CG Impex Pvt Ltd -the authorised distributor of LG mobiles -has launched five new handsets in the market: GB 195, GU 230 in the multi media series, GU285 in the 3G series and GS 290, GS 500 in the Cookie Series.
GS290 is a slim and light phone with 3" touch screen. The set -priced at Rs 11,499 -has a 2 MP camera with active flash UI. Similarly, GS500 -priced at Rs 18,590 comes with 3" touch screen, accelerometre sensor, a 3 MP camera with multimedia player and a Bluetooth.
GU285 is a 3G Slider phone that is priced at Rs 9,499 and has 1.3 MP Camera and VGA with Audio and Codec.
The set also has Bluetooth, FM and Video Call with an expandable memory up to 2 GB. The other set GU230 -priced at Rs 7,699 -has 1.3 MP camera with video recording, MP3 player, FM, Bluetooth and expandable memory up to 2 GB with long battery life.
Its GB 195 -priced at Rs 4,699 -comes with a MP3 player, wireless FM and camera.
LG Mobile has a range of service centres throughout the country making it the highest in the service network, claims the company, said the company.
"Every set comes with free 1 GB or 2 GB memory card accord ing to the conditions applied."
Under the `LG Mo bile Sun Chandi Of fer' Every customer purchasing a LG mo bile priced less than Rs 10,000 gets a five gram silver coin and mobile priced at Rs 10,000 or above gets a 10 gram silver coin.
Saturday, May 29, 2010
Strong greenback takes toll on gold price
The strong dollar coupled with international price hike have spoiled the party of the domestic gold traders.
“Stronger dollar pushed the price of precious yellow metal up in the domestic market,” said Nepal Gold and Silver Dealers’ Association (NEGODISA) general secretary Manik Ratna Shakya.
“The rising gold price is hurting the trade before the marriage season,” he said adding that the price in the international market is also increasing.
The precious metal — in the international market — was traded at $1,178 per ounce on Sunday but it went up to close at $1,210 on Friday. Though, it had touched a high of $1,245 per ounce.
Taking the cue from the international price, the domestic market also witnessed price fluctuation, though the price has increased by only Rs 555 per 20 gram during the week.
On Sunday, 10 gram of gold was sold at Rs 29,625 which did not change till Tuesday but on Tuesday
it looked up to Rs 30,110 and hit the another record high on Wednesday as it was traded at Rs 30,605 for 10 gram.
The market has witnessed a record price of Rs 35,700 per tola (11.664
gram) also due to strong dollar against the rupee on Tuesday. On the closing day — today — however gold price came down to Rs 30,180 per 10 gram.
Similarly, silver opened at Rs
per 10 gram for the week but decreased to Rs 463 per 10 gram on Monday. On Tuesday it continued to decrease to Rs 460.5 before rebouncing by Rs 13.5 to Rs 474 per 10 gram to close today. The US dollar — that has shot the price of precious yellow metal — had decreased from Sunday’s Rs 75.96 to Rs 75.29 on Friday. On Tuesday, it was at its highest — in the week — to Rs 76.44 pushing the gold price up.
According to Nepal Rastra Bank (NRB), dollar fluctuated throughout the week before settling at Rs 75.29 at the end of the week.
The US dollar is gaining strength, currently as most of the European countries are going through economic crisis. The Greece crisis has spread to other Eurozone nations making it difficult for the EU to cope up with.
The investors have been after the gold as a hedge against their weak currency and crisis looming large in EU.
The experts have estimated the precious yellow metal to touch $1400 per ounce if the crisis situation continues in the Eurozone countries making the euro more weaker.
“Stronger dollar pushed the price of precious yellow metal up in the domestic market,” said Nepal Gold and Silver Dealers’ Association (NEGODISA) general secretary Manik Ratna Shakya.
“The rising gold price is hurting the trade before the marriage season,” he said adding that the price in the international market is also increasing.
The precious metal — in the international market — was traded at $1,178 per ounce on Sunday but it went up to close at $1,210 on Friday. Though, it had touched a high of $1,245 per ounce.
Taking the cue from the international price, the domestic market also witnessed price fluctuation, though the price has increased by only Rs 555 per 20 gram during the week.
On Sunday, 10 gram of gold was sold at Rs 29,625 which did not change till Tuesday but on Tuesday
it looked up to Rs 30,110 and hit the another record high on Wednesday as it was traded at Rs 30,605 for 10 gram.
The market has witnessed a record price of Rs 35,700 per tola (11.664
gram) also due to strong dollar against the rupee on Tuesday. On the closing day — today — however gold price came down to Rs 30,180 per 10 gram.
Similarly, silver opened at Rs
per 10 gram for the week but decreased to Rs 463 per 10 gram on Monday. On Tuesday it continued to decrease to Rs 460.5 before rebouncing by Rs 13.5 to Rs 474 per 10 gram to close today. The US dollar — that has shot the price of precious yellow metal — had decreased from Sunday’s Rs 75.96 to Rs 75.29 on Friday. On Tuesday, it was at its highest — in the week — to Rs 76.44 pushing the gold price up.
According to Nepal Rastra Bank (NRB), dollar fluctuated throughout the week before settling at Rs 75.29 at the end of the week.
The US dollar is gaining strength, currently as most of the European countries are going through economic crisis. The Greece crisis has spread to other Eurozone nations making it difficult for the EU to cope up with.
The investors have been after the gold as a hedge against their weak currency and crisis looming large in EU.
The experts have estimated the precious yellow metal to touch $1400 per ounce if the crisis situation continues in the Eurozone countries making the euro more weaker.
Govt spending up, budget surplus also up
Despite registering the increment of 30.9 per cent in the government expenditure, in the first nine months of the current fiscal year, government has observed the budget surplus of Rs 10.3 billion.
According to the Nepal Rastra Bank (NRB)’s macroeconomic report of nine months of the current fiscal year, the government budget surplus on cash basis stood at Rs 10.30 billion compared with a budget surplus of Rs 12.72 billion in the same period last fiscal year.
“The budget surplus stood at Rs 4.94 billion in the eighth month of the current fiscal year,” according to the central bank.
Meanwhile, the total government spending has increased by almost a double at 30.9 per cent amounting to Rs 140.09 billion, due to higher recurrent and capital expenditure, in the mid-April, which had increased by 18.5 per cent only in the same period last fiscal year.
The recurrent expenditure alone has increased by 28.5 per cent to Rs 90.94 billion due to increased salary and allowances of civil servants, rising expenditure on special security plan, larger subsidies to public schools, increased eco
nomic assistance,” the report said. Similarly, capital expenditure has also increased by 47.5 per cent to Rs 28.35 billion which had declined by 2.5 per cent in the same period last year.
“Only 26.7 per cent of the budget estimate on capital expenditure has been spent so far,” the NRB said. The low expenditure has been due to delay in the approval of budget,
lingering in the contract process, absence of representatives in local bodies as well as weak law and order situation in the country. In the eighth months, only Rs 79.37 billion of recurrent budget and Rs 22.45 billion of capital budget had been spent.
A positive impact of ‘Tax Compliance Year’, increase in PAN number holders, mobilisation of tax volunteers, con
trol in revenue leakages and tax administration reforms has contributed to 28.2 per cent growth of revenue mobilisation to Rs 126.53 billion, whereas in the eight months the revenue mobilisation was at Rs 105.58 billion. The revenue collection has slowed down as in the last fiscal year’s same period, government had been able to register a growth of 39.3 per cent. “Value Added Tax (VAT) contributed most to the total revenue as it grew by 40.6 per cent to Rs 38.50 billion. It had increased by only 23.2 per cent in the same period last year,” said the report. “In the eighth month also, VAT had grown by 43 per cent registering Rs 33.36 billion in the government’s kitty.” Increased consumptions and reforms in VAT administration has been attributed to such a growth in VAT. Similarly, Increase in imports of high tax yielding vehicles and spare parts pushed the customs revenue up by 35.9 per cent to Rs 25.07 billion compared with 25.7 per cent rise in the same period of last year. Customs collection had grown by 43 per cent in the eighth months of the current fiscal year.
Excise revenue increased by 60.3 per cent to Rs 16.94 billion against an increase of 45.1 per cent in the same period of last year. Likewise, a positive impact of tax compliance year and increase in PAN number holders has attributed to 22.2 per cent increase in income tax amounting to Rs 23.47 billion.
In the first eight months, it had grown by 20.7 per cent to Rs 17.52 billion.
However, non-tax revenue has declined by 8.6 per cent to Rs 16.07 billion compared with an increase of 68.7 per cent in the same period last year.
According to the Nepal Rastra Bank (NRB)’s macroeconomic report of nine months of the current fiscal year, the government budget surplus on cash basis stood at Rs 10.30 billion compared with a budget surplus of Rs 12.72 billion in the same period last fiscal year.
“The budget surplus stood at Rs 4.94 billion in the eighth month of the current fiscal year,” according to the central bank.
Meanwhile, the total government spending has increased by almost a double at 30.9 per cent amounting to Rs 140.09 billion, due to higher recurrent and capital expenditure, in the mid-April, which had increased by 18.5 per cent only in the same period last fiscal year.
The recurrent expenditure alone has increased by 28.5 per cent to Rs 90.94 billion due to increased salary and allowances of civil servants, rising expenditure on special security plan, larger subsidies to public schools, increased eco
nomic assistance,” the report said. Similarly, capital expenditure has also increased by 47.5 per cent to Rs 28.35 billion which had declined by 2.5 per cent in the same period last year.
“Only 26.7 per cent of the budget estimate on capital expenditure has been spent so far,” the NRB said. The low expenditure has been due to delay in the approval of budget,
lingering in the contract process, absence of representatives in local bodies as well as weak law and order situation in the country. In the eighth months, only Rs 79.37 billion of recurrent budget and Rs 22.45 billion of capital budget had been spent.
A positive impact of ‘Tax Compliance Year’, increase in PAN number holders, mobilisation of tax volunteers, con
trol in revenue leakages and tax administration reforms has contributed to 28.2 per cent growth of revenue mobilisation to Rs 126.53 billion, whereas in the eight months the revenue mobilisation was at Rs 105.58 billion. The revenue collection has slowed down as in the last fiscal year’s same period, government had been able to register a growth of 39.3 per cent. “Value Added Tax (VAT) contributed most to the total revenue as it grew by 40.6 per cent to Rs 38.50 billion. It had increased by only 23.2 per cent in the same period last year,” said the report. “In the eighth month also, VAT had grown by 43 per cent registering Rs 33.36 billion in the government’s kitty.” Increased consumptions and reforms in VAT administration has been attributed to such a growth in VAT. Similarly, Increase in imports of high tax yielding vehicles and spare parts pushed the customs revenue up by 35.9 per cent to Rs 25.07 billion compared with 25.7 per cent rise in the same period of last year. Customs collection had grown by 43 per cent in the eighth months of the current fiscal year.
Excise revenue increased by 60.3 per cent to Rs 16.94 billion against an increase of 45.1 per cent in the same period of last year. Likewise, a positive impact of tax compliance year and increase in PAN number holders has attributed to 22.2 per cent increase in income tax amounting to Rs 23.47 billion.
In the first eight months, it had grown by 20.7 per cent to Rs 17.52 billion.
However, non-tax revenue has declined by 8.6 per cent to Rs 16.07 billion compared with an increase of 68.7 per cent in the same period last year.
Wednesday, May 12, 2010
NMB Bank Profit
NMB Bank Ltd posted a profit before tax worth Rs 149.2 million during the third quarter of the current fiscal year and recorded a growth of 87 per cent compared with the same period last year. Despite ongoing liquidity crunch in the local market, NMB achieved a growth in both deposits as well as Risk Assets by 11 per cent and eight per cent respectively when compared with the previous quarter. "The bank continues to focus on its strength on its balance sheet and remains well capitalised with a very comfortable capital adequacy ratio of 18.03 per cent.
It has maintained strong liquidity position with CD Ratio at 72 per cent and Net Liquid Assets of about 27 per cent of its total deposits.
Overall credit quality of the bank's risk assets portfolio also continues to remain good as evidenced by low NPA at 0.34 per cent." During the period the bank expanded its footprints by opening four new branches -in Kumaripati, Chabahail, Nepalgunj and Dhanghadhi -and has added three new ATMs. The bank has also planned to gradually expand its footprints to new strategic locations next year.
It has maintained strong liquidity position with CD Ratio at 72 per cent and Net Liquid Assets of about 27 per cent of its total deposits.
Overall credit quality of the bank's risk assets portfolio also continues to remain good as evidenced by low NPA at 0.34 per cent." During the period the bank expanded its footprints by opening four new branches -in Kumaripati, Chabahail, Nepalgunj and Dhanghadhi -and has added three new ATMs. The bank has also planned to gradually expand its footprints to new strategic locations next year.
NIC Bank's lending
NIC Bank has disbursed a total of Rs 438 million worth of loan for micro-finance lending under its Deprived Sector Lending Programme. Micro-finance lending helps support people at the bottom of the pyramid by providing seed capital for micro enterprises or farming or other income generating activities. These loans which are capped at a maximum of Rs 60,000 per individual are given without security. NIC Bank provided these loans through micro-finance intermediaries operating in rural areas.
Through the bank's conscious diversification of its deprived sector portfolio among the geographically scattered micro finance intermediaries, the bank has benefited about 22,000 families for getting access to the services. NIC Bank is exploring opportunities to finance renewable energy, micro and Pico hydro-power, agribusiness and rural tourism for the development of the economy to uplift the standard of living in the rural community.
Through the bank's conscious diversification of its deprived sector portfolio among the geographically scattered micro finance intermediaries, the bank has benefited about 22,000 families for getting access to the services. NIC Bank is exploring opportunities to finance renewable energy, micro and Pico hydro-power, agribusiness and rural tourism for the development of the economy to uplift the standard of living in the rural community.
Electronic driving license on cards
The government has initiated a process for implementing electronic driving license and Embossed Number Plate system in an effort to systematize recordkeeping and monitoring of vehicles across the country.
A government panel formed to execute the scientific system on Sunday invited tender from interested parties to undertake supply and delivery of vehicle number plate monitoring card -- including software, IT equipment and accessories -- and personalization, smart card and embossed number plate. The dateline for bidding has been set for June 23. The government has authorized the panel to select the qualified firm competing in the bidding process.
Anil Gurung, director of Department of Transport Management (DoTM), said necessary technical networking and system will be installed by the DoTM to execute the new system once the supply of Vehicle Number Plate Monitoring Card, Smart Card and Embossed Number Plate begins. “The new system will be implemented from the next fiscal year,” Gurung told Republica. on Monday.
The government has announced in the budget for the current fiscal year that the process of maintaining electronic database of driving license would be completed within this fiscal year and new vehicle registration, route permit and new driving license would be distributed and renewed electronically from November 16, 2010.
Gurung said the new system is aimed at ending duplication of licenses and other vehicle related documents as well as number plates, upgrading distribution of number plate as per international trend and making collection of tax from transportation sector effective.
The embossed number plate includes name of vehicle owners, model of vehicles, chassis number and tax payment status, among others. It also maintains uniformity in number plates and keeps exact record of vehicles registered with the government.
The electronic smart card will replace the existing driving licenses. The smart card will have personal details of license-holder and date of issue and expiry, among others. Likewise, the vehicle monitoring card will help officials about the technical and other details of the vehicles.
“Linkage of all cards will be established with all 13 Transport Management Offices across the country through a computerized system,” Gurung added.
In the absence of scientific recordkeeping and numbering system, officials are not in a position to tell the exact number of vehicles plying within the country. As per the recent record, more than 970,000 vehicles have been registered across the country.
A government panel formed to execute the scientific system on Sunday invited tender from interested parties to undertake supply and delivery of vehicle number plate monitoring card -- including software, IT equipment and accessories -- and personalization, smart card and embossed number plate. The dateline for bidding has been set for June 23. The government has authorized the panel to select the qualified firm competing in the bidding process.
Anil Gurung, director of Department of Transport Management (DoTM), said necessary technical networking and system will be installed by the DoTM to execute the new system once the supply of Vehicle Number Plate Monitoring Card, Smart Card and Embossed Number Plate begins. “The new system will be implemented from the next fiscal year,” Gurung told Republica. on Monday.
The government has announced in the budget for the current fiscal year that the process of maintaining electronic database of driving license would be completed within this fiscal year and new vehicle registration, route permit and new driving license would be distributed and renewed electronically from November 16, 2010.
Gurung said the new system is aimed at ending duplication of licenses and other vehicle related documents as well as number plates, upgrading distribution of number plate as per international trend and making collection of tax from transportation sector effective.
The embossed number plate includes name of vehicle owners, model of vehicles, chassis number and tax payment status, among others. It also maintains uniformity in number plates and keeps exact record of vehicles registered with the government.
The electronic smart card will replace the existing driving licenses. The smart card will have personal details of license-holder and date of issue and expiry, among others. Likewise, the vehicle monitoring card will help officials about the technical and other details of the vehicles.
“Linkage of all cards will be established with all 13 Transport Management Offices across the country through a computerized system,” Gurung added.
In the absence of scientific recordkeeping and numbering system, officials are not in a position to tell the exact number of vehicles plying within the country. As per the recent record, more than 970,000 vehicles have been registered across the country.
All MDGs impossible to achieve: UNCTAD
Representatives of civil society organisations, businesses, universities, and Parliaments lamented this morning the enduring effects of the global recession on developing economies and urged financial reform and new thinking to help the world's poor even as the Greek debt crisis shows that the current world economic recovery is fragile.
UNCTAD secretary-general Supachai Panitchpakdi said in opening the organisation's second annual public symposium that since the crisis hit in 2008, some 53 million people in the developing world have fallen below the poverty line "and more than 100 million additional people are going hungry.
These numbers are not moving in the right direction."
"Prior to the crisis, the chances of achieving the Millennium Development Goals (MDGs) were deteriorating," he told the meeting. "Now, after the crisis, it will be near to impossible to achieve all of the MDGs." The goals are centred on the target of halving extreme poverty by 2015.
The secretary-general said developing countries should look to one another for support, noting that `South-South' regional trade and financial arrangements have been vital in recent years for providing investment, stable economic arrangements, and climbing trade. He cautioned that it is unlikely that industrialised economies "will constitute reliable sources of recover from the current crisis.
He also said impetus appeared to be dwindling for deep and meaningful reforms to the international financial system, and urged that the United Nations, rather than just the G20 group of countries, be given a lead role in devising reforms. "A truly inclusive multilateralism must be based on the G192, the number of all member States of the UN," he said.
In a panel discussion on "Responding to global crisis: new development paths" that followed, the secretary general termed developing countries "the innocent bystanders of the most severe recession in 70 years. We cannot just go on with business as usual. We have yet to see `human recovery' from the recession."
Jean Feyder, president of UNCTAD's Trade and Development Board, said, "We consider that States should play a major role in development" as poorer nations struggle to recover, noting."
"It is very important to put more money into agriculture," as productivity, especially in Africa, has lagged far behind farming yields in more developed regions. When food shortages surfaced in 2008," Olivier De Schutter, United Nations Special Rapporteur on the Right to Food, said adding that the result was that these countries were unable to respond.
Anne Jellema, International Policy and Campaign Director of ActionAid International, South Africa, told the meeting that international financial markets `dictate for many countries what is and what isn't possible' and described those markets as `a global casino'.
Speakers from the floor cited such issues as the extent of extreme poverty, now estimated at 1.5 billion people and the effects of financial speculation.
UNCTAD secretary-general Supachai Panitchpakdi said in opening the organisation's second annual public symposium that since the crisis hit in 2008, some 53 million people in the developing world have fallen below the poverty line "and more than 100 million additional people are going hungry.
These numbers are not moving in the right direction."
"Prior to the crisis, the chances of achieving the Millennium Development Goals (MDGs) were deteriorating," he told the meeting. "Now, after the crisis, it will be near to impossible to achieve all of the MDGs." The goals are centred on the target of halving extreme poverty by 2015.
The secretary-general said developing countries should look to one another for support, noting that `South-South' regional trade and financial arrangements have been vital in recent years for providing investment, stable economic arrangements, and climbing trade. He cautioned that it is unlikely that industrialised economies "will constitute reliable sources of recover from the current crisis.
He also said impetus appeared to be dwindling for deep and meaningful reforms to the international financial system, and urged that the United Nations, rather than just the G20 group of countries, be given a lead role in devising reforms. "A truly inclusive multilateralism must be based on the G192, the number of all member States of the UN," he said.
In a panel discussion on "Responding to global crisis: new development paths" that followed, the secretary general termed developing countries "the innocent bystanders of the most severe recession in 70 years. We cannot just go on with business as usual. We have yet to see `human recovery' from the recession."
Jean Feyder, president of UNCTAD's Trade and Development Board, said, "We consider that States should play a major role in development" as poorer nations struggle to recover, noting."
"It is very important to put more money into agriculture," as productivity, especially in Africa, has lagged far behind farming yields in more developed regions. When food shortages surfaced in 2008," Olivier De Schutter, United Nations Special Rapporteur on the Right to Food, said adding that the result was that these countries were unable to respond.
Anne Jellema, International Policy and Campaign Director of ActionAid International, South Africa, told the meeting that international financial markets `dictate for many countries what is and what isn't possible' and described those markets as `a global casino'.
Speakers from the floor cited such issues as the extent of extreme poverty, now estimated at 1.5 billion people and the effects of financial speculation.
Thamel wears deserted look
Thamel -the major tourist hub in Kathmandu -has seen a drop in the number of tourists in recent days, causing worries to the entrepreneurs and business owners in the area.
Although the UCPNMaoist withdrew the sixday long general strike on May 7, the presence of tourists in Thamel had thinned out since last two weeks.
Shekhar Adhikari -proprietor of Kurathai Restaurant -a famous eatery in Thamel, expressed anxiety over the dwindling tourism business even during the peak season and blamed the political instability for hurting the sector. He said his restaurant used to have business worth Rs 50,000 on a normal day but it has now dropped to Rs 5,000 per day due to the deteriorating situation.
Shiva Marhattha who has been selling the traditional Thanka art at Thamel since the last few years lamented that his business has seen a sharp decline over the last three weeks. "Now it will be difficult for him to even make up for the heavy losses suf fered due to the protracted general strike," he added.
Tourism entrepreneurs here have expressed fears that the protracted general strike ahead of the tourism year will send out negative messages to the incoming tourists which might further hit the already sagging tourism industry.
Meanwhile, the number of tourists visiting Bhaktapur has increased this year compared with previous year, the Bhaktapur Municipality said.
Chief at the Bhaktapur Municipality tourism centre, Damodar Suwal said a total of 112,684 foreign tourists visited Bhaktapur during last Nepali year ending on April 13.
This number does not include tourists from the SAARC countries.
Suwal said altogether 44,443 tourists from SAARC countries visited the ancient town last year alone. Tourists come to Bhaktapur mainly for observing the local historical and cultural heritage. The main tourism destinations in Bhaktapur are the famous Nyatapola Temple, the Bhairab Temple, Durbar Square, the fifty-five Window Palace, the Golden Gate, the Dattatraya Square and many more.
Although the UCPNMaoist withdrew the sixday long general strike on May 7, the presence of tourists in Thamel had thinned out since last two weeks.
Shekhar Adhikari -proprietor of Kurathai Restaurant -a famous eatery in Thamel, expressed anxiety over the dwindling tourism business even during the peak season and blamed the political instability for hurting the sector. He said his restaurant used to have business worth Rs 50,000 on a normal day but it has now dropped to Rs 5,000 per day due to the deteriorating situation.
Shiva Marhattha who has been selling the traditional Thanka art at Thamel since the last few years lamented that his business has seen a sharp decline over the last three weeks. "Now it will be difficult for him to even make up for the heavy losses suf fered due to the protracted general strike," he added.
Tourism entrepreneurs here have expressed fears that the protracted general strike ahead of the tourism year will send out negative messages to the incoming tourists which might further hit the already sagging tourism industry.
Meanwhile, the number of tourists visiting Bhaktapur has increased this year compared with previous year, the Bhaktapur Municipality said.
Chief at the Bhaktapur Municipality tourism centre, Damodar Suwal said a total of 112,684 foreign tourists visited Bhaktapur during last Nepali year ending on April 13.
This number does not include tourists from the SAARC countries.
Suwal said altogether 44,443 tourists from SAARC countries visited the ancient town last year alone. Tourists come to Bhaktapur mainly for observing the local historical and cultural heritage. The main tourism destinations in Bhaktapur are the famous Nyatapola Temple, the Bhairab Temple, Durbar Square, the fifty-five Window Palace, the Golden Gate, the Dattatraya Square and many more.
Tuesday, May 11, 2010
NOC seeks Rs 1b loans from govt
Nepal Oil Corporation (NOC) has sought Rs 1 billion in loans from the government to beef up stock of petroleum products, citing political deadlock and Maoist´s strike threat that could hit supplies in the days to come.
Digambhar Jha, NOC chief, who forwarded a letter to this connection to Ministry of Commerce and Supplies on Monday, said NOC´s storage tanks across the country have less than two-thirds fuel in stock at present.
Given its recent deteriorating fund flow, NOC has said that it would not be able to replenish stock from its own resources.
"When we were making profits, we served interests and loans. But we have continued to operate with net loss for the last four months," Jha told Republica.
NOC has argued that loan was needed for building up strategic stock so that it could continue to maintain supplies in case political fiasco continued and unfortunate mishaps struck the country.
The request from NOC comes at a time when it still has loans of over Rs 7 billion to repay to the government. It had taken those loans to finance imports over the span of four years when government´s continued apathy to adjust domestic oil prices in line with import rates turned it bankrupt.
NOC said it has just about 18,000 kiloliters (KL) of diesel in stock, which is far less than its storage capacity of 42,370 KL. Likewise, its nationwide petrol stock stands at 3,030 KL, which is about 60 percent of its total storage capacity. Its kerosene stock stands at 11,800 KL, which is three-fourths of its storage capacity, and aviation fuel stock stands less than two-thirds of its capacity.
Stock of fuel at Thankot, the main supply outlet for the Kathmandu Valley, stands much lower than our national average stock, Jha said.
"We have continued to serve loans whenever we could. But to prepare for possible adverse situation, we still have no option but to turn to government for finances," he said, referring to recent rise in loss figures of petroleum import monopolist.
The government has continued to adjust prices of oil over the last four months, when international crude prices started to jump. However, it has preferred to left prices of liquefied petroleum gas (LPG) untouched. This single product accounts for more than two-thirds of the total loss of NOC.
The latest import rates and fund flow estimates of NOC show it will suffer a loss of Rs 190 million -- from its estimated loss of Rs 310 million in the month of May -- from LPG business alone.
"Our loss figure on diesel too has jumped to Rs 4.10 per liter this month from about Rs 3 of April," Jha said.
Meanwhile, NOC has reported a loss in its profit margin from aviation fuel to Rs 8 per liter from Rs 15 of the past and kerosene to Rs 4 per liter from Rs 7 of April.
Due resurfaces with IOC
As NOC imported more fuel than what it actually paid to the Indian Oil Corporation (IOC), its outstanding due to its sole supplier of fuel has surfaced yet again. "As at April end, we have some Rs 340 million in outstanding account to settle to the IOC," said Jha.
He said rise in volume of consumption and NOC´s downturn fund flow over the last few months were behind the reemergence of the situation.
Digambhar Jha, NOC chief, who forwarded a letter to this connection to Ministry of Commerce and Supplies on Monday, said NOC´s storage tanks across the country have less than two-thirds fuel in stock at present.
Given its recent deteriorating fund flow, NOC has said that it would not be able to replenish stock from its own resources.
"When we were making profits, we served interests and loans. But we have continued to operate with net loss for the last four months," Jha told Republica.
NOC has argued that loan was needed for building up strategic stock so that it could continue to maintain supplies in case political fiasco continued and unfortunate mishaps struck the country.
The request from NOC comes at a time when it still has loans of over Rs 7 billion to repay to the government. It had taken those loans to finance imports over the span of four years when government´s continued apathy to adjust domestic oil prices in line with import rates turned it bankrupt.
NOC said it has just about 18,000 kiloliters (KL) of diesel in stock, which is far less than its storage capacity of 42,370 KL. Likewise, its nationwide petrol stock stands at 3,030 KL, which is about 60 percent of its total storage capacity. Its kerosene stock stands at 11,800 KL, which is three-fourths of its storage capacity, and aviation fuel stock stands less than two-thirds of its capacity.
Stock of fuel at Thankot, the main supply outlet for the Kathmandu Valley, stands much lower than our national average stock, Jha said.
"We have continued to serve loans whenever we could. But to prepare for possible adverse situation, we still have no option but to turn to government for finances," he said, referring to recent rise in loss figures of petroleum import monopolist.
The government has continued to adjust prices of oil over the last four months, when international crude prices started to jump. However, it has preferred to left prices of liquefied petroleum gas (LPG) untouched. This single product accounts for more than two-thirds of the total loss of NOC.
The latest import rates and fund flow estimates of NOC show it will suffer a loss of Rs 190 million -- from its estimated loss of Rs 310 million in the month of May -- from LPG business alone.
"Our loss figure on diesel too has jumped to Rs 4.10 per liter this month from about Rs 3 of April," Jha said.
Meanwhile, NOC has reported a loss in its profit margin from aviation fuel to Rs 8 per liter from Rs 15 of the past and kerosene to Rs 4 per liter from Rs 7 of April.
Due resurfaces with IOC
As NOC imported more fuel than what it actually paid to the Indian Oil Corporation (IOC), its outstanding due to its sole supplier of fuel has surfaced yet again. "As at April end, we have some Rs 340 million in outstanding account to settle to the IOC," said Jha.
He said rise in volume of consumption and NOC´s downturn fund flow over the last few months were behind the reemergence of the situation.
Crisis management team to help tourists
Effective preparations to support tourists during strikes and bandh
Tourism Crisis Management Committee is actively coming up with plans to support and facilitate tourists during bandh and strike programmes.
“We are making effective preparations to tackle the situation and help tourists during bandh and agitation programmes,” Bikram Neupane, coordinator of Tourism Crisis Management Committee and Security, and chairman of Himalayan Rescue Association (HRA) said.
Frequent strikes and bandh is affecting tourism industry.
Decline in the number of tourists arrival, cancellation of hotel bookings and reservations are negative impacts paralysing the tourism industry. Though, the Tourism Crisis Management Committee was formed a year ago to provide special facilities and packages to avoid inconvenience to tourists during any kind of disruption, it is now planning to develop precautionary measures packages in affiliation
with hotels and restaurants for tourists during bandhs. "It is also starting shuttle services in coordination with locals at remote areas incase of transportation strike and use identical uniforms for people working in tourists transportation during emergency situations," Neupane said adding that there are also concerns shown by different tourism entrepreneurs to grant facilitation in visa during Nepal Tourism Year 2011.
Meanwhile, Hotel Association Nepal (HAN) has said that most of the hotels had bookings and reservations cancellation due to the recent general strike. “Indian tourists and European tourists did majority of the hotel booking cancellations,” informed Madhav Om Shrestha, executive chairman
of HAN.
“Due to the general strike hotel sector faced a total loss of about one billion,” he said adding that there is a need to flow positive information to avoid tourists decline in the next peak season. “We are suffering losses due to booking cancellation of May, June and July but we have to make up our loss in the next season,” Shrestha said. “The cancelled booking also has higher possibilities to get revised if peace and security is maintained in the coming months.” According to TIA immigra
tion office, this is the eleventh consecutive month that has witnessed growth in the international tourists arrival confirming the improved prospects for Nepal due to the rising business and consumer confidence. In the first four months of 2010 a robust 21 per cent cumulative growth has been observed in comparison with the same period last year.
However, tourism entrepreneurs opined that there must be special publicity programmes and flow of positive informations to help increase the tourist arrivals.
Hotel booking cancellation Hotel De l Annapurna 20 pc Hotel Everest 20 pc Hotel Malla 30 pc Hotel Radisson 30 pc Hotel Shangri-La 7 pc Hotel Soaltee 50 pc Hotel Shanker 25 pc (Source: Hotel Association of Nepal) May arrivals to decline KATHMANDU: The number of tourists arrival is likely to drop in May compared to the same period last year due to Icelandic volcanic eruption that has disturbed airlines services across Europe and general strike in Nepal.
Tourism Crisis Management Committee is actively coming up with plans to support and facilitate tourists during bandh and strike programmes.
“We are making effective preparations to tackle the situation and help tourists during bandh and agitation programmes,” Bikram Neupane, coordinator of Tourism Crisis Management Committee and Security, and chairman of Himalayan Rescue Association (HRA) said.
Frequent strikes and bandh is affecting tourism industry.
Decline in the number of tourists arrival, cancellation of hotel bookings and reservations are negative impacts paralysing the tourism industry. Though, the Tourism Crisis Management Committee was formed a year ago to provide special facilities and packages to avoid inconvenience to tourists during any kind of disruption, it is now planning to develop precautionary measures packages in affiliation
with hotels and restaurants for tourists during bandhs. "It is also starting shuttle services in coordination with locals at remote areas incase of transportation strike and use identical uniforms for people working in tourists transportation during emergency situations," Neupane said adding that there are also concerns shown by different tourism entrepreneurs to grant facilitation in visa during Nepal Tourism Year 2011.
Meanwhile, Hotel Association Nepal (HAN) has said that most of the hotels had bookings and reservations cancellation due to the recent general strike. “Indian tourists and European tourists did majority of the hotel booking cancellations,” informed Madhav Om Shrestha, executive chairman
of HAN.
“Due to the general strike hotel sector faced a total loss of about one billion,” he said adding that there is a need to flow positive information to avoid tourists decline in the next peak season. “We are suffering losses due to booking cancellation of May, June and July but we have to make up our loss in the next season,” Shrestha said. “The cancelled booking also has higher possibilities to get revised if peace and security is maintained in the coming months.” According to TIA immigra
tion office, this is the eleventh consecutive month that has witnessed growth in the international tourists arrival confirming the improved prospects for Nepal due to the rising business and consumer confidence. In the first four months of 2010 a robust 21 per cent cumulative growth has been observed in comparison with the same period last year.
However, tourism entrepreneurs opined that there must be special publicity programmes and flow of positive informations to help increase the tourist arrivals.
Hotel booking cancellation Hotel De l Annapurna 20 pc Hotel Everest 20 pc Hotel Malla 30 pc Hotel Radisson 30 pc Hotel Shangri-La 7 pc Hotel Soaltee 50 pc Hotel Shanker 25 pc (Source: Hotel Association of Nepal) May arrivals to decline KATHMANDU: The number of tourists arrival is likely to drop in May compared to the same period last year due to Icelandic volcanic eruption that has disturbed airlines services across Europe and general strike in Nepal.
General strike badly affected the farmers
The indefinite strike called by the UCPN-Maoist had shut down much of Nepal during the agitation programme.
Across the country, most food retailers were unable to re-stock their supply during the period of the strike due to road transportation restrictions. This had varied affects. In Terai markets, there was generally no major problems faced with stock as the majority of food in Nepal is produced in the region and there is relatively fluid border with India. However, as a result of the strike, agricultural producers and traders were unable to move their produce to major consumer markets at large scale. The strike compelled the vegetables farmers to throw their rotten vegetables. This had cost farmers and traders millions of Nepali Rupees. In the Eastern Tarai alone, the Agro-Products Market Operation Committee estimated the loss at over five million, at
the same time, in other areas markets were constrained by food shortages.
As per a report by the World Food Programme the indefinite strike came at a time when traders in Nepal's Mid and Far Western districts were highly re liant on the transportation sec tor. This is because in the com ing month's monsoon will cause landslides and transportation routes become more danger ous, and in some areas blocked all together. To cope with mar ket isolation, traders in these re mote hill and mountain districts have traditionally adopted a pre-monsoon stock piling strategy. However, the strike prevented this for a number of days.
The report also stated that most food retailers were unable to re-stock their supply during the period of the strike due to road transportation restrictions .In Kathmandu, vegetables per ishing on large scale was wit nessed at Kalimati vegetable market. Retail supply of fruit and vegetables in the Valley was also getting low.
The transportation restric tion on vegetables within the Valley was lifted to allow retail ers to restock. Supply con straints for other perishable items such as milk also oc curred. However, the govern ment of Nepal assessed that non-perishable food supply in Kathmandu was generally sub stantial for one month.
Across the country, most food retailers were unable to re-stock their supply during the period of the strike due to road transportation restrictions. This had varied affects. In Terai markets, there was generally no major problems faced with stock as the majority of food in Nepal is produced in the region and there is relatively fluid border with India. However, as a result of the strike, agricultural producers and traders were unable to move their produce to major consumer markets at large scale. The strike compelled the vegetables farmers to throw their rotten vegetables. This had cost farmers and traders millions of Nepali Rupees. In the Eastern Tarai alone, the Agro-Products Market Operation Committee estimated the loss at over five million, at
the same time, in other areas markets were constrained by food shortages.
As per a report by the World Food Programme the indefinite strike came at a time when traders in Nepal's Mid and Far Western districts were highly re liant on the transportation sec tor. This is because in the com ing month's monsoon will cause landslides and transportation routes become more danger ous, and in some areas blocked all together. To cope with mar ket isolation, traders in these re mote hill and mountain districts have traditionally adopted a pre-monsoon stock piling strategy. However, the strike prevented this for a number of days.
The report also stated that most food retailers were unable to re-stock their supply during the period of the strike due to road transportation restrictions .In Kathmandu, vegetables per ishing on large scale was wit nessed at Kalimati vegetable market. Retail supply of fruit and vegetables in the Valley was also getting low.
The transportation restric tion on vegetables within the Valley was lifted to allow retail ers to restock. Supply con straints for other perishable items such as milk also oc curred. However, the govern ment of Nepal assessed that non-perishable food supply in Kathmandu was generally sub stantial for one month.
LG brings new offer
CG Electronics, the authorised manufacturer and distributor of LG electronics in Nepal, has launched `LG Ko Sathma World Cup Hatma' scheme for LG television. Ac cording to the schema, consumers will receive LG wrist watch on the on the purchase of 14" and 15" LG TVs and LG T-shirt of LG football for LG 21'' to LG 29" TVs. And the consumers purchasing LG LCD TV 26" and above will get LG DVD Player. Similarly, with the purchase of every LG TV, consumers need to write down the name of their favourite team and it the nation wins the World Cup then through the lucky draw one person will get to win a World Cup replica along with 5 tolas of gold.
Sunday, May 9, 2010
Workers opting for informal mode to remit money
Though the number of Nepalis leaving for overseas jobs has grown by double-digits, flow of remittances has continued to decrease in recent months, indicating that more people are opting for informal mode of money transfer.
The government had initially attributed the drop in remittances to time-lag impact of the global financial crisis, when Nepalis faced cut in working hours and earned less. But given that more people have continued to find overseas jobs, experts now assess it could be due to increased transfers through hundi, the informal channel.
Latest statsitics of Nepal Rastra Bank (NRB) shows that Nepal received remittances amounting Rs 143.95 billion during the first eight months of 2009/10, growing at just at 9.9 percent over that received in the same period last year. Number of Nepalis leaving for overseas job, on the other hand, has continued to grow by over 11 percent during the period.
Statsitics from the Department of Foreign Employment shows that 173,297 Nepalis left for overseas jobs during the period, up from 155,734 recorded during the same period last year.
“Drop in the value of US dollar, slashed working hours and drop in earning are few big factors behind the low growth rate of remittances.
But what we also doubt is, more people could be using informal channels to send money back home,” said Ganesh Gurung, migration expert and member of National Planning Commission, who looks after foreign employment.
He attributed such possible shift in mode of transfer to lower service charge of Hundis as compared to formal money transfers. As per the government estimation, around 40 percent of the remittance enter the country through informal channel such as hundi and hand carry.
Chandra Dhakal, chairman of IME, a leading money transfer company, agrees, "Fresh reports even pinpoints that foreign agents too are paying commissions to Nepali manpower agents through informal channel,” he told Republica.
Manpower agents did not agree with the report though. Instead, they claimed that workers might have refrained from remitting money because the value of US dollar has declined in recent months.
Despite such new trends, foreign employment agents said that remittance inflow would grow in months to come due to easing of the impact of global financial crisis.
“Earnings of Nepali workers for last couple of months have started to increase of late. This will have its impact on remittances inflow figures in coming months,” said Gyan Prasad Gaire, vice president of Nepal Association of Foreign Employment Agencies (NAFEA).
The government had initially attributed the drop in remittances to time-lag impact of the global financial crisis, when Nepalis faced cut in working hours and earned less. But given that more people have continued to find overseas jobs, experts now assess it could be due to increased transfers through hundi, the informal channel.
Latest statsitics of Nepal Rastra Bank (NRB) shows that Nepal received remittances amounting Rs 143.95 billion during the first eight months of 2009/10, growing at just at 9.9 percent over that received in the same period last year. Number of Nepalis leaving for overseas job, on the other hand, has continued to grow by over 11 percent during the period.
Statsitics from the Department of Foreign Employment shows that 173,297 Nepalis left for overseas jobs during the period, up from 155,734 recorded during the same period last year.
“Drop in the value of US dollar, slashed working hours and drop in earning are few big factors behind the low growth rate of remittances.
But what we also doubt is, more people could be using informal channels to send money back home,” said Ganesh Gurung, migration expert and member of National Planning Commission, who looks after foreign employment.
He attributed such possible shift in mode of transfer to lower service charge of Hundis as compared to formal money transfers. As per the government estimation, around 40 percent of the remittance enter the country through informal channel such as hundi and hand carry.
Chandra Dhakal, chairman of IME, a leading money transfer company, agrees, "Fresh reports even pinpoints that foreign agents too are paying commissions to Nepali manpower agents through informal channel,” he told Republica.
Manpower agents did not agree with the report though. Instead, they claimed that workers might have refrained from remitting money because the value of US dollar has declined in recent months.
Despite such new trends, foreign employment agents said that remittance inflow would grow in months to come due to easing of the impact of global financial crisis.
“Earnings of Nepali workers for last couple of months have started to increase of late. This will have its impact on remittances inflow figures in coming months,” said Gyan Prasad Gaire, vice president of Nepal Association of Foreign Employment Agencies (NAFEA).
Govt shortlists 10 consultants
Ministry of Tourism and Civil Aviation (MoTCA) has shortlisted ten consultants to conduct feasibility study for upgrading Bhairahawa-based Gautam Buddha Airport into a regional airport.
Among the selected companies, BDA, ERMC and Meh Consultant are the firms that have been providing consultancy services to different airport construction projects.
Keshav Prasad Bimali, under secretary at MoTCA, told Republica that different consultants employed in project coordination unit and implementation unit will assess the technical, archeological and social aspects of the airport adjoining the birthplace of Lord Buddha.
The project estimated to cost $46.5 million is expected to complete within five years. OPEC Fund is making a loan investment of $15.5 million in the project, while Asian Development Bank (ADB) is chipping in with grant assistance worth $12 million. The government is arranging the remaining $6 million from state treasury.
Suman Shrestha, director of Civil Aviation Authority of Nepal (CAAN), said the government would select local contractor for construction works.
CAAN and Lumbini Development Trust are the implementing partners of the project.
According to MoTCA sources, the selection process of consultants and contractors will complete within this year and the project will be completed by 2015. Donor agencies have already expressed their commitments to invest in the project.
Under the upgradation works, the government will expand the existing 1800m long runway to 2,600 meters and also construct apron and air ring-road.
“The loan and grant assistance would be executed from 2011,” Bimali said.
CAAN officials said the land acquisition works for the project would be completed by the first quarter of fiscal year 2010/2011.
The government recently allocated an additional Rs 100 million for land acquisition. Earlier, it had released Rs 160 million for the purpose.
Apart from upgradation works, the project will also promote co-operatives for the overall development of local community in 7 village development committees of Kapilvastu.
Among the selected companies, BDA, ERMC and Meh Consultant are the firms that have been providing consultancy services to different airport construction projects.
Keshav Prasad Bimali, under secretary at MoTCA, told Republica that different consultants employed in project coordination unit and implementation unit will assess the technical, archeological and social aspects of the airport adjoining the birthplace of Lord Buddha.
The project estimated to cost $46.5 million is expected to complete within five years. OPEC Fund is making a loan investment of $15.5 million in the project, while Asian Development Bank (ADB) is chipping in with grant assistance worth $12 million. The government is arranging the remaining $6 million from state treasury.
Suman Shrestha, director of Civil Aviation Authority of Nepal (CAAN), said the government would select local contractor for construction works.
CAAN and Lumbini Development Trust are the implementing partners of the project.
According to MoTCA sources, the selection process of consultants and contractors will complete within this year and the project will be completed by 2015. Donor agencies have already expressed their commitments to invest in the project.
Under the upgradation works, the government will expand the existing 1800m long runway to 2,600 meters and also construct apron and air ring-road.
“The loan and grant assistance would be executed from 2011,” Bimali said.
CAAN officials said the land acquisition works for the project would be completed by the first quarter of fiscal year 2010/2011.
The government recently allocated an additional Rs 100 million for land acquisition. Earlier, it had released Rs 160 million for the purpose.
Apart from upgradation works, the project will also promote co-operatives for the overall development of local community in 7 village development committees of Kapilvastu.
Call to change taxation policy
Impractical taxation policy for gold traders has decreased the gold transaction volume, blamed the traders.
Tej Ratna Shakya, president of Nepal Gold and Silver Dealers' Association of Nepal (NEGOSIDA) said that the government taxation policy is not practical for the traders.
"According to the policy, government has imposed tax on more than 15 per cent of profit, which is not practical for gold and silver traders," said Shakya.
According to him, in raw gold total profit a trader gets is 0.001 per cent while incase of ornaments the profit is only 0.5 per cent to two per cent which is quite minimum.
"During the transaction of one kg of gold we have to invest about Rs 2.7 million and the profit earned from it ranges from Rs 4,000 to Rs 5,000 on an average and rarely its upto Rs 8,000," Shakya said adding that government should revise the taxation policy for the gold and silver traders.
At present, traders need PAN number to buy gold from the banks but most of the traders do not have transactions record as they are suffering from low N volume of transactions.
e "The traders are afraid of s the ineffective taxation system d that is neither encouraging nor effective for the gold traders," he added. "It has also decreased the volume of transaction and has increased black marketing."
Tej Ratna Shakya, president of Nepal Gold and Silver Dealers' Association of Nepal (NEGOSIDA) said that the government taxation policy is not practical for the traders.
"According to the policy, government has imposed tax on more than 15 per cent of profit, which is not practical for gold and silver traders," said Shakya.
According to him, in raw gold total profit a trader gets is 0.001 per cent while incase of ornaments the profit is only 0.5 per cent to two per cent which is quite minimum.
"During the transaction of one kg of gold we have to invest about Rs 2.7 million and the profit earned from it ranges from Rs 4,000 to Rs 5,000 on an average and rarely its upto Rs 8,000," Shakya said adding that government should revise the taxation policy for the gold and silver traders.
At present, traders need PAN number to buy gold from the banks but most of the traders do not have transactions record as they are suffering from low N volume of transactions.
e "The traders are afraid of s the ineffective taxation system d that is neither encouraging nor effective for the gold traders," he added. "It has also decreased the volume of transaction and has increased black marketing."
DRI penalizes Paragon school
Department of Revenue Investigation (DRI) has slapped fine worth Rs 3.7 million to Kathmandu-based Paragon Public School on the charges of evading taxes.
An official at the department told Republica that nearly a year-long investigation carried out by DRI concluded that the school evaded both the education service fee and income tax. DRI slapped a fine of Rs 1.86 million for evading education service fee, while the remaining Rs 1.85 million was imposed for dodging income tax.
The government had imposed a five percent education service fee on admission and monthly tuition fee from last year.
The penalty was slapped on the transactions of the school recorded till the fiscal year 2009/10. The fine is on the top of Rs 4.5 million that the school management had paid to the government under the Voluntary Tax Disclosure Scheme (VDIS) launched by the Maoist-led government last year.
The investigation found that though the school management was paying income taxes on a regular basis, the amount it paid was far less the amount required by the law, said an official at the department.
We found some of the transactions were not properly recorded while filing taxable transactions like rent tax, salary income tax and profit tax among others, said a DRI official.
The official further added that they were closely watching transactions of some big schools in Kathamandu and said they would take action once the initial investigation unearths some clues.
An official at the department told Republica that nearly a year-long investigation carried out by DRI concluded that the school evaded both the education service fee and income tax. DRI slapped a fine of Rs 1.86 million for evading education service fee, while the remaining Rs 1.85 million was imposed for dodging income tax.
The government had imposed a five percent education service fee on admission and monthly tuition fee from last year.
The penalty was slapped on the transactions of the school recorded till the fiscal year 2009/10. The fine is on the top of Rs 4.5 million that the school management had paid to the government under the Voluntary Tax Disclosure Scheme (VDIS) launched by the Maoist-led government last year.
The investigation found that though the school management was paying income taxes on a regular basis, the amount it paid was far less the amount required by the law, said an official at the department.
We found some of the transactions were not properly recorded while filing taxable transactions like rent tax, salary income tax and profit tax among others, said a DRI official.
The official further added that they were closely watching transactions of some big schools in Kathamandu and said they would take action once the initial investigation unearths some clues.
Nepse continues free fall
The stock market opened today after a week-long closure. However, the market could not cheer the investors as it dropped by 6.26 points to close the day's trading at 413.02 points from the morning opening at 419.28 points.
The float index -the real barometre of the trading -dropped by 0.59 points to 34.71 points.
The others and commercial banks sub-groups dragged the Nepse down as these sub-groups plunged by 9.4 points to 513.46 points and 7.31 points to 368.53 points. All the sun-groups that witnessed trading lost today.
Nepal Telecom lost Rs 8 per unit pulling the others sub group. Similarly, most of the commercial banks -Standard Chartered Bank, Everest Bank and Laxmi Bank lost Rs 75, Rs 51 and Rs 30 per unit -lost to pull the sub group down. Hydropower, insurance and development banks sub groups also followed by shedding 4 points, 3.31 points and 3.03 points, respectively.
The investors were hopeful that Nepse might look upwards after a week-long closure as it also had happened last time when they had closed the secondary market protesting the government apathy towards the market.
Individually Arun Valley Hydropower and DCBL gained Rs 8 and Rs 4 per unit share.
The total turnover today stood at Rs 9.638 million through 615 transactions of 30,536 shares. The market capitalisation -that has topped 600,000 million last year -stood at Rs 320,761.02 million. The float market capitalisation (real transaction) stood at Rs 80,633.45 million. Bank of Kathmandu, Vibor Bikas Bank and Prime Commercial Bank topped the chart in terms of highest turnover.
Twice -in last 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 investors had 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.
The float index -the real barometre of the trading -dropped by 0.59 points to 34.71 points.
The others and commercial banks sub-groups dragged the Nepse down as these sub-groups plunged by 9.4 points to 513.46 points and 7.31 points to 368.53 points. All the sun-groups that witnessed trading lost today.
Nepal Telecom lost Rs 8 per unit pulling the others sub group. Similarly, most of the commercial banks -Standard Chartered Bank, Everest Bank and Laxmi Bank lost Rs 75, Rs 51 and Rs 30 per unit -lost to pull the sub group down. Hydropower, insurance and development banks sub groups also followed by shedding 4 points, 3.31 points and 3.03 points, respectively.
The investors were hopeful that Nepse might look upwards after a week-long closure as it also had happened last time when they had closed the secondary market protesting the government apathy towards the market.
Individually Arun Valley Hydropower and DCBL gained Rs 8 and Rs 4 per unit share.
The total turnover today stood at Rs 9.638 million through 615 transactions of 30,536 shares. The market capitalisation -that has topped 600,000 million last year -stood at Rs 320,761.02 million. The float market capitalisation (real transaction) stood at Rs 80,633.45 million. Bank of Kathmandu, Vibor Bikas Bank and Prime Commercial Bank topped the chart in terms of highest turnover.
Twice -in last 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 investors had 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.
Stock trading resumes
Nepal Stock Exchange (Nepse) resumed trading after a hiatus of 11 days on Sunday but saw its index drop by 1.49 percent or 6.26 points. Stock trading resumed after UCPN (Maoist) called off their nationwide strike on Friday.
Sensitive index, which measures the trading of Category ´A´ companies listed in the secondary market, also went down by 1.63 points to settle at 100.9 points.
Though transactions resumed after a long gap, share investors did not show up as expected due to eroding investment confidence in the secondary market.
“We had limited investors and majority of them were willing to sell their shares,” a stockbroker told Republica.
All trading groups saw their sub-indices go down on the day´s trading, dragging the the Nepse index down. Banking and Development Bank groups declined by 7.31 points and 3.03 points to close at 368.53 points and 425.37 points respectively.
Similarly, the sub-indices of Hydropower and Finance groups plunged by 4 points and 1.17 points to settle at 647.1 points and 410.83 points respectively.
Insurance and Others groups also shed 3.31 points and 9.4 points in their sub-indices to close at 552.82 points and 513.46 points respectively.
A total of 30,536 units of shares and 56 scrips worth Rs 9.63 million changed hands through 615 transactions on Sunday. Total market capitalization -- total value of listed shares - was recorded at Rs 320.76 billion.
Sensitive index, which measures the trading of Category ´A´ companies listed in the secondary market, also went down by 1.63 points to settle at 100.9 points.
Though transactions resumed after a long gap, share investors did not show up as expected due to eroding investment confidence in the secondary market.
“We had limited investors and majority of them were willing to sell their shares,” a stockbroker told Republica.
All trading groups saw their sub-indices go down on the day´s trading, dragging the the Nepse index down. Banking and Development Bank groups declined by 7.31 points and 3.03 points to close at 368.53 points and 425.37 points respectively.
Similarly, the sub-indices of Hydropower and Finance groups plunged by 4 points and 1.17 points to settle at 647.1 points and 410.83 points respectively.
Insurance and Others groups also shed 3.31 points and 9.4 points in their sub-indices to close at 552.82 points and 513.46 points respectively.
A total of 30,536 units of shares and 56 scrips worth Rs 9.63 million changed hands through 615 transactions on Sunday. Total market capitalization -- total value of listed shares - was recorded at Rs 320.76 billion.
NCC bank posts profit
Nepal Credit and Commerce (NCC) Bank has earned profit of Rs 468 million in the third quarter of the current fiscal year. In the last quarter reserve fund declined by Rs 6 million while in this quarter the reserve fund increased by Rs 45.8 million. The bank was able to collect deposit worth Rs 9.784 billion and floated the loans worth Rs 8.708 billion. In this quarter bank's total nonperforming loans have been decreased by 2.6 per cent.
Visa fee exemption
Thailand has re newed its tourist visa fee exemption scheme, which was terminated on March 4 this year; this year's scheme will start from May 11 lasting till March 31 next year. This scheme also covers exemption of the fee for Visa on Arrival (VOA); the exemption scheme is not extended to Non-Immigrant visa and Transit visa. The visa applicants who apply for Tourist Visa do not need to attach demand draft for visa fee. However, ordinary passport holder who wishes to obtain Tourist Visa is required to apply through VFS Thai Visa Application Centre and VFS service charges will be applicable.
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