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Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '505', 'article_category_id' => '34', 'title' => 'DDC Raising Capacity', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Dairy Development Corporation (DDC) is planning to expand the capacity of milk processing centre at Balaju. Siyaram Prasad Singh, Deputy General Manager of DDC said that the capacity is being expanded to meet the growing demand of dairy products. According to Singh, Rs 140 million is being invested for the expansion which will increase the capacity from the current 110,000 litres per day (LPD) to 250,000 LPD. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">The works under the expansion project will commence within this fiscal year, he added. Similarly, DDC is planning to set up a new plant at Khumaltar for producing dairy products other than milk, such as 30,000 litres of yoghurt, 3,000 litres of ice-cream, 1,000 kilograms of cottage cheese per day.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Dairy Development Corporation (DDC) is planning to expand the capacity of milk processing centre at Balaju. Siyaram Prasad Singh,', 'sortorder' => '411', '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' => '504', 'article_category_id' => '34', 'title' => 'ICRG Warns Nepal, Again', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Nepal received yet another warning from the International Cooperation Review Group (ICRG) under the Financial Action Task Force (FATF) over its slow progress in putting effective anti-money laundering (AML) measures in place. A meeting of ICRG held in Malaysia in the third week of September warned Nepal to fulfil all AML-related commitments in time and it categorically said that Nepal’s deadline to do so will not be extended again. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">“The ICRG meeting decided not to give any extra time to Nepal to meet its AML commitments which should have been fulfilled by December 2010,†said Nepal Rastra Bank Deputy Governor Maha Prasad Adhikari who participated in the meeting. Though Nepal endorsed an AML law recently, it has yet to implement Anti-Organised Crime Act, Mutual Legal Assistance Act and Extradition Act, which, according to the ICRG are effective measures against money laundering. While the draft of the Act against Organised Crime is under discussion at the Cabinet, the other two laws are awaiting Parliament’s approval. The meeting, according to Adhikari, also expressed dissatisfaction over certain provisions of the AML Act endorsed by Nepal’s Legislature-Parliament some four months ago. “The meeting concluded that the language of Nepal’s AML law is vague at many places while many of its provisions are inadequate, and thus, do not meet international standards. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">So it has asked Nepal to amend certain provisions and also include some new provisions in the Act,†said Adhikari. ICRG’s pressure to draft a more stringent AML law comes at a time when Nepal’s private sector has been protesting the existing law calling it “too stringentâ€. Adhikari informed that ICRG has directed Nepal to include provisions for seizing the properties of the people suspected of money laundering and confiscating them at the end if such people are found guilty. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">“The ICRG meeting has directed Nepal to amend the existing AML law by June 2013 to include such provisions,†said Adhikari. Asking Nepal to consider organised crimes as equivalent to terrorist activities, the meeting has stressed on the formulation and implementation of strong legal measures to counter terrorist financing.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Nepal received yet another warning from the International Cooperation Review Group (ICRG) under the Financial Action Task Force', 'sortorder' => '410', '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' => '503', 'article_category_id' => '34', 'title' => 'NS Quality Award 2011', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img align="left" alt="" height="115" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/ns quality.jpg" vspace="5" width="150" /></p> <p style="text-align: justify;"> Nepal Bureau of Standards and Metrology has presented Nepal Standard (NS) Quality Award 2011 to five industries on the occassion of 42nd World Standards Day. Gorkha Brewery received this award for its beer and beverages. Similarly, Probiotic Industries Pvt Ltd, a poultry feed industry, received the award in medium industries category. Cristal Product Pvt Ltd received NS award under small industries group. This industry in Hetauda produces HDPE pipes. Likewise, Hulas Wire Industries, a GI wire producer, and Swastik Oil Industries, a refined soybean oil producer each were given letter of appreciation.</p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Nepal Bureau of Standards and Metrology has presented Nepal Standard (NS) Quality Award 2011 to five industries on the occassion of 42nd World Standards Day.', 'sortorder' => '409', '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' => '502', 'article_category_id' => '34', 'title' => 'Nepal’s Population Reaches 26.6 Million', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">First time in four decades, the average annual population growth rate of Nepal has slipped below two percent. The preliminary result of 11th national population census has revealed that the annual population growth rate in the last decade was 1.4 per cent only from 2.25 in the 2001 census. Making public the preliminary findings of the census, the Central Bureau of Statistics, announced that the total population of Nepal is now 26,620,809. When the absentee population (those who were away from the country during the census) is included in this, the number goes up to 28.6 million. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">The census was conducted during the June 17-27, 2011. According to the initial report of census, decline in birth rate is the main reason in decrease of population growth rate. Large chunk of youth population being out of the country for various reasons is presumed to be the major cause for this decline. The initial result of 11th census shows that the population has increased by 15 per cent in a decade. Similarly, the average household size has declined to 4.7 from 5.44 in 2001. The female population is 765,000 more than male population. Thus the female population comprises of 51.44 per cent of total population. According to the report, the population of male and female in Nepal is 12,927,431 and 13,693,378 respectively. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">Likewise, the population density has increased to 181 per square kilometres. Population density of Kathmandu is the highest with 4408 while Manang has the lowest with just three persons in a square kilometre. The urban population constitutes about 17 percent of the total population. More than half of the total population lives in Terai followed by Hill and Mountain region. According to CBS, most populated district is Kathmandu followed by Morang, Rupandehi, Jhapa and Kailali. Similarly, the least populated district is Manang followed by Mustang, Dolpa, Rasuwa and Humla.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'First time in four decades, the average annual population growth rate of Nepal has slipped below two percent', 'sortorder' => '408', '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' => '501', 'article_category_id' => '34', 'title' => 'Nepal Improves On Doing Business Indicators', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Contrary to general perceptions, the overall business environment in Nepal has improved, according to the IFC-World Bank joint report Doing Business 2012 made public recently. Based on data collected during the period from June 2010 through May 2011, the report shows that though Nepal's situation has deteriorated in five indicators compared to the previous year, it has improved in other four indicators and remained unchanged in one indicator thus lifting the overall ranking by three places to 107 from 110 of the previous report. This is a good news to the present government which has announced plan to observe the year 2012-13 as Investment Year. Nepal's overall ranking was going down for the last few years continuously. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">Globally, Singapore has ranked as number one in Doing Business followed by Hong Kong, New Zealand and United States. Among the South Asian region's economies, Bangladesh's rank fell from 118 to 122 while Maldives deteriorated from 78 to 79. However, the ranks of Bhutan (146 to 142), India (139 to 132) and Sri Lanka (98 to 89) improved. South Asian economies have an opportunity to increase access to information for entrepreneurs, said Sylvia Solf, lead author of the report. One route is new technology, which is increasingly used by governments to provide electronic services for filing taxes or registering businesses. This not only enhances efficiency but opens opportunities to increase transparency. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">The most striking improvement in Nepal was in dealing with construction permits, according to the report, which shows that while Nepal was ranked 161 last year in this count, it has moved to 140 this year. Other areas of improvement are getting electricity, payng taxes and resolving insolvency while there was deterioration in the areas of starting a business, registering property, getting credit, protecting investors and trading across borders.<br /> <br /> <br /> </span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '2012-10-31', 'keywords' => '', 'description' => 'Contrary to general perceptions, the overall business environment in Nepal has improved, according to the IFC-World Bank joint report Doing Business 2012 made public recently.', 'sortorder' => '407', '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' => '500', 'article_category_id' => '34', 'title' => 'Self Declaration Of Property In Limbo', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">The scheme proposed by by this year’s budget to allow the self declaration of property is in limbo as the programme is deemed to be detrimental to country’s international commitment on anti money laundering. Declaring the property without investigating the source of it is against such international commitment. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">A source at the Ministry of Finance said that there is least chance of ‘self declaration of property’ to be announced this year. The source claimed that the attempt of the government to be flexible on property declaration has almost failed as the criteria set by the Financial Task Force cannot be violated. Krishna Hari Baskota, Finance Secretary also accepted the fact that it would be difficult to implement the voluntary declaration of property as proposed in the budget. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">The government stepped back from its previous promise of announcing such sheme in fear that international organisations working against money laundering might blacklist Nepal. Bangladesh had withdrawn similar programme after the warning of Asia Pacific Group, a network of countries working on anti money laundering.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The scheme proposed by by this year’s budget to allow the self declaration of property is in limbo', 'sortorder' => '406', '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' => '499', 'article_category_id' => '34', 'title' => 'World Bank Releases Interim Strategy For Nepal', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size:14px;">The World Bank Group (WBG) has launched a two years Interim Strategy for assistance in Nepal’s transitional phase and peace building. Finance Minister Barsha Man Pun released the strategy named, Interim Strategy Note for Nepal, for fiscal year 2012 and 2013 on October 18 in Kathmandu. The strategy promises to continue WBG efforts to achieve durable peace with investments in development and poverty reduction. “Given the transitional nature of Nepal’s current situation, with a new constitution being drafted and elections to follow, the World Bank Group has prepared a new Interim Strategy Note for Nepal,†reads the press statement issued by WBG. The strategy is formulated considering the Government of Nepal’s Three Year Plan. WBG says, “The interim strategy sets out some basic parameters of the WBG programme but still retains the flexibility to deal with the birth of a new republic. The strategy reflects considerable continuity, building on programs with successful track records that are adapted to local conditions.†The strategy emphasises greater selectivity, focusing on areas considered vital to Nepal’s development and complementing programs supported by other development partners. According to WBG, agriculture, infrastructure and social development are in top priority. The World Bank has decided to allocate US $ 400 million for two fiscal years. The aid will be provided through bank’s International Development Association (IDA), the concessionary financing arm. However, the size of the assistance will depend on Nepal’s good performance and successful economic management, according to WBG. These funds would be invested in four to five new operations per year. Similarly, World Bank has projected Nepal’s Gross Domestic Production growth to remain at three per cent for the fiscal year 2011/12.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The World Bank Group (WBG) has launched a two years Interim Strategy for assistance in Nepal’s transitional phase', 'sortorder' => '405', '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' => '498', 'article_category_id' => '34', 'title' => 'Nepal Energy Investors Forum', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Prime Minister Dr Baburam Bhattarai opened the Nepal Energy Investors Forum on 13 October organised jointly by the Government of Nepal and Asian Development Bank (ADB). The Forum was organised for promoting private sector investment in hydropower development in Nepal. Senior officials from the Government of Nepal, along with business leaders, bankers, financiers, power developers and traders, development partners and civil society members attended the two-days-long forum to discuss investment in the hydropower sector in Nepal. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">Addressing the Forum, Dr Bhattarai stressed the importance of private sector investment for the development of Nepal’s hydropower sector and said, “I would like to assure all investing and financing communities, domestic and foreign, that our policies are naturally geared towards being as investment friendly as possible.†The Prime Minister invited every potential developer to invest freely in hydropower projects in Nepal without any fear of expropriation. Finance Minister Barsha Man Pun, Energy Minister Posta Bahadur Bogati and Vice President of ADB Xiaoyu Zhao also addressed the Forum. The two-day event facilitated discussions on risks associated with undertaking hydropower projects in Nepal and to explore innovative financing mechanisms.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Prime Minister Dr Baburam Bhattarai opened the Nepal Energy Investors Forum on 13 October organised', 'sortorder' => '404', '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' => '497', 'article_category_id' => '34', 'title' => 'Beetle’s Nepal-India Friendship Drive', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size:14px;"><img align="left" alt="" height="215" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/beetles.jpg" vspace="5" width="312" />“Nepal-India Friendship Drive 2011†organised by the Association of Nepal Beetle Users Group (ANBUG) concluded successfully on September 13. The closing ceremony was held on 27 September in which the visual show of the trip was highlighted. Gopal Sunder Lal Kakshapati, Founder President of ANBUG said, “We created history as a motor rally that originated in Nepal crossed Nepal’s international border for the first time.†‘Nepal-India Friendship Drive 2011’ was flagged off at Kathmandu by Jayanta Prasad, Indian Ambassador to Nepal on 6 September and reached Gangtok, the capital of Indian state of Sikkim via Kakarvitta border point in Jhapa district.</span></p> <p style="text-align: justify;">  </p> <p style="text-align: justify;"> <span style="color: rgb(238, 130, 238);"><strong><span style="font-size: 18px;">Lamichhane New NRNA Prez</span></strong></span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">The fifth global convention of Non-Resident Nepali Association (NRNA) unanimously elected Jiba Lamicchane to its apex post. The erstwhile Vice President was elected unopposed to the post of President after contender Dev Man Hirachan withdrew his candidacy at the elevent hour. For 20 posts, 34 had filed candidacy while six of them were elected unanimously. Capt Hitman Gurung and Rameshwar Shah were elected to the post of Vice President. Similarly, Tenzi Sherpa, Tek Bahadur Karki, Bhaban Bhatta and Hem Raj Sharma were elected to the posts of General Secretary, Secretary, Treasurer and Spokesperson respectively.</span></p> <p style="text-align: justify;">  </p> <p style="text-align: justify;"> <span style="color: rgb(238, 130, 238);"><strong><span style="font-size: 18px;">SAARC Business Leaders’ Conclave</span></strong></span></p> <p style="text-align: justify;"> <span style="font-size: 14px;"><img align="left" alt="" height="103" hspace="3" src="http://newbusinessage.com/ckfinder/userfiles/Images/saarc.jpg" vspace="3" width="216" />The 4th SAARC Business Leaders Conclave (SBLC) held in Kathmandu during 20-22 September with the theme of “Peace and Prosperity through Regional Connectivity†concluded by adopting a 9-point Kathmandu Declaration. President Dr Ram Baran Yadav inaugurated the three-day conclave jointly organised by the SAARC Chamber of Commerce and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). The conclave was attended by over 500 participants including business and political leaders, academia and experts from eight SAARC nations. The participants of the conclave stressed on the need for enhanced regional connectivity to achieve peace and prosperity in the region as envisioned in the doctrine of Regional Connectivity 2010-2020. Private sectors, experts and business leaders agreed to urge the governments in the region to harmonise customs procedures. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">They also stressed on the mutual recognition of standards and certifications, implementation of Regional Motor Vehicle Transport Agreement and Open Sky Policy linking major cities in the region and implementation of a common SAARC Energy Policy. The Kathmandu Declaration proposed the implementation of SAARC Transit Agreement, Shipment Agreement, Logistics Agreements, and ICT Agreement to make SAFTA a workable mechanism which will lead to Customs Union. Anisul Haq, President of SAARC Chamber of Commerce, recognised water, energy, climate change, food security, tourism, and investment as common priority concerns. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">He urged for more connectivity in the region by resolving conflicts among member states. Pradip Kumar Shrestha, Vice-President of SAARC Chamber of Commerce, underscored that the future of the entire South-Asian region is in the hands of young entrepreneurs. “Young entrepreneurs are growing in South Asia, the business leaders should support them to take the lead,†said Shrestha. The conclave vowed urgent implementation of Regional Environment Treaty, activation of SAARC Food Bank and proposed to set up a SAARC Disaster Management Institute to mitigate the impacts of natural calamities and climate change. The business community of the region also recommended signing of a Regional Investment Treaty.</span></p> <p style="text-align: justify;">  </p> <p style="text-align: justify;"> <span style="color: rgb(238, 130, 238);"><strong><span style="font-size: 18px;">Ambuja, Dugar Invest in Dang Cement</span></strong></span></p> <p style="text-align: justify;"> <span style="font-size:14px;">India’s Ambuja Cement Ltd and Nepal’s HC Dugar Group have bought Dang Cement Industries Pvt Ltd (DCIPL). Ambuja is now the majority shareholder of DCIPL with 80 per cent ownership. Dugar Group makes up for the remaining 20 per cent. DCIPL obtained the license for producing one million tons of cement per annum in 2003 but could not begin production for various reasons. “The construction of the physical infrastructures of the company will begin soon after the Tihar to become the largest cement factory of Nepal in terms of production capacity,†said DCIPL Chairman Bijay Dugar. According to sources, Ambuja and Dugar jointly bought DCIPL for Rs 300 million in April this year. It is learnt that Ambuja is planning to invest billions of rupees in the company that has an authorised capital of Rs six billion at present. “Currently, the cement companies with half the production capacity of DCIPL have an investment of three to four billion rupees. So, there is no doubt that DCIPL will have an investment of much more,†added Dugar. Ambuja Cement’s 50 per cent shares are owned by Swiss company HOLCIM, a global leader in cement production and supply. DCIPL was incorporated on May 27, 2003 by lawmaker and industrialist Surya Bahadur KC and others with the objective to produce Portland and other types of cement. As that group could not set up the plant, it was taken over by the new investors. Dugar said that DCIPL will mine limestone on its own to produce clinker. He also informed that technicians and top officials from HOLCIM and Ambuja will visit the industry site before Tihar. “The construction will begin soon after their inspection visit,†informed Dugar.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => '“Nepal-India Friendship Drive 2011†organised by the Association of Nepal Beetle Users Group (ANBUG) concluded successfully on September 13.', 'sortorder' => '403', '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' => '468', 'article_category_id' => '34', 'title' => 'Vijaya Motor's Free Summer/Monsoon Camp (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic inspection/maintenance of its customer’s vehicles in order to assure the safety of the passengers and to prevent major repairs, through the early detection of problems, it said in a press release.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Vijay Motors invites all its respected customers to call in and book appointments and to bring their vehicles to their Service Center for a ‘FREE SUMMER MONSOON CHECKUP CAMP’ which will be held from August 7th until September 11th, between 10:00AM and 4:00PM, Sunday through Friday.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Vehicles will undergo the following checks:<span> Fog and Head Lamp check, Air-conditioning system check, Wiper Blades check, Rear Defogger check, Battery check, free Car Wash. The diagnostic tools will help diagnose faults if any. There is also a special discount offer on accessories and spare parts that need to be replaced during the Free Summer Monsoon Camp, the company said . </span></div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Carpets, Garments Exports Increase</h3> <div style="text-align: justify;"> International market for Nepali garment and carpet has registered a slow growth. The government has identified these products to have comparative advantage. Carpet export has registered a growth of 21.6 per cent while garments export increased by 11.5 per cent in 2010/11 compared to previous fiscal year.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to Trade and Export Promotion Centre, Nepal has exported carpets worth Rs 4.44 billion and garments worth Rs 3.62 billion in the first 11 months of last fiscal year. Nepal has exported goods equivalent to Rs 57.79 billion by mid-June which is 6.1 per cent higher than previous fiscal year.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Ncell Sponsors Literature Festival</h3> <div style="text-align: justify;"> Ncell, leading mobile telecommunication service provider, has sponsored a four-day Ncell Nepal Literature Festival-2011. The Bookworm Trust is organising the programme from August 18 to 21 at the premises of Gyan Mandala, Jahmsikhel. This programme is being organised for the first time in Nepal.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The organisers have said that renowned national and international literary persons will attend the programme. “As our corporate social responsibility, we have always believed in promoting various activities in arts, literature and music as they play a pivotal role to create artistic image of the country,†Sanju Koirala, the corporate communication manager of Ncell, said.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Ncell recently launched a scheme that will allow five subscribers to win Android smart phones on a daily basis. The scheme commenced from August 8 and will last for 30 days. Subscribers of Ncell will be entitled to a lucky draw on purchase of Ncell SIM card, recharge card and recharge via virtual fund transfers of Rs 100 and above at one time.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Export-Import Bill Drafted</h3> <div style="text-align: justify;"> The Department of Commerce has drafted a new Export-Import Bill. Shankar Prasad Paudel, Director of the department, said the draft has been sent to parties concerned for feedback. The Act is incorporating the provisions of World Trade <br /> Organisation (WTO).</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Officials at the department claimed that endorsement of the Act would end the procedure to go to ministry for making trade related decisions. The department is updating the Act formulated in 1956, which is considered insufficient in the current trade situation.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '2011-10-11', 'keywords' => '', 'description' => 'Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic....', 'sortorder' => '378', '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' => '467', 'article_category_id' => '34', 'title' => 'Buddha Air Develops A Village For Its CSR (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be spent on education, health and development activities in the VDC. Dangihaat Development Committee received the money in instalments of Rs 500 thousand. As of now, two instalments have been paid.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> From the first instalment, assistance to set up science lab, library, buying additional land, construction of compounds have been completed in five schools in the VDC. Police station of the village was also give fans worth Rs 5,000 from the same fund. Development work in the village is financed 60 per cent by the company while 40 per cent is managed by the committee.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Similarly, from the second instalment, 17 community toilets were constructed in eight wards at a cost of Rs 690 thousand. Remaining two instalments were also dispersed in the second week of August.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Managing Director of the company Birendra Bahadur Basnet said additional Rs 1.5 million will be given to the committee this year.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Investment Board Bill Endorsed</h3> <div style="text-align: justify;"> Parliament has endorsed the Investment Board Bill 2065 through majority votes on August 15. The endorsement of Investment Bill tabled by the Bills Committee of Parliament is expected to help attract foreign investment in the country.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to the Bill, fast track roads, railway, ropeway, international airport development, among others have been identified as key areas to attract foreign investment. Similarly, hydropower projects having capacity of over 500 megawatts will be given priority.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The Board will be the governing body and will formulate policies and programmes for foreign investment. It will also hold discussion with the investors for the better potential sectors.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> A ‘Sparkling’ Business</h3> <div style="text-align: justify;"> Cleaning is an essential component of daily life both at households and commercial establishment. Now, there is a company providing a whole spectrum of cleaning services from providing a trained maid to carrying out specialised and heavy duty cleaning work on a commercial basis. Sparkling Multipurpose Company Pvt Ltd, which began its service now provides cleaning services to offices, corporate houses, departmental stores and households. The company also provides maids to offices and households on demand. The company claims to be the first commercial venture in the country to offer such services.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to Rabin Bhattarai, MD of Sparkling said, “The company is dedicated to delivering high-quality service and cleaning solutions. We possess a sound knowledge and experience associated with risks and hazards involved in the cleaning services.â€</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The company provides the entire range of cleaning services, from general cleaning to dish washing and all other related jobs. According to the company, it is equipped with the latest machineries and equipment to carry out daily cleaning activities with environment-friendly chemical products. It supplies manpower, chemicals and cleaning tools on demand. It also provides house caretaker services. “We have fully commercialised the cleaning business,†says Bhattarai.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Currently, the company is providing services to many hospitals, supermarkets, NGOs, INGOs and normal households. Peoples’ Plaza, Ambe Complex, Kist Bank, UTL are among the customers of the company. A number of households are also being served by the maids of the company.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> All the maids of the company are above the age of 18, as required by the law. The company says that all the employees are paid according to the rules of the government. At present, more than 100 workers are employed in the company and the employees are regularly trained. The company also provides its employees an insurance coverage. The maids come to the company through personal contact and the word of mouth.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Whenever a customer demands for a maid, the company studies about the works to be done and trains the maids accordingly. It takes around seven days to provide the maid to the customer. Seven days trial period is also offered to customers and they can keep or change the maids within the trial period. An agreement is signed between the company and the client regarding the terms and conditions of the work. The terms and conditions have to be followed by both the parties.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The company pays extra attention to the security of the clients as thefts and other accidents can occur because of the maid. “To avoid this, we keep the police record of the maids with us and we also keep relevant information about the clients. If anything goes wrong, we act according to the agreement,†said Bhattarai. In case of theft or any other damage, the company bears all the expenses if the theft or accident is proven to be caused by the maid.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> “We protect our employees from any form of exploitation, disrespect and misbehavior. We want the self esteem of our employees to be high and we don’t compromise on that at all.†The company claims that it has terminated a few contracts when the clients didn’t act appropriately and went against the mutually agreed upon terms and conditions.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Corporate Governance Training for Bankers</h3> <div style="text-align: justify;"> National Banking Training Institute (NBTI) in association with International Finance Corporation (IFC) has organised a workshop on corporate governance targeting top executives of banks and finance companies. Members from board of directors of various commercial banks, development banks and finance companies were present in the daylong workshop organised on August 11. The workshop has been organised at a time when questions being raised about corporate governance in the banking and financial sector.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> James Christopher of IFC trained the participants. President of NBTI Sashin Joshi said such workshops must be conducted regularly as the importance of corporate governance is of utmost significance in financial institutions. Christopher said that such programmes will help minimise the problems witnessed in the Nepali banking system.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be..........', 'sortorder' => '377', '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' => '466', 'article_category_id' => '34', 'title' => 'Sugar Mill Electricity In National Grid (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Nepali sugar mills’ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW) of electricity to Nepal Electricity Authority (NEA). The industry in Janakpur is currently producing nine MW of electricity. Industry uses seven MW of electricity for running its operations. The company has invested Rs 130 million to produce electricity.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Sugar mills produce electricity through thermal plants by burning sugarcane residues to heat the boilers. Nepali sugar mills are producing 25 MW of electricity for their use. Sashi Kant Agrawal, Managing Director of the sugar mill, claimed that his facility alone has the technology to sell excess electricity to the national grid.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Agrawal said that necessary documents to sell electricity will be ready in two months. However, NEA does not have the procedure to buy electricity produced through an alternative method. Sher Singh Bhat, Chief of NEA Business Department, said a newly-formed committee is studying the procedure to fix the rate of electricity from such alternative sources. “Based on its report and suggested rate, the electricity will be purchased,†he said. However, sugar mills are demanding Rs 10 per unit.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Agrawal said, “If the government is ready to buy our electricity, we can produce more.†He said up to 15 MW of electricity can be supplied by all industries to the national grid. Sugar mills are producing electricity only for their use. They mostly produce power during winter.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Uranium Exploration in Mustang</h3> <div style="text-align: justify;"> The government is set to begin uranium exploration in Mustang, Uranium is one of the costliest metals and scientists believe that there is a large reserve of uranium in Upper Mustang. Krishna Dev Jha at the Department of Mines and Geology said the exploration will commence within this year.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> A Korean company, Korean Institute of Geo Science and Mineral Resources (KIGAM) will be assisting in the exploration. The company has signed agreements to explore various rare earth minerals.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Uranium deposit is predicted in Lomathanka of Mustang. The department is preparing to test the samples collected from the region. An Indian scientist working with the United Nations is said to have found uranium in soil from the region in a lab test some years back. As unofficial sources have been claiming uranium in the region, the department is formally beginning to study the claims. Senior Engineer Jha said the government has allocated budget for the purpose.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> VAT Exemption for Hydel Projects</h3> <div style="text-align: justify;"> The private sector hydroelectricity projects have reasons to cheer as the Ministry of Energy (MoE) is planning to waive VAT on construction materials to be used by such projects. A source at the MOE said the proposal of tax exemption is being sent to the Ministry of Finance for approval.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> MoE has plans to waive 100 per cent VAT on construction materials for hydroelectricity projects. The source said that though this provision was not mentioned in the budget, it is now being planned, amending the VAT Act.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The private sector has been complaining its inability to develop projects due to lack of coordination between Power Purchase Agreement (PPA), high bank rates and severe inflation. It has been demanding to waive off VAT for last two years.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Nepal Electricity Authority has increased PPA rate by 20 per cent for projects up to 25 megawatts. However, producers are demanding to apply the rule in all existing projects.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Gyanendra Lal Pradhan, a power developer, said a 70 per cent exemption in VAT will provide huge relief but the real encouragement will come only by increasing the PPA rate.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> NSE’s Nano Gold</h3> <div style="text-align: justify;"> Nepal Spot Exchange Limited (NSE) has begun the contract trading of even one gram gold. The contract named ‘Nano Gold’ began trading from August 8. The contract aimed at small investors has six per cent margin and 0.24 per gram tick size. The company is also offering contract of one kilogram and 100 gram gold named ‘Major Gold’ and ‘Mini Gold’ respectively.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Nepali sugar mills’ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW).....', 'sortorder' => '376', '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' => '465', 'article_category_id' => '34', 'title' => 'Cement Producers Whine Over Customs Hike (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Dhruba Raj Basnet, Vice President of Nepal Cement Producers’ Association said that majority of the industries are dependent on imported clinker as clinker produced in Nepal is not enough to meet the demand. “Government’s move to protect a handful of industries puts more than 30 industries at risk,†he said.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Nepal needs around 3 million metric tonnes of cement annually. Domestic production can meet only 20 per cent of that demand. Most of the industries are dependent on clinker imported from India. Though nine industries are producing clinker on their own, 1.2 million tonnes of clinker is imported to meet the local demand.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> However, newly-established half a dozen industries are planning to produce clinker on their own. After they begin operation, internal demand is expected to be met by domestic production itself. But the operation is expected to begin no sooner than six months.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Cement producers are arguing that they must be given some options until local production of clinkers starts to match the demand.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Diamond Gallery Established</h3> <div style="text-align: justify;"> Diamond Gallery, a showroom for diamond jewelleries, has been established at New Road, Kathmandu. Sunit Agrawal, Director of the showroom, said the opening of the new diamond jewellery story will add excitement to the diamond business in the country.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The jewelleries of Diamond Gallery will be available under the brand name Creation. The new showroom boasts trendy designs in diamond jewelleries. The gallery claims that it will offer guarantee on its diamond and gold jewelleries.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Club Siddhartha Launched</h3> <div style="text-align: justify;"> Siddhartha Bank Limited has launched ‘Club Siddhartha’, a special programme for account holders of the bank. Clients can subscribe to the service by paying Rs 1,000. The members of the club will be given Club Siddhartha Visa Domestic Card, International Travel Card, and recharge card worth Rs 200 of NTC or Ncell. The bank claimed the service to be the first of its kind in the history of Nepali banking.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Members of the club can also receive all the services offered by the bank. If a club member can make five new members, their membership fee of Rs 1,000 will be returned. Similarly, club members will be given free accident insurance of Rs 5,000. Memberships can be taken from any of the 40 branches of the bank.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Five Railway Lines with Indian Assistance</h3> <div style="text-align: justify;"> The Indian government has decided to construct five railway lines that will connect Nepal and India across the border. Together, these railway lines will be of 183 kilometres (KM). Kamal Raj Paudel, joint-secretary at the Ministry of Physical Planning and Construction said that the necessary preliminary work for the construction of the railway lines has been completed. “In the first phase, the railway will be operated in two regions. For this, we have already acquired land,†he said.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to an agreement with India, Nepal will bear only the cost of land acquisition. The cost of railway track, slipper and all other costs will be borne by the Indian government. However, the cost of construction of five railway lines is not yet decided.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> In the first phase, Jaynagar-Bardibas (86 KM) and Jogbani-Biratnagar (17.65 KM) will be constructed. In these two sections, the government has to pay Rs 800 million as compensation to the land owners. Paudel said that the construction would begin right after the Nepal government pays the sum for land acquisition.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Acharya revealed that Indian Railway Construction Association will develop all the five railway projects. Similarly, Janakpur -Jaynagar (29 KM) railway will be made broad gauge from current narrow gauge. An agreement was made when President Ram Baran Yadav visited India some time back.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.', 'sortorder' => '375', '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' => '464', 'article_category_id' => '34', 'title' => 'Exchanges Add Rs 100 Millon To State Coffers (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> <span style="font-size: 14px;">The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this year’s collection is almost double. The revenue was generated from three commodity future exchanges in operation.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Experts believe that if the revenue from two spot exchanges and brokers is included, the amount can be higher. Within five years of the first commodity exchange coming into operation, five exchanges are trading in the market while at least five are planning to begin operations.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Bijesh Shrestha, President of Commodities Brokers’ Association, said the number of brokers is also increasing with the number of exchanges. “So, tax deduction at source (TDS) and taxes paid by trading brokers, clearing brokers and exchanges are also increasing,†he said.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Shrestha said the revenue mobilisation can go further up as investors are increasing and if the market can be made more transparent with efficient regulation.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Mercantile Exchange has paid Rs 53.8 million as TDS to the government. Similarly, Nepal Derivatives Exchange has paid Rs 41 million in TDS and VAT. Commodities & Metal Exchange Nepal Ltd (COMEN) has paid Rs 1 million as tax to the state.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <h3 style="color: blue;"> <span style="font-size: 14px;">IMF Urges NRB to Have More Teeth</span></h3> <div style="text-align: justify;"> <span style="font-size: 14px;">International Monitory Forum (IMF) has said that risk in Nepali financial sector is ever growing. IMF gave this conclusion after a two weeks study of the Nepali banking scenario. IMF has also commented that the Nepali economy is passing through a challenging phase.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">John Nelmes, Deputy Division Chief, Asia and Pacific Department of the IMF, in his team’s report has predicted that there is a high risk in financial sector due to high price of real estate. The report says that if the situation persists the economy will face more problems. Dr Sanjaya Panth, IMF’s senior resident representative for Nepal and India, said that weak supervision and excessive increase in the number of banks and financial institutions are contributing to the heightened risk. He said that threats have emerged also due to various other reasons.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">IMF has urged Nepal Rastra Bank (NRB) to exercise more power. IMF has asked the central bank to employ more authority at a time when NRB’s role has been criticised for being too invasive. Panth said more rights and powers must be given to NRB well in time to solve the problems seen in banks and finance companies.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">IMF has also suggested to tighten the lending in a single area like real estate and expanding supervisory power. It has said that there is no option to maintain the fixed exchange rate with the Indian currency.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Panth said that problems arose after financial institutions heavily invested in real estate and the business nosedived lately after increase in price. He said that the price must come down now.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <h3 style="color: blue;"> <span style="font-size: 14px;">Debentures in USD</span></h3> <div style="text-align: justify;"> <span style="font-size: 14px;">Himal Hydropower Limited is issueing debenture in US dollar denomination. First company in Nepal to do so, the company will issue debentures of US $ 60 million after Nepal Rastra Bank adopted the provision to issue debentures in dollars for hydropower companies through its monetary policy.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Ace Capital is the issue manager for this debenture. The face value of a debenture is US $ 1000. The debenture that will be traded solely through the private sector will also be listed in NEPSE’s over the counter market. The debenture is being issued for five years. Coupon rate of the debenture is six per cent while interests will be paid every six months.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <h3 style="color: blue;"> <span style="font-size: 14px;">BoK Opens Account with ABOC</span></h3> <div style="text-align: justify;"> <span style="font-size: 14px;">Bank of Kathmandu Ltd is now associated with Agricultural Bank of China Ltd, China, (ABOC) by opening a USD account with aboc’s Lhasa Branch. This account has been opened to serve importers in Nepal who import gods from China through the Tatopani Customs Office. ABOC Lhasa branch has SWIFT connectivity and online system with Zhangmu Sub-Branch (Khasa) through which smooth and quick processing of payments is expected.</span></div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this.....', 'sortorder' => '374', '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' => '463', 'article_category_id' => '34', 'title' => 'Corporate Houses To Set Up Exclusive Outlets (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country. Big business houses like Jagadamba, KL Dugar and CG Electronics are planning to adopt this new marketing strategy.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Until now, Nepali companies have been selling their products through ‘dealer model’. Foreign companies sell their products through their own special showrooms. In Nepal, currently only foreign fashion brands like Adidas, Reebok and some apparel and car brands have their exclusive showrooms.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Kumud Dugar, Managing Director of KL Dugar Group, said his group is setting up exclusive showrooms to establish relationship with clients. Similarly, Chaudhary Group is planning to establish an outlet in Kathmandu before Dashain that will exclusively sell CG products. The company is also planning to open stores in all major cities.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Best Financial Accounts Awarded</h3> <div style="text-align: justify;"> The Institute of Chartered Accountants of Nepal has distributed Best Presented Account Awards - 2010 on July 22. Nabil Bank bagged the first title in the commercial bank segment while Standard Chartered Bank and Nepal Industrial and Commercial Bank won the second and third award respectively.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Similarly, the first position of the central bank monitored financial institution category was secured by Ace Development Bank. Sanima Development Bank and Siddhartha Development Bank received second and third position awards.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Likewise, in the category of financial institutions outside central bank monitoring, Prime Life Insurance Company won the first place. In the same category, Prudential Insurance Company and Life Insurance Corporation bagged second and third position respectively.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Under the manufacturing sector category, Butwal Power Company and Unilever Nepal received awards for first and second position.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> In the information technology category, Nepal Telecom was awarded. Similarly in the hospitality sector, Oriental Hotels Limited was conferred with the award. Credit Service Centre was presented the award for the government sector.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The awards were given to those companies that proved to be the best in financial reporting techniques. The award is in line with the criteria prescribed by the South Asian Federation of Accountants (SAFA), an alliance of the Accounting Institute of Bangladesh, India, Pakistan, Nepal and Sri Lanka.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> COMEN Revamps its Logo, Technology</h3> <div style="text-align: justify;"> Commodities and Metal Exchange Nepal Limited (COMEN) has revamped its logo. Manoranjan Sharma, Chairman of the company, claimed that the new logo resembles the Nepali commodities market’s possibility to reach the international standards.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Ananda Kumar Benani, CEO of the company said that the new technology installed at the exchange will offer ease to speculators as well as jobbing and arbitrage. The company is also soon launching awareness programme on commodities market.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country.', 'sortorder' => '373', '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
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '505', 'article_category_id' => '34', 'title' => 'DDC Raising Capacity', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Dairy Development Corporation (DDC) is planning to expand the capacity of milk processing centre at Balaju. Siyaram Prasad Singh, Deputy General Manager of DDC said that the capacity is being expanded to meet the growing demand of dairy products. According to Singh, Rs 140 million is being invested for the expansion which will increase the capacity from the current 110,000 litres per day (LPD) to 250,000 LPD. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">The works under the expansion project will commence within this fiscal year, he added. Similarly, DDC is planning to set up a new plant at Khumaltar for producing dairy products other than milk, such as 30,000 litres of yoghurt, 3,000 litres of ice-cream, 1,000 kilograms of cottage cheese per day.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Dairy Development Corporation (DDC) is planning to expand the capacity of milk processing centre at Balaju. Siyaram Prasad Singh,', 'sortorder' => '411', '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' => '504', 'article_category_id' => '34', 'title' => 'ICRG Warns Nepal, Again', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Nepal received yet another warning from the International Cooperation Review Group (ICRG) under the Financial Action Task Force (FATF) over its slow progress in putting effective anti-money laundering (AML) measures in place. A meeting of ICRG held in Malaysia in the third week of September warned Nepal to fulfil all AML-related commitments in time and it categorically said that Nepal’s deadline to do so will not be extended again. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">“The ICRG meeting decided not to give any extra time to Nepal to meet its AML commitments which should have been fulfilled by December 2010,†said Nepal Rastra Bank Deputy Governor Maha Prasad Adhikari who participated in the meeting. Though Nepal endorsed an AML law recently, it has yet to implement Anti-Organised Crime Act, Mutual Legal Assistance Act and Extradition Act, which, according to the ICRG are effective measures against money laundering. While the draft of the Act against Organised Crime is under discussion at the Cabinet, the other two laws are awaiting Parliament’s approval. The meeting, according to Adhikari, also expressed dissatisfaction over certain provisions of the AML Act endorsed by Nepal’s Legislature-Parliament some four months ago. “The meeting concluded that the language of Nepal’s AML law is vague at many places while many of its provisions are inadequate, and thus, do not meet international standards. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">So it has asked Nepal to amend certain provisions and also include some new provisions in the Act,†said Adhikari. ICRG’s pressure to draft a more stringent AML law comes at a time when Nepal’s private sector has been protesting the existing law calling it “too stringentâ€. Adhikari informed that ICRG has directed Nepal to include provisions for seizing the properties of the people suspected of money laundering and confiscating them at the end if such people are found guilty. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">“The ICRG meeting has directed Nepal to amend the existing AML law by June 2013 to include such provisions,†said Adhikari. Asking Nepal to consider organised crimes as equivalent to terrorist activities, the meeting has stressed on the formulation and implementation of strong legal measures to counter terrorist financing.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Nepal received yet another warning from the International Cooperation Review Group (ICRG) under the Financial Action Task Force', 'sortorder' => '410', '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' => '503', 'article_category_id' => '34', 'title' => 'NS Quality Award 2011', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img align="left" alt="" height="115" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/ns quality.jpg" vspace="5" width="150" /></p> <p style="text-align: justify;"> Nepal Bureau of Standards and Metrology has presented Nepal Standard (NS) Quality Award 2011 to five industries on the occassion of 42nd World Standards Day. Gorkha Brewery received this award for its beer and beverages. Similarly, Probiotic Industries Pvt Ltd, a poultry feed industry, received the award in medium industries category. Cristal Product Pvt Ltd received NS award under small industries group. This industry in Hetauda produces HDPE pipes. Likewise, Hulas Wire Industries, a GI wire producer, and Swastik Oil Industries, a refined soybean oil producer each were given letter of appreciation.</p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Nepal Bureau of Standards and Metrology has presented Nepal Standard (NS) Quality Award 2011 to five industries on the occassion of 42nd World Standards Day.', 'sortorder' => '409', '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' => '502', 'article_category_id' => '34', 'title' => 'Nepal’s Population Reaches 26.6 Million', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">First time in four decades, the average annual population growth rate of Nepal has slipped below two percent. The preliminary result of 11th national population census has revealed that the annual population growth rate in the last decade was 1.4 per cent only from 2.25 in the 2001 census. Making public the preliminary findings of the census, the Central Bureau of Statistics, announced that the total population of Nepal is now 26,620,809. When the absentee population (those who were away from the country during the census) is included in this, the number goes up to 28.6 million. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">The census was conducted during the June 17-27, 2011. According to the initial report of census, decline in birth rate is the main reason in decrease of population growth rate. Large chunk of youth population being out of the country for various reasons is presumed to be the major cause for this decline. The initial result of 11th census shows that the population has increased by 15 per cent in a decade. Similarly, the average household size has declined to 4.7 from 5.44 in 2001. The female population is 765,000 more than male population. Thus the female population comprises of 51.44 per cent of total population. According to the report, the population of male and female in Nepal is 12,927,431 and 13,693,378 respectively. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">Likewise, the population density has increased to 181 per square kilometres. Population density of Kathmandu is the highest with 4408 while Manang has the lowest with just three persons in a square kilometre. The urban population constitutes about 17 percent of the total population. More than half of the total population lives in Terai followed by Hill and Mountain region. According to CBS, most populated district is Kathmandu followed by Morang, Rupandehi, Jhapa and Kailali. Similarly, the least populated district is Manang followed by Mustang, Dolpa, Rasuwa and Humla.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'First time in four decades, the average annual population growth rate of Nepal has slipped below two percent', 'sortorder' => '408', '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' => '501', 'article_category_id' => '34', 'title' => 'Nepal Improves On Doing Business Indicators', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Contrary to general perceptions, the overall business environment in Nepal has improved, according to the IFC-World Bank joint report Doing Business 2012 made public recently. Based on data collected during the period from June 2010 through May 2011, the report shows that though Nepal's situation has deteriorated in five indicators compared to the previous year, it has improved in other four indicators and remained unchanged in one indicator thus lifting the overall ranking by three places to 107 from 110 of the previous report. This is a good news to the present government which has announced plan to observe the year 2012-13 as Investment Year. Nepal's overall ranking was going down for the last few years continuously. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">Globally, Singapore has ranked as number one in Doing Business followed by Hong Kong, New Zealand and United States. Among the South Asian region's economies, Bangladesh's rank fell from 118 to 122 while Maldives deteriorated from 78 to 79. However, the ranks of Bhutan (146 to 142), India (139 to 132) and Sri Lanka (98 to 89) improved. South Asian economies have an opportunity to increase access to information for entrepreneurs, said Sylvia Solf, lead author of the report. One route is new technology, which is increasingly used by governments to provide electronic services for filing taxes or registering businesses. This not only enhances efficiency but opens opportunities to increase transparency. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">The most striking improvement in Nepal was in dealing with construction permits, according to the report, which shows that while Nepal was ranked 161 last year in this count, it has moved to 140 this year. Other areas of improvement are getting electricity, payng taxes and resolving insolvency while there was deterioration in the areas of starting a business, registering property, getting credit, protecting investors and trading across borders.<br /> <br /> <br /> </span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '2012-10-31', 'keywords' => '', 'description' => 'Contrary to general perceptions, the overall business environment in Nepal has improved, according to the IFC-World Bank joint report Doing Business 2012 made public recently.', 'sortorder' => '407', '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' => '500', 'article_category_id' => '34', 'title' => 'Self Declaration Of Property In Limbo', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">The scheme proposed by by this year’s budget to allow the self declaration of property is in limbo as the programme is deemed to be detrimental to country’s international commitment on anti money laundering. Declaring the property without investigating the source of it is against such international commitment. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">A source at the Ministry of Finance said that there is least chance of ‘self declaration of property’ to be announced this year. The source claimed that the attempt of the government to be flexible on property declaration has almost failed as the criteria set by the Financial Task Force cannot be violated. Krishna Hari Baskota, Finance Secretary also accepted the fact that it would be difficult to implement the voluntary declaration of property as proposed in the budget. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">The government stepped back from its previous promise of announcing such sheme in fear that international organisations working against money laundering might blacklist Nepal. Bangladesh had withdrawn similar programme after the warning of Asia Pacific Group, a network of countries working on anti money laundering.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The scheme proposed by by this year’s budget to allow the self declaration of property is in limbo', 'sortorder' => '406', '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' => '499', 'article_category_id' => '34', 'title' => 'World Bank Releases Interim Strategy For Nepal', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size:14px;">The World Bank Group (WBG) has launched a two years Interim Strategy for assistance in Nepal’s transitional phase and peace building. Finance Minister Barsha Man Pun released the strategy named, Interim Strategy Note for Nepal, for fiscal year 2012 and 2013 on October 18 in Kathmandu. The strategy promises to continue WBG efforts to achieve durable peace with investments in development and poverty reduction. “Given the transitional nature of Nepal’s current situation, with a new constitution being drafted and elections to follow, the World Bank Group has prepared a new Interim Strategy Note for Nepal,†reads the press statement issued by WBG. The strategy is formulated considering the Government of Nepal’s Three Year Plan. WBG says, “The interim strategy sets out some basic parameters of the WBG programme but still retains the flexibility to deal with the birth of a new republic. The strategy reflects considerable continuity, building on programs with successful track records that are adapted to local conditions.†The strategy emphasises greater selectivity, focusing on areas considered vital to Nepal’s development and complementing programs supported by other development partners. According to WBG, agriculture, infrastructure and social development are in top priority. The World Bank has decided to allocate US $ 400 million for two fiscal years. The aid will be provided through bank’s International Development Association (IDA), the concessionary financing arm. However, the size of the assistance will depend on Nepal’s good performance and successful economic management, according to WBG. These funds would be invested in four to five new operations per year. Similarly, World Bank has projected Nepal’s Gross Domestic Production growth to remain at three per cent for the fiscal year 2011/12.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The World Bank Group (WBG) has launched a two years Interim Strategy for assistance in Nepal’s transitional phase', 'sortorder' => '405', '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' => '498', 'article_category_id' => '34', 'title' => 'Nepal Energy Investors Forum', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Prime Minister Dr Baburam Bhattarai opened the Nepal Energy Investors Forum on 13 October organised jointly by the Government of Nepal and Asian Development Bank (ADB). The Forum was organised for promoting private sector investment in hydropower development in Nepal. Senior officials from the Government of Nepal, along with business leaders, bankers, financiers, power developers and traders, development partners and civil society members attended the two-days-long forum to discuss investment in the hydropower sector in Nepal. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">Addressing the Forum, Dr Bhattarai stressed the importance of private sector investment for the development of Nepal’s hydropower sector and said, “I would like to assure all investing and financing communities, domestic and foreign, that our policies are naturally geared towards being as investment friendly as possible.†The Prime Minister invited every potential developer to invest freely in hydropower projects in Nepal without any fear of expropriation. Finance Minister Barsha Man Pun, Energy Minister Posta Bahadur Bogati and Vice President of ADB Xiaoyu Zhao also addressed the Forum. The two-day event facilitated discussions on risks associated with undertaking hydropower projects in Nepal and to explore innovative financing mechanisms.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Prime Minister Dr Baburam Bhattarai opened the Nepal Energy Investors Forum on 13 October organised', 'sortorder' => '404', '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' => '497', 'article_category_id' => '34', 'title' => 'Beetle’s Nepal-India Friendship Drive', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size:14px;"><img align="left" alt="" height="215" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/beetles.jpg" vspace="5" width="312" />“Nepal-India Friendship Drive 2011†organised by the Association of Nepal Beetle Users Group (ANBUG) concluded successfully on September 13. The closing ceremony was held on 27 September in which the visual show of the trip was highlighted. Gopal Sunder Lal Kakshapati, Founder President of ANBUG said, “We created history as a motor rally that originated in Nepal crossed Nepal’s international border for the first time.†‘Nepal-India Friendship Drive 2011’ was flagged off at Kathmandu by Jayanta Prasad, Indian Ambassador to Nepal on 6 September and reached Gangtok, the capital of Indian state of Sikkim via Kakarvitta border point in Jhapa district.</span></p> <p style="text-align: justify;">  </p> <p style="text-align: justify;"> <span style="color: rgb(238, 130, 238);"><strong><span style="font-size: 18px;">Lamichhane New NRNA Prez</span></strong></span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">The fifth global convention of Non-Resident Nepali Association (NRNA) unanimously elected Jiba Lamicchane to its apex post. The erstwhile Vice President was elected unopposed to the post of President after contender Dev Man Hirachan withdrew his candidacy at the elevent hour. For 20 posts, 34 had filed candidacy while six of them were elected unanimously. Capt Hitman Gurung and Rameshwar Shah were elected to the post of Vice President. Similarly, Tenzi Sherpa, Tek Bahadur Karki, Bhaban Bhatta and Hem Raj Sharma were elected to the posts of General Secretary, Secretary, Treasurer and Spokesperson respectively.</span></p> <p style="text-align: justify;">  </p> <p style="text-align: justify;"> <span style="color: rgb(238, 130, 238);"><strong><span style="font-size: 18px;">SAARC Business Leaders’ Conclave</span></strong></span></p> <p style="text-align: justify;"> <span style="font-size: 14px;"><img align="left" alt="" height="103" hspace="3" src="http://newbusinessage.com/ckfinder/userfiles/Images/saarc.jpg" vspace="3" width="216" />The 4th SAARC Business Leaders Conclave (SBLC) held in Kathmandu during 20-22 September with the theme of “Peace and Prosperity through Regional Connectivity†concluded by adopting a 9-point Kathmandu Declaration. President Dr Ram Baran Yadav inaugurated the three-day conclave jointly organised by the SAARC Chamber of Commerce and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). The conclave was attended by over 500 participants including business and political leaders, academia and experts from eight SAARC nations. The participants of the conclave stressed on the need for enhanced regional connectivity to achieve peace and prosperity in the region as envisioned in the doctrine of Regional Connectivity 2010-2020. Private sectors, experts and business leaders agreed to urge the governments in the region to harmonise customs procedures. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">They also stressed on the mutual recognition of standards and certifications, implementation of Regional Motor Vehicle Transport Agreement and Open Sky Policy linking major cities in the region and implementation of a common SAARC Energy Policy. The Kathmandu Declaration proposed the implementation of SAARC Transit Agreement, Shipment Agreement, Logistics Agreements, and ICT Agreement to make SAFTA a workable mechanism which will lead to Customs Union. Anisul Haq, President of SAARC Chamber of Commerce, recognised water, energy, climate change, food security, tourism, and investment as common priority concerns. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">He urged for more connectivity in the region by resolving conflicts among member states. Pradip Kumar Shrestha, Vice-President of SAARC Chamber of Commerce, underscored that the future of the entire South-Asian region is in the hands of young entrepreneurs. “Young entrepreneurs are growing in South Asia, the business leaders should support them to take the lead,†said Shrestha. The conclave vowed urgent implementation of Regional Environment Treaty, activation of SAARC Food Bank and proposed to set up a SAARC Disaster Management Institute to mitigate the impacts of natural calamities and climate change. The business community of the region also recommended signing of a Regional Investment Treaty.</span></p> <p style="text-align: justify;">  </p> <p style="text-align: justify;"> <span style="color: rgb(238, 130, 238);"><strong><span style="font-size: 18px;">Ambuja, Dugar Invest in Dang Cement</span></strong></span></p> <p style="text-align: justify;"> <span style="font-size:14px;">India’s Ambuja Cement Ltd and Nepal’s HC Dugar Group have bought Dang Cement Industries Pvt Ltd (DCIPL). Ambuja is now the majority shareholder of DCIPL with 80 per cent ownership. Dugar Group makes up for the remaining 20 per cent. DCIPL obtained the license for producing one million tons of cement per annum in 2003 but could not begin production for various reasons. “The construction of the physical infrastructures of the company will begin soon after the Tihar to become the largest cement factory of Nepal in terms of production capacity,†said DCIPL Chairman Bijay Dugar. According to sources, Ambuja and Dugar jointly bought DCIPL for Rs 300 million in April this year. It is learnt that Ambuja is planning to invest billions of rupees in the company that has an authorised capital of Rs six billion at present. “Currently, the cement companies with half the production capacity of DCIPL have an investment of three to four billion rupees. So, there is no doubt that DCIPL will have an investment of much more,†added Dugar. Ambuja Cement’s 50 per cent shares are owned by Swiss company HOLCIM, a global leader in cement production and supply. DCIPL was incorporated on May 27, 2003 by lawmaker and industrialist Surya Bahadur KC and others with the objective to produce Portland and other types of cement. As that group could not set up the plant, it was taken over by the new investors. Dugar said that DCIPL will mine limestone on its own to produce clinker. He also informed that technicians and top officials from HOLCIM and Ambuja will visit the industry site before Tihar. “The construction will begin soon after their inspection visit,†informed Dugar.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => '“Nepal-India Friendship Drive 2011†organised by the Association of Nepal Beetle Users Group (ANBUG) concluded successfully on September 13.', 'sortorder' => '403', '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' => '468', 'article_category_id' => '34', 'title' => 'Vijaya Motor's Free Summer/Monsoon Camp (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic inspection/maintenance of its customer’s vehicles in order to assure the safety of the passengers and to prevent major repairs, through the early detection of problems, it said in a press release.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Vijay Motors invites all its respected customers to call in and book appointments and to bring their vehicles to their Service Center for a ‘FREE SUMMER MONSOON CHECKUP CAMP’ which will be held from August 7th until September 11th, between 10:00AM and 4:00PM, Sunday through Friday.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Vehicles will undergo the following checks:<span> Fog and Head Lamp check, Air-conditioning system check, Wiper Blades check, Rear Defogger check, Battery check, free Car Wash. The diagnostic tools will help diagnose faults if any. There is also a special discount offer on accessories and spare parts that need to be replaced during the Free Summer Monsoon Camp, the company said . </span></div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Carpets, Garments Exports Increase</h3> <div style="text-align: justify;"> International market for Nepali garment and carpet has registered a slow growth. The government has identified these products to have comparative advantage. Carpet export has registered a growth of 21.6 per cent while garments export increased by 11.5 per cent in 2010/11 compared to previous fiscal year.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to Trade and Export Promotion Centre, Nepal has exported carpets worth Rs 4.44 billion and garments worth Rs 3.62 billion in the first 11 months of last fiscal year. Nepal has exported goods equivalent to Rs 57.79 billion by mid-June which is 6.1 per cent higher than previous fiscal year.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Ncell Sponsors Literature Festival</h3> <div style="text-align: justify;"> Ncell, leading mobile telecommunication service provider, has sponsored a four-day Ncell Nepal Literature Festival-2011. The Bookworm Trust is organising the programme from August 18 to 21 at the premises of Gyan Mandala, Jahmsikhel. This programme is being organised for the first time in Nepal.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The organisers have said that renowned national and international literary persons will attend the programme. “As our corporate social responsibility, we have always believed in promoting various activities in arts, literature and music as they play a pivotal role to create artistic image of the country,†Sanju Koirala, the corporate communication manager of Ncell, said.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Ncell recently launched a scheme that will allow five subscribers to win Android smart phones on a daily basis. The scheme commenced from August 8 and will last for 30 days. Subscribers of Ncell will be entitled to a lucky draw on purchase of Ncell SIM card, recharge card and recharge via virtual fund transfers of Rs 100 and above at one time.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Export-Import Bill Drafted</h3> <div style="text-align: justify;"> The Department of Commerce has drafted a new Export-Import Bill. Shankar Prasad Paudel, Director of the department, said the draft has been sent to parties concerned for feedback. The Act is incorporating the provisions of World Trade <br /> Organisation (WTO).</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Officials at the department claimed that endorsement of the Act would end the procedure to go to ministry for making trade related decisions. The department is updating the Act formulated in 1956, which is considered insufficient in the current trade situation.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '2011-10-11', 'keywords' => '', 'description' => 'Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic....', 'sortorder' => '378', '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' => '467', 'article_category_id' => '34', 'title' => 'Buddha Air Develops A Village For Its CSR (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be spent on education, health and development activities in the VDC. Dangihaat Development Committee received the money in instalments of Rs 500 thousand. As of now, two instalments have been paid.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> From the first instalment, assistance to set up science lab, library, buying additional land, construction of compounds have been completed in five schools in the VDC. Police station of the village was also give fans worth Rs 5,000 from the same fund. Development work in the village is financed 60 per cent by the company while 40 per cent is managed by the committee.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Similarly, from the second instalment, 17 community toilets were constructed in eight wards at a cost of Rs 690 thousand. Remaining two instalments were also dispersed in the second week of August.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Managing Director of the company Birendra Bahadur Basnet said additional Rs 1.5 million will be given to the committee this year.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Investment Board Bill Endorsed</h3> <div style="text-align: justify;"> Parliament has endorsed the Investment Board Bill 2065 through majority votes on August 15. The endorsement of Investment Bill tabled by the Bills Committee of Parliament is expected to help attract foreign investment in the country.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to the Bill, fast track roads, railway, ropeway, international airport development, among others have been identified as key areas to attract foreign investment. Similarly, hydropower projects having capacity of over 500 megawatts will be given priority.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The Board will be the governing body and will formulate policies and programmes for foreign investment. It will also hold discussion with the investors for the better potential sectors.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> A ‘Sparkling’ Business</h3> <div style="text-align: justify;"> Cleaning is an essential component of daily life both at households and commercial establishment. Now, there is a company providing a whole spectrum of cleaning services from providing a trained maid to carrying out specialised and heavy duty cleaning work on a commercial basis. Sparkling Multipurpose Company Pvt Ltd, which began its service now provides cleaning services to offices, corporate houses, departmental stores and households. The company also provides maids to offices and households on demand. The company claims to be the first commercial venture in the country to offer such services.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to Rabin Bhattarai, MD of Sparkling said, “The company is dedicated to delivering high-quality service and cleaning solutions. We possess a sound knowledge and experience associated with risks and hazards involved in the cleaning services.â€</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The company provides the entire range of cleaning services, from general cleaning to dish washing and all other related jobs. According to the company, it is equipped with the latest machineries and equipment to carry out daily cleaning activities with environment-friendly chemical products. It supplies manpower, chemicals and cleaning tools on demand. It also provides house caretaker services. “We have fully commercialised the cleaning business,†says Bhattarai.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Currently, the company is providing services to many hospitals, supermarkets, NGOs, INGOs and normal households. Peoples’ Plaza, Ambe Complex, Kist Bank, UTL are among the customers of the company. A number of households are also being served by the maids of the company.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> All the maids of the company are above the age of 18, as required by the law. The company says that all the employees are paid according to the rules of the government. At present, more than 100 workers are employed in the company and the employees are regularly trained. The company also provides its employees an insurance coverage. The maids come to the company through personal contact and the word of mouth.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Whenever a customer demands for a maid, the company studies about the works to be done and trains the maids accordingly. It takes around seven days to provide the maid to the customer. Seven days trial period is also offered to customers and they can keep or change the maids within the trial period. An agreement is signed between the company and the client regarding the terms and conditions of the work. The terms and conditions have to be followed by both the parties.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The company pays extra attention to the security of the clients as thefts and other accidents can occur because of the maid. “To avoid this, we keep the police record of the maids with us and we also keep relevant information about the clients. If anything goes wrong, we act according to the agreement,†said Bhattarai. In case of theft or any other damage, the company bears all the expenses if the theft or accident is proven to be caused by the maid.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> “We protect our employees from any form of exploitation, disrespect and misbehavior. We want the self esteem of our employees to be high and we don’t compromise on that at all.†The company claims that it has terminated a few contracts when the clients didn’t act appropriately and went against the mutually agreed upon terms and conditions.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Corporate Governance Training for Bankers</h3> <div style="text-align: justify;"> National Banking Training Institute (NBTI) in association with International Finance Corporation (IFC) has organised a workshop on corporate governance targeting top executives of banks and finance companies. Members from board of directors of various commercial banks, development banks and finance companies were present in the daylong workshop organised on August 11. The workshop has been organised at a time when questions being raised about corporate governance in the banking and financial sector.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> James Christopher of IFC trained the participants. President of NBTI Sashin Joshi said such workshops must be conducted regularly as the importance of corporate governance is of utmost significance in financial institutions. Christopher said that such programmes will help minimise the problems witnessed in the Nepali banking system.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be..........', 'sortorder' => '377', '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' => '466', 'article_category_id' => '34', 'title' => 'Sugar Mill Electricity In National Grid (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Nepali sugar mills’ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW) of electricity to Nepal Electricity Authority (NEA). The industry in Janakpur is currently producing nine MW of electricity. Industry uses seven MW of electricity for running its operations. The company has invested Rs 130 million to produce electricity.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Sugar mills produce electricity through thermal plants by burning sugarcane residues to heat the boilers. Nepali sugar mills are producing 25 MW of electricity for their use. Sashi Kant Agrawal, Managing Director of the sugar mill, claimed that his facility alone has the technology to sell excess electricity to the national grid.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Agrawal said that necessary documents to sell electricity will be ready in two months. However, NEA does not have the procedure to buy electricity produced through an alternative method. Sher Singh Bhat, Chief of NEA Business Department, said a newly-formed committee is studying the procedure to fix the rate of electricity from such alternative sources. “Based on its report and suggested rate, the electricity will be purchased,†he said. However, sugar mills are demanding Rs 10 per unit.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Agrawal said, “If the government is ready to buy our electricity, we can produce more.†He said up to 15 MW of electricity can be supplied by all industries to the national grid. Sugar mills are producing electricity only for their use. They mostly produce power during winter.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Uranium Exploration in Mustang</h3> <div style="text-align: justify;"> The government is set to begin uranium exploration in Mustang, Uranium is one of the costliest metals and scientists believe that there is a large reserve of uranium in Upper Mustang. Krishna Dev Jha at the Department of Mines and Geology said the exploration will commence within this year.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> A Korean company, Korean Institute of Geo Science and Mineral Resources (KIGAM) will be assisting in the exploration. The company has signed agreements to explore various rare earth minerals.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Uranium deposit is predicted in Lomathanka of Mustang. The department is preparing to test the samples collected from the region. An Indian scientist working with the United Nations is said to have found uranium in soil from the region in a lab test some years back. As unofficial sources have been claiming uranium in the region, the department is formally beginning to study the claims. Senior Engineer Jha said the government has allocated budget for the purpose.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> VAT Exemption for Hydel Projects</h3> <div style="text-align: justify;"> The private sector hydroelectricity projects have reasons to cheer as the Ministry of Energy (MoE) is planning to waive VAT on construction materials to be used by such projects. A source at the MOE said the proposal of tax exemption is being sent to the Ministry of Finance for approval.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> MoE has plans to waive 100 per cent VAT on construction materials for hydroelectricity projects. The source said that though this provision was not mentioned in the budget, it is now being planned, amending the VAT Act.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The private sector has been complaining its inability to develop projects due to lack of coordination between Power Purchase Agreement (PPA), high bank rates and severe inflation. It has been demanding to waive off VAT for last two years.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Nepal Electricity Authority has increased PPA rate by 20 per cent for projects up to 25 megawatts. However, producers are demanding to apply the rule in all existing projects.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Gyanendra Lal Pradhan, a power developer, said a 70 per cent exemption in VAT will provide huge relief but the real encouragement will come only by increasing the PPA rate.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> NSE’s Nano Gold</h3> <div style="text-align: justify;"> Nepal Spot Exchange Limited (NSE) has begun the contract trading of even one gram gold. The contract named ‘Nano Gold’ began trading from August 8. The contract aimed at small investors has six per cent margin and 0.24 per gram tick size. The company is also offering contract of one kilogram and 100 gram gold named ‘Major Gold’ and ‘Mini Gold’ respectively.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Nepali sugar mills’ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW).....', 'sortorder' => '376', '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' => '465', 'article_category_id' => '34', 'title' => 'Cement Producers Whine Over Customs Hike (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Dhruba Raj Basnet, Vice President of Nepal Cement Producers’ Association said that majority of the industries are dependent on imported clinker as clinker produced in Nepal is not enough to meet the demand. “Government’s move to protect a handful of industries puts more than 30 industries at risk,†he said.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Nepal needs around 3 million metric tonnes of cement annually. Domestic production can meet only 20 per cent of that demand. Most of the industries are dependent on clinker imported from India. Though nine industries are producing clinker on their own, 1.2 million tonnes of clinker is imported to meet the local demand.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> However, newly-established half a dozen industries are planning to produce clinker on their own. After they begin operation, internal demand is expected to be met by domestic production itself. But the operation is expected to begin no sooner than six months.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Cement producers are arguing that they must be given some options until local production of clinkers starts to match the demand.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Diamond Gallery Established</h3> <div style="text-align: justify;"> Diamond Gallery, a showroom for diamond jewelleries, has been established at New Road, Kathmandu. Sunit Agrawal, Director of the showroom, said the opening of the new diamond jewellery story will add excitement to the diamond business in the country.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The jewelleries of Diamond Gallery will be available under the brand name Creation. The new showroom boasts trendy designs in diamond jewelleries. The gallery claims that it will offer guarantee on its diamond and gold jewelleries.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Club Siddhartha Launched</h3> <div style="text-align: justify;"> Siddhartha Bank Limited has launched ‘Club Siddhartha’, a special programme for account holders of the bank. Clients can subscribe to the service by paying Rs 1,000. The members of the club will be given Club Siddhartha Visa Domestic Card, International Travel Card, and recharge card worth Rs 200 of NTC or Ncell. The bank claimed the service to be the first of its kind in the history of Nepali banking.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Members of the club can also receive all the services offered by the bank. If a club member can make five new members, their membership fee of Rs 1,000 will be returned. Similarly, club members will be given free accident insurance of Rs 5,000. Memberships can be taken from any of the 40 branches of the bank.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Five Railway Lines with Indian Assistance</h3> <div style="text-align: justify;"> The Indian government has decided to construct five railway lines that will connect Nepal and India across the border. Together, these railway lines will be of 183 kilometres (KM). Kamal Raj Paudel, joint-secretary at the Ministry of Physical Planning and Construction said that the necessary preliminary work for the construction of the railway lines has been completed. “In the first phase, the railway will be operated in two regions. For this, we have already acquired land,†he said.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to an agreement with India, Nepal will bear only the cost of land acquisition. The cost of railway track, slipper and all other costs will be borne by the Indian government. However, the cost of construction of five railway lines is not yet decided.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> In the first phase, Jaynagar-Bardibas (86 KM) and Jogbani-Biratnagar (17.65 KM) will be constructed. In these two sections, the government has to pay Rs 800 million as compensation to the land owners. Paudel said that the construction would begin right after the Nepal government pays the sum for land acquisition.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Acharya revealed that Indian Railway Construction Association will develop all the five railway projects. Similarly, Janakpur -Jaynagar (29 KM) railway will be made broad gauge from current narrow gauge. An agreement was made when President Ram Baran Yadav visited India some time back.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.', 'sortorder' => '375', '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' => '464', 'article_category_id' => '34', 'title' => 'Exchanges Add Rs 100 Millon To State Coffers (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> <span style="font-size: 14px;">The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this year’s collection is almost double. The revenue was generated from three commodity future exchanges in operation.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Experts believe that if the revenue from two spot exchanges and brokers is included, the amount can be higher. Within five years of the first commodity exchange coming into operation, five exchanges are trading in the market while at least five are planning to begin operations.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Bijesh Shrestha, President of Commodities Brokers’ Association, said the number of brokers is also increasing with the number of exchanges. “So, tax deduction at source (TDS) and taxes paid by trading brokers, clearing brokers and exchanges are also increasing,†he said.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Shrestha said the revenue mobilisation can go further up as investors are increasing and if the market can be made more transparent with efficient regulation.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Mercantile Exchange has paid Rs 53.8 million as TDS to the government. Similarly, Nepal Derivatives Exchange has paid Rs 41 million in TDS and VAT. Commodities & Metal Exchange Nepal Ltd (COMEN) has paid Rs 1 million as tax to the state.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <h3 style="color: blue;"> <span style="font-size: 14px;">IMF Urges NRB to Have More Teeth</span></h3> <div style="text-align: justify;"> <span style="font-size: 14px;">International Monitory Forum (IMF) has said that risk in Nepali financial sector is ever growing. IMF gave this conclusion after a two weeks study of the Nepali banking scenario. IMF has also commented that the Nepali economy is passing through a challenging phase.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">John Nelmes, Deputy Division Chief, Asia and Pacific Department of the IMF, in his team’s report has predicted that there is a high risk in financial sector due to high price of real estate. The report says that if the situation persists the economy will face more problems. Dr Sanjaya Panth, IMF’s senior resident representative for Nepal and India, said that weak supervision and excessive increase in the number of banks and financial institutions are contributing to the heightened risk. He said that threats have emerged also due to various other reasons.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">IMF has urged Nepal Rastra Bank (NRB) to exercise more power. IMF has asked the central bank to employ more authority at a time when NRB’s role has been criticised for being too invasive. Panth said more rights and powers must be given to NRB well in time to solve the problems seen in banks and finance companies.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">IMF has also suggested to tighten the lending in a single area like real estate and expanding supervisory power. It has said that there is no option to maintain the fixed exchange rate with the Indian currency.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Panth said that problems arose after financial institutions heavily invested in real estate and the business nosedived lately after increase in price. He said that the price must come down now.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <h3 style="color: blue;"> <span style="font-size: 14px;">Debentures in USD</span></h3> <div style="text-align: justify;"> <span style="font-size: 14px;">Himal Hydropower Limited is issueing debenture in US dollar denomination. First company in Nepal to do so, the company will issue debentures of US $ 60 million after Nepal Rastra Bank adopted the provision to issue debentures in dollars for hydropower companies through its monetary policy.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Ace Capital is the issue manager for this debenture. The face value of a debenture is US $ 1000. The debenture that will be traded solely through the private sector will also be listed in NEPSE’s over the counter market. The debenture is being issued for five years. Coupon rate of the debenture is six per cent while interests will be paid every six months.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <h3 style="color: blue;"> <span style="font-size: 14px;">BoK Opens Account with ABOC</span></h3> <div style="text-align: justify;"> <span style="font-size: 14px;">Bank of Kathmandu Ltd is now associated with Agricultural Bank of China Ltd, China, (ABOC) by opening a USD account with aboc’s Lhasa Branch. This account has been opened to serve importers in Nepal who import gods from China through the Tatopani Customs Office. ABOC Lhasa branch has SWIFT connectivity and online system with Zhangmu Sub-Branch (Khasa) through which smooth and quick processing of payments is expected.</span></div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this.....', 'sortorder' => '374', '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' => '463', 'article_category_id' => '34', 'title' => 'Corporate Houses To Set Up Exclusive Outlets (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country. Big business houses like Jagadamba, KL Dugar and CG Electronics are planning to adopt this new marketing strategy.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Until now, Nepali companies have been selling their products through ‘dealer model’. Foreign companies sell their products through their own special showrooms. In Nepal, currently only foreign fashion brands like Adidas, Reebok and some apparel and car brands have their exclusive showrooms.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Kumud Dugar, Managing Director of KL Dugar Group, said his group is setting up exclusive showrooms to establish relationship with clients. Similarly, Chaudhary Group is planning to establish an outlet in Kathmandu before Dashain that will exclusively sell CG products. The company is also planning to open stores in all major cities.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Best Financial Accounts Awarded</h3> <div style="text-align: justify;"> The Institute of Chartered Accountants of Nepal has distributed Best Presented Account Awards - 2010 on July 22. Nabil Bank bagged the first title in the commercial bank segment while Standard Chartered Bank and Nepal Industrial and Commercial Bank won the second and third award respectively.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Similarly, the first position of the central bank monitored financial institution category was secured by Ace Development Bank. Sanima Development Bank and Siddhartha Development Bank received second and third position awards.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Likewise, in the category of financial institutions outside central bank monitoring, Prime Life Insurance Company won the first place. In the same category, Prudential Insurance Company and Life Insurance Corporation bagged second and third position respectively.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Under the manufacturing sector category, Butwal Power Company and Unilever Nepal received awards for first and second position.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> In the information technology category, Nepal Telecom was awarded. Similarly in the hospitality sector, Oriental Hotels Limited was conferred with the award. Credit Service Centre was presented the award for the government sector.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The awards were given to those companies that proved to be the best in financial reporting techniques. The award is in line with the criteria prescribed by the South Asian Federation of Accountants (SAFA), an alliance of the Accounting Institute of Bangladesh, India, Pakistan, Nepal and Sri Lanka.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> COMEN Revamps its Logo, Technology</h3> <div style="text-align: justify;"> Commodities and Metal Exchange Nepal Limited (COMEN) has revamped its logo. Manoranjan Sharma, Chairman of the company, claimed that the new logo resembles the Nepali commodities market’s possibility to reach the international standards.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Ananda Kumar Benani, CEO of the company said that the new technology installed at the exchange will offer ease to speculators as well as jobbing and arbitrage. The company is also soon launching awareness programme on commodities market.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country.', 'sortorder' => '373', '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
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '505', 'article_category_id' => '34', 'title' => 'DDC Raising Capacity', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Dairy Development Corporation (DDC) is planning to expand the capacity of milk processing centre at Balaju. Siyaram Prasad Singh, Deputy General Manager of DDC said that the capacity is being expanded to meet the growing demand of dairy products. According to Singh, Rs 140 million is being invested for the expansion which will increase the capacity from the current 110,000 litres per day (LPD) to 250,000 LPD. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">The works under the expansion project will commence within this fiscal year, he added. Similarly, DDC is planning to set up a new plant at Khumaltar for producing dairy products other than milk, such as 30,000 litres of yoghurt, 3,000 litres of ice-cream, 1,000 kilograms of cottage cheese per day.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Dairy Development Corporation (DDC) is planning to expand the capacity of milk processing centre at Balaju. Siyaram Prasad Singh,', 'sortorder' => '411', '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' => '504', 'article_category_id' => '34', 'title' => 'ICRG Warns Nepal, Again', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Nepal received yet another warning from the International Cooperation Review Group (ICRG) under the Financial Action Task Force (FATF) over its slow progress in putting effective anti-money laundering (AML) measures in place. A meeting of ICRG held in Malaysia in the third week of September warned Nepal to fulfil all AML-related commitments in time and it categorically said that Nepal’s deadline to do so will not be extended again. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">“The ICRG meeting decided not to give any extra time to Nepal to meet its AML commitments which should have been fulfilled by December 2010,†said Nepal Rastra Bank Deputy Governor Maha Prasad Adhikari who participated in the meeting. Though Nepal endorsed an AML law recently, it has yet to implement Anti-Organised Crime Act, Mutual Legal Assistance Act and Extradition Act, which, according to the ICRG are effective measures against money laundering. While the draft of the Act against Organised Crime is under discussion at the Cabinet, the other two laws are awaiting Parliament’s approval. The meeting, according to Adhikari, also expressed dissatisfaction over certain provisions of the AML Act endorsed by Nepal’s Legislature-Parliament some four months ago. “The meeting concluded that the language of Nepal’s AML law is vague at many places while many of its provisions are inadequate, and thus, do not meet international standards. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">So it has asked Nepal to amend certain provisions and also include some new provisions in the Act,†said Adhikari. ICRG’s pressure to draft a more stringent AML law comes at a time when Nepal’s private sector has been protesting the existing law calling it “too stringentâ€. Adhikari informed that ICRG has directed Nepal to include provisions for seizing the properties of the people suspected of money laundering and confiscating them at the end if such people are found guilty. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">“The ICRG meeting has directed Nepal to amend the existing AML law by June 2013 to include such provisions,†said Adhikari. Asking Nepal to consider organised crimes as equivalent to terrorist activities, the meeting has stressed on the formulation and implementation of strong legal measures to counter terrorist financing.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Nepal received yet another warning from the International Cooperation Review Group (ICRG) under the Financial Action Task Force', 'sortorder' => '410', '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' => '503', 'article_category_id' => '34', 'title' => 'NS Quality Award 2011', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img align="left" alt="" height="115" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/ns quality.jpg" vspace="5" width="150" /></p> <p style="text-align: justify;"> Nepal Bureau of Standards and Metrology has presented Nepal Standard (NS) Quality Award 2011 to five industries on the occassion of 42nd World Standards Day. Gorkha Brewery received this award for its beer and beverages. Similarly, Probiotic Industries Pvt Ltd, a poultry feed industry, received the award in medium industries category. Cristal Product Pvt Ltd received NS award under small industries group. This industry in Hetauda produces HDPE pipes. Likewise, Hulas Wire Industries, a GI wire producer, and Swastik Oil Industries, a refined soybean oil producer each were given letter of appreciation.</p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Nepal Bureau of Standards and Metrology has presented Nepal Standard (NS) Quality Award 2011 to five industries on the occassion of 42nd World Standards Day.', 'sortorder' => '409', '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' => '502', 'article_category_id' => '34', 'title' => 'Nepal’s Population Reaches 26.6 Million', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">First time in four decades, the average annual population growth rate of Nepal has slipped below two percent. The preliminary result of 11th national population census has revealed that the annual population growth rate in the last decade was 1.4 per cent only from 2.25 in the 2001 census. Making public the preliminary findings of the census, the Central Bureau of Statistics, announced that the total population of Nepal is now 26,620,809. When the absentee population (those who were away from the country during the census) is included in this, the number goes up to 28.6 million. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">The census was conducted during the June 17-27, 2011. According to the initial report of census, decline in birth rate is the main reason in decrease of population growth rate. Large chunk of youth population being out of the country for various reasons is presumed to be the major cause for this decline. The initial result of 11th census shows that the population has increased by 15 per cent in a decade. Similarly, the average household size has declined to 4.7 from 5.44 in 2001. The female population is 765,000 more than male population. Thus the female population comprises of 51.44 per cent of total population. According to the report, the population of male and female in Nepal is 12,927,431 and 13,693,378 respectively. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">Likewise, the population density has increased to 181 per square kilometres. Population density of Kathmandu is the highest with 4408 while Manang has the lowest with just three persons in a square kilometre. The urban population constitutes about 17 percent of the total population. More than half of the total population lives in Terai followed by Hill and Mountain region. According to CBS, most populated district is Kathmandu followed by Morang, Rupandehi, Jhapa and Kailali. Similarly, the least populated district is Manang followed by Mustang, Dolpa, Rasuwa and Humla.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'First time in four decades, the average annual population growth rate of Nepal has slipped below two percent', 'sortorder' => '408', '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' => '501', 'article_category_id' => '34', 'title' => 'Nepal Improves On Doing Business Indicators', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Contrary to general perceptions, the overall business environment in Nepal has improved, according to the IFC-World Bank joint report Doing Business 2012 made public recently. Based on data collected during the period from June 2010 through May 2011, the report shows that though Nepal's situation has deteriorated in five indicators compared to the previous year, it has improved in other four indicators and remained unchanged in one indicator thus lifting the overall ranking by three places to 107 from 110 of the previous report. This is a good news to the present government which has announced plan to observe the year 2012-13 as Investment Year. Nepal's overall ranking was going down for the last few years continuously. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">Globally, Singapore has ranked as number one in Doing Business followed by Hong Kong, New Zealand and United States. Among the South Asian region's economies, Bangladesh's rank fell from 118 to 122 while Maldives deteriorated from 78 to 79. However, the ranks of Bhutan (146 to 142), India (139 to 132) and Sri Lanka (98 to 89) improved. South Asian economies have an opportunity to increase access to information for entrepreneurs, said Sylvia Solf, lead author of the report. One route is new technology, which is increasingly used by governments to provide electronic services for filing taxes or registering businesses. This not only enhances efficiency but opens opportunities to increase transparency. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">The most striking improvement in Nepal was in dealing with construction permits, according to the report, which shows that while Nepal was ranked 161 last year in this count, it has moved to 140 this year. Other areas of improvement are getting electricity, payng taxes and resolving insolvency while there was deterioration in the areas of starting a business, registering property, getting credit, protecting investors and trading across borders.<br /> <br /> <br /> </span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '2012-10-31', 'keywords' => '', 'description' => 'Contrary to general perceptions, the overall business environment in Nepal has improved, according to the IFC-World Bank joint report Doing Business 2012 made public recently.', 'sortorder' => '407', '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' => '500', 'article_category_id' => '34', 'title' => 'Self Declaration Of Property In Limbo', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">The scheme proposed by by this year’s budget to allow the self declaration of property is in limbo as the programme is deemed to be detrimental to country’s international commitment on anti money laundering. Declaring the property without investigating the source of it is against such international commitment. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">A source at the Ministry of Finance said that there is least chance of ‘self declaration of property’ to be announced this year. The source claimed that the attempt of the government to be flexible on property declaration has almost failed as the criteria set by the Financial Task Force cannot be violated. Krishna Hari Baskota, Finance Secretary also accepted the fact that it would be difficult to implement the voluntary declaration of property as proposed in the budget. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">The government stepped back from its previous promise of announcing such sheme in fear that international organisations working against money laundering might blacklist Nepal. Bangladesh had withdrawn similar programme after the warning of Asia Pacific Group, a network of countries working on anti money laundering.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The scheme proposed by by this year’s budget to allow the self declaration of property is in limbo', 'sortorder' => '406', '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' => '499', 'article_category_id' => '34', 'title' => 'World Bank Releases Interim Strategy For Nepal', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size:14px;">The World Bank Group (WBG) has launched a two years Interim Strategy for assistance in Nepal’s transitional phase and peace building. Finance Minister Barsha Man Pun released the strategy named, Interim Strategy Note for Nepal, for fiscal year 2012 and 2013 on October 18 in Kathmandu. The strategy promises to continue WBG efforts to achieve durable peace with investments in development and poverty reduction. “Given the transitional nature of Nepal’s current situation, with a new constitution being drafted and elections to follow, the World Bank Group has prepared a new Interim Strategy Note for Nepal,†reads the press statement issued by WBG. The strategy is formulated considering the Government of Nepal’s Three Year Plan. WBG says, “The interim strategy sets out some basic parameters of the WBG programme but still retains the flexibility to deal with the birth of a new republic. The strategy reflects considerable continuity, building on programs with successful track records that are adapted to local conditions.†The strategy emphasises greater selectivity, focusing on areas considered vital to Nepal’s development and complementing programs supported by other development partners. According to WBG, agriculture, infrastructure and social development are in top priority. The World Bank has decided to allocate US $ 400 million for two fiscal years. The aid will be provided through bank’s International Development Association (IDA), the concessionary financing arm. However, the size of the assistance will depend on Nepal’s good performance and successful economic management, according to WBG. These funds would be invested in four to five new operations per year. Similarly, World Bank has projected Nepal’s Gross Domestic Production growth to remain at three per cent for the fiscal year 2011/12.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The World Bank Group (WBG) has launched a two years Interim Strategy for assistance in Nepal’s transitional phase', 'sortorder' => '405', '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' => '498', 'article_category_id' => '34', 'title' => 'Nepal Energy Investors Forum', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Prime Minister Dr Baburam Bhattarai opened the Nepal Energy Investors Forum on 13 October organised jointly by the Government of Nepal and Asian Development Bank (ADB). The Forum was organised for promoting private sector investment in hydropower development in Nepal. Senior officials from the Government of Nepal, along with business leaders, bankers, financiers, power developers and traders, development partners and civil society members attended the two-days-long forum to discuss investment in the hydropower sector in Nepal. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">Addressing the Forum, Dr Bhattarai stressed the importance of private sector investment for the development of Nepal’s hydropower sector and said, “I would like to assure all investing and financing communities, domestic and foreign, that our policies are naturally geared towards being as investment friendly as possible.†The Prime Minister invited every potential developer to invest freely in hydropower projects in Nepal without any fear of expropriation. Finance Minister Barsha Man Pun, Energy Minister Posta Bahadur Bogati and Vice President of ADB Xiaoyu Zhao also addressed the Forum. The two-day event facilitated discussions on risks associated with undertaking hydropower projects in Nepal and to explore innovative financing mechanisms.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Prime Minister Dr Baburam Bhattarai opened the Nepal Energy Investors Forum on 13 October organised', 'sortorder' => '404', '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' => '497', 'article_category_id' => '34', 'title' => 'Beetle’s Nepal-India Friendship Drive', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size:14px;"><img align="left" alt="" height="215" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/beetles.jpg" vspace="5" width="312" />“Nepal-India Friendship Drive 2011†organised by the Association of Nepal Beetle Users Group (ANBUG) concluded successfully on September 13. The closing ceremony was held on 27 September in which the visual show of the trip was highlighted. Gopal Sunder Lal Kakshapati, Founder President of ANBUG said, “We created history as a motor rally that originated in Nepal crossed Nepal’s international border for the first time.†‘Nepal-India Friendship Drive 2011’ was flagged off at Kathmandu by Jayanta Prasad, Indian Ambassador to Nepal on 6 September and reached Gangtok, the capital of Indian state of Sikkim via Kakarvitta border point in Jhapa district.</span></p> <p style="text-align: justify;">  </p> <p style="text-align: justify;"> <span style="color: rgb(238, 130, 238);"><strong><span style="font-size: 18px;">Lamichhane New NRNA Prez</span></strong></span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">The fifth global convention of Non-Resident Nepali Association (NRNA) unanimously elected Jiba Lamicchane to its apex post. The erstwhile Vice President was elected unopposed to the post of President after contender Dev Man Hirachan withdrew his candidacy at the elevent hour. For 20 posts, 34 had filed candidacy while six of them were elected unanimously. Capt Hitman Gurung and Rameshwar Shah were elected to the post of Vice President. Similarly, Tenzi Sherpa, Tek Bahadur Karki, Bhaban Bhatta and Hem Raj Sharma were elected to the posts of General Secretary, Secretary, Treasurer and Spokesperson respectively.</span></p> <p style="text-align: justify;">  </p> <p style="text-align: justify;"> <span style="color: rgb(238, 130, 238);"><strong><span style="font-size: 18px;">SAARC Business Leaders’ Conclave</span></strong></span></p> <p style="text-align: justify;"> <span style="font-size: 14px;"><img align="left" alt="" height="103" hspace="3" src="http://newbusinessage.com/ckfinder/userfiles/Images/saarc.jpg" vspace="3" width="216" />The 4th SAARC Business Leaders Conclave (SBLC) held in Kathmandu during 20-22 September with the theme of “Peace and Prosperity through Regional Connectivity†concluded by adopting a 9-point Kathmandu Declaration. President Dr Ram Baran Yadav inaugurated the three-day conclave jointly organised by the SAARC Chamber of Commerce and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). The conclave was attended by over 500 participants including business and political leaders, academia and experts from eight SAARC nations. The participants of the conclave stressed on the need for enhanced regional connectivity to achieve peace and prosperity in the region as envisioned in the doctrine of Regional Connectivity 2010-2020. Private sectors, experts and business leaders agreed to urge the governments in the region to harmonise customs procedures. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">They also stressed on the mutual recognition of standards and certifications, implementation of Regional Motor Vehicle Transport Agreement and Open Sky Policy linking major cities in the region and implementation of a common SAARC Energy Policy. The Kathmandu Declaration proposed the implementation of SAARC Transit Agreement, Shipment Agreement, Logistics Agreements, and ICT Agreement to make SAFTA a workable mechanism which will lead to Customs Union. Anisul Haq, President of SAARC Chamber of Commerce, recognised water, energy, climate change, food security, tourism, and investment as common priority concerns. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">He urged for more connectivity in the region by resolving conflicts among member states. Pradip Kumar Shrestha, Vice-President of SAARC Chamber of Commerce, underscored that the future of the entire South-Asian region is in the hands of young entrepreneurs. “Young entrepreneurs are growing in South Asia, the business leaders should support them to take the lead,†said Shrestha. The conclave vowed urgent implementation of Regional Environment Treaty, activation of SAARC Food Bank and proposed to set up a SAARC Disaster Management Institute to mitigate the impacts of natural calamities and climate change. The business community of the region also recommended signing of a Regional Investment Treaty.</span></p> <p style="text-align: justify;">  </p> <p style="text-align: justify;"> <span style="color: rgb(238, 130, 238);"><strong><span style="font-size: 18px;">Ambuja, Dugar Invest in Dang Cement</span></strong></span></p> <p style="text-align: justify;"> <span style="font-size:14px;">India’s Ambuja Cement Ltd and Nepal’s HC Dugar Group have bought Dang Cement Industries Pvt Ltd (DCIPL). Ambuja is now the majority shareholder of DCIPL with 80 per cent ownership. Dugar Group makes up for the remaining 20 per cent. DCIPL obtained the license for producing one million tons of cement per annum in 2003 but could not begin production for various reasons. “The construction of the physical infrastructures of the company will begin soon after the Tihar to become the largest cement factory of Nepal in terms of production capacity,†said DCIPL Chairman Bijay Dugar. According to sources, Ambuja and Dugar jointly bought DCIPL for Rs 300 million in April this year. It is learnt that Ambuja is planning to invest billions of rupees in the company that has an authorised capital of Rs six billion at present. “Currently, the cement companies with half the production capacity of DCIPL have an investment of three to four billion rupees. So, there is no doubt that DCIPL will have an investment of much more,†added Dugar. Ambuja Cement’s 50 per cent shares are owned by Swiss company HOLCIM, a global leader in cement production and supply. DCIPL was incorporated on May 27, 2003 by lawmaker and industrialist Surya Bahadur KC and others with the objective to produce Portland and other types of cement. As that group could not set up the plant, it was taken over by the new investors. Dugar said that DCIPL will mine limestone on its own to produce clinker. He also informed that technicians and top officials from HOLCIM and Ambuja will visit the industry site before Tihar. “The construction will begin soon after their inspection visit,†informed Dugar.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => '“Nepal-India Friendship Drive 2011†organised by the Association of Nepal Beetle Users Group (ANBUG) concluded successfully on September 13.', 'sortorder' => '403', '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' => '468', 'article_category_id' => '34', 'title' => 'Vijaya Motor's Free Summer/Monsoon Camp (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic inspection/maintenance of its customer’s vehicles in order to assure the safety of the passengers and to prevent major repairs, through the early detection of problems, it said in a press release.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Vijay Motors invites all its respected customers to call in and book appointments and to bring their vehicles to their Service Center for a ‘FREE SUMMER MONSOON CHECKUP CAMP’ which will be held from August 7th until September 11th, between 10:00AM and 4:00PM, Sunday through Friday.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Vehicles will undergo the following checks:<span> Fog and Head Lamp check, Air-conditioning system check, Wiper Blades check, Rear Defogger check, Battery check, free Car Wash. The diagnostic tools will help diagnose faults if any. There is also a special discount offer on accessories and spare parts that need to be replaced during the Free Summer Monsoon Camp, the company said . </span></div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Carpets, Garments Exports Increase</h3> <div style="text-align: justify;"> International market for Nepali garment and carpet has registered a slow growth. The government has identified these products to have comparative advantage. Carpet export has registered a growth of 21.6 per cent while garments export increased by 11.5 per cent in 2010/11 compared to previous fiscal year.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to Trade and Export Promotion Centre, Nepal has exported carpets worth Rs 4.44 billion and garments worth Rs 3.62 billion in the first 11 months of last fiscal year. Nepal has exported goods equivalent to Rs 57.79 billion by mid-June which is 6.1 per cent higher than previous fiscal year.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Ncell Sponsors Literature Festival</h3> <div style="text-align: justify;"> Ncell, leading mobile telecommunication service provider, has sponsored a four-day Ncell Nepal Literature Festival-2011. The Bookworm Trust is organising the programme from August 18 to 21 at the premises of Gyan Mandala, Jahmsikhel. This programme is being organised for the first time in Nepal.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The organisers have said that renowned national and international literary persons will attend the programme. “As our corporate social responsibility, we have always believed in promoting various activities in arts, literature and music as they play a pivotal role to create artistic image of the country,†Sanju Koirala, the corporate communication manager of Ncell, said.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Ncell recently launched a scheme that will allow five subscribers to win Android smart phones on a daily basis. The scheme commenced from August 8 and will last for 30 days. Subscribers of Ncell will be entitled to a lucky draw on purchase of Ncell SIM card, recharge card and recharge via virtual fund transfers of Rs 100 and above at one time.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Export-Import Bill Drafted</h3> <div style="text-align: justify;"> The Department of Commerce has drafted a new Export-Import Bill. Shankar Prasad Paudel, Director of the department, said the draft has been sent to parties concerned for feedback. The Act is incorporating the provisions of World Trade <br /> Organisation (WTO).</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Officials at the department claimed that endorsement of the Act would end the procedure to go to ministry for making trade related decisions. The department is updating the Act formulated in 1956, which is considered insufficient in the current trade situation.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '2011-10-11', 'keywords' => '', 'description' => 'Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic....', 'sortorder' => '378', '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' => '467', 'article_category_id' => '34', 'title' => 'Buddha Air Develops A Village For Its CSR (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be spent on education, health and development activities in the VDC. Dangihaat Development Committee received the money in instalments of Rs 500 thousand. As of now, two instalments have been paid.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> From the first instalment, assistance to set up science lab, library, buying additional land, construction of compounds have been completed in five schools in the VDC. Police station of the village was also give fans worth Rs 5,000 from the same fund. Development work in the village is financed 60 per cent by the company while 40 per cent is managed by the committee.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Similarly, from the second instalment, 17 community toilets were constructed in eight wards at a cost of Rs 690 thousand. Remaining two instalments were also dispersed in the second week of August.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Managing Director of the company Birendra Bahadur Basnet said additional Rs 1.5 million will be given to the committee this year.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Investment Board Bill Endorsed</h3> <div style="text-align: justify;"> Parliament has endorsed the Investment Board Bill 2065 through majority votes on August 15. The endorsement of Investment Bill tabled by the Bills Committee of Parliament is expected to help attract foreign investment in the country.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to the Bill, fast track roads, railway, ropeway, international airport development, among others have been identified as key areas to attract foreign investment. Similarly, hydropower projects having capacity of over 500 megawatts will be given priority.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The Board will be the governing body and will formulate policies and programmes for foreign investment. It will also hold discussion with the investors for the better potential sectors.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> A ‘Sparkling’ Business</h3> <div style="text-align: justify;"> Cleaning is an essential component of daily life both at households and commercial establishment. Now, there is a company providing a whole spectrum of cleaning services from providing a trained maid to carrying out specialised and heavy duty cleaning work on a commercial basis. Sparkling Multipurpose Company Pvt Ltd, which began its service now provides cleaning services to offices, corporate houses, departmental stores and households. The company also provides maids to offices and households on demand. The company claims to be the first commercial venture in the country to offer such services.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to Rabin Bhattarai, MD of Sparkling said, “The company is dedicated to delivering high-quality service and cleaning solutions. We possess a sound knowledge and experience associated with risks and hazards involved in the cleaning services.â€</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The company provides the entire range of cleaning services, from general cleaning to dish washing and all other related jobs. According to the company, it is equipped with the latest machineries and equipment to carry out daily cleaning activities with environment-friendly chemical products. It supplies manpower, chemicals and cleaning tools on demand. It also provides house caretaker services. “We have fully commercialised the cleaning business,†says Bhattarai.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Currently, the company is providing services to many hospitals, supermarkets, NGOs, INGOs and normal households. Peoples’ Plaza, Ambe Complex, Kist Bank, UTL are among the customers of the company. A number of households are also being served by the maids of the company.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> All the maids of the company are above the age of 18, as required by the law. The company says that all the employees are paid according to the rules of the government. At present, more than 100 workers are employed in the company and the employees are regularly trained. The company also provides its employees an insurance coverage. The maids come to the company through personal contact and the word of mouth.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Whenever a customer demands for a maid, the company studies about the works to be done and trains the maids accordingly. It takes around seven days to provide the maid to the customer. Seven days trial period is also offered to customers and they can keep or change the maids within the trial period. An agreement is signed between the company and the client regarding the terms and conditions of the work. The terms and conditions have to be followed by both the parties.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The company pays extra attention to the security of the clients as thefts and other accidents can occur because of the maid. “To avoid this, we keep the police record of the maids with us and we also keep relevant information about the clients. If anything goes wrong, we act according to the agreement,†said Bhattarai. In case of theft or any other damage, the company bears all the expenses if the theft or accident is proven to be caused by the maid.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> “We protect our employees from any form of exploitation, disrespect and misbehavior. We want the self esteem of our employees to be high and we don’t compromise on that at all.†The company claims that it has terminated a few contracts when the clients didn’t act appropriately and went against the mutually agreed upon terms and conditions.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Corporate Governance Training for Bankers</h3> <div style="text-align: justify;"> National Banking Training Institute (NBTI) in association with International Finance Corporation (IFC) has organised a workshop on corporate governance targeting top executives of banks and finance companies. Members from board of directors of various commercial banks, development banks and finance companies were present in the daylong workshop organised on August 11. The workshop has been organised at a time when questions being raised about corporate governance in the banking and financial sector.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> James Christopher of IFC trained the participants. President of NBTI Sashin Joshi said such workshops must be conducted regularly as the importance of corporate governance is of utmost significance in financial institutions. Christopher said that such programmes will help minimise the problems witnessed in the Nepali banking system.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be..........', 'sortorder' => '377', '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' => '466', 'article_category_id' => '34', 'title' => 'Sugar Mill Electricity In National Grid (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Nepali sugar mills’ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW) of electricity to Nepal Electricity Authority (NEA). The industry in Janakpur is currently producing nine MW of electricity. Industry uses seven MW of electricity for running its operations. The company has invested Rs 130 million to produce electricity.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Sugar mills produce electricity through thermal plants by burning sugarcane residues to heat the boilers. Nepali sugar mills are producing 25 MW of electricity for their use. Sashi Kant Agrawal, Managing Director of the sugar mill, claimed that his facility alone has the technology to sell excess electricity to the national grid.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Agrawal said that necessary documents to sell electricity will be ready in two months. However, NEA does not have the procedure to buy electricity produced through an alternative method. Sher Singh Bhat, Chief of NEA Business Department, said a newly-formed committee is studying the procedure to fix the rate of electricity from such alternative sources. “Based on its report and suggested rate, the electricity will be purchased,†he said. However, sugar mills are demanding Rs 10 per unit.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Agrawal said, “If the government is ready to buy our electricity, we can produce more.†He said up to 15 MW of electricity can be supplied by all industries to the national grid. Sugar mills are producing electricity only for their use. They mostly produce power during winter.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Uranium Exploration in Mustang</h3> <div style="text-align: justify;"> The government is set to begin uranium exploration in Mustang, Uranium is one of the costliest metals and scientists believe that there is a large reserve of uranium in Upper Mustang. Krishna Dev Jha at the Department of Mines and Geology said the exploration will commence within this year.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> A Korean company, Korean Institute of Geo Science and Mineral Resources (KIGAM) will be assisting in the exploration. The company has signed agreements to explore various rare earth minerals.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Uranium deposit is predicted in Lomathanka of Mustang. The department is preparing to test the samples collected from the region. An Indian scientist working with the United Nations is said to have found uranium in soil from the region in a lab test some years back. As unofficial sources have been claiming uranium in the region, the department is formally beginning to study the claims. Senior Engineer Jha said the government has allocated budget for the purpose.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> VAT Exemption for Hydel Projects</h3> <div style="text-align: justify;"> The private sector hydroelectricity projects have reasons to cheer as the Ministry of Energy (MoE) is planning to waive VAT on construction materials to be used by such projects. A source at the MOE said the proposal of tax exemption is being sent to the Ministry of Finance for approval.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> MoE has plans to waive 100 per cent VAT on construction materials for hydroelectricity projects. The source said that though this provision was not mentioned in the budget, it is now being planned, amending the VAT Act.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The private sector has been complaining its inability to develop projects due to lack of coordination between Power Purchase Agreement (PPA), high bank rates and severe inflation. It has been demanding to waive off VAT for last two years.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Nepal Electricity Authority has increased PPA rate by 20 per cent for projects up to 25 megawatts. However, producers are demanding to apply the rule in all existing projects.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Gyanendra Lal Pradhan, a power developer, said a 70 per cent exemption in VAT will provide huge relief but the real encouragement will come only by increasing the PPA rate.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> NSE’s Nano Gold</h3> <div style="text-align: justify;"> Nepal Spot Exchange Limited (NSE) has begun the contract trading of even one gram gold. The contract named ‘Nano Gold’ began trading from August 8. The contract aimed at small investors has six per cent margin and 0.24 per gram tick size. The company is also offering contract of one kilogram and 100 gram gold named ‘Major Gold’ and ‘Mini Gold’ respectively.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Nepali sugar mills’ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW).....', 'sortorder' => '376', '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' => '465', 'article_category_id' => '34', 'title' => 'Cement Producers Whine Over Customs Hike (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Dhruba Raj Basnet, Vice President of Nepal Cement Producers’ Association said that majority of the industries are dependent on imported clinker as clinker produced in Nepal is not enough to meet the demand. “Government’s move to protect a handful of industries puts more than 30 industries at risk,†he said.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Nepal needs around 3 million metric tonnes of cement annually. Domestic production can meet only 20 per cent of that demand. Most of the industries are dependent on clinker imported from India. Though nine industries are producing clinker on their own, 1.2 million tonnes of clinker is imported to meet the local demand.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> However, newly-established half a dozen industries are planning to produce clinker on their own. After they begin operation, internal demand is expected to be met by domestic production itself. But the operation is expected to begin no sooner than six months.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Cement producers are arguing that they must be given some options until local production of clinkers starts to match the demand.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Diamond Gallery Established</h3> <div style="text-align: justify;"> Diamond Gallery, a showroom for diamond jewelleries, has been established at New Road, Kathmandu. Sunit Agrawal, Director of the showroom, said the opening of the new diamond jewellery story will add excitement to the diamond business in the country.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The jewelleries of Diamond Gallery will be available under the brand name Creation. The new showroom boasts trendy designs in diamond jewelleries. The gallery claims that it will offer guarantee on its diamond and gold jewelleries.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Club Siddhartha Launched</h3> <div style="text-align: justify;"> Siddhartha Bank Limited has launched ‘Club Siddhartha’, a special programme for account holders of the bank. Clients can subscribe to the service by paying Rs 1,000. The members of the club will be given Club Siddhartha Visa Domestic Card, International Travel Card, and recharge card worth Rs 200 of NTC or Ncell. The bank claimed the service to be the first of its kind in the history of Nepali banking.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Members of the club can also receive all the services offered by the bank. If a club member can make five new members, their membership fee of Rs 1,000 will be returned. Similarly, club members will be given free accident insurance of Rs 5,000. Memberships can be taken from any of the 40 branches of the bank.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Five Railway Lines with Indian Assistance</h3> <div style="text-align: justify;"> The Indian government has decided to construct five railway lines that will connect Nepal and India across the border. Together, these railway lines will be of 183 kilometres (KM). Kamal Raj Paudel, joint-secretary at the Ministry of Physical Planning and Construction said that the necessary preliminary work for the construction of the railway lines has been completed. “In the first phase, the railway will be operated in two regions. For this, we have already acquired land,†he said.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to an agreement with India, Nepal will bear only the cost of land acquisition. The cost of railway track, slipper and all other costs will be borne by the Indian government. However, the cost of construction of five railway lines is not yet decided.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> In the first phase, Jaynagar-Bardibas (86 KM) and Jogbani-Biratnagar (17.65 KM) will be constructed. In these two sections, the government has to pay Rs 800 million as compensation to the land owners. Paudel said that the construction would begin right after the Nepal government pays the sum for land acquisition.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Acharya revealed that Indian Railway Construction Association will develop all the five railway projects. Similarly, Janakpur -Jaynagar (29 KM) railway will be made broad gauge from current narrow gauge. An agreement was made when President Ram Baran Yadav visited India some time back.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.', 'sortorder' => '375', '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' => '464', 'article_category_id' => '34', 'title' => 'Exchanges Add Rs 100 Millon To State Coffers (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> <span style="font-size: 14px;">The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this year’s collection is almost double. The revenue was generated from three commodity future exchanges in operation.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Experts believe that if the revenue from two spot exchanges and brokers is included, the amount can be higher. Within five years of the first commodity exchange coming into operation, five exchanges are trading in the market while at least five are planning to begin operations.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Bijesh Shrestha, President of Commodities Brokers’ Association, said the number of brokers is also increasing with the number of exchanges. “So, tax deduction at source (TDS) and taxes paid by trading brokers, clearing brokers and exchanges are also increasing,†he said.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Shrestha said the revenue mobilisation can go further up as investors are increasing and if the market can be made more transparent with efficient regulation.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Mercantile Exchange has paid Rs 53.8 million as TDS to the government. Similarly, Nepal Derivatives Exchange has paid Rs 41 million in TDS and VAT. Commodities & Metal Exchange Nepal Ltd (COMEN) has paid Rs 1 million as tax to the state.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <h3 style="color: blue;"> <span style="font-size: 14px;">IMF Urges NRB to Have More Teeth</span></h3> <div style="text-align: justify;"> <span style="font-size: 14px;">International Monitory Forum (IMF) has said that risk in Nepali financial sector is ever growing. IMF gave this conclusion after a two weeks study of the Nepali banking scenario. IMF has also commented that the Nepali economy is passing through a challenging phase.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">John Nelmes, Deputy Division Chief, Asia and Pacific Department of the IMF, in his team’s report has predicted that there is a high risk in financial sector due to high price of real estate. The report says that if the situation persists the economy will face more problems. Dr Sanjaya Panth, IMF’s senior resident representative for Nepal and India, said that weak supervision and excessive increase in the number of banks and financial institutions are contributing to the heightened risk. He said that threats have emerged also due to various other reasons.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">IMF has urged Nepal Rastra Bank (NRB) to exercise more power. IMF has asked the central bank to employ more authority at a time when NRB’s role has been criticised for being too invasive. Panth said more rights and powers must be given to NRB well in time to solve the problems seen in banks and finance companies.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">IMF has also suggested to tighten the lending in a single area like real estate and expanding supervisory power. It has said that there is no option to maintain the fixed exchange rate with the Indian currency.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Panth said that problems arose after financial institutions heavily invested in real estate and the business nosedived lately after increase in price. He said that the price must come down now.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <h3 style="color: blue;"> <span style="font-size: 14px;">Debentures in USD</span></h3> <div style="text-align: justify;"> <span style="font-size: 14px;">Himal Hydropower Limited is issueing debenture in US dollar denomination. First company in Nepal to do so, the company will issue debentures of US $ 60 million after Nepal Rastra Bank adopted the provision to issue debentures in dollars for hydropower companies through its monetary policy.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Ace Capital is the issue manager for this debenture. The face value of a debenture is US $ 1000. The debenture that will be traded solely through the private sector will also be listed in NEPSE’s over the counter market. The debenture is being issued for five years. Coupon rate of the debenture is six per cent while interests will be paid every six months.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <h3 style="color: blue;"> <span style="font-size: 14px;">BoK Opens Account with ABOC</span></h3> <div style="text-align: justify;"> <span style="font-size: 14px;">Bank of Kathmandu Ltd is now associated with Agricultural Bank of China Ltd, China, (ABOC) by opening a USD account with aboc’s Lhasa Branch. This account has been opened to serve importers in Nepal who import gods from China through the Tatopani Customs Office. ABOC Lhasa branch has SWIFT connectivity and online system with Zhangmu Sub-Branch (Khasa) through which smooth and quick processing of payments is expected.</span></div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this.....', 'sortorder' => '374', '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' => '463', 'article_category_id' => '34', 'title' => 'Corporate Houses To Set Up Exclusive Outlets (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country. Big business houses like Jagadamba, KL Dugar and CG Electronics are planning to adopt this new marketing strategy.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Until now, Nepali companies have been selling their products through ‘dealer model’. Foreign companies sell their products through their own special showrooms. In Nepal, currently only foreign fashion brands like Adidas, Reebok and some apparel and car brands have their exclusive showrooms.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Kumud Dugar, Managing Director of KL Dugar Group, said his group is setting up exclusive showrooms to establish relationship with clients. Similarly, Chaudhary Group is planning to establish an outlet in Kathmandu before Dashain that will exclusively sell CG products. The company is also planning to open stores in all major cities.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Best Financial Accounts Awarded</h3> <div style="text-align: justify;"> The Institute of Chartered Accountants of Nepal has distributed Best Presented Account Awards - 2010 on July 22. Nabil Bank bagged the first title in the commercial bank segment while Standard Chartered Bank and Nepal Industrial and Commercial Bank won the second and third award respectively.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Similarly, the first position of the central bank monitored financial institution category was secured by Ace Development Bank. Sanima Development Bank and Siddhartha Development Bank received second and third position awards.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Likewise, in the category of financial institutions outside central bank monitoring, Prime Life Insurance Company won the first place. In the same category, Prudential Insurance Company and Life Insurance Corporation bagged second and third position respectively.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Under the manufacturing sector category, Butwal Power Company and Unilever Nepal received awards for first and second position.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> In the information technology category, Nepal Telecom was awarded. Similarly in the hospitality sector, Oriental Hotels Limited was conferred with the award. Credit Service Centre was presented the award for the government sector.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The awards were given to those companies that proved to be the best in financial reporting techniques. The award is in line with the criteria prescribed by the South Asian Federation of Accountants (SAFA), an alliance of the Accounting Institute of Bangladesh, India, Pakistan, Nepal and Sri Lanka.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> COMEN Revamps its Logo, Technology</h3> <div style="text-align: justify;"> Commodities and Metal Exchange Nepal Limited (COMEN) has revamped its logo. Manoranjan Sharma, Chairman of the company, claimed that the new logo resembles the Nepali commodities market’s possibility to reach the international standards.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Ananda Kumar Benani, CEO of the company said that the new technology installed at the exchange will offer ease to speculators as well as jobbing and arbitrage. The company is also soon launching awareness programme on commodities market.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country.', 'sortorder' => '373', '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
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '505', 'article_category_id' => '34', 'title' => 'DDC Raising Capacity', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Dairy Development Corporation (DDC) is planning to expand the capacity of milk processing centre at Balaju. Siyaram Prasad Singh, Deputy General Manager of DDC said that the capacity is being expanded to meet the growing demand of dairy products. According to Singh, Rs 140 million is being invested for the expansion which will increase the capacity from the current 110,000 litres per day (LPD) to 250,000 LPD. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">The works under the expansion project will commence within this fiscal year, he added. Similarly, DDC is planning to set up a new plant at Khumaltar for producing dairy products other than milk, such as 30,000 litres of yoghurt, 3,000 litres of ice-cream, 1,000 kilograms of cottage cheese per day.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Dairy Development Corporation (DDC) is planning to expand the capacity of milk processing centre at Balaju. Siyaram Prasad Singh,', 'sortorder' => '411', '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' => '504', 'article_category_id' => '34', 'title' => 'ICRG Warns Nepal, Again', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Nepal received yet another warning from the International Cooperation Review Group (ICRG) under the Financial Action Task Force (FATF) over its slow progress in putting effective anti-money laundering (AML) measures in place. A meeting of ICRG held in Malaysia in the third week of September warned Nepal to fulfil all AML-related commitments in time and it categorically said that Nepal’s deadline to do so will not be extended again. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">“The ICRG meeting decided not to give any extra time to Nepal to meet its AML commitments which should have been fulfilled by December 2010,†said Nepal Rastra Bank Deputy Governor Maha Prasad Adhikari who participated in the meeting. Though Nepal endorsed an AML law recently, it has yet to implement Anti-Organised Crime Act, Mutual Legal Assistance Act and Extradition Act, which, according to the ICRG are effective measures against money laundering. While the draft of the Act against Organised Crime is under discussion at the Cabinet, the other two laws are awaiting Parliament’s approval. The meeting, according to Adhikari, also expressed dissatisfaction over certain provisions of the AML Act endorsed by Nepal’s Legislature-Parliament some four months ago. “The meeting concluded that the language of Nepal’s AML law is vague at many places while many of its provisions are inadequate, and thus, do not meet international standards. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">So it has asked Nepal to amend certain provisions and also include some new provisions in the Act,†said Adhikari. ICRG’s pressure to draft a more stringent AML law comes at a time when Nepal’s private sector has been protesting the existing law calling it “too stringentâ€. Adhikari informed that ICRG has directed Nepal to include provisions for seizing the properties of the people suspected of money laundering and confiscating them at the end if such people are found guilty. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">“The ICRG meeting has directed Nepal to amend the existing AML law by June 2013 to include such provisions,†said Adhikari. Asking Nepal to consider organised crimes as equivalent to terrorist activities, the meeting has stressed on the formulation and implementation of strong legal measures to counter terrorist financing.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Nepal received yet another warning from the International Cooperation Review Group (ICRG) under the Financial Action Task Force', 'sortorder' => '410', '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' => '503', 'article_category_id' => '34', 'title' => 'NS Quality Award 2011', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img align="left" alt="" height="115" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/ns quality.jpg" vspace="5" width="150" /></p> <p style="text-align: justify;"> Nepal Bureau of Standards and Metrology has presented Nepal Standard (NS) Quality Award 2011 to five industries on the occassion of 42nd World Standards Day. Gorkha Brewery received this award for its beer and beverages. Similarly, Probiotic Industries Pvt Ltd, a poultry feed industry, received the award in medium industries category. Cristal Product Pvt Ltd received NS award under small industries group. This industry in Hetauda produces HDPE pipes. Likewise, Hulas Wire Industries, a GI wire producer, and Swastik Oil Industries, a refined soybean oil producer each were given letter of appreciation.</p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Nepal Bureau of Standards and Metrology has presented Nepal Standard (NS) Quality Award 2011 to five industries on the occassion of 42nd World Standards Day.', 'sortorder' => '409', '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' => '502', 'article_category_id' => '34', 'title' => 'Nepal’s Population Reaches 26.6 Million', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">First time in four decades, the average annual population growth rate of Nepal has slipped below two percent. The preliminary result of 11th national population census has revealed that the annual population growth rate in the last decade was 1.4 per cent only from 2.25 in the 2001 census. Making public the preliminary findings of the census, the Central Bureau of Statistics, announced that the total population of Nepal is now 26,620,809. When the absentee population (those who were away from the country during the census) is included in this, the number goes up to 28.6 million. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">The census was conducted during the June 17-27, 2011. According to the initial report of census, decline in birth rate is the main reason in decrease of population growth rate. Large chunk of youth population being out of the country for various reasons is presumed to be the major cause for this decline. The initial result of 11th census shows that the population has increased by 15 per cent in a decade. Similarly, the average household size has declined to 4.7 from 5.44 in 2001. The female population is 765,000 more than male population. Thus the female population comprises of 51.44 per cent of total population. According to the report, the population of male and female in Nepal is 12,927,431 and 13,693,378 respectively. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">Likewise, the population density has increased to 181 per square kilometres. Population density of Kathmandu is the highest with 4408 while Manang has the lowest with just three persons in a square kilometre. The urban population constitutes about 17 percent of the total population. More than half of the total population lives in Terai followed by Hill and Mountain region. According to CBS, most populated district is Kathmandu followed by Morang, Rupandehi, Jhapa and Kailali. Similarly, the least populated district is Manang followed by Mustang, Dolpa, Rasuwa and Humla.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'First time in four decades, the average annual population growth rate of Nepal has slipped below two percent', 'sortorder' => '408', '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' => '501', 'article_category_id' => '34', 'title' => 'Nepal Improves On Doing Business Indicators', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Contrary to general perceptions, the overall business environment in Nepal has improved, according to the IFC-World Bank joint report Doing Business 2012 made public recently. Based on data collected during the period from June 2010 through May 2011, the report shows that though Nepal's situation has deteriorated in five indicators compared to the previous year, it has improved in other four indicators and remained unchanged in one indicator thus lifting the overall ranking by three places to 107 from 110 of the previous report. This is a good news to the present government which has announced plan to observe the year 2012-13 as Investment Year. Nepal's overall ranking was going down for the last few years continuously. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">Globally, Singapore has ranked as number one in Doing Business followed by Hong Kong, New Zealand and United States. Among the South Asian region's economies, Bangladesh's rank fell from 118 to 122 while Maldives deteriorated from 78 to 79. However, the ranks of Bhutan (146 to 142), India (139 to 132) and Sri Lanka (98 to 89) improved. South Asian economies have an opportunity to increase access to information for entrepreneurs, said Sylvia Solf, lead author of the report. One route is new technology, which is increasingly used by governments to provide electronic services for filing taxes or registering businesses. This not only enhances efficiency but opens opportunities to increase transparency. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">The most striking improvement in Nepal was in dealing with construction permits, according to the report, which shows that while Nepal was ranked 161 last year in this count, it has moved to 140 this year. Other areas of improvement are getting electricity, payng taxes and resolving insolvency while there was deterioration in the areas of starting a business, registering property, getting credit, protecting investors and trading across borders.<br /> <br /> <br /> </span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '2012-10-31', 'keywords' => '', 'description' => 'Contrary to general perceptions, the overall business environment in Nepal has improved, according to the IFC-World Bank joint report Doing Business 2012 made public recently.', 'sortorder' => '407', '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' => '500', 'article_category_id' => '34', 'title' => 'Self Declaration Of Property In Limbo', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">The scheme proposed by by this year’s budget to allow the self declaration of property is in limbo as the programme is deemed to be detrimental to country’s international commitment on anti money laundering. Declaring the property without investigating the source of it is against such international commitment. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">A source at the Ministry of Finance said that there is least chance of ‘self declaration of property’ to be announced this year. The source claimed that the attempt of the government to be flexible on property declaration has almost failed as the criteria set by the Financial Task Force cannot be violated. Krishna Hari Baskota, Finance Secretary also accepted the fact that it would be difficult to implement the voluntary declaration of property as proposed in the budget. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">The government stepped back from its previous promise of announcing such sheme in fear that international organisations working against money laundering might blacklist Nepal. Bangladesh had withdrawn similar programme after the warning of Asia Pacific Group, a network of countries working on anti money laundering.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The scheme proposed by by this year’s budget to allow the self declaration of property is in limbo', 'sortorder' => '406', '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' => '499', 'article_category_id' => '34', 'title' => 'World Bank Releases Interim Strategy For Nepal', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size:14px;">The World Bank Group (WBG) has launched a two years Interim Strategy for assistance in Nepal’s transitional phase and peace building. Finance Minister Barsha Man Pun released the strategy named, Interim Strategy Note for Nepal, for fiscal year 2012 and 2013 on October 18 in Kathmandu. The strategy promises to continue WBG efforts to achieve durable peace with investments in development and poverty reduction. “Given the transitional nature of Nepal’s current situation, with a new constitution being drafted and elections to follow, the World Bank Group has prepared a new Interim Strategy Note for Nepal,†reads the press statement issued by WBG. The strategy is formulated considering the Government of Nepal’s Three Year Plan. WBG says, “The interim strategy sets out some basic parameters of the WBG programme but still retains the flexibility to deal with the birth of a new republic. The strategy reflects considerable continuity, building on programs with successful track records that are adapted to local conditions.†The strategy emphasises greater selectivity, focusing on areas considered vital to Nepal’s development and complementing programs supported by other development partners. According to WBG, agriculture, infrastructure and social development are in top priority. The World Bank has decided to allocate US $ 400 million for two fiscal years. The aid will be provided through bank’s International Development Association (IDA), the concessionary financing arm. However, the size of the assistance will depend on Nepal’s good performance and successful economic management, according to WBG. These funds would be invested in four to five new operations per year. Similarly, World Bank has projected Nepal’s Gross Domestic Production growth to remain at three per cent for the fiscal year 2011/12.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The World Bank Group (WBG) has launched a two years Interim Strategy for assistance in Nepal’s transitional phase', 'sortorder' => '405', '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' => '498', 'article_category_id' => '34', 'title' => 'Nepal Energy Investors Forum', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size: 14px;">Prime Minister Dr Baburam Bhattarai opened the Nepal Energy Investors Forum on 13 October organised jointly by the Government of Nepal and Asian Development Bank (ADB). The Forum was organised for promoting private sector investment in hydropower development in Nepal. Senior officials from the Government of Nepal, along with business leaders, bankers, financiers, power developers and traders, development partners and civil society members attended the two-days-long forum to discuss investment in the hydropower sector in Nepal. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">Addressing the Forum, Dr Bhattarai stressed the importance of private sector investment for the development of Nepal’s hydropower sector and said, “I would like to assure all investing and financing communities, domestic and foreign, that our policies are naturally geared towards being as investment friendly as possible.†The Prime Minister invited every potential developer to invest freely in hydropower projects in Nepal without any fear of expropriation. Finance Minister Barsha Man Pun, Energy Minister Posta Bahadur Bogati and Vice President of ADB Xiaoyu Zhao also addressed the Forum. The two-day event facilitated discussions on risks associated with undertaking hydropower projects in Nepal and to explore innovative financing mechanisms.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Prime Minister Dr Baburam Bhattarai opened the Nepal Energy Investors Forum on 13 October organised', 'sortorder' => '404', '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' => '497', 'article_category_id' => '34', 'title' => 'Beetle’s Nepal-India Friendship Drive', 'sub_title' => '', 'summary' => null, 'content' => '<p style="text-align: justify;"> <span style="font-size:14px;"><img align="left" alt="" height="215" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/beetles.jpg" vspace="5" width="312" />“Nepal-India Friendship Drive 2011†organised by the Association of Nepal Beetle Users Group (ANBUG) concluded successfully on September 13. The closing ceremony was held on 27 September in which the visual show of the trip was highlighted. Gopal Sunder Lal Kakshapati, Founder President of ANBUG said, “We created history as a motor rally that originated in Nepal crossed Nepal’s international border for the first time.†‘Nepal-India Friendship Drive 2011’ was flagged off at Kathmandu by Jayanta Prasad, Indian Ambassador to Nepal on 6 September and reached Gangtok, the capital of Indian state of Sikkim via Kakarvitta border point in Jhapa district.</span></p> <p style="text-align: justify;">  </p> <p style="text-align: justify;"> <span style="color: rgb(238, 130, 238);"><strong><span style="font-size: 18px;">Lamichhane New NRNA Prez</span></strong></span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">The fifth global convention of Non-Resident Nepali Association (NRNA) unanimously elected Jiba Lamicchane to its apex post. The erstwhile Vice President was elected unopposed to the post of President after contender Dev Man Hirachan withdrew his candidacy at the elevent hour. For 20 posts, 34 had filed candidacy while six of them were elected unanimously. Capt Hitman Gurung and Rameshwar Shah were elected to the post of Vice President. Similarly, Tenzi Sherpa, Tek Bahadur Karki, Bhaban Bhatta and Hem Raj Sharma were elected to the posts of General Secretary, Secretary, Treasurer and Spokesperson respectively.</span></p> <p style="text-align: justify;">  </p> <p style="text-align: justify;"> <span style="color: rgb(238, 130, 238);"><strong><span style="font-size: 18px;">SAARC Business Leaders’ Conclave</span></strong></span></p> <p style="text-align: justify;"> <span style="font-size: 14px;"><img align="left" alt="" height="103" hspace="3" src="http://newbusinessage.com/ckfinder/userfiles/Images/saarc.jpg" vspace="3" width="216" />The 4th SAARC Business Leaders Conclave (SBLC) held in Kathmandu during 20-22 September with the theme of “Peace and Prosperity through Regional Connectivity†concluded by adopting a 9-point Kathmandu Declaration. President Dr Ram Baran Yadav inaugurated the three-day conclave jointly organised by the SAARC Chamber of Commerce and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). The conclave was attended by over 500 participants including business and political leaders, academia and experts from eight SAARC nations. The participants of the conclave stressed on the need for enhanced regional connectivity to achieve peace and prosperity in the region as envisioned in the doctrine of Regional Connectivity 2010-2020. Private sectors, experts and business leaders agreed to urge the governments in the region to harmonise customs procedures. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size: 14px;">They also stressed on the mutual recognition of standards and certifications, implementation of Regional Motor Vehicle Transport Agreement and Open Sky Policy linking major cities in the region and implementation of a common SAARC Energy Policy. The Kathmandu Declaration proposed the implementation of SAARC Transit Agreement, Shipment Agreement, Logistics Agreements, and ICT Agreement to make SAFTA a workable mechanism which will lead to Customs Union. Anisul Haq, President of SAARC Chamber of Commerce, recognised water, energy, climate change, food security, tourism, and investment as common priority concerns. <br /> </span></p> <p style="text-align: justify;"> <span style="font-size:14px;">He urged for more connectivity in the region by resolving conflicts among member states. Pradip Kumar Shrestha, Vice-President of SAARC Chamber of Commerce, underscored that the future of the entire South-Asian region is in the hands of young entrepreneurs. “Young entrepreneurs are growing in South Asia, the business leaders should support them to take the lead,†said Shrestha. The conclave vowed urgent implementation of Regional Environment Treaty, activation of SAARC Food Bank and proposed to set up a SAARC Disaster Management Institute to mitigate the impacts of natural calamities and climate change. The business community of the region also recommended signing of a Regional Investment Treaty.</span></p> <p style="text-align: justify;">  </p> <p style="text-align: justify;"> <span style="color: rgb(238, 130, 238);"><strong><span style="font-size: 18px;">Ambuja, Dugar Invest in Dang Cement</span></strong></span></p> <p style="text-align: justify;"> <span style="font-size:14px;">India’s Ambuja Cement Ltd and Nepal’s HC Dugar Group have bought Dang Cement Industries Pvt Ltd (DCIPL). Ambuja is now the majority shareholder of DCIPL with 80 per cent ownership. Dugar Group makes up for the remaining 20 per cent. DCIPL obtained the license for producing one million tons of cement per annum in 2003 but could not begin production for various reasons. “The construction of the physical infrastructures of the company will begin soon after the Tihar to become the largest cement factory of Nepal in terms of production capacity,†said DCIPL Chairman Bijay Dugar. According to sources, Ambuja and Dugar jointly bought DCIPL for Rs 300 million in April this year. It is learnt that Ambuja is planning to invest billions of rupees in the company that has an authorised capital of Rs six billion at present. “Currently, the cement companies with half the production capacity of DCIPL have an investment of three to four billion rupees. So, there is no doubt that DCIPL will have an investment of much more,†added Dugar. Ambuja Cement’s 50 per cent shares are owned by Swiss company HOLCIM, a global leader in cement production and supply. DCIPL was incorporated on May 27, 2003 by lawmaker and industrialist Surya Bahadur KC and others with the objective to produce Portland and other types of cement. As that group could not set up the plant, it was taken over by the new investors. Dugar said that DCIPL will mine limestone on its own to produce clinker. He also informed that technicians and top officials from HOLCIM and Ambuja will visit the industry site before Tihar. “The construction will begin soon after their inspection visit,†informed Dugar.</span></p>', 'published' => true, 'created' => '2011-11-15', 'modified' => '0000-00-00', 'keywords' => '', 'description' => '“Nepal-India Friendship Drive 2011†organised by the Association of Nepal Beetle Users Group (ANBUG) concluded successfully on September 13.', 'sortorder' => '403', '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' => '468', 'article_category_id' => '34', 'title' => 'Vijaya Motor's Free Summer/Monsoon Camp (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic inspection/maintenance of its customer’s vehicles in order to assure the safety of the passengers and to prevent major repairs, through the early detection of problems, it said in a press release.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Vijay Motors invites all its respected customers to call in and book appointments and to bring their vehicles to their Service Center for a ‘FREE SUMMER MONSOON CHECKUP CAMP’ which will be held from August 7th until September 11th, between 10:00AM and 4:00PM, Sunday through Friday.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Vehicles will undergo the following checks:<span> Fog and Head Lamp check, Air-conditioning system check, Wiper Blades check, Rear Defogger check, Battery check, free Car Wash. The diagnostic tools will help diagnose faults if any. There is also a special discount offer on accessories and spare parts that need to be replaced during the Free Summer Monsoon Camp, the company said . </span></div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Carpets, Garments Exports Increase</h3> <div style="text-align: justify;"> International market for Nepali garment and carpet has registered a slow growth. The government has identified these products to have comparative advantage. Carpet export has registered a growth of 21.6 per cent while garments export increased by 11.5 per cent in 2010/11 compared to previous fiscal year.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to Trade and Export Promotion Centre, Nepal has exported carpets worth Rs 4.44 billion and garments worth Rs 3.62 billion in the first 11 months of last fiscal year. Nepal has exported goods equivalent to Rs 57.79 billion by mid-June which is 6.1 per cent higher than previous fiscal year.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Ncell Sponsors Literature Festival</h3> <div style="text-align: justify;"> Ncell, leading mobile telecommunication service provider, has sponsored a four-day Ncell Nepal Literature Festival-2011. The Bookworm Trust is organising the programme from August 18 to 21 at the premises of Gyan Mandala, Jahmsikhel. This programme is being organised for the first time in Nepal.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The organisers have said that renowned national and international literary persons will attend the programme. “As our corporate social responsibility, we have always believed in promoting various activities in arts, literature and music as they play a pivotal role to create artistic image of the country,†Sanju Koirala, the corporate communication manager of Ncell, said.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Ncell recently launched a scheme that will allow five subscribers to win Android smart phones on a daily basis. The scheme commenced from August 8 and will last for 30 days. Subscribers of Ncell will be entitled to a lucky draw on purchase of Ncell SIM card, recharge card and recharge via virtual fund transfers of Rs 100 and above at one time.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Export-Import Bill Drafted</h3> <div style="text-align: justify;"> The Department of Commerce has drafted a new Export-Import Bill. Shankar Prasad Paudel, Director of the department, said the draft has been sent to parties concerned for feedback. The Act is incorporating the provisions of World Trade <br /> Organisation (WTO).</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Officials at the department claimed that endorsement of the Act would end the procedure to go to ministry for making trade related decisions. The department is updating the Act formulated in 1956, which is considered insufficient in the current trade situation.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '2011-10-11', 'keywords' => '', 'description' => 'Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic....', 'sortorder' => '378', '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' => '467', 'article_category_id' => '34', 'title' => 'Buddha Air Develops A Village For Its CSR (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be spent on education, health and development activities in the VDC. Dangihaat Development Committee received the money in instalments of Rs 500 thousand. As of now, two instalments have been paid.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> From the first instalment, assistance to set up science lab, library, buying additional land, construction of compounds have been completed in five schools in the VDC. Police station of the village was also give fans worth Rs 5,000 from the same fund. Development work in the village is financed 60 per cent by the company while 40 per cent is managed by the committee.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Similarly, from the second instalment, 17 community toilets were constructed in eight wards at a cost of Rs 690 thousand. Remaining two instalments were also dispersed in the second week of August.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Managing Director of the company Birendra Bahadur Basnet said additional Rs 1.5 million will be given to the committee this year.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Investment Board Bill Endorsed</h3> <div style="text-align: justify;"> Parliament has endorsed the Investment Board Bill 2065 through majority votes on August 15. The endorsement of Investment Bill tabled by the Bills Committee of Parliament is expected to help attract foreign investment in the country.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to the Bill, fast track roads, railway, ropeway, international airport development, among others have been identified as key areas to attract foreign investment. Similarly, hydropower projects having capacity of over 500 megawatts will be given priority.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The Board will be the governing body and will formulate policies and programmes for foreign investment. It will also hold discussion with the investors for the better potential sectors.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> A ‘Sparkling’ Business</h3> <div style="text-align: justify;"> Cleaning is an essential component of daily life both at households and commercial establishment. Now, there is a company providing a whole spectrum of cleaning services from providing a trained maid to carrying out specialised and heavy duty cleaning work on a commercial basis. Sparkling Multipurpose Company Pvt Ltd, which began its service now provides cleaning services to offices, corporate houses, departmental stores and households. The company also provides maids to offices and households on demand. The company claims to be the first commercial venture in the country to offer such services.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to Rabin Bhattarai, MD of Sparkling said, “The company is dedicated to delivering high-quality service and cleaning solutions. We possess a sound knowledge and experience associated with risks and hazards involved in the cleaning services.â€</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The company provides the entire range of cleaning services, from general cleaning to dish washing and all other related jobs. According to the company, it is equipped with the latest machineries and equipment to carry out daily cleaning activities with environment-friendly chemical products. It supplies manpower, chemicals and cleaning tools on demand. It also provides house caretaker services. “We have fully commercialised the cleaning business,†says Bhattarai.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Currently, the company is providing services to many hospitals, supermarkets, NGOs, INGOs and normal households. Peoples’ Plaza, Ambe Complex, Kist Bank, UTL are among the customers of the company. A number of households are also being served by the maids of the company.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> All the maids of the company are above the age of 18, as required by the law. The company says that all the employees are paid according to the rules of the government. At present, more than 100 workers are employed in the company and the employees are regularly trained. The company also provides its employees an insurance coverage. The maids come to the company through personal contact and the word of mouth.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Whenever a customer demands for a maid, the company studies about the works to be done and trains the maids accordingly. It takes around seven days to provide the maid to the customer. Seven days trial period is also offered to customers and they can keep or change the maids within the trial period. An agreement is signed between the company and the client regarding the terms and conditions of the work. The terms and conditions have to be followed by both the parties.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The company pays extra attention to the security of the clients as thefts and other accidents can occur because of the maid. “To avoid this, we keep the police record of the maids with us and we also keep relevant information about the clients. If anything goes wrong, we act according to the agreement,†said Bhattarai. In case of theft or any other damage, the company bears all the expenses if the theft or accident is proven to be caused by the maid.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> “We protect our employees from any form of exploitation, disrespect and misbehavior. We want the self esteem of our employees to be high and we don’t compromise on that at all.†The company claims that it has terminated a few contracts when the clients didn’t act appropriately and went against the mutually agreed upon terms and conditions.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Corporate Governance Training for Bankers</h3> <div style="text-align: justify;"> National Banking Training Institute (NBTI) in association with International Finance Corporation (IFC) has organised a workshop on corporate governance targeting top executives of banks and finance companies. Members from board of directors of various commercial banks, development banks and finance companies were present in the daylong workshop organised on August 11. The workshop has been organised at a time when questions being raised about corporate governance in the banking and financial sector.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> James Christopher of IFC trained the participants. President of NBTI Sashin Joshi said such workshops must be conducted regularly as the importance of corporate governance is of utmost significance in financial institutions. Christopher said that such programmes will help minimise the problems witnessed in the Nepali banking system.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be..........', 'sortorder' => '377', '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' => '466', 'article_category_id' => '34', 'title' => 'Sugar Mill Electricity In National Grid (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Nepali sugar mills’ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW) of electricity to Nepal Electricity Authority (NEA). The industry in Janakpur is currently producing nine MW of electricity. Industry uses seven MW of electricity for running its operations. The company has invested Rs 130 million to produce electricity.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Sugar mills produce electricity through thermal plants by burning sugarcane residues to heat the boilers. Nepali sugar mills are producing 25 MW of electricity for their use. Sashi Kant Agrawal, Managing Director of the sugar mill, claimed that his facility alone has the technology to sell excess electricity to the national grid.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Agrawal said that necessary documents to sell electricity will be ready in two months. However, NEA does not have the procedure to buy electricity produced through an alternative method. Sher Singh Bhat, Chief of NEA Business Department, said a newly-formed committee is studying the procedure to fix the rate of electricity from such alternative sources. “Based on its report and suggested rate, the electricity will be purchased,†he said. However, sugar mills are demanding Rs 10 per unit.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Agrawal said, “If the government is ready to buy our electricity, we can produce more.†He said up to 15 MW of electricity can be supplied by all industries to the national grid. Sugar mills are producing electricity only for their use. They mostly produce power during winter.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Uranium Exploration in Mustang</h3> <div style="text-align: justify;"> The government is set to begin uranium exploration in Mustang, Uranium is one of the costliest metals and scientists believe that there is a large reserve of uranium in Upper Mustang. Krishna Dev Jha at the Department of Mines and Geology said the exploration will commence within this year.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> A Korean company, Korean Institute of Geo Science and Mineral Resources (KIGAM) will be assisting in the exploration. The company has signed agreements to explore various rare earth minerals.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Uranium deposit is predicted in Lomathanka of Mustang. The department is preparing to test the samples collected from the region. An Indian scientist working with the United Nations is said to have found uranium in soil from the region in a lab test some years back. As unofficial sources have been claiming uranium in the region, the department is formally beginning to study the claims. Senior Engineer Jha said the government has allocated budget for the purpose.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> VAT Exemption for Hydel Projects</h3> <div style="text-align: justify;"> The private sector hydroelectricity projects have reasons to cheer as the Ministry of Energy (MoE) is planning to waive VAT on construction materials to be used by such projects. A source at the MOE said the proposal of tax exemption is being sent to the Ministry of Finance for approval.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> MoE has plans to waive 100 per cent VAT on construction materials for hydroelectricity projects. The source said that though this provision was not mentioned in the budget, it is now being planned, amending the VAT Act.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The private sector has been complaining its inability to develop projects due to lack of coordination between Power Purchase Agreement (PPA), high bank rates and severe inflation. It has been demanding to waive off VAT for last two years.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Nepal Electricity Authority has increased PPA rate by 20 per cent for projects up to 25 megawatts. However, producers are demanding to apply the rule in all existing projects.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Gyanendra Lal Pradhan, a power developer, said a 70 per cent exemption in VAT will provide huge relief but the real encouragement will come only by increasing the PPA rate.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> NSE’s Nano Gold</h3> <div style="text-align: justify;"> Nepal Spot Exchange Limited (NSE) has begun the contract trading of even one gram gold. The contract named ‘Nano Gold’ began trading from August 8. The contract aimed at small investors has six per cent margin and 0.24 per gram tick size. The company is also offering contract of one kilogram and 100 gram gold named ‘Major Gold’ and ‘Mini Gold’ respectively.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Nepali sugar mills’ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW).....', 'sortorder' => '376', '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' => '465', 'article_category_id' => '34', 'title' => 'Cement Producers Whine Over Customs Hike (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Dhruba Raj Basnet, Vice President of Nepal Cement Producers’ Association said that majority of the industries are dependent on imported clinker as clinker produced in Nepal is not enough to meet the demand. “Government’s move to protect a handful of industries puts more than 30 industries at risk,†he said.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Nepal needs around 3 million metric tonnes of cement annually. Domestic production can meet only 20 per cent of that demand. Most of the industries are dependent on clinker imported from India. Though nine industries are producing clinker on their own, 1.2 million tonnes of clinker is imported to meet the local demand.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> However, newly-established half a dozen industries are planning to produce clinker on their own. After they begin operation, internal demand is expected to be met by domestic production itself. But the operation is expected to begin no sooner than six months.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Cement producers are arguing that they must be given some options until local production of clinkers starts to match the demand.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Diamond Gallery Established</h3> <div style="text-align: justify;"> Diamond Gallery, a showroom for diamond jewelleries, has been established at New Road, Kathmandu. Sunit Agrawal, Director of the showroom, said the opening of the new diamond jewellery story will add excitement to the diamond business in the country.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The jewelleries of Diamond Gallery will be available under the brand name Creation. The new showroom boasts trendy designs in diamond jewelleries. The gallery claims that it will offer guarantee on its diamond and gold jewelleries.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Club Siddhartha Launched</h3> <div style="text-align: justify;"> Siddhartha Bank Limited has launched ‘Club Siddhartha’, a special programme for account holders of the bank. Clients can subscribe to the service by paying Rs 1,000. The members of the club will be given Club Siddhartha Visa Domestic Card, International Travel Card, and recharge card worth Rs 200 of NTC or Ncell. The bank claimed the service to be the first of its kind in the history of Nepali banking.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Members of the club can also receive all the services offered by the bank. If a club member can make five new members, their membership fee of Rs 1,000 will be returned. Similarly, club members will be given free accident insurance of Rs 5,000. Memberships can be taken from any of the 40 branches of the bank.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Five Railway Lines with Indian Assistance</h3> <div style="text-align: justify;"> The Indian government has decided to construct five railway lines that will connect Nepal and India across the border. Together, these railway lines will be of 183 kilometres (KM). Kamal Raj Paudel, joint-secretary at the Ministry of Physical Planning and Construction said that the necessary preliminary work for the construction of the railway lines has been completed. “In the first phase, the railway will be operated in two regions. For this, we have already acquired land,†he said.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> According to an agreement with India, Nepal will bear only the cost of land acquisition. The cost of railway track, slipper and all other costs will be borne by the Indian government. However, the cost of construction of five railway lines is not yet decided.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> In the first phase, Jaynagar-Bardibas (86 KM) and Jogbani-Biratnagar (17.65 KM) will be constructed. In these two sections, the government has to pay Rs 800 million as compensation to the land owners. Paudel said that the construction would begin right after the Nepal government pays the sum for land acquisition.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Acharya revealed that Indian Railway Construction Association will develop all the five railway projects. Similarly, Janakpur -Jaynagar (29 KM) railway will be made broad gauge from current narrow gauge. An agreement was made when President Ram Baran Yadav visited India some time back.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.', 'sortorder' => '375', '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' => '464', 'article_category_id' => '34', 'title' => 'Exchanges Add Rs 100 Millon To State Coffers (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> <span style="font-size: 14px;">The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this year’s collection is almost double. The revenue was generated from three commodity future exchanges in operation.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Experts believe that if the revenue from two spot exchanges and brokers is included, the amount can be higher. Within five years of the first commodity exchange coming into operation, five exchanges are trading in the market while at least five are planning to begin operations.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Bijesh Shrestha, President of Commodities Brokers’ Association, said the number of brokers is also increasing with the number of exchanges. “So, tax deduction at source (TDS) and taxes paid by trading brokers, clearing brokers and exchanges are also increasing,†he said.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Shrestha said the revenue mobilisation can go further up as investors are increasing and if the market can be made more transparent with efficient regulation.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Mercantile Exchange has paid Rs 53.8 million as TDS to the government. Similarly, Nepal Derivatives Exchange has paid Rs 41 million in TDS and VAT. Commodities & Metal Exchange Nepal Ltd (COMEN) has paid Rs 1 million as tax to the state.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <h3 style="color: blue;"> <span style="font-size: 14px;">IMF Urges NRB to Have More Teeth</span></h3> <div style="text-align: justify;"> <span style="font-size: 14px;">International Monitory Forum (IMF) has said that risk in Nepali financial sector is ever growing. IMF gave this conclusion after a two weeks study of the Nepali banking scenario. IMF has also commented that the Nepali economy is passing through a challenging phase.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">John Nelmes, Deputy Division Chief, Asia and Pacific Department of the IMF, in his team’s report has predicted that there is a high risk in financial sector due to high price of real estate. The report says that if the situation persists the economy will face more problems. Dr Sanjaya Panth, IMF’s senior resident representative for Nepal and India, said that weak supervision and excessive increase in the number of banks and financial institutions are contributing to the heightened risk. He said that threats have emerged also due to various other reasons.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">IMF has urged Nepal Rastra Bank (NRB) to exercise more power. IMF has asked the central bank to employ more authority at a time when NRB’s role has been criticised for being too invasive. Panth said more rights and powers must be given to NRB well in time to solve the problems seen in banks and finance companies.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">IMF has also suggested to tighten the lending in a single area like real estate and expanding supervisory power. It has said that there is no option to maintain the fixed exchange rate with the Indian currency.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Panth said that problems arose after financial institutions heavily invested in real estate and the business nosedived lately after increase in price. He said that the price must come down now.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <h3 style="color: blue;"> <span style="font-size: 14px;">Debentures in USD</span></h3> <div style="text-align: justify;"> <span style="font-size: 14px;">Himal Hydropower Limited is issueing debenture in US dollar denomination. First company in Nepal to do so, the company will issue debentures of US $ 60 million after Nepal Rastra Bank adopted the provision to issue debentures in dollars for hydropower companies through its monetary policy.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <div style="text-align: justify;"> <span style="font-size: 14px;">Ace Capital is the issue manager for this debenture. The face value of a debenture is US $ 1000. The debenture that will be traded solely through the private sector will also be listed in NEPSE’s over the counter market. The debenture is being issued for five years. Coupon rate of the debenture is six per cent while interests will be paid every six months.</span></div> <div style="text-align: justify;"> <span style="font-size: 14px;"><br /> </span></div> <h3 style="color: blue;"> <span style="font-size: 14px;">BoK Opens Account with ABOC</span></h3> <div style="text-align: justify;"> <span style="font-size: 14px;">Bank of Kathmandu Ltd is now associated with Agricultural Bank of China Ltd, China, (ABOC) by opening a USD account with aboc’s Lhasa Branch. This account has been opened to serve importers in Nepal who import gods from China through the Tatopani Customs Office. ABOC Lhasa branch has SWIFT connectivity and online system with Zhangmu Sub-Branch (Khasa) through which smooth and quick processing of payments is expected.</span></div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this.....', 'sortorder' => '374', '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' => '463', 'article_category_id' => '34', 'title' => 'Corporate Houses To Set Up Exclusive Outlets (september 2011)', 'sub_title' => '', 'summary' => null, 'content' => '<div style="text-align: justify;"> Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country. Big business houses like Jagadamba, KL Dugar and CG Electronics are planning to adopt this new marketing strategy.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Until now, Nepali companies have been selling their products through ‘dealer model’. Foreign companies sell their products through their own special showrooms. In Nepal, currently only foreign fashion brands like Adidas, Reebok and some apparel and car brands have their exclusive showrooms.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Kumud Dugar, Managing Director of KL Dugar Group, said his group is setting up exclusive showrooms to establish relationship with clients. Similarly, Chaudhary Group is planning to establish an outlet in Kathmandu before Dashain that will exclusively sell CG products. The company is also planning to open stores in all major cities.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> Best Financial Accounts Awarded</h3> <div style="text-align: justify;"> The Institute of Chartered Accountants of Nepal has distributed Best Presented Account Awards - 2010 on July 22. Nabil Bank bagged the first title in the commercial bank segment while Standard Chartered Bank and Nepal Industrial and Commercial Bank won the second and third award respectively.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Similarly, the first position of the central bank monitored financial institution category was secured by Ace Development Bank. Sanima Development Bank and Siddhartha Development Bank received second and third position awards.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Likewise, in the category of financial institutions outside central bank monitoring, Prime Life Insurance Company won the first place. In the same category, Prudential Insurance Company and Life Insurance Corporation bagged second and third position respectively.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Under the manufacturing sector category, Butwal Power Company and Unilever Nepal received awards for first and second position.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> In the information technology category, Nepal Telecom was awarded. Similarly in the hospitality sector, Oriental Hotels Limited was conferred with the award. Credit Service Centre was presented the award for the government sector.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> The awards were given to those companies that proved to be the best in financial reporting techniques. The award is in line with the criteria prescribed by the South Asian Federation of Accountants (SAFA), an alliance of the Accounting Institute of Bangladesh, India, Pakistan, Nepal and Sri Lanka.</div> <div style="text-align: justify;">  </div> <h3 style="color: blue;"> COMEN Revamps its Logo, Technology</h3> <div style="text-align: justify;"> Commodities and Metal Exchange Nepal Limited (COMEN) has revamped its logo. Manoranjan Sharma, Chairman of the company, claimed that the new logo resembles the Nepali commodities market’s possibility to reach the international standards.</div> <div style="text-align: justify;">  </div> <div style="text-align: justify;"> Ananda Kumar Benani, CEO of the company said that the new technology installed at the exchange will offer ease to speculators as well as jobbing and arbitrage. The company is also soon launching awareness programme on commodities market.</div>', 'published' => true, 'created' => '2011-10-11', 'modified' => '0000-00-00', 'keywords' => '', 'description' => 'Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country.', 'sortorder' => '373', '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
