers of Commerce and Industry (FNCCI) has sent two industrial trainees to Japan under Japan International Training Co-operation Organisation (JITCO). Tila Hamal of Bardiya and Chemjong Tamang of Rasuwa district left for Japan on Monday to get advance training in fishery. FNCCI has already sent six trainees to Japan last year and it is planning to send 36 to 20 female and 16 male trainees in near future.
Manpower agencies decry GAMCA monopoly
Nepali outsourcing agencies and health professional promised to fight jointly against the Gulf Cooperation Council (GCC) approved Medical Centre’s Association (GAMCA), which has monopoly in medical check up for overseas-bound Nepali migrant workers.
“We should be united to solve the problem,” Kumud Khanal, general secretary of Nepal Association of Foreign Employment Agencies (NAFEA) said in a programme organised here today. He urged Nepal Health Professional Federation (NHPF) to take the case seriously and start pressurising the government. “We should handle the case diplomatically,”
he said adding that traditional type of protest programmes could not solve the problem.
NHPF has been fighting against GAMCA monopoly in medical check up of Nepali migrant workers going to GCC countries since March 2009. The umbrella organisations of 153 medical centres have already staged sit-in, street
protest and padlocked five GAMCA offices in Kathmandu.
The GCC countries include Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates (UAE), Oman, and Yemen. Among them Saudi Arabia, Qatar and the UAE are the major destinations for Nepali migrant workers. Those countries have hired around
12,849 Nepalis from mid-March to mid-April that is over 40 per cent of total migrant workers.
Gyanu Gaire, second vice-president of NAFEA promised joint efforts to solve the problem by providing equal opportunities for NHPF members. “NAFEA wants equal opportunity for 153 medical centres registered under Foreign Employment Act,” he said, “At least GAMCA biding process should be acceptable to all.” GAMCA has criteria — while appointing medical centres — like a medical centre should have adequate physical facilities and expertise to accommodate the pressure of clients, must abide by the GCC standard in medical examinations and must pay inspection fees, registration fees and membership fees in time.
“We should be united to solve the problem,” Kumud Khanal, general secretary of Nepal Association of Foreign Employment Agencies (NAFEA) said in a programme organised here today. He urged Nepal Health Professional Federation (NHPF) to take the case seriously and start pressurising the government. “We should handle the case diplomatically,”
he said adding that traditional type of protest programmes could not solve the problem.
NHPF has been fighting against GAMCA monopoly in medical check up of Nepali migrant workers going to GCC countries since March 2009. The umbrella organisations of 153 medical centres have already staged sit-in, street
protest and padlocked five GAMCA offices in Kathmandu.
The GCC countries include Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates (UAE), Oman, and Yemen. Among them Saudi Arabia, Qatar and the UAE are the major destinations for Nepali migrant workers. Those countries have hired around
12,849 Nepalis from mid-March to mid-April that is over 40 per cent of total migrant workers.
Gyanu Gaire, second vice-president of NAFEA promised joint efforts to solve the problem by providing equal opportunities for NHPF members. “NAFEA wants equal opportunity for 153 medical centres registered under Foreign Employment Act,” he said, “At least GAMCA biding process should be acceptable to all.” GAMCA has criteria — while appointing medical centres — like a medical centre should have adequate physical facilities and expertise to accommodate the pressure of clients, must abide by the GCC standard in medical examinations and must pay inspection fees, registration fees and membership fees in time.
Dutch aid key to Nepal
50th anniversary of diplomatic tie
Dutch economic co-operation has played an important role in the socio-economic development process of Nepal over the last 50 years, said Pramesh Kumar Hamal, Nepali ambassador to BENELUX countries and EU while inaugurating the 50th anniversary programme of establishment of diplomatic relations between Nepal and the Netherland.
“Economic agenda would take the centre stage once the political issues are settled in Nepal,” he said calling for a more effective partnership between the two countries for the promotion of tourism in Nepal.
He also emphasised the importance of multiple economic linkages between the two friendly countries in the days ahead. “Netherlands attached importance to the relationship with Nepal,” said Representative of Dutch Foreign Ministry and head of South Asia Division Harry Van Dyke. “Assistance to Nepal
would continue through channels of multilateral and non-governmental organisations,” he added.
On the occasion, European Economic Chamber of CommerceNepal (EECC) displayed items of Nepali export products like tea, coffee, Pashmina and handicrafts.
Over 300 distinguished persons representing the Dutch foreign Ministry, other government offices, politicians, ambassadors and senior diplomats, Non-resident Nepalese Association of Nepal (NRNA), NGOs, friends of Nepal, travel agents and tour operators, private business houses, and many took part in the programme.
Embassy of Nepal in Brussels with active co-operation from the office of the Consul General of Nepal in Amsterdam, the NRNA-Netherlands Chapter, Arke fly Group, Nepal Development Academy, Nepal Tourism Board (NTB), and Nepal Music Foundation jointly organised the anniversary celebration programme in Hague city.
Dutch economic co-operation has played an important role in the socio-economic development process of Nepal over the last 50 years, said Pramesh Kumar Hamal, Nepali ambassador to BENELUX countries and EU while inaugurating the 50th anniversary programme of establishment of diplomatic relations between Nepal and the Netherland.
“Economic agenda would take the centre stage once the political issues are settled in Nepal,” he said calling for a more effective partnership between the two countries for the promotion of tourism in Nepal.
He also emphasised the importance of multiple economic linkages between the two friendly countries in the days ahead. “Netherlands attached importance to the relationship with Nepal,” said Representative of Dutch Foreign Ministry and head of South Asia Division Harry Van Dyke. “Assistance to Nepal
would continue through channels of multilateral and non-governmental organisations,” he added.
On the occasion, European Economic Chamber of CommerceNepal (EECC) displayed items of Nepali export products like tea, coffee, Pashmina and handicrafts.
Over 300 distinguished persons representing the Dutch foreign Ministry, other government offices, politicians, ambassadors and senior diplomats, Non-resident Nepalese Association of Nepal (NRNA), NGOs, friends of Nepal, travel agents and tour operators, private business houses, and many took part in the programme.
Embassy of Nepal in Brussels with active co-operation from the office of the Consul General of Nepal in Amsterdam, the NRNA-Netherlands Chapter, Arke fly Group, Nepal Development Academy, Nepal Tourism Board (NTB), and Nepal Music Foundation jointly organised the anniversary celebration programme in Hague city.
IFC, Clean Energy Development Bank seal deal
IFC — a member of the World Bank Group — has partnered with Clean Energy Development Bank Ltd to help the bank increase finance for sustainable energy and energy efficiency projects.
IFC is advising the bank to adopt an approach that will help the bank identify opportunities for renewable energy and energy efficiency financing. IFC’s assistance will include training for staff to improve their skills when evaluating proposals on energy efficiency and renewable energy financing, as well as product development and marketing, and engineering due diligence for energy efficiency projects.
The bank also will benefit from IFC’s initiatives on energy auditor development, market potential studies, and targeted awareness and training activities related to sustainable energy finance.
“The energy crisis in Nepal is acute,” Manoj Goyal, CEO of the Clean Energy Development Bank, said at the signing ceremony here in Kathmandu today. “At the same time, there is a huge potential for renewables in this country,” he said adding that with IFC’s support, the bank would be able to expand the sustainable energy finance market in Nepal.
The SouthAsia Enterprise Development Facility — managed by IFC in partnership with the United Kingdom’s Department for International Development and the Norwegian Agency for Development Cooperation — is providing advisory support to the Clean Energy Development Bank and the financial sector to train bankers on energy efficiency and renewable energy financing.
“Clean Energy Development Bank has pioneered sustainable energy finance initiatives in Nepal,” Ian Crosby, Head of the SouthAsia Enterprise Development Facility, said. “We are excited to be able to support them in promoting renewable energy and energy efficiency projects and manage risks better.” IFC is a member of the World Bank Group and creates opportunity for people to escape poverty and improve their lives.
Similarly, Clean Energy Development Bank, is a national level development bank established with a primary focus on developing clean energy and the hydropower sector in Nepal. In commercial operation since September 2006, the bank has a technical collaboration with Winrock International, an international organisation working in Nepal in energy sector, and is supported by USAID.
Besides debt financing, the bank offers assistance to the clean energy and hydropower projects by way of private equity and advisory and consulting services.
IFC is advising the bank to adopt an approach that will help the bank identify opportunities for renewable energy and energy efficiency financing. IFC’s assistance will include training for staff to improve their skills when evaluating proposals on energy efficiency and renewable energy financing, as well as product development and marketing, and engineering due diligence for energy efficiency projects.
The bank also will benefit from IFC’s initiatives on energy auditor development, market potential studies, and targeted awareness and training activities related to sustainable energy finance.
“The energy crisis in Nepal is acute,” Manoj Goyal, CEO of the Clean Energy Development Bank, said at the signing ceremony here in Kathmandu today. “At the same time, there is a huge potential for renewables in this country,” he said adding that with IFC’s support, the bank would be able to expand the sustainable energy finance market in Nepal.
The SouthAsia Enterprise Development Facility — managed by IFC in partnership with the United Kingdom’s Department for International Development and the Norwegian Agency for Development Cooperation — is providing advisory support to the Clean Energy Development Bank and the financial sector to train bankers on energy efficiency and renewable energy financing.
“Clean Energy Development Bank has pioneered sustainable energy finance initiatives in Nepal,” Ian Crosby, Head of the SouthAsia Enterprise Development Facility, said. “We are excited to be able to support them in promoting renewable energy and energy efficiency projects and manage risks better.” IFC is a member of the World Bank Group and creates opportunity for people to escape poverty and improve their lives.
Similarly, Clean Energy Development Bank, is a national level development bank established with a primary focus on developing clean energy and the hydropower sector in Nepal. In commercial operation since September 2006, the bank has a technical collaboration with Winrock International, an international organisation working in Nepal in energy sector, and is supported by USAID.
Besides debt financing, the bank offers assistance to the clean energy and hydropower projects by way of private equity and advisory and consulting services.
Spice brings QT 44 mobile phone sets
Teletalk Private Ltd — the authorised distributor of Spice brands of Mobile phone sets in Nepal — has launched QWERTY series’ of mobile phones; Spice QT 66 sets.
The same series’ of Spice QT 44 and Spice QT 55 are already being sold in the market. Spice QT 66 — priced at Rs 8,890 — is a multi SIM phone with QWERTY keypad, the company said. “It has Wi-fi system so that a customer can surf net and use social networking sites freely.” The handset has 8 GB expandable memory, wireless FM, stereo Bluetooth, GPRS/EDGE and 2 MP camera.
The same series’ of Spice QT 44 and Spice QT 55 are already being sold in the market. Spice QT 66 — priced at Rs 8,890 — is a multi SIM phone with QWERTY keypad, the company said. “It has Wi-fi system so that a customer can surf net and use social networking sites freely.” The handset has 8 GB expandable memory, wireless FM, stereo Bluetooth, GPRS/EDGE and 2 MP camera.
Phillips New Offer
Syakar Company Ltd the sole distributor for Philips consumer lifestyle products in Nepal since 1982 -has brought an innovative New year offer `Old is Sold' which allows customers to get the new Philips LCD TV in exchange of an old one or any old electronic items in any conditions will be valued at minimum Rs 8,000. This offer is applicable in 32" & above sized LCD TV and will be available at all Philips Showrooms and dealers across Nepal. Philips is one of the world's largest electronics company offering wider range of products such as Television, Home Theatre System, DVD player, Music System, CD Player, Mobile Phone, Computer Monitor, Lighting Materials and Home Appliances.
New Hotel in Sauraha
Jungle Safari Lodge a new hotel has started its services in Sauraha from the New Year’s Day.
The hotel’s sales and marketing manager Suman Ghimire said that the hotel is looking forward to cater to both local and international tourists. “The hotel is established to fill the void of standard hotels in Sauraha,” he said adding that they have tried to provide all the amenities that an ‘A’ grade hotel offers. “The hotel is completely reconstructed and is new”, Ghimire said. “The hotel offers 20 air-conditioned rooms with wi-fi facility.” Similarly, it has labelled itself as a handicapped-friendly and wishes to provide comfortable stay for all its guests, according to him, “We have already spent Rs 300 million for the hotel.” It has also introduced different packages for the internal tourists on the occasion of New Year.
The hotel’s sales and marketing manager Suman Ghimire said that the hotel is looking forward to cater to both local and international tourists. “The hotel is established to fill the void of standard hotels in Sauraha,” he said adding that they have tried to provide all the amenities that an ‘A’ grade hotel offers. “The hotel is completely reconstructed and is new”, Ghimire said. “The hotel offers 20 air-conditioned rooms with wi-fi facility.” Similarly, it has labelled itself as a handicapped-friendly and wishes to provide comfortable stay for all its guests, according to him, “We have already spent Rs 300 million for the hotel.” It has also introduced different packages for the internal tourists on the occasion of New Year.
Wednesday, April 14, 2010
SDBL's safe locker
Siddhartha Develop ment Bank Ltd (SDBL) has started a safe deposit locker facility. At present, this facility is available at SDBL's central office in Tinkune. The bank's customers can keep their valuables and documents in its lockers for safekeeping. SDBL plans to extend this service to other branches as well.
Civil Bank gets provisional Letter of Intent
Civil Bank Ltd (proposed) has received a provisional Letter of Intent (LoI) from Nepal Rastra Bank, the central authority. “The proposed commercial bank is planning to deposit 45 per cent cash of the promoters’ share in around 10 days to get the LoI,” said Kishore Maharjan, chief executive officer (CEO) of the bank.
Earlier, some of the proposed commercial banks could not deposit the required sum at the central bank forcing the central bank to revise its rule of awarding Letter of Intent. Currently, Nepal Rastra Bank (NRB) provides provisional LoI first and gives a month’s time to deposit the 45 per cent deposit before awarding the Letter of Intent.
“We are planning to start operations from the first week of the next fiscal
year," Maharjan said adding that the proposed commercial bank has 149 promoters -mostly l from the housing busi ness. The proposed bank will have Rs 2 billion au thorised capital.
l It is the 12th company of Civil Group -a renowned name in the housing busi ness. The Civil Group also has Civil Merchant Bittiya Sanstha and Civil Savings and Credit Cooperative.
There are total of 27 commercial banks at prel sent and a couple of pro posed commercial banks have also acquired Letters of Intent. Megha Bank Nepal, Century Commer cial Bank, Business Bank, l Commerce and Trust Bank are some of the pro posed commercial banks in the pipeline.
NRB had temporarily stopped the registration of new financial institutions -including commercial banks, development l banks and finance compa nies — in August 2009 citing that the existing number of banks in a small economy like Nepal was already more than enough.
However, Maharjan thinks that there is still room for new financial institutions “as the outlet of the financial institutions is much less than required, though the number of financial institutions seems to be more.” Since only a quarter of the population has access to banking channels, the central bank also could not decide on the exact number of financial institutions that Nepal needs.
According to the central bank’s data, by the end of the first six months of the current fiscal year, there are 255 financial institutions in the country. “By the end of Poush (December-January), there were a total of 845 branches of commercial banks,” said the central bank.
Earlier, some of the proposed commercial banks could not deposit the required sum at the central bank forcing the central bank to revise its rule of awarding Letter of Intent. Currently, Nepal Rastra Bank (NRB) provides provisional LoI first and gives a month’s time to deposit the 45 per cent deposit before awarding the Letter of Intent.
“We are planning to start operations from the first week of the next fiscal
year," Maharjan said adding that the proposed commercial bank has 149 promoters -mostly l from the housing busi ness. The proposed bank will have Rs 2 billion au thorised capital.
l It is the 12th company of Civil Group -a renowned name in the housing busi ness. The Civil Group also has Civil Merchant Bittiya Sanstha and Civil Savings and Credit Cooperative.
There are total of 27 commercial banks at prel sent and a couple of pro posed commercial banks have also acquired Letters of Intent. Megha Bank Nepal, Century Commer cial Bank, Business Bank, l Commerce and Trust Bank are some of the pro posed commercial banks in the pipeline.
NRB had temporarily stopped the registration of new financial institutions -including commercial banks, development l banks and finance compa nies — in August 2009 citing that the existing number of banks in a small economy like Nepal was already more than enough.
However, Maharjan thinks that there is still room for new financial institutions “as the outlet of the financial institutions is much less than required, though the number of financial institutions seems to be more.” Since only a quarter of the population has access to banking channels, the central bank also could not decide on the exact number of financial institutions that Nepal needs.
According to the central bank’s data, by the end of the first six months of the current fiscal year, there are 255 financial institutions in the country. “By the end of Poush (December-January), there were a total of 845 branches of commercial banks,” said the central bank.
Kawasaki Ninja 250 strikes
After generating overwhelming response in India, Bajaj Auto today announced the launch of the muchawaited Kawasaki Ninja 250R. It is widely acknowledged as the best 250 cc motorbike in the world. In Nepal, it will be available exclusively through the recently-opened Bajaj Probiking Corner at HH Bajaj in Kathmandu.
Commenting on the launch, Hansraj Hulashchand and Co-executive director Shekhar Golchha s a i d , "We are v e r y pleased to launch the super sports Kawasaki Ninja 250R in Nepal which has unmatched performance yet at an affordable price". He added that it is the no. 1 selling bike in the world.
The sales target as stated by Golchha is about 100-150 bikes within 2010.
However, fifteen bikes have been already booked before the launch. The bike -powered by a 250cc parallel twin engine that belts out 33 hps-is a true supersport motorcycle that draws its lineage from the legendary larger Kawasaki Ninja. But what makes it unique is its perfect combination of performance, riding comfort and ease of handling.
Commenting on the launch, Hansraj Hulashchand and Co-executive director Shekhar Golchha s a i d , "We are v e r y pleased to launch the super sports Kawasaki Ninja 250R in Nepal which has unmatched performance yet at an affordable price". He added that it is the no. 1 selling bike in the world.
The sales target as stated by Golchha is about 100-150 bikes within 2010.
However, fifteen bikes have been already booked before the launch. The bike -powered by a 250cc parallel twin engine that belts out 33 hps-is a true supersport motorcycle that draws its lineage from the legendary larger Kawasaki Ninja. But what makes it unique is its perfect combination of performance, riding comfort and ease of handling.
Himalayan Bank opens branch at Sohrakhutte
Himalayan Bank Ltd inaugu rated its 28th branch at Kathmandu's Sohrakhutte on Wednesday. "We'll be pro viding full-fledged banking services to the people of Sorhakhutte and adjacent areas," said the bank that has collected Rs 37.07 bil lion deposit and lent Rs 31.46 billion in the first eight months of the current fiscal.
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