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Availability, accessibility and timeliness of budget information are key indicators of budget transparency. OBS report for 2012 says Nepal does not produces two of the eight key budget documents. Key eight budget documents include pre-budget statement, executive’s budget proposal, citizens’ budget, enacted budget, in-year reports, mid-year review, annual report and the audit report. Nepal produces six of the eight key budget documents but lacks pre-budget statement and citizens budget. </div> <div> </div> <div> Pre-budget statement is the policy outline for the government’s budget proposal. Priorities of the government, major programmes and projects and tentative weightage given to each programmes by the amount of budget are the important components of pre-budget statement. It is a policy guideline for coming year’s budget. Citizens budget is the non technical presentation of budget proposal so as to make general people understand the main features of government budget. According to IBP, lack of these two documents has limited the opportunity for people to participate in the Nepal’s budget process.</div> <div> </div> <div> There are several areas for improvements on comprehensiveness of existing 6 budget documents. These documents have limited outreach. They are in many cases produced but not timely released. On the other hand role of oversight agencies i.e. parliament and supreme audit institution has also not been utilized to promote public scrutiny on the budget process. </div> <div> </div> <div> Because of these reasons, Nepal’s open budget index has been only 44 in 2012. It was 43 in 2008 and 45 in 2010. Thus IBP has strongly recommended Nepal to undertake following steps:</div> <div> •Produce and publish a pre-budget statement and citizen budget</div> <div> •Increase the comprehensiveness of executive budget proposal</div> <div> • Increase comprehensiveness of in-year report</div> <div> • Increase comprehensiveness of year-end report</div> <div> •Increase comprehensiveness of audit report</div> <div> • Hold consultations with a range of legislators in the process of determining budget priorities</div> <div> •Legislature should have a specialized budget research office </div> <div> • Expand public engagement in budgeting </div> <div> </div> <div> Government should also prepare and publish indexes (inventory) of all budget related documents. The government should give concrete shape to pre-budget discourse by producing and publishing pre-budget statement at least before 30 days of publishing executive’s budget proposal as per international standard. And citizens’ budget should be published with executive’s budget proposal.</div> <div> </div> <div> Demystification of budget document should not be limited to formality. The government should increase comprehensiveness of key budget documents. In order to inform people, the government should build collaboration between government agencies and civil society, particularly budget advocacy groups.</div> <div> </div> <div> Lip service is not enough to ensure budget openness in the country. The government should ensure transparency by preparing budget openness friendly law and policies. The government should consider incorporating all relevant suggestions while drafting fiscal transparency bill because no one has the right to misuse the tax money. </div> <div> </div> <div> <em>(Writer has been conducting research on Public Financial Management in Nepal)</em></div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'According to bi-annual open budget survey (OBS) on budget transparency of International Budget Partnership (IBP), Nepal’s budget transparency situation is below average. Availability, accessibility and timeliness of budget information are key indicators of budget transparency.', 'sortorder' => '2001', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 1 => array( 'Article' => array( 'id' => '2153', 'article_category_id' => '145', 'title' => 'Public Accountability: It's Not Only Banks That Needs Closer Scrutiny', 'sub_title' => '', 'summary' => null, 'content' => '<div> The Reverend Paul Flowers, the former chairman of the Co-op Bank, we are now told, was hugely profligate with expenses, watched pornography on his work computer, hired male prostitutes, paid for crack cocaine and, knowing next to nothing about banking, led the Co-op, already lumbered with the purchase of the Britannia Building Society, as it blundered into an attempt to buy 631 branches of Lloyds with no money in the till. This magical feat of accountancy beggars belief, coming as it did in the wake of the earlier huge bailouts by taxpayers of RBS and Lloyds, similarly blind to the limitations of their capital.</div> <div> </div> <div> It is all too easy to see Flowers as the comic sideshow, now dubbed the crystal Methodist man of the cloth, who has spent years gleefully behaving badly, protected by his dog collar and the old boys' network. His solicitor says his client is now "in a rather ponderous frame of mind". Far more significant is the damage done to a mutual with a proud history of ethical behaviour, now with a £1.5bn hole in the bank's capital and at the mercy of two hedge funds propelled by a very different drive.</div> <div> </div> <div> A danger also exists that Flowers and the mudslinging that currently occupies Labour and the Conservatives will distract from one of the core lessons of the Co-op debacle. Yet again, good governance and a sense of responsibility have been alarmingly absent in thefinancial sector. At the same time, Osborne, in allowing the regulators to appoint a head of their own choice to the inquiry he has instigated, has prompted Lord Myners, city minister during the banking crisis, to condemn "an enfeebled investigation, compromised and emasculated from day one".</div> <div> </div> <div> In the business of the Co-op bank, regulation has clearly been found wanting. In late 2011, the Financial Services Authority, precursor of today's Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) told the Co-op bank that it lacked the management skills and possessed too little capital to make the Lloyds purchase. Yet still the Co-op was involved in a £750m deal to buy the Lloyds branches, incredibly with no dissent from the FSA. On the contrary, the Co-op was applauded by Osborne for "creating a new banking system for Britain that gives real choice to customers and supports the economy".</div> <div> </div> <div> Earlier this year, in the wake of yet another financial scandal in the rigging of the Libor rate, the parliamentary commission on banking standards published its recommendations, optimistically entitled "Changing Banking for Good".</div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The Reverend Paul Flowers, the former chairman of the Co-op Bank, we are now told, was hugely profligate with expenses, watched pornography on his work computer, hired male prostitutes, paid for crack cocaine and, knowing next to nothing about banking, led the Co-op, already lumbered with the purchase of the Britannia Building Society', 'sortorder' => '2000', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 2 => array( 'Article' => array( 'id' => '2137', 'article_category_id' => '145', 'title' => 'Five Years After The Global Crisis, The World Is No Safer', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong><span style="font-size: 12px;">--By Pradumna B Rana</span></strong></div> <div> </div> <div> T<span style="font-size: 12px;">he Asian financial crisis of 1997–98 led to calls for the reform of the international financial architecture. A large number of policies were proposed for crisis prevention and crisis resolution, but with the faster-than-expected recovery of the Asian countries, complacency set in and reforms were abandoned. Complacency partially set the stage for the global economic crisis of 2008–09, and once again, under the auspices of the newly created G20, a large number of policies were announced. Have they been implemented, and has the world become a safer place? Not really.</span></div> <div> </div> <div> This leads to three main reasons for concern. The first is complacency yet again. Five years ago, credit markets were frozen, international trade had fallen off the cliff and the global economy was headed towards a great depression similar to the one experienced in the 1930s. There was an acute sense of urgency; the major economic powers agreed to coordinate monetary and fiscal policies. These efforts were successful and instead of a global depression the world experienced ‘the great recession’.</div> <div> </div> <div> Now financial markets no longer pose an immediate systemic threat. But the global economy is far from healthy; it is operating well below capacity, with millions unemployed. Policy coordination is still required, but is difficult to obtain. While the G20 made substantial progress in global economic reforms during its first three summits — that is, until the Pittsburgh summit — it is now headed towards obsolescence.</div> <div> </div> <div> The second reason for lack of progress in global reforms is the reluctance of the United States to give up its veto power and control of the IMF. In 1944, the United States, as the global hegemon of the time, helped establish multilateral rules, including those for finance and the IMF. This led to financial stability and unprecedented economic prosperity, not only for members of the club but also in other countries around the world — especially in the BRICS.</div> <div> </div> <div> Given their growing economic footprint in the world economy, the BRICS now desire a greater voice and say in running the IMF, but some members are reluctant to allow this. This is because, like many other clubs, the IMF is designed in such a way that founding members ultimately maintain control. Hence, one of the centrepieces of the proposed global reforms, namely the G20 pledge to transfer 6 per cent of quota and voting power at the IMF to large emerging markets, cannot be implemented.</div> <div> </div> <div> The third reason for limited progress in reforms is the relatively weak cohesion within the BRICS. The establishment of the G20 in the aftermath of the global economic crisis has given the BRICS a historically unprecedented opportunity to sit around the high table with G7 member states and participate in discussions on international economic policies as key stakeholders. But the BRICS have become ‘BRICS without mortar’. For example, when the position of IMF managing director became vacant last year, even though it was well known that the IMF tradition of locking out non-Europeans would be strongly protected, the BRICS should have quickly made a claim for the position, fielded a top-rate candidate and provided a strong backing. But that did not happen. The BRICS claim came late — perhaps as an after-thought.</div> <div> </div> <div> For the above reasons, many of the proposed global reforms have not been implemented and the world is not much safer now than it was before the global economic crisis. How might the situation evolve in the future? It depends on how global politics plays out among the various actors.</div> <div> </div> <div> Recent economic turmoil has demonstrated beyond doubt that unfettered global markets and greed are a dangerous cocktail that can lead to ‘elite’ capture and insider trading and put global prosperity at risk. A more legitimate multilateral rules-based system is one of the best ways to ensure that the benefits of globalisation are shared in an equitable manner. Another way is to move to a more decentralised architecture with global and regional institutions working together in a complementary manner. Compromises must therefore be struck so that economies can move towards either one of these two systems. The world would then become a safer place.</div> <div> </div> <div> If the United States decides to shun post-war multilateralism and go for preferential deals with like-minded countries instead, then the global order could fall apart. The world would then be back to the ‘beggar thy neighbour’ policies of the 1930s to the detriment of all, including the United States and the BRICS. US interest in negotiating the Trans-Pacific Partnership and Transatlantic Trade and Investment Partnership is a dark cloud on the horizon. Regional schemes, if well designed, can be stepping stones to multilateralism: let us hope that the desire of the United States in pursuing these schemes is not to lock out other countries — especially China and India.</div> <div> </div> <div> <em>(Pradumna B. Rana is Associate Professor in International Political Economy at the S. Rajaratnam School of International Studies (RSIS), Nanyang Technological University.)</em></div> <div> </div> <div> Source: East Asia Forum, http://www.eastasiaforum.org/2013/11/15/five-years-after-the-global-crisis-the-world-is-no-safer/</div>', 'published' => true, 'created' => '2013-11-21', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The Asian financial crisis of 1997–98 led to calls for the reform of the international financial architecture. A large number of policies were proposed for crisis prevention and crisis resolution, but with the faster-than-expected recovery of the Asian countries, complacency set in and reforms were abandoned.', 'sortorder' => '1992', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 3 => array( 'Article' => array( 'id' => '2102', 'article_category_id' => '145', 'title' => 'Microfinance For Rural Financing', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 12px;">--By Krishna Pradhan</strong></div> <div> </div> <div> M<span style="font-size: 12px;">icrofinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance. </span></div> <div> </div> <div> It is, however, ridiculous that the government is yet to realize achievement of this sector. A provision in this year’s budget, expresses government’s commitment to utilize microfinance as an effective means to provide finance in rural parts of the nation. The provision brings to light the government’s ignorance about the development of microfinance sector in Nepal over the last two decades.</div> <div> </div> <div> The budgetary provision is very much ambiguous in itself. For instance, it has mentioned the provision of propelling expansion of microfinance sector but it has not included any concrete measures. The rhetorical budget does not make any sense. </div> <div> </div> <div> In my opinion, we need to expand microfinance in the urban areas now. Central Bank has been doing good to promote microfinance throughout the country. However, we cannot take microfinance sector to the next level unless the government extends support. It is time that the government takes some concrete measures to accelerate the expansion of microfinance across the country. </div> <div> </div> <div> There are some obvious reasons why the government should be involved in expansion of microfinance. Poverty eradication is, in principle, government’s obligation. Poverty reduction is not concerned only to data comparison. The overall poverty situation across the nation has not improved significantly. People below absolute poverty line still remain crushed despite pumping billions worth budget every year. Around 25 percent population is still living below the national poverty line. </div> <div> </div> <div> It is worthwhile to mention here that around 1.5 million people have been directly benefited from microfinance over the last two decades. Similarly, around 7 million people have indirectly benefited from the microfinance. </div> <div> </div> <div> Despite some wrong practices in the sector, microfinance has contributed much to bring the rural economy in formal channel and in developing banking habit in remote villages. Poor people in the village have been involved in various income generation activities after establishment of microfinance institution in the villages. This has contributed in reducing poverty. Microfinance institutions are especially useful for those who cannot afford collateral while borrowing money from banks. </div> <div> </div> <div> </div> <div> Microfinance can substantially improve living standards of rural and urban poor if the government can propel its growth in a positive way through the introduction of appropriate policies. The government should take both direct and indirect measures to promote microfinance. Subsidy in corporate tax and certain percent tax exemption in the profit are some tangible measures that the government can adopt to promote microfinance sector. Similarly, the government should provide facilities to employees of microfinance institutions since they work in the rural areas. Tax exemption in the income of employees of microfinance institutions can stimulate them to work in the rural areas. The government can give tax exemption to microfinance employees whose yearly income is less than Rs 0.5 million. </div> <div> </div> <div> The government should also facilitate in the treasury management sector of microfinance. The government can deposit certain percent of collected revenue amount to the Grameen Swabalamban Kosh (GSK) and can convert it into the National Microfinance Fund. The money collected in the fund should be used in the welfare of microfinance institutions. Similarly, the government should also ensure health insurance of the employees working for microfinance institutions. </div> <div> </div> <div> The government should utilize microfinance institutions to generate employment opportunities in the country since microfinance has been very effective in launching income-generation activities at the grassroots level. The government should come up with a clear vision rather than rhetorical phrases in the development of microfinance. </div> <div> </div> <div> <em>(Writer is former executive director at Nepal Rastra Bank )</em></div>', 'published' => true, 'created' => '2013-11-11', 'modified' => '2013-11-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Microfinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance.', 'sortorder' => '1950', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 4 => array( 'Article' => array( 'id' => '2103', 'article_category_id' => '145', 'title' => 'Job Losses: Shipping Out', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">T</span><span style="font-size: 12px;">he first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.</span></div> <div> </div> <div> It's a decision that owes something to the politics of the United Kingdombut more to the needs of BAE, which is building the carriers. All future construction work will be done in Scotland, in the yards at Govan and Scotstoun. They will get the orders for type 26 frigates and three patrol boats to keep the yards ticking over until the new contracts are ready. As a result, a thousand of Portsmouth's 12,000 shipyard jobs will go – and since, according to the city's university, each 100 jobs in the dockyards supports another 66 beyond, the knock-on effects will be grim for the whole city. Almost as many jobs again will go on the Clyde. That's what happens when a whole political generation fails to develop an industrial strategy. It's another blow to the coalition promise to rebalance the economy.</div> <div> </div> <div> The defence secretary, Philip Hammond, did not try to hide the relevance of next year's Scottish independence referendum when he briefed MPs. No United Kingdom, no new shipbuilding contracts, which won't be ready until after the vote. In theory, Portsmouth can still hope – except the odds are heavily against the Scots voting "yes". But there's a logic to concentrating building in the north that's been recognised for at least three years: the political advantage, if there is one, of being able to threaten nationalist sympathisers with job losses is more of a bonus ball than a cynical calculation. Nor has the news taken Portsmouth by surprise. Councillors and employers have been working since 2010 on an innovative £1bn regeneration scheme, combining investment in infrastructure with new links between schools and the city's big employers aimed at getting key-sector growth in areas such as aerospace and environmental technology.</div> <div> </div> <div> It might not have been such a haul if, 30 years ago, politicians had considered a private-sector response to the consequences of shrinking the navy that Margaret Thatcher's first defence review precipitated. Some niche yacht-building did grow to take up a little of the slack, but this year Sunseeker, the last British-owned yard, based in Dorset, was bought out by the Chinese. And what was really needed was a focus on what has turned out to be the growth area in shipbuilding: the luxury cruise liner business. Instead they are built in Korea, Norway, Finland, France, Germany and Italy. Anywhere except the UK.</div> <div> <em> (Source: theguardian.com)</em></div>', 'published' => true, 'created' => '2013-11-11', 'modified' => '2013-11-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.', 'sortorder' => '1948', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 5 => array( 'Article' => array( 'id' => '2031', 'article_category_id' => '145', 'title' => 'Power Trading Growth In India: An Overview', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Pankaj Goel </strong></div> <div> </div> <div> I<span style="font-size: 12px;">ndian power market is a vibrant and growing. Its growth is stable. It is completely voluntary market with multiple choice and options. Electricity trading is allowed by Electricity Act- 2003 and 41 trading licenses have been issued till March 2012. Top 5 trading licensees have 80 per cent market share. </span></div> <div> </div> <div> PTC India Ltd (PTC), the leading provider of power trading solutions in India, was established in the year 1999 as a Government of India initiated Public-Private Partnership. Its primary focus is to develop a commercially vibrant power market in the country.</div> <div> </div> <div> PTC is the pioneer in implementing the power trading concept in India and has successfully demonstrated its efficacy in optimally utilizing the existing infrastructure within the country to the benefit of all. </div> <div> </div> <div> Electricity trading has led to optimization of existing energy resources, encouraged commercial outlook in the sector and cross-border exchange of power. This has also catalyzed investment into the power sector, mainly from the private sector </div> <div> </div> <div> It is worthwhile mentioning here that development of power trading has created market structure facilitating private investment in the sector. </div> <div> </div> <div> Power markets world-wide seek to maximize competition in generation, are open to all market participants, and compete on price, not cost.</div> <div> </div> <div> PTC pioneered the concept of power trading in India and it has continued to maintain the top position since inception. That concept was developed to promote private investment in power sector.</div> <div> </div> <div> Long term trading contracts reduce volatility in trading volumes. It helps to enter into long term PPAs with new Independent Power Producers (IPPs) and invest into power projects to increase the trading volume. </div> <div> </div> <div> It was only after the success of PTC’s model, that the Electricity Act 2003 recognized power trading as a distinct licensed activity. Short term power market in India has witnessed rapid growth. It not only grew in volume terms but also as percentage of total electricity generation from 3% in 2008 to 11 per cent in fiscal year 2013.</div> <div> </div> <div> PTC created a power market which is the first of its kind in South Asia. It has been facilitating a transition from cost-based returns to market based returns. PTC has contributed to create value for power – market based price discovery of power. It helps in optimal utilization of generation capacity and increased generating capacity addition. Short-term and long-term trading opportunities thus created have led to development of Power Exchange and encouraged renewable energy market.</div> <div> </div> <div> It has introduced innovative products suiting customers’ needs. Similarly, single window service has come into effect to take care of all intermediate requirements like transmission agreements, metering, accounting etc. That engages regulators at Centre/State level towards development of power market.</div> <div> </div> <div> There is possibility of cross-border trade with Nepal. India-Nepal power exchange is at a moderate level that stands at around 100-150 MW. Out of total power supplied to Nepal, PTC supplies 50-70 MUs annually to meet Nepal’s emergent load during winter months. </div> <div> </div> <div> Government of Nepal has prioritized hydro power development and encourages private investment. Nepal has enormous 42,000 MW hydro potential but only 2 percent has been exploited so far. Existing India-Nepal transmission links should be strengthened for long-term power trade between two countries. </div> <div> </div> <div> <em>(The article is based on Goel’s presentation made at The Power Summit 2013 organized by IPPAN. Writer is Vice President, Marketing at PTC India)</em></div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Indian power market is a vibrant and growing. Its growth is stable. It is completely voluntary market with multiple choice and options. Electricity trading is allowed by Electricity Act- 2003 and 41 trading licenses have been issued till March 2012. Top 5 trading licensees have 80 per cent market share.', 'sortorder' => '1884', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 6 => array( 'Article' => array( 'id' => '2032', 'article_category_id' => '145', 'title' => 'London Can't Become Home Only To The Rich', 'sub_title' => '', 'summary' => null, 'content' => '<div> In his magisterial account of 19th-century London, then as now a city of contradictions, Jerry White describes how Clerkenwell became "the greenhouse of invention". Hiram Maxim perfected his machine gun there; Sebastian de Ferranti his dynamos and Guglielmo Marconi his electric telegraph. Clerkenwell's people were cabinet makers, brass workers and glass shade and globe makers. Elsewhere in the city, new industries flourished, as did the docks and retail. Ladies shopped in "the emporium of the world!". "Made in London" was a badge of pride. Today, the fattest profits come not from the fruits of questing minds and hard graft but from the new gold, what American writerMichael Goldfarb, in a scathing essay in today's Observer, calls "the global reserve currency" that is property.</div> <div> </div> <div> "The property market is no longer about people making long-term investment in owning their shelter," he writes, "but a place for the world's richest people to park their money at an annualised rate of return of around 10%." In 2012, an extraordinary £83 bn-worth of properties were purchased mortgage-free in London with no financing.</div> <div> </div> <div> What attracts foreign (and domestic) millionaires and billionaires is not just the rate of return but the coalition's tax regime. Britain, for instance, has a base corporate tax rate of 23% (due to drop to 20% in 2015). In Germany, it is 29%. Again, while the majority of London's citizens rightly pay up to 40% or more of their incomes to maintain the hospitals, schools, roads and civic services of the city, the rich are taxed in small change.</div> <div> </div> <div> The impact of London's property market becoming another global reserve currency where the super rich stash their billions and evade tax will soon be felt in the changing nature of the city's social and cultural ecology. What price to the capital if, increasingly, teachers, artists, students and civil servants can no longer live, work and contribute to an eclectic social mix?</div> <div> </div> <div> The threat is not just cultural, but economic too. Already some senior business leaders have voiced fears that the capital is likely to lose out to cities such as Berlin in the race to become Europe's major digital hub since London is simply unaffordable for many young enterprising tech workers. Historically, the cultural industries have been major players in the British economy, but they also play a crucial role in helping create a flourishing, diverse city.</div> <div> </div> <div> That is now under serious threat and there are few, if any, senior political leaders who seem to have an oversight of what is happening. The city needs a strong advocate, one who argues vociferously that the cities that work best are ones that work for everyone. London is no longer that type of city.</div> <div> <em>(The Guardian)</em></div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'In his magisterial account of 19th-century London, then as now a city of contradictions, Jerry White describes how Clerkenwell became "the greenhouse of invention". Hiram Maxim perfected his machine gun there; Sebastian de Ferranti his dynamos and Guglielmo Marconi his electric telegraph. Clerkenwell's people were cabinet makers, brass workers and glass shade and globe makers.', 'sortorder' => '1882', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 7 => array( 'Article' => array( 'id' => '1981', 'article_category_id' => '145', 'title' => 'Give Peace Talks A Chance', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Janardan Baral </strong></div> <div> </div> <div> Stability and prosperity in Pakistan will definitely have impact in the entire South Asia. However, peace in Pakistan has been elusive since last couple of decades though the current government of Pakistan is working out a national consensus based strategy for dealing with the problem of terrorism.</div> <div> </div> <div> In quest of peace in Pakistan, recently held All Parties Conference (APC) can be taken as a defining moment that raised hopes that there are chances of prevailing peace in Pakistan. </div> <div> </div> <div> This time, APC was unique due to several reasons. Firstly, it was attended by all the invitees. Secondly, it was supported by the public mandate regarding the strategy to deal with the Taliban and the US drone attacks. Moreover, people had voted for the political parties which articulated an anti-drone policy. Thirdly, the APC decided to give free hand to the sitting government on three issues—economy, energy and terrorism. </div> <div> </div> <div> According to agencies, the APC has reposed full confidence in the efforts of the country Prime Minister and authorised the federal government to initiate dialogue with Taliban and take all the necessary steps as it may deem fit including development of an appropriate mechanism and identification of interlocutors.</div> <div> </div> <div> In an interesting revelation, APC was informed by security apparatus that there are groups within the Tehreek-e-Taliban Pakistan (TTP) who are in favour of talks but then there are others that enjoy the backing of certain hostile agencies who may never agree. </div> <div> </div> <div> TTP should come clean on those dubious entities which are operating under its brand name and carrying out disruptive actions. TTP should show its commitment for peace. </div> <div> </div> <div> With the Afghanistan conflict apparently moving towards a close, it is logical that Pakistan should engage in dialogue with select groups of Pakistani Taliban under a well structured framework. Pakistan is already facilitating such processes amongst America, Afghan Taliban and the Afghanistan government. </div> <div> </div> <div> Many analysts say that there is paradigm shift in the country’s security strategy. For instance, the top civil-military leadership has unanimously decided to hold peace talks with all militant groups, keeping the TTP on top priority. The move was hailed by even Taliban in Pakistan and they dubbed the move as an opportunity to hold a ‘meaningful dialogue’.</div> <div> </div> <div> It’s not the first time that Pakistan government has tried to open such talks. However, this time the approach is qualitatively different. This time Taliban are being referred to as “stakeholders.” The government plans to start the talks just as soon as intermediaries complete the necessary “groundwork”. It is encouraging that the Taliban Shura (the decision making body) has promptly convened its session to nominate its team. The TTP would announce its team once the government has finalised its interlocutors. The central leadership of the TTP has claimed that the Prime Minister Nawaz Sharif had sent a letter to the TTP about a possible peace dialogue and the TTP has replied to it.</div> <div> </div> <div> Pakistan’s national leadership also boldly addressed the sticky issue of American drone strikes. It described them as detrimental to the country’s efforts to eliminate terrorism and recommended that the government should consider taking up the issue to the United Nations. APC communiqué also termed the drone attacks an ‘illegal and immoral’ act. “We declare that we shall ourselves determine the means and mode of fighting this war in our national interest and shall not be guided by the United States of America or any other country in this regard.” Pakistani security officials also informed that there was no secret understanding with the US on the CIA-led drone campaign. Hopefully, an unambiguous official stance on drone attacks would help create a conducive environment for the envisaged negotiations. </div> <div> </div> <div> The APC called for a result-oriented and peaceful dialogue process to eliminate extremism from the country. Political leaders admitted that the situation has continued to deteriorate over the last several years and past efforts to control terrorist and extremist elements have not yielded the desired results.</div> <div> </div> <div> </div> <div> </div> <div> It is for this reason that peace talks with Taliban should be given a fair chance to succeed. There are forces which say that Taliban don’t want to be treated like that. However, these elements while speaking in such a tone do not give priority to the interest of Pakistan. </div> <div> </div> <div> These are mainly western voices which want Pakistan to go all out against Haqqqani net work. They must realize the fact that Haqqani network is Afghan entity. While responding to Hillary Clinton’s statement with skepticism, a senior Haqqani commander told Reuters on October 25, 2011 that the “Afghan Haqqani group will not take part in any peace talks with the United States which will not be able to find a possible solution to the Afghan conflict unless they hold talks with the Taliban—led by the Taliban leadership seriously. He revealed, “Americans had made several attempts for talks which we rejected as we are an integral part of the Taliban led by Mullah Omar…we are united to liberate our homeland-Afghanistan.”It is of particular attention that on September 17, 2012, in a rare interview by telephone from an undisclosed location, leader of the Haqqani militant network, Sirajud Din Haqqani disclosed that the group has become so confident after battlefield gains in Afghanistan that “it no longer has sanctuaries in Pakistan, and instead, felt secure inside Afghanistan.”</div> <div> </div> <div> What the world must realise is that Pakistan is a sovereign democratic country and the voice of democratically elected government and other political parties that suggest that talks with Taliban should be given a fair chance.</div> <div> </div> <div> World must also realize that collateral damages in form of drone strikes in Pakistan have resulted in germinating greater ill will against US/ISAF and ultimate sufferers are the people of Pakistan.</div> <div> </div> <div> The crux of the matter is that today Pakistan is the epi-centre of war against terrorism. Sacrifices rendered by Pakistani people in eliminating the menace of terrorism from the world are unparalleled. If we take a pragmatic view of developments in the region following USSR’s interruption in Afghanistan, Pakistan has played a key and very positive role. Today the whole Eastern Europe is enjoying freedom which is result of Pakistan standing tall in thwarting USSR.</div> <div> </div> <div> Situation in Afghanistan deteriorated as US and West changed their priorities and started focusing towards East Europe. 9/11 gave another dimension to the region and the world. Afghanistan has seen use of force and its after effects have been suffered by Pakistan. For the last 13 years this region is suffering with minimum achievements for a durable peace.</div> <div> </div> <div> The proponents of use of force do not want to see this region peaceful. To ensure their safety they are trying to create destruction in other parts of the world. It needs to be reiterated that today’s Pakistan has the capability and the political will to firm up a response against terrorists. No one but only the people of Pakistan can suggest a panacea for the problems that it is facing. The world must acknowledge and respect the decision which the political leadership of Pakistan has taken in holding talks with militants and terrorists.</div>', 'published' => true, 'created' => '2013-10-21', 'modified' => '2013-10-21', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Stability and prosperity in Pakistan will definitely have impact in the entire South Asia. However, peace in Pakistan has been elusive since last couple of decades though the current government of Pakistan is working out a national consensus based strategy for dealing with the problem of terrorism. In quest of peace in Pakistan, recently held All Parties Conference (APC) can be taken as a defining moment that raised hopes that there are chances of prevailing peace in Pakistan.', 'sortorder' => '1832', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 8 => array( 'Article' => array( 'id' => '1934', 'article_category_id' => '145', 'title' => 'The West Seti Hydro Project A New Model Of People-Private-Public-Partnership?', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Madhukar SJB Rana</strong></div> <div> </div> <div> For over a decade and a half, the Australian engineering company Snowy Mountain Engineering Corporation (SMEC) tried to build a 198m High Dam and generate 750 MW hydro power in the West Seti river but failed because it could not (a) mobilize the required US $ 1.2 billion funds, (b) pass the Environmental Assessment norms, (c) meet world standards for High Dams and (d) did not know – or indeed care-- how best to meet the needs of local inhabitants, both directly and indirectly affected. After 16 years of trying and having expended over $ 35 million, SMEC abandoned the project in 2011 when the Government of Nepal revoked its license once and for all.</div> <div> </div> <div> The project was a PPP project with SMEC providing 10 per cent of the power generated, or its equivalent in cash, to the Government of Nepal and exporting 90 per cent of the energy generated to India at a price of USD 4.86 per KWe under the Power Trade Agreement signed with the Power Trading Corporation (India). </div> <div> </div> <div> Under the BOOT model, the company was to transfer the ownership to Nepal after 25 years from the start of operations. In the wake of the acute power shortage in Nepal where the country has to suffer 12-14 hours of power outage in winter, it is not surprising that the people, both local and national, were opposed to such an export-oriented project. People also questioned the sheer lack of consideration for the full use of the water being damned for irrigation. </div> <div> </div> <div> Enter the China Three Gorges Corporation (CTGC), after which the West Seti Project may see the light of day. Let us hope that the CTGC takes this up as a 100 per cent FDI as it has the technology (the corporation has installed more than 20,300 MW thus far) as well as the management and financial capacity to execute it on a turnkey basis – once the selling price is settled. However, the project implementation will depend critically on issues over (a) land acquisition, (b) resettlement of the affected people,(c) construction of a transmission line to feed energy generated into the national grid and (d) learning from the mistakes of SMEC for failing to genuinely participate with the local VDC s and local communities.</div> <div> </div> <div> The project will provide immense benefits to the Far West Region comprising Baitadi, Bajhang, Doti and Dadeldhura districts – provided it is taken up as a People-Private-Public-Partnership (4Ps, not 3Ps) project where land acquisition is fairly and amicably done and the 16,000 plus people comprising 2125 plus households in the 20 VDCs get to be beneficiaries without having to be resettled elsewhere in the Tarai (Bardia, Kailali and Kanchanpur) – an ecological region totally alien to the locals’ lifestyle. In 2008, the Constituent Assembly MPs estimated that only around 20 per cent of the land is government owned and, further, that 1393 households involving 12,000 people would have to be relocated.</div> <div> </div> <div> A turnkey basis is suggested in order to get over the hassle of multiple financiers as was faced by SMEC. It may be noted here that the SMEC venture was originally to be completed in 2005.It then moved forward to 2012! Now, with the CTGC, the project is expected to be operational by 2021. The CTGC cost is estimated at around $1.7 billion. A turnkey project would free Nepal of the burden of cost over runs and delays and, more so, all manner of hidden transaction costs as payoffs to ever changing governments, politicians and bureaucrats. Should Nepal opt for federalism, the matter will be even more compounded by issues over jurisdiction and authority. Hence turnkey is the need of the hour. The next issue is under what model: BO; BOO or BOOT? How long should the contract be stipulated for? It is suggested that this be kept open depending on the PPPP project appraisal that should, ideally, seek a win-win for all stakeholders while sharing risks equitably. It needs be underscored here that China may, in the process, also come forth with a new model of development diplomacy based on the emerging concept of aid for trade.</div> <div> </div> <div> Space limits this discussion. Suffice to say that the 4th P can be incorporated by assessing the possibilities of transformation of the project area and its households by assessing possible local development opportunities over the life span of the CTGC project. The idea is simple: the area as well as the local people should benefit with the CTGC providing a new vision of social transformation, as partners, over the optimal life span of the project. This would require financial as well as economic appraisal of the project along with risk assessments and consideration of what fiscal, financial, monetary, land and infrastructure policies and programme support may be required from the local and central governments. Participatory Action Research (PAR, not simply PRA) should be engaged in to decipher the people’s wishes, desires, dreams and capacities. </div> <div> </div> <div> To conclude: ADB and Electricite de France, a French utility company, completed a 1070 MW Hydro Project in Laos where 6000 displaced villagers in 17 villages were successfully resettled into new homes along with legal grant of new plots of land and technical assistance in farming. Payments of due compensation to 18,000 villagers indirectly affected, situated in 92 villages, were provided in the form of assistance in agriculture, horticulture, fisheries, livestock, forestry and off-farm activities to include vocational and entrepreneurial skill training. Another 67 villages, lying adjacent to these 92 villages, got better access to education and health along with some cash compensation. </div> <div> </div> <div> The 4P model proposed here seeks all of the above plus more —it incorporates financial, fiscal, monetary and land acquisition terms and conditions into the model and decides on the precise nature of the partnership model-- and its duration-- only after due consideration of risks, financial and economic costs and benefits to all stakeholders. It goes way beyond the current royalty cum BOOT model that is standard fare to any and all projects which are in dire need of innovation on a case by case basis. </div> <div> (The Writer is a former Finance Minister and Professor at the South Asian Institute of Management.)</div> <div> </div>', 'published' => true, 'created' => '2013-10-07', 'modified' => '2013-10-21', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'For over a decade and a half, the Australian engineering company Snowy Mountain Engineering Corporation (SMEC) tried to build a 198m High Dam and generate 750 MW hydro power in the West Seti river but failed because it could not (a) mobilize the required US $ 1.2 billion funds, (b) pass the Environmental Assessment norms, (c) meet world standards for High Dams and (d) did not know – or indeed care-- how best to meet the needs of local inhabitants, both directly and indirectly affected. After 16 years of trying and having expended over $ 35 million, SMEC abandoned the project in 2011 when the Government of Nepal revoked its license once and for all.', 'sortorder' => '1792', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 9 => array( 'Article' => array( 'id' => '1885', 'article_category_id' => '145', 'title' => 'Pokhara, Tourism & Sustainability Issues', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Ramji Sharma</strong></div> <div> </div> <div> Tourism, a 21st century industry, acts as an agent to induce change in socio-cultural values and norms of a society. Social and cross-cultural contacts, encounters and interactions are inherent aspects of tourism and its impact and implication numerous and varied. The United Nations Environmental Programme says that the implications of tourism are ambiguous, for the same activities are seen as beneficial by some and perceived negatively by others - especially with regard to disagreements between business interests and environmental consciousness. ‘Sustainability’, thus, has become a buzzword in tourism academia now. </div> <div> </div> <div> To analyze the impact and implication of tourism in Pokhara, a model called ‘FIDELL TALCADS’ (acronym of thirteen selected variables) was devised and tested here. The variables were: </div> <div> Family structure / Social composition, Indigenous profession, Dining patterns, Emotion, Attitude and Behaviour, Lifestyle and Fashion, Labour division, Traditions, values and norms, Arts, crafts, curios and music, Language, Crime, Alcoholism / Smoking, Drug abuse, Sex</div> <div> </div> <div> The research shows that the effects of tourism can be measured in various social aspects.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Dining patterns</strong></span></div> <div> Food, it is believed, is the most important cultural expression that can sometimes be the reason of travel for some people. Ethnographically, Nepal is one of the richest countries in the world with 125 ethnic groups and 123 spoken languages. Different communities have different types of food to begin the day with. A most popular ritual which has now become a habit for many Nepali people is to wake up with a cup of tea. However, this common habit was only found in 25.86 per cent of the respondents at Lakeside, Pokhara. The percentage of respondents that articulated their preference for light break-fast in the morning with a cup of tea or coffee, on the other hand, was 74.14 per cent, and none of the breakfast choices included an item from the traditional Nepali cuisine. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Emotion, Attitude and Behaviuor</strong></span></div> <div> Tourism creates wide socio-cultural implications as tourists bring their distinct cultural baggage when they visit different places. The most striking feature of tourism is interaction and intermingling between hosts and guests that slowly penetrate and infuse a large number of small effects which individually appear insignificant but together make an impact.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Lifestyle and Fashion </strong></span></div> <div> Akin to the cultural variation in hospitality, tourism has multifarious implications on various aspects of human life. However, the intensity and mode may vary depending on the frequency of interaction, cultural distance and age groups that come into contact with tourists of different cultural values and lifestyle. Of them, the younger generation seems to be highly influenced by tourism. Most youngsters feel modern when they copy, follow or imitate the styles of tourists (mostly western) which is also called ‘the demonstration effect’ in tourism. The popularity of the multicolored shaggy hair, hair raise, hip-hop outfits, bra-less transparent tops, colour tattoos, piercing in various parts of the body are some of the noticeable demonstration effects in these communities. </div> <div> </div> <div> There is a significant influence of tourists on the lives of the waifs and stray children of the streets. Destitute children stroll around until they find kind tourists after which they swarm around the tourists begging for money, chocolate or sometimes ask them to take them to restaurants for dining. The children (and sometime seniors too) often dress in tattered clothes and prey upon the sympathies of the tourist who give them something and eventually turn them into professional beggars. Begging has become the best modus operandi for street children for easy living in spite of clearly written instructions given to visitors to not to give anything. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Traditions, Values and Norms</strong></span></div> <div> Each unit of society has a set of traditions, value systems, beliefs, ideas, attitudes, perceptions and habits. The growth of tourism may produce both problems and opportunities at a vast scale for societies and its main impact might be on the economy, culture and environment. </div> <div> </div> <div> Grand celebrations targeting the English New Year and Christmas is probably the best street carnival in Pokhara, indicating western influence. A perceptible void of festivity during the Nepali New Year and Dashain-Tihar signifies the westernization of tourism in Phewa Lake catchments. Regardless of this, respondents added that tourism has inculcated a broader outlook through knowledge and awareness that are not only desirable but also necessary to improve the quality of life of people in particular, and the society in general. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Art, Craft Curios and Music</strong></span></div> <div> Some artistic creations and expressions like painting, music, dance, architecture and other areas in the arts hold appeal for tourists. </div> <div> </div> <div> Tourism has a very supportive role in promoting ethnic and indigenous music, dance and songs in Pokhara. Respondents have noticed a sizable increase in Rodhi culture, Dohari, Ghantu, Sorathi, Chhyandu and Jhyaure in the Lakeside area due to tourism.</div> <div> </div> <div> Nature-based tourism in the spectacular milieu of our cultural mosaic is the core competence of the Nepali tourism industry. But nature and culture both are vulnerable and cannot remain in isolation from tourism. The example of Pokhara’s westernization shows that tourist cultures always dominate the host culture and in many cases, hosts are the losers despite the financial leverage they get. Coming close to Social Darwinists and Neo-Marxists, analysis has proved that tourism is a strong agent of socio-cultural diffusion, infusion, acculturation and assimilation with an anthology of a complex synthesis of various interconnected socio-cultural, environmental and economic influences, though although it primarily turns up as an economic enterprise. </div> <div> </div> <div> Further, socio-cultural influences and implications are not as apparent as economic impacts are. Such impacts are indirect, qualitative and hard to identify. They depend on value orientation and are also ambiguous. Thus, we can conclude that the impact and implications of tourism on the host society are latent, slow, but penetrating and lasting; and the impact individually appears to be insignificant, but together they vibrate and weaken the socio-cultural system. </div> <div> </div> <div> It is revealed that tourism, in many cases, appears as an exploitative envoy rather than an economic panacea till the destination remains a ‘pleasure periphery’ of the developed world and the traveler becomes a tourist, not a social activist. Therefore, the paradise valley of Pokhara has to focus on value tourists and not on volume of tourists to retain its charm and authenticity. A proposition which might be appropriate for tourism development in a developing destination like Pokhara is ‘Community Based Responsible Tourism’ (CBRT) which emphasizes on having a balance between tourism growth, ecological conservation, economic prosperity, socio-cultural authenticity and sustainability. </div> <div> </div> <div> (The writer is a PhD research fellow in Tourism at TU / Principal at Mount Annapurna Higher Sec School, Pokhara. He can be contacted at: ramjisharma@gmail.com)</div> <div> </div>', 'published' => true, 'created' => '2013-09-30', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Tourism, a 21st century industry, acts as an agent to induce change in socio-cultural values and norms of a society. Social and cross-cultural contacts, encounters and interactions are inherent aspects of tourism and its impact and implication numerous and varied. The United Nations Environmental Programme says that the implications of tourism are ambiguous, for the same activities are seen as beneficial by some and perceived negatively by others - especially with regard to disagreements between business interests and environmental consciousness. ‘Sustainability’, thus, has become a buzzword in tourism academia now.', 'sortorder' => '1746', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 10 => array( 'Article' => array( 'id' => '1850', 'article_category_id' => '145', 'title' => 'Vision Tourism : Let’s Achieve: Naturally Nepal', 'sub_title' => '', 'summary' => null, 'content' => '<p> </p> <div> <strong>Amitabh Kant delivering his speech on ‘Incredible India’ at Hotel de l’ Annapurna.</strong></div> <div> </div> <div> </div> <div> </div> <div> <strong>This country needs to move away from low value marketing strategy to high value strategy.</strong></div> <div> </div> <div> Call him a thinker, a visionary or simply a bureaucrat who gave India a new identity — Incredible India. Amitabh Kant is a name in India’s tourism sector and he is the man who drove India towards the global tourism map. He shared his views on how to ptomote tourism and hospitality infra-structure in Nepal to generate more revenue and employment and also the story and challenges behind Incredible India. Branding India was not an easy task for him who was the joint secretary in the tourism ministry from 2001 to 2007 and a secretary of tourism in Kerala from 1997 to 2001. He is presently the Chief Executive Officer and Managing Director, Delhi Mumbai Industrial Corridor Development Corporation (DMICDC). </div> <div> </div> <div> When he took the challenge to change India’s image portraying its vibrant colours, the world was reeling under serious crises. Starting from the World Trade Centre (WTC) terrorist attack, Afghanistan war and the attack on the Indian Parliament — tourism was down in the dumps in India. </div> <div> It was at the peak of this crisis, the Incredible India campaign to position India as a tourist destination was launched. And, this was only happened due to his precise and well researched plan for several years. </div> <div> </div> <div> Excerpts (below) from his speech and presentation at Hotel Annapurna in the first edition of Tourism & Aviation Next 2013 event:</div> <div> </div> <div> </div> <div> <strong>Tapping the Market </strong></div> <div> </div> <div> Last year a billion people travelled across their borders i.e. one seventh of the world’s population was crossing boundaries from one country to another. It’s the world of tourism that contributes 6 % of global GDP. One of every 11 job across the world is created by tourism which makes it the biggest employment creator. And for country like Nepal and India, the critical challenge is how do we create the jobs for the youths? We are passing through the window of democratic transition and our population is young. And the challenge of job creation has to be done by tourism. The more tourists you have, more people you’ll lift above poverty line as you’ll create more jobs. </div> <div> </div> <div> </div> <div> <strong>Every Crisis is an Opportunity & Campaign </strong></div> <div> </div> <div> During the Incredible India campaigns, there were several crises going through country and worldwide. The WTC attack, Gujarat earthquake, coalition force attack on Afghanistan, attack on Indian Parliament and so on. And if we look at the index of travel and tourism competitive index of worldwide, India was very low in several aspects. And several international concerns were raised in India for cleanliness, hygiene, safety, security, transportation, promotional support and affordability. </div> <div> </div> <div> At those times, destinations used to be seen through travel packages. There was no demand of India and the challenge was how to get the demand back? We didn’t go the international market but decided to hit the consumer directly through exhaustive campaigns, communications, documentaries and it started giving results. Then the key international concern was transportation, affordability. In terms of tourist the image of the country was not really good. But every crisis is an opportunity. </div> <div> </div> <div> Image perception of India however was tourist friendly and also the air connectivity was increased gradually. Innate perception of India in terms of its rich and vibrant culture was an added advantage in the campaign. Globally India was considered good in terms of its authenticity, history, art and culture. We positioned India as a global brand through some of the key marketing strategies and its challenges (see box 1 & 2). </div> <div> </div> <div> </div> <div> <strong>Communication Strategies </strong></div> <div> </div> <div> To achieve the goal, communication strategies was also required and in long term it gave a momentum to our campaign. After series of thoughts, consistency in communication strategy was finalised. Training for taxi drivers through documentaries to consider tourists as our guest and awareness to prevent people from scribing names on historic monuments started yielding results. We also focused on clear definition of value proposition, constant research and innovation and constant interaction with travelers, travel writers and editors. The most innovative part of the campaign was turning tourism officials into brand ambassadors and documentary on keeping the city clean. Tourism is a multi-sectoral activity and we have to look with whole range of people. You have to work with people in the home ministry, external ministry, art, culture, aviation etc. </div> <div> </div> <div> </div> <div> <strong>Making of God’s Own Country: Kerala </strong></div> <div> </div> <div> Our mission was to develop Kerala into a premier destination on the world tourism map for defined niche tourists. We wanted to make it a stand-alone destination, a global brand, with instant brand recognition and high brand equity. The government played role of facilitator and catalyst. We worked on a Public Private Partnership (PPP) model. We focused on up-market clientele with more focus on quality than quantity. We focused on conservation, preservation and sustainability. We promoted innovative products and projects and adopted transparent, competitive policy on privatisation. </div> <div> </div> <div> And the whole world of Kerala tourism has changed. We focused on traditional and unique aspects of Kerala. Like backwaters, Ayurveda, its Innovative products, Elephant pageants, boat races, Tiger trail, eco tourism, Kerala’s traditional martial arts, cuisine. Basically we did everything which west did not do. We went back to roots of Kerala and build a — Gods Own Country. </div> <div> </div> <div> </div> <div> <strong>The Way the World Sees Kerala </strong></div> <div> </div> <div> • One of the 50 must see destinations of the world - National Geographic Traveler </div> <div> • One of the ten exotic paradises on earth - National Geographic Traveler </div> <div> • One of the 100 great trips of the 21st century - Travel & Leisure </div> <div> • One of the 10 hot spots of the millennium - Emirates In-flight </div> <div> • Where smart travelers go – Financial Times, London </div> <div> • One of the 10 love nests in India – Cosmopolitan </div> <div> • Best Performing State - Government of India Award </div> <div> </div> <div> </div> <div> <strong>Journey & Results: </strong></div> <div> </div> <div> Our campaign and determination triggered and gave a mileage to the Indian tourism industry, supported by industries like aviation; hotels etc. Infrastructure grew in tandem and in 2008 India got 5.38 million visitors compared to 2.54 million in 2001 and the figure is increasing every year. </div> <div> </div> <div> </div> <div> <strong>On Nepal Tourism </strong></div> <div> </div> <div> It has always been pleasure to be in Nepal. I long admire Nepal as a unique destination. I have always believed that there are very few destinations in the world with such a diverse nature, adventure, culture and Himalayan peaks. But I believe the positioning and branding strategy of Nepal is not an ideal one. Nepal is exporting its product extremely cheap. This country needs to move away from low value marketing strategy to high value strategy. Nepal in many ways is very unique and it has a great potential to deliver. But there is a huge challenge between potentials and performance and therefore it is very important to understand that world of tourism is very big. There is a need to raise Nepal’s service standards, creating premium brand of experiential tourism, positioning of exotic Nepal, adding new international airport, additional terminals and new air-routes, domestic and foreign investments in tourism services etc. (Amitabh Kant former joint secretary in the tourism ministry from 2001 to 2007 in India and a secretary of tourism in Kerala from 1997 to 2001.)</div> <div> </div> <div> </div> <div> <strong>Key marketing strategies </strong></div> <div> </div> <div> • Position tourism as major engine of economic growth </div> <div> • Harness the direct and multiplier effects of tourism for employment generation </div> <div> • Focus on domestic tourism as a major driver of tourism growth </div> <div> • Position India as a global brand </div> <div> • Acknowledge the critical role of private sector </div> <div> • Tapping the tourist directly </div> <div> • Create and develop integrated tourism circuits based on India’s unique civilization</div> <div> </div> <div> </div> <div> <strong>Key Marketing Challenges </strong></div> <div> </div> <div> • Moving from low value marketing strategy to high value marketing strategy </div> <div> • Defend and enhance India’s share in traditional long-haul markets </div> <div> • Develop strong short-haul markets </div> <div> • Penetrate the key source market in Asia </div> <div> • Position and differentiate strongly vis-à-vis key competitors in the region </div> <div> • Develop spending an avenues to capture higher value from each tourist</div> <div> <br /> </div>', 'published' => true, 'created' => '2013-09-23', 'modified' => '2013-09-23', 'keywords' => 'Edits & Opinions cover story news & articles, cover story news & articles from Edits & Opinions nepal, cover story headlines from nepal, Edits & Opinions current and latest cover story news from nepal, Edits & Opinions economic news from nepal, nepali cover story economic news and events, ongoing', 'description' => 'Call him a thinker, a visionary or simply a bureaucrat who gave India a new identity — Incredible India. Amitabh Kant is a name in India’s tourism sector and he is the man who drove India towards the global tourism map. He shared his views on how to ptomote tourism and hospitality infra-structure in Nepal to generate more revenue and employment and also the story and challenges behind Incredible India', 'sortorder' => '1711', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 11 => array( 'Article' => array( 'id' => '1815', 'article_category_id' => '145', 'title' => 'Problems In Mutual Funds', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <span style="font-size:14px;">The third edition of Money Expo for the year 2013 will take place in the Capital from October 31 to November 2. Being the largest finance and investment show in Nepal, the expo will focus on the promotion of investment opportunities and wealth protection strategies. In the expo, a separate interaction entitled ‘Mutual Fund: Another Attraction of Investment’ will be organized. New Business Age recently conducted a discussion on the same issue and experts presented their opinions.<strong> Excerpts: </strong></span></div> <div> </div> <div> <span style="font-size:14px;"><strong><img alt="Niraj Giri Spokesperson, Sebon" src="/userfiles/images/ng.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 187px;" />Niraj Giri </strong></span></div> <div> <span style="font-size:14px;">Spokesperson, Sebon</span></div> <div> •Financial literacy is crucial for the expansion of mutual funds. Literacy is necessary for policy makers as well as investors. </div> <div> •The Mutual Funds have been established to develop and expand share markets in the country. The fund is aimed at reducing the problem of institutional investment in the share market. This may also help expand the stock market.</div> <div> •Even investors should put forth their initiatives for financial literacy. In developed countries, investors are more proactive than the regulator in initiating financial literacy programmes. </div> <div> •Our market is completely focused in Kathmandu which is another stumbling block for mutual funds.</div> <div> •Absence of an independent mechanism to fix the price of securities is another problem.</div> <div> •Citizen Investment Trust (CIT) has been failing to work in line with its objective. We have to develop it as a market maker.</div> <div> </div> <div> </div> <div> <span style="font-size:14px;"><strong><img alt="Pravin Raman Parajuli CEO, Nabil Investment Banking Ltd " src="/userfiles/images/prp.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 187px;" />Pravin Raman Parajuli </strong></span></div> <div> <span style="font-size:14px;">CEO, Nabil Investment Banking Ltd </span></div> <div> •We have equal opportunities in mutual funds. However, managing the fund is indeed a challenging job. </div> <div> •A mutual fund plays a key role in providing security to its unit holders. That is why it should not be restricted to buy and sell shares.</div> <div> •We have 21,000 investors associated with our group. Most of them are grass root investors. We have also found that some of them are investing assuming mutual funds as IPOs.</div> <div> •Worldwide practice in mutual funds involves professional investment management and risk diversification. But the big question now is: have we been able to diversify risks? There have been some problems due to market limitations. Our market is full of banks and financial sectors. If we have to diversify our investment in the future, there seems to be no place for it.</div> <div> •Investors should also think about where they should invest next and what would be its risks and consequences.</div> <div> •We have to think about long term consequences rather than temporary ones.</div> <div> •We have to think about bringing real sector companies into the public for market diversification.</div> <div> •The nation should also take steps on awareness on mutual funds.</div> <div> •Stock availability is another problem. Out of total listed shares, only 8-10 per cent are available for trade.</div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Narayan Prasad Ghimire Chief, Share Division, Citizen Investment Trust " src="/userfiles/images/npg.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 188px;" />Narayan Prasad Ghimire</span></strong></div> <div> <span style="font-size:14px;">Chief, Share Division, Citizen Investment Trust </span></div> <div> •The Mutual Fund is a good option from a profit-making perspective because it has fewer risks.</div> <div> •Interest on mutual funds is declining because of the government’s policies regarding mutual funds. We had requested the government for exemption of income tax on at least Rs 50,000 of the total income of investors. But that could not be addressed in the budget, which has discouraged investors.</div> <div> •Because of less profit on mutual funds, people prefer direct personal investments instead.</div> <div> •The main problem of mutual fund is that most people lack knowledge about it. People who are aware are not interested in investing. That is why, despite the ability to invest, participation has not increased.</div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Shreejesh Ghimire CEO, NMB Capital" src="/userfiles/images/sg(1).jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 188px;" />Shreejesh Ghimire</span></strong></div> <div> <span style="font-size:14px;">CEO, NMB Capital </span></div> <div> •The demand of the mutual fund is very high in other countries but in the context of Nepal, demand is declining in spite of the progress the fund has made. This is the result of lack of awareness. The government made the policy but did not help further. The regulatory body SEBON, too, did not address the problem in time.</div> <div> •People are not aware of the benefits of investing on mutual funds. The main problem is market awareness which is very low. All stakeholders should work on raising awareness among people.</div> <div> •Lack of far sightedness in investors is another problem. Investors expect to double their amount invested in IPO. And if the company does not give result in four months, they believe it to be a bad company. As mutual funds’ plan is of five years, at least a year should be given before making any comments.</div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Dhruba Timalsina CEO, Siddhartha Mutual Fund" src="/userfiles/images/dt.jpg" style=" float: left; margin: 0px 10px 0px 0px;height: 186px; width: 150px;" />Dhruba Timalsina</span></strong></div> <div> <span style="font-size:14px;">CEO, Siddhartha Mutual Fund</span></div> <div> Rumours often create problems for mutual funds. For example, some vested interest people sometimes try to reduce share price of a certain company by creating a rumour. </div> <div> </div> <div> The mutual fund is given priority while issuing new shares. The general public thinks that the fund manager will get undue profit from such arrangement. It is a big misconception. The profit and advantage of the fund is not for the fund manager but for investors. </div> <div> </div> <div> I have seen financial illiteracy among investors as another big problem. They look forward to share prices rather than the overall returns. </div> <div> </div> <div> The Central Depository System (CDS) has not been working fully. Tasks have not been performed yet in shares dematerialisation. Given that investors outside the valley do not have access to opportunities, it is necessary to make CDS work fully.</div> <div> </div> <div> It is also necessary to make it clear that mutual funds are different from market makers. </div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Uddhab Shivakoti Share Investor" src="/userfiles/images/us.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 190px;" />Uddhab Shivakoti</span></strong></div> <div> <span style="font-size:14px;">Share Investor</span></div> <div> Mutual funds have failed to work as market makers. As they have failed to work as market makers, it shows that there is no difference between collective fund investors and mutual funds. When the market declined, mutual funds could have played a role to increase demand. Similarly, it can help in meeting demand if the market is booming. But such things have not happened. </div> <div> </div> <div> If we observe the portfolio of the mutual funds, we can find that the investment has not been </div> <div> done sincerely.</div>', 'published' => true, 'created' => '2013-09-16', 'modified' => '2013-10-01', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The third edition of Money Expo for the year 2013 will take place in the Capital from October 31 to November 2. Being the largest finance and investment show in Nepal, the expo will focus on the promotion of investment opportunities and wealth protection strategies.', 'sortorder' => '1676', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 12 => array( 'Article' => array( 'id' => '1774', 'article_category_id' => '145', 'title' => 'Political Commitment Necessary For Development', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Ashok Baidya</strong></div> <div> </div> <div> We have made an effort to bring the former prime ministers in the same platform for a meaningful dialogue and discourse on country’s overall economic development. This is probably a first of its type in the history of Nepal. I am really delighted to welcome the former prime ministers, who are at the helm of the country, in Birgung- a city known as the main entrance as well as the economic capital of the country. </div> <div> </div> <div> We are not going to hold a political debate by bringing top leaders of the political parties in this economic and industrial hub. Rather, we are seeking a political commitment for the nation’s economic development.</div> <div> </div> <div> Water, as a form of white gold, is flowing from our rivers. Provided that we utilize this water, we can easily get rid of the chronic power deficit. This will also ensure high economic growth, trade balance and earning of foreign currencies. However, instead of considering the hydropower as a matter of business, it’s a bitter reality that hydropower projects are facing political hindrances. </div> <div> </div> <div> On the other hand, Nepal is projected as a best destination for tourism by United Nations including other international organizations. However, the number of tourists in our markets has not exceeded one million per annum yet.</div> <div> </div> <div> The major reason behind all these economic problems is political instability and inconsistent policies. It is obvious that there exist of many political parties with diverse orientations in a country with multiparty democratic system. But complete and frequent changes in the whole policy resulting from the government changes is rarely see in any other country.</div> <div> </div> <div> The investors shy away from investing in the countries with instable politics and economy. Apart from these problems, our country is reeling under the power deficit and labour unrest, among other economic ordeals. Despite a high minimum wage compared to other South Asian countries, Nepal is yet to observe the normalcy in the labour sector. Thus, if productions are to be increased and investment is to be lured, a high level consensus is imperative on the fundamental issues of the economy. I would like to request to all former prime ministers from this forum for a common agreement on the fundamental agenda of the economy.</div> <div> </div> <div> Birgunj is a strong pillar of our economy. 70 per cent of country’s total industrial investments are in Birgunj-Pathlaiya corridor. But the government has inflicted injustice to the Birgunj-Pathlaiya region by not declaring this region as an industrial corridor. Along with a demand to declare this region as industrial corridor, we demand with the government that Birgunj be declared as economic capital. We have also brought a concept of a greater Birgunj to develop this city as the country’s economic capital. The concept brought for the overall development of Birgunj aims to increase the economic and industrial activities at a high rate and build infrastructures to the par of complete metropolitan by 2080. I would like to request former prime ministers to realize the importance of this comprehensive plan and act towards materializing it. This program would not been a success without the participation of prime ministers. I would like to thank you from my inner heart for your presence. </div> <div> </div> <div> <em>(Views expressed by Baidya during Nepal Leadership Summit.)</em></div> <div> </div>', 'published' => true, 'created' => '2013-09-09', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The major reason behind economic problems is political instability and inconsistent policies.', 'sortorder' => '1635', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 13 => array( 'Article' => array( 'id' => '1773', 'article_category_id' => '145', 'title' => 'There Is No Investment Friendly Environment', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Madan Lamsal</strong></div> <div> </div> <div> Dignitaries present in this Nepal Leadership summit are much concerned over economic future of the country. But the vibes of this positive thinking has not been circulated to the common people. This platform intends to reach to those people with a hope to develop a common economic commitment.</div> <div> </div> <div> It has already been late to discuss about country’s economy because its growth barely hovering over 3 to 4.5 per cent in last three years.</div> <div> </div> <div> Entrepreneurs and businessmen along with the capital and human resource are moving abroad in large numbers. There is no investment friendly environment in our country. There is a public blame over the government’s indifferent attitude towards the economic agenda. It is now important for a common and practical mindset regarding the economy.</div> <div> </div> <div> <strong><span style="font-size:14px;">Challenges of Nepali Economy</span></strong></div> <div> Productivity of the economy is declining and new investment is almost zero.</div> <div> Alarmingly, annual trade embalance is Rs 479 billion and inflation is approximately 10 percent. Nearly, 500 thousand youths are going abroad for employment and the number of those going for education and other purposes is critically high. Nepali currency depreciated by 22 per cent in last six months. Hydel projects are the victim of indecisiveness and are politicised. This country is functioning for the past six years without any long term plans. The air of uncertainty and the fear have not receded.</div> <div> </div> <div> <strong><span style="font-size:14px;">People’s expectations from Leaders</span></strong></div> <div> People are tired of opinions and blame game. Now they want a clear and common commitment to solve the existing problems and its immediate implementation. There should not be any disagreement over the common problems.</div> <div> </div> <div> <strong><span style="font-size:14px;">Right Time</span></strong></div> <div> This is the right time for a common commitment because political parties are gearing high in preparing their manifesto. There is an expectation to make the country federal. It may take time, there might be differences but constitution would be drafted and there would be political outlet. However, the days without economic progress are the days squandered. Result is what we are desperately seeking now.</div> <div> </div> <div> <strong><span style="font-size:14px;">The Clock is Ticking</span></strong></div> <div> We should quickly act on it because the state can’t remain without long term plans for infinite period. It has been imperative to develop a national concept about the local currency peg with the Indian currency.</div> <div> </div> <div> Remittance income has not been able to utilised in productive sector. Thus, there is no alternative to make Nepal’s economy as a part of world market system. It has been imperative to provide relief to the people and industrial sector by ending energy crisis. Economic literacy is must for the political parties. And it is necessary to spread the message of industrial sector’s progress.</div> <div> </div> <div> <strong><span style="font-size:14px;">The way Ahead</span></strong></div> <div> The way ahead is co-operation. An initiative has been taken in this summit and it has to be strengthened. We are making a common commitment for coming decade. And this is not a formality but a necessity.</div> <div> </div> <div> Let’s adopt and implement it.</div> <div> </div> <div> <em>(Views expressed by Lamsal in the Nepal Leadership Summit)</em></div> <div> </div>', 'published' => true, 'created' => '2013-09-09', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'This country is functioning for the past six years without any long term plans.', 'sortorder' => '1634', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 14 => array( 'Article' => array( 'id' => '1734', 'article_category_id' => '145', 'title' => 'The Software Of Growth : Governance And Management', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Rameshore Khanal</strong></div> <div> </div> <div> There’s not much good that one can talk about in matters related to governance and management in Nepal. People from all walks of life cite political instability, shortage of electricity, labour problems, poor infrastructure, and corruption as major reasons for lackluster growth performance. Dismal economic growth is not the only one feature to lament about. There are others:</div> <ul> <li> 53 per cent of the population still does not have piped water supply. Those who have it are not getting safer drinking water either. And we are rich in fresh water reserve.</li> <li> 64 per cent of the population use fuel-wood as the main source of household energy, whereas another 10.38 per cent use cow-dung or animal waste. Only less than 25 per cent use modern, but not necessarily non-polluting, source of energy.</li> <li> Only about 67 per cent of the population has some form of electricity connection for lighting, but the supply remains uncertain during the time it is needed most.</li> <li> Nearly 39 per cent of households have toilets.</li> <li> There are 15 million working age people (57 per cent of total population) and one-fifth of which are looking for gainful employment in places outside the country. Of the remaining, nearly half are not fully employed.</li> <li> Only 20 per cent of the population (5.2 million people) have qualification above SLC level. And this we have achieved in 70 years of holding SLC examinations.</li> <li> Last year, 336,000 students failed the SLC examination and each year thousands of such youths undergo the trauma of failure.</li> </ul> <div> There are other indicators that are equally pathetic and we can bring about a change, an improvement only through inclusive and high growth.</div> <div> </div> <div> But growth cannot be achieved without improving governance. Partly because of political instability and mainly because of our attitude, the government system has not been able to deliver.</div> <div> </div> <div> Infrastructure projects do not complete in time. The average years it takes to complete an electricity transmission project in Nepal is eight years, while in countries of our ranks it takes barely two years. For the last 14 years we have been talking about the Melamchi Water Project that is yet to quench the thirst and meet the needs of around 4 million people. But the date of completion of the project is uncertain. Power projects that ideally complete in less than five years take a decade to become ready with almost twice the initially estimated cost.</div> <div> </div> <div> Businessmen particularly and ordinary people in general do not feel secure even as the number of policemen is increasing every year. Young people are taught to extort money from struggling businessmen which is in contravention to what they should be doing. They should in fact be helping the business community so that much needed jobs are created within the country.</div> <div> </div> <div> People with small industries struggling hard in difficult times just to make a presence in the market face a host of problems from registration offices just because they failed to get a renewal in time. Should a failure to renew a registration in time be subjected to a hefty penalty? A struggling entrepreneur from Butwal called me to express his frustration as he faced this injustice.</div> <div> </div> <div> Foreign investors wanting to explore and excavate minerals, develop hydropower or set up industries vent our frustration too. The list is long and it can go longer. And this is all because of poor governance. The government system is not made accountable for results in the first place. </div> <div> </div> <div> Secondly, and most importantly, people in key places are appointed not on the basis of merit, but on the basis of political patronage. New public institutions created to meet the emerging needs of the country become dead on arrival as they are given to head by a person who simply does not have the pre-requisite skills and aptitude. </div> <div> </div> <div> In a few cases, where results-based accountability measures were introduced, governance has improved. We have also seen remarkable improvements in the delivery of certain agencies when honest and dedicated officers are appointed. It does not require a total overhaul of the system. If we can have just a few key people leading the organisation, it can make a significant difference. Quantifiable accountability measures and a policy of hiring able men and women must be introduced in all government agencies.</div> <div> </div> <div> Governance is not weak just in the public sector; it is also weak in the private, cooperative and non-governmental sectors. Wherever regulatory agencies are effective, problems have somehow been dealt with. But many areas remain unregulated or regulatory agencies are not simply effective. </div> <div> </div> <div> The distinction between governance and management is often blurred. If the management is good, governance certainly becomes good. By management we often think of the private sector. But experience shows that the private sector performs well largely under professional management. We often hear real estate sector people ask how banks report rising profits every year when businesses in real estate are not performing well. There are different arguments put forward to criticise the bankers’ style of profit-mongering. This is certainly not the right explanation. The right explanation is that the banking sector in the first place is professionally managed and it is more open. In spite of this, greed on occasions has led some banks to face short-term setbacks.</div> <div> </div> <div> Most real estate businesses do not use professional management services. To call them privately-held may be a deception. In fact, they are family-held and do not place much trust on professional management. I often get confused whether they make the private sector or whether they are a part of the household sector!</div> <div> </div> <div> And yet, young students these days choose to pursue management courses in large numbers. It is not just in Kathmandu that there is a craze for Business Colleges - it is everywhere in Nepal. Many colleges under the Tribhuvan University system have reported that in the last five years or so, the departments that offered courses, such as, history, political science, culture, language, and even economics have seen negligible or even zero new enrolment.</div> <div> </div> <div> Most of those who pursue business administration courses either aim for the financial sector or non-governmental organisations. Interacting with students in the last three years, I have not found a single graduating student keen on manufacturing, hospitality, hydropower or other industries.</div> <div> </div> <div> Without strengthening these sectors, our expectation for higher and inclusive growth will remain an illusion. It is, therefore, necessary that those who are involved in these sectors introduce professional management in their businesses. It is the absence of professional management perhaps, that Nepali workers admired for their honesty and hard-work all over GCC countries, Malaysia and South Korea, are seen to be troublemakers in our own industries.</div> <div> <em>(Khanal is Former Finance Secretary. This opinion was expressed in Newbiz Conclave & Business Excellence Awards Ceremony-2013)</em></div>', 'published' => true, 'created' => '2013-09-02', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'There’s not much good that one can talk about in matters related to governance and management in Nepal. People from all walks of life cite political instability, shortage of electricity, labour problems, poor infrastructure, and corruption as major reasons for lackluster growth performance.', 'sortorder' => '1595', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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Availability, accessibility and timeliness of budget information are key indicators of budget transparency. OBS report for 2012 says Nepal does not produces two of the eight key budget documents. Key eight budget documents include pre-budget statement, executive’s budget proposal, citizens’ budget, enacted budget, in-year reports, mid-year review, annual report and the audit report. Nepal produces six of the eight key budget documents but lacks pre-budget statement and citizens budget. </div> <div> </div> <div> Pre-budget statement is the policy outline for the government’s budget proposal. Priorities of the government, major programmes and projects and tentative weightage given to each programmes by the amount of budget are the important components of pre-budget statement. It is a policy guideline for coming year’s budget. Citizens budget is the non technical presentation of budget proposal so as to make general people understand the main features of government budget. According to IBP, lack of these two documents has limited the opportunity for people to participate in the Nepal’s budget process.</div> <div> </div> <div> There are several areas for improvements on comprehensiveness of existing 6 budget documents. These documents have limited outreach. They are in many cases produced but not timely released. On the other hand role of oversight agencies i.e. parliament and supreme audit institution has also not been utilized to promote public scrutiny on the budget process. </div> <div> </div> <div> Because of these reasons, Nepal’s open budget index has been only 44 in 2012. It was 43 in 2008 and 45 in 2010. Thus IBP has strongly recommended Nepal to undertake following steps:</div> <div> •Produce and publish a pre-budget statement and citizen budget</div> <div> •Increase the comprehensiveness of executive budget proposal</div> <div> • Increase comprehensiveness of in-year report</div> <div> • Increase comprehensiveness of year-end report</div> <div> •Increase comprehensiveness of audit report</div> <div> • Hold consultations with a range of legislators in the process of determining budget priorities</div> <div> •Legislature should have a specialized budget research office </div> <div> • Expand public engagement in budgeting </div> <div> </div> <div> Government should also prepare and publish indexes (inventory) of all budget related documents. The government should give concrete shape to pre-budget discourse by producing and publishing pre-budget statement at least before 30 days of publishing executive’s budget proposal as per international standard. And citizens’ budget should be published with executive’s budget proposal.</div> <div> </div> <div> Demystification of budget document should not be limited to formality. The government should increase comprehensiveness of key budget documents. In order to inform people, the government should build collaboration between government agencies and civil society, particularly budget advocacy groups.</div> <div> </div> <div> Lip service is not enough to ensure budget openness in the country. The government should ensure transparency by preparing budget openness friendly law and policies. The government should consider incorporating all relevant suggestions while drafting fiscal transparency bill because no one has the right to misuse the tax money. </div> <div> </div> <div> <em>(Writer has been conducting research on Public Financial Management in Nepal)</em></div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'According to bi-annual open budget survey (OBS) on budget transparency of International Budget Partnership (IBP), Nepal’s budget transparency situation is below average. Availability, accessibility and timeliness of budget information are key indicators of budget transparency.', 'sortorder' => '2001', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 1 => array( 'Article' => array( 'id' => '2153', 'article_category_id' => '145', 'title' => 'Public Accountability: It's Not Only Banks That Needs Closer Scrutiny', 'sub_title' => '', 'summary' => null, 'content' => '<div> The Reverend Paul Flowers, the former chairman of the Co-op Bank, we are now told, was hugely profligate with expenses, watched pornography on his work computer, hired male prostitutes, paid for crack cocaine and, knowing next to nothing about banking, led the Co-op, already lumbered with the purchase of the Britannia Building Society, as it blundered into an attempt to buy 631 branches of Lloyds with no money in the till. This magical feat of accountancy beggars belief, coming as it did in the wake of the earlier huge bailouts by taxpayers of RBS and Lloyds, similarly blind to the limitations of their capital.</div> <div> </div> <div> It is all too easy to see Flowers as the comic sideshow, now dubbed the crystal Methodist man of the cloth, who has spent years gleefully behaving badly, protected by his dog collar and the old boys' network. His solicitor says his client is now "in a rather ponderous frame of mind". Far more significant is the damage done to a mutual with a proud history of ethical behaviour, now with a £1.5bn hole in the bank's capital and at the mercy of two hedge funds propelled by a very different drive.</div> <div> </div> <div> A danger also exists that Flowers and the mudslinging that currently occupies Labour and the Conservatives will distract from one of the core lessons of the Co-op debacle. Yet again, good governance and a sense of responsibility have been alarmingly absent in thefinancial sector. At the same time, Osborne, in allowing the regulators to appoint a head of their own choice to the inquiry he has instigated, has prompted Lord Myners, city minister during the banking crisis, to condemn "an enfeebled investigation, compromised and emasculated from day one".</div> <div> </div> <div> In the business of the Co-op bank, regulation has clearly been found wanting. In late 2011, the Financial Services Authority, precursor of today's Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) told the Co-op bank that it lacked the management skills and possessed too little capital to make the Lloyds purchase. Yet still the Co-op was involved in a £750m deal to buy the Lloyds branches, incredibly with no dissent from the FSA. On the contrary, the Co-op was applauded by Osborne for "creating a new banking system for Britain that gives real choice to customers and supports the economy".</div> <div> </div> <div> Earlier this year, in the wake of yet another financial scandal in the rigging of the Libor rate, the parliamentary commission on banking standards published its recommendations, optimistically entitled "Changing Banking for Good".</div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The Reverend Paul Flowers, the former chairman of the Co-op Bank, we are now told, was hugely profligate with expenses, watched pornography on his work computer, hired male prostitutes, paid for crack cocaine and, knowing next to nothing about banking, led the Co-op, already lumbered with the purchase of the Britannia Building Society', 'sortorder' => '2000', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 2 => array( 'Article' => array( 'id' => '2137', 'article_category_id' => '145', 'title' => 'Five Years After The Global Crisis, The World Is No Safer', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong><span style="font-size: 12px;">--By Pradumna B Rana</span></strong></div> <div> </div> <div> T<span style="font-size: 12px;">he Asian financial crisis of 1997–98 led to calls for the reform of the international financial architecture. A large number of policies were proposed for crisis prevention and crisis resolution, but with the faster-than-expected recovery of the Asian countries, complacency set in and reforms were abandoned. Complacency partially set the stage for the global economic crisis of 2008–09, and once again, under the auspices of the newly created G20, a large number of policies were announced. Have they been implemented, and has the world become a safer place? Not really.</span></div> <div> </div> <div> This leads to three main reasons for concern. The first is complacency yet again. Five years ago, credit markets were frozen, international trade had fallen off the cliff and the global economy was headed towards a great depression similar to the one experienced in the 1930s. There was an acute sense of urgency; the major economic powers agreed to coordinate monetary and fiscal policies. These efforts were successful and instead of a global depression the world experienced ‘the great recession’.</div> <div> </div> <div> Now financial markets no longer pose an immediate systemic threat. But the global economy is far from healthy; it is operating well below capacity, with millions unemployed. Policy coordination is still required, but is difficult to obtain. While the G20 made substantial progress in global economic reforms during its first three summits — that is, until the Pittsburgh summit — it is now headed towards obsolescence.</div> <div> </div> <div> The second reason for lack of progress in global reforms is the reluctance of the United States to give up its veto power and control of the IMF. In 1944, the United States, as the global hegemon of the time, helped establish multilateral rules, including those for finance and the IMF. This led to financial stability and unprecedented economic prosperity, not only for members of the club but also in other countries around the world — especially in the BRICS.</div> <div> </div> <div> Given their growing economic footprint in the world economy, the BRICS now desire a greater voice and say in running the IMF, but some members are reluctant to allow this. This is because, like many other clubs, the IMF is designed in such a way that founding members ultimately maintain control. Hence, one of the centrepieces of the proposed global reforms, namely the G20 pledge to transfer 6 per cent of quota and voting power at the IMF to large emerging markets, cannot be implemented.</div> <div> </div> <div> The third reason for limited progress in reforms is the relatively weak cohesion within the BRICS. The establishment of the G20 in the aftermath of the global economic crisis has given the BRICS a historically unprecedented opportunity to sit around the high table with G7 member states and participate in discussions on international economic policies as key stakeholders. But the BRICS have become ‘BRICS without mortar’. For example, when the position of IMF managing director became vacant last year, even though it was well known that the IMF tradition of locking out non-Europeans would be strongly protected, the BRICS should have quickly made a claim for the position, fielded a top-rate candidate and provided a strong backing. But that did not happen. The BRICS claim came late — perhaps as an after-thought.</div> <div> </div> <div> For the above reasons, many of the proposed global reforms have not been implemented and the world is not much safer now than it was before the global economic crisis. How might the situation evolve in the future? It depends on how global politics plays out among the various actors.</div> <div> </div> <div> Recent economic turmoil has demonstrated beyond doubt that unfettered global markets and greed are a dangerous cocktail that can lead to ‘elite’ capture and insider trading and put global prosperity at risk. A more legitimate multilateral rules-based system is one of the best ways to ensure that the benefits of globalisation are shared in an equitable manner. Another way is to move to a more decentralised architecture with global and regional institutions working together in a complementary manner. Compromises must therefore be struck so that economies can move towards either one of these two systems. The world would then become a safer place.</div> <div> </div> <div> If the United States decides to shun post-war multilateralism and go for preferential deals with like-minded countries instead, then the global order could fall apart. The world would then be back to the ‘beggar thy neighbour’ policies of the 1930s to the detriment of all, including the United States and the BRICS. US interest in negotiating the Trans-Pacific Partnership and Transatlantic Trade and Investment Partnership is a dark cloud on the horizon. Regional schemes, if well designed, can be stepping stones to multilateralism: let us hope that the desire of the United States in pursuing these schemes is not to lock out other countries — especially China and India.</div> <div> </div> <div> <em>(Pradumna B. Rana is Associate Professor in International Political Economy at the S. Rajaratnam School of International Studies (RSIS), Nanyang Technological University.)</em></div> <div> </div> <div> Source: East Asia Forum, http://www.eastasiaforum.org/2013/11/15/five-years-after-the-global-crisis-the-world-is-no-safer/</div>', 'published' => true, 'created' => '2013-11-21', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The Asian financial crisis of 1997–98 led to calls for the reform of the international financial architecture. A large number of policies were proposed for crisis prevention and crisis resolution, but with the faster-than-expected recovery of the Asian countries, complacency set in and reforms were abandoned.', 'sortorder' => '1992', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 3 => array( 'Article' => array( 'id' => '2102', 'article_category_id' => '145', 'title' => 'Microfinance For Rural Financing', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 12px;">--By Krishna Pradhan</strong></div> <div> </div> <div> M<span style="font-size: 12px;">icrofinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance. </span></div> <div> </div> <div> It is, however, ridiculous that the government is yet to realize achievement of this sector. A provision in this year’s budget, expresses government’s commitment to utilize microfinance as an effective means to provide finance in rural parts of the nation. The provision brings to light the government’s ignorance about the development of microfinance sector in Nepal over the last two decades.</div> <div> </div> <div> The budgetary provision is very much ambiguous in itself. For instance, it has mentioned the provision of propelling expansion of microfinance sector but it has not included any concrete measures. The rhetorical budget does not make any sense. </div> <div> </div> <div> In my opinion, we need to expand microfinance in the urban areas now. Central Bank has been doing good to promote microfinance throughout the country. However, we cannot take microfinance sector to the next level unless the government extends support. It is time that the government takes some concrete measures to accelerate the expansion of microfinance across the country. </div> <div> </div> <div> There are some obvious reasons why the government should be involved in expansion of microfinance. Poverty eradication is, in principle, government’s obligation. Poverty reduction is not concerned only to data comparison. The overall poverty situation across the nation has not improved significantly. People below absolute poverty line still remain crushed despite pumping billions worth budget every year. Around 25 percent population is still living below the national poverty line. </div> <div> </div> <div> It is worthwhile to mention here that around 1.5 million people have been directly benefited from microfinance over the last two decades. Similarly, around 7 million people have indirectly benefited from the microfinance. </div> <div> </div> <div> Despite some wrong practices in the sector, microfinance has contributed much to bring the rural economy in formal channel and in developing banking habit in remote villages. Poor people in the village have been involved in various income generation activities after establishment of microfinance institution in the villages. This has contributed in reducing poverty. Microfinance institutions are especially useful for those who cannot afford collateral while borrowing money from banks. </div> <div> </div> <div> </div> <div> Microfinance can substantially improve living standards of rural and urban poor if the government can propel its growth in a positive way through the introduction of appropriate policies. The government should take both direct and indirect measures to promote microfinance. Subsidy in corporate tax and certain percent tax exemption in the profit are some tangible measures that the government can adopt to promote microfinance sector. Similarly, the government should provide facilities to employees of microfinance institutions since they work in the rural areas. Tax exemption in the income of employees of microfinance institutions can stimulate them to work in the rural areas. The government can give tax exemption to microfinance employees whose yearly income is less than Rs 0.5 million. </div> <div> </div> <div> The government should also facilitate in the treasury management sector of microfinance. The government can deposit certain percent of collected revenue amount to the Grameen Swabalamban Kosh (GSK) and can convert it into the National Microfinance Fund. The money collected in the fund should be used in the welfare of microfinance institutions. Similarly, the government should also ensure health insurance of the employees working for microfinance institutions. </div> <div> </div> <div> The government should utilize microfinance institutions to generate employment opportunities in the country since microfinance has been very effective in launching income-generation activities at the grassroots level. The government should come up with a clear vision rather than rhetorical phrases in the development of microfinance. </div> <div> </div> <div> <em>(Writer is former executive director at Nepal Rastra Bank )</em></div>', 'published' => true, 'created' => '2013-11-11', 'modified' => '2013-11-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Microfinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance.', 'sortorder' => '1950', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 4 => array( 'Article' => array( 'id' => '2103', 'article_category_id' => '145', 'title' => 'Job Losses: Shipping Out', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">T</span><span style="font-size: 12px;">he first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.</span></div> <div> </div> <div> It's a decision that owes something to the politics of the United Kingdombut more to the needs of BAE, which is building the carriers. All future construction work will be done in Scotland, in the yards at Govan and Scotstoun. They will get the orders for type 26 frigates and three patrol boats to keep the yards ticking over until the new contracts are ready. As a result, a thousand of Portsmouth's 12,000 shipyard jobs will go – and since, according to the city's university, each 100 jobs in the dockyards supports another 66 beyond, the knock-on effects will be grim for the whole city. Almost as many jobs again will go on the Clyde. That's what happens when a whole political generation fails to develop an industrial strategy. It's another blow to the coalition promise to rebalance the economy.</div> <div> </div> <div> The defence secretary, Philip Hammond, did not try to hide the relevance of next year's Scottish independence referendum when he briefed MPs. No United Kingdom, no new shipbuilding contracts, which won't be ready until after the vote. In theory, Portsmouth can still hope – except the odds are heavily against the Scots voting "yes". But there's a logic to concentrating building in the north that's been recognised for at least three years: the political advantage, if there is one, of being able to threaten nationalist sympathisers with job losses is more of a bonus ball than a cynical calculation. Nor has the news taken Portsmouth by surprise. Councillors and employers have been working since 2010 on an innovative £1bn regeneration scheme, combining investment in infrastructure with new links between schools and the city's big employers aimed at getting key-sector growth in areas such as aerospace and environmental technology.</div> <div> </div> <div> It might not have been such a haul if, 30 years ago, politicians had considered a private-sector response to the consequences of shrinking the navy that Margaret Thatcher's first defence review precipitated. Some niche yacht-building did grow to take up a little of the slack, but this year Sunseeker, the last British-owned yard, based in Dorset, was bought out by the Chinese. And what was really needed was a focus on what has turned out to be the growth area in shipbuilding: the luxury cruise liner business. Instead they are built in Korea, Norway, Finland, France, Germany and Italy. Anywhere except the UK.</div> <div> <em> (Source: theguardian.com)</em></div>', 'published' => true, 'created' => '2013-11-11', 'modified' => '2013-11-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.', 'sortorder' => '1948', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 5 => array( 'Article' => array( 'id' => '2031', 'article_category_id' => '145', 'title' => 'Power Trading Growth In India: An Overview', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Pankaj Goel </strong></div> <div> </div> <div> I<span style="font-size: 12px;">ndian power market is a vibrant and growing. Its growth is stable. It is completely voluntary market with multiple choice and options. Electricity trading is allowed by Electricity Act- 2003 and 41 trading licenses have been issued till March 2012. Top 5 trading licensees have 80 per cent market share. </span></div> <div> </div> <div> PTC India Ltd (PTC), the leading provider of power trading solutions in India, was established in the year 1999 as a Government of India initiated Public-Private Partnership. Its primary focus is to develop a commercially vibrant power market in the country.</div> <div> </div> <div> PTC is the pioneer in implementing the power trading concept in India and has successfully demonstrated its efficacy in optimally utilizing the existing infrastructure within the country to the benefit of all. </div> <div> </div> <div> Electricity trading has led to optimization of existing energy resources, encouraged commercial outlook in the sector and cross-border exchange of power. This has also catalyzed investment into the power sector, mainly from the private sector </div> <div> </div> <div> It is worthwhile mentioning here that development of power trading has created market structure facilitating private investment in the sector. </div> <div> </div> <div> Power markets world-wide seek to maximize competition in generation, are open to all market participants, and compete on price, not cost.</div> <div> </div> <div> PTC pioneered the concept of power trading in India and it has continued to maintain the top position since inception. That concept was developed to promote private investment in power sector.</div> <div> </div> <div> Long term trading contracts reduce volatility in trading volumes. It helps to enter into long term PPAs with new Independent Power Producers (IPPs) and invest into power projects to increase the trading volume. </div> <div> </div> <div> It was only after the success of PTC’s model, that the Electricity Act 2003 recognized power trading as a distinct licensed activity. Short term power market in India has witnessed rapid growth. It not only grew in volume terms but also as percentage of total electricity generation from 3% in 2008 to 11 per cent in fiscal year 2013.</div> <div> </div> <div> PTC created a power market which is the first of its kind in South Asia. It has been facilitating a transition from cost-based returns to market based returns. PTC has contributed to create value for power – market based price discovery of power. It helps in optimal utilization of generation capacity and increased generating capacity addition. Short-term and long-term trading opportunities thus created have led to development of Power Exchange and encouraged renewable energy market.</div> <div> </div> <div> It has introduced innovative products suiting customers’ needs. Similarly, single window service has come into effect to take care of all intermediate requirements like transmission agreements, metering, accounting etc. That engages regulators at Centre/State level towards development of power market.</div> <div> </div> <div> There is possibility of cross-border trade with Nepal. India-Nepal power exchange is at a moderate level that stands at around 100-150 MW. Out of total power supplied to Nepal, PTC supplies 50-70 MUs annually to meet Nepal’s emergent load during winter months. </div> <div> </div> <div> Government of Nepal has prioritized hydro power development and encourages private investment. Nepal has enormous 42,000 MW hydro potential but only 2 percent has been exploited so far. Existing India-Nepal transmission links should be strengthened for long-term power trade between two countries. </div> <div> </div> <div> <em>(The article is based on Goel’s presentation made at The Power Summit 2013 organized by IPPAN. Writer is Vice President, Marketing at PTC India)</em></div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Indian power market is a vibrant and growing. Its growth is stable. It is completely voluntary market with multiple choice and options. Electricity trading is allowed by Electricity Act- 2003 and 41 trading licenses have been issued till March 2012. Top 5 trading licensees have 80 per cent market share.', 'sortorder' => '1884', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 6 => array( 'Article' => array( 'id' => '2032', 'article_category_id' => '145', 'title' => 'London Can't Become Home Only To The Rich', 'sub_title' => '', 'summary' => null, 'content' => '<div> In his magisterial account of 19th-century London, then as now a city of contradictions, Jerry White describes how Clerkenwell became "the greenhouse of invention". Hiram Maxim perfected his machine gun there; Sebastian de Ferranti his dynamos and Guglielmo Marconi his electric telegraph. Clerkenwell's people were cabinet makers, brass workers and glass shade and globe makers. Elsewhere in the city, new industries flourished, as did the docks and retail. Ladies shopped in "the emporium of the world!". "Made in London" was a badge of pride. Today, the fattest profits come not from the fruits of questing minds and hard graft but from the new gold, what American writerMichael Goldfarb, in a scathing essay in today's Observer, calls "the global reserve currency" that is property.</div> <div> </div> <div> "The property market is no longer about people making long-term investment in owning their shelter," he writes, "but a place for the world's richest people to park their money at an annualised rate of return of around 10%." In 2012, an extraordinary £83 bn-worth of properties were purchased mortgage-free in London with no financing.</div> <div> </div> <div> What attracts foreign (and domestic) millionaires and billionaires is not just the rate of return but the coalition's tax regime. Britain, for instance, has a base corporate tax rate of 23% (due to drop to 20% in 2015). In Germany, it is 29%. Again, while the majority of London's citizens rightly pay up to 40% or more of their incomes to maintain the hospitals, schools, roads and civic services of the city, the rich are taxed in small change.</div> <div> </div> <div> The impact of London's property market becoming another global reserve currency where the super rich stash their billions and evade tax will soon be felt in the changing nature of the city's social and cultural ecology. What price to the capital if, increasingly, teachers, artists, students and civil servants can no longer live, work and contribute to an eclectic social mix?</div> <div> </div> <div> The threat is not just cultural, but economic too. Already some senior business leaders have voiced fears that the capital is likely to lose out to cities such as Berlin in the race to become Europe's major digital hub since London is simply unaffordable for many young enterprising tech workers. Historically, the cultural industries have been major players in the British economy, but they also play a crucial role in helping create a flourishing, diverse city.</div> <div> </div> <div> That is now under serious threat and there are few, if any, senior political leaders who seem to have an oversight of what is happening. The city needs a strong advocate, one who argues vociferously that the cities that work best are ones that work for everyone. London is no longer that type of city.</div> <div> <em>(The Guardian)</em></div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'In his magisterial account of 19th-century London, then as now a city of contradictions, Jerry White describes how Clerkenwell became "the greenhouse of invention". Hiram Maxim perfected his machine gun there; Sebastian de Ferranti his dynamos and Guglielmo Marconi his electric telegraph. Clerkenwell's people were cabinet makers, brass workers and glass shade and globe makers.', 'sortorder' => '1882', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 7 => array( 'Article' => array( 'id' => '1981', 'article_category_id' => '145', 'title' => 'Give Peace Talks A Chance', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Janardan Baral </strong></div> <div> </div> <div> Stability and prosperity in Pakistan will definitely have impact in the entire South Asia. However, peace in Pakistan has been elusive since last couple of decades though the current government of Pakistan is working out a national consensus based strategy for dealing with the problem of terrorism.</div> <div> </div> <div> In quest of peace in Pakistan, recently held All Parties Conference (APC) can be taken as a defining moment that raised hopes that there are chances of prevailing peace in Pakistan. </div> <div> </div> <div> This time, APC was unique due to several reasons. Firstly, it was attended by all the invitees. Secondly, it was supported by the public mandate regarding the strategy to deal with the Taliban and the US drone attacks. Moreover, people had voted for the political parties which articulated an anti-drone policy. Thirdly, the APC decided to give free hand to the sitting government on three issues—economy, energy and terrorism. </div> <div> </div> <div> According to agencies, the APC has reposed full confidence in the efforts of the country Prime Minister and authorised the federal government to initiate dialogue with Taliban and take all the necessary steps as it may deem fit including development of an appropriate mechanism and identification of interlocutors.</div> <div> </div> <div> In an interesting revelation, APC was informed by security apparatus that there are groups within the Tehreek-e-Taliban Pakistan (TTP) who are in favour of talks but then there are others that enjoy the backing of certain hostile agencies who may never agree. </div> <div> </div> <div> TTP should come clean on those dubious entities which are operating under its brand name and carrying out disruptive actions. TTP should show its commitment for peace. </div> <div> </div> <div> With the Afghanistan conflict apparently moving towards a close, it is logical that Pakistan should engage in dialogue with select groups of Pakistani Taliban under a well structured framework. Pakistan is already facilitating such processes amongst America, Afghan Taliban and the Afghanistan government. </div> <div> </div> <div> Many analysts say that there is paradigm shift in the country’s security strategy. For instance, the top civil-military leadership has unanimously decided to hold peace talks with all militant groups, keeping the TTP on top priority. The move was hailed by even Taliban in Pakistan and they dubbed the move as an opportunity to hold a ‘meaningful dialogue’.</div> <div> </div> <div> It’s not the first time that Pakistan government has tried to open such talks. However, this time the approach is qualitatively different. This time Taliban are being referred to as “stakeholders.” The government plans to start the talks just as soon as intermediaries complete the necessary “groundwork”. It is encouraging that the Taliban Shura (the decision making body) has promptly convened its session to nominate its team. The TTP would announce its team once the government has finalised its interlocutors. The central leadership of the TTP has claimed that the Prime Minister Nawaz Sharif had sent a letter to the TTP about a possible peace dialogue and the TTP has replied to it.</div> <div> </div> <div> Pakistan’s national leadership also boldly addressed the sticky issue of American drone strikes. It described them as detrimental to the country’s efforts to eliminate terrorism and recommended that the government should consider taking up the issue to the United Nations. APC communiqué also termed the drone attacks an ‘illegal and immoral’ act. “We declare that we shall ourselves determine the means and mode of fighting this war in our national interest and shall not be guided by the United States of America or any other country in this regard.” Pakistani security officials also informed that there was no secret understanding with the US on the CIA-led drone campaign. Hopefully, an unambiguous official stance on drone attacks would help create a conducive environment for the envisaged negotiations. </div> <div> </div> <div> The APC called for a result-oriented and peaceful dialogue process to eliminate extremism from the country. Political leaders admitted that the situation has continued to deteriorate over the last several years and past efforts to control terrorist and extremist elements have not yielded the desired results.</div> <div> </div> <div> </div> <div> </div> <div> It is for this reason that peace talks with Taliban should be given a fair chance to succeed. There are forces which say that Taliban don’t want to be treated like that. However, these elements while speaking in such a tone do not give priority to the interest of Pakistan. </div> <div> </div> <div> These are mainly western voices which want Pakistan to go all out against Haqqqani net work. They must realize the fact that Haqqani network is Afghan entity. While responding to Hillary Clinton’s statement with skepticism, a senior Haqqani commander told Reuters on October 25, 2011 that the “Afghan Haqqani group will not take part in any peace talks with the United States which will not be able to find a possible solution to the Afghan conflict unless they hold talks with the Taliban—led by the Taliban leadership seriously. He revealed, “Americans had made several attempts for talks which we rejected as we are an integral part of the Taliban led by Mullah Omar…we are united to liberate our homeland-Afghanistan.”It is of particular attention that on September 17, 2012, in a rare interview by telephone from an undisclosed location, leader of the Haqqani militant network, Sirajud Din Haqqani disclosed that the group has become so confident after battlefield gains in Afghanistan that “it no longer has sanctuaries in Pakistan, and instead, felt secure inside Afghanistan.”</div> <div> </div> <div> What the world must realise is that Pakistan is a sovereign democratic country and the voice of democratically elected government and other political parties that suggest that talks with Taliban should be given a fair chance.</div> <div> </div> <div> World must also realize that collateral damages in form of drone strikes in Pakistan have resulted in germinating greater ill will against US/ISAF and ultimate sufferers are the people of Pakistan.</div> <div> </div> <div> The crux of the matter is that today Pakistan is the epi-centre of war against terrorism. Sacrifices rendered by Pakistani people in eliminating the menace of terrorism from the world are unparalleled. If we take a pragmatic view of developments in the region following USSR’s interruption in Afghanistan, Pakistan has played a key and very positive role. Today the whole Eastern Europe is enjoying freedom which is result of Pakistan standing tall in thwarting USSR.</div> <div> </div> <div> Situation in Afghanistan deteriorated as US and West changed their priorities and started focusing towards East Europe. 9/11 gave another dimension to the region and the world. Afghanistan has seen use of force and its after effects have been suffered by Pakistan. For the last 13 years this region is suffering with minimum achievements for a durable peace.</div> <div> </div> <div> The proponents of use of force do not want to see this region peaceful. To ensure their safety they are trying to create destruction in other parts of the world. It needs to be reiterated that today’s Pakistan has the capability and the political will to firm up a response against terrorists. No one but only the people of Pakistan can suggest a panacea for the problems that it is facing. The world must acknowledge and respect the decision which the political leadership of Pakistan has taken in holding talks with militants and terrorists.</div>', 'published' => true, 'created' => '2013-10-21', 'modified' => '2013-10-21', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Stability and prosperity in Pakistan will definitely have impact in the entire South Asia. However, peace in Pakistan has been elusive since last couple of decades though the current government of Pakistan is working out a national consensus based strategy for dealing with the problem of terrorism. In quest of peace in Pakistan, recently held All Parties Conference (APC) can be taken as a defining moment that raised hopes that there are chances of prevailing peace in Pakistan.', 'sortorder' => '1832', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 8 => array( 'Article' => array( 'id' => '1934', 'article_category_id' => '145', 'title' => 'The West Seti Hydro Project A New Model Of People-Private-Public-Partnership?', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Madhukar SJB Rana</strong></div> <div> </div> <div> For over a decade and a half, the Australian engineering company Snowy Mountain Engineering Corporation (SMEC) tried to build a 198m High Dam and generate 750 MW hydro power in the West Seti river but failed because it could not (a) mobilize the required US $ 1.2 billion funds, (b) pass the Environmental Assessment norms, (c) meet world standards for High Dams and (d) did not know – or indeed care-- how best to meet the needs of local inhabitants, both directly and indirectly affected. After 16 years of trying and having expended over $ 35 million, SMEC abandoned the project in 2011 when the Government of Nepal revoked its license once and for all.</div> <div> </div> <div> The project was a PPP project with SMEC providing 10 per cent of the power generated, or its equivalent in cash, to the Government of Nepal and exporting 90 per cent of the energy generated to India at a price of USD 4.86 per KWe under the Power Trade Agreement signed with the Power Trading Corporation (India). </div> <div> </div> <div> Under the BOOT model, the company was to transfer the ownership to Nepal after 25 years from the start of operations. In the wake of the acute power shortage in Nepal where the country has to suffer 12-14 hours of power outage in winter, it is not surprising that the people, both local and national, were opposed to such an export-oriented project. People also questioned the sheer lack of consideration for the full use of the water being damned for irrigation. </div> <div> </div> <div> Enter the China Three Gorges Corporation (CTGC), after which the West Seti Project may see the light of day. Let us hope that the CTGC takes this up as a 100 per cent FDI as it has the technology (the corporation has installed more than 20,300 MW thus far) as well as the management and financial capacity to execute it on a turnkey basis – once the selling price is settled. However, the project implementation will depend critically on issues over (a) land acquisition, (b) resettlement of the affected people,(c) construction of a transmission line to feed energy generated into the national grid and (d) learning from the mistakes of SMEC for failing to genuinely participate with the local VDC s and local communities.</div> <div> </div> <div> The project will provide immense benefits to the Far West Region comprising Baitadi, Bajhang, Doti and Dadeldhura districts – provided it is taken up as a People-Private-Public-Partnership (4Ps, not 3Ps) project where land acquisition is fairly and amicably done and the 16,000 plus people comprising 2125 plus households in the 20 VDCs get to be beneficiaries without having to be resettled elsewhere in the Tarai (Bardia, Kailali and Kanchanpur) – an ecological region totally alien to the locals’ lifestyle. In 2008, the Constituent Assembly MPs estimated that only around 20 per cent of the land is government owned and, further, that 1393 households involving 12,000 people would have to be relocated.</div> <div> </div> <div> A turnkey basis is suggested in order to get over the hassle of multiple financiers as was faced by SMEC. It may be noted here that the SMEC venture was originally to be completed in 2005.It then moved forward to 2012! Now, with the CTGC, the project is expected to be operational by 2021. The CTGC cost is estimated at around $1.7 billion. A turnkey project would free Nepal of the burden of cost over runs and delays and, more so, all manner of hidden transaction costs as payoffs to ever changing governments, politicians and bureaucrats. Should Nepal opt for federalism, the matter will be even more compounded by issues over jurisdiction and authority. Hence turnkey is the need of the hour. The next issue is under what model: BO; BOO or BOOT? How long should the contract be stipulated for? It is suggested that this be kept open depending on the PPPP project appraisal that should, ideally, seek a win-win for all stakeholders while sharing risks equitably. It needs be underscored here that China may, in the process, also come forth with a new model of development diplomacy based on the emerging concept of aid for trade.</div> <div> </div> <div> Space limits this discussion. Suffice to say that the 4th P can be incorporated by assessing the possibilities of transformation of the project area and its households by assessing possible local development opportunities over the life span of the CTGC project. The idea is simple: the area as well as the local people should benefit with the CTGC providing a new vision of social transformation, as partners, over the optimal life span of the project. This would require financial as well as economic appraisal of the project along with risk assessments and consideration of what fiscal, financial, monetary, land and infrastructure policies and programme support may be required from the local and central governments. Participatory Action Research (PAR, not simply PRA) should be engaged in to decipher the people’s wishes, desires, dreams and capacities. </div> <div> </div> <div> To conclude: ADB and Electricite de France, a French utility company, completed a 1070 MW Hydro Project in Laos where 6000 displaced villagers in 17 villages were successfully resettled into new homes along with legal grant of new plots of land and technical assistance in farming. Payments of due compensation to 18,000 villagers indirectly affected, situated in 92 villages, were provided in the form of assistance in agriculture, horticulture, fisheries, livestock, forestry and off-farm activities to include vocational and entrepreneurial skill training. Another 67 villages, lying adjacent to these 92 villages, got better access to education and health along with some cash compensation. </div> <div> </div> <div> The 4P model proposed here seeks all of the above plus more —it incorporates financial, fiscal, monetary and land acquisition terms and conditions into the model and decides on the precise nature of the partnership model-- and its duration-- only after due consideration of risks, financial and economic costs and benefits to all stakeholders. It goes way beyond the current royalty cum BOOT model that is standard fare to any and all projects which are in dire need of innovation on a case by case basis. </div> <div> (The Writer is a former Finance Minister and Professor at the South Asian Institute of Management.)</div> <div> </div>', 'published' => true, 'created' => '2013-10-07', 'modified' => '2013-10-21', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'For over a decade and a half, the Australian engineering company Snowy Mountain Engineering Corporation (SMEC) tried to build a 198m High Dam and generate 750 MW hydro power in the West Seti river but failed because it could not (a) mobilize the required US $ 1.2 billion funds, (b) pass the Environmental Assessment norms, (c) meet world standards for High Dams and (d) did not know – or indeed care-- how best to meet the needs of local inhabitants, both directly and indirectly affected. After 16 years of trying and having expended over $ 35 million, SMEC abandoned the project in 2011 when the Government of Nepal revoked its license once and for all.', 'sortorder' => '1792', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 9 => array( 'Article' => array( 'id' => '1885', 'article_category_id' => '145', 'title' => 'Pokhara, Tourism & Sustainability Issues', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Ramji Sharma</strong></div> <div> </div> <div> Tourism, a 21st century industry, acts as an agent to induce change in socio-cultural values and norms of a society. Social and cross-cultural contacts, encounters and interactions are inherent aspects of tourism and its impact and implication numerous and varied. The United Nations Environmental Programme says that the implications of tourism are ambiguous, for the same activities are seen as beneficial by some and perceived negatively by others - especially with regard to disagreements between business interests and environmental consciousness. ‘Sustainability’, thus, has become a buzzword in tourism academia now. </div> <div> </div> <div> To analyze the impact and implication of tourism in Pokhara, a model called ‘FIDELL TALCADS’ (acronym of thirteen selected variables) was devised and tested here. The variables were: </div> <div> Family structure / Social composition, Indigenous profession, Dining patterns, Emotion, Attitude and Behaviour, Lifestyle and Fashion, Labour division, Traditions, values and norms, Arts, crafts, curios and music, Language, Crime, Alcoholism / Smoking, Drug abuse, Sex</div> <div> </div> <div> The research shows that the effects of tourism can be measured in various social aspects.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Dining patterns</strong></span></div> <div> Food, it is believed, is the most important cultural expression that can sometimes be the reason of travel for some people. Ethnographically, Nepal is one of the richest countries in the world with 125 ethnic groups and 123 spoken languages. Different communities have different types of food to begin the day with. A most popular ritual which has now become a habit for many Nepali people is to wake up with a cup of tea. However, this common habit was only found in 25.86 per cent of the respondents at Lakeside, Pokhara. The percentage of respondents that articulated their preference for light break-fast in the morning with a cup of tea or coffee, on the other hand, was 74.14 per cent, and none of the breakfast choices included an item from the traditional Nepali cuisine. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Emotion, Attitude and Behaviuor</strong></span></div> <div> Tourism creates wide socio-cultural implications as tourists bring their distinct cultural baggage when they visit different places. The most striking feature of tourism is interaction and intermingling between hosts and guests that slowly penetrate and infuse a large number of small effects which individually appear insignificant but together make an impact.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Lifestyle and Fashion </strong></span></div> <div> Akin to the cultural variation in hospitality, tourism has multifarious implications on various aspects of human life. However, the intensity and mode may vary depending on the frequency of interaction, cultural distance and age groups that come into contact with tourists of different cultural values and lifestyle. Of them, the younger generation seems to be highly influenced by tourism. Most youngsters feel modern when they copy, follow or imitate the styles of tourists (mostly western) which is also called ‘the demonstration effect’ in tourism. The popularity of the multicolored shaggy hair, hair raise, hip-hop outfits, bra-less transparent tops, colour tattoos, piercing in various parts of the body are some of the noticeable demonstration effects in these communities. </div> <div> </div> <div> There is a significant influence of tourists on the lives of the waifs and stray children of the streets. Destitute children stroll around until they find kind tourists after which they swarm around the tourists begging for money, chocolate or sometimes ask them to take them to restaurants for dining. The children (and sometime seniors too) often dress in tattered clothes and prey upon the sympathies of the tourist who give them something and eventually turn them into professional beggars. Begging has become the best modus operandi for street children for easy living in spite of clearly written instructions given to visitors to not to give anything. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Traditions, Values and Norms</strong></span></div> <div> Each unit of society has a set of traditions, value systems, beliefs, ideas, attitudes, perceptions and habits. The growth of tourism may produce both problems and opportunities at a vast scale for societies and its main impact might be on the economy, culture and environment. </div> <div> </div> <div> Grand celebrations targeting the English New Year and Christmas is probably the best street carnival in Pokhara, indicating western influence. A perceptible void of festivity during the Nepali New Year and Dashain-Tihar signifies the westernization of tourism in Phewa Lake catchments. Regardless of this, respondents added that tourism has inculcated a broader outlook through knowledge and awareness that are not only desirable but also necessary to improve the quality of life of people in particular, and the society in general. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Art, Craft Curios and Music</strong></span></div> <div> Some artistic creations and expressions like painting, music, dance, architecture and other areas in the arts hold appeal for tourists. </div> <div> </div> <div> Tourism has a very supportive role in promoting ethnic and indigenous music, dance and songs in Pokhara. Respondents have noticed a sizable increase in Rodhi culture, Dohari, Ghantu, Sorathi, Chhyandu and Jhyaure in the Lakeside area due to tourism.</div> <div> </div> <div> Nature-based tourism in the spectacular milieu of our cultural mosaic is the core competence of the Nepali tourism industry. But nature and culture both are vulnerable and cannot remain in isolation from tourism. The example of Pokhara’s westernization shows that tourist cultures always dominate the host culture and in many cases, hosts are the losers despite the financial leverage they get. Coming close to Social Darwinists and Neo-Marxists, analysis has proved that tourism is a strong agent of socio-cultural diffusion, infusion, acculturation and assimilation with an anthology of a complex synthesis of various interconnected socio-cultural, environmental and economic influences, though although it primarily turns up as an economic enterprise. </div> <div> </div> <div> Further, socio-cultural influences and implications are not as apparent as economic impacts are. Such impacts are indirect, qualitative and hard to identify. They depend on value orientation and are also ambiguous. Thus, we can conclude that the impact and implications of tourism on the host society are latent, slow, but penetrating and lasting; and the impact individually appears to be insignificant, but together they vibrate and weaken the socio-cultural system. </div> <div> </div> <div> It is revealed that tourism, in many cases, appears as an exploitative envoy rather than an economic panacea till the destination remains a ‘pleasure periphery’ of the developed world and the traveler becomes a tourist, not a social activist. Therefore, the paradise valley of Pokhara has to focus on value tourists and not on volume of tourists to retain its charm and authenticity. A proposition which might be appropriate for tourism development in a developing destination like Pokhara is ‘Community Based Responsible Tourism’ (CBRT) which emphasizes on having a balance between tourism growth, ecological conservation, economic prosperity, socio-cultural authenticity and sustainability. </div> <div> </div> <div> (The writer is a PhD research fellow in Tourism at TU / Principal at Mount Annapurna Higher Sec School, Pokhara. He can be contacted at: ramjisharma@gmail.com)</div> <div> </div>', 'published' => true, 'created' => '2013-09-30', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Tourism, a 21st century industry, acts as an agent to induce change in socio-cultural values and norms of a society. Social and cross-cultural contacts, encounters and interactions are inherent aspects of tourism and its impact and implication numerous and varied. The United Nations Environmental Programme says that the implications of tourism are ambiguous, for the same activities are seen as beneficial by some and perceived negatively by others - especially with regard to disagreements between business interests and environmental consciousness. ‘Sustainability’, thus, has become a buzzword in tourism academia now.', 'sortorder' => '1746', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 10 => array( 'Article' => array( 'id' => '1850', 'article_category_id' => '145', 'title' => 'Vision Tourism : Let’s Achieve: Naturally Nepal', 'sub_title' => '', 'summary' => null, 'content' => '<p> </p> <div> <strong>Amitabh Kant delivering his speech on ‘Incredible India’ at Hotel de l’ Annapurna.</strong></div> <div> </div> <div> </div> <div> </div> <div> <strong>This country needs to move away from low value marketing strategy to high value strategy.</strong></div> <div> </div> <div> Call him a thinker, a visionary or simply a bureaucrat who gave India a new identity — Incredible India. Amitabh Kant is a name in India’s tourism sector and he is the man who drove India towards the global tourism map. He shared his views on how to ptomote tourism and hospitality infra-structure in Nepal to generate more revenue and employment and also the story and challenges behind Incredible India. Branding India was not an easy task for him who was the joint secretary in the tourism ministry from 2001 to 2007 and a secretary of tourism in Kerala from 1997 to 2001. He is presently the Chief Executive Officer and Managing Director, Delhi Mumbai Industrial Corridor Development Corporation (DMICDC). </div> <div> </div> <div> When he took the challenge to change India’s image portraying its vibrant colours, the world was reeling under serious crises. Starting from the World Trade Centre (WTC) terrorist attack, Afghanistan war and the attack on the Indian Parliament — tourism was down in the dumps in India. </div> <div> It was at the peak of this crisis, the Incredible India campaign to position India as a tourist destination was launched. And, this was only happened due to his precise and well researched plan for several years. </div> <div> </div> <div> Excerpts (below) from his speech and presentation at Hotel Annapurna in the first edition of Tourism & Aviation Next 2013 event:</div> <div> </div> <div> </div> <div> <strong>Tapping the Market </strong></div> <div> </div> <div> Last year a billion people travelled across their borders i.e. one seventh of the world’s population was crossing boundaries from one country to another. It’s the world of tourism that contributes 6 % of global GDP. One of every 11 job across the world is created by tourism which makes it the biggest employment creator. And for country like Nepal and India, the critical challenge is how do we create the jobs for the youths? We are passing through the window of democratic transition and our population is young. And the challenge of job creation has to be done by tourism. The more tourists you have, more people you’ll lift above poverty line as you’ll create more jobs. </div> <div> </div> <div> </div> <div> <strong>Every Crisis is an Opportunity & Campaign </strong></div> <div> </div> <div> During the Incredible India campaigns, there were several crises going through country and worldwide. The WTC attack, Gujarat earthquake, coalition force attack on Afghanistan, attack on Indian Parliament and so on. And if we look at the index of travel and tourism competitive index of worldwide, India was very low in several aspects. And several international concerns were raised in India for cleanliness, hygiene, safety, security, transportation, promotional support and affordability. </div> <div> </div> <div> At those times, destinations used to be seen through travel packages. There was no demand of India and the challenge was how to get the demand back? We didn’t go the international market but decided to hit the consumer directly through exhaustive campaigns, communications, documentaries and it started giving results. Then the key international concern was transportation, affordability. In terms of tourist the image of the country was not really good. But every crisis is an opportunity. </div> <div> </div> <div> Image perception of India however was tourist friendly and also the air connectivity was increased gradually. Innate perception of India in terms of its rich and vibrant culture was an added advantage in the campaign. Globally India was considered good in terms of its authenticity, history, art and culture. We positioned India as a global brand through some of the key marketing strategies and its challenges (see box 1 & 2). </div> <div> </div> <div> </div> <div> <strong>Communication Strategies </strong></div> <div> </div> <div> To achieve the goal, communication strategies was also required and in long term it gave a momentum to our campaign. After series of thoughts, consistency in communication strategy was finalised. Training for taxi drivers through documentaries to consider tourists as our guest and awareness to prevent people from scribing names on historic monuments started yielding results. We also focused on clear definition of value proposition, constant research and innovation and constant interaction with travelers, travel writers and editors. The most innovative part of the campaign was turning tourism officials into brand ambassadors and documentary on keeping the city clean. Tourism is a multi-sectoral activity and we have to look with whole range of people. You have to work with people in the home ministry, external ministry, art, culture, aviation etc. </div> <div> </div> <div> </div> <div> <strong>Making of God’s Own Country: Kerala </strong></div> <div> </div> <div> Our mission was to develop Kerala into a premier destination on the world tourism map for defined niche tourists. We wanted to make it a stand-alone destination, a global brand, with instant brand recognition and high brand equity. The government played role of facilitator and catalyst. We worked on a Public Private Partnership (PPP) model. We focused on up-market clientele with more focus on quality than quantity. We focused on conservation, preservation and sustainability. We promoted innovative products and projects and adopted transparent, competitive policy on privatisation. </div> <div> </div> <div> And the whole world of Kerala tourism has changed. We focused on traditional and unique aspects of Kerala. Like backwaters, Ayurveda, its Innovative products, Elephant pageants, boat races, Tiger trail, eco tourism, Kerala’s traditional martial arts, cuisine. Basically we did everything which west did not do. We went back to roots of Kerala and build a — Gods Own Country. </div> <div> </div> <div> </div> <div> <strong>The Way the World Sees Kerala </strong></div> <div> </div> <div> • One of the 50 must see destinations of the world - National Geographic Traveler </div> <div> • One of the ten exotic paradises on earth - National Geographic Traveler </div> <div> • One of the 100 great trips of the 21st century - Travel & Leisure </div> <div> • One of the 10 hot spots of the millennium - Emirates In-flight </div> <div> • Where smart travelers go – Financial Times, London </div> <div> • One of the 10 love nests in India – Cosmopolitan </div> <div> • Best Performing State - Government of India Award </div> <div> </div> <div> </div> <div> <strong>Journey & Results: </strong></div> <div> </div> <div> Our campaign and determination triggered and gave a mileage to the Indian tourism industry, supported by industries like aviation; hotels etc. Infrastructure grew in tandem and in 2008 India got 5.38 million visitors compared to 2.54 million in 2001 and the figure is increasing every year. </div> <div> </div> <div> </div> <div> <strong>On Nepal Tourism </strong></div> <div> </div> <div> It has always been pleasure to be in Nepal. I long admire Nepal as a unique destination. I have always believed that there are very few destinations in the world with such a diverse nature, adventure, culture and Himalayan peaks. But I believe the positioning and branding strategy of Nepal is not an ideal one. Nepal is exporting its product extremely cheap. This country needs to move away from low value marketing strategy to high value strategy. Nepal in many ways is very unique and it has a great potential to deliver. But there is a huge challenge between potentials and performance and therefore it is very important to understand that world of tourism is very big. There is a need to raise Nepal’s service standards, creating premium brand of experiential tourism, positioning of exotic Nepal, adding new international airport, additional terminals and new air-routes, domestic and foreign investments in tourism services etc. (Amitabh Kant former joint secretary in the tourism ministry from 2001 to 2007 in India and a secretary of tourism in Kerala from 1997 to 2001.)</div> <div> </div> <div> </div> <div> <strong>Key marketing strategies </strong></div> <div> </div> <div> • Position tourism as major engine of economic growth </div> <div> • Harness the direct and multiplier effects of tourism for employment generation </div> <div> • Focus on domestic tourism as a major driver of tourism growth </div> <div> • Position India as a global brand </div> <div> • Acknowledge the critical role of private sector </div> <div> • Tapping the tourist directly </div> <div> • Create and develop integrated tourism circuits based on India’s unique civilization</div> <div> </div> <div> </div> <div> <strong>Key Marketing Challenges </strong></div> <div> </div> <div> • Moving from low value marketing strategy to high value marketing strategy </div> <div> • Defend and enhance India’s share in traditional long-haul markets </div> <div> • Develop strong short-haul markets </div> <div> • Penetrate the key source market in Asia </div> <div> • Position and differentiate strongly vis-à-vis key competitors in the region </div> <div> • Develop spending an avenues to capture higher value from each tourist</div> <div> <br /> </div>', 'published' => true, 'created' => '2013-09-23', 'modified' => '2013-09-23', 'keywords' => 'Edits & Opinions cover story news & articles, cover story news & articles from Edits & Opinions nepal, cover story headlines from nepal, Edits & Opinions current and latest cover story news from nepal, Edits & Opinions economic news from nepal, nepali cover story economic news and events, ongoing', 'description' => 'Call him a thinker, a visionary or simply a bureaucrat who gave India a new identity — Incredible India. Amitabh Kant is a name in India’s tourism sector and he is the man who drove India towards the global tourism map. He shared his views on how to ptomote tourism and hospitality infra-structure in Nepal to generate more revenue and employment and also the story and challenges behind Incredible India', 'sortorder' => '1711', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 11 => array( 'Article' => array( 'id' => '1815', 'article_category_id' => '145', 'title' => 'Problems In Mutual Funds', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <span style="font-size:14px;">The third edition of Money Expo for the year 2013 will take place in the Capital from October 31 to November 2. Being the largest finance and investment show in Nepal, the expo will focus on the promotion of investment opportunities and wealth protection strategies. In the expo, a separate interaction entitled ‘Mutual Fund: Another Attraction of Investment’ will be organized. New Business Age recently conducted a discussion on the same issue and experts presented their opinions.<strong> Excerpts: </strong></span></div> <div> </div> <div> <span style="font-size:14px;"><strong><img alt="Niraj Giri Spokesperson, Sebon" src="/userfiles/images/ng.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 187px;" />Niraj Giri </strong></span></div> <div> <span style="font-size:14px;">Spokesperson, Sebon</span></div> <div> •Financial literacy is crucial for the expansion of mutual funds. Literacy is necessary for policy makers as well as investors. </div> <div> •The Mutual Funds have been established to develop and expand share markets in the country. The fund is aimed at reducing the problem of institutional investment in the share market. This may also help expand the stock market.</div> <div> •Even investors should put forth their initiatives for financial literacy. In developed countries, investors are more proactive than the regulator in initiating financial literacy programmes. </div> <div> •Our market is completely focused in Kathmandu which is another stumbling block for mutual funds.</div> <div> •Absence of an independent mechanism to fix the price of securities is another problem.</div> <div> •Citizen Investment Trust (CIT) has been failing to work in line with its objective. We have to develop it as a market maker.</div> <div> </div> <div> </div> <div> <span style="font-size:14px;"><strong><img alt="Pravin Raman Parajuli CEO, Nabil Investment Banking Ltd " src="/userfiles/images/prp.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 187px;" />Pravin Raman Parajuli </strong></span></div> <div> <span style="font-size:14px;">CEO, Nabil Investment Banking Ltd </span></div> <div> •We have equal opportunities in mutual funds. However, managing the fund is indeed a challenging job. </div> <div> •A mutual fund plays a key role in providing security to its unit holders. That is why it should not be restricted to buy and sell shares.</div> <div> •We have 21,000 investors associated with our group. Most of them are grass root investors. We have also found that some of them are investing assuming mutual funds as IPOs.</div> <div> •Worldwide practice in mutual funds involves professional investment management and risk diversification. But the big question now is: have we been able to diversify risks? There have been some problems due to market limitations. Our market is full of banks and financial sectors. If we have to diversify our investment in the future, there seems to be no place for it.</div> <div> •Investors should also think about where they should invest next and what would be its risks and consequences.</div> <div> •We have to think about long term consequences rather than temporary ones.</div> <div> •We have to think about bringing real sector companies into the public for market diversification.</div> <div> •The nation should also take steps on awareness on mutual funds.</div> <div> •Stock availability is another problem. Out of total listed shares, only 8-10 per cent are available for trade.</div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Narayan Prasad Ghimire Chief, Share Division, Citizen Investment Trust " src="/userfiles/images/npg.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 188px;" />Narayan Prasad Ghimire</span></strong></div> <div> <span style="font-size:14px;">Chief, Share Division, Citizen Investment Trust </span></div> <div> •The Mutual Fund is a good option from a profit-making perspective because it has fewer risks.</div> <div> •Interest on mutual funds is declining because of the government’s policies regarding mutual funds. We had requested the government for exemption of income tax on at least Rs 50,000 of the total income of investors. But that could not be addressed in the budget, which has discouraged investors.</div> <div> •Because of less profit on mutual funds, people prefer direct personal investments instead.</div> <div> •The main problem of mutual fund is that most people lack knowledge about it. People who are aware are not interested in investing. That is why, despite the ability to invest, participation has not increased.</div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Shreejesh Ghimire CEO, NMB Capital" src="/userfiles/images/sg(1).jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 188px;" />Shreejesh Ghimire</span></strong></div> <div> <span style="font-size:14px;">CEO, NMB Capital </span></div> <div> •The demand of the mutual fund is very high in other countries but in the context of Nepal, demand is declining in spite of the progress the fund has made. This is the result of lack of awareness. The government made the policy but did not help further. The regulatory body SEBON, too, did not address the problem in time.</div> <div> •People are not aware of the benefits of investing on mutual funds. The main problem is market awareness which is very low. All stakeholders should work on raising awareness among people.</div> <div> •Lack of far sightedness in investors is another problem. Investors expect to double their amount invested in IPO. And if the company does not give result in four months, they believe it to be a bad company. As mutual funds’ plan is of five years, at least a year should be given before making any comments.</div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Dhruba Timalsina CEO, Siddhartha Mutual Fund" src="/userfiles/images/dt.jpg" style=" float: left; margin: 0px 10px 0px 0px;height: 186px; width: 150px;" />Dhruba Timalsina</span></strong></div> <div> <span style="font-size:14px;">CEO, Siddhartha Mutual Fund</span></div> <div> Rumours often create problems for mutual funds. For example, some vested interest people sometimes try to reduce share price of a certain company by creating a rumour. </div> <div> </div> <div> The mutual fund is given priority while issuing new shares. The general public thinks that the fund manager will get undue profit from such arrangement. It is a big misconception. The profit and advantage of the fund is not for the fund manager but for investors. </div> <div> </div> <div> I have seen financial illiteracy among investors as another big problem. They look forward to share prices rather than the overall returns. </div> <div> </div> <div> The Central Depository System (CDS) has not been working fully. Tasks have not been performed yet in shares dematerialisation. Given that investors outside the valley do not have access to opportunities, it is necessary to make CDS work fully.</div> <div> </div> <div> It is also necessary to make it clear that mutual funds are different from market makers. </div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Uddhab Shivakoti Share Investor" src="/userfiles/images/us.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 190px;" />Uddhab Shivakoti</span></strong></div> <div> <span style="font-size:14px;">Share Investor</span></div> <div> Mutual funds have failed to work as market makers. As they have failed to work as market makers, it shows that there is no difference between collective fund investors and mutual funds. When the market declined, mutual funds could have played a role to increase demand. Similarly, it can help in meeting demand if the market is booming. But such things have not happened. </div> <div> </div> <div> If we observe the portfolio of the mutual funds, we can find that the investment has not been </div> <div> done sincerely.</div>', 'published' => true, 'created' => '2013-09-16', 'modified' => '2013-10-01', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The third edition of Money Expo for the year 2013 will take place in the Capital from October 31 to November 2. Being the largest finance and investment show in Nepal, the expo will focus on the promotion of investment opportunities and wealth protection strategies.', 'sortorder' => '1676', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 12 => array( 'Article' => array( 'id' => '1774', 'article_category_id' => '145', 'title' => 'Political Commitment Necessary For Development', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Ashok Baidya</strong></div> <div> </div> <div> We have made an effort to bring the former prime ministers in the same platform for a meaningful dialogue and discourse on country’s overall economic development. This is probably a first of its type in the history of Nepal. I am really delighted to welcome the former prime ministers, who are at the helm of the country, in Birgung- a city known as the main entrance as well as the economic capital of the country. </div> <div> </div> <div> We are not going to hold a political debate by bringing top leaders of the political parties in this economic and industrial hub. Rather, we are seeking a political commitment for the nation’s economic development.</div> <div> </div> <div> Water, as a form of white gold, is flowing from our rivers. Provided that we utilize this water, we can easily get rid of the chronic power deficit. This will also ensure high economic growth, trade balance and earning of foreign currencies. However, instead of considering the hydropower as a matter of business, it’s a bitter reality that hydropower projects are facing political hindrances. </div> <div> </div> <div> On the other hand, Nepal is projected as a best destination for tourism by United Nations including other international organizations. However, the number of tourists in our markets has not exceeded one million per annum yet.</div> <div> </div> <div> The major reason behind all these economic problems is political instability and inconsistent policies. It is obvious that there exist of many political parties with diverse orientations in a country with multiparty democratic system. But complete and frequent changes in the whole policy resulting from the government changes is rarely see in any other country.</div> <div> </div> <div> The investors shy away from investing in the countries with instable politics and economy. Apart from these problems, our country is reeling under the power deficit and labour unrest, among other economic ordeals. Despite a high minimum wage compared to other South Asian countries, Nepal is yet to observe the normalcy in the labour sector. Thus, if productions are to be increased and investment is to be lured, a high level consensus is imperative on the fundamental issues of the economy. I would like to request to all former prime ministers from this forum for a common agreement on the fundamental agenda of the economy.</div> <div> </div> <div> Birgunj is a strong pillar of our economy. 70 per cent of country’s total industrial investments are in Birgunj-Pathlaiya corridor. But the government has inflicted injustice to the Birgunj-Pathlaiya region by not declaring this region as an industrial corridor. Along with a demand to declare this region as industrial corridor, we demand with the government that Birgunj be declared as economic capital. We have also brought a concept of a greater Birgunj to develop this city as the country’s economic capital. The concept brought for the overall development of Birgunj aims to increase the economic and industrial activities at a high rate and build infrastructures to the par of complete metropolitan by 2080. I would like to request former prime ministers to realize the importance of this comprehensive plan and act towards materializing it. This program would not been a success without the participation of prime ministers. I would like to thank you from my inner heart for your presence. </div> <div> </div> <div> <em>(Views expressed by Baidya during Nepal Leadership Summit.)</em></div> <div> </div>', 'published' => true, 'created' => '2013-09-09', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The major reason behind economic problems is political instability and inconsistent policies.', 'sortorder' => '1635', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 13 => array( 'Article' => array( 'id' => '1773', 'article_category_id' => '145', 'title' => 'There Is No Investment Friendly Environment', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Madan Lamsal</strong></div> <div> </div> <div> Dignitaries present in this Nepal Leadership summit are much concerned over economic future of the country. But the vibes of this positive thinking has not been circulated to the common people. This platform intends to reach to those people with a hope to develop a common economic commitment.</div> <div> </div> <div> It has already been late to discuss about country’s economy because its growth barely hovering over 3 to 4.5 per cent in last three years.</div> <div> </div> <div> Entrepreneurs and businessmen along with the capital and human resource are moving abroad in large numbers. There is no investment friendly environment in our country. There is a public blame over the government’s indifferent attitude towards the economic agenda. It is now important for a common and practical mindset regarding the economy.</div> <div> </div> <div> <strong><span style="font-size:14px;">Challenges of Nepali Economy</span></strong></div> <div> Productivity of the economy is declining and new investment is almost zero.</div> <div> Alarmingly, annual trade embalance is Rs 479 billion and inflation is approximately 10 percent. Nearly, 500 thousand youths are going abroad for employment and the number of those going for education and other purposes is critically high. Nepali currency depreciated by 22 per cent in last six months. Hydel projects are the victim of indecisiveness and are politicised. This country is functioning for the past six years without any long term plans. The air of uncertainty and the fear have not receded.</div> <div> </div> <div> <strong><span style="font-size:14px;">People’s expectations from Leaders</span></strong></div> <div> People are tired of opinions and blame game. Now they want a clear and common commitment to solve the existing problems and its immediate implementation. There should not be any disagreement over the common problems.</div> <div> </div> <div> <strong><span style="font-size:14px;">Right Time</span></strong></div> <div> This is the right time for a common commitment because political parties are gearing high in preparing their manifesto. There is an expectation to make the country federal. It may take time, there might be differences but constitution would be drafted and there would be political outlet. However, the days without economic progress are the days squandered. Result is what we are desperately seeking now.</div> <div> </div> <div> <strong><span style="font-size:14px;">The Clock is Ticking</span></strong></div> <div> We should quickly act on it because the state can’t remain without long term plans for infinite period. It has been imperative to develop a national concept about the local currency peg with the Indian currency.</div> <div> </div> <div> Remittance income has not been able to utilised in productive sector. Thus, there is no alternative to make Nepal’s economy as a part of world market system. It has been imperative to provide relief to the people and industrial sector by ending energy crisis. Economic literacy is must for the political parties. And it is necessary to spread the message of industrial sector’s progress.</div> <div> </div> <div> <strong><span style="font-size:14px;">The way Ahead</span></strong></div> <div> The way ahead is co-operation. An initiative has been taken in this summit and it has to be strengthened. We are making a common commitment for coming decade. And this is not a formality but a necessity.</div> <div> </div> <div> Let’s adopt and implement it.</div> <div> </div> <div> <em>(Views expressed by Lamsal in the Nepal Leadership Summit)</em></div> <div> </div>', 'published' => true, 'created' => '2013-09-09', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'This country is functioning for the past six years without any long term plans.', 'sortorder' => '1634', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 14 => array( 'Article' => array( 'id' => '1734', 'article_category_id' => '145', 'title' => 'The Software Of Growth : Governance And Management', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Rameshore Khanal</strong></div> <div> </div> <div> There’s not much good that one can talk about in matters related to governance and management in Nepal. People from all walks of life cite political instability, shortage of electricity, labour problems, poor infrastructure, and corruption as major reasons for lackluster growth performance. Dismal economic growth is not the only one feature to lament about. There are others:</div> <ul> <li> 53 per cent of the population still does not have piped water supply. Those who have it are not getting safer drinking water either. And we are rich in fresh water reserve.</li> <li> 64 per cent of the population use fuel-wood as the main source of household energy, whereas another 10.38 per cent use cow-dung or animal waste. Only less than 25 per cent use modern, but not necessarily non-polluting, source of energy.</li> <li> Only about 67 per cent of the population has some form of electricity connection for lighting, but the supply remains uncertain during the time it is needed most.</li> <li> Nearly 39 per cent of households have toilets.</li> <li> There are 15 million working age people (57 per cent of total population) and one-fifth of which are looking for gainful employment in places outside the country. Of the remaining, nearly half are not fully employed.</li> <li> Only 20 per cent of the population (5.2 million people) have qualification above SLC level. And this we have achieved in 70 years of holding SLC examinations.</li> <li> Last year, 336,000 students failed the SLC examination and each year thousands of such youths undergo the trauma of failure.</li> </ul> <div> There are other indicators that are equally pathetic and we can bring about a change, an improvement only through inclusive and high growth.</div> <div> </div> <div> But growth cannot be achieved without improving governance. Partly because of political instability and mainly because of our attitude, the government system has not been able to deliver.</div> <div> </div> <div> Infrastructure projects do not complete in time. The average years it takes to complete an electricity transmission project in Nepal is eight years, while in countries of our ranks it takes barely two years. For the last 14 years we have been talking about the Melamchi Water Project that is yet to quench the thirst and meet the needs of around 4 million people. But the date of completion of the project is uncertain. Power projects that ideally complete in less than five years take a decade to become ready with almost twice the initially estimated cost.</div> <div> </div> <div> Businessmen particularly and ordinary people in general do not feel secure even as the number of policemen is increasing every year. Young people are taught to extort money from struggling businessmen which is in contravention to what they should be doing. They should in fact be helping the business community so that much needed jobs are created within the country.</div> <div> </div> <div> People with small industries struggling hard in difficult times just to make a presence in the market face a host of problems from registration offices just because they failed to get a renewal in time. Should a failure to renew a registration in time be subjected to a hefty penalty? A struggling entrepreneur from Butwal called me to express his frustration as he faced this injustice.</div> <div> </div> <div> Foreign investors wanting to explore and excavate minerals, develop hydropower or set up industries vent our frustration too. The list is long and it can go longer. And this is all because of poor governance. The government system is not made accountable for results in the first place. </div> <div> </div> <div> Secondly, and most importantly, people in key places are appointed not on the basis of merit, but on the basis of political patronage. New public institutions created to meet the emerging needs of the country become dead on arrival as they are given to head by a person who simply does not have the pre-requisite skills and aptitude. </div> <div> </div> <div> In a few cases, where results-based accountability measures were introduced, governance has improved. We have also seen remarkable improvements in the delivery of certain agencies when honest and dedicated officers are appointed. It does not require a total overhaul of the system. If we can have just a few key people leading the organisation, it can make a significant difference. Quantifiable accountability measures and a policy of hiring able men and women must be introduced in all government agencies.</div> <div> </div> <div> Governance is not weak just in the public sector; it is also weak in the private, cooperative and non-governmental sectors. Wherever regulatory agencies are effective, problems have somehow been dealt with. But many areas remain unregulated or regulatory agencies are not simply effective. </div> <div> </div> <div> The distinction between governance and management is often blurred. If the management is good, governance certainly becomes good. By management we often think of the private sector. But experience shows that the private sector performs well largely under professional management. We often hear real estate sector people ask how banks report rising profits every year when businesses in real estate are not performing well. There are different arguments put forward to criticise the bankers’ style of profit-mongering. This is certainly not the right explanation. The right explanation is that the banking sector in the first place is professionally managed and it is more open. In spite of this, greed on occasions has led some banks to face short-term setbacks.</div> <div> </div> <div> Most real estate businesses do not use professional management services. To call them privately-held may be a deception. In fact, they are family-held and do not place much trust on professional management. I often get confused whether they make the private sector or whether they are a part of the household sector!</div> <div> </div> <div> And yet, young students these days choose to pursue management courses in large numbers. It is not just in Kathmandu that there is a craze for Business Colleges - it is everywhere in Nepal. Many colleges under the Tribhuvan University system have reported that in the last five years or so, the departments that offered courses, such as, history, political science, culture, language, and even economics have seen negligible or even zero new enrolment.</div> <div> </div> <div> Most of those who pursue business administration courses either aim for the financial sector or non-governmental organisations. Interacting with students in the last three years, I have not found a single graduating student keen on manufacturing, hospitality, hydropower or other industries.</div> <div> </div> <div> Without strengthening these sectors, our expectation for higher and inclusive growth will remain an illusion. It is, therefore, necessary that those who are involved in these sectors introduce professional management in their businesses. It is the absence of professional management perhaps, that Nepali workers admired for their honesty and hard-work all over GCC countries, Malaysia and South Korea, are seen to be troublemakers in our own industries.</div> <div> <em>(Khanal is Former Finance Secretary. This opinion was expressed in Newbiz Conclave & Business Excellence Awards Ceremony-2013)</em></div>', 'published' => true, 'created' => '2013-09-02', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'There’s not much good that one can talk about in matters related to governance and management in Nepal. People from all walks of life cite political instability, shortage of electricity, labour problems, poor infrastructure, and corruption as major reasons for lackluster growth performance.', 'sortorder' => '1595', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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Availability, accessibility and timeliness of budget information are key indicators of budget transparency. OBS report for 2012 says Nepal does not produces two of the eight key budget documents. Key eight budget documents include pre-budget statement, executive’s budget proposal, citizens’ budget, enacted budget, in-year reports, mid-year review, annual report and the audit report. Nepal produces six of the eight key budget documents but lacks pre-budget statement and citizens budget. </div> <div> </div> <div> Pre-budget statement is the policy outline for the government’s budget proposal. Priorities of the government, major programmes and projects and tentative weightage given to each programmes by the amount of budget are the important components of pre-budget statement. It is a policy guideline for coming year’s budget. Citizens budget is the non technical presentation of budget proposal so as to make general people understand the main features of government budget. According to IBP, lack of these two documents has limited the opportunity for people to participate in the Nepal’s budget process.</div> <div> </div> <div> There are several areas for improvements on comprehensiveness of existing 6 budget documents. These documents have limited outreach. They are in many cases produced but not timely released. On the other hand role of oversight agencies i.e. parliament and supreme audit institution has also not been utilized to promote public scrutiny on the budget process. </div> <div> </div> <div> Because of these reasons, Nepal’s open budget index has been only 44 in 2012. It was 43 in 2008 and 45 in 2010. Thus IBP has strongly recommended Nepal to undertake following steps:</div> <div> •Produce and publish a pre-budget statement and citizen budget</div> <div> •Increase the comprehensiveness of executive budget proposal</div> <div> • Increase comprehensiveness of in-year report</div> <div> • Increase comprehensiveness of year-end report</div> <div> •Increase comprehensiveness of audit report</div> <div> • Hold consultations with a range of legislators in the process of determining budget priorities</div> <div> •Legislature should have a specialized budget research office </div> <div> • Expand public engagement in budgeting </div> <div> </div> <div> Government should also prepare and publish indexes (inventory) of all budget related documents. The government should give concrete shape to pre-budget discourse by producing and publishing pre-budget statement at least before 30 days of publishing executive’s budget proposal as per international standard. And citizens’ budget should be published with executive’s budget proposal.</div> <div> </div> <div> Demystification of budget document should not be limited to formality. The government should increase comprehensiveness of key budget documents. In order to inform people, the government should build collaboration between government agencies and civil society, particularly budget advocacy groups.</div> <div> </div> <div> Lip service is not enough to ensure budget openness in the country. The government should ensure transparency by preparing budget openness friendly law and policies. The government should consider incorporating all relevant suggestions while drafting fiscal transparency bill because no one has the right to misuse the tax money. </div> <div> </div> <div> <em>(Writer has been conducting research on Public Financial Management in Nepal)</em></div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'According to bi-annual open budget survey (OBS) on budget transparency of International Budget Partnership (IBP), Nepal’s budget transparency situation is below average. Availability, accessibility and timeliness of budget information are key indicators of budget transparency.', 'sortorder' => '2001', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 1 => array( 'Article' => array( 'id' => '2153', 'article_category_id' => '145', 'title' => 'Public Accountability: It's Not Only Banks That Needs Closer Scrutiny', 'sub_title' => '', 'summary' => null, 'content' => '<div> The Reverend Paul Flowers, the former chairman of the Co-op Bank, we are now told, was hugely profligate with expenses, watched pornography on his work computer, hired male prostitutes, paid for crack cocaine and, knowing next to nothing about banking, led the Co-op, already lumbered with the purchase of the Britannia Building Society, as it blundered into an attempt to buy 631 branches of Lloyds with no money in the till. This magical feat of accountancy beggars belief, coming as it did in the wake of the earlier huge bailouts by taxpayers of RBS and Lloyds, similarly blind to the limitations of their capital.</div> <div> </div> <div> It is all too easy to see Flowers as the comic sideshow, now dubbed the crystal Methodist man of the cloth, who has spent years gleefully behaving badly, protected by his dog collar and the old boys' network. His solicitor says his client is now "in a rather ponderous frame of mind". Far more significant is the damage done to a mutual with a proud history of ethical behaviour, now with a £1.5bn hole in the bank's capital and at the mercy of two hedge funds propelled by a very different drive.</div> <div> </div> <div> A danger also exists that Flowers and the mudslinging that currently occupies Labour and the Conservatives will distract from one of the core lessons of the Co-op debacle. Yet again, good governance and a sense of responsibility have been alarmingly absent in thefinancial sector. At the same time, Osborne, in allowing the regulators to appoint a head of their own choice to the inquiry he has instigated, has prompted Lord Myners, city minister during the banking crisis, to condemn "an enfeebled investigation, compromised and emasculated from day one".</div> <div> </div> <div> In the business of the Co-op bank, regulation has clearly been found wanting. In late 2011, the Financial Services Authority, precursor of today's Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) told the Co-op bank that it lacked the management skills and possessed too little capital to make the Lloyds purchase. Yet still the Co-op was involved in a £750m deal to buy the Lloyds branches, incredibly with no dissent from the FSA. On the contrary, the Co-op was applauded by Osborne for "creating a new banking system for Britain that gives real choice to customers and supports the economy".</div> <div> </div> <div> Earlier this year, in the wake of yet another financial scandal in the rigging of the Libor rate, the parliamentary commission on banking standards published its recommendations, optimistically entitled "Changing Banking for Good".</div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The Reverend Paul Flowers, the former chairman of the Co-op Bank, we are now told, was hugely profligate with expenses, watched pornography on his work computer, hired male prostitutes, paid for crack cocaine and, knowing next to nothing about banking, led the Co-op, already lumbered with the purchase of the Britannia Building Society', 'sortorder' => '2000', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 2 => array( 'Article' => array( 'id' => '2137', 'article_category_id' => '145', 'title' => 'Five Years After The Global Crisis, The World Is No Safer', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong><span style="font-size: 12px;">--By Pradumna B Rana</span></strong></div> <div> </div> <div> T<span style="font-size: 12px;">he Asian financial crisis of 1997–98 led to calls for the reform of the international financial architecture. A large number of policies were proposed for crisis prevention and crisis resolution, but with the faster-than-expected recovery of the Asian countries, complacency set in and reforms were abandoned. Complacency partially set the stage for the global economic crisis of 2008–09, and once again, under the auspices of the newly created G20, a large number of policies were announced. Have they been implemented, and has the world become a safer place? Not really.</span></div> <div> </div> <div> This leads to three main reasons for concern. The first is complacency yet again. Five years ago, credit markets were frozen, international trade had fallen off the cliff and the global economy was headed towards a great depression similar to the one experienced in the 1930s. There was an acute sense of urgency; the major economic powers agreed to coordinate monetary and fiscal policies. These efforts were successful and instead of a global depression the world experienced ‘the great recession’.</div> <div> </div> <div> Now financial markets no longer pose an immediate systemic threat. But the global economy is far from healthy; it is operating well below capacity, with millions unemployed. Policy coordination is still required, but is difficult to obtain. While the G20 made substantial progress in global economic reforms during its first three summits — that is, until the Pittsburgh summit — it is now headed towards obsolescence.</div> <div> </div> <div> The second reason for lack of progress in global reforms is the reluctance of the United States to give up its veto power and control of the IMF. In 1944, the United States, as the global hegemon of the time, helped establish multilateral rules, including those for finance and the IMF. This led to financial stability and unprecedented economic prosperity, not only for members of the club but also in other countries around the world — especially in the BRICS.</div> <div> </div> <div> Given their growing economic footprint in the world economy, the BRICS now desire a greater voice and say in running the IMF, but some members are reluctant to allow this. This is because, like many other clubs, the IMF is designed in such a way that founding members ultimately maintain control. Hence, one of the centrepieces of the proposed global reforms, namely the G20 pledge to transfer 6 per cent of quota and voting power at the IMF to large emerging markets, cannot be implemented.</div> <div> </div> <div> The third reason for limited progress in reforms is the relatively weak cohesion within the BRICS. The establishment of the G20 in the aftermath of the global economic crisis has given the BRICS a historically unprecedented opportunity to sit around the high table with G7 member states and participate in discussions on international economic policies as key stakeholders. But the BRICS have become ‘BRICS without mortar’. For example, when the position of IMF managing director became vacant last year, even though it was well known that the IMF tradition of locking out non-Europeans would be strongly protected, the BRICS should have quickly made a claim for the position, fielded a top-rate candidate and provided a strong backing. But that did not happen. The BRICS claim came late — perhaps as an after-thought.</div> <div> </div> <div> For the above reasons, many of the proposed global reforms have not been implemented and the world is not much safer now than it was before the global economic crisis. How might the situation evolve in the future? It depends on how global politics plays out among the various actors.</div> <div> </div> <div> Recent economic turmoil has demonstrated beyond doubt that unfettered global markets and greed are a dangerous cocktail that can lead to ‘elite’ capture and insider trading and put global prosperity at risk. A more legitimate multilateral rules-based system is one of the best ways to ensure that the benefits of globalisation are shared in an equitable manner. Another way is to move to a more decentralised architecture with global and regional institutions working together in a complementary manner. Compromises must therefore be struck so that economies can move towards either one of these two systems. The world would then become a safer place.</div> <div> </div> <div> If the United States decides to shun post-war multilateralism and go for preferential deals with like-minded countries instead, then the global order could fall apart. The world would then be back to the ‘beggar thy neighbour’ policies of the 1930s to the detriment of all, including the United States and the BRICS. US interest in negotiating the Trans-Pacific Partnership and Transatlantic Trade and Investment Partnership is a dark cloud on the horizon. Regional schemes, if well designed, can be stepping stones to multilateralism: let us hope that the desire of the United States in pursuing these schemes is not to lock out other countries — especially China and India.</div> <div> </div> <div> <em>(Pradumna B. Rana is Associate Professor in International Political Economy at the S. Rajaratnam School of International Studies (RSIS), Nanyang Technological University.)</em></div> <div> </div> <div> Source: East Asia Forum, http://www.eastasiaforum.org/2013/11/15/five-years-after-the-global-crisis-the-world-is-no-safer/</div>', 'published' => true, 'created' => '2013-11-21', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The Asian financial crisis of 1997–98 led to calls for the reform of the international financial architecture. A large number of policies were proposed for crisis prevention and crisis resolution, but with the faster-than-expected recovery of the Asian countries, complacency set in and reforms were abandoned.', 'sortorder' => '1992', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 3 => array( 'Article' => array( 'id' => '2102', 'article_category_id' => '145', 'title' => 'Microfinance For Rural Financing', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 12px;">--By Krishna Pradhan</strong></div> <div> </div> <div> M<span style="font-size: 12px;">icrofinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance. </span></div> <div> </div> <div> It is, however, ridiculous that the government is yet to realize achievement of this sector. A provision in this year’s budget, expresses government’s commitment to utilize microfinance as an effective means to provide finance in rural parts of the nation. The provision brings to light the government’s ignorance about the development of microfinance sector in Nepal over the last two decades.</div> <div> </div> <div> The budgetary provision is very much ambiguous in itself. For instance, it has mentioned the provision of propelling expansion of microfinance sector but it has not included any concrete measures. The rhetorical budget does not make any sense. </div> <div> </div> <div> In my opinion, we need to expand microfinance in the urban areas now. Central Bank has been doing good to promote microfinance throughout the country. However, we cannot take microfinance sector to the next level unless the government extends support. It is time that the government takes some concrete measures to accelerate the expansion of microfinance across the country. </div> <div> </div> <div> There are some obvious reasons why the government should be involved in expansion of microfinance. Poverty eradication is, in principle, government’s obligation. Poverty reduction is not concerned only to data comparison. The overall poverty situation across the nation has not improved significantly. People below absolute poverty line still remain crushed despite pumping billions worth budget every year. Around 25 percent population is still living below the national poverty line. </div> <div> </div> <div> It is worthwhile to mention here that around 1.5 million people have been directly benefited from microfinance over the last two decades. Similarly, around 7 million people have indirectly benefited from the microfinance. </div> <div> </div> <div> Despite some wrong practices in the sector, microfinance has contributed much to bring the rural economy in formal channel and in developing banking habit in remote villages. Poor people in the village have been involved in various income generation activities after establishment of microfinance institution in the villages. This has contributed in reducing poverty. Microfinance institutions are especially useful for those who cannot afford collateral while borrowing money from banks. </div> <div> </div> <div> </div> <div> Microfinance can substantially improve living standards of rural and urban poor if the government can propel its growth in a positive way through the introduction of appropriate policies. The government should take both direct and indirect measures to promote microfinance. Subsidy in corporate tax and certain percent tax exemption in the profit are some tangible measures that the government can adopt to promote microfinance sector. Similarly, the government should provide facilities to employees of microfinance institutions since they work in the rural areas. Tax exemption in the income of employees of microfinance institutions can stimulate them to work in the rural areas. The government can give tax exemption to microfinance employees whose yearly income is less than Rs 0.5 million. </div> <div> </div> <div> The government should also facilitate in the treasury management sector of microfinance. The government can deposit certain percent of collected revenue amount to the Grameen Swabalamban Kosh (GSK) and can convert it into the National Microfinance Fund. The money collected in the fund should be used in the welfare of microfinance institutions. Similarly, the government should also ensure health insurance of the employees working for microfinance institutions. </div> <div> </div> <div> The government should utilize microfinance institutions to generate employment opportunities in the country since microfinance has been very effective in launching income-generation activities at the grassroots level. The government should come up with a clear vision rather than rhetorical phrases in the development of microfinance. </div> <div> </div> <div> <em>(Writer is former executive director at Nepal Rastra Bank )</em></div>', 'published' => true, 'created' => '2013-11-11', 'modified' => '2013-11-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Microfinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance.', 'sortorder' => '1950', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 4 => array( 'Article' => array( 'id' => '2103', 'article_category_id' => '145', 'title' => 'Job Losses: Shipping Out', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">T</span><span style="font-size: 12px;">he first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.</span></div> <div> </div> <div> It's a decision that owes something to the politics of the United Kingdombut more to the needs of BAE, which is building the carriers. All future construction work will be done in Scotland, in the yards at Govan and Scotstoun. They will get the orders for type 26 frigates and three patrol boats to keep the yards ticking over until the new contracts are ready. As a result, a thousand of Portsmouth's 12,000 shipyard jobs will go – and since, according to the city's university, each 100 jobs in the dockyards supports another 66 beyond, the knock-on effects will be grim for the whole city. Almost as many jobs again will go on the Clyde. That's what happens when a whole political generation fails to develop an industrial strategy. It's another blow to the coalition promise to rebalance the economy.</div> <div> </div> <div> The defence secretary, Philip Hammond, did not try to hide the relevance of next year's Scottish independence referendum when he briefed MPs. No United Kingdom, no new shipbuilding contracts, which won't be ready until after the vote. In theory, Portsmouth can still hope – except the odds are heavily against the Scots voting "yes". But there's a logic to concentrating building in the north that's been recognised for at least three years: the political advantage, if there is one, of being able to threaten nationalist sympathisers with job losses is more of a bonus ball than a cynical calculation. Nor has the news taken Portsmouth by surprise. Councillors and employers have been working since 2010 on an innovative £1bn regeneration scheme, combining investment in infrastructure with new links between schools and the city's big employers aimed at getting key-sector growth in areas such as aerospace and environmental technology.</div> <div> </div> <div> It might not have been such a haul if, 30 years ago, politicians had considered a private-sector response to the consequences of shrinking the navy that Margaret Thatcher's first defence review precipitated. Some niche yacht-building did grow to take up a little of the slack, but this year Sunseeker, the last British-owned yard, based in Dorset, was bought out by the Chinese. And what was really needed was a focus on what has turned out to be the growth area in shipbuilding: the luxury cruise liner business. Instead they are built in Korea, Norway, Finland, France, Germany and Italy. Anywhere except the UK.</div> <div> <em> (Source: theguardian.com)</em></div>', 'published' => true, 'created' => '2013-11-11', 'modified' => '2013-11-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.', 'sortorder' => '1948', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 5 => array( 'Article' => array( 'id' => '2031', 'article_category_id' => '145', 'title' => 'Power Trading Growth In India: An Overview', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Pankaj Goel </strong></div> <div> </div> <div> I<span style="font-size: 12px;">ndian power market is a vibrant and growing. Its growth is stable. It is completely voluntary market with multiple choice and options. Electricity trading is allowed by Electricity Act- 2003 and 41 trading licenses have been issued till March 2012. Top 5 trading licensees have 80 per cent market share. </span></div> <div> </div> <div> PTC India Ltd (PTC), the leading provider of power trading solutions in India, was established in the year 1999 as a Government of India initiated Public-Private Partnership. Its primary focus is to develop a commercially vibrant power market in the country.</div> <div> </div> <div> PTC is the pioneer in implementing the power trading concept in India and has successfully demonstrated its efficacy in optimally utilizing the existing infrastructure within the country to the benefit of all. </div> <div> </div> <div> Electricity trading has led to optimization of existing energy resources, encouraged commercial outlook in the sector and cross-border exchange of power. This has also catalyzed investment into the power sector, mainly from the private sector </div> <div> </div> <div> It is worthwhile mentioning here that development of power trading has created market structure facilitating private investment in the sector. </div> <div> </div> <div> Power markets world-wide seek to maximize competition in generation, are open to all market participants, and compete on price, not cost.</div> <div> </div> <div> PTC pioneered the concept of power trading in India and it has continued to maintain the top position since inception. That concept was developed to promote private investment in power sector.</div> <div> </div> <div> Long term trading contracts reduce volatility in trading volumes. It helps to enter into long term PPAs with new Independent Power Producers (IPPs) and invest into power projects to increase the trading volume. </div> <div> </div> <div> It was only after the success of PTC’s model, that the Electricity Act 2003 recognized power trading as a distinct licensed activity. Short term power market in India has witnessed rapid growth. It not only grew in volume terms but also as percentage of total electricity generation from 3% in 2008 to 11 per cent in fiscal year 2013.</div> <div> </div> <div> PTC created a power market which is the first of its kind in South Asia. It has been facilitating a transition from cost-based returns to market based returns. PTC has contributed to create value for power – market based price discovery of power. It helps in optimal utilization of generation capacity and increased generating capacity addition. Short-term and long-term trading opportunities thus created have led to development of Power Exchange and encouraged renewable energy market.</div> <div> </div> <div> It has introduced innovative products suiting customers’ needs. Similarly, single window service has come into effect to take care of all intermediate requirements like transmission agreements, metering, accounting etc. That engages regulators at Centre/State level towards development of power market.</div> <div> </div> <div> There is possibility of cross-border trade with Nepal. India-Nepal power exchange is at a moderate level that stands at around 100-150 MW. Out of total power supplied to Nepal, PTC supplies 50-70 MUs annually to meet Nepal’s emergent load during winter months. </div> <div> </div> <div> Government of Nepal has prioritized hydro power development and encourages private investment. Nepal has enormous 42,000 MW hydro potential but only 2 percent has been exploited so far. Existing India-Nepal transmission links should be strengthened for long-term power trade between two countries. </div> <div> </div> <div> <em>(The article is based on Goel’s presentation made at The Power Summit 2013 organized by IPPAN. Writer is Vice President, Marketing at PTC India)</em></div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Indian power market is a vibrant and growing. Its growth is stable. It is completely voluntary market with multiple choice and options. Electricity trading is allowed by Electricity Act- 2003 and 41 trading licenses have been issued till March 2012. Top 5 trading licensees have 80 per cent market share.', 'sortorder' => '1884', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 6 => array( 'Article' => array( 'id' => '2032', 'article_category_id' => '145', 'title' => 'London Can't Become Home Only To The Rich', 'sub_title' => '', 'summary' => null, 'content' => '<div> In his magisterial account of 19th-century London, then as now a city of contradictions, Jerry White describes how Clerkenwell became "the greenhouse of invention". Hiram Maxim perfected his machine gun there; Sebastian de Ferranti his dynamos and Guglielmo Marconi his electric telegraph. Clerkenwell's people were cabinet makers, brass workers and glass shade and globe makers. Elsewhere in the city, new industries flourished, as did the docks and retail. Ladies shopped in "the emporium of the world!". "Made in London" was a badge of pride. Today, the fattest profits come not from the fruits of questing minds and hard graft but from the new gold, what American writerMichael Goldfarb, in a scathing essay in today's Observer, calls "the global reserve currency" that is property.</div> <div> </div> <div> "The property market is no longer about people making long-term investment in owning their shelter," he writes, "but a place for the world's richest people to park their money at an annualised rate of return of around 10%." In 2012, an extraordinary £83 bn-worth of properties were purchased mortgage-free in London with no financing.</div> <div> </div> <div> What attracts foreign (and domestic) millionaires and billionaires is not just the rate of return but the coalition's tax regime. Britain, for instance, has a base corporate tax rate of 23% (due to drop to 20% in 2015). In Germany, it is 29%. Again, while the majority of London's citizens rightly pay up to 40% or more of their incomes to maintain the hospitals, schools, roads and civic services of the city, the rich are taxed in small change.</div> <div> </div> <div> The impact of London's property market becoming another global reserve currency where the super rich stash their billions and evade tax will soon be felt in the changing nature of the city's social and cultural ecology. What price to the capital if, increasingly, teachers, artists, students and civil servants can no longer live, work and contribute to an eclectic social mix?</div> <div> </div> <div> The threat is not just cultural, but economic too. Already some senior business leaders have voiced fears that the capital is likely to lose out to cities such as Berlin in the race to become Europe's major digital hub since London is simply unaffordable for many young enterprising tech workers. Historically, the cultural industries have been major players in the British economy, but they also play a crucial role in helping create a flourishing, diverse city.</div> <div> </div> <div> That is now under serious threat and there are few, if any, senior political leaders who seem to have an oversight of what is happening. The city needs a strong advocate, one who argues vociferously that the cities that work best are ones that work for everyone. London is no longer that type of city.</div> <div> <em>(The Guardian)</em></div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'In his magisterial account of 19th-century London, then as now a city of contradictions, Jerry White describes how Clerkenwell became "the greenhouse of invention". Hiram Maxim perfected his machine gun there; Sebastian de Ferranti his dynamos and Guglielmo Marconi his electric telegraph. Clerkenwell's people were cabinet makers, brass workers and glass shade and globe makers.', 'sortorder' => '1882', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 7 => array( 'Article' => array( 'id' => '1981', 'article_category_id' => '145', 'title' => 'Give Peace Talks A Chance', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Janardan Baral </strong></div> <div> </div> <div> Stability and prosperity in Pakistan will definitely have impact in the entire South Asia. However, peace in Pakistan has been elusive since last couple of decades though the current government of Pakistan is working out a national consensus based strategy for dealing with the problem of terrorism.</div> <div> </div> <div> In quest of peace in Pakistan, recently held All Parties Conference (APC) can be taken as a defining moment that raised hopes that there are chances of prevailing peace in Pakistan. </div> <div> </div> <div> This time, APC was unique due to several reasons. Firstly, it was attended by all the invitees. Secondly, it was supported by the public mandate regarding the strategy to deal with the Taliban and the US drone attacks. Moreover, people had voted for the political parties which articulated an anti-drone policy. Thirdly, the APC decided to give free hand to the sitting government on three issues—economy, energy and terrorism. </div> <div> </div> <div> According to agencies, the APC has reposed full confidence in the efforts of the country Prime Minister and authorised the federal government to initiate dialogue with Taliban and take all the necessary steps as it may deem fit including development of an appropriate mechanism and identification of interlocutors.</div> <div> </div> <div> In an interesting revelation, APC was informed by security apparatus that there are groups within the Tehreek-e-Taliban Pakistan (TTP) who are in favour of talks but then there are others that enjoy the backing of certain hostile agencies who may never agree. </div> <div> </div> <div> TTP should come clean on those dubious entities which are operating under its brand name and carrying out disruptive actions. TTP should show its commitment for peace. </div> <div> </div> <div> With the Afghanistan conflict apparently moving towards a close, it is logical that Pakistan should engage in dialogue with select groups of Pakistani Taliban under a well structured framework. Pakistan is already facilitating such processes amongst America, Afghan Taliban and the Afghanistan government. </div> <div> </div> <div> Many analysts say that there is paradigm shift in the country’s security strategy. For instance, the top civil-military leadership has unanimously decided to hold peace talks with all militant groups, keeping the TTP on top priority. The move was hailed by even Taliban in Pakistan and they dubbed the move as an opportunity to hold a ‘meaningful dialogue’.</div> <div> </div> <div> It’s not the first time that Pakistan government has tried to open such talks. However, this time the approach is qualitatively different. This time Taliban are being referred to as “stakeholders.” The government plans to start the talks just as soon as intermediaries complete the necessary “groundwork”. It is encouraging that the Taliban Shura (the decision making body) has promptly convened its session to nominate its team. The TTP would announce its team once the government has finalised its interlocutors. The central leadership of the TTP has claimed that the Prime Minister Nawaz Sharif had sent a letter to the TTP about a possible peace dialogue and the TTP has replied to it.</div> <div> </div> <div> Pakistan’s national leadership also boldly addressed the sticky issue of American drone strikes. It described them as detrimental to the country’s efforts to eliminate terrorism and recommended that the government should consider taking up the issue to the United Nations. APC communiqué also termed the drone attacks an ‘illegal and immoral’ act. “We declare that we shall ourselves determine the means and mode of fighting this war in our national interest and shall not be guided by the United States of America or any other country in this regard.” Pakistani security officials also informed that there was no secret understanding with the US on the CIA-led drone campaign. Hopefully, an unambiguous official stance on drone attacks would help create a conducive environment for the envisaged negotiations. </div> <div> </div> <div> The APC called for a result-oriented and peaceful dialogue process to eliminate extremism from the country. Political leaders admitted that the situation has continued to deteriorate over the last several years and past efforts to control terrorist and extremist elements have not yielded the desired results.</div> <div> </div> <div> </div> <div> </div> <div> It is for this reason that peace talks with Taliban should be given a fair chance to succeed. There are forces which say that Taliban don’t want to be treated like that. However, these elements while speaking in such a tone do not give priority to the interest of Pakistan. </div> <div> </div> <div> These are mainly western voices which want Pakistan to go all out against Haqqqani net work. They must realize the fact that Haqqani network is Afghan entity. While responding to Hillary Clinton’s statement with skepticism, a senior Haqqani commander told Reuters on October 25, 2011 that the “Afghan Haqqani group will not take part in any peace talks with the United States which will not be able to find a possible solution to the Afghan conflict unless they hold talks with the Taliban—led by the Taliban leadership seriously. He revealed, “Americans had made several attempts for talks which we rejected as we are an integral part of the Taliban led by Mullah Omar…we are united to liberate our homeland-Afghanistan.”It is of particular attention that on September 17, 2012, in a rare interview by telephone from an undisclosed location, leader of the Haqqani militant network, Sirajud Din Haqqani disclosed that the group has become so confident after battlefield gains in Afghanistan that “it no longer has sanctuaries in Pakistan, and instead, felt secure inside Afghanistan.”</div> <div> </div> <div> What the world must realise is that Pakistan is a sovereign democratic country and the voice of democratically elected government and other political parties that suggest that talks with Taliban should be given a fair chance.</div> <div> </div> <div> World must also realize that collateral damages in form of drone strikes in Pakistan have resulted in germinating greater ill will against US/ISAF and ultimate sufferers are the people of Pakistan.</div> <div> </div> <div> The crux of the matter is that today Pakistan is the epi-centre of war against terrorism. Sacrifices rendered by Pakistani people in eliminating the menace of terrorism from the world are unparalleled. If we take a pragmatic view of developments in the region following USSR’s interruption in Afghanistan, Pakistan has played a key and very positive role. Today the whole Eastern Europe is enjoying freedom which is result of Pakistan standing tall in thwarting USSR.</div> <div> </div> <div> Situation in Afghanistan deteriorated as US and West changed their priorities and started focusing towards East Europe. 9/11 gave another dimension to the region and the world. Afghanistan has seen use of force and its after effects have been suffered by Pakistan. For the last 13 years this region is suffering with minimum achievements for a durable peace.</div> <div> </div> <div> The proponents of use of force do not want to see this region peaceful. To ensure their safety they are trying to create destruction in other parts of the world. It needs to be reiterated that today’s Pakistan has the capability and the political will to firm up a response against terrorists. No one but only the people of Pakistan can suggest a panacea for the problems that it is facing. The world must acknowledge and respect the decision which the political leadership of Pakistan has taken in holding talks with militants and terrorists.</div>', 'published' => true, 'created' => '2013-10-21', 'modified' => '2013-10-21', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Stability and prosperity in Pakistan will definitely have impact in the entire South Asia. However, peace in Pakistan has been elusive since last couple of decades though the current government of Pakistan is working out a national consensus based strategy for dealing with the problem of terrorism. In quest of peace in Pakistan, recently held All Parties Conference (APC) can be taken as a defining moment that raised hopes that there are chances of prevailing peace in Pakistan.', 'sortorder' => '1832', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 8 => array( 'Article' => array( 'id' => '1934', 'article_category_id' => '145', 'title' => 'The West Seti Hydro Project A New Model Of People-Private-Public-Partnership?', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Madhukar SJB Rana</strong></div> <div> </div> <div> For over a decade and a half, the Australian engineering company Snowy Mountain Engineering Corporation (SMEC) tried to build a 198m High Dam and generate 750 MW hydro power in the West Seti river but failed because it could not (a) mobilize the required US $ 1.2 billion funds, (b) pass the Environmental Assessment norms, (c) meet world standards for High Dams and (d) did not know – or indeed care-- how best to meet the needs of local inhabitants, both directly and indirectly affected. After 16 years of trying and having expended over $ 35 million, SMEC abandoned the project in 2011 when the Government of Nepal revoked its license once and for all.</div> <div> </div> <div> The project was a PPP project with SMEC providing 10 per cent of the power generated, or its equivalent in cash, to the Government of Nepal and exporting 90 per cent of the energy generated to India at a price of USD 4.86 per KWe under the Power Trade Agreement signed with the Power Trading Corporation (India). </div> <div> </div> <div> Under the BOOT model, the company was to transfer the ownership to Nepal after 25 years from the start of operations. In the wake of the acute power shortage in Nepal where the country has to suffer 12-14 hours of power outage in winter, it is not surprising that the people, both local and national, were opposed to such an export-oriented project. People also questioned the sheer lack of consideration for the full use of the water being damned for irrigation. </div> <div> </div> <div> Enter the China Three Gorges Corporation (CTGC), after which the West Seti Project may see the light of day. Let us hope that the CTGC takes this up as a 100 per cent FDI as it has the technology (the corporation has installed more than 20,300 MW thus far) as well as the management and financial capacity to execute it on a turnkey basis – once the selling price is settled. However, the project implementation will depend critically on issues over (a) land acquisition, (b) resettlement of the affected people,(c) construction of a transmission line to feed energy generated into the national grid and (d) learning from the mistakes of SMEC for failing to genuinely participate with the local VDC s and local communities.</div> <div> </div> <div> The project will provide immense benefits to the Far West Region comprising Baitadi, Bajhang, Doti and Dadeldhura districts – provided it is taken up as a People-Private-Public-Partnership (4Ps, not 3Ps) project where land acquisition is fairly and amicably done and the 16,000 plus people comprising 2125 plus households in the 20 VDCs get to be beneficiaries without having to be resettled elsewhere in the Tarai (Bardia, Kailali and Kanchanpur) – an ecological region totally alien to the locals’ lifestyle. In 2008, the Constituent Assembly MPs estimated that only around 20 per cent of the land is government owned and, further, that 1393 households involving 12,000 people would have to be relocated.</div> <div> </div> <div> A turnkey basis is suggested in order to get over the hassle of multiple financiers as was faced by SMEC. It may be noted here that the SMEC venture was originally to be completed in 2005.It then moved forward to 2012! Now, with the CTGC, the project is expected to be operational by 2021. The CTGC cost is estimated at around $1.7 billion. A turnkey project would free Nepal of the burden of cost over runs and delays and, more so, all manner of hidden transaction costs as payoffs to ever changing governments, politicians and bureaucrats. Should Nepal opt for federalism, the matter will be even more compounded by issues over jurisdiction and authority. Hence turnkey is the need of the hour. The next issue is under what model: BO; BOO or BOOT? How long should the contract be stipulated for? It is suggested that this be kept open depending on the PPPP project appraisal that should, ideally, seek a win-win for all stakeholders while sharing risks equitably. It needs be underscored here that China may, in the process, also come forth with a new model of development diplomacy based on the emerging concept of aid for trade.</div> <div> </div> <div> Space limits this discussion. Suffice to say that the 4th P can be incorporated by assessing the possibilities of transformation of the project area and its households by assessing possible local development opportunities over the life span of the CTGC project. The idea is simple: the area as well as the local people should benefit with the CTGC providing a new vision of social transformation, as partners, over the optimal life span of the project. This would require financial as well as economic appraisal of the project along with risk assessments and consideration of what fiscal, financial, monetary, land and infrastructure policies and programme support may be required from the local and central governments. Participatory Action Research (PAR, not simply PRA) should be engaged in to decipher the people’s wishes, desires, dreams and capacities. </div> <div> </div> <div> To conclude: ADB and Electricite de France, a French utility company, completed a 1070 MW Hydro Project in Laos where 6000 displaced villagers in 17 villages were successfully resettled into new homes along with legal grant of new plots of land and technical assistance in farming. Payments of due compensation to 18,000 villagers indirectly affected, situated in 92 villages, were provided in the form of assistance in agriculture, horticulture, fisheries, livestock, forestry and off-farm activities to include vocational and entrepreneurial skill training. Another 67 villages, lying adjacent to these 92 villages, got better access to education and health along with some cash compensation. </div> <div> </div> <div> The 4P model proposed here seeks all of the above plus more —it incorporates financial, fiscal, monetary and land acquisition terms and conditions into the model and decides on the precise nature of the partnership model-- and its duration-- only after due consideration of risks, financial and economic costs and benefits to all stakeholders. It goes way beyond the current royalty cum BOOT model that is standard fare to any and all projects which are in dire need of innovation on a case by case basis. </div> <div> (The Writer is a former Finance Minister and Professor at the South Asian Institute of Management.)</div> <div> </div>', 'published' => true, 'created' => '2013-10-07', 'modified' => '2013-10-21', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'For over a decade and a half, the Australian engineering company Snowy Mountain Engineering Corporation (SMEC) tried to build a 198m High Dam and generate 750 MW hydro power in the West Seti river but failed because it could not (a) mobilize the required US $ 1.2 billion funds, (b) pass the Environmental Assessment norms, (c) meet world standards for High Dams and (d) did not know – or indeed care-- how best to meet the needs of local inhabitants, both directly and indirectly affected. After 16 years of trying and having expended over $ 35 million, SMEC abandoned the project in 2011 when the Government of Nepal revoked its license once and for all.', 'sortorder' => '1792', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 9 => array( 'Article' => array( 'id' => '1885', 'article_category_id' => '145', 'title' => 'Pokhara, Tourism & Sustainability Issues', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Ramji Sharma</strong></div> <div> </div> <div> Tourism, a 21st century industry, acts as an agent to induce change in socio-cultural values and norms of a society. Social and cross-cultural contacts, encounters and interactions are inherent aspects of tourism and its impact and implication numerous and varied. The United Nations Environmental Programme says that the implications of tourism are ambiguous, for the same activities are seen as beneficial by some and perceived negatively by others - especially with regard to disagreements between business interests and environmental consciousness. ‘Sustainability’, thus, has become a buzzword in tourism academia now. </div> <div> </div> <div> To analyze the impact and implication of tourism in Pokhara, a model called ‘FIDELL TALCADS’ (acronym of thirteen selected variables) was devised and tested here. The variables were: </div> <div> Family structure / Social composition, Indigenous profession, Dining patterns, Emotion, Attitude and Behaviour, Lifestyle and Fashion, Labour division, Traditions, values and norms, Arts, crafts, curios and music, Language, Crime, Alcoholism / Smoking, Drug abuse, Sex</div> <div> </div> <div> The research shows that the effects of tourism can be measured in various social aspects.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Dining patterns</strong></span></div> <div> Food, it is believed, is the most important cultural expression that can sometimes be the reason of travel for some people. Ethnographically, Nepal is one of the richest countries in the world with 125 ethnic groups and 123 spoken languages. Different communities have different types of food to begin the day with. A most popular ritual which has now become a habit for many Nepali people is to wake up with a cup of tea. However, this common habit was only found in 25.86 per cent of the respondents at Lakeside, Pokhara. The percentage of respondents that articulated their preference for light break-fast in the morning with a cup of tea or coffee, on the other hand, was 74.14 per cent, and none of the breakfast choices included an item from the traditional Nepali cuisine. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Emotion, Attitude and Behaviuor</strong></span></div> <div> Tourism creates wide socio-cultural implications as tourists bring their distinct cultural baggage when they visit different places. The most striking feature of tourism is interaction and intermingling between hosts and guests that slowly penetrate and infuse a large number of small effects which individually appear insignificant but together make an impact.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Lifestyle and Fashion </strong></span></div> <div> Akin to the cultural variation in hospitality, tourism has multifarious implications on various aspects of human life. However, the intensity and mode may vary depending on the frequency of interaction, cultural distance and age groups that come into contact with tourists of different cultural values and lifestyle. Of them, the younger generation seems to be highly influenced by tourism. Most youngsters feel modern when they copy, follow or imitate the styles of tourists (mostly western) which is also called ‘the demonstration effect’ in tourism. The popularity of the multicolored shaggy hair, hair raise, hip-hop outfits, bra-less transparent tops, colour tattoos, piercing in various parts of the body are some of the noticeable demonstration effects in these communities. </div> <div> </div> <div> There is a significant influence of tourists on the lives of the waifs and stray children of the streets. Destitute children stroll around until they find kind tourists after which they swarm around the tourists begging for money, chocolate or sometimes ask them to take them to restaurants for dining. The children (and sometime seniors too) often dress in tattered clothes and prey upon the sympathies of the tourist who give them something and eventually turn them into professional beggars. Begging has become the best modus operandi for street children for easy living in spite of clearly written instructions given to visitors to not to give anything. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Traditions, Values and Norms</strong></span></div> <div> Each unit of society has a set of traditions, value systems, beliefs, ideas, attitudes, perceptions and habits. The growth of tourism may produce both problems and opportunities at a vast scale for societies and its main impact might be on the economy, culture and environment. </div> <div> </div> <div> Grand celebrations targeting the English New Year and Christmas is probably the best street carnival in Pokhara, indicating western influence. A perceptible void of festivity during the Nepali New Year and Dashain-Tihar signifies the westernization of tourism in Phewa Lake catchments. Regardless of this, respondents added that tourism has inculcated a broader outlook through knowledge and awareness that are not only desirable but also necessary to improve the quality of life of people in particular, and the society in general. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Art, Craft Curios and Music</strong></span></div> <div> Some artistic creations and expressions like painting, music, dance, architecture and other areas in the arts hold appeal for tourists. </div> <div> </div> <div> Tourism has a very supportive role in promoting ethnic and indigenous music, dance and songs in Pokhara. Respondents have noticed a sizable increase in Rodhi culture, Dohari, Ghantu, Sorathi, Chhyandu and Jhyaure in the Lakeside area due to tourism.</div> <div> </div> <div> Nature-based tourism in the spectacular milieu of our cultural mosaic is the core competence of the Nepali tourism industry. But nature and culture both are vulnerable and cannot remain in isolation from tourism. The example of Pokhara’s westernization shows that tourist cultures always dominate the host culture and in many cases, hosts are the losers despite the financial leverage they get. Coming close to Social Darwinists and Neo-Marxists, analysis has proved that tourism is a strong agent of socio-cultural diffusion, infusion, acculturation and assimilation with an anthology of a complex synthesis of various interconnected socio-cultural, environmental and economic influences, though although it primarily turns up as an economic enterprise. </div> <div> </div> <div> Further, socio-cultural influences and implications are not as apparent as economic impacts are. Such impacts are indirect, qualitative and hard to identify. They depend on value orientation and are also ambiguous. Thus, we can conclude that the impact and implications of tourism on the host society are latent, slow, but penetrating and lasting; and the impact individually appears to be insignificant, but together they vibrate and weaken the socio-cultural system. </div> <div> </div> <div> It is revealed that tourism, in many cases, appears as an exploitative envoy rather than an economic panacea till the destination remains a ‘pleasure periphery’ of the developed world and the traveler becomes a tourist, not a social activist. Therefore, the paradise valley of Pokhara has to focus on value tourists and not on volume of tourists to retain its charm and authenticity. A proposition which might be appropriate for tourism development in a developing destination like Pokhara is ‘Community Based Responsible Tourism’ (CBRT) which emphasizes on having a balance between tourism growth, ecological conservation, economic prosperity, socio-cultural authenticity and sustainability. </div> <div> </div> <div> (The writer is a PhD research fellow in Tourism at TU / Principal at Mount Annapurna Higher Sec School, Pokhara. He can be contacted at: ramjisharma@gmail.com)</div> <div> </div>', 'published' => true, 'created' => '2013-09-30', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Tourism, a 21st century industry, acts as an agent to induce change in socio-cultural values and norms of a society. Social and cross-cultural contacts, encounters and interactions are inherent aspects of tourism and its impact and implication numerous and varied. The United Nations Environmental Programme says that the implications of tourism are ambiguous, for the same activities are seen as beneficial by some and perceived negatively by others - especially with regard to disagreements between business interests and environmental consciousness. ‘Sustainability’, thus, has become a buzzword in tourism academia now.', 'sortorder' => '1746', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 10 => array( 'Article' => array( 'id' => '1850', 'article_category_id' => '145', 'title' => 'Vision Tourism : Let’s Achieve: Naturally Nepal', 'sub_title' => '', 'summary' => null, 'content' => '<p> </p> <div> <strong>Amitabh Kant delivering his speech on ‘Incredible India’ at Hotel de l’ Annapurna.</strong></div> <div> </div> <div> </div> <div> </div> <div> <strong>This country needs to move away from low value marketing strategy to high value strategy.</strong></div> <div> </div> <div> Call him a thinker, a visionary or simply a bureaucrat who gave India a new identity — Incredible India. Amitabh Kant is a name in India’s tourism sector and he is the man who drove India towards the global tourism map. He shared his views on how to ptomote tourism and hospitality infra-structure in Nepal to generate more revenue and employment and also the story and challenges behind Incredible India. Branding India was not an easy task for him who was the joint secretary in the tourism ministry from 2001 to 2007 and a secretary of tourism in Kerala from 1997 to 2001. He is presently the Chief Executive Officer and Managing Director, Delhi Mumbai Industrial Corridor Development Corporation (DMICDC). </div> <div> </div> <div> When he took the challenge to change India’s image portraying its vibrant colours, the world was reeling under serious crises. Starting from the World Trade Centre (WTC) terrorist attack, Afghanistan war and the attack on the Indian Parliament — tourism was down in the dumps in India. </div> <div> It was at the peak of this crisis, the Incredible India campaign to position India as a tourist destination was launched. And, this was only happened due to his precise and well researched plan for several years. </div> <div> </div> <div> Excerpts (below) from his speech and presentation at Hotel Annapurna in the first edition of Tourism & Aviation Next 2013 event:</div> <div> </div> <div> </div> <div> <strong>Tapping the Market </strong></div> <div> </div> <div> Last year a billion people travelled across their borders i.e. one seventh of the world’s population was crossing boundaries from one country to another. It’s the world of tourism that contributes 6 % of global GDP. One of every 11 job across the world is created by tourism which makes it the biggest employment creator. And for country like Nepal and India, the critical challenge is how do we create the jobs for the youths? We are passing through the window of democratic transition and our population is young. And the challenge of job creation has to be done by tourism. The more tourists you have, more people you’ll lift above poverty line as you’ll create more jobs. </div> <div> </div> <div> </div> <div> <strong>Every Crisis is an Opportunity & Campaign </strong></div> <div> </div> <div> During the Incredible India campaigns, there were several crises going through country and worldwide. The WTC attack, Gujarat earthquake, coalition force attack on Afghanistan, attack on Indian Parliament and so on. And if we look at the index of travel and tourism competitive index of worldwide, India was very low in several aspects. And several international concerns were raised in India for cleanliness, hygiene, safety, security, transportation, promotional support and affordability. </div> <div> </div> <div> At those times, destinations used to be seen through travel packages. There was no demand of India and the challenge was how to get the demand back? We didn’t go the international market but decided to hit the consumer directly through exhaustive campaigns, communications, documentaries and it started giving results. Then the key international concern was transportation, affordability. In terms of tourist the image of the country was not really good. But every crisis is an opportunity. </div> <div> </div> <div> Image perception of India however was tourist friendly and also the air connectivity was increased gradually. Innate perception of India in terms of its rich and vibrant culture was an added advantage in the campaign. Globally India was considered good in terms of its authenticity, history, art and culture. We positioned India as a global brand through some of the key marketing strategies and its challenges (see box 1 & 2). </div> <div> </div> <div> </div> <div> <strong>Communication Strategies </strong></div> <div> </div> <div> To achieve the goal, communication strategies was also required and in long term it gave a momentum to our campaign. After series of thoughts, consistency in communication strategy was finalised. Training for taxi drivers through documentaries to consider tourists as our guest and awareness to prevent people from scribing names on historic monuments started yielding results. We also focused on clear definition of value proposition, constant research and innovation and constant interaction with travelers, travel writers and editors. The most innovative part of the campaign was turning tourism officials into brand ambassadors and documentary on keeping the city clean. Tourism is a multi-sectoral activity and we have to look with whole range of people. You have to work with people in the home ministry, external ministry, art, culture, aviation etc. </div> <div> </div> <div> </div> <div> <strong>Making of God’s Own Country: Kerala </strong></div> <div> </div> <div> Our mission was to develop Kerala into a premier destination on the world tourism map for defined niche tourists. We wanted to make it a stand-alone destination, a global brand, with instant brand recognition and high brand equity. The government played role of facilitator and catalyst. We worked on a Public Private Partnership (PPP) model. We focused on up-market clientele with more focus on quality than quantity. We focused on conservation, preservation and sustainability. We promoted innovative products and projects and adopted transparent, competitive policy on privatisation. </div> <div> </div> <div> And the whole world of Kerala tourism has changed. We focused on traditional and unique aspects of Kerala. Like backwaters, Ayurveda, its Innovative products, Elephant pageants, boat races, Tiger trail, eco tourism, Kerala’s traditional martial arts, cuisine. Basically we did everything which west did not do. We went back to roots of Kerala and build a — Gods Own Country. </div> <div> </div> <div> </div> <div> <strong>The Way the World Sees Kerala </strong></div> <div> </div> <div> • One of the 50 must see destinations of the world - National Geographic Traveler </div> <div> • One of the ten exotic paradises on earth - National Geographic Traveler </div> <div> • One of the 100 great trips of the 21st century - Travel & Leisure </div> <div> • One of the 10 hot spots of the millennium - Emirates In-flight </div> <div> • Where smart travelers go – Financial Times, London </div> <div> • One of the 10 love nests in India – Cosmopolitan </div> <div> • Best Performing State - Government of India Award </div> <div> </div> <div> </div> <div> <strong>Journey & Results: </strong></div> <div> </div> <div> Our campaign and determination triggered and gave a mileage to the Indian tourism industry, supported by industries like aviation; hotels etc. Infrastructure grew in tandem and in 2008 India got 5.38 million visitors compared to 2.54 million in 2001 and the figure is increasing every year. </div> <div> </div> <div> </div> <div> <strong>On Nepal Tourism </strong></div> <div> </div> <div> It has always been pleasure to be in Nepal. I long admire Nepal as a unique destination. I have always believed that there are very few destinations in the world with such a diverse nature, adventure, culture and Himalayan peaks. But I believe the positioning and branding strategy of Nepal is not an ideal one. Nepal is exporting its product extremely cheap. This country needs to move away from low value marketing strategy to high value strategy. Nepal in many ways is very unique and it has a great potential to deliver. But there is a huge challenge between potentials and performance and therefore it is very important to understand that world of tourism is very big. There is a need to raise Nepal’s service standards, creating premium brand of experiential tourism, positioning of exotic Nepal, adding new international airport, additional terminals and new air-routes, domestic and foreign investments in tourism services etc. (Amitabh Kant former joint secretary in the tourism ministry from 2001 to 2007 in India and a secretary of tourism in Kerala from 1997 to 2001.)</div> <div> </div> <div> </div> <div> <strong>Key marketing strategies </strong></div> <div> </div> <div> • Position tourism as major engine of economic growth </div> <div> • Harness the direct and multiplier effects of tourism for employment generation </div> <div> • Focus on domestic tourism as a major driver of tourism growth </div> <div> • Position India as a global brand </div> <div> • Acknowledge the critical role of private sector </div> <div> • Tapping the tourist directly </div> <div> • Create and develop integrated tourism circuits based on India’s unique civilization</div> <div> </div> <div> </div> <div> <strong>Key Marketing Challenges </strong></div> <div> </div> <div> • Moving from low value marketing strategy to high value marketing strategy </div> <div> • Defend and enhance India’s share in traditional long-haul markets </div> <div> • Develop strong short-haul markets </div> <div> • Penetrate the key source market in Asia </div> <div> • Position and differentiate strongly vis-à-vis key competitors in the region </div> <div> • Develop spending an avenues to capture higher value from each tourist</div> <div> <br /> </div>', 'published' => true, 'created' => '2013-09-23', 'modified' => '2013-09-23', 'keywords' => 'Edits & Opinions cover story news & articles, cover story news & articles from Edits & Opinions nepal, cover story headlines from nepal, Edits & Opinions current and latest cover story news from nepal, Edits & Opinions economic news from nepal, nepali cover story economic news and events, ongoing', 'description' => 'Call him a thinker, a visionary or simply a bureaucrat who gave India a new identity — Incredible India. Amitabh Kant is a name in India’s tourism sector and he is the man who drove India towards the global tourism map. He shared his views on how to ptomote tourism and hospitality infra-structure in Nepal to generate more revenue and employment and also the story and challenges behind Incredible India', 'sortorder' => '1711', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 11 => array( 'Article' => array( 'id' => '1815', 'article_category_id' => '145', 'title' => 'Problems In Mutual Funds', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <span style="font-size:14px;">The third edition of Money Expo for the year 2013 will take place in the Capital from October 31 to November 2. Being the largest finance and investment show in Nepal, the expo will focus on the promotion of investment opportunities and wealth protection strategies. In the expo, a separate interaction entitled ‘Mutual Fund: Another Attraction of Investment’ will be organized. New Business Age recently conducted a discussion on the same issue and experts presented their opinions.<strong> Excerpts: </strong></span></div> <div> </div> <div> <span style="font-size:14px;"><strong><img alt="Niraj Giri Spokesperson, Sebon" src="/userfiles/images/ng.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 187px;" />Niraj Giri </strong></span></div> <div> <span style="font-size:14px;">Spokesperson, Sebon</span></div> <div> •Financial literacy is crucial for the expansion of mutual funds. Literacy is necessary for policy makers as well as investors. </div> <div> •The Mutual Funds have been established to develop and expand share markets in the country. The fund is aimed at reducing the problem of institutional investment in the share market. This may also help expand the stock market.</div> <div> •Even investors should put forth their initiatives for financial literacy. In developed countries, investors are more proactive than the regulator in initiating financial literacy programmes. </div> <div> •Our market is completely focused in Kathmandu which is another stumbling block for mutual funds.</div> <div> •Absence of an independent mechanism to fix the price of securities is another problem.</div> <div> •Citizen Investment Trust (CIT) has been failing to work in line with its objective. We have to develop it as a market maker.</div> <div> </div> <div> </div> <div> <span style="font-size:14px;"><strong><img alt="Pravin Raman Parajuli CEO, Nabil Investment Banking Ltd " src="/userfiles/images/prp.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 187px;" />Pravin Raman Parajuli </strong></span></div> <div> <span style="font-size:14px;">CEO, Nabil Investment Banking Ltd </span></div> <div> •We have equal opportunities in mutual funds. However, managing the fund is indeed a challenging job. </div> <div> •A mutual fund plays a key role in providing security to its unit holders. That is why it should not be restricted to buy and sell shares.</div> <div> •We have 21,000 investors associated with our group. Most of them are grass root investors. We have also found that some of them are investing assuming mutual funds as IPOs.</div> <div> •Worldwide practice in mutual funds involves professional investment management and risk diversification. But the big question now is: have we been able to diversify risks? There have been some problems due to market limitations. Our market is full of banks and financial sectors. If we have to diversify our investment in the future, there seems to be no place for it.</div> <div> •Investors should also think about where they should invest next and what would be its risks and consequences.</div> <div> •We have to think about long term consequences rather than temporary ones.</div> <div> •We have to think about bringing real sector companies into the public for market diversification.</div> <div> •The nation should also take steps on awareness on mutual funds.</div> <div> •Stock availability is another problem. Out of total listed shares, only 8-10 per cent are available for trade.</div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Narayan Prasad Ghimire Chief, Share Division, Citizen Investment Trust " src="/userfiles/images/npg.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 188px;" />Narayan Prasad Ghimire</span></strong></div> <div> <span style="font-size:14px;">Chief, Share Division, Citizen Investment Trust </span></div> <div> •The Mutual Fund is a good option from a profit-making perspective because it has fewer risks.</div> <div> •Interest on mutual funds is declining because of the government’s policies regarding mutual funds. We had requested the government for exemption of income tax on at least Rs 50,000 of the total income of investors. But that could not be addressed in the budget, which has discouraged investors.</div> <div> •Because of less profit on mutual funds, people prefer direct personal investments instead.</div> <div> •The main problem of mutual fund is that most people lack knowledge about it. People who are aware are not interested in investing. That is why, despite the ability to invest, participation has not increased.</div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Shreejesh Ghimire CEO, NMB Capital" src="/userfiles/images/sg(1).jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 188px;" />Shreejesh Ghimire</span></strong></div> <div> <span style="font-size:14px;">CEO, NMB Capital </span></div> <div> •The demand of the mutual fund is very high in other countries but in the context of Nepal, demand is declining in spite of the progress the fund has made. This is the result of lack of awareness. The government made the policy but did not help further. The regulatory body SEBON, too, did not address the problem in time.</div> <div> •People are not aware of the benefits of investing on mutual funds. The main problem is market awareness which is very low. All stakeholders should work on raising awareness among people.</div> <div> •Lack of far sightedness in investors is another problem. Investors expect to double their amount invested in IPO. And if the company does not give result in four months, they believe it to be a bad company. As mutual funds’ plan is of five years, at least a year should be given before making any comments.</div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Dhruba Timalsina CEO, Siddhartha Mutual Fund" src="/userfiles/images/dt.jpg" style=" float: left; margin: 0px 10px 0px 0px;height: 186px; width: 150px;" />Dhruba Timalsina</span></strong></div> <div> <span style="font-size:14px;">CEO, Siddhartha Mutual Fund</span></div> <div> Rumours often create problems for mutual funds. For example, some vested interest people sometimes try to reduce share price of a certain company by creating a rumour. </div> <div> </div> <div> The mutual fund is given priority while issuing new shares. The general public thinks that the fund manager will get undue profit from such arrangement. It is a big misconception. The profit and advantage of the fund is not for the fund manager but for investors. </div> <div> </div> <div> I have seen financial illiteracy among investors as another big problem. They look forward to share prices rather than the overall returns. </div> <div> </div> <div> The Central Depository System (CDS) has not been working fully. Tasks have not been performed yet in shares dematerialisation. Given that investors outside the valley do not have access to opportunities, it is necessary to make CDS work fully.</div> <div> </div> <div> It is also necessary to make it clear that mutual funds are different from market makers. </div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Uddhab Shivakoti Share Investor" src="/userfiles/images/us.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 190px;" />Uddhab Shivakoti</span></strong></div> <div> <span style="font-size:14px;">Share Investor</span></div> <div> Mutual funds have failed to work as market makers. As they have failed to work as market makers, it shows that there is no difference between collective fund investors and mutual funds. When the market declined, mutual funds could have played a role to increase demand. Similarly, it can help in meeting demand if the market is booming. But such things have not happened. </div> <div> </div> <div> If we observe the portfolio of the mutual funds, we can find that the investment has not been </div> <div> done sincerely.</div>', 'published' => true, 'created' => '2013-09-16', 'modified' => '2013-10-01', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The third edition of Money Expo for the year 2013 will take place in the Capital from October 31 to November 2. Being the largest finance and investment show in Nepal, the expo will focus on the promotion of investment opportunities and wealth protection strategies.', 'sortorder' => '1676', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 12 => array( 'Article' => array( 'id' => '1774', 'article_category_id' => '145', 'title' => 'Political Commitment Necessary For Development', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Ashok Baidya</strong></div> <div> </div> <div> We have made an effort to bring the former prime ministers in the same platform for a meaningful dialogue and discourse on country’s overall economic development. This is probably a first of its type in the history of Nepal. I am really delighted to welcome the former prime ministers, who are at the helm of the country, in Birgung- a city known as the main entrance as well as the economic capital of the country. </div> <div> </div> <div> We are not going to hold a political debate by bringing top leaders of the political parties in this economic and industrial hub. Rather, we are seeking a political commitment for the nation’s economic development.</div> <div> </div> <div> Water, as a form of white gold, is flowing from our rivers. Provided that we utilize this water, we can easily get rid of the chronic power deficit. This will also ensure high economic growth, trade balance and earning of foreign currencies. However, instead of considering the hydropower as a matter of business, it’s a bitter reality that hydropower projects are facing political hindrances. </div> <div> </div> <div> On the other hand, Nepal is projected as a best destination for tourism by United Nations including other international organizations. However, the number of tourists in our markets has not exceeded one million per annum yet.</div> <div> </div> <div> The major reason behind all these economic problems is political instability and inconsistent policies. It is obvious that there exist of many political parties with diverse orientations in a country with multiparty democratic system. But complete and frequent changes in the whole policy resulting from the government changes is rarely see in any other country.</div> <div> </div> <div> The investors shy away from investing in the countries with instable politics and economy. Apart from these problems, our country is reeling under the power deficit and labour unrest, among other economic ordeals. Despite a high minimum wage compared to other South Asian countries, Nepal is yet to observe the normalcy in the labour sector. Thus, if productions are to be increased and investment is to be lured, a high level consensus is imperative on the fundamental issues of the economy. I would like to request to all former prime ministers from this forum for a common agreement on the fundamental agenda of the economy.</div> <div> </div> <div> Birgunj is a strong pillar of our economy. 70 per cent of country’s total industrial investments are in Birgunj-Pathlaiya corridor. But the government has inflicted injustice to the Birgunj-Pathlaiya region by not declaring this region as an industrial corridor. Along with a demand to declare this region as industrial corridor, we demand with the government that Birgunj be declared as economic capital. We have also brought a concept of a greater Birgunj to develop this city as the country’s economic capital. The concept brought for the overall development of Birgunj aims to increase the economic and industrial activities at a high rate and build infrastructures to the par of complete metropolitan by 2080. I would like to request former prime ministers to realize the importance of this comprehensive plan and act towards materializing it. This program would not been a success without the participation of prime ministers. I would like to thank you from my inner heart for your presence. </div> <div> </div> <div> <em>(Views expressed by Baidya during Nepal Leadership Summit.)</em></div> <div> </div>', 'published' => true, 'created' => '2013-09-09', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The major reason behind economic problems is political instability and inconsistent policies.', 'sortorder' => '1635', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 13 => array( 'Article' => array( 'id' => '1773', 'article_category_id' => '145', 'title' => 'There Is No Investment Friendly Environment', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Madan Lamsal</strong></div> <div> </div> <div> Dignitaries present in this Nepal Leadership summit are much concerned over economic future of the country. But the vibes of this positive thinking has not been circulated to the common people. This platform intends to reach to those people with a hope to develop a common economic commitment.</div> <div> </div> <div> It has already been late to discuss about country’s economy because its growth barely hovering over 3 to 4.5 per cent in last three years.</div> <div> </div> <div> Entrepreneurs and businessmen along with the capital and human resource are moving abroad in large numbers. There is no investment friendly environment in our country. There is a public blame over the government’s indifferent attitude towards the economic agenda. It is now important for a common and practical mindset regarding the economy.</div> <div> </div> <div> <strong><span style="font-size:14px;">Challenges of Nepali Economy</span></strong></div> <div> Productivity of the economy is declining and new investment is almost zero.</div> <div> Alarmingly, annual trade embalance is Rs 479 billion and inflation is approximately 10 percent. Nearly, 500 thousand youths are going abroad for employment and the number of those going for education and other purposes is critically high. Nepali currency depreciated by 22 per cent in last six months. Hydel projects are the victim of indecisiveness and are politicised. This country is functioning for the past six years without any long term plans. The air of uncertainty and the fear have not receded.</div> <div> </div> <div> <strong><span style="font-size:14px;">People’s expectations from Leaders</span></strong></div> <div> People are tired of opinions and blame game. Now they want a clear and common commitment to solve the existing problems and its immediate implementation. There should not be any disagreement over the common problems.</div> <div> </div> <div> <strong><span style="font-size:14px;">Right Time</span></strong></div> <div> This is the right time for a common commitment because political parties are gearing high in preparing their manifesto. There is an expectation to make the country federal. It may take time, there might be differences but constitution would be drafted and there would be political outlet. However, the days without economic progress are the days squandered. Result is what we are desperately seeking now.</div> <div> </div> <div> <strong><span style="font-size:14px;">The Clock is Ticking</span></strong></div> <div> We should quickly act on it because the state can’t remain without long term plans for infinite period. It has been imperative to develop a national concept about the local currency peg with the Indian currency.</div> <div> </div> <div> Remittance income has not been able to utilised in productive sector. Thus, there is no alternative to make Nepal’s economy as a part of world market system. It has been imperative to provide relief to the people and industrial sector by ending energy crisis. Economic literacy is must for the political parties. And it is necessary to spread the message of industrial sector’s progress.</div> <div> </div> <div> <strong><span style="font-size:14px;">The way Ahead</span></strong></div> <div> The way ahead is co-operation. An initiative has been taken in this summit and it has to be strengthened. We are making a common commitment for coming decade. And this is not a formality but a necessity.</div> <div> </div> <div> Let’s adopt and implement it.</div> <div> </div> <div> <em>(Views expressed by Lamsal in the Nepal Leadership Summit)</em></div> <div> </div>', 'published' => true, 'created' => '2013-09-09', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'This country is functioning for the past six years without any long term plans.', 'sortorder' => '1634', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 14 => array( 'Article' => array( 'id' => '1734', 'article_category_id' => '145', 'title' => 'The Software Of Growth : Governance And Management', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Rameshore Khanal</strong></div> <div> </div> <div> There’s not much good that one can talk about in matters related to governance and management in Nepal. People from all walks of life cite political instability, shortage of electricity, labour problems, poor infrastructure, and corruption as major reasons for lackluster growth performance. Dismal economic growth is not the only one feature to lament about. There are others:</div> <ul> <li> 53 per cent of the population still does not have piped water supply. Those who have it are not getting safer drinking water either. And we are rich in fresh water reserve.</li> <li> 64 per cent of the population use fuel-wood as the main source of household energy, whereas another 10.38 per cent use cow-dung or animal waste. Only less than 25 per cent use modern, but not necessarily non-polluting, source of energy.</li> <li> Only about 67 per cent of the population has some form of electricity connection for lighting, but the supply remains uncertain during the time it is needed most.</li> <li> Nearly 39 per cent of households have toilets.</li> <li> There are 15 million working age people (57 per cent of total population) and one-fifth of which are looking for gainful employment in places outside the country. Of the remaining, nearly half are not fully employed.</li> <li> Only 20 per cent of the population (5.2 million people) have qualification above SLC level. And this we have achieved in 70 years of holding SLC examinations.</li> <li> Last year, 336,000 students failed the SLC examination and each year thousands of such youths undergo the trauma of failure.</li> </ul> <div> There are other indicators that are equally pathetic and we can bring about a change, an improvement only through inclusive and high growth.</div> <div> </div> <div> But growth cannot be achieved without improving governance. Partly because of political instability and mainly because of our attitude, the government system has not been able to deliver.</div> <div> </div> <div> Infrastructure projects do not complete in time. The average years it takes to complete an electricity transmission project in Nepal is eight years, while in countries of our ranks it takes barely two years. For the last 14 years we have been talking about the Melamchi Water Project that is yet to quench the thirst and meet the needs of around 4 million people. But the date of completion of the project is uncertain. Power projects that ideally complete in less than five years take a decade to become ready with almost twice the initially estimated cost.</div> <div> </div> <div> Businessmen particularly and ordinary people in general do not feel secure even as the number of policemen is increasing every year. Young people are taught to extort money from struggling businessmen which is in contravention to what they should be doing. They should in fact be helping the business community so that much needed jobs are created within the country.</div> <div> </div> <div> People with small industries struggling hard in difficult times just to make a presence in the market face a host of problems from registration offices just because they failed to get a renewal in time. Should a failure to renew a registration in time be subjected to a hefty penalty? A struggling entrepreneur from Butwal called me to express his frustration as he faced this injustice.</div> <div> </div> <div> Foreign investors wanting to explore and excavate minerals, develop hydropower or set up industries vent our frustration too. The list is long and it can go longer. And this is all because of poor governance. The government system is not made accountable for results in the first place. </div> <div> </div> <div> Secondly, and most importantly, people in key places are appointed not on the basis of merit, but on the basis of political patronage. New public institutions created to meet the emerging needs of the country become dead on arrival as they are given to head by a person who simply does not have the pre-requisite skills and aptitude. </div> <div> </div> <div> In a few cases, where results-based accountability measures were introduced, governance has improved. We have also seen remarkable improvements in the delivery of certain agencies when honest and dedicated officers are appointed. It does not require a total overhaul of the system. If we can have just a few key people leading the organisation, it can make a significant difference. Quantifiable accountability measures and a policy of hiring able men and women must be introduced in all government agencies.</div> <div> </div> <div> Governance is not weak just in the public sector; it is also weak in the private, cooperative and non-governmental sectors. Wherever regulatory agencies are effective, problems have somehow been dealt with. But many areas remain unregulated or regulatory agencies are not simply effective. </div> <div> </div> <div> The distinction between governance and management is often blurred. If the management is good, governance certainly becomes good. By management we often think of the private sector. But experience shows that the private sector performs well largely under professional management. We often hear real estate sector people ask how banks report rising profits every year when businesses in real estate are not performing well. There are different arguments put forward to criticise the bankers’ style of profit-mongering. This is certainly not the right explanation. The right explanation is that the banking sector in the first place is professionally managed and it is more open. In spite of this, greed on occasions has led some banks to face short-term setbacks.</div> <div> </div> <div> Most real estate businesses do not use professional management services. To call them privately-held may be a deception. In fact, they are family-held and do not place much trust on professional management. I often get confused whether they make the private sector or whether they are a part of the household sector!</div> <div> </div> <div> And yet, young students these days choose to pursue management courses in large numbers. It is not just in Kathmandu that there is a craze for Business Colleges - it is everywhere in Nepal. Many colleges under the Tribhuvan University system have reported that in the last five years or so, the departments that offered courses, such as, history, political science, culture, language, and even economics have seen negligible or even zero new enrolment.</div> <div> </div> <div> Most of those who pursue business administration courses either aim for the financial sector or non-governmental organisations. Interacting with students in the last three years, I have not found a single graduating student keen on manufacturing, hospitality, hydropower or other industries.</div> <div> </div> <div> Without strengthening these sectors, our expectation for higher and inclusive growth will remain an illusion. It is, therefore, necessary that those who are involved in these sectors introduce professional management in their businesses. It is the absence of professional management perhaps, that Nepali workers admired for their honesty and hard-work all over GCC countries, Malaysia and South Korea, are seen to be troublemakers in our own industries.</div> <div> <em>(Khanal is Former Finance Secretary. This opinion was expressed in Newbiz Conclave & Business Excellence Awards Ceremony-2013)</em></div>', 'published' => true, 'created' => '2013-09-02', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'There’s not much good that one can talk about in matters related to governance and management in Nepal. People from all walks of life cite political instability, shortage of electricity, labour problems, poor infrastructure, and corruption as major reasons for lackluster growth performance.', 'sortorder' => '1595', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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Availability, accessibility and timeliness of budget information are key indicators of budget transparency. OBS report for 2012 says Nepal does not produces two of the eight key budget documents. Key eight budget documents include pre-budget statement, executive’s budget proposal, citizens’ budget, enacted budget, in-year reports, mid-year review, annual report and the audit report. Nepal produces six of the eight key budget documents but lacks pre-budget statement and citizens budget. </div> <div> </div> <div> Pre-budget statement is the policy outline for the government’s budget proposal. Priorities of the government, major programmes and projects and tentative weightage given to each programmes by the amount of budget are the important components of pre-budget statement. It is a policy guideline for coming year’s budget. Citizens budget is the non technical presentation of budget proposal so as to make general people understand the main features of government budget. According to IBP, lack of these two documents has limited the opportunity for people to participate in the Nepal’s budget process.</div> <div> </div> <div> There are several areas for improvements on comprehensiveness of existing 6 budget documents. These documents have limited outreach. They are in many cases produced but not timely released. On the other hand role of oversight agencies i.e. parliament and supreme audit institution has also not been utilized to promote public scrutiny on the budget process. </div> <div> </div> <div> Because of these reasons, Nepal’s open budget index has been only 44 in 2012. It was 43 in 2008 and 45 in 2010. Thus IBP has strongly recommended Nepal to undertake following steps:</div> <div> •Produce and publish a pre-budget statement and citizen budget</div> <div> •Increase the comprehensiveness of executive budget proposal</div> <div> • Increase comprehensiveness of in-year report</div> <div> • Increase comprehensiveness of year-end report</div> <div> •Increase comprehensiveness of audit report</div> <div> • Hold consultations with a range of legislators in the process of determining budget priorities</div> <div> •Legislature should have a specialized budget research office </div> <div> • Expand public engagement in budgeting </div> <div> </div> <div> Government should also prepare and publish indexes (inventory) of all budget related documents. The government should give concrete shape to pre-budget discourse by producing and publishing pre-budget statement at least before 30 days of publishing executive’s budget proposal as per international standard. And citizens’ budget should be published with executive’s budget proposal.</div> <div> </div> <div> Demystification of budget document should not be limited to formality. The government should increase comprehensiveness of key budget documents. In order to inform people, the government should build collaboration between government agencies and civil society, particularly budget advocacy groups.</div> <div> </div> <div> Lip service is not enough to ensure budget openness in the country. The government should ensure transparency by preparing budget openness friendly law and policies. The government should consider incorporating all relevant suggestions while drafting fiscal transparency bill because no one has the right to misuse the tax money. </div> <div> </div> <div> <em>(Writer has been conducting research on Public Financial Management in Nepal)</em></div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'According to bi-annual open budget survey (OBS) on budget transparency of International Budget Partnership (IBP), Nepal’s budget transparency situation is below average. Availability, accessibility and timeliness of budget information are key indicators of budget transparency.', 'sortorder' => '2001', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 1 => array( 'Article' => array( 'id' => '2153', 'article_category_id' => '145', 'title' => 'Public Accountability: It's Not Only Banks That Needs Closer Scrutiny', 'sub_title' => '', 'summary' => null, 'content' => '<div> The Reverend Paul Flowers, the former chairman of the Co-op Bank, we are now told, was hugely profligate with expenses, watched pornography on his work computer, hired male prostitutes, paid for crack cocaine and, knowing next to nothing about banking, led the Co-op, already lumbered with the purchase of the Britannia Building Society, as it blundered into an attempt to buy 631 branches of Lloyds with no money in the till. This magical feat of accountancy beggars belief, coming as it did in the wake of the earlier huge bailouts by taxpayers of RBS and Lloyds, similarly blind to the limitations of their capital.</div> <div> </div> <div> It is all too easy to see Flowers as the comic sideshow, now dubbed the crystal Methodist man of the cloth, who has spent years gleefully behaving badly, protected by his dog collar and the old boys' network. His solicitor says his client is now "in a rather ponderous frame of mind". Far more significant is the damage done to a mutual with a proud history of ethical behaviour, now with a £1.5bn hole in the bank's capital and at the mercy of two hedge funds propelled by a very different drive.</div> <div> </div> <div> A danger also exists that Flowers and the mudslinging that currently occupies Labour and the Conservatives will distract from one of the core lessons of the Co-op debacle. Yet again, good governance and a sense of responsibility have been alarmingly absent in thefinancial sector. At the same time, Osborne, in allowing the regulators to appoint a head of their own choice to the inquiry he has instigated, has prompted Lord Myners, city minister during the banking crisis, to condemn "an enfeebled investigation, compromised and emasculated from day one".</div> <div> </div> <div> In the business of the Co-op bank, regulation has clearly been found wanting. In late 2011, the Financial Services Authority, precursor of today's Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) told the Co-op bank that it lacked the management skills and possessed too little capital to make the Lloyds purchase. Yet still the Co-op was involved in a £750m deal to buy the Lloyds branches, incredibly with no dissent from the FSA. On the contrary, the Co-op was applauded by Osborne for "creating a new banking system for Britain that gives real choice to customers and supports the economy".</div> <div> </div> <div> Earlier this year, in the wake of yet another financial scandal in the rigging of the Libor rate, the parliamentary commission on banking standards published its recommendations, optimistically entitled "Changing Banking for Good".</div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The Reverend Paul Flowers, the former chairman of the Co-op Bank, we are now told, was hugely profligate with expenses, watched pornography on his work computer, hired male prostitutes, paid for crack cocaine and, knowing next to nothing about banking, led the Co-op, already lumbered with the purchase of the Britannia Building Society', 'sortorder' => '2000', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 2 => array( 'Article' => array( 'id' => '2137', 'article_category_id' => '145', 'title' => 'Five Years After The Global Crisis, The World Is No Safer', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong><span style="font-size: 12px;">--By Pradumna B Rana</span></strong></div> <div> </div> <div> T<span style="font-size: 12px;">he Asian financial crisis of 1997–98 led to calls for the reform of the international financial architecture. A large number of policies were proposed for crisis prevention and crisis resolution, but with the faster-than-expected recovery of the Asian countries, complacency set in and reforms were abandoned. Complacency partially set the stage for the global economic crisis of 2008–09, and once again, under the auspices of the newly created G20, a large number of policies were announced. Have they been implemented, and has the world become a safer place? Not really.</span></div> <div> </div> <div> This leads to three main reasons for concern. The first is complacency yet again. Five years ago, credit markets were frozen, international trade had fallen off the cliff and the global economy was headed towards a great depression similar to the one experienced in the 1930s. There was an acute sense of urgency; the major economic powers agreed to coordinate monetary and fiscal policies. These efforts were successful and instead of a global depression the world experienced ‘the great recession’.</div> <div> </div> <div> Now financial markets no longer pose an immediate systemic threat. But the global economy is far from healthy; it is operating well below capacity, with millions unemployed. Policy coordination is still required, but is difficult to obtain. While the G20 made substantial progress in global economic reforms during its first three summits — that is, until the Pittsburgh summit — it is now headed towards obsolescence.</div> <div> </div> <div> The second reason for lack of progress in global reforms is the reluctance of the United States to give up its veto power and control of the IMF. In 1944, the United States, as the global hegemon of the time, helped establish multilateral rules, including those for finance and the IMF. This led to financial stability and unprecedented economic prosperity, not only for members of the club but also in other countries around the world — especially in the BRICS.</div> <div> </div> <div> Given their growing economic footprint in the world economy, the BRICS now desire a greater voice and say in running the IMF, but some members are reluctant to allow this. This is because, like many other clubs, the IMF is designed in such a way that founding members ultimately maintain control. Hence, one of the centrepieces of the proposed global reforms, namely the G20 pledge to transfer 6 per cent of quota and voting power at the IMF to large emerging markets, cannot be implemented.</div> <div> </div> <div> The third reason for limited progress in reforms is the relatively weak cohesion within the BRICS. The establishment of the G20 in the aftermath of the global economic crisis has given the BRICS a historically unprecedented opportunity to sit around the high table with G7 member states and participate in discussions on international economic policies as key stakeholders. But the BRICS have become ‘BRICS without mortar’. For example, when the position of IMF managing director became vacant last year, even though it was well known that the IMF tradition of locking out non-Europeans would be strongly protected, the BRICS should have quickly made a claim for the position, fielded a top-rate candidate and provided a strong backing. But that did not happen. The BRICS claim came late — perhaps as an after-thought.</div> <div> </div> <div> For the above reasons, many of the proposed global reforms have not been implemented and the world is not much safer now than it was before the global economic crisis. How might the situation evolve in the future? It depends on how global politics plays out among the various actors.</div> <div> </div> <div> Recent economic turmoil has demonstrated beyond doubt that unfettered global markets and greed are a dangerous cocktail that can lead to ‘elite’ capture and insider trading and put global prosperity at risk. A more legitimate multilateral rules-based system is one of the best ways to ensure that the benefits of globalisation are shared in an equitable manner. Another way is to move to a more decentralised architecture with global and regional institutions working together in a complementary manner. Compromises must therefore be struck so that economies can move towards either one of these two systems. The world would then become a safer place.</div> <div> </div> <div> If the United States decides to shun post-war multilateralism and go for preferential deals with like-minded countries instead, then the global order could fall apart. The world would then be back to the ‘beggar thy neighbour’ policies of the 1930s to the detriment of all, including the United States and the BRICS. US interest in negotiating the Trans-Pacific Partnership and Transatlantic Trade and Investment Partnership is a dark cloud on the horizon. Regional schemes, if well designed, can be stepping stones to multilateralism: let us hope that the desire of the United States in pursuing these schemes is not to lock out other countries — especially China and India.</div> <div> </div> <div> <em>(Pradumna B. Rana is Associate Professor in International Political Economy at the S. Rajaratnam School of International Studies (RSIS), Nanyang Technological University.)</em></div> <div> </div> <div> Source: East Asia Forum, http://www.eastasiaforum.org/2013/11/15/five-years-after-the-global-crisis-the-world-is-no-safer/</div>', 'published' => true, 'created' => '2013-11-21', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The Asian financial crisis of 1997–98 led to calls for the reform of the international financial architecture. A large number of policies were proposed for crisis prevention and crisis resolution, but with the faster-than-expected recovery of the Asian countries, complacency set in and reforms were abandoned.', 'sortorder' => '1992', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 3 => array( 'Article' => array( 'id' => '2102', 'article_category_id' => '145', 'title' => 'Microfinance For Rural Financing', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 12px;">--By Krishna Pradhan</strong></div> <div> </div> <div> M<span style="font-size: 12px;">icrofinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance. </span></div> <div> </div> <div> It is, however, ridiculous that the government is yet to realize achievement of this sector. A provision in this year’s budget, expresses government’s commitment to utilize microfinance as an effective means to provide finance in rural parts of the nation. The provision brings to light the government’s ignorance about the development of microfinance sector in Nepal over the last two decades.</div> <div> </div> <div> The budgetary provision is very much ambiguous in itself. For instance, it has mentioned the provision of propelling expansion of microfinance sector but it has not included any concrete measures. The rhetorical budget does not make any sense. </div> <div> </div> <div> In my opinion, we need to expand microfinance in the urban areas now. Central Bank has been doing good to promote microfinance throughout the country. However, we cannot take microfinance sector to the next level unless the government extends support. It is time that the government takes some concrete measures to accelerate the expansion of microfinance across the country. </div> <div> </div> <div> There are some obvious reasons why the government should be involved in expansion of microfinance. Poverty eradication is, in principle, government’s obligation. Poverty reduction is not concerned only to data comparison. The overall poverty situation across the nation has not improved significantly. People below absolute poverty line still remain crushed despite pumping billions worth budget every year. Around 25 percent population is still living below the national poverty line. </div> <div> </div> <div> It is worthwhile to mention here that around 1.5 million people have been directly benefited from microfinance over the last two decades. Similarly, around 7 million people have indirectly benefited from the microfinance. </div> <div> </div> <div> Despite some wrong practices in the sector, microfinance has contributed much to bring the rural economy in formal channel and in developing banking habit in remote villages. Poor people in the village have been involved in various income generation activities after establishment of microfinance institution in the villages. This has contributed in reducing poverty. Microfinance institutions are especially useful for those who cannot afford collateral while borrowing money from banks. </div> <div> </div> <div> </div> <div> Microfinance can substantially improve living standards of rural and urban poor if the government can propel its growth in a positive way through the introduction of appropriate policies. The government should take both direct and indirect measures to promote microfinance. Subsidy in corporate tax and certain percent tax exemption in the profit are some tangible measures that the government can adopt to promote microfinance sector. Similarly, the government should provide facilities to employees of microfinance institutions since they work in the rural areas. Tax exemption in the income of employees of microfinance institutions can stimulate them to work in the rural areas. The government can give tax exemption to microfinance employees whose yearly income is less than Rs 0.5 million. </div> <div> </div> <div> The government should also facilitate in the treasury management sector of microfinance. The government can deposit certain percent of collected revenue amount to the Grameen Swabalamban Kosh (GSK) and can convert it into the National Microfinance Fund. The money collected in the fund should be used in the welfare of microfinance institutions. Similarly, the government should also ensure health insurance of the employees working for microfinance institutions. </div> <div> </div> <div> The government should utilize microfinance institutions to generate employment opportunities in the country since microfinance has been very effective in launching income-generation activities at the grassroots level. The government should come up with a clear vision rather than rhetorical phrases in the development of microfinance. </div> <div> </div> <div> <em>(Writer is former executive director at Nepal Rastra Bank )</em></div>', 'published' => true, 'created' => '2013-11-11', 'modified' => '2013-11-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Microfinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance.', 'sortorder' => '1950', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 4 => array( 'Article' => array( 'id' => '2103', 'article_category_id' => '145', 'title' => 'Job Losses: Shipping Out', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">T</span><span style="font-size: 12px;">he first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.</span></div> <div> </div> <div> It's a decision that owes something to the politics of the United Kingdombut more to the needs of BAE, which is building the carriers. All future construction work will be done in Scotland, in the yards at Govan and Scotstoun. They will get the orders for type 26 frigates and three patrol boats to keep the yards ticking over until the new contracts are ready. As a result, a thousand of Portsmouth's 12,000 shipyard jobs will go – and since, according to the city's university, each 100 jobs in the dockyards supports another 66 beyond, the knock-on effects will be grim for the whole city. Almost as many jobs again will go on the Clyde. That's what happens when a whole political generation fails to develop an industrial strategy. It's another blow to the coalition promise to rebalance the economy.</div> <div> </div> <div> The defence secretary, Philip Hammond, did not try to hide the relevance of next year's Scottish independence referendum when he briefed MPs. No United Kingdom, no new shipbuilding contracts, which won't be ready until after the vote. In theory, Portsmouth can still hope – except the odds are heavily against the Scots voting "yes". But there's a logic to concentrating building in the north that's been recognised for at least three years: the political advantage, if there is one, of being able to threaten nationalist sympathisers with job losses is more of a bonus ball than a cynical calculation. Nor has the news taken Portsmouth by surprise. Councillors and employers have been working since 2010 on an innovative £1bn regeneration scheme, combining investment in infrastructure with new links between schools and the city's big employers aimed at getting key-sector growth in areas such as aerospace and environmental technology.</div> <div> </div> <div> It might not have been such a haul if, 30 years ago, politicians had considered a private-sector response to the consequences of shrinking the navy that Margaret Thatcher's first defence review precipitated. Some niche yacht-building did grow to take up a little of the slack, but this year Sunseeker, the last British-owned yard, based in Dorset, was bought out by the Chinese. And what was really needed was a focus on what has turned out to be the growth area in shipbuilding: the luxury cruise liner business. Instead they are built in Korea, Norway, Finland, France, Germany and Italy. Anywhere except the UK.</div> <div> <em> (Source: theguardian.com)</em></div>', 'published' => true, 'created' => '2013-11-11', 'modified' => '2013-11-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.', 'sortorder' => '1948', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 5 => array( 'Article' => array( 'id' => '2031', 'article_category_id' => '145', 'title' => 'Power Trading Growth In India: An Overview', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Pankaj Goel </strong></div> <div> </div> <div> I<span style="font-size: 12px;">ndian power market is a vibrant and growing. Its growth is stable. It is completely voluntary market with multiple choice and options. Electricity trading is allowed by Electricity Act- 2003 and 41 trading licenses have been issued till March 2012. Top 5 trading licensees have 80 per cent market share. </span></div> <div> </div> <div> PTC India Ltd (PTC), the leading provider of power trading solutions in India, was established in the year 1999 as a Government of India initiated Public-Private Partnership. Its primary focus is to develop a commercially vibrant power market in the country.</div> <div> </div> <div> PTC is the pioneer in implementing the power trading concept in India and has successfully demonstrated its efficacy in optimally utilizing the existing infrastructure within the country to the benefit of all. </div> <div> </div> <div> Electricity trading has led to optimization of existing energy resources, encouraged commercial outlook in the sector and cross-border exchange of power. This has also catalyzed investment into the power sector, mainly from the private sector </div> <div> </div> <div> It is worthwhile mentioning here that development of power trading has created market structure facilitating private investment in the sector. </div> <div> </div> <div> Power markets world-wide seek to maximize competition in generation, are open to all market participants, and compete on price, not cost.</div> <div> </div> <div> PTC pioneered the concept of power trading in India and it has continued to maintain the top position since inception. That concept was developed to promote private investment in power sector.</div> <div> </div> <div> Long term trading contracts reduce volatility in trading volumes. It helps to enter into long term PPAs with new Independent Power Producers (IPPs) and invest into power projects to increase the trading volume. </div> <div> </div> <div> It was only after the success of PTC’s model, that the Electricity Act 2003 recognized power trading as a distinct licensed activity. Short term power market in India has witnessed rapid growth. It not only grew in volume terms but also as percentage of total electricity generation from 3% in 2008 to 11 per cent in fiscal year 2013.</div> <div> </div> <div> PTC created a power market which is the first of its kind in South Asia. It has been facilitating a transition from cost-based returns to market based returns. PTC has contributed to create value for power – market based price discovery of power. It helps in optimal utilization of generation capacity and increased generating capacity addition. Short-term and long-term trading opportunities thus created have led to development of Power Exchange and encouraged renewable energy market.</div> <div> </div> <div> It has introduced innovative products suiting customers’ needs. Similarly, single window service has come into effect to take care of all intermediate requirements like transmission agreements, metering, accounting etc. That engages regulators at Centre/State level towards development of power market.</div> <div> </div> <div> There is possibility of cross-border trade with Nepal. India-Nepal power exchange is at a moderate level that stands at around 100-150 MW. Out of total power supplied to Nepal, PTC supplies 50-70 MUs annually to meet Nepal’s emergent load during winter months. </div> <div> </div> <div> Government of Nepal has prioritized hydro power development and encourages private investment. Nepal has enormous 42,000 MW hydro potential but only 2 percent has been exploited so far. Existing India-Nepal transmission links should be strengthened for long-term power trade between two countries. </div> <div> </div> <div> <em>(The article is based on Goel’s presentation made at The Power Summit 2013 organized by IPPAN. Writer is Vice President, Marketing at PTC India)</em></div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Indian power market is a vibrant and growing. Its growth is stable. It is completely voluntary market with multiple choice and options. Electricity trading is allowed by Electricity Act- 2003 and 41 trading licenses have been issued till March 2012. Top 5 trading licensees have 80 per cent market share.', 'sortorder' => '1884', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 6 => array( 'Article' => array( 'id' => '2032', 'article_category_id' => '145', 'title' => 'London Can't Become Home Only To The Rich', 'sub_title' => '', 'summary' => null, 'content' => '<div> In his magisterial account of 19th-century London, then as now a city of contradictions, Jerry White describes how Clerkenwell became "the greenhouse of invention". Hiram Maxim perfected his machine gun there; Sebastian de Ferranti his dynamos and Guglielmo Marconi his electric telegraph. Clerkenwell's people were cabinet makers, brass workers and glass shade and globe makers. Elsewhere in the city, new industries flourished, as did the docks and retail. Ladies shopped in "the emporium of the world!". "Made in London" was a badge of pride. Today, the fattest profits come not from the fruits of questing minds and hard graft but from the new gold, what American writerMichael Goldfarb, in a scathing essay in today's Observer, calls "the global reserve currency" that is property.</div> <div> </div> <div> "The property market is no longer about people making long-term investment in owning their shelter," he writes, "but a place for the world's richest people to park their money at an annualised rate of return of around 10%." In 2012, an extraordinary £83 bn-worth of properties were purchased mortgage-free in London with no financing.</div> <div> </div> <div> What attracts foreign (and domestic) millionaires and billionaires is not just the rate of return but the coalition's tax regime. Britain, for instance, has a base corporate tax rate of 23% (due to drop to 20% in 2015). In Germany, it is 29%. Again, while the majority of London's citizens rightly pay up to 40% or more of their incomes to maintain the hospitals, schools, roads and civic services of the city, the rich are taxed in small change.</div> <div> </div> <div> The impact of London's property market becoming another global reserve currency where the super rich stash their billions and evade tax will soon be felt in the changing nature of the city's social and cultural ecology. What price to the capital if, increasingly, teachers, artists, students and civil servants can no longer live, work and contribute to an eclectic social mix?</div> <div> </div> <div> The threat is not just cultural, but economic too. Already some senior business leaders have voiced fears that the capital is likely to lose out to cities such as Berlin in the race to become Europe's major digital hub since London is simply unaffordable for many young enterprising tech workers. Historically, the cultural industries have been major players in the British economy, but they also play a crucial role in helping create a flourishing, diverse city.</div> <div> </div> <div> That is now under serious threat and there are few, if any, senior political leaders who seem to have an oversight of what is happening. The city needs a strong advocate, one who argues vociferously that the cities that work best are ones that work for everyone. London is no longer that type of city.</div> <div> <em>(The Guardian)</em></div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'In his magisterial account of 19th-century London, then as now a city of contradictions, Jerry White describes how Clerkenwell became "the greenhouse of invention". Hiram Maxim perfected his machine gun there; Sebastian de Ferranti his dynamos and Guglielmo Marconi his electric telegraph. Clerkenwell's people were cabinet makers, brass workers and glass shade and globe makers.', 'sortorder' => '1882', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 7 => array( 'Article' => array( 'id' => '1981', 'article_category_id' => '145', 'title' => 'Give Peace Talks A Chance', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Janardan Baral </strong></div> <div> </div> <div> Stability and prosperity in Pakistan will definitely have impact in the entire South Asia. However, peace in Pakistan has been elusive since last couple of decades though the current government of Pakistan is working out a national consensus based strategy for dealing with the problem of terrorism.</div> <div> </div> <div> In quest of peace in Pakistan, recently held All Parties Conference (APC) can be taken as a defining moment that raised hopes that there are chances of prevailing peace in Pakistan. </div> <div> </div> <div> This time, APC was unique due to several reasons. Firstly, it was attended by all the invitees. Secondly, it was supported by the public mandate regarding the strategy to deal with the Taliban and the US drone attacks. Moreover, people had voted for the political parties which articulated an anti-drone policy. Thirdly, the APC decided to give free hand to the sitting government on three issues—economy, energy and terrorism. </div> <div> </div> <div> According to agencies, the APC has reposed full confidence in the efforts of the country Prime Minister and authorised the federal government to initiate dialogue with Taliban and take all the necessary steps as it may deem fit including development of an appropriate mechanism and identification of interlocutors.</div> <div> </div> <div> In an interesting revelation, APC was informed by security apparatus that there are groups within the Tehreek-e-Taliban Pakistan (TTP) who are in favour of talks but then there are others that enjoy the backing of certain hostile agencies who may never agree. </div> <div> </div> <div> TTP should come clean on those dubious entities which are operating under its brand name and carrying out disruptive actions. TTP should show its commitment for peace. </div> <div> </div> <div> With the Afghanistan conflict apparently moving towards a close, it is logical that Pakistan should engage in dialogue with select groups of Pakistani Taliban under a well structured framework. Pakistan is already facilitating such processes amongst America, Afghan Taliban and the Afghanistan government. </div> <div> </div> <div> Many analysts say that there is paradigm shift in the country’s security strategy. For instance, the top civil-military leadership has unanimously decided to hold peace talks with all militant groups, keeping the TTP on top priority. The move was hailed by even Taliban in Pakistan and they dubbed the move as an opportunity to hold a ‘meaningful dialogue’.</div> <div> </div> <div> It’s not the first time that Pakistan government has tried to open such talks. However, this time the approach is qualitatively different. This time Taliban are being referred to as “stakeholders.” The government plans to start the talks just as soon as intermediaries complete the necessary “groundwork”. It is encouraging that the Taliban Shura (the decision making body) has promptly convened its session to nominate its team. The TTP would announce its team once the government has finalised its interlocutors. The central leadership of the TTP has claimed that the Prime Minister Nawaz Sharif had sent a letter to the TTP about a possible peace dialogue and the TTP has replied to it.</div> <div> </div> <div> Pakistan’s national leadership also boldly addressed the sticky issue of American drone strikes. It described them as detrimental to the country’s efforts to eliminate terrorism and recommended that the government should consider taking up the issue to the United Nations. APC communiqué also termed the drone attacks an ‘illegal and immoral’ act. “We declare that we shall ourselves determine the means and mode of fighting this war in our national interest and shall not be guided by the United States of America or any other country in this regard.” Pakistani security officials also informed that there was no secret understanding with the US on the CIA-led drone campaign. Hopefully, an unambiguous official stance on drone attacks would help create a conducive environment for the envisaged negotiations. </div> <div> </div> <div> The APC called for a result-oriented and peaceful dialogue process to eliminate extremism from the country. Political leaders admitted that the situation has continued to deteriorate over the last several years and past efforts to control terrorist and extremist elements have not yielded the desired results.</div> <div> </div> <div> </div> <div> </div> <div> It is for this reason that peace talks with Taliban should be given a fair chance to succeed. There are forces which say that Taliban don’t want to be treated like that. However, these elements while speaking in such a tone do not give priority to the interest of Pakistan. </div> <div> </div> <div> These are mainly western voices which want Pakistan to go all out against Haqqqani net work. They must realize the fact that Haqqani network is Afghan entity. While responding to Hillary Clinton’s statement with skepticism, a senior Haqqani commander told Reuters on October 25, 2011 that the “Afghan Haqqani group will not take part in any peace talks with the United States which will not be able to find a possible solution to the Afghan conflict unless they hold talks with the Taliban—led by the Taliban leadership seriously. He revealed, “Americans had made several attempts for talks which we rejected as we are an integral part of the Taliban led by Mullah Omar…we are united to liberate our homeland-Afghanistan.”It is of particular attention that on September 17, 2012, in a rare interview by telephone from an undisclosed location, leader of the Haqqani militant network, Sirajud Din Haqqani disclosed that the group has become so confident after battlefield gains in Afghanistan that “it no longer has sanctuaries in Pakistan, and instead, felt secure inside Afghanistan.”</div> <div> </div> <div> What the world must realise is that Pakistan is a sovereign democratic country and the voice of democratically elected government and other political parties that suggest that talks with Taliban should be given a fair chance.</div> <div> </div> <div> World must also realize that collateral damages in form of drone strikes in Pakistan have resulted in germinating greater ill will against US/ISAF and ultimate sufferers are the people of Pakistan.</div> <div> </div> <div> The crux of the matter is that today Pakistan is the epi-centre of war against terrorism. Sacrifices rendered by Pakistani people in eliminating the menace of terrorism from the world are unparalleled. If we take a pragmatic view of developments in the region following USSR’s interruption in Afghanistan, Pakistan has played a key and very positive role. Today the whole Eastern Europe is enjoying freedom which is result of Pakistan standing tall in thwarting USSR.</div> <div> </div> <div> Situation in Afghanistan deteriorated as US and West changed their priorities and started focusing towards East Europe. 9/11 gave another dimension to the region and the world. Afghanistan has seen use of force and its after effects have been suffered by Pakistan. For the last 13 years this region is suffering with minimum achievements for a durable peace.</div> <div> </div> <div> The proponents of use of force do not want to see this region peaceful. To ensure their safety they are trying to create destruction in other parts of the world. It needs to be reiterated that today’s Pakistan has the capability and the political will to firm up a response against terrorists. No one but only the people of Pakistan can suggest a panacea for the problems that it is facing. The world must acknowledge and respect the decision which the political leadership of Pakistan has taken in holding talks with militants and terrorists.</div>', 'published' => true, 'created' => '2013-10-21', 'modified' => '2013-10-21', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Stability and prosperity in Pakistan will definitely have impact in the entire South Asia. However, peace in Pakistan has been elusive since last couple of decades though the current government of Pakistan is working out a national consensus based strategy for dealing with the problem of terrorism. In quest of peace in Pakistan, recently held All Parties Conference (APC) can be taken as a defining moment that raised hopes that there are chances of prevailing peace in Pakistan.', 'sortorder' => '1832', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 8 => array( 'Article' => array( 'id' => '1934', 'article_category_id' => '145', 'title' => 'The West Seti Hydro Project A New Model Of People-Private-Public-Partnership?', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Madhukar SJB Rana</strong></div> <div> </div> <div> For over a decade and a half, the Australian engineering company Snowy Mountain Engineering Corporation (SMEC) tried to build a 198m High Dam and generate 750 MW hydro power in the West Seti river but failed because it could not (a) mobilize the required US $ 1.2 billion funds, (b) pass the Environmental Assessment norms, (c) meet world standards for High Dams and (d) did not know – or indeed care-- how best to meet the needs of local inhabitants, both directly and indirectly affected. After 16 years of trying and having expended over $ 35 million, SMEC abandoned the project in 2011 when the Government of Nepal revoked its license once and for all.</div> <div> </div> <div> The project was a PPP project with SMEC providing 10 per cent of the power generated, or its equivalent in cash, to the Government of Nepal and exporting 90 per cent of the energy generated to India at a price of USD 4.86 per KWe under the Power Trade Agreement signed with the Power Trading Corporation (India). </div> <div> </div> <div> Under the BOOT model, the company was to transfer the ownership to Nepal after 25 years from the start of operations. In the wake of the acute power shortage in Nepal where the country has to suffer 12-14 hours of power outage in winter, it is not surprising that the people, both local and national, were opposed to such an export-oriented project. People also questioned the sheer lack of consideration for the full use of the water being damned for irrigation. </div> <div> </div> <div> Enter the China Three Gorges Corporation (CTGC), after which the West Seti Project may see the light of day. Let us hope that the CTGC takes this up as a 100 per cent FDI as it has the technology (the corporation has installed more than 20,300 MW thus far) as well as the management and financial capacity to execute it on a turnkey basis – once the selling price is settled. However, the project implementation will depend critically on issues over (a) land acquisition, (b) resettlement of the affected people,(c) construction of a transmission line to feed energy generated into the national grid and (d) learning from the mistakes of SMEC for failing to genuinely participate with the local VDC s and local communities.</div> <div> </div> <div> The project will provide immense benefits to the Far West Region comprising Baitadi, Bajhang, Doti and Dadeldhura districts – provided it is taken up as a People-Private-Public-Partnership (4Ps, not 3Ps) project where land acquisition is fairly and amicably done and the 16,000 plus people comprising 2125 plus households in the 20 VDCs get to be beneficiaries without having to be resettled elsewhere in the Tarai (Bardia, Kailali and Kanchanpur) – an ecological region totally alien to the locals’ lifestyle. In 2008, the Constituent Assembly MPs estimated that only around 20 per cent of the land is government owned and, further, that 1393 households involving 12,000 people would have to be relocated.</div> <div> </div> <div> A turnkey basis is suggested in order to get over the hassle of multiple financiers as was faced by SMEC. It may be noted here that the SMEC venture was originally to be completed in 2005.It then moved forward to 2012! Now, with the CTGC, the project is expected to be operational by 2021. The CTGC cost is estimated at around $1.7 billion. A turnkey project would free Nepal of the burden of cost over runs and delays and, more so, all manner of hidden transaction costs as payoffs to ever changing governments, politicians and bureaucrats. Should Nepal opt for federalism, the matter will be even more compounded by issues over jurisdiction and authority. Hence turnkey is the need of the hour. The next issue is under what model: BO; BOO or BOOT? How long should the contract be stipulated for? It is suggested that this be kept open depending on the PPPP project appraisal that should, ideally, seek a win-win for all stakeholders while sharing risks equitably. It needs be underscored here that China may, in the process, also come forth with a new model of development diplomacy based on the emerging concept of aid for trade.</div> <div> </div> <div> Space limits this discussion. Suffice to say that the 4th P can be incorporated by assessing the possibilities of transformation of the project area and its households by assessing possible local development opportunities over the life span of the CTGC project. The idea is simple: the area as well as the local people should benefit with the CTGC providing a new vision of social transformation, as partners, over the optimal life span of the project. This would require financial as well as economic appraisal of the project along with risk assessments and consideration of what fiscal, financial, monetary, land and infrastructure policies and programme support may be required from the local and central governments. Participatory Action Research (PAR, not simply PRA) should be engaged in to decipher the people’s wishes, desires, dreams and capacities. </div> <div> </div> <div> To conclude: ADB and Electricite de France, a French utility company, completed a 1070 MW Hydro Project in Laos where 6000 displaced villagers in 17 villages were successfully resettled into new homes along with legal grant of new plots of land and technical assistance in farming. Payments of due compensation to 18,000 villagers indirectly affected, situated in 92 villages, were provided in the form of assistance in agriculture, horticulture, fisheries, livestock, forestry and off-farm activities to include vocational and entrepreneurial skill training. Another 67 villages, lying adjacent to these 92 villages, got better access to education and health along with some cash compensation. </div> <div> </div> <div> The 4P model proposed here seeks all of the above plus more —it incorporates financial, fiscal, monetary and land acquisition terms and conditions into the model and decides on the precise nature of the partnership model-- and its duration-- only after due consideration of risks, financial and economic costs and benefits to all stakeholders. It goes way beyond the current royalty cum BOOT model that is standard fare to any and all projects which are in dire need of innovation on a case by case basis. </div> <div> (The Writer is a former Finance Minister and Professor at the South Asian Institute of Management.)</div> <div> </div>', 'published' => true, 'created' => '2013-10-07', 'modified' => '2013-10-21', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'For over a decade and a half, the Australian engineering company Snowy Mountain Engineering Corporation (SMEC) tried to build a 198m High Dam and generate 750 MW hydro power in the West Seti river but failed because it could not (a) mobilize the required US $ 1.2 billion funds, (b) pass the Environmental Assessment norms, (c) meet world standards for High Dams and (d) did not know – or indeed care-- how best to meet the needs of local inhabitants, both directly and indirectly affected. After 16 years of trying and having expended over $ 35 million, SMEC abandoned the project in 2011 when the Government of Nepal revoked its license once and for all.', 'sortorder' => '1792', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 9 => array( 'Article' => array( 'id' => '1885', 'article_category_id' => '145', 'title' => 'Pokhara, Tourism & Sustainability Issues', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Ramji Sharma</strong></div> <div> </div> <div> Tourism, a 21st century industry, acts as an agent to induce change in socio-cultural values and norms of a society. Social and cross-cultural contacts, encounters and interactions are inherent aspects of tourism and its impact and implication numerous and varied. The United Nations Environmental Programme says that the implications of tourism are ambiguous, for the same activities are seen as beneficial by some and perceived negatively by others - especially with regard to disagreements between business interests and environmental consciousness. ‘Sustainability’, thus, has become a buzzword in tourism academia now. </div> <div> </div> <div> To analyze the impact and implication of tourism in Pokhara, a model called ‘FIDELL TALCADS’ (acronym of thirteen selected variables) was devised and tested here. The variables were: </div> <div> Family structure / Social composition, Indigenous profession, Dining patterns, Emotion, Attitude and Behaviour, Lifestyle and Fashion, Labour division, Traditions, values and norms, Arts, crafts, curios and music, Language, Crime, Alcoholism / Smoking, Drug abuse, Sex</div> <div> </div> <div> The research shows that the effects of tourism can be measured in various social aspects.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Dining patterns</strong></span></div> <div> Food, it is believed, is the most important cultural expression that can sometimes be the reason of travel for some people. Ethnographically, Nepal is one of the richest countries in the world with 125 ethnic groups and 123 spoken languages. Different communities have different types of food to begin the day with. A most popular ritual which has now become a habit for many Nepali people is to wake up with a cup of tea. However, this common habit was only found in 25.86 per cent of the respondents at Lakeside, Pokhara. The percentage of respondents that articulated their preference for light break-fast in the morning with a cup of tea or coffee, on the other hand, was 74.14 per cent, and none of the breakfast choices included an item from the traditional Nepali cuisine. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Emotion, Attitude and Behaviuor</strong></span></div> <div> Tourism creates wide socio-cultural implications as tourists bring their distinct cultural baggage when they visit different places. The most striking feature of tourism is interaction and intermingling between hosts and guests that slowly penetrate and infuse a large number of small effects which individually appear insignificant but together make an impact.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Lifestyle and Fashion </strong></span></div> <div> Akin to the cultural variation in hospitality, tourism has multifarious implications on various aspects of human life. However, the intensity and mode may vary depending on the frequency of interaction, cultural distance and age groups that come into contact with tourists of different cultural values and lifestyle. Of them, the younger generation seems to be highly influenced by tourism. Most youngsters feel modern when they copy, follow or imitate the styles of tourists (mostly western) which is also called ‘the demonstration effect’ in tourism. The popularity of the multicolored shaggy hair, hair raise, hip-hop outfits, bra-less transparent tops, colour tattoos, piercing in various parts of the body are some of the noticeable demonstration effects in these communities. </div> <div> </div> <div> There is a significant influence of tourists on the lives of the waifs and stray children of the streets. Destitute children stroll around until they find kind tourists after which they swarm around the tourists begging for money, chocolate or sometimes ask them to take them to restaurants for dining. The children (and sometime seniors too) often dress in tattered clothes and prey upon the sympathies of the tourist who give them something and eventually turn them into professional beggars. Begging has become the best modus operandi for street children for easy living in spite of clearly written instructions given to visitors to not to give anything. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Traditions, Values and Norms</strong></span></div> <div> Each unit of society has a set of traditions, value systems, beliefs, ideas, attitudes, perceptions and habits. The growth of tourism may produce both problems and opportunities at a vast scale for societies and its main impact might be on the economy, culture and environment. </div> <div> </div> <div> Grand celebrations targeting the English New Year and Christmas is probably the best street carnival in Pokhara, indicating western influence. A perceptible void of festivity during the Nepali New Year and Dashain-Tihar signifies the westernization of tourism in Phewa Lake catchments. Regardless of this, respondents added that tourism has inculcated a broader outlook through knowledge and awareness that are not only desirable but also necessary to improve the quality of life of people in particular, and the society in general. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Art, Craft Curios and Music</strong></span></div> <div> Some artistic creations and expressions like painting, music, dance, architecture and other areas in the arts hold appeal for tourists. </div> <div> </div> <div> Tourism has a very supportive role in promoting ethnic and indigenous music, dance and songs in Pokhara. Respondents have noticed a sizable increase in Rodhi culture, Dohari, Ghantu, Sorathi, Chhyandu and Jhyaure in the Lakeside area due to tourism.</div> <div> </div> <div> Nature-based tourism in the spectacular milieu of our cultural mosaic is the core competence of the Nepali tourism industry. But nature and culture both are vulnerable and cannot remain in isolation from tourism. The example of Pokhara’s westernization shows that tourist cultures always dominate the host culture and in many cases, hosts are the losers despite the financial leverage they get. Coming close to Social Darwinists and Neo-Marxists, analysis has proved that tourism is a strong agent of socio-cultural diffusion, infusion, acculturation and assimilation with an anthology of a complex synthesis of various interconnected socio-cultural, environmental and economic influences, though although it primarily turns up as an economic enterprise. </div> <div> </div> <div> Further, socio-cultural influences and implications are not as apparent as economic impacts are. Such impacts are indirect, qualitative and hard to identify. They depend on value orientation and are also ambiguous. Thus, we can conclude that the impact and implications of tourism on the host society are latent, slow, but penetrating and lasting; and the impact individually appears to be insignificant, but together they vibrate and weaken the socio-cultural system. </div> <div> </div> <div> It is revealed that tourism, in many cases, appears as an exploitative envoy rather than an economic panacea till the destination remains a ‘pleasure periphery’ of the developed world and the traveler becomes a tourist, not a social activist. Therefore, the paradise valley of Pokhara has to focus on value tourists and not on volume of tourists to retain its charm and authenticity. A proposition which might be appropriate for tourism development in a developing destination like Pokhara is ‘Community Based Responsible Tourism’ (CBRT) which emphasizes on having a balance between tourism growth, ecological conservation, economic prosperity, socio-cultural authenticity and sustainability. </div> <div> </div> <div> (The writer is a PhD research fellow in Tourism at TU / Principal at Mount Annapurna Higher Sec School, Pokhara. He can be contacted at: ramjisharma@gmail.com)</div> <div> </div>', 'published' => true, 'created' => '2013-09-30', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Tourism, a 21st century industry, acts as an agent to induce change in socio-cultural values and norms of a society. Social and cross-cultural contacts, encounters and interactions are inherent aspects of tourism and its impact and implication numerous and varied. The United Nations Environmental Programme says that the implications of tourism are ambiguous, for the same activities are seen as beneficial by some and perceived negatively by others - especially with regard to disagreements between business interests and environmental consciousness. ‘Sustainability’, thus, has become a buzzword in tourism academia now.', 'sortorder' => '1746', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 10 => array( 'Article' => array( 'id' => '1850', 'article_category_id' => '145', 'title' => 'Vision Tourism : Let’s Achieve: Naturally Nepal', 'sub_title' => '', 'summary' => null, 'content' => '<p> </p> <div> <strong>Amitabh Kant delivering his speech on ‘Incredible India’ at Hotel de l’ Annapurna.</strong></div> <div> </div> <div> </div> <div> </div> <div> <strong>This country needs to move away from low value marketing strategy to high value strategy.</strong></div> <div> </div> <div> Call him a thinker, a visionary or simply a bureaucrat who gave India a new identity — Incredible India. Amitabh Kant is a name in India’s tourism sector and he is the man who drove India towards the global tourism map. He shared his views on how to ptomote tourism and hospitality infra-structure in Nepal to generate more revenue and employment and also the story and challenges behind Incredible India. Branding India was not an easy task for him who was the joint secretary in the tourism ministry from 2001 to 2007 and a secretary of tourism in Kerala from 1997 to 2001. He is presently the Chief Executive Officer and Managing Director, Delhi Mumbai Industrial Corridor Development Corporation (DMICDC). </div> <div> </div> <div> When he took the challenge to change India’s image portraying its vibrant colours, the world was reeling under serious crises. Starting from the World Trade Centre (WTC) terrorist attack, Afghanistan war and the attack on the Indian Parliament — tourism was down in the dumps in India. </div> <div> It was at the peak of this crisis, the Incredible India campaign to position India as a tourist destination was launched. And, this was only happened due to his precise and well researched plan for several years. </div> <div> </div> <div> Excerpts (below) from his speech and presentation at Hotel Annapurna in the first edition of Tourism & Aviation Next 2013 event:</div> <div> </div> <div> </div> <div> <strong>Tapping the Market </strong></div> <div> </div> <div> Last year a billion people travelled across their borders i.e. one seventh of the world’s population was crossing boundaries from one country to another. It’s the world of tourism that contributes 6 % of global GDP. One of every 11 job across the world is created by tourism which makes it the biggest employment creator. And for country like Nepal and India, the critical challenge is how do we create the jobs for the youths? We are passing through the window of democratic transition and our population is young. And the challenge of job creation has to be done by tourism. The more tourists you have, more people you’ll lift above poverty line as you’ll create more jobs. </div> <div> </div> <div> </div> <div> <strong>Every Crisis is an Opportunity & Campaign </strong></div> <div> </div> <div> During the Incredible India campaigns, there were several crises going through country and worldwide. The WTC attack, Gujarat earthquake, coalition force attack on Afghanistan, attack on Indian Parliament and so on. And if we look at the index of travel and tourism competitive index of worldwide, India was very low in several aspects. And several international concerns were raised in India for cleanliness, hygiene, safety, security, transportation, promotional support and affordability. </div> <div> </div> <div> At those times, destinations used to be seen through travel packages. There was no demand of India and the challenge was how to get the demand back? We didn’t go the international market but decided to hit the consumer directly through exhaustive campaigns, communications, documentaries and it started giving results. Then the key international concern was transportation, affordability. In terms of tourist the image of the country was not really good. But every crisis is an opportunity. </div> <div> </div> <div> Image perception of India however was tourist friendly and also the air connectivity was increased gradually. Innate perception of India in terms of its rich and vibrant culture was an added advantage in the campaign. Globally India was considered good in terms of its authenticity, history, art and culture. We positioned India as a global brand through some of the key marketing strategies and its challenges (see box 1 & 2). </div> <div> </div> <div> </div> <div> <strong>Communication Strategies </strong></div> <div> </div> <div> To achieve the goal, communication strategies was also required and in long term it gave a momentum to our campaign. After series of thoughts, consistency in communication strategy was finalised. Training for taxi drivers through documentaries to consider tourists as our guest and awareness to prevent people from scribing names on historic monuments started yielding results. We also focused on clear definition of value proposition, constant research and innovation and constant interaction with travelers, travel writers and editors. The most innovative part of the campaign was turning tourism officials into brand ambassadors and documentary on keeping the city clean. Tourism is a multi-sectoral activity and we have to look with whole range of people. You have to work with people in the home ministry, external ministry, art, culture, aviation etc. </div> <div> </div> <div> </div> <div> <strong>Making of God’s Own Country: Kerala </strong></div> <div> </div> <div> Our mission was to develop Kerala into a premier destination on the world tourism map for defined niche tourists. We wanted to make it a stand-alone destination, a global brand, with instant brand recognition and high brand equity. The government played role of facilitator and catalyst. We worked on a Public Private Partnership (PPP) model. We focused on up-market clientele with more focus on quality than quantity. We focused on conservation, preservation and sustainability. We promoted innovative products and projects and adopted transparent, competitive policy on privatisation. </div> <div> </div> <div> And the whole world of Kerala tourism has changed. We focused on traditional and unique aspects of Kerala. Like backwaters, Ayurveda, its Innovative products, Elephant pageants, boat races, Tiger trail, eco tourism, Kerala’s traditional martial arts, cuisine. Basically we did everything which west did not do. We went back to roots of Kerala and build a — Gods Own Country. </div> <div> </div> <div> </div> <div> <strong>The Way the World Sees Kerala </strong></div> <div> </div> <div> • One of the 50 must see destinations of the world - National Geographic Traveler </div> <div> • One of the ten exotic paradises on earth - National Geographic Traveler </div> <div> • One of the 100 great trips of the 21st century - Travel & Leisure </div> <div> • One of the 10 hot spots of the millennium - Emirates In-flight </div> <div> • Where smart travelers go – Financial Times, London </div> <div> • One of the 10 love nests in India – Cosmopolitan </div> <div> • Best Performing State - Government of India Award </div> <div> </div> <div> </div> <div> <strong>Journey & Results: </strong></div> <div> </div> <div> Our campaign and determination triggered and gave a mileage to the Indian tourism industry, supported by industries like aviation; hotels etc. Infrastructure grew in tandem and in 2008 India got 5.38 million visitors compared to 2.54 million in 2001 and the figure is increasing every year. </div> <div> </div> <div> </div> <div> <strong>On Nepal Tourism </strong></div> <div> </div> <div> It has always been pleasure to be in Nepal. I long admire Nepal as a unique destination. I have always believed that there are very few destinations in the world with such a diverse nature, adventure, culture and Himalayan peaks. But I believe the positioning and branding strategy of Nepal is not an ideal one. Nepal is exporting its product extremely cheap. This country needs to move away from low value marketing strategy to high value strategy. Nepal in many ways is very unique and it has a great potential to deliver. But there is a huge challenge between potentials and performance and therefore it is very important to understand that world of tourism is very big. There is a need to raise Nepal’s service standards, creating premium brand of experiential tourism, positioning of exotic Nepal, adding new international airport, additional terminals and new air-routes, domestic and foreign investments in tourism services etc. (Amitabh Kant former joint secretary in the tourism ministry from 2001 to 2007 in India and a secretary of tourism in Kerala from 1997 to 2001.)</div> <div> </div> <div> </div> <div> <strong>Key marketing strategies </strong></div> <div> </div> <div> • Position tourism as major engine of economic growth </div> <div> • Harness the direct and multiplier effects of tourism for employment generation </div> <div> • Focus on domestic tourism as a major driver of tourism growth </div> <div> • Position India as a global brand </div> <div> • Acknowledge the critical role of private sector </div> <div> • Tapping the tourist directly </div> <div> • Create and develop integrated tourism circuits based on India’s unique civilization</div> <div> </div> <div> </div> <div> <strong>Key Marketing Challenges </strong></div> <div> </div> <div> • Moving from low value marketing strategy to high value marketing strategy </div> <div> • Defend and enhance India’s share in traditional long-haul markets </div> <div> • Develop strong short-haul markets </div> <div> • Penetrate the key source market in Asia </div> <div> • Position and differentiate strongly vis-à-vis key competitors in the region </div> <div> • Develop spending an avenues to capture higher value from each tourist</div> <div> <br /> </div>', 'published' => true, 'created' => '2013-09-23', 'modified' => '2013-09-23', 'keywords' => 'Edits & Opinions cover story news & articles, cover story news & articles from Edits & Opinions nepal, cover story headlines from nepal, Edits & Opinions current and latest cover story news from nepal, Edits & Opinions economic news from nepal, nepali cover story economic news and events, ongoing', 'description' => 'Call him a thinker, a visionary or simply a bureaucrat who gave India a new identity — Incredible India. Amitabh Kant is a name in India’s tourism sector and he is the man who drove India towards the global tourism map. He shared his views on how to ptomote tourism and hospitality infra-structure in Nepal to generate more revenue and employment and also the story and challenges behind Incredible India', 'sortorder' => '1711', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 11 => array( 'Article' => array( 'id' => '1815', 'article_category_id' => '145', 'title' => 'Problems In Mutual Funds', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <span style="font-size:14px;">The third edition of Money Expo for the year 2013 will take place in the Capital from October 31 to November 2. Being the largest finance and investment show in Nepal, the expo will focus on the promotion of investment opportunities and wealth protection strategies. In the expo, a separate interaction entitled ‘Mutual Fund: Another Attraction of Investment’ will be organized. New Business Age recently conducted a discussion on the same issue and experts presented their opinions.<strong> Excerpts: </strong></span></div> <div> </div> <div> <span style="font-size:14px;"><strong><img alt="Niraj Giri Spokesperson, Sebon" src="/userfiles/images/ng.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 187px;" />Niraj Giri </strong></span></div> <div> <span style="font-size:14px;">Spokesperson, Sebon</span></div> <div> •Financial literacy is crucial for the expansion of mutual funds. Literacy is necessary for policy makers as well as investors. </div> <div> •The Mutual Funds have been established to develop and expand share markets in the country. The fund is aimed at reducing the problem of institutional investment in the share market. This may also help expand the stock market.</div> <div> •Even investors should put forth their initiatives for financial literacy. In developed countries, investors are more proactive than the regulator in initiating financial literacy programmes. </div> <div> •Our market is completely focused in Kathmandu which is another stumbling block for mutual funds.</div> <div> •Absence of an independent mechanism to fix the price of securities is another problem.</div> <div> •Citizen Investment Trust (CIT) has been failing to work in line with its objective. We have to develop it as a market maker.</div> <div> </div> <div> </div> <div> <span style="font-size:14px;"><strong><img alt="Pravin Raman Parajuli CEO, Nabil Investment Banking Ltd " src="/userfiles/images/prp.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 187px;" />Pravin Raman Parajuli </strong></span></div> <div> <span style="font-size:14px;">CEO, Nabil Investment Banking Ltd </span></div> <div> •We have equal opportunities in mutual funds. However, managing the fund is indeed a challenging job. </div> <div> •A mutual fund plays a key role in providing security to its unit holders. That is why it should not be restricted to buy and sell shares.</div> <div> •We have 21,000 investors associated with our group. Most of them are grass root investors. We have also found that some of them are investing assuming mutual funds as IPOs.</div> <div> •Worldwide practice in mutual funds involves professional investment management and risk diversification. But the big question now is: have we been able to diversify risks? There have been some problems due to market limitations. Our market is full of banks and financial sectors. If we have to diversify our investment in the future, there seems to be no place for it.</div> <div> •Investors should also think about where they should invest next and what would be its risks and consequences.</div> <div> •We have to think about long term consequences rather than temporary ones.</div> <div> •We have to think about bringing real sector companies into the public for market diversification.</div> <div> •The nation should also take steps on awareness on mutual funds.</div> <div> •Stock availability is another problem. Out of total listed shares, only 8-10 per cent are available for trade.</div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Narayan Prasad Ghimire Chief, Share Division, Citizen Investment Trust " src="/userfiles/images/npg.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 188px;" />Narayan Prasad Ghimire</span></strong></div> <div> <span style="font-size:14px;">Chief, Share Division, Citizen Investment Trust </span></div> <div> •The Mutual Fund is a good option from a profit-making perspective because it has fewer risks.</div> <div> •Interest on mutual funds is declining because of the government’s policies regarding mutual funds. We had requested the government for exemption of income tax on at least Rs 50,000 of the total income of investors. But that could not be addressed in the budget, which has discouraged investors.</div> <div> •Because of less profit on mutual funds, people prefer direct personal investments instead.</div> <div> •The main problem of mutual fund is that most people lack knowledge about it. People who are aware are not interested in investing. That is why, despite the ability to invest, participation has not increased.</div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Shreejesh Ghimire CEO, NMB Capital" src="/userfiles/images/sg(1).jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 188px;" />Shreejesh Ghimire</span></strong></div> <div> <span style="font-size:14px;">CEO, NMB Capital </span></div> <div> •The demand of the mutual fund is very high in other countries but in the context of Nepal, demand is declining in spite of the progress the fund has made. This is the result of lack of awareness. The government made the policy but did not help further. The regulatory body SEBON, too, did not address the problem in time.</div> <div> •People are not aware of the benefits of investing on mutual funds. The main problem is market awareness which is very low. All stakeholders should work on raising awareness among people.</div> <div> •Lack of far sightedness in investors is another problem. Investors expect to double their amount invested in IPO. And if the company does not give result in four months, they believe it to be a bad company. As mutual funds’ plan is of five years, at least a year should be given before making any comments.</div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Dhruba Timalsina CEO, Siddhartha Mutual Fund" src="/userfiles/images/dt.jpg" style=" float: left; margin: 0px 10px 0px 0px;height: 186px; width: 150px;" />Dhruba Timalsina</span></strong></div> <div> <span style="font-size:14px;">CEO, Siddhartha Mutual Fund</span></div> <div> Rumours often create problems for mutual funds. For example, some vested interest people sometimes try to reduce share price of a certain company by creating a rumour. </div> <div> </div> <div> The mutual fund is given priority while issuing new shares. The general public thinks that the fund manager will get undue profit from such arrangement. It is a big misconception. The profit and advantage of the fund is not for the fund manager but for investors. </div> <div> </div> <div> I have seen financial illiteracy among investors as another big problem. They look forward to share prices rather than the overall returns. </div> <div> </div> <div> The Central Depository System (CDS) has not been working fully. Tasks have not been performed yet in shares dematerialisation. Given that investors outside the valley do not have access to opportunities, it is necessary to make CDS work fully.</div> <div> </div> <div> It is also necessary to make it clear that mutual funds are different from market makers. </div> <div> </div> <div> </div> <div> <strong><span style="font-size:14px;"><img alt="Uddhab Shivakoti Share Investor" src="/userfiles/images/us.jpg" style=" float: left; margin: 0px 10px 0px 0px;width: 150px; height: 190px;" />Uddhab Shivakoti</span></strong></div> <div> <span style="font-size:14px;">Share Investor</span></div> <div> Mutual funds have failed to work as market makers. As they have failed to work as market makers, it shows that there is no difference between collective fund investors and mutual funds. When the market declined, mutual funds could have played a role to increase demand. Similarly, it can help in meeting demand if the market is booming. But such things have not happened. </div> <div> </div> <div> If we observe the portfolio of the mutual funds, we can find that the investment has not been </div> <div> done sincerely.</div>', 'published' => true, 'created' => '2013-09-16', 'modified' => '2013-10-01', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The third edition of Money Expo for the year 2013 will take place in the Capital from October 31 to November 2. Being the largest finance and investment show in Nepal, the expo will focus on the promotion of investment opportunities and wealth protection strategies.', 'sortorder' => '1676', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 12 => array( 'Article' => array( 'id' => '1774', 'article_category_id' => '145', 'title' => 'Political Commitment Necessary For Development', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Ashok Baidya</strong></div> <div> </div> <div> We have made an effort to bring the former prime ministers in the same platform for a meaningful dialogue and discourse on country’s overall economic development. This is probably a first of its type in the history of Nepal. I am really delighted to welcome the former prime ministers, who are at the helm of the country, in Birgung- a city known as the main entrance as well as the economic capital of the country. </div> <div> </div> <div> We are not going to hold a political debate by bringing top leaders of the political parties in this economic and industrial hub. Rather, we are seeking a political commitment for the nation’s economic development.</div> <div> </div> <div> Water, as a form of white gold, is flowing from our rivers. Provided that we utilize this water, we can easily get rid of the chronic power deficit. This will also ensure high economic growth, trade balance and earning of foreign currencies. However, instead of considering the hydropower as a matter of business, it’s a bitter reality that hydropower projects are facing political hindrances. </div> <div> </div> <div> On the other hand, Nepal is projected as a best destination for tourism by United Nations including other international organizations. However, the number of tourists in our markets has not exceeded one million per annum yet.</div> <div> </div> <div> The major reason behind all these economic problems is political instability and inconsistent policies. It is obvious that there exist of many political parties with diverse orientations in a country with multiparty democratic system. But complete and frequent changes in the whole policy resulting from the government changes is rarely see in any other country.</div> <div> </div> <div> The investors shy away from investing in the countries with instable politics and economy. Apart from these problems, our country is reeling under the power deficit and labour unrest, among other economic ordeals. Despite a high minimum wage compared to other South Asian countries, Nepal is yet to observe the normalcy in the labour sector. Thus, if productions are to be increased and investment is to be lured, a high level consensus is imperative on the fundamental issues of the economy. I would like to request to all former prime ministers from this forum for a common agreement on the fundamental agenda of the economy.</div> <div> </div> <div> Birgunj is a strong pillar of our economy. 70 per cent of country’s total industrial investments are in Birgunj-Pathlaiya corridor. But the government has inflicted injustice to the Birgunj-Pathlaiya region by not declaring this region as an industrial corridor. Along with a demand to declare this region as industrial corridor, we demand with the government that Birgunj be declared as economic capital. We have also brought a concept of a greater Birgunj to develop this city as the country’s economic capital. The concept brought for the overall development of Birgunj aims to increase the economic and industrial activities at a high rate and build infrastructures to the par of complete metropolitan by 2080. I would like to request former prime ministers to realize the importance of this comprehensive plan and act towards materializing it. This program would not been a success without the participation of prime ministers. I would like to thank you from my inner heart for your presence. </div> <div> </div> <div> <em>(Views expressed by Baidya during Nepal Leadership Summit.)</em></div> <div> </div>', 'published' => true, 'created' => '2013-09-09', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The major reason behind economic problems is political instability and inconsistent policies.', 'sortorder' => '1635', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 13 => array( 'Article' => array( 'id' => '1773', 'article_category_id' => '145', 'title' => 'There Is No Investment Friendly Environment', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Madan Lamsal</strong></div> <div> </div> <div> Dignitaries present in this Nepal Leadership summit are much concerned over economic future of the country. But the vibes of this positive thinking has not been circulated to the common people. This platform intends to reach to those people with a hope to develop a common economic commitment.</div> <div> </div> <div> It has already been late to discuss about country’s economy because its growth barely hovering over 3 to 4.5 per cent in last three years.</div> <div> </div> <div> Entrepreneurs and businessmen along with the capital and human resource are moving abroad in large numbers. There is no investment friendly environment in our country. There is a public blame over the government’s indifferent attitude towards the economic agenda. It is now important for a common and practical mindset regarding the economy.</div> <div> </div> <div> <strong><span style="font-size:14px;">Challenges of Nepali Economy</span></strong></div> <div> Productivity of the economy is declining and new investment is almost zero.</div> <div> Alarmingly, annual trade embalance is Rs 479 billion and inflation is approximately 10 percent. Nearly, 500 thousand youths are going abroad for employment and the number of those going for education and other purposes is critically high. Nepali currency depreciated by 22 per cent in last six months. Hydel projects are the victim of indecisiveness and are politicised. This country is functioning for the past six years without any long term plans. The air of uncertainty and the fear have not receded.</div> <div> </div> <div> <strong><span style="font-size:14px;">People’s expectations from Leaders</span></strong></div> <div> People are tired of opinions and blame game. Now they want a clear and common commitment to solve the existing problems and its immediate implementation. There should not be any disagreement over the common problems.</div> <div> </div> <div> <strong><span style="font-size:14px;">Right Time</span></strong></div> <div> This is the right time for a common commitment because political parties are gearing high in preparing their manifesto. There is an expectation to make the country federal. It may take time, there might be differences but constitution would be drafted and there would be political outlet. However, the days without economic progress are the days squandered. Result is what we are desperately seeking now.</div> <div> </div> <div> <strong><span style="font-size:14px;">The Clock is Ticking</span></strong></div> <div> We should quickly act on it because the state can’t remain without long term plans for infinite period. It has been imperative to develop a national concept about the local currency peg with the Indian currency.</div> <div> </div> <div> Remittance income has not been able to utilised in productive sector. Thus, there is no alternative to make Nepal’s economy as a part of world market system. It has been imperative to provide relief to the people and industrial sector by ending energy crisis. Economic literacy is must for the political parties. And it is necessary to spread the message of industrial sector’s progress.</div> <div> </div> <div> <strong><span style="font-size:14px;">The way Ahead</span></strong></div> <div> The way ahead is co-operation. An initiative has been taken in this summit and it has to be strengthened. We are making a common commitment for coming decade. And this is not a formality but a necessity.</div> <div> </div> <div> Let’s adopt and implement it.</div> <div> </div> <div> <em>(Views expressed by Lamsal in the Nepal Leadership Summit)</em></div> <div> </div>', 'published' => true, 'created' => '2013-09-09', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'This country is functioning for the past six years without any long term plans.', 'sortorder' => '1634', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 14 => array( 'Article' => array( 'id' => '1734', 'article_category_id' => '145', 'title' => 'The Software Of Growth : Governance And Management', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Rameshore Khanal</strong></div> <div> </div> <div> There’s not much good that one can talk about in matters related to governance and management in Nepal. People from all walks of life cite political instability, shortage of electricity, labour problems, poor infrastructure, and corruption as major reasons for lackluster growth performance. Dismal economic growth is not the only one feature to lament about. There are others:</div> <ul> <li> 53 per cent of the population still does not have piped water supply. Those who have it are not getting safer drinking water either. And we are rich in fresh water reserve.</li> <li> 64 per cent of the population use fuel-wood as the main source of household energy, whereas another 10.38 per cent use cow-dung or animal waste. Only less than 25 per cent use modern, but not necessarily non-polluting, source of energy.</li> <li> Only about 67 per cent of the population has some form of electricity connection for lighting, but the supply remains uncertain during the time it is needed most.</li> <li> Nearly 39 per cent of households have toilets.</li> <li> There are 15 million working age people (57 per cent of total population) and one-fifth of which are looking for gainful employment in places outside the country. Of the remaining, nearly half are not fully employed.</li> <li> Only 20 per cent of the population (5.2 million people) have qualification above SLC level. And this we have achieved in 70 years of holding SLC examinations.</li> <li> Last year, 336,000 students failed the SLC examination and each year thousands of such youths undergo the trauma of failure.</li> </ul> <div> There are other indicators that are equally pathetic and we can bring about a change, an improvement only through inclusive and high growth.</div> <div> </div> <div> But growth cannot be achieved without improving governance. Partly because of political instability and mainly because of our attitude, the government system has not been able to deliver.</div> <div> </div> <div> Infrastructure projects do not complete in time. The average years it takes to complete an electricity transmission project in Nepal is eight years, while in countries of our ranks it takes barely two years. For the last 14 years we have been talking about the Melamchi Water Project that is yet to quench the thirst and meet the needs of around 4 million people. But the date of completion of the project is uncertain. Power projects that ideally complete in less than five years take a decade to become ready with almost twice the initially estimated cost.</div> <div> </div> <div> Businessmen particularly and ordinary people in general do not feel secure even as the number of policemen is increasing every year. Young people are taught to extort money from struggling businessmen which is in contravention to what they should be doing. They should in fact be helping the business community so that much needed jobs are created within the country.</div> <div> </div> <div> People with small industries struggling hard in difficult times just to make a presence in the market face a host of problems from registration offices just because they failed to get a renewal in time. Should a failure to renew a registration in time be subjected to a hefty penalty? A struggling entrepreneur from Butwal called me to express his frustration as he faced this injustice.</div> <div> </div> <div> Foreign investors wanting to explore and excavate minerals, develop hydropower or set up industries vent our frustration too. The list is long and it can go longer. And this is all because of poor governance. The government system is not made accountable for results in the first place. </div> <div> </div> <div> Secondly, and most importantly, people in key places are appointed not on the basis of merit, but on the basis of political patronage. New public institutions created to meet the emerging needs of the country become dead on arrival as they are given to head by a person who simply does not have the pre-requisite skills and aptitude. </div> <div> </div> <div> In a few cases, where results-based accountability measures were introduced, governance has improved. We have also seen remarkable improvements in the delivery of certain agencies when honest and dedicated officers are appointed. It does not require a total overhaul of the system. If we can have just a few key people leading the organisation, it can make a significant difference. Quantifiable accountability measures and a policy of hiring able men and women must be introduced in all government agencies.</div> <div> </div> <div> Governance is not weak just in the public sector; it is also weak in the private, cooperative and non-governmental sectors. Wherever regulatory agencies are effective, problems have somehow been dealt with. But many areas remain unregulated or regulatory agencies are not simply effective. </div> <div> </div> <div> The distinction between governance and management is often blurred. If the management is good, governance certainly becomes good. By management we often think of the private sector. But experience shows that the private sector performs well largely under professional management. We often hear real estate sector people ask how banks report rising profits every year when businesses in real estate are not performing well. There are different arguments put forward to criticise the bankers’ style of profit-mongering. This is certainly not the right explanation. The right explanation is that the banking sector in the first place is professionally managed and it is more open. In spite of this, greed on occasions has led some banks to face short-term setbacks.</div> <div> </div> <div> Most real estate businesses do not use professional management services. To call them privately-held may be a deception. In fact, they are family-held and do not place much trust on professional management. I often get confused whether they make the private sector or whether they are a part of the household sector!</div> <div> </div> <div> And yet, young students these days choose to pursue management courses in large numbers. It is not just in Kathmandu that there is a craze for Business Colleges - it is everywhere in Nepal. Many colleges under the Tribhuvan University system have reported that in the last five years or so, the departments that offered courses, such as, history, political science, culture, language, and even economics have seen negligible or even zero new enrolment.</div> <div> </div> <div> Most of those who pursue business administration courses either aim for the financial sector or non-governmental organisations. Interacting with students in the last three years, I have not found a single graduating student keen on manufacturing, hospitality, hydropower or other industries.</div> <div> </div> <div> Without strengthening these sectors, our expectation for higher and inclusive growth will remain an illusion. It is, therefore, necessary that those who are involved in these sectors introduce professional management in their businesses. It is the absence of professional management perhaps, that Nepali workers admired for their honesty and hard-work all over GCC countries, Malaysia and South Korea, are seen to be troublemakers in our own industries.</div> <div> <em>(Khanal is Former Finance Secretary. This opinion was expressed in Newbiz Conclave & Business Excellence Awards Ceremony-2013)</em></div>', 'published' => true, 'created' => '2013-09-02', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'There’s not much good that one can talk about in matters related to governance and management in Nepal. People from all walks of life cite political instability, shortage of electricity, labour problems, poor infrastructure, and corruption as major reasons for lackluster growth performance.', 'sortorder' => '1595', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
