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			'id' => '462',
			'article_category_id' => '34',
			'title' => 'Kulekhani III Misses Deadline (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p style="text-align: justify;">
	Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began on April 7, 2008, with the aim to bringing it into operation within three years. The contractor, Sino Hydro, has demanded three more years to complete the project as it failed to complete the work in its first term.</p>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Till date, only 40 per cent of the construction works are completed, according to the contractor. Sino Hydro has alleged frequent strikes by workers and cessation of the agreement with Nepal Electricity Authority (NEA) for the delay of construction. NEA has also not yet submitted the design of powerhouse.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The cost of the project is said to be increasing with the extension of the deadline. If it was completed within the stipulated time, it would have been completed in Rs 2.17 billion. The project was closed for 90 days due to strikes. The company has demanded Rs 740 million as compensation from NEA for such closures.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	According to Project Chief Uttam Amatya, a new work schedule has been finalised to complete the construction in one-and-a-half years.</div>
<div style="text-align: justify;">
	 </div>
<h3 style="color: blue;">
	Corporate Governance Directive for Insurance Companies</h3>
<div style="text-align: justify;">
	Corporate governance will now be enforced in insurance companies too. Insurance Board, regulator for the insurance sector, is planning to issue a directive for this purpose. The preliminary draft of the directive is ready. According to Shekhar Kumar Aryal, Spokesperson of the Board, the draft has been sent to all 25 insurance companies for feedback. He said the board will try to accommodate their suggestions in the directive.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The directive reportedly includes eligibility qualification for board of directors, managerial official’s rights, responsibilities, accountability, performance etc. Similarly, it has mentioned recruitment procedure and salary of board members, CEO and department heads.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Currently, a separate law and directive are missing that regulate corporate governance in insurance companies. In view of banks and financial institutions facing difficulty in absence of good corporate governance, its importance in the insurance sector is being felt.</div>
<div style="text-align: justify;">
	 </div>
<h3 style="color: blue;">
	3-Day “Money Expo 2011” from Sept 12</h3>
<div style="text-align: justify;">
	Aarthik Abhiyan, national business daily and Jamb Technologies (P) Ltd with Minds Nepal (P) Ltd and Morningstar Services (P) Ltd will organise a 3-day trade expo of Nepal’s financial sector called “Money Expo 2011”. To be held at the Army Officers’ Club, Bhadrakali, Sundhara, Kathmandu, the Expo will have more than 100 stalls from different sectors including Regulatory Bodies, the Stock Exchange, Commodities Exchanges, Banks and Financial Institutions, Merchant Bankers, Investment Companies, Insurance Companies, Brokerage Companies (Stocks &amp; Commodities), Remittance Companies, Depositories and Clearing Houses, Portfolio Management Companies, Financial Knowledge Management and Training Companies, Microfinance and Cooperatives, Traders’ and Investors’ Associations/Clubs, and Financial Domain Technology Companies. More than 50,000 visitors are expected in the Expo.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	“Money Expo 2011” has been planned to be the largest finance and investment show in Nepal and the first ever dedicated event of its kind to focus on the promotion of investment opportunities and wealth protection strategies., states a press release. This event is expected to provide business-networking opportunities for the financial sector companies. The Expo provides investors ample opportunity to speak directly with the nation’s top experts, whose knowledge covers trading and investing, banking, insurance, mutual funds, stocks, tax strategies, commodities and personal finance planning.&nbsp;“Money Expo 2011” provides the participants the opportunity to learn about the new products, services and industry trends, as well as meet potential customers and seal important business deals, adds the press release.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	In addition to the stalls of different organisations, the other attractions of the “Money Expo 2011” will be seminars and lectures from financial experts, regulators, analysts and successful investors as well as Quiz Contest, Art Exhibition, National and International Currency Show, Trading and Investment Movies Show, attractive door prizes, Best Stall Award and certificates for all stallholders.</div>',
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			'description' => 'Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began.....',
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	(int) 1 => array(
		'Article' => array(
			'id' => '461',
			'article_category_id' => '34',
			'title' => 'Anti-Money Laundering Department In Operation (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then Finance Minister and Deputy Prime Minister Bharat Mohan Adhikari said that Nepal is committed to control legalisation of illegal money and prevent possible terrorist financing from Nepal.</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;">Nepal has already expressed commitment to the 49-point charter proposed by Financial Action Task Force, international body for control of money laundering and terrorist financing.</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;">Till date, the government has been looking after such financial crimes through the Department of Revenue Investigation. The department was set up after FATF tagged Nepal as the most vulnerable spot in South Asia.</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;">Adhikari said that with the establishment of the department, the government will now seek sources and take action against those who have gathered huge property overnight without any plausible source of income.</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;">Governor of Nepal Rastra Bank Dr Yuba Raj Khatiwada said that financial transparency would be maintained in a better way with the department coming into operation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Separate Office for Intellectual Property</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The government is set to establish a separate office for the protection of intellectual property as the trend of securing trademark for industrial products is increasing. Currently, trademarks are issued by Industrial Property Division at the Department of Industry.</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;">Spokesperson at the department Dhruba Joshi said that a separate office is being set up as the number of tasks has increased since last year. A taskforce is formed under a joint-secretary in the Ministry of Industries for that purpose.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">After the office is set up, trademarks will be issued by it. Trademarks were made compulsory last year jointly by the department and World Intellectual Property Organisation. In 2010, 2,351 products received trademarks including 1,622 national and 729 international products.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Private Company to Manage Valley Waste</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Shital Environment Group Pvt Ltd is planning to invest Rs 10 million in its cleaning business that targets to manage waste in the Kathmandu Valley. Surendra Acharya, Chairman of the company, confirmed that the plan to commence the work has reached the final stage. The company is being established in three ropani area in Godavary.</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;">Acharya said, “With the establishment of the company, we will begin waste management from the source itself.” The company has planned to organise programmes on waste management in all cities across the country.</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;">Acharya revealed that the company is planning to produce biogas and electricity through waste. He suggested training for housewives in waste management and inclusion of waste management in academic curriculum. The Waste Management Act 2011 has the provision to involve private sector in waste management.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
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			'keywords' => '',
			'description' => 'The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then....',
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	(int) 2 => array(
		'Article' => array(
			'id' => '460',
			'article_category_id' => '34',
			'title' => 'Construct Flyovers Within This Year (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the direction to construct flyovers and subways at major crossroads to manage the valley transportation. The committee has also directed to expand lanes of major roads entering major cities around the country, upgrade inner roads, prioritise public vehicles for traffic management and restrict vehicles in certain areas of cities. However, the restricted areas are not decided yet.</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;">Similarly, the committee has asked to immediately remove street vendors, street side parking, hoarding boards and banners. Likewise, it has also directed to keep electricity, telephone and other wires underground. The committee has also asked to formulate a policy for such underground network.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">What are Former Finance Ministers Doing?</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Economic contemplation is not the first choice of many former finance ministers (FM). They are managing either political or private businesses. More than pondering over the economy, it seems they have something else more important to do in their daily lives. Till date, there have been 27 finance ministers. Subarna Shamsher Rana became the first FM after the inception of democracy in 1950. Subarna Shamsher presented the budget in 1951 for the first time in the Nepali history. Out of 27, 16 of them are alive while whereabouts of Bharat Bahadur Pradhan is not known. None of the FMs between 1950 and 1962 are alive.</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;">Surya Bahadur Thapa became the FM for the first time in 1962 and is still active in politics. He regained his position in 1964. He got the opportunity to lead the economy during hard times. He claims that he managed to reduce the unnecessary government expenses and prioritised developmental works. Thapa who has turned 84 is now the Chairman of Rastriya Janashakti Party. His days are spent on party related works, meeting dignitaries and party cadres.</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;">Another former FM, Surendra Bahadur Basnet, who took charge of the finance ministry in 1968, did not get the opportunity to present a budget. He became FM when the turmoil was still on. At his time, the value of Nepali and Indian currency was the same. So, there was the danger of failure for the entire economy due to problems in import-export. He is credited for correcting the chaotic situation. Basnet, 85, is now Executive Chairman of Buddha Air.</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;">Kirti Nidhi Bista, 86, who served as the FM twice, is living a retired life. He spends his time reading and writing for newspapers and having rendezvous with his relatives. Similarly, Dr Bhek Bahadur Thapa, who got the opportunity to present the budget for five times from 1975, is now busy in studies and research. Thapa, 75, has also served as secretary and even ambassador for 14 years. His times are spent mostly abroad on work. When he is in the country, he loves to spend time with his family. Thapa often advises the government when required.</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;">Dr Prakash Chandra Lohani became the FM for first time in 1983. He is credited for introducing liberalisation in the financial sector. At present, he is the Co-Chairman of Rastriya Janashakti Party. He is also the member of legislative parliament's Public Accounts Committee.</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;">Pashupati Shamsher Rana is currently focusing on his party activities. He is the Chairman of Rastriya Prajatantra Party. Likewise, Dr Devendra Raj Pandey who is known for his civil society activities is now concentrating on studies and research. He has also recently published a book named, Looking at Development and Donors.</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;">Mahesh Acharya who became FM after 1991 general election got the opportunity to present the budget&nbsp;for four times. It was in his tenure that the state-controlled economy shifted towards liberalisation. A central committee member of Nepali Congress, he spends his days in research, party activities and meeting party cadres.</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;">In 1994, Bharat Mohan Adhikari stepped in as the FM. He also gave continuity to economic liberalisation initiated by the Nepali Congress government. He is known for beginning economic decentralisation with some of his programmes. He became the FM also in the outgoing government that was led by Jhala Nath Khanal.</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;">Dr Ram Sharan Mahat is still active in economic contemplation and party politics. He became FM for five times and presented six budgets. He claims he ensured economic liberalisation and financial sector reforms. He also began the concept of VAT in Nepal. He has reformed taxation and in his time numerous development projects were announced. He is in the central committee of his party Nepali Congress and is also a member of the Constituent Assembly. When he gets free time from party activities, he adores playing golf.</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;">Dr Badri Prasad Shrestha who became FM in 2002 did not get opportunity to present any budget. He says he brought the economy back on track. He has spent 11 years in National Planning Commission. Shrestha has also been Nepal’s Ambassador to Japan. Having neurone problem for two years, he rarely moves around. Though he is associated with numerous organisations, he is not active due to his health problem.</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;">Madhukar Shamsher Rana became FM during the direct rule of the king. Currently, he is teaching in South Asian Institute of Management. He owns Shaligram Apartment Hotel at Jawalakhel. He is also associated with SAARC Chamber of Commerce and Industry and South Asian Policy Research Institute, Colombo.</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;">Dr Roop Jyoti became Deputy FM during the direct rule of king in 2004. He is a renowned industrialist and Vice-chairman of Jyoti Group.</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;">Dr Baburam Bhattarai has now become the Prime Minister of Nepal. He became FM after Maoists became the largest party in parliament after the Constituent Assembly elections. He has been successful in increasing the revenue collection by 33.5 per cent, largest-ever jump in the Nepali history. He is also the Vice-chairman of the UCPN Maoist. He visits his home district Gorkha every month. He mostly remains busy in party activities.</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;">Similarly, Surendra Pandey was the FM for 21 months. He claims the budgets he presented were tilted to socialism. He presented three budgets. He became FM in the CPN-UML-led government. He is also the politburo member of the party.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Global Bank and Shikhar Insurance Tie-Up</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Global Bank Ltd and Shikhar Insurance have signed an agreement to provide non-life insurance service to the bank´s customers. Janak Sharma Poudel, deputy general manager of the bank, and Deepak Prakash Pandey, chief executive officer of Shikhar Insurance, signed the agreement on August 7.</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;">Issuing a statement, the bank said customers will get non-life insurance facility under a single roof after signing of the pact. The bank has set up a separate counter at its branch office at Kantipath to provide insurance service.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-10-31',
			'keywords' => '',
			'description' => 'The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the.............',
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	(int) 3 => array(
		'Article' => array(
			'id' => '459',
			'article_category_id' => '34',
			'title' => 'SAARC Biz Leader's Meet In Kathmandu',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">Fourth SAARC Business Leader’s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed ‘Peace and Prosperity through Regional Connectivity’ is being organised by SAARC Chamber of Commerce and Industry in collaboration with Federation of Nepalese Chambers of Commerce and Industry.</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;">Being organised for the first time in Nepal, the meet will have participation from business personalities from the SAARC region. In the three-day assembly, representatives will be conducting presentations and round table discussions. Organisers have said that the meet would be fruitful for regional industrial and business investment cooperation.</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;">Emerging priority concerns for South Asia water, energy, climate change and food security; regional economic integration, tourism, cultural exchange, prospects of trade and investments will be the major themes for deliberation in the meet. Diplomats and senior government officials, business community leaders, renowned entrepreneurs, professionals, media representatives, analysts and others will be present during the programme.</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;">During the assembly, SAARC Trade Fair and cultural performances will also be organised from September 21 to 24. The meet held every two years was previously organised in New Delhi, Mumbai and Colombo.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">RID To Bust Informal Remittance</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The Revenue Investigation Department (RID) has started taking action to control the remittance coming through informal channel. The department has begun raiding suspicious areas as it suspects billions of rupees transacted through illegal means. In the first phase, the department raided business centres of New Road and Sundhara in Kathmandu.</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;">The department raided Union International Tours and Travels and Pashupati Trading Company and seized documents and a few hundred thousand rupees.</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;">The previous attempt by the department to seize informal remittance remained largely unsuccessful. Experts are saying that billions or rupees are being transacted through illegal and unknown channels. There are suspicions that such transactions are done on political protection with the support of large business houses.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Fivefold Increase in Household Income</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Nepal’s household income has increased five folds over the past 15 years, thanks to the rise in the number of employed population, shift from agricultural to non-agricultural employment and increased inflow of remittances. The household income that was Rs 46,732 per annum in 1995/96 has increased to Rs 202,374 in 2010/11. Nepal Living Standards Survey (NLSS) released by Central Bureau of Statistics on August 8 revealed these findings.</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;">The income of poorest families has also increased seven folds and reached Rs 15,888 in 2010/11 from Rs 2,220 in 1995/96.&nbsp;The report suggests that people living below the national poverty line has gone down to 25 per cent.</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;">Similarly, income of the richest population has also increased five folds compared to 15 years back. In 1995/96, their annual income was Rs 19,325. The latest survey has revealed that it has reached Rs 94,149. According to CBS, Nepali’s living standard has also increased with the increase in income.</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;">According to Uttam Narayan Malla, Director General of the department, main purpose of the survey is to predict the poverty situation based on daily consumption pattern. He also stated that the current survey reveals more people are consuming fruits, fish and meat.</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;">The first survey of 1995/96 revealed that the per capita consumption on the then price was Rs 6,800 while it has increased to Rs 34,829 in 2010/11. The consumption has increased by 412 per cent of the poorest 20 per cent population. Similarly, the consumption of the richest group has also increased by the same rate. According to the survey, the poorest group spends 8 per cent of their income in consumption while the richest spends 47 per cent of their income in consumption.</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;">Over the same period, average per capita income of an individual has undergone a tremendous growth to Rs 41,659 in 2010/11 from just Rs 7,690 in 1995/96. According to the survey, the major source of income has shifted to non-agricultural sector from agriculture. The income from agriculture has shrunk to 28 per cent from 61 per cent earlier.</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;">Similarly, the employed population has increased by 11 per cent reaching 78 per cent. According to the first survey, only 67 per cent people were employed. The new survey has also shown that 90 per cent Nepalis live in their own house which is four per cent less than previous survey result.</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;">The survey was conducted in technical cooperation with The World Bank and studied 12 different subject matters.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2011-10-11',
			'keywords' => '',
			'description' => 'Fourth SAARC Business Leader’s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed ‘Peace and Prosperity through Regional Connectivity’ is being...',
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	(int) 4 => array(
		'Article' => array(
			'id' => '410',
			'article_category_id' => '34',
			'title' => 'Bankers Call MoF, NRB Irresponsible (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,” he threatened.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million.&nbsp;</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins &nbsp;Spot Contract</span></span></div>
<p style="text-align: justify;">
	<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
	</span></span></p>',
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			'description' => 'Bankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said......',
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	(int) 5 => array(
		'Article' => array(
			'id' => '409',
			'article_category_id' => '34',
			'title' => 'Siddhartha’s Branchless Banking At Dailekh (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt;">S</span>iddhartha Bank Limited has kicked off its branchless ‘Easy’ banking service from Dailekh. The bank launched the service on June 15 by issuing a smart card with which banking transactions can be made. Chief District Officer of Dailekh, Bashudev Adhikari, inaugurated the new service.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">The need for this service arose as the bank has to manage cash distribution under the World Food Programme’s Cash for Work. The bank said that the machine provided for the branchless banking at Dailekh identifies its customers by their fingerprints and photos, making the service secure and effective. With this service, people can access services like deposit, loan, remittance, money transfer, among others in the village itself. The bank also said that the social security allowance provided by the government can be distributed to people with this service.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">PLO Doubling Its Production</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt; letter-spacing: -0.05pt;">P</span><span style="letter-spacing: -0.05pt;">urbanchal Lube Oil Pvt Ltd (PLO) is doubling its production from the coming fiscal year. Bhola Dulal, Managing Director of the company, said that PLO is doubling its capacity as per the policy to increase production every year. He added, “We are also increasing production to make Nepal independent in lubricants and grease.”</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.05pt;">The company produces&nbsp;one million litre of lubricants and 550,000 kilograms of grease. According to Dulal, PLO plans to produce three million kilograms of grease and lubricants from the next year. PLO is also preparing to add infrastructure to increase the production. Established with Rs 11 million investment in 2001, the company’s share capital has increased to Rs 150 million. The company claims that lubricants produced by the company under brand names PLO and Star covers 26 per cent of the market share. The company is producing over 200 types of products by importing raw materials mainly from Dubai, Quatar, Australia, Russia, Korea, India and Iran.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">SEBON Revamp Needs More Staff</span></span></div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.1pt;">Securities Board of Nepal (SEBON) has brought some changes to its organisational structure. Dr Surbir Paudyal, Chairman of SEBON, said that amendments were brought in to enhance its capacity. He also informed that amendments were made based on a report prepared by Securities Board of India (SEBI).</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.1pt;">In the old structure, there were seven departments and 13 sections while the new structure will have six departments and 23 sections. Currently, there are 38 employees while the new structure will have double the number of staff. SEBON’s announcement of a revamp comes at a time when there is widespread criticism of its effectiveness. SEBON has been given the rights to regulate Mutual Funds and Credit Rating Agencies, and while Commodities market is also likely to fall under its jurisdiction. Paudyal said that it would take some time for new the structure to come into effect.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Food Production Rises By 11%</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt; letter-spacing: -0.25pt;">F</span><span style="letter-spacing: -0.25pt;">ood production has increased this year by 11 per cent compared to the previous year. Dr Hari Dahal, Spokesperson at the Ministry of Agriculture and Cooperatives, said that with the growth in production, Nepal will have a food surplus of 110,000 thousand metric tonnes.Dahal said that last year the country witnessed a deficit of 330,000 metric tonnes of food grain. “In the current fiscal year, 8.61 million metric tonnes of food has been produced which is 11 per cent higher than the last year,” he revealed. In the previous year, 43 districts faced food-shortage while this year the number has come down to 38.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	According to Dahal, favourable climate, increased subsidy in chemical fertilizers, use of improved seeds and technology resulted in the increased production. Out of the total production, 367,000 metric tonnes will be used to produce feeds for livestock. There is a demand for 5.4 million metric tonnes of food grains annually.&nbsp;</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NTA Proposes To Use RTDF</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="">N</span><span style="font-size: 9.5pt;">epal Telecom Authority (NTA) has sought permission from the Ministry of Finance to use the funds collected in Rural Telecommunication Development Fund (RTDF). NTA Spokesperson Kailash Neupane said that the authority wants to use the amount collected for the development of telecommunication infrastructures. Rs 3.25 billion has been collected in the fund so far.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Neupane revealed, “With the amount, NTA is planning to issue tender to lay optical fibre in all 75 districts. As soon as the ministry approves the proposal, we will issue the tenders.” According to the telecommunication policy, the amount in fund can be used by NTA to finance infrastructure development. Telecommunication operators contribute two per cent of their income to the fund. Purushottam Khanal, Chief of Rural Telecommunication Department of NTA, said, “We are planning to extend information highway all over the country with the accumulated fund.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">NTA has planned to complete the development project in two phases for east and western parts of the country. Khanal revealed that NTA has earmarked Rs 2.59 billion for the eastern region while Rs 1.90 billion for the western region. As of now, 35 districts are linked by the optical fibre. NTA started collecting two per cent from the service providers since its establishment in 1994-95. Now, around Rs 1 billion is collected annually in the fund.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">20 Places Shortlisted for Mid-Hill Cities </span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he government has shortlisted 20 places along the proposed mid-hill highway to select ten of them as new cities. The selection was made by Ministry of Physical Planning and Construction ont he recommendation of&nbsp;Prof Dr Bhim Subedi, the consultant associated with city identification project. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Among the 20 shortlisted places three are from Accham including Rakam, Safebagar and Binayak. Similalry, three places of Rukum – Chaurjahari, Rukumkot and Musikot - are in the short list. Among the other places shortlisted are Fidim, Basantapur, Dumre, Ghurmi, Khurkot, Baireni-Galchhi, Diktel and Patan (Baitadi). Similarly, Burtibang, Dipayal,&nbsp;Dulegauda, Jarayotar (Bhojpur), Kurintar (Chitwan) and Mangaltar (Kavre) are likely to be chosen to be developed as cities.&nbsp; <br />
	</span></div>
<p style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Though there are more than one place included in the short list, Prof. Dr. Subedi said that his recommendation is to select at least two places from each development region to ensure proper regional balance.</span></p>',
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			'description' => 'Siddhartha Bank Limited has kicked off its branchless ‘Easy’ banking service from Dailekh. The bank launched the service on June 15 by issuing a smart card with which banking.....',
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	(int) 6 => array(
		'Article' => array(
			'id' => '408',
			'article_category_id' => '34',
			'title' => 'Birgunj SEZ Construction (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he construction work in the special economic zone (SEZ) of Birgunj is nearing completion. However, industrialists complain that the law needed for the operation of the SEZ which is hoped to boost exports, is still not enacted.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The SEZ is being constructed in an 832 bigha land that was once the premises of Birgunj Sugar Mills.&nbsp;The idea to establish a SEZ at this location was finalised seven years ago with an objective to increase export competitiveness of the country. The government began building the SEZ as per the Industrial Policy that promises various facilities to the exporters. However, the industrialists are arguing that the facilities should be provided also to the industrial units that produce goods for consumption within the country. Jagdish Agrawal, Chairman of Nimbus group of companies said the government policy to protect only the export-oriented industries is wrong. He said that in a country like Nepal where the internal production is not enough to meet the internal demand, there is no point in providing incentives only to production meant for export. He also suggested setting up economic zones specialised in certain products. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Om Prakash Sikaria, Former President of Birgunj Chamber of Commerce and Industry however, expressed hope that the SEZ would help in the development of export-oriented industries in and around Birgunj. However, he complained at the delay in introducing a separate law required for the operation of the SEZ.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Both Agrawal and Sikaria pointed out that the Birgunj SEZ will have problems as it is located away from the highway and the dry port. The Birgunj SEZ will have five blocks. Among them, block A will be the biggest with an area of 343 bigha. Block B will have 123 bigha while the area of block C will be 49 bigha. Similalry, block D will have 178 bigha and block E will be of 133 bigha.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169); letter-spacing: -0.6pt;">Maoists not for Majority Foreign Stake in Nepali Banks</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt; letter-spacing: -0.1pt;">U</span><span style="letter-spacing: -0.1pt;">CPN –Maoist Constituent Assembly (CA) members do not want branches of foreign banks in Nepal. They have started political lobbying saying the foreign banks established in Nepal will leave negative effects on the economy.</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: 0.15pt;">They have taken a stand not to allow foreign banks to own more than 49 per cent stakes in banks in Nepal. They want it to be included in the Banks and Financial Institution Act (BAFIA) which is in the process of amendment. “This is the issue of nationality,” said Narayan Prasad Sharma, a Maoist CA member and coordinator of BAFIA sub-committee. “We are determined to make provisions that only Nepali citizens and entities can hold a majority stake in Nepali banks,” he added. “It will be a threat to the national economy if 51 per cent stake is not held by the Nepalis,” he clarified. Another Maoist CA member Hari Roka said that the provision about the ownership of a foreign bank branch should not exceed 49 per cent and it should be mentioned in the law itself. However, the Maoist stand is against the World Trade Organisation (WTO) provisions. While being the member of WTO in 2004, Nepal had signed an agreement to allow foreign investments into the country from 2010.</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Panchakanya Operates On Full Capacity</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 13pt;">P</span><span style="font-size: 9.5pt;">anchakanya Steels, a Panchakanya Group company, has begun operating to its full capacity. Biswojay Pudasaini, Sales Manager of the company, said that the company has invested Rs 100 million to increase the output.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">With the upgrade in production, the company has begun producing 80 thousand metric tonnes of steel rods annually. Previously, only 60 tonnes of steel rods was produced in a year. Pudasaini claimed that with the increase in production, market share will also increase to 25 per cent. He said that government and foreign projects largely use Panchakanya Steels products.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Panchakanya began producing to its full capacity from the second week of June. According to Pudasaini, the company installed the latest technology after replacing the old one. However, he said that the product is yet to be supplied to the market. The company is producing rods from its plant at Bhairahawa.</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169); letter-spacing: -0.6pt;">Shiva Ram wins Surya Nepal Central Open</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">S</span><span style="font-size: 9.5pt;">hiva Ram Shrestha registered an eight-stroke victory over Sanjay Lama to take home the Surya Nepal Central Open title at the Gokarna Golf Club. He carded four-under 68 on the final day for a total of 10-under 278 to list the 11thcareer title, highest by a pro in the Nepali tour. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Similarly, Lama stood on second position with a total of two-under 286 after the final round score of five-under 67, while Mani Rai played a round of six-over 78 to score the third position at&nbsp;one-under 287. Samundra Giri and Ramesh Nagarkoti shared the fourth position at 289.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">In amateur category, Tashi Tsering claimed the trophy with a total score of 10-over 298 while Bikash Bogati came second at 299.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Out of the total cash purse of Rs 425,000 of the third event under the Surya Nepal Golf Tour 2011-12, Shiva Ram received Rs 90 thousand, while Sanjay bagged Rs 57 thousand. Similarly, third-placed Mani pocketed Rs 45 thousand. Dorji Sherpa, Vice-President of Gokarna Forest Resort and Ghana Shyam Thapa, former President of Nepal PGA handed over the prizes to the winners.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Deposit Insurance Mandatory for Commercial Banks Too</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 10pt;">N</span>epal Rastra Bank (NRB) has started sending letters to commercial banks directing them to insure deposits up to Rs 200 thousand. “We have directed commercial banks to ensure deposit insurance in next fiscal year,” Bhaskar Mani Gyawali, Spokesperson of NRB, said.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The central bank has said that deposit insurance has been made mandatory to safeguard the deposits of common depositors at a time when financial institutions are considered fragile. Gyawali said that deposit insurance is made extensive as a part of winning back confidence of depositors. Deposit insurance programme began this year starting from development banks, finance companies and microfinance banks. Till date, deposits of Rs 529.6 million of 1.4 million depositors in 138 financial institutions have been insured.&nbsp;</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Eight Polytechnics in the Offing</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 13pt;">E</span><span style="font-size: 9.5pt;">ight new polytechnic institutes will be set up in different parts of the country with financial assistance from the Nepal government and some friendly countries. Total investments into all these institutions will add up to Rs 3.32 billion. These institutes will be established in Makwanpur, Rupandehi, Rautahat, Sarlahi, Kailali, Dhanusha, Chitwan and Kathmandu. Bishnu Koirala, Director of the Council for Technical Education and Vocational Training (CTEVT), said these establishments will be financed by national and foreign investments.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">With a financial assistance of Rs 450 million from the Indian government, a polytechnic will be set in&nbsp;Hetauda, Makwanpur, will be established with the support of Indian government. According to Koirala, Another polytechnic will be set with a Korean assistance of Rs 520 million in Butwol, Rupandehi. Polytechnic institutes in Janakpur, Chitwan, Kathmandu and Kailali will be set up with a government assistance of Rs 500 million for each of the institutes.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<p style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Similarly, nursing institutes will be set up in Gaur, Rautahat, Malangawa and Sarlahi with investments of Rs 150 million each by the Nepal Government. According to Koirala all these institutes will be ready in four years. </span></p>',
			'published' => true,
			'created' => '2011-09-05',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The construction work in the special economic zone (SEZ) of Birgunj is nearing completion. However, industrialists complain that the law needed for the operation of the SEZ which is....',
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	(int) 7 => array(
		'Article' => array(
			'id' => '407',
			'article_category_id' => '34',
			'title' => 'NEA Deceived On PPA Rate (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="">T</span><span style="font-size: 9.5pt;">he private sector has accused Nepal Electricity Authority (NEA) of deceiving electricity producers on the rate of Power Purchase Agreement (PPA). NEA has increased PPA rate by 20 per cent on projects up to 25 megawatts.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Previously, electricity producers could raise price up to nine times in PPA rate but now they can increase up to only five times. With this, the PPA increase rate said to be 20 per cent will actually be 10 per cent, said Gyanendra Lal Pradhan, a power producer, The government promised to increase PPA by 20 per cent in projects that will be completed within four years but NEA did not follow it.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The private sector is saying that with the latest increase, internal return rate will be lower than 12 per cent. Power producers are saying that nobody will be interested to borrow from banks at 16 per cent and invest for that rate of return. Independent Power Producers Association-Nepal (IPPAN) says that for 30 years, average PPA rate should be fixed at minimum Rs 6 per unit. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Dr Subarna Das Shrestha President of IPPAN said that due to high interest rate, ongoing projects are also on the verge of being scrapped.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 24pt; color: rgb(0, 92, 169);">Bhatbhateni Supermarket in Koteshwore</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14pt;">B</span>hatbhateni Supermarket and Departmental Store has opened its new outlet at Koteshwor from June 11. During the inauguration, Min Bahadur Gurung, Managing Director of Bhatbhateni, said that the new shopping centre is equipped with customer care desk, elevator and escalator for physically challenged people along with other modern amnesties.</div>
<div style="text-indent: 0in; text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	He said that 200 people are getting employment in the supermarket out of which 90 per cent are women. The five–storey supermarket has been built at an investment of Rs 500 million. Gurung revealed that within this fiscal year, new supermarkets will be established at Jawalakhel and Chuchepati. He said its chain outlet in Pokhara is under construction. He also revealed that supermarkets at Bhatbhateni and Maharajgunj register an annual turnover of Rs 2 billion.<br />
	 </div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 22pt; color: rgb(0, 92, 169);">Electricity Development Corp within 15 Days<br />
	<br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt; letter-spacing: -0.25pt;">T</span><span style="letter-spacing: -0.25pt;">he government has announced to set up Electricity Development Corporation within 15 days from June 8. Gokarna Bista, Minister of Energy, said, I will show by establishing the corporation within 15 days. He added, Committee formed for the inception of the corporation is working to complete the task within seven days.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">Finance Minister Bharat Mohan Adhikari said that legal consultations are going on for setting up of the corporation. He also revealed that the corporation will not be controlled by the government but will be an independent unit. World Bank, Asian Development Bank, China Exim Bank and other international entities will be invited to invest in the company. Bista said that the seed capital of the corporation will be around Rs 7 to 15 billion. The government had proposed the establishment of Electricity Development Corporation after declaring power emergency in the country some months ago.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);"><br />
	Siddhartha and NMB to Operate Mutual Fund<br />
	<br />
	</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt;">S</span>iddhartha Bank Limited has become the first company to file an application to the Securities Board of Nepal to work as a mutual fund. One year after the regulation came into force, first application for licence to run mutual fund has been registered.</div>
<div style="text-indent: 0in; text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">Siddhartha Bank has begun the process of establishing a mutual fund under the name Siddhartha Mutual Fund. The bank is planning to establish fund under Siddhartha Asset Management, bank's sister organisation, according to Bhola Dhungana, Office Secretary of the bank. The fund will be established with Rs 100 million paid-up capital. The company has said it will begin operation as soon as it gets approval from the SEBON. Similarly, NMB Bank has also registered an application on SEBON to operate its NMB Mutual Fund. NMB has prepared necessary requirements for operating the mutual fund. The fund will be managed and operated by sister organisation of the company, NMB Capital Limited.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 24pt; color: rgb(0, 92, 169);"><br />
	Interbank Lending For Six Months</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt; letter-spacing: -0.25pt;">B</span><span style="letter-spacing: -0.25pt;">anks and Finance Companies can issue interbank loans for up to six months. Nepal Rastra Bank (NRB) has made a special provision for interbank loans with effect from June 27. Bhaskar Mani Gyawali, Spokesperson of NRB, said, To lower the pressure of liquidity, this special provision is made.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	Now, commercial banks, development banks and finance companies can issue loans to each other against the acceptable collateral. According to Gyawali, such lending will be for six months on the maximum.&nbsp;</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20pt; color: rgb(0, 92, 169);"><br />
	Progress in Amending Securities Transaction Act<br />
	<br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt;">T</span>he Securities Board of Nepal (SEBON) has presented a proposal to the Ministry of Finance (MoF) to amend the Securities Related Act 2007. Paristha Paudyal, Director at at the Board's Regulation Department said, the amendment is to accommodate a provision to authorise the Board to regulate the commodities exchanges as well.</div>
<div style="text-indent: 0in; text-align: justify;">
	<br />
	 </div>
<p style="text-align: justify;">
	<span style="font-size: 11pt; line-height: 115%;">In this year's budget, the government had announced to arrange for regulation of the commodities exchanges. Accordingly, a committee was formed with representatives from SEBON, MoF and commodities exchanges. The proposed draft amendment is based on the recommendation of the committee, said Paudyal. Currently, there are five exchange companies in operation while five more are trying to acquire license. </span></p>',
			'published' => true,
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			'description' => 'The private sector has accused Nepal Electricity Authority (NEA) of deceiving electricity producers on the rate of Power Purchase Agreement (PPA). NEA has increased PPA rate by 20 per.....',
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	(int) 8 => array(
		'Article' => array(
			'id' => '406',
			'article_category_id' => '34',
			'title' => 'Nimbus Trains 2,000 Poultry Farmers(july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Nimbus has conducted around 34 free trainings this year to 2,000 poultry farmers in different parts of Nepal. It has been conducting these trainings on a monthly basis and has covered more than 50 districts of the country so far. The poultry farmers were trained on poultry farm management, bio security at small farms, commonly encountered poultry diseases, summer and winter management, summer stress, vaccination schedule etc.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Nimbus has its own training cell which is headed by a veterinarian. It also has a mobile training center to train poultry and livestock farmers. It also conducts trainings for cattle farmers of Chitwan, Dhading and Tanahun in association with Practical Action.</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-align: justify;">
	 </div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 22pt; color: rgb(0, 92, 169);">Sunrise to Invite&nbsp; Joint Venture</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 9pt;">S</span>unrise Bank Limited has decided to partner with an&nbsp;international bank. Moti Lal Dugar, Chairman of the Bank, said that the bank is talking with a well-known international bank for partnership. Dugar said that the partnership will be finalised soon. He opined it is better to invite foreign invest rather than merge with a national bank. So, the company is bringing in a strategic partner. He also revealed that the bank is soon launching international visa credit card. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.3pt;">&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-align: justify;">
	 </div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20pt; color: rgb(0, 92, 169);">Hyundai’s new brand Motto</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Hyundai Motor Company, the world’s fastest-growing automotive company by brand, officially announced its new brand direction and statement at the 2011 North American International Auto Show in Detroit. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The new brand statement “New Thinking. New Possibilities.” encompasses Hyundai’s new brand concept, “Modern Premium”, which aims to provide customers with emotional value and experiences beyond expectations, says the company. “It’s bigger, smarter and driven by the desire to share stylish, high quality and efficient vehicles with everyone” it says and adds: “New Thinking means challenging convention and pushing boundaries. And New Possibilities means coming up with more forward-thinking ideas and solutions. Hyundai’s new way of thinking is to share premium value with more people and make new possibilities for people and planet by constantly generating new ideas. It gives an opportunity to take a look at the new vision for the future of Hyundai.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Today, customers do not believe that expensive cars with unnecessary technology are premium. They no longer want to simply show off their status. Instead, they want their core needs fulfilled at an accessible price and with a car that exceeds their expectations; a car that reflects their values and the times in which they live. “Hyundai is not just a company that makes cars. Hyundai is a company that creates new possibilities. Our goal is not to be the biggest car company. Our goal is to be the most loved automotive company on the planet, and to be a trusted lifetime partner of our owners,” said Vice Chairman Chung, Hyundai Motor Company.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">In the most basic sense, a car is just a way to get from point A to B. But in reality, it is a place for much more - first dates, bonding time with the kids, quiet time alone. It’s a great place to store your gear, enjoy great music, spend a quick moment studying before an exam, or even take a nap or have a meal. “Hyundai’s goal is to create new values and a new culture that will upgrade the in-vehicle experience. Hyundai makes cars to enhance quality of people’s life’, says the company. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Nirakar Shrestha, MD of Laxmi InterContinental says: “With the global introduction of Hyundai Motor Company’s new brand statement “New Thinking. New Possibilities.”, we here at Laxmi InterContinental are pleased to implement the overall brand philosophy in Nepal. The new thinking of HMC relates to the new benefits that it will provide for its customers enjoyment. It seeks to provide additional values sought by society today (enabling more people to enjoy premium values at a fair price). HMC refers these new values as New Premium, Hyundai Premium, or Modern Premium. And Laxmi InterContinental is committed to deliver truly Hyundai Premium along with other services to its valued customers.”</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 22pt; color: rgb(0, 92, 169);">HYUNDAI Premiums in Nepal</span></div>
<div style="margin-bottom: 11.35pt; text-align: justify;">
	Laxmi InterContinental P. Ltd.; sole distributor of Hyundai for Nepal, revealed the new Sonata and Tucson recently.</div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 13.5pt;">Tucson</span></div>
<div style="margin-bottom: 11.35pt; text-align: justify;">
	First impression counts for a lot. Set eyes on the new Hyundai Tucson and we bet you’ll find your second and third glances are just as rewarding. Synthesis of flawless, cutting edge design, embodying style in every curve, sporty and powerful, yet, refined and relaxed. And when it comes to safety and security, the new Tucson is all equipped that gives you all the assurance you need and even beyond your expectation.</div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 13.5pt;">Sonata</span></div>
<div style="text-align: justify;">
	<span style="letter-spacing: 0.05pt;">Within seconds of getting acquainted with a Sonata, you will begin to wonder if it’s still today. The breath taking exterior design with rigid surface and structure that creates impression of constant, graceful motion. Inside, you will be surrounded by features capable of doing things that will transform your expectation of what a car can do. Indeed, everything about the Sonata - its sharp looks, next generation technology, and uncommon luxury and style - speaks uncannily of tomorrow.</span></div>',
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			'description' => 'Nimbus has conducted around 34 free trainings this year to 2,000 poultry farmers in different parts of Nepal. It has been conducting these trainings on a monthly basis and has covered..........',
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	(int) 9 => array(
		'Article' => array(
			'id' => '384',
			'article_category_id' => '34',
			'title' => 'CPVC Pipes From Panchakanya Plast(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">P</span><span style="font-size: 9.5pt;">anchakanya Plast Pvt Ltd, a Panchakanya Group company is introducing Chlorinated Poly Vinyl Chloride (CPVC) Pipes in the market soon. Harka Bahadur Thapamagar, the Sales Manager of the company said that the company has already begun the production of these pipes. “The manufacturing of mould needed for making the pipes is in the process and we will launch our product within a month,” he said. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to Thapamagar, CPVC pipes are better alternatives to GI pipes for drinking water supply as the former are rust free and lightwieight to transport to remote locations. Panchakanya Plast has its factory near Bhairahawa.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Thapamagar claimed that Panchakanya is the first company to produce CPVC pipes in Nepal. These pipes are appropriate to use with both hot and cold water and can last up to 50 years. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">LIC (Nepal) Implements RDBMS</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="">L</span><span style="font-size: 9.5pt;">ife insurance Corporation (Nepal) Ltd has gone a step further in its IT initiatives by introducing web-based policy administration system, states a press release of the company. In 2008, LIC (Nepal) became the first Life Insurance Company to network all its branches across Nepal, enabling effective inter-branch communication system. By using RDBMS (Relational Data Base Management Systems) with the web-based front end architecture now, the company has achieved centralisation of its database, adds the press release promising that the new development will make servicing more effective, ensure real time transaction updation and also allow remote users to have access to latest data. This will also enable the company in the near future to provide online payment facility and 24x7 services to its customers, it adds.</span></div>
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	 </div>
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	<span style="font-size: 9.5pt;">The entire package has been developed in-house by the LIC of India using the latest technologies in the market and is very user friendly, according to the company. The package will also have the feature of maintaining customer ID to provide services to all the policies of one customer in a single window.<br />
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	<span style="font-size: 9.5pt; line-height: 115%;">The module came into operation from 5th May 2011. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">New Industries in Patan Industrial Estate</span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">hree new industrial units are being established in Patan Industrial Estate (PIE). The new units are added are Shakti Food Pvt Ltd, Siddhilaxmi Plastic Industry and Nepal Commercial Industry. </span></div>
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	<span style="font-size: 9.5pt;">Prem Nepal, the Manager of Patan Industrial Estate said that two other industrial units are planning to expand capacity while another one plans to revive its operation.</span></div>
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	<span style="font-size: 9.5pt;">Siddhilaxmi is investing Rs 10 million while Rs 100 million is being invested in Shakti Food.&nbsp;Nepal Commercial’s investment has not been finalised yet, according to Pushkar Paudel, the Manager of the company which is currently the authorised distributor of Indian furniture brand ‘Godrej’ in Nepal. The PIE plant of Nepal Commercial will be assembling furniture. </span></div>
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	<span style="font-size: 9.5pt;">Shakti Food plans to introduce ‘Martin’ brand of ice-cream in the market and will have a daily production capacity of 20,000 litres. Besides ice-creams, it will also produce other dairy products.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">Shakti Shrestha, the operator of Siddhilaxmi Plastic industry informed it will start producing plastic bottles within the next couple of months. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Infrastructure Bonds in USD </span></strong></span></div>
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	<span style="font-size: 12pt;">N</span><span style="font-size: 9.5pt;">epal Rastra Bank (NRB) is mooting a policy to allow purchase of big infrastructure project bonds by paying US dollars. The NRB has begun internal discussions for formulating such policy so as to attract foreign investment in big projects. A source at the NRB revealed that the policy is being prepared to attract foreign investments in hydroelectricity and other big projects.</span></div>
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	<span style="font-size: 9.5pt;">People who buy such bonds by paying US dollars will get the interest in US dollars. Similarly, the principal amount too will be returned upon maturity in US dollars. </span></div>
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	<span style="font-size: 9.5pt;">With this policy, also the foreigners can buy bonds issued by Nepal. But some legal formalities have to completed before such bonds can be issued. For example, the existing law has to be amended, said a source in the NRB. </span></div>
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	<span style="font-size: 9.5pt;">These bonds can be bought also by the NRNs, companies and persons having regular income in US dollars. However, the NRB will be barred, according to the surce, from buying such bonds though it is allowed to buy foreign bonds with the foreign currency reserve it holds. </span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">The big infrastructure projects that require huge capital can issue such bonds through merchant banks, according to the proposal.&nbsp;A number of the promoters of large projects have asked the NRB for a provision to allow foreign investors buy their bonds due to the scarcity of capital within the country to invest in such big projects. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Minimum Wage Controversy </span></strong></span></div>
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	<span style="font-size: 13pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Labour and Transport Management has unilaterally fixed the minimum wage amidst opposition from Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and three major trade unions.</span></div>
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	<span style="font-size: 9.5pt;">Krishna Hari Pushkar, the spokesperson at the ministry said the minimum wage was fixed considering two previous agreements made on March 24 and April 15. He said, “Minimum wage has been fixed taking into consideration the concerns of both employers and employees.”</span></div>
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	<span style="font-size: 9.5pt;">The minimum wage has been increased from Rs 4,600 to Rs 6,200. Similarly, the daily wage has been increased from Rs 190 to Rs 231. </span></div>
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	<span style="font-size: 9.5pt;">Pashupati Murarka, the Vice President of FNCCI said the employers won’t agree to any agreement published in Nepal Gazette that goes against the one made on March 24. He alleged that the notice was published in the gazette without consulting the employers. </span></div>
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	<span style="font-size: 9.5pt;">An official at the FNCCI alleged that the minimum wage has been fixed as per the demand of Madhesi trade unions since the Labour Minister represents the Madhesi Jana Adhikar Forum.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">Bishnu Rimal, the President of General Federation of Nepalese Trade Unions (GEFONT) said that new agreements should not be implemented before dismissing the old ones. He said that they are currently following the agreement made on March 24. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Bluebird Mart Inaugurated</span></strong></span></div>
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	<span style="font-size: 15pt;">B</span>luebird Shopping Complex has come to operation in a changed form. Now called&nbsp;Bluebird Mart, it has added a new departmental store and two world-renowned chain restaurants. The Mart was inaugurated on May 17 by Miss Nepal Sadikshya Shrestha. KFC and Pizza Hut restaurants are scheduled to open soon, according to Binod Tuladhar, the Managing Director of Bluebird Mall.</div>
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	He also informed that the Yellow Chilly, an Indian chain restaurant will also be added to the property later. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Five-star Hotels Register 80 per cent Occupancy </span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;"><span style="font-size: 14px;">h</span>e occupancy rate of the five-star hotels in the first four months of Nepal Tourism Year (NTY) 2011 has touched 80 per cent. Raju Bikram Shah, the Senior General Manager of Hotel Shangri-La said, “Hotel occupancy in the first four months of this year has increased by 10 per cent when compared with the same period last year.” </span></div>
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	<span style="font-size: 9.5pt;">With the mountaineering season picking up momentum, some hotels have registered more than 80 per cent occupancy for April. However, Shah said the hotels should have 100 per cent occupancy due to NTY programmes. Encouraged by the positive response for the first four months, hotel entrepreneurs are hopeful that occupancy will remain high in the coming months as well.</span></div>
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	<span style="font-size: 9.5pt;">According to Bharat Joshi, the Marketing Director of Hotel Yak and Yeti, the occupancy rate increased with the trekking and mountaineering season. Hotel entrepreneurs further expect growth in tourist arrivals with the advent of pilgrimage season for Kailash-Mansarobar.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">In April, Hotel Shangrila had 87 percent occupancy, while Hotel Yak and Yeti had 79 percent, Hotel Soaltee 78 percent and Hotel Fulbari around 80 per cent. Five-star hotels claim the tourist flow increased because of their promotional efforts in the international market. They added that they spend Rs 400 million annually for overseas tourism promotion.&nbsp;</span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">NTB’s ‘Border City Sales Mission’ </span></strong></span></div>
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	<span style="font-size: 14px;">N</span>epal Tourism Board (NTB) has begun a tourism promotion campaign ‘Border City Sales Mission’ in the Indina cities close to the Nepal border. According to NTB, sales mission has been started in Indian cities of Kanpur, Varanasi and Lucknow. Lila Bahadur Bania, a Manager in the NTB said that the campaign was started as the Indian tourists were not coming to Nepal in large numbers. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Petroleum Import Exceeds Total Export </span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he revenue generated from Nepal’s export cannot even buy petroleum products required for the country, according to the recent trade data. Nepal exported goods worth Rs 47.98 billion by mid-April of the current fiscal year while the country spent Rs 50.26 billion for importing petroleum products during the same period, show the data released by the country’s trade monitoring body Trade and Export Promotion Centre (TEPC). </span></div>
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	<span style="font-size: 9.5pt;">By mid-April of last fiscal year, petroleum imports were worth Rs 35.22 billion.</span></div>
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	<span style="font-size: 9.5pt;">Nepal had to spend more for petroleum products due to two reasons. One was the unrest in the Middle-East that led to an increase in price of the petroleum in the world market. Second was the increase in the demand within the country due to lengthened power outage due to failure to increase power generation from the country’s hydropower plants. </span></div>
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	<span style="font-size: 9.5pt;">In the same period of the current fiscal year, Nepal has imported goods worth Rs 287 billion. So, Nepal’s trade deficit has reached Rs 239 billion in the first nine months of the current fiscal year, according to TEPC.</span></div>
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<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Even though the imports of petroleum products and iron and steel have increased, there is a decrease in the import of machineries, electronics, vehicle spare parts and gold. In the first nine months of the last fiscal year, gold worth Rs 24.61 billion was imported but it has decreased to Rs 4.62 billion this year, a decline of 87.7 per cent. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>',
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			'description' => 'Panchakanya Plast Pvt Ltd, a Panchakanya Group company is introducing Chlorinated Poly Vinyl Chloride (CPVC) Pipes in the market soon. Harka Bahadur Thapamagar, the Sales Manager of the company said......',
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	(int) 10 => array(
		'Article' => array(
			'id' => '383',
			'article_category_id' => '34',
			'title' => 'EU Ban Affects Ayurved Export(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal’s export of Ayurvedic medicines to Europe has declined following a ban on their import by European Union (EU) effective from May 1 citing public health risk. </span></div>
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	<span style="font-size: 9.5pt;">Dr Rishiram Koirala, the President of Ayurvedic Doctors’ Association-Nepal (ADAN) said the ban has proved really bad as it came exactly when the export of Nepali Ayurvedic medicines was on the rise. He complained that the EU ban also affected export to other countries. Koirala claimed that the ban was imposed to promote internal production of EU,not due to any threat to health.<br />
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	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Toya Narayan Gyawali, the General Secretary (Check …. As there can be no such post as Gen Sec In a Ministry) at the Ministry of Commerce and Supplies said the government has not received any formal notice on the restriction. He said, “If the restriction has indeed been imposed, we will try to solve the problem as soon as we receive a formal notification.” Prior to the ban, there was growing demand of ayurvedic medicines in eight countries including Austria and Sweden. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Rinchen Teaching Hospital in Dang</span></strong></span></div>
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	<span style="font-size: 14px;">C</span><span style="font-size: 9.5pt;">onstruction is going on for Rinchen Teaching Hospital at Sisahania of Dang with an investment of Rs 8 billion. According to the executive committee of the hospital, the initial phase of work has been completed. Gopal Prasad Bhusal, the Chairman of the committee claimed the hospital would be one-of-its-kind among the non-profit hospitals in Nepal.</span></div>
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	<span style="font-size: 9.5pt;">For the first phase, Rs 60 million was allocated while Bhusal said Rs 150 million may be required for designing and other works in the second phase. “In the third phase, the entire physical construction would be completed at an investment of Rs 6 billion,” said Bhusal. Another Rs 2 billion will be invested to make the hospital operational. Out of the total investment, Rs 200 million will be invested for information technology.</span></div>
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	<span style="font-size: 9.5pt;">Between 60 to 80 percent of the total cost will be financed by Ranag Tulku Rinchen Rinpoche, the Protector of the hospital, informed executive committee member Tilak Bhandari. The rest of the cost is to be financed from the government, local bodies and local donors, he added. </span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">According to Bhusal, the 700 bed-hospital plans to operate also air ambulance service in the future. The hospital will educate 100 MBBS, 50 MD, 200 BSC and 200 Nursing students every year. It will also conduct academic classes on meditation, yoga and spiritual knowledge. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">NRB’s Forced Merger By-laws</span></strong></span></div>
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	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal Rastra Bank (NRB) has issued a merger by-law that allows NRB to order a bank and financial institutions (BFIs) to merge if it is found weak in its vital indicators. The by-law also offers a number of incentives to encourage mergers, said Bhaskar Mani Gyawali, the NRB Spokesperson.</span></div>
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	<span style="font-size: 9.5pt;">The BFIs opting for mergers will be waived off several conditionalitis related to upgradation and operational area expansion. The by-laws also relax the provision on mandatory ‘complete three year’ rule in adding number of branches in the districts allowed to operate. </span></div>
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	<span style="font-size: 9.5pt;">The new regulation incorporates the provision of forceful merger, allowing the central bank to instruct two or more BFIs to merge if it deems appropriate. Similarly, the new rule has pledged relaxation on capital structure, shareholding limit for promoters, credit-deposit ratio, borrowing limit for promoters and deprived sector lending, among others.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">The central bank can instruct or suggest BFIs to merge if representatives of the same group, firm or company are found holding positions in the board of directors of more than one BFIs. It can also do so if the BFIs’ non-performing loans exceed five per cent of the total loan portfolio for three consecutive years and if the BFIs’ independent operations are causing negative impact on the banking system. The NRB can also ask those&nbsp;BFIs to merge to which the central bank has taken three corrective actions in a row or even in a case where it thinks the merger would strengthen the overall banking system. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Ncell Reduces 3G Tariff</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: 0.15pt;">P</span></span><span style="letter-spacing: 0.15pt;">rivate sector telecom operator Ncell has come up with a new scheme with reduced tariff for high-speed 3G Internet. Under the scheme, the company offers 500 Mb data for Rs 399 (or 80 paisa per Mb) down from earlier Rs 499. Similarly, 1000 Mb is now priced at Rs 699 (or 70 paisa per Mb). The Internet users not subscribing to the new packages will have to pay Rs 2 per Mb. </span><span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Banks’ Hydropower Investment Reach Rs 16 billion </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he investment of Nepali Banks and Financial Institutions (BFIs) in hydro electricity projects has reached almost Rs 16 billion during the period of the last decade. Chilime Hydropower under the Public-Private Partnership model is the first project to have investment from Nepali banks. Himalayan Bank led the consortium of bankers to invest in this project. However, Indrawati is the first hydropower project promoted entirely by the private sector to receive bank investment.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Among the other projects with bank finance are Piluwa, Sunkoshi and Sanima Mai. While the former two are small projects, Sanima Mai is relatively big with 15.6 MW and it has investment from a consortium of 11 BFIs. Until now, the BFIs have invested in this sector only through consortium.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">So far, a total of 21 banks and finance companies have invested in hydroelectricity projects. Clean Energy Development Bank and Jyoti Development Bank say they are specialised in investing in the energy sector and thus increase investment in this sector in the future.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">However, the investment of banks in hydroelectricity is a mere four per cent of the total deposits of the commercial banks. Recently, Nepal Rastra Bank changed the rule and allowed BFIs to invest up to 30 per cent of their loan outstanding in hydropower projects. Because the investment in this sector from the banks is very low compared to what they are allowed to, the private sector energy entrepreneurs have started arguing for fixing a minimum amount that the BFIs must invest in this sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Bankers say they are reluctant to invest in energy as it requires long gestation period and the returns are comparatively higher in other sectors. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Registration of Hydropower Companies Made Easy</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he Indistrial Promotion Board under the Ministry of Industry has changed the company registration rule for potential hydropower developer. According to the change, the the company registration for hydropower development is divided into two phases, says a souyrce at the Ministry of Industry. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">With this there is no capital requirement specified for the company that wants to just conduct the feasibility study on the proposed project. But once the company completes the feasibility study and wants to develop the project, it must have its authorised capital at least Rs. 100 million per megawatt of the generation capacity of the proposed project. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The earlier provision required the company to have at least Rs. 100 million as authorised capital even while asking for the permission to conduct feasibility study. This had restrained many developers as they have to pay a high amount as the company registration fee. The Registrar of Companies charges higher registration fee for higher capital. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Cash Rich Govt Institutions asked to Buy Shares in Listed Companies</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he high-level financial sector reforms coordination committee has decided to issue directives to state-owned institutions to buy shares of companies listed in the stock echange. Dr Surbir Paudyal, a Member of the committee and Chairperson of the Securities Board of Nepal (SEBON) said, “A decision has been made to allow Employees Provident Fund and Citizens Investment Trust to invest in the shares of companies listed in the stock exchange.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">It has also been decided to review the policy on loan from the banks against the security of share certificates and to explore ways to reduce cost of investment in shares. The major costs of investment in shares includeinterest on loan against the security of share certificates, share brokers’ commission, capital gains tax and charges levied by Nepal Stock Exchange.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Under the existing policy, the banks are allowed to lend against the security of share cerrificates up to the amount of 60 per cent of the market value of the share and they have to make a margin call when the market price of the share so received as security falls more than 10 per cent.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The meeting also decided to immediately begin induction of new brokers, start operation of mutual fund and establish credit rating agency. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>',
			'published' => true,
			'created' => '2011-08-08',
			'modified' => '0000-00-00',
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			'description' => 'Nepal’s export of Ayurvedic medicines to Europe has declined following a ban on their import by European Union (EU) effective from May 1 citing public health risk.',
			'sortorder' => '299',
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	(int) 11 => array(
		'Article' => array(
			'id' => '382',
			'article_category_id' => '34',
			'title' => 'Korean Company Sells Stake In Himalayas Spring Water(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">T</span>The Korean Company that owns Himalayas Spring Water situated in Rasuwa has decided to sell half of its shares for Rs 200 million to Muktishree Pvt Ltd, a Nepali company.“The Korean Company has now decided to have a separate Nepali company as its strategic partner,” informed Ganga Dhital, the General Manager of the company.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Though the decision has been made already, the formal transfer of shares is yet to materialise. The Department of Industry has also given its approval for the transfer of ownership. After the approval from the Office of the Company Registrar and Nepal Rastra Bank, the Korean company will get Rs 200 million from the buyers. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">New Model for Monetary Survey </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal Rastra Bank (NRB) is planning to carry out a monetary survey with a new and updated framework which is under preparation at present. An official at the NRB said the old framework is limited to a few commercial banks in its coverage as it was developed when the number of banks and financial institutions in the country was very small and the level of monetization in the economy was very low. With the growth in number of BFIs and much higher level of monetization of the economy, the old framework cannot correctly represent actual situation.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">In the absence of clear demarcation of their functions in the law and rules, the commercial banks, development banks and finance companies carry out almost similar activities making it necessary to include them all in the scope of monetary survey to get the true picture of money supply in the economy. However, the existing system of monetary survey does not include the activities of development banks and finance companies.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Deependra Bahadur Kshetry, Former Governor of NRB suggested including cooperatives as well in the survey as they too are doing similar activities as those of the banks. He also suggested that the monetary survey should include also the quantity of Indian currency in circulation in Nepal. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">49th IHRA Conference in Nepal </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">I</span><span style="font-size: 9.5pt;">nternational Hotel and Restaurant Association (IHRA) has selected Nepal as the venue for its 49th Congress scheduled to be held from December 1 to 3. Dr Ghassan Aïdi, the President of IHRA officially informed Prime Minister Jhala Nath Khanal about the schedule recently.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The IH&amp;RA has its head office in Geneva and has 1.1 million members around the globe representing 300,000 hotels and 800,000 restaurants, informed Aïdi.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">IHRA had held its Congress in Nepal once before in 1968.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Nepal bagged the opportunity to organise the coming event winning over the bids of Argentina and Switzerland. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<strong><span style="font-size: 16px;"><span style="color: rgb(51, 51, 153);">Life Insurance Bonus to Go Down</span></span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he life-insurance policy holders should now be prepared for reduced bonus on their savings as the regulator of the sector, the Insurance Board (IB), has instructed the insurance companies to change their method o fcalculatin the returns from their investment for the bonus purpose. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">&nbsp;According to a recently issued directive from the Board, the actuaries of the insurance companies will now take maximum of 6 percent as the return from their investment. However, if the actual return in any of the last three year’s period covered by the acturial valuation is less than 6 percent, they are required to take that lower figure for the acturial valuation. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The insurance companies transfer such amount from their profit and loss account to the fund from where they can distribute bonus to the policyholders and dividend to the shareholders. Any surplus after such fund is provided for will be transferred to insurance fund which is to be treated as reserve from which neither bonus nor dividend canbe distributed. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">This means the bonus rate on the savings of the life insurance policy holders will be less than 6 percent. At present some of the insurance companies are paying bonus at as high a rate as over 7 percent. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Shekhar Kumar Aryal, the Spokesperson of the Board said, “This provision has been made to ensure the longevity of the insurance company.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Insurance company sources complain that this new rule will attract the people away from life insurance to depositing their savings in banks. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Community-led Micro Hydros</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">T</span>he Society of Rural Empowerment based in Damauli has supported to install 112 micro hydro projects in eight districts that generated a total of one megawatt of electricity. Rs 53.2 million was invested in these projects. Sarita Gurung, President of the Society said the government’s Alternative Energy Promotion Centre and Danish International Development Agency’s (DANIDA) programme on alternative energy provided financial support to the projects.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	As part of this programme, 47 projects were constructed in Dhading, 21 each in Gorkha and Makwanpur and 12 in Lamjung districts. Similarly, four each in Nawalparasi and Manang, three in Tanahu and one project in Rasuwa were constructed. According to the Society, 10,800&nbsp;households benefitted from the programme. Projects were developed in areas not linked with national transmission line and having little chance of linkage anytime soon. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Exporters Deprived Promised Incentive</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he exporters are still denied the incentives they were promised by the government while presenting the budget for the current fiscal year. The reason behind this is the change in the government due to which there has been delay in getting approval from the council of ministers on the procedural guidelines prepared for this purpose. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to Toya Narayan Gyawali, a Joint Secretary in the Ministry of Commerce and Supplies, the guidelines were presented to the Council of Ministers about four months ago. But the approval was delayed as the government changed in the meanwhile. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The government has made a provision in the current year’s Finance Bill to give the exportes a cash incentive of two to four per cent of the export value after the foreign currency payment is received against the export. The government has allocated Rs 250 million for this purpose.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Udaya Raj Pandey, the President of Garment Association Nepal (GAN) expressed frustration that the government failed to provide the promised incentive even though the time for a new budget is approaching so near. “The failure to implement the promise has irritated the exporters,” he said. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Pandey also said that since the government levies tax as soon as the budget is announced, it should show similar promptness also in implementing the promise of providing incentives.&nbsp;</span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">PE Management Board Proposal @ Cabinet </span></strong></span></div>
<div>
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The Ministry of Finance has submitted a proposal to the Cabinet Secretarieat for the formation of the Public Enterprises Management Board as promised in the budget announcement of the current fiscal year.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Lok Darshan Regmi, a Joint Secretary at the Ministry of Finance said the board will coordinate and facilitate the activities of the public enterprises. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">However, the economists and management experts have termed this as a measure to avoid privatisation of public enterprises. In their view, this step would increase financial load on the PEs on the one hand and create one more bureaucratic hurdle in their operations. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Dr Bimal Koirala, the Former Chief Secretary of the government said, “It would be better to privatise the PEs than to form this board.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The government has made a total loan investment of Rs 79.34 billion in these corporations so far. This year alone, Rs 16.19 billion was allocated in the budget for the 36 operational corporations. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>',
			'published' => true,
			'created' => '2011-08-08',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'TThe Korean Company that owns Himalayas Spring Water situated in Rasuwa has decided to sell half of its shares for Rs 200 million to Muktishree Pvt Ltd, a Nepali company.“The Korean Company has........',
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	(int) 12 => array(
		'Article' => array(
			'id' => '381',
			'article_category_id' => '34',
			'title' => 'Ad And Media Expo Concludes(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12px;">T</span>he three-day Ad and Media Expo 2011 jointly organised by Advertising Association of Nepal, Alpabiram Pvt Ltd and Direction Nepal Pvt Ltd concluded on April 30. The expo organised to bring together the advertising and media industry, advertisers, clients, media owners and buyers was visited by 22,800 people. The organisers said the expo will be held next year as well.<span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
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<div style="text-align: justify;">
	 </div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Eleven New Hotelsfor NTY</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">I</span><span style="font-size: 9.5pt;">n the first four months of Nepal Tourism Year (NTY) 2011, 11 tourist-standard hotels have been added. According to Shambhu Prasad Koirala, the Officer at the Hotel Department of the Ministry of Tourism and Civil Aviation (MoTCA) said new hotels were registered in the beginning of the NTY expecting good returns.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">“As the registration procedure does not require investors to reveal the amount of capital investment, people unwilling to divulge their liquid assets are attracted to invest in the hotels,” said Koirala. Among the newly registered hotels, eight are in Kathmandu and rest three outside of the Valley.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">&nbsp;In 2010, 39 new hotels were added among which eight were three-star, two onestar and 29 tourist-standard. A total of 777 hotels have been registered with MoTCA so far. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
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<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Government Drafting Railway Law </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he government is drafting a railway law to provide a legal framework for facilitating the construction of railway lines and operation of railway services. According to the Ministry of Commerce and Supplies (MoCS), the law is expected to be promulgated in the fiscal year 2011-12. A four-member team led by MoCS Joint Secretary Toya Narayan Gyawali is drafting the law.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Matrika Prasad Marasini, a Undersecretary at the Law and Decision Implementation Section said, “In the absence of such a law, the railway services in operation in Janakpur and Birgunj dry port are regulated by Indian Railways. After the law comes into effect, they will be regulated by Nepal Railways.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to the draft of the law being prepared now, a separate unit under the Ministry of Labour and Transport Management will be set up to coordinate railway issues.&nbsp;The government may also form a railway board under the proposed law.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Currently Nepal has railway services operating on 29-kilometres stretch of Janakpur-Jayanagar. Similarly, there is a structure of railway upto Amlekhagunj from Raxaul though the service on this area is available only upto the Birgunj Dry Port from Raxaul. </span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The Ministry of Physical Planning and Construction has set a target to develop 4,000 kilometres of railway tracks in Nepal in the next 20 years. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Six Sigma Yellow Belt Certification </span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">S</span>ix Sigma Yellow Belt Certification Training conducted by Growth Sellers, a human resource company, concluded on May 15. During the two-day programme, Dr R S Chalapathi from the India-based Institute of Sigma Learning trained 35 senior managers from various companies. Six Sigma is a modern management tool that helps to lower cost and increase productivity. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">CG sponsors RCT</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">C</span>G Electronics, a wing of Chaudhary Group (CG) will provide Rs 500,000 as sponsorship amount to Ranipokhari Corner Team (RCT) for a year. The two parties signed an agreement to this effect on May 12. For the contract period, RCT players will wear the jerseys during matches bearing the LG Mobile logo. .</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Ramesh Shrestha, the General Manager of CG Electronics and Bijay Manandhar, the President of RCT signed the agreement. Shrestha said such sponsorships by business houses will help develop professionalism in in Nepali football. Manandhar said the sponsorship has provided a great financial relief to the team, for this year. CG has been sponsoring the education and sports sectors for a few years now. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">SPI Acquires Worldlink</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">Software Paradigms International Group (SPI), an Atlanta-based company providing technology service and financial solutions, has acquired Worldlink Technologies, a Nepali software company. According to a statement issued by Worldlink, the company will now be known as SPI Nepal. The current Worldlink CEO Yajurendra Shrestha will head the new company as well. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Established in 2001, Worldlink has been involved in software development related to human resource, e-governance and social security. Apart from domestic customers, the company also works with the government of Orissa, India and a&nbsp;Delhi based company, Invest India Micro Pension Services. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">SPI entered Nepal after establishing footholds in Europe, Asia, North America and Australia. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>',
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			'description' => 'The three-day Ad and Media Expo 2011 jointly organised by Advertising Association of Nepal, Alpabiram Pvt Ltd and Direction Nepal Pvt Ltd concluded on April 30. The expo organised to bring together the advertising.....',
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	(int) 13 => array(
		'Article' => array(
			'id' => '380',
			'article_category_id' => '34',
			'title' => 'Financial Closure Of Upper Tamakoshi(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal Telecommunications Corporation (NTC) has agreed to finance Rs 6 billion to construct the Upper Tamakoshi Hydropower Project. A 456 megawatts hydroelectricity project is financed by domestic investors and being developed for an estimated cost&nbsp;of Rs 35.29 billion. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Kanhaiya Lal Gupta, the Deputy Managing Director of NTC and Mrigendra Bahadur Shrestha, the Project Director of the Upper Tamakoshi Hydropower Limited (UTKHPL) signed the agreement.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Similarly, Employees Provident Fund has been investing Rs 10 billion, while Citizen’s Investment Trust and NTC have put Rs 2 billion and Rs 6 billion respectively for the project. The remaining Rs 11.8 billion will be generated by the government. The project, to be completed in 2015, has 70 per cent investment financed by loans and the rest 30 per cent from share capital. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<strong><span style="font-size: 16px;"><span style="color: rgb(51, 51, 153);">Samitivej to Manage Grande Services </span></span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">G</span>rande Hospital Nepal and Samitivej Hospital Thailand have reached an agreement for service management of the hospital. Dr Roop Jyoti, the President of Grande and Reymond Chong, the CEO and Managing Director of Samitivej signed an agreement to this effect recently in Kathmandu.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Grande Hospital, being constructed by CE Construction at Tokha, will have a capacity of 150 beds in a 14-storied building. The hospital plans to offer international standard health facilities at a low cost. Being constructed in a 210,000 square feet area, the building will be disabled-friendly. The hospital is being constructed at an investment of Rs 1.40 billion. It will have eight operation theatres, five elevators and four staircases. Jyoti hoped that once the hospital begins its services, the trend&nbsp;to go abroad for treatment will come to an end. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<strong><span style="font-size: 16px;"><span style="color: rgb(51, 51, 153);">MoTCA Seeks Updation of Hotel Standards </span></span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 16px;">T</span><span style="font-size: 9.5pt;">he Ministry of Tourism and Civil Aviation (MoTCA) is working to update its criteria for hotel and restaurant standards. Keshav Prasad Bimali, the Joint Secretary at the ministry said, also on the cards is the change in the rule so that the hotels will be mandatorily required to register themselves with MoTCA. The code is being updated to accommodate the changes made in various policies and rules four years ago (2064 Bikram Sambat) when the existing code was promulgated, he said. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to the existing rules, the hotels do not need to be registered with MoTCA. As a result it does not have a data on the number of hotels in operation. The code needs to be updated to include such requirements, remarked Shambhu Prasad Koirala, a Section Officer at the Hotel Division of the ministry. He said that this update will make it mandatory for hotels to be registered at the ministry and establish a renewal charge. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The ministry is also planning to form a working committee in coordination with the Hotel Association of Nepal, Nepal Tourism Board, Nepal Academy of Tourism and Hotel Management and other concerned bodies for the upgradation and amendment of working directives.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The ministry said that the standard of existing five-star hotels need to be upgraded to meet SAARC standards. However, the ministry will update the code for five-star hotels only after updating the standards for the tourist-standard hotels. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Machhapuchchhre Wins Inter-bank Volleyball </span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: 0.2pt;">M</span></span><span style="letter-spacing: 0.2pt;">achhapuchchhre Bank Limited has won the inter-bank volleyball tournament beating Kumari Bank Limited with a score of 23-25, 25-21, 32-30 and 25-18 in the final. The Bank&nbsp;was awarded Rs 50,000 cash prize and a trophy. The tournament was organised to commemorate the 56th anniversary of Nepal Rastra Bank. Kumari Bank took home Rs 35,000 and the runners-up trophy. Everest Bank Limited came third beating Agriculture Development Bank. </span><span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">NIDC’s 43rd AGM</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">N</span>epal Industrial Development Corporation (NIDC) held its 43rd annual general meeting on May 7 after a gap of nine years. The annual reports from 2002-02 to 2009-10 were presented by NIDC Chairman Shanta Bahadur Shrestha during the meet organised in its central office at Durbarmarg. Among the major resolutions of the AGM was the decicion to change its name into NIDC Bank Limited. Coinciding with the occasion, NIDC also started ATM service from its Durbarmarg office. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Shalimar Begins Clinker Production</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">S</span>halimar Cement Industry, in cooperation with Unitech Pvt Ltd, has begun trial production of clinker, a raw material used for producing cement. The industry located at Bara-Parsa Corridor has an investment of Rs 700 million and produces 30 tonnes of clinker every day.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<p style="text-align: justify;">
	<span style="font-size: 11pt; line-height: 115%;">Ashok Kumar Vaidya, the Managing Director of the company said the full capacity of producing 300 tonnes every day will be utilised in one-and-a-half month’s time. While this is the fifth Nepali company to produce clinker indigenously, other industries depend on imported clinker for cement production. The company has said it will supply clinker to other industries only after meeting its own needs.</span></p>',
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			'id' => '340',
			'article_category_id' => '34',
			'title' => 'Natural Gas Remains Untapped',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">hough three decades have passed since natural gas was found below the grounds in Kathmandu , nothing has been done yet to bring it to the kitchen of the people. Negligence of the government and technical complications have made gas extraction a far cry. Officials at the Department of Mines and Geology say there is no possibility to extract natural gas for utilisation anytime soon.</span></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 9.5pt;">The department has failed to even to evaluate the proposals of two companies that sought permission to extract gas. The proposals are lying with the department for the last two years. Continental Trading Enterprises and Rajavardhan Construction, a company under KL Dugar Group had submitted those proposals. </span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 9.5pt;">Sarbajit Prasad Mahato, the Director General of the department accepts the weaknesses of the department but blames it to various complications. He said that more studies are needed to go ahead on this. </span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 9.5pt;">Studies have revealed that the area of 26 square kilometres from Teku to where the office of the Nepal Herbs Corporation is located contains natural gas. Studies by the department carried out at different times during the last 17 years show the possibility of a natural gas reserve of 310 million cubic metres. This amount can meet the need of 20,000 households for 30 years.&nbsp;The study conducted in 1996 says that extraction work would cost Rs 437.7 million. The extracted gas cannot be liquefied and filled into the cylinder directly. Therefore, it should be supplied directly to the households through pipelines. This is said to have become costly now because of the concrete constructions stretching the length and breadth of Kathmandu valley. However, such gas can be used to generate electricity thorugh thermal power station. The department has identified 14 places from where the gas can be mined. </span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The department has put forward an option to conduct fresh studies as the environment has changed much since the time of the previous studies. </span></div>',
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			'summary' => null,
			'content' => '<p style="text-align: justify;">
	Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began on April 7, 2008, with the aim to bringing it into operation within three years. The contractor, Sino Hydro, has demanded three more years to complete the project as it failed to complete the work in its first term.</p>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Till date, only 40 per cent of the construction works are completed, according to the contractor. Sino Hydro has alleged frequent strikes by workers and cessation of the agreement with Nepal Electricity Authority (NEA) for the delay of construction. NEA has also not yet submitted the design of powerhouse.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The cost of the project is said to be increasing with the extension of the deadline. If it was completed within the stipulated time, it would have been completed in Rs 2.17 billion. The project was closed for 90 days due to strikes. The company has demanded Rs 740 million as compensation from NEA for such closures.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	According to Project Chief Uttam Amatya, a new work schedule has been finalised to complete the construction in one-and-a-half years.</div>
<div style="text-align: justify;">
	 </div>
<h3 style="color: blue;">
	Corporate Governance Directive for Insurance Companies</h3>
<div style="text-align: justify;">
	Corporate governance will now be enforced in insurance companies too. Insurance Board, regulator for the insurance sector, is planning to issue a directive for this purpose. The preliminary draft of the directive is ready. According to Shekhar Kumar Aryal, Spokesperson of the Board, the draft has been sent to all 25 insurance companies for feedback. He said the board will try to accommodate their suggestions in the directive.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The directive reportedly includes eligibility qualification for board of directors, managerial official’s rights, responsibilities, accountability, performance etc. Similarly, it has mentioned recruitment procedure and salary of board members, CEO and department heads.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Currently, a separate law and directive are missing that regulate corporate governance in insurance companies. In view of banks and financial institutions facing difficulty in absence of good corporate governance, its importance in the insurance sector is being felt.</div>
<div style="text-align: justify;">
	 </div>
<h3 style="color: blue;">
	3-Day “Money Expo 2011” from Sept 12</h3>
<div style="text-align: justify;">
	Aarthik Abhiyan, national business daily and Jamb Technologies (P) Ltd with Minds Nepal (P) Ltd and Morningstar Services (P) Ltd will organise a 3-day trade expo of Nepal’s financial sector called “Money Expo 2011”. To be held at the Army Officers’ Club, Bhadrakali, Sundhara, Kathmandu, the Expo will have more than 100 stalls from different sectors including Regulatory Bodies, the Stock Exchange, Commodities Exchanges, Banks and Financial Institutions, Merchant Bankers, Investment Companies, Insurance Companies, Brokerage Companies (Stocks &amp; Commodities), Remittance Companies, Depositories and Clearing Houses, Portfolio Management Companies, Financial Knowledge Management and Training Companies, Microfinance and Cooperatives, Traders’ and Investors’ Associations/Clubs, and Financial Domain Technology Companies. More than 50,000 visitors are expected in the Expo.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	“Money Expo 2011” has been planned to be the largest finance and investment show in Nepal and the first ever dedicated event of its kind to focus on the promotion of investment opportunities and wealth protection strategies., states a press release. This event is expected to provide business-networking opportunities for the financial sector companies. The Expo provides investors ample opportunity to speak directly with the nation’s top experts, whose knowledge covers trading and investing, banking, insurance, mutual funds, stocks, tax strategies, commodities and personal finance planning.&nbsp;“Money Expo 2011” provides the participants the opportunity to learn about the new products, services and industry trends, as well as meet potential customers and seal important business deals, adds the press release.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	In addition to the stalls of different organisations, the other attractions of the “Money Expo 2011” will be seminars and lectures from financial experts, regulators, analysts and successful investors as well as Quiz Contest, Art Exhibition, National and International Currency Show, Trading and Investment Movies Show, attractive door prizes, Best Stall Award and certificates for all stallholders.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2011-10-11',
			'keywords' => '',
			'description' => 'Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began.....',
			'sortorder' => '372',
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	(int) 1 => array(
		'Article' => array(
			'id' => '461',
			'article_category_id' => '34',
			'title' => 'Anti-Money Laundering Department In Operation (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then Finance Minister and Deputy Prime Minister Bharat Mohan Adhikari said that Nepal is committed to control legalisation of illegal money and prevent possible terrorist financing from Nepal.</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;">Nepal has already expressed commitment to the 49-point charter proposed by Financial Action Task Force, international body for control of money laundering and terrorist financing.</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;">Till date, the government has been looking after such financial crimes through the Department of Revenue Investigation. The department was set up after FATF tagged Nepal as the most vulnerable spot in South Asia.</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;">Adhikari said that with the establishment of the department, the government will now seek sources and take action against those who have gathered huge property overnight without any plausible source of income.</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;">Governor of Nepal Rastra Bank Dr Yuba Raj Khatiwada said that financial transparency would be maintained in a better way with the department coming into operation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Separate Office for Intellectual Property</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The government is set to establish a separate office for the protection of intellectual property as the trend of securing trademark for industrial products is increasing. Currently, trademarks are issued by Industrial Property Division at the Department of Industry.</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;">Spokesperson at the department Dhruba Joshi said that a separate office is being set up as the number of tasks has increased since last year. A taskforce is formed under a joint-secretary in the Ministry of Industries for that purpose.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">After the office is set up, trademarks will be issued by it. Trademarks were made compulsory last year jointly by the department and World Intellectual Property Organisation. In 2010, 2,351 products received trademarks including 1,622 national and 729 international products.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Private Company to Manage Valley Waste</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Shital Environment Group Pvt Ltd is planning to invest Rs 10 million in its cleaning business that targets to manage waste in the Kathmandu Valley. Surendra Acharya, Chairman of the company, confirmed that the plan to commence the work has reached the final stage. The company is being established in three ropani area in Godavary.</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;">Acharya said, “With the establishment of the company, we will begin waste management from the source itself.” The company has planned to organise programmes on waste management in all cities across the country.</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;">Acharya revealed that the company is planning to produce biogas and electricity through waste. He suggested training for housewives in waste management and inclusion of waste management in academic curriculum. The Waste Management Act 2011 has the provision to involve private sector in waste management.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then....',
			'sortorder' => '371',
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	(int) 2 => array(
		'Article' => array(
			'id' => '460',
			'article_category_id' => '34',
			'title' => 'Construct Flyovers Within This Year (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the direction to construct flyovers and subways at major crossroads to manage the valley transportation. The committee has also directed to expand lanes of major roads entering major cities around the country, upgrade inner roads, prioritise public vehicles for traffic management and restrict vehicles in certain areas of cities. However, the restricted areas are not decided yet.</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;">Similarly, the committee has asked to immediately remove street vendors, street side parking, hoarding boards and banners. Likewise, it has also directed to keep electricity, telephone and other wires underground. The committee has also asked to formulate a policy for such underground network.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">What are Former Finance Ministers Doing?</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Economic contemplation is not the first choice of many former finance ministers (FM). They are managing either political or private businesses. More than pondering over the economy, it seems they have something else more important to do in their daily lives. Till date, there have been 27 finance ministers. Subarna Shamsher Rana became the first FM after the inception of democracy in 1950. Subarna Shamsher presented the budget in 1951 for the first time in the Nepali history. Out of 27, 16 of them are alive while whereabouts of Bharat Bahadur Pradhan is not known. None of the FMs between 1950 and 1962 are alive.</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;">Surya Bahadur Thapa became the FM for the first time in 1962 and is still active in politics. He regained his position in 1964. He got the opportunity to lead the economy during hard times. He claims that he managed to reduce the unnecessary government expenses and prioritised developmental works. Thapa who has turned 84 is now the Chairman of Rastriya Janashakti Party. His days are spent on party related works, meeting dignitaries and party cadres.</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;">Another former FM, Surendra Bahadur Basnet, who took charge of the finance ministry in 1968, did not get the opportunity to present a budget. He became FM when the turmoil was still on. At his time, the value of Nepali and Indian currency was the same. So, there was the danger of failure for the entire economy due to problems in import-export. He is credited for correcting the chaotic situation. Basnet, 85, is now Executive Chairman of Buddha Air.</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;">Kirti Nidhi Bista, 86, who served as the FM twice, is living a retired life. He spends his time reading and writing for newspapers and having rendezvous with his relatives. Similarly, Dr Bhek Bahadur Thapa, who got the opportunity to present the budget for five times from 1975, is now busy in studies and research. Thapa, 75, has also served as secretary and even ambassador for 14 years. His times are spent mostly abroad on work. When he is in the country, he loves to spend time with his family. Thapa often advises the government when required.</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;">Dr Prakash Chandra Lohani became the FM for first time in 1983. He is credited for introducing liberalisation in the financial sector. At present, he is the Co-Chairman of Rastriya Janashakti Party. He is also the member of legislative parliament's Public Accounts Committee.</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;">Pashupati Shamsher Rana is currently focusing on his party activities. He is the Chairman of Rastriya Prajatantra Party. Likewise, Dr Devendra Raj Pandey who is known for his civil society activities is now concentrating on studies and research. He has also recently published a book named, Looking at Development and Donors.</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;">Mahesh Acharya who became FM after 1991 general election got the opportunity to present the budget&nbsp;for four times. It was in his tenure that the state-controlled economy shifted towards liberalisation. A central committee member of Nepali Congress, he spends his days in research, party activities and meeting party cadres.</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;">In 1994, Bharat Mohan Adhikari stepped in as the FM. He also gave continuity to economic liberalisation initiated by the Nepali Congress government. He is known for beginning economic decentralisation with some of his programmes. He became the FM also in the outgoing government that was led by Jhala Nath Khanal.</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;">Dr Ram Sharan Mahat is still active in economic contemplation and party politics. He became FM for five times and presented six budgets. He claims he ensured economic liberalisation and financial sector reforms. He also began the concept of VAT in Nepal. He has reformed taxation and in his time numerous development projects were announced. He is in the central committee of his party Nepali Congress and is also a member of the Constituent Assembly. When he gets free time from party activities, he adores playing golf.</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;">Dr Badri Prasad Shrestha who became FM in 2002 did not get opportunity to present any budget. He says he brought the economy back on track. He has spent 11 years in National Planning Commission. Shrestha has also been Nepal’s Ambassador to Japan. Having neurone problem for two years, he rarely moves around. Though he is associated with numerous organisations, he is not active due to his health problem.</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;">Madhukar Shamsher Rana became FM during the direct rule of the king. Currently, he is teaching in South Asian Institute of Management. He owns Shaligram Apartment Hotel at Jawalakhel. He is also associated with SAARC Chamber of Commerce and Industry and South Asian Policy Research Institute, Colombo.</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;">Dr Roop Jyoti became Deputy FM during the direct rule of king in 2004. He is a renowned industrialist and Vice-chairman of Jyoti Group.</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;">Dr Baburam Bhattarai has now become the Prime Minister of Nepal. He became FM after Maoists became the largest party in parliament after the Constituent Assembly elections. He has been successful in increasing the revenue collection by 33.5 per cent, largest-ever jump in the Nepali history. He is also the Vice-chairman of the UCPN Maoist. He visits his home district Gorkha every month. He mostly remains busy in party activities.</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;">Similarly, Surendra Pandey was the FM for 21 months. He claims the budgets he presented were tilted to socialism. He presented three budgets. He became FM in the CPN-UML-led government. He is also the politburo member of the party.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Global Bank and Shikhar Insurance Tie-Up</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Global Bank Ltd and Shikhar Insurance have signed an agreement to provide non-life insurance service to the bank´s customers. Janak Sharma Poudel, deputy general manager of the bank, and Deepak Prakash Pandey, chief executive officer of Shikhar Insurance, signed the agreement on August 7.</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;">Issuing a statement, the bank said customers will get non-life insurance facility under a single roof after signing of the pact. The bank has set up a separate counter at its branch office at Kantipath to provide insurance service.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-10-31',
			'keywords' => '',
			'description' => 'The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the.............',
			'sortorder' => '370',
			'image' => null,
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	(int) 3 => array(
		'Article' => array(
			'id' => '459',
			'article_category_id' => '34',
			'title' => 'SAARC Biz Leader's Meet In Kathmandu',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">Fourth SAARC Business Leader’s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed ‘Peace and Prosperity through Regional Connectivity’ is being organised by SAARC Chamber of Commerce and Industry in collaboration with Federation of Nepalese Chambers of Commerce and Industry.</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;">Being organised for the first time in Nepal, the meet will have participation from business personalities from the SAARC region. In the three-day assembly, representatives will be conducting presentations and round table discussions. Organisers have said that the meet would be fruitful for regional industrial and business investment cooperation.</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;">Emerging priority concerns for South Asia water, energy, climate change and food security; regional economic integration, tourism, cultural exchange, prospects of trade and investments will be the major themes for deliberation in the meet. Diplomats and senior government officials, business community leaders, renowned entrepreneurs, professionals, media representatives, analysts and others will be present during the programme.</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;">During the assembly, SAARC Trade Fair and cultural performances will also be organised from September 21 to 24. The meet held every two years was previously organised in New Delhi, Mumbai and Colombo.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">RID To Bust Informal Remittance</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The Revenue Investigation Department (RID) has started taking action to control the remittance coming through informal channel. The department has begun raiding suspicious areas as it suspects billions of rupees transacted through illegal means. In the first phase, the department raided business centres of New Road and Sundhara in Kathmandu.</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;">The department raided Union International Tours and Travels and Pashupati Trading Company and seized documents and a few hundred thousand rupees.</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;">The previous attempt by the department to seize informal remittance remained largely unsuccessful. Experts are saying that billions or rupees are being transacted through illegal and unknown channels. There are suspicions that such transactions are done on political protection with the support of large business houses.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Fivefold Increase in Household Income</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Nepal’s household income has increased five folds over the past 15 years, thanks to the rise in the number of employed population, shift from agricultural to non-agricultural employment and increased inflow of remittances. The household income that was Rs 46,732 per annum in 1995/96 has increased to Rs 202,374 in 2010/11. Nepal Living Standards Survey (NLSS) released by Central Bureau of Statistics on August 8 revealed these findings.</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;">The income of poorest families has also increased seven folds and reached Rs 15,888 in 2010/11 from Rs 2,220 in 1995/96.&nbsp;The report suggests that people living below the national poverty line has gone down to 25 per cent.</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;">Similarly, income of the richest population has also increased five folds compared to 15 years back. In 1995/96, their annual income was Rs 19,325. The latest survey has revealed that it has reached Rs 94,149. According to CBS, Nepali’s living standard has also increased with the increase in income.</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;">According to Uttam Narayan Malla, Director General of the department, main purpose of the survey is to predict the poverty situation based on daily consumption pattern. He also stated that the current survey reveals more people are consuming fruits, fish and meat.</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;">The first survey of 1995/96 revealed that the per capita consumption on the then price was Rs 6,800 while it has increased to Rs 34,829 in 2010/11. The consumption has increased by 412 per cent of the poorest 20 per cent population. Similarly, the consumption of the richest group has also increased by the same rate. According to the survey, the poorest group spends 8 per cent of their income in consumption while the richest spends 47 per cent of their income in consumption.</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;">Over the same period, average per capita income of an individual has undergone a tremendous growth to Rs 41,659 in 2010/11 from just Rs 7,690 in 1995/96. According to the survey, the major source of income has shifted to non-agricultural sector from agriculture. The income from agriculture has shrunk to 28 per cent from 61 per cent earlier.</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;">Similarly, the employed population has increased by 11 per cent reaching 78 per cent. According to the first survey, only 67 per cent people were employed. The new survey has also shown that 90 per cent Nepalis live in their own house which is four per cent less than previous survey result.</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;">The survey was conducted in technical cooperation with The World Bank and studied 12 different subject matters.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2011-10-11',
			'keywords' => '',
			'description' => 'Fourth SAARC Business Leader’s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed ‘Peace and Prosperity through Regional Connectivity’ is being...',
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	(int) 4 => array(
		'Article' => array(
			'id' => '410',
			'article_category_id' => '34',
			'title' => 'Bankers Call MoF, NRB Irresponsible (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,” he threatened.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million.&nbsp;</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins &nbsp;Spot Contract</span></span></div>
<p style="text-align: justify;">
	<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
	</span></span></p>',
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			'description' => 'Bankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said......',
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	(int) 5 => array(
		'Article' => array(
			'id' => '409',
			'article_category_id' => '34',
			'title' => 'Siddhartha’s Branchless Banking At Dailekh (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt;">S</span>iddhartha Bank Limited has kicked off its branchless ‘Easy’ banking service from Dailekh. The bank launched the service on June 15 by issuing a smart card with which banking transactions can be made. Chief District Officer of Dailekh, Bashudev Adhikari, inaugurated the new service.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">The need for this service arose as the bank has to manage cash distribution under the World Food Programme’s Cash for Work. The bank said that the machine provided for the branchless banking at Dailekh identifies its customers by their fingerprints and photos, making the service secure and effective. With this service, people can access services like deposit, loan, remittance, money transfer, among others in the village itself. The bank also said that the social security allowance provided by the government can be distributed to people with this service.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">PLO Doubling Its Production</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt; letter-spacing: -0.05pt;">P</span><span style="letter-spacing: -0.05pt;">urbanchal Lube Oil Pvt Ltd (PLO) is doubling its production from the coming fiscal year. Bhola Dulal, Managing Director of the company, said that PLO is doubling its capacity as per the policy to increase production every year. He added, “We are also increasing production to make Nepal independent in lubricants and grease.”</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.05pt;">The company produces&nbsp;one million litre of lubricants and 550,000 kilograms of grease. According to Dulal, PLO plans to produce three million kilograms of grease and lubricants from the next year. PLO is also preparing to add infrastructure to increase the production. Established with Rs 11 million investment in 2001, the company’s share capital has increased to Rs 150 million. The company claims that lubricants produced by the company under brand names PLO and Star covers 26 per cent of the market share. The company is producing over 200 types of products by importing raw materials mainly from Dubai, Quatar, Australia, Russia, Korea, India and Iran.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">SEBON Revamp Needs More Staff</span></span></div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.1pt;">Securities Board of Nepal (SEBON) has brought some changes to its organisational structure. Dr Surbir Paudyal, Chairman of SEBON, said that amendments were brought in to enhance its capacity. He also informed that amendments were made based on a report prepared by Securities Board of India (SEBI).</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.1pt;">In the old structure, there were seven departments and 13 sections while the new structure will have six departments and 23 sections. Currently, there are 38 employees while the new structure will have double the number of staff. SEBON’s announcement of a revamp comes at a time when there is widespread criticism of its effectiveness. SEBON has been given the rights to regulate Mutual Funds and Credit Rating Agencies, and while Commodities market is also likely to fall under its jurisdiction. Paudyal said that it would take some time for new the structure to come into effect.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Food Production Rises By 11%</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt; letter-spacing: -0.25pt;">F</span><span style="letter-spacing: -0.25pt;">ood production has increased this year by 11 per cent compared to the previous year. Dr Hari Dahal, Spokesperson at the Ministry of Agriculture and Cooperatives, said that with the growth in production, Nepal will have a food surplus of 110,000 thousand metric tonnes.Dahal said that last year the country witnessed a deficit of 330,000 metric tonnes of food grain. “In the current fiscal year, 8.61 million metric tonnes of food has been produced which is 11 per cent higher than the last year,” he revealed. In the previous year, 43 districts faced food-shortage while this year the number has come down to 38.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	According to Dahal, favourable climate, increased subsidy in chemical fertilizers, use of improved seeds and technology resulted in the increased production. Out of the total production, 367,000 metric tonnes will be used to produce feeds for livestock. There is a demand for 5.4 million metric tonnes of food grains annually.&nbsp;</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NTA Proposes To Use RTDF</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="">N</span><span style="font-size: 9.5pt;">epal Telecom Authority (NTA) has sought permission from the Ministry of Finance to use the funds collected in Rural Telecommunication Development Fund (RTDF). NTA Spokesperson Kailash Neupane said that the authority wants to use the amount collected for the development of telecommunication infrastructures. Rs 3.25 billion has been collected in the fund so far.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Neupane revealed, “With the amount, NTA is planning to issue tender to lay optical fibre in all 75 districts. As soon as the ministry approves the proposal, we will issue the tenders.” According to the telecommunication policy, the amount in fund can be used by NTA to finance infrastructure development. Telecommunication operators contribute two per cent of their income to the fund. Purushottam Khanal, Chief of Rural Telecommunication Department of NTA, said, “We are planning to extend information highway all over the country with the accumulated fund.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">NTA has planned to complete the development project in two phases for east and western parts of the country. Khanal revealed that NTA has earmarked Rs 2.59 billion for the eastern region while Rs 1.90 billion for the western region. As of now, 35 districts are linked by the optical fibre. NTA started collecting two per cent from the service providers since its establishment in 1994-95. Now, around Rs 1 billion is collected annually in the fund.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">20 Places Shortlisted for Mid-Hill Cities </span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he government has shortlisted 20 places along the proposed mid-hill highway to select ten of them as new cities. The selection was made by Ministry of Physical Planning and Construction ont he recommendation of&nbsp;Prof Dr Bhim Subedi, the consultant associated with city identification project. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Among the 20 shortlisted places three are from Accham including Rakam, Safebagar and Binayak. Similalry, three places of Rukum – Chaurjahari, Rukumkot and Musikot - are in the short list. Among the other places shortlisted are Fidim, Basantapur, Dumre, Ghurmi, Khurkot, Baireni-Galchhi, Diktel and Patan (Baitadi). Similarly, Burtibang, Dipayal,&nbsp;Dulegauda, Jarayotar (Bhojpur), Kurintar (Chitwan) and Mangaltar (Kavre) are likely to be chosen to be developed as cities.&nbsp; <br />
	</span></div>
<p style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Though there are more than one place included in the short list, Prof. Dr. Subedi said that his recommendation is to select at least two places from each development region to ensure proper regional balance.</span></p>',
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			'description' => 'Siddhartha Bank Limited has kicked off its branchless ‘Easy’ banking service from Dailekh. The bank launched the service on June 15 by issuing a smart card with which banking.....',
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	(int) 6 => array(
		'Article' => array(
			'id' => '408',
			'article_category_id' => '34',
			'title' => 'Birgunj SEZ Construction (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he construction work in the special economic zone (SEZ) of Birgunj is nearing completion. However, industrialists complain that the law needed for the operation of the SEZ which is hoped to boost exports, is still not enacted.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The SEZ is being constructed in an 832 bigha land that was once the premises of Birgunj Sugar Mills.&nbsp;The idea to establish a SEZ at this location was finalised seven years ago with an objective to increase export competitiveness of the country. The government began building the SEZ as per the Industrial Policy that promises various facilities to the exporters. However, the industrialists are arguing that the facilities should be provided also to the industrial units that produce goods for consumption within the country. Jagdish Agrawal, Chairman of Nimbus group of companies said the government policy to protect only the export-oriented industries is wrong. He said that in a country like Nepal where the internal production is not enough to meet the internal demand, there is no point in providing incentives only to production meant for export. He also suggested setting up economic zones specialised in certain products. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Om Prakash Sikaria, Former President of Birgunj Chamber of Commerce and Industry however, expressed hope that the SEZ would help in the development of export-oriented industries in and around Birgunj. However, he complained at the delay in introducing a separate law required for the operation of the SEZ.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Both Agrawal and Sikaria pointed out that the Birgunj SEZ will have problems as it is located away from the highway and the dry port. The Birgunj SEZ will have five blocks. Among them, block A will be the biggest with an area of 343 bigha. Block B will have 123 bigha while the area of block C will be 49 bigha. Similalry, block D will have 178 bigha and block E will be of 133 bigha.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169); letter-spacing: -0.6pt;">Maoists not for Majority Foreign Stake in Nepali Banks</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt; letter-spacing: -0.1pt;">U</span><span style="letter-spacing: -0.1pt;">CPN –Maoist Constituent Assembly (CA) members do not want branches of foreign banks in Nepal. They have started political lobbying saying the foreign banks established in Nepal will leave negative effects on the economy.</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: 0.15pt;">They have taken a stand not to allow foreign banks to own more than 49 per cent stakes in banks in Nepal. They want it to be included in the Banks and Financial Institution Act (BAFIA) which is in the process of amendment. “This is the issue of nationality,” said Narayan Prasad Sharma, a Maoist CA member and coordinator of BAFIA sub-committee. “We are determined to make provisions that only Nepali citizens and entities can hold a majority stake in Nepali banks,” he added. “It will be a threat to the national economy if 51 per cent stake is not held by the Nepalis,” he clarified. Another Maoist CA member Hari Roka said that the provision about the ownership of a foreign bank branch should not exceed 49 per cent and it should be mentioned in the law itself. However, the Maoist stand is against the World Trade Organisation (WTO) provisions. While being the member of WTO in 2004, Nepal had signed an agreement to allow foreign investments into the country from 2010.</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Panchakanya Operates On Full Capacity</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 13pt;">P</span><span style="font-size: 9.5pt;">anchakanya Steels, a Panchakanya Group company, has begun operating to its full capacity. Biswojay Pudasaini, Sales Manager of the company, said that the company has invested Rs 100 million to increase the output.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">With the upgrade in production, the company has begun producing 80 thousand metric tonnes of steel rods annually. Previously, only 60 tonnes of steel rods was produced in a year. Pudasaini claimed that with the increase in production, market share will also increase to 25 per cent. He said that government and foreign projects largely use Panchakanya Steels products.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Panchakanya began producing to its full capacity from the second week of June. According to Pudasaini, the company installed the latest technology after replacing the old one. However, he said that the product is yet to be supplied to the market. The company is producing rods from its plant at Bhairahawa.</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169); letter-spacing: -0.6pt;">Shiva Ram wins Surya Nepal Central Open</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">S</span><span style="font-size: 9.5pt;">hiva Ram Shrestha registered an eight-stroke victory over Sanjay Lama to take home the Surya Nepal Central Open title at the Gokarna Golf Club. He carded four-under 68 on the final day for a total of 10-under 278 to list the 11thcareer title, highest by a pro in the Nepali tour. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Similarly, Lama stood on second position with a total of two-under 286 after the final round score of five-under 67, while Mani Rai played a round of six-over 78 to score the third position at&nbsp;one-under 287. Samundra Giri and Ramesh Nagarkoti shared the fourth position at 289.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">In amateur category, Tashi Tsering claimed the trophy with a total score of 10-over 298 while Bikash Bogati came second at 299.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Out of the total cash purse of Rs 425,000 of the third event under the Surya Nepal Golf Tour 2011-12, Shiva Ram received Rs 90 thousand, while Sanjay bagged Rs 57 thousand. Similarly, third-placed Mani pocketed Rs 45 thousand. Dorji Sherpa, Vice-President of Gokarna Forest Resort and Ghana Shyam Thapa, former President of Nepal PGA handed over the prizes to the winners.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Deposit Insurance Mandatory for Commercial Banks Too</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 10pt;">N</span>epal Rastra Bank (NRB) has started sending letters to commercial banks directing them to insure deposits up to Rs 200 thousand. “We have directed commercial banks to ensure deposit insurance in next fiscal year,” Bhaskar Mani Gyawali, Spokesperson of NRB, said.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The central bank has said that deposit insurance has been made mandatory to safeguard the deposits of common depositors at a time when financial institutions are considered fragile. Gyawali said that deposit insurance is made extensive as a part of winning back confidence of depositors. Deposit insurance programme began this year starting from development banks, finance companies and microfinance banks. Till date, deposits of Rs 529.6 million of 1.4 million depositors in 138 financial institutions have been insured.&nbsp;</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Eight Polytechnics in the Offing</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 13pt;">E</span><span style="font-size: 9.5pt;">ight new polytechnic institutes will be set up in different parts of the country with financial assistance from the Nepal government and some friendly countries. Total investments into all these institutions will add up to Rs 3.32 billion. These institutes will be established in Makwanpur, Rupandehi, Rautahat, Sarlahi, Kailali, Dhanusha, Chitwan and Kathmandu. Bishnu Koirala, Director of the Council for Technical Education and Vocational Training (CTEVT), said these establishments will be financed by national and foreign investments.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">With a financial assistance of Rs 450 million from the Indian government, a polytechnic will be set in&nbsp;Hetauda, Makwanpur, will be established with the support of Indian government. According to Koirala, Another polytechnic will be set with a Korean assistance of Rs 520 million in Butwol, Rupandehi. Polytechnic institutes in Janakpur, Chitwan, Kathmandu and Kailali will be set up with a government assistance of Rs 500 million for each of the institutes.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<p style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Similarly, nursing institutes will be set up in Gaur, Rautahat, Malangawa and Sarlahi with investments of Rs 150 million each by the Nepal Government. According to Koirala all these institutes will be ready in four years. </span></p>',
			'published' => true,
			'created' => '2011-09-05',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The construction work in the special economic zone (SEZ) of Birgunj is nearing completion. However, industrialists complain that the law needed for the operation of the SEZ which is....',
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	(int) 7 => array(
		'Article' => array(
			'id' => '407',
			'article_category_id' => '34',
			'title' => 'NEA Deceived On PPA Rate (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="">T</span><span style="font-size: 9.5pt;">he private sector has accused Nepal Electricity Authority (NEA) of deceiving electricity producers on the rate of Power Purchase Agreement (PPA). NEA has increased PPA rate by 20 per cent on projects up to 25 megawatts.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Previously, electricity producers could raise price up to nine times in PPA rate but now they can increase up to only five times. With this, the PPA increase rate said to be 20 per cent will actually be 10 per cent, said Gyanendra Lal Pradhan, a power producer, The government promised to increase PPA by 20 per cent in projects that will be completed within four years but NEA did not follow it.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The private sector is saying that with the latest increase, internal return rate will be lower than 12 per cent. Power producers are saying that nobody will be interested to borrow from banks at 16 per cent and invest for that rate of return. Independent Power Producers Association-Nepal (IPPAN) says that for 30 years, average PPA rate should be fixed at minimum Rs 6 per unit. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Dr Subarna Das Shrestha President of IPPAN said that due to high interest rate, ongoing projects are also on the verge of being scrapped.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 24pt; color: rgb(0, 92, 169);">Bhatbhateni Supermarket in Koteshwore</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14pt;">B</span>hatbhateni Supermarket and Departmental Store has opened its new outlet at Koteshwor from June 11. During the inauguration, Min Bahadur Gurung, Managing Director of Bhatbhateni, said that the new shopping centre is equipped with customer care desk, elevator and escalator for physically challenged people along with other modern amnesties.</div>
<div style="text-indent: 0in; text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	He said that 200 people are getting employment in the supermarket out of which 90 per cent are women. The five–storey supermarket has been built at an investment of Rs 500 million. Gurung revealed that within this fiscal year, new supermarkets will be established at Jawalakhel and Chuchepati. He said its chain outlet in Pokhara is under construction. He also revealed that supermarkets at Bhatbhateni and Maharajgunj register an annual turnover of Rs 2 billion.<br />
	 </div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 22pt; color: rgb(0, 92, 169);">Electricity Development Corp within 15 Days<br />
	<br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt; letter-spacing: -0.25pt;">T</span><span style="letter-spacing: -0.25pt;">he government has announced to set up Electricity Development Corporation within 15 days from June 8. Gokarna Bista, Minister of Energy, said, I will show by establishing the corporation within 15 days. He added, Committee formed for the inception of the corporation is working to complete the task within seven days.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">Finance Minister Bharat Mohan Adhikari said that legal consultations are going on for setting up of the corporation. He also revealed that the corporation will not be controlled by the government but will be an independent unit. World Bank, Asian Development Bank, China Exim Bank and other international entities will be invited to invest in the company. Bista said that the seed capital of the corporation will be around Rs 7 to 15 billion. The government had proposed the establishment of Electricity Development Corporation after declaring power emergency in the country some months ago.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);"><br />
	Siddhartha and NMB to Operate Mutual Fund<br />
	<br />
	</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt;">S</span>iddhartha Bank Limited has become the first company to file an application to the Securities Board of Nepal to work as a mutual fund. One year after the regulation came into force, first application for licence to run mutual fund has been registered.</div>
<div style="text-indent: 0in; text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">Siddhartha Bank has begun the process of establishing a mutual fund under the name Siddhartha Mutual Fund. The bank is planning to establish fund under Siddhartha Asset Management, bank's sister organisation, according to Bhola Dhungana, Office Secretary of the bank. The fund will be established with Rs 100 million paid-up capital. The company has said it will begin operation as soon as it gets approval from the SEBON. Similarly, NMB Bank has also registered an application on SEBON to operate its NMB Mutual Fund. NMB has prepared necessary requirements for operating the mutual fund. The fund will be managed and operated by sister organisation of the company, NMB Capital Limited.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 24pt; color: rgb(0, 92, 169);"><br />
	Interbank Lending For Six Months</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt; letter-spacing: -0.25pt;">B</span><span style="letter-spacing: -0.25pt;">anks and Finance Companies can issue interbank loans for up to six months. Nepal Rastra Bank (NRB) has made a special provision for interbank loans with effect from June 27. Bhaskar Mani Gyawali, Spokesperson of NRB, said, To lower the pressure of liquidity, this special provision is made.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	Now, commercial banks, development banks and finance companies can issue loans to each other against the acceptable collateral. According to Gyawali, such lending will be for six months on the maximum.&nbsp;</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20pt; color: rgb(0, 92, 169);"><br />
	Progress in Amending Securities Transaction Act<br />
	<br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt;">T</span>he Securities Board of Nepal (SEBON) has presented a proposal to the Ministry of Finance (MoF) to amend the Securities Related Act 2007. Paristha Paudyal, Director at at the Board's Regulation Department said, the amendment is to accommodate a provision to authorise the Board to regulate the commodities exchanges as well.</div>
<div style="text-indent: 0in; text-align: justify;">
	<br />
	 </div>
<p style="text-align: justify;">
	<span style="font-size: 11pt; line-height: 115%;">In this year's budget, the government had announced to arrange for regulation of the commodities exchanges. Accordingly, a committee was formed with representatives from SEBON, MoF and commodities exchanges. The proposed draft amendment is based on the recommendation of the committee, said Paudyal. Currently, there are five exchange companies in operation while five more are trying to acquire license. </span></p>',
			'published' => true,
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			'description' => 'The private sector has accused Nepal Electricity Authority (NEA) of deceiving electricity producers on the rate of Power Purchase Agreement (PPA). NEA has increased PPA rate by 20 per.....',
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	(int) 8 => array(
		'Article' => array(
			'id' => '406',
			'article_category_id' => '34',
			'title' => 'Nimbus Trains 2,000 Poultry Farmers(july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Nimbus has conducted around 34 free trainings this year to 2,000 poultry farmers in different parts of Nepal. It has been conducting these trainings on a monthly basis and has covered more than 50 districts of the country so far. The poultry farmers were trained on poultry farm management, bio security at small farms, commonly encountered poultry diseases, summer and winter management, summer stress, vaccination schedule etc.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Nimbus has its own training cell which is headed by a veterinarian. It also has a mobile training center to train poultry and livestock farmers. It also conducts trainings for cattle farmers of Chitwan, Dhading and Tanahun in association with Practical Action.</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-align: justify;">
	 </div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 22pt; color: rgb(0, 92, 169);">Sunrise to Invite&nbsp; Joint Venture</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 9pt;">S</span>unrise Bank Limited has decided to partner with an&nbsp;international bank. Moti Lal Dugar, Chairman of the Bank, said that the bank is talking with a well-known international bank for partnership. Dugar said that the partnership will be finalised soon. He opined it is better to invite foreign invest rather than merge with a national bank. So, the company is bringing in a strategic partner. He also revealed that the bank is soon launching international visa credit card. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.3pt;">&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-align: justify;">
	 </div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20pt; color: rgb(0, 92, 169);">Hyundai’s new brand Motto</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Hyundai Motor Company, the world’s fastest-growing automotive company by brand, officially announced its new brand direction and statement at the 2011 North American International Auto Show in Detroit. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The new brand statement “New Thinking. New Possibilities.” encompasses Hyundai’s new brand concept, “Modern Premium”, which aims to provide customers with emotional value and experiences beyond expectations, says the company. “It’s bigger, smarter and driven by the desire to share stylish, high quality and efficient vehicles with everyone” it says and adds: “New Thinking means challenging convention and pushing boundaries. And New Possibilities means coming up with more forward-thinking ideas and solutions. Hyundai’s new way of thinking is to share premium value with more people and make new possibilities for people and planet by constantly generating new ideas. It gives an opportunity to take a look at the new vision for the future of Hyundai.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Today, customers do not believe that expensive cars with unnecessary technology are premium. They no longer want to simply show off their status. Instead, they want their core needs fulfilled at an accessible price and with a car that exceeds their expectations; a car that reflects their values and the times in which they live. “Hyundai is not just a company that makes cars. Hyundai is a company that creates new possibilities. Our goal is not to be the biggest car company. Our goal is to be the most loved automotive company on the planet, and to be a trusted lifetime partner of our owners,” said Vice Chairman Chung, Hyundai Motor Company.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">In the most basic sense, a car is just a way to get from point A to B. But in reality, it is a place for much more - first dates, bonding time with the kids, quiet time alone. It’s a great place to store your gear, enjoy great music, spend a quick moment studying before an exam, or even take a nap or have a meal. “Hyundai’s goal is to create new values and a new culture that will upgrade the in-vehicle experience. Hyundai makes cars to enhance quality of people’s life’, says the company. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Nirakar Shrestha, MD of Laxmi InterContinental says: “With the global introduction of Hyundai Motor Company’s new brand statement “New Thinking. New Possibilities.”, we here at Laxmi InterContinental are pleased to implement the overall brand philosophy in Nepal. The new thinking of HMC relates to the new benefits that it will provide for its customers enjoyment. It seeks to provide additional values sought by society today (enabling more people to enjoy premium values at a fair price). HMC refers these new values as New Premium, Hyundai Premium, or Modern Premium. And Laxmi InterContinental is committed to deliver truly Hyundai Premium along with other services to its valued customers.”</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 22pt; color: rgb(0, 92, 169);">HYUNDAI Premiums in Nepal</span></div>
<div style="margin-bottom: 11.35pt; text-align: justify;">
	Laxmi InterContinental P. Ltd.; sole distributor of Hyundai for Nepal, revealed the new Sonata and Tucson recently.</div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 13.5pt;">Tucson</span></div>
<div style="margin-bottom: 11.35pt; text-align: justify;">
	First impression counts for a lot. Set eyes on the new Hyundai Tucson and we bet you’ll find your second and third glances are just as rewarding. Synthesis of flawless, cutting edge design, embodying style in every curve, sporty and powerful, yet, refined and relaxed. And when it comes to safety and security, the new Tucson is all equipped that gives you all the assurance you need and even beyond your expectation.</div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 13.5pt;">Sonata</span></div>
<div style="text-align: justify;">
	<span style="letter-spacing: 0.05pt;">Within seconds of getting acquainted with a Sonata, you will begin to wonder if it’s still today. The breath taking exterior design with rigid surface and structure that creates impression of constant, graceful motion. Inside, you will be surrounded by features capable of doing things that will transform your expectation of what a car can do. Indeed, everything about the Sonata - its sharp looks, next generation technology, and uncommon luxury and style - speaks uncannily of tomorrow.</span></div>',
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			'description' => 'Nimbus has conducted around 34 free trainings this year to 2,000 poultry farmers in different parts of Nepal. It has been conducting these trainings on a monthly basis and has covered..........',
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	(int) 9 => array(
		'Article' => array(
			'id' => '384',
			'article_category_id' => '34',
			'title' => 'CPVC Pipes From Panchakanya Plast(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">P</span><span style="font-size: 9.5pt;">anchakanya Plast Pvt Ltd, a Panchakanya Group company is introducing Chlorinated Poly Vinyl Chloride (CPVC) Pipes in the market soon. Harka Bahadur Thapamagar, the Sales Manager of the company said that the company has already begun the production of these pipes. “The manufacturing of mould needed for making the pipes is in the process and we will launch our product within a month,” he said. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to Thapamagar, CPVC pipes are better alternatives to GI pipes for drinking water supply as the former are rust free and lightwieight to transport to remote locations. Panchakanya Plast has its factory near Bhairahawa.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Thapamagar claimed that Panchakanya is the first company to produce CPVC pipes in Nepal. These pipes are appropriate to use with both hot and cold water and can last up to 50 years. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">LIC (Nepal) Implements RDBMS</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="">L</span><span style="font-size: 9.5pt;">ife insurance Corporation (Nepal) Ltd has gone a step further in its IT initiatives by introducing web-based policy administration system, states a press release of the company. In 2008, LIC (Nepal) became the first Life Insurance Company to network all its branches across Nepal, enabling effective inter-branch communication system. By using RDBMS (Relational Data Base Management Systems) with the web-based front end architecture now, the company has achieved centralisation of its database, adds the press release promising that the new development will make servicing more effective, ensure real time transaction updation and also allow remote users to have access to latest data. This will also enable the company in the near future to provide online payment facility and 24x7 services to its customers, it adds.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The entire package has been developed in-house by the LIC of India using the latest technologies in the market and is very user friendly, according to the company. The package will also have the feature of maintaining customer ID to provide services to all the policies of one customer in a single window.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The module came into operation from 5th May 2011. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">New Industries in Patan Industrial Estate</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">hree new industrial units are being established in Patan Industrial Estate (PIE). The new units are added are Shakti Food Pvt Ltd, Siddhilaxmi Plastic Industry and Nepal Commercial Industry. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Prem Nepal, the Manager of Patan Industrial Estate said that two other industrial units are planning to expand capacity while another one plans to revive its operation.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Siddhilaxmi is investing Rs 10 million while Rs 100 million is being invested in Shakti Food.&nbsp;Nepal Commercial’s investment has not been finalised yet, according to Pushkar Paudel, the Manager of the company which is currently the authorised distributor of Indian furniture brand ‘Godrej’ in Nepal. The PIE plant of Nepal Commercial will be assembling furniture. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Shakti Food plans to introduce ‘Martin’ brand of ice-cream in the market and will have a daily production capacity of 20,000 litres. Besides ice-creams, it will also produce other dairy products.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">Shakti Shrestha, the operator of Siddhilaxmi Plastic industry informed it will start producing plastic bottles within the next couple of months. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Infrastructure Bonds in USD </span></strong></span></div>
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	<span style="font-size: 12pt;">N</span><span style="font-size: 9.5pt;">epal Rastra Bank (NRB) is mooting a policy to allow purchase of big infrastructure project bonds by paying US dollars. The NRB has begun internal discussions for formulating such policy so as to attract foreign investment in big projects. A source at the NRB revealed that the policy is being prepared to attract foreign investments in hydroelectricity and other big projects.</span></div>
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	<span style="font-size: 9.5pt;">People who buy such bonds by paying US dollars will get the interest in US dollars. Similarly, the principal amount too will be returned upon maturity in US dollars. </span></div>
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	<span style="font-size: 9.5pt;">With this policy, also the foreigners can buy bonds issued by Nepal. But some legal formalities have to completed before such bonds can be issued. For example, the existing law has to be amended, said a source in the NRB. </span></div>
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	<span style="font-size: 9.5pt;">These bonds can be bought also by the NRNs, companies and persons having regular income in US dollars. However, the NRB will be barred, according to the surce, from buying such bonds though it is allowed to buy foreign bonds with the foreign currency reserve it holds. </span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">The big infrastructure projects that require huge capital can issue such bonds through merchant banks, according to the proposal.&nbsp;A number of the promoters of large projects have asked the NRB for a provision to allow foreign investors buy their bonds due to the scarcity of capital within the country to invest in such big projects. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Minimum Wage Controversy </span></strong></span></div>
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	<span style="font-size: 13pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Labour and Transport Management has unilaterally fixed the minimum wage amidst opposition from Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and three major trade unions.</span></div>
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	<span style="font-size: 9.5pt;">Krishna Hari Pushkar, the spokesperson at the ministry said the minimum wage was fixed considering two previous agreements made on March 24 and April 15. He said, “Minimum wage has been fixed taking into consideration the concerns of both employers and employees.”</span></div>
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	<span style="font-size: 9.5pt;">The minimum wage has been increased from Rs 4,600 to Rs 6,200. Similarly, the daily wage has been increased from Rs 190 to Rs 231. </span></div>
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	<span style="font-size: 9.5pt;">Pashupati Murarka, the Vice President of FNCCI said the employers won’t agree to any agreement published in Nepal Gazette that goes against the one made on March 24. He alleged that the notice was published in the gazette without consulting the employers. </span></div>
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	<span style="font-size: 9.5pt;">An official at the FNCCI alleged that the minimum wage has been fixed as per the demand of Madhesi trade unions since the Labour Minister represents the Madhesi Jana Adhikar Forum.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">Bishnu Rimal, the President of General Federation of Nepalese Trade Unions (GEFONT) said that new agreements should not be implemented before dismissing the old ones. He said that they are currently following the agreement made on March 24. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Bluebird Mart Inaugurated</span></strong></span></div>
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	<span style="font-size: 15pt;">B</span>luebird Shopping Complex has come to operation in a changed form. Now called&nbsp;Bluebird Mart, it has added a new departmental store and two world-renowned chain restaurants. The Mart was inaugurated on May 17 by Miss Nepal Sadikshya Shrestha. KFC and Pizza Hut restaurants are scheduled to open soon, according to Binod Tuladhar, the Managing Director of Bluebird Mall.</div>
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	He also informed that the Yellow Chilly, an Indian chain restaurant will also be added to the property later. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Five-star Hotels Register 80 per cent Occupancy </span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;"><span style="font-size: 14px;">h</span>e occupancy rate of the five-star hotels in the first four months of Nepal Tourism Year (NTY) 2011 has touched 80 per cent. Raju Bikram Shah, the Senior General Manager of Hotel Shangri-La said, “Hotel occupancy in the first four months of this year has increased by 10 per cent when compared with the same period last year.” </span></div>
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	<span style="font-size: 9.5pt;">With the mountaineering season picking up momentum, some hotels have registered more than 80 per cent occupancy for April. However, Shah said the hotels should have 100 per cent occupancy due to NTY programmes. Encouraged by the positive response for the first four months, hotel entrepreneurs are hopeful that occupancy will remain high in the coming months as well.</span></div>
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	<span style="font-size: 9.5pt;">According to Bharat Joshi, the Marketing Director of Hotel Yak and Yeti, the occupancy rate increased with the trekking and mountaineering season. Hotel entrepreneurs further expect growth in tourist arrivals with the advent of pilgrimage season for Kailash-Mansarobar.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">In April, Hotel Shangrila had 87 percent occupancy, while Hotel Yak and Yeti had 79 percent, Hotel Soaltee 78 percent and Hotel Fulbari around 80 per cent. Five-star hotels claim the tourist flow increased because of their promotional efforts in the international market. They added that they spend Rs 400 million annually for overseas tourism promotion.&nbsp;</span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">NTB’s ‘Border City Sales Mission’ </span></strong></span></div>
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	<span style="font-size: 14px;">N</span>epal Tourism Board (NTB) has begun a tourism promotion campaign ‘Border City Sales Mission’ in the Indina cities close to the Nepal border. According to NTB, sales mission has been started in Indian cities of Kanpur, Varanasi and Lucknow. Lila Bahadur Bania, a Manager in the NTB said that the campaign was started as the Indian tourists were not coming to Nepal in large numbers. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Petroleum Import Exceeds Total Export </span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he revenue generated from Nepal’s export cannot even buy petroleum products required for the country, according to the recent trade data. Nepal exported goods worth Rs 47.98 billion by mid-April of the current fiscal year while the country spent Rs 50.26 billion for importing petroleum products during the same period, show the data released by the country’s trade monitoring body Trade and Export Promotion Centre (TEPC). </span></div>
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	<span style="font-size: 9.5pt;">By mid-April of last fiscal year, petroleum imports were worth Rs 35.22 billion.</span></div>
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	<span style="font-size: 9.5pt;">Nepal had to spend more for petroleum products due to two reasons. One was the unrest in the Middle-East that led to an increase in price of the petroleum in the world market. Second was the increase in the demand within the country due to lengthened power outage due to failure to increase power generation from the country’s hydropower plants. </span></div>
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	<span style="font-size: 9.5pt;">In the same period of the current fiscal year, Nepal has imported goods worth Rs 287 billion. So, Nepal’s trade deficit has reached Rs 239 billion in the first nine months of the current fiscal year, according to TEPC.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">Even though the imports of petroleum products and iron and steel have increased, there is a decrease in the import of machineries, electronics, vehicle spare parts and gold. In the first nine months of the last fiscal year, gold worth Rs 24.61 billion was imported but it has decreased to Rs 4.62 billion this year, a decline of 87.7 per cent. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>',
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			'description' => 'Panchakanya Plast Pvt Ltd, a Panchakanya Group company is introducing Chlorinated Poly Vinyl Chloride (CPVC) Pipes in the market soon. Harka Bahadur Thapamagar, the Sales Manager of the company said......',
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		'Article' => array(
			'id' => '383',
			'article_category_id' => '34',
			'title' => 'EU Ban Affects Ayurved Export(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal’s export of Ayurvedic medicines to Europe has declined following a ban on their import by European Union (EU) effective from May 1 citing public health risk. </span></div>
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	<span style="font-size: 9.5pt;">Dr Rishiram Koirala, the President of Ayurvedic Doctors’ Association-Nepal (ADAN) said the ban has proved really bad as it came exactly when the export of Nepali Ayurvedic medicines was on the rise. He complained that the EU ban also affected export to other countries. Koirala claimed that the ban was imposed to promote internal production of EU,not due to any threat to health.<br />
	<br />
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	<span style="font-size: 9.5pt; line-height: 115%;">Toya Narayan Gyawali, the General Secretary (Check …. As there can be no such post as Gen Sec In a Ministry) at the Ministry of Commerce and Supplies said the government has not received any formal notice on the restriction. He said, “If the restriction has indeed been imposed, we will try to solve the problem as soon as we receive a formal notification.” Prior to the ban, there was growing demand of ayurvedic medicines in eight countries including Austria and Sweden. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Rinchen Teaching Hospital in Dang</span></strong></span></div>
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	<span style="font-size: 14px;">C</span><span style="font-size: 9.5pt;">onstruction is going on for Rinchen Teaching Hospital at Sisahania of Dang with an investment of Rs 8 billion. According to the executive committee of the hospital, the initial phase of work has been completed. Gopal Prasad Bhusal, the Chairman of the committee claimed the hospital would be one-of-its-kind among the non-profit hospitals in Nepal.</span></div>
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	<span style="font-size: 9.5pt;">For the first phase, Rs 60 million was allocated while Bhusal said Rs 150 million may be required for designing and other works in the second phase. “In the third phase, the entire physical construction would be completed at an investment of Rs 6 billion,” said Bhusal. Another Rs 2 billion will be invested to make the hospital operational. Out of the total investment, Rs 200 million will be invested for information technology.</span></div>
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	<span style="font-size: 9.5pt;">Between 60 to 80 percent of the total cost will be financed by Ranag Tulku Rinchen Rinpoche, the Protector of the hospital, informed executive committee member Tilak Bhandari. The rest of the cost is to be financed from the government, local bodies and local donors, he added. </span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">According to Bhusal, the 700 bed-hospital plans to operate also air ambulance service in the future. The hospital will educate 100 MBBS, 50 MD, 200 BSC and 200 Nursing students every year. It will also conduct academic classes on meditation, yoga and spiritual knowledge. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">NRB’s Forced Merger By-laws</span></strong></span></div>
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	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal Rastra Bank (NRB) has issued a merger by-law that allows NRB to order a bank and financial institutions (BFIs) to merge if it is found weak in its vital indicators. The by-law also offers a number of incentives to encourage mergers, said Bhaskar Mani Gyawali, the NRB Spokesperson.</span></div>
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	<span style="font-size: 9.5pt;">The BFIs opting for mergers will be waived off several conditionalitis related to upgradation and operational area expansion. The by-laws also relax the provision on mandatory ‘complete three year’ rule in adding number of branches in the districts allowed to operate. </span></div>
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	<span style="font-size: 9.5pt;">The new regulation incorporates the provision of forceful merger, allowing the central bank to instruct two or more BFIs to merge if it deems appropriate. Similarly, the new rule has pledged relaxation on capital structure, shareholding limit for promoters, credit-deposit ratio, borrowing limit for promoters and deprived sector lending, among others.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">The central bank can instruct or suggest BFIs to merge if representatives of the same group, firm or company are found holding positions in the board of directors of more than one BFIs. It can also do so if the BFIs’ non-performing loans exceed five per cent of the total loan portfolio for three consecutive years and if the BFIs’ independent operations are causing negative impact on the banking system. The NRB can also ask those&nbsp;BFIs to merge to which the central bank has taken three corrective actions in a row or even in a case where it thinks the merger would strengthen the overall banking system. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Ncell Reduces 3G Tariff</span></strong></span></div>
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	<span style="font-size: 14px;"><span style="letter-spacing: 0.15pt;">P</span></span><span style="letter-spacing: 0.15pt;">rivate sector telecom operator Ncell has come up with a new scheme with reduced tariff for high-speed 3G Internet. Under the scheme, the company offers 500 Mb data for Rs 399 (or 80 paisa per Mb) down from earlier Rs 499. Similarly, 1000 Mb is now priced at Rs 699 (or 70 paisa per Mb). The Internet users not subscribing to the new packages will have to pay Rs 2 per Mb. </span><span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Banks’ Hydropower Investment Reach Rs 16 billion </span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he investment of Nepali Banks and Financial Institutions (BFIs) in hydro electricity projects has reached almost Rs 16 billion during the period of the last decade. Chilime Hydropower under the Public-Private Partnership model is the first project to have investment from Nepali banks. Himalayan Bank led the consortium of bankers to invest in this project. However, Indrawati is the first hydropower project promoted entirely by the private sector to receive bank investment.</span></div>
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	<span style="font-size: 9.5pt;">Among the other projects with bank finance are Piluwa, Sunkoshi and Sanima Mai. While the former two are small projects, Sanima Mai is relatively big with 15.6 MW and it has investment from a consortium of 11 BFIs. Until now, the BFIs have invested in this sector only through consortium.</span></div>
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	<span style="font-size: 9.5pt;">So far, a total of 21 banks and finance companies have invested in hydroelectricity projects. Clean Energy Development Bank and Jyoti Development Bank say they are specialised in investing in the energy sector and thus increase investment in this sector in the future.&nbsp;</span></div>
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">However, the investment of banks in hydroelectricity is a mere four per cent of the total deposits of the commercial banks. Recently, Nepal Rastra Bank changed the rule and allowed BFIs to invest up to 30 per cent of their loan outstanding in hydropower projects. Because the investment in this sector from the banks is very low compared to what they are allowed to, the private sector energy entrepreneurs have started arguing for fixing a minimum amount that the BFIs must invest in this sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Bankers say they are reluctant to invest in energy as it requires long gestation period and the returns are comparatively higher in other sectors. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Registration of Hydropower Companies Made Easy</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he Indistrial Promotion Board under the Ministry of Industry has changed the company registration rule for potential hydropower developer. According to the change, the the company registration for hydropower development is divided into two phases, says a souyrce at the Ministry of Industry. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">With this there is no capital requirement specified for the company that wants to just conduct the feasibility study on the proposed project. But once the company completes the feasibility study and wants to develop the project, it must have its authorised capital at least Rs. 100 million per megawatt of the generation capacity of the proposed project. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The earlier provision required the company to have at least Rs. 100 million as authorised capital even while asking for the permission to conduct feasibility study. This had restrained many developers as they have to pay a high amount as the company registration fee. The Registrar of Companies charges higher registration fee for higher capital. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Cash Rich Govt Institutions asked to Buy Shares in Listed Companies</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he high-level financial sector reforms coordination committee has decided to issue directives to state-owned institutions to buy shares of companies listed in the stock echange. Dr Surbir Paudyal, a Member of the committee and Chairperson of the Securities Board of Nepal (SEBON) said, “A decision has been made to allow Employees Provident Fund and Citizens Investment Trust to invest in the shares of companies listed in the stock exchange.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">It has also been decided to review the policy on loan from the banks against the security of share certificates and to explore ways to reduce cost of investment in shares. The major costs of investment in shares includeinterest on loan against the security of share certificates, share brokers’ commission, capital gains tax and charges levied by Nepal Stock Exchange.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Under the existing policy, the banks are allowed to lend against the security of share cerrificates up to the amount of 60 per cent of the market value of the share and they have to make a margin call when the market price of the share so received as security falls more than 10 per cent.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The meeting also decided to immediately begin induction of new brokers, start operation of mutual fund and establish credit rating agency. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>',
			'published' => true,
			'created' => '2011-08-08',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nepal’s export of Ayurvedic medicines to Europe has declined following a ban on their import by European Union (EU) effective from May 1 citing public health risk.',
			'sortorder' => '299',
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	(int) 11 => array(
		'Article' => array(
			'id' => '382',
			'article_category_id' => '34',
			'title' => 'Korean Company Sells Stake In Himalayas Spring Water(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">T</span>The Korean Company that owns Himalayas Spring Water situated in Rasuwa has decided to sell half of its shares for Rs 200 million to Muktishree Pvt Ltd, a Nepali company.“The Korean Company has now decided to have a separate Nepali company as its strategic partner,” informed Ganga Dhital, the General Manager of the company.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Though the decision has been made already, the formal transfer of shares is yet to materialise. The Department of Industry has also given its approval for the transfer of ownership. After the approval from the Office of the Company Registrar and Nepal Rastra Bank, the Korean company will get Rs 200 million from the buyers. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">New Model for Monetary Survey </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal Rastra Bank (NRB) is planning to carry out a monetary survey with a new and updated framework which is under preparation at present. An official at the NRB said the old framework is limited to a few commercial banks in its coverage as it was developed when the number of banks and financial institutions in the country was very small and the level of monetization in the economy was very low. With the growth in number of BFIs and much higher level of monetization of the economy, the old framework cannot correctly represent actual situation.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">In the absence of clear demarcation of their functions in the law and rules, the commercial banks, development banks and finance companies carry out almost similar activities making it necessary to include them all in the scope of monetary survey to get the true picture of money supply in the economy. However, the existing system of monetary survey does not include the activities of development banks and finance companies.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Deependra Bahadur Kshetry, Former Governor of NRB suggested including cooperatives as well in the survey as they too are doing similar activities as those of the banks. He also suggested that the monetary survey should include also the quantity of Indian currency in circulation in Nepal. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">49th IHRA Conference in Nepal </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">I</span><span style="font-size: 9.5pt;">nternational Hotel and Restaurant Association (IHRA) has selected Nepal as the venue for its 49th Congress scheduled to be held from December 1 to 3. Dr Ghassan Aïdi, the President of IHRA officially informed Prime Minister Jhala Nath Khanal about the schedule recently.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The IH&amp;RA has its head office in Geneva and has 1.1 million members around the globe representing 300,000 hotels and 800,000 restaurants, informed Aïdi.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">IHRA had held its Congress in Nepal once before in 1968.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Nepal bagged the opportunity to organise the coming event winning over the bids of Argentina and Switzerland. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<strong><span style="font-size: 16px;"><span style="color: rgb(51, 51, 153);">Life Insurance Bonus to Go Down</span></span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he life-insurance policy holders should now be prepared for reduced bonus on their savings as the regulator of the sector, the Insurance Board (IB), has instructed the insurance companies to change their method o fcalculatin the returns from their investment for the bonus purpose. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">&nbsp;According to a recently issued directive from the Board, the actuaries of the insurance companies will now take maximum of 6 percent as the return from their investment. However, if the actual return in any of the last three year’s period covered by the acturial valuation is less than 6 percent, they are required to take that lower figure for the acturial valuation. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The insurance companies transfer such amount from their profit and loss account to the fund from where they can distribute bonus to the policyholders and dividend to the shareholders. Any surplus after such fund is provided for will be transferred to insurance fund which is to be treated as reserve from which neither bonus nor dividend canbe distributed. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">This means the bonus rate on the savings of the life insurance policy holders will be less than 6 percent. At present some of the insurance companies are paying bonus at as high a rate as over 7 percent. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Shekhar Kumar Aryal, the Spokesperson of the Board said, “This provision has been made to ensure the longevity of the insurance company.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Insurance company sources complain that this new rule will attract the people away from life insurance to depositing their savings in banks. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Community-led Micro Hydros</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">T</span>he Society of Rural Empowerment based in Damauli has supported to install 112 micro hydro projects in eight districts that generated a total of one megawatt of electricity. Rs 53.2 million was invested in these projects. Sarita Gurung, President of the Society said the government’s Alternative Energy Promotion Centre and Danish International Development Agency’s (DANIDA) programme on alternative energy provided financial support to the projects.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	As part of this programme, 47 projects were constructed in Dhading, 21 each in Gorkha and Makwanpur and 12 in Lamjung districts. Similarly, four each in Nawalparasi and Manang, three in Tanahu and one project in Rasuwa were constructed. According to the Society, 10,800&nbsp;households benefitted from the programme. Projects were developed in areas not linked with national transmission line and having little chance of linkage anytime soon. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Exporters Deprived Promised Incentive</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he exporters are still denied the incentives they were promised by the government while presenting the budget for the current fiscal year. The reason behind this is the change in the government due to which there has been delay in getting approval from the council of ministers on the procedural guidelines prepared for this purpose. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to Toya Narayan Gyawali, a Joint Secretary in the Ministry of Commerce and Supplies, the guidelines were presented to the Council of Ministers about four months ago. But the approval was delayed as the government changed in the meanwhile. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The government has made a provision in the current year’s Finance Bill to give the exportes a cash incentive of two to four per cent of the export value after the foreign currency payment is received against the export. The government has allocated Rs 250 million for this purpose.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Udaya Raj Pandey, the President of Garment Association Nepal (GAN) expressed frustration that the government failed to provide the promised incentive even though the time for a new budget is approaching so near. “The failure to implement the promise has irritated the exporters,” he said. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Pandey also said that since the government levies tax as soon as the budget is announced, it should show similar promptness also in implementing the promise of providing incentives.&nbsp;</span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">PE Management Board Proposal @ Cabinet </span></strong></span></div>
<div>
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The Ministry of Finance has submitted a proposal to the Cabinet Secretarieat for the formation of the Public Enterprises Management Board as promised in the budget announcement of the current fiscal year.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Lok Darshan Regmi, a Joint Secretary at the Ministry of Finance said the board will coordinate and facilitate the activities of the public enterprises. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">However, the economists and management experts have termed this as a measure to avoid privatisation of public enterprises. In their view, this step would increase financial load on the PEs on the one hand and create one more bureaucratic hurdle in their operations. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Dr Bimal Koirala, the Former Chief Secretary of the government said, “It would be better to privatise the PEs than to form this board.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The government has made a total loan investment of Rs 79.34 billion in these corporations so far. This year alone, Rs 16.19 billion was allocated in the budget for the 36 operational corporations. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>',
			'published' => true,
			'created' => '2011-08-08',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'TThe Korean Company that owns Himalayas Spring Water situated in Rasuwa has decided to sell half of its shares for Rs 200 million to Muktishree Pvt Ltd, a Nepali company.“The Korean Company has........',
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	(int) 12 => array(
		'Article' => array(
			'id' => '381',
			'article_category_id' => '34',
			'title' => 'Ad And Media Expo Concludes(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12px;">T</span>he three-day Ad and Media Expo 2011 jointly organised by Advertising Association of Nepal, Alpabiram Pvt Ltd and Direction Nepal Pvt Ltd concluded on April 30. The expo organised to bring together the advertising and media industry, advertisers, clients, media owners and buyers was visited by 22,800 people. The organisers said the expo will be held next year as well.<span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Eleven New Hotelsfor NTY</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">I</span><span style="font-size: 9.5pt;">n the first four months of Nepal Tourism Year (NTY) 2011, 11 tourist-standard hotels have been added. According to Shambhu Prasad Koirala, the Officer at the Hotel Department of the Ministry of Tourism and Civil Aviation (MoTCA) said new hotels were registered in the beginning of the NTY expecting good returns.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">“As the registration procedure does not require investors to reveal the amount of capital investment, people unwilling to divulge their liquid assets are attracted to invest in the hotels,” said Koirala. Among the newly registered hotels, eight are in Kathmandu and rest three outside of the Valley.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">&nbsp;In 2010, 39 new hotels were added among which eight were three-star, two onestar and 29 tourist-standard. A total of 777 hotels have been registered with MoTCA so far. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Government Drafting Railway Law </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he government is drafting a railway law to provide a legal framework for facilitating the construction of railway lines and operation of railway services. According to the Ministry of Commerce and Supplies (MoCS), the law is expected to be promulgated in the fiscal year 2011-12. A four-member team led by MoCS Joint Secretary Toya Narayan Gyawali is drafting the law.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Matrika Prasad Marasini, a Undersecretary at the Law and Decision Implementation Section said, “In the absence of such a law, the railway services in operation in Janakpur and Birgunj dry port are regulated by Indian Railways. After the law comes into effect, they will be regulated by Nepal Railways.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to the draft of the law being prepared now, a separate unit under the Ministry of Labour and Transport Management will be set up to coordinate railway issues.&nbsp;The government may also form a railway board under the proposed law.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Currently Nepal has railway services operating on 29-kilometres stretch of Janakpur-Jayanagar. Similarly, there is a structure of railway upto Amlekhagunj from Raxaul though the service on this area is available only upto the Birgunj Dry Port from Raxaul. </span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The Ministry of Physical Planning and Construction has set a target to develop 4,000 kilometres of railway tracks in Nepal in the next 20 years. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Six Sigma Yellow Belt Certification </span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">S</span>ix Sigma Yellow Belt Certification Training conducted by Growth Sellers, a human resource company, concluded on May 15. During the two-day programme, Dr R S Chalapathi from the India-based Institute of Sigma Learning trained 35 senior managers from various companies. Six Sigma is a modern management tool that helps to lower cost and increase productivity. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">CG sponsors RCT</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">C</span>G Electronics, a wing of Chaudhary Group (CG) will provide Rs 500,000 as sponsorship amount to Ranipokhari Corner Team (RCT) for a year. The two parties signed an agreement to this effect on May 12. For the contract period, RCT players will wear the jerseys during matches bearing the LG Mobile logo. .</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Ramesh Shrestha, the General Manager of CG Electronics and Bijay Manandhar, the President of RCT signed the agreement. Shrestha said such sponsorships by business houses will help develop professionalism in in Nepali football. Manandhar said the sponsorship has provided a great financial relief to the team, for this year. CG has been sponsoring the education and sports sectors for a few years now. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">SPI Acquires Worldlink</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">Software Paradigms International Group (SPI), an Atlanta-based company providing technology service and financial solutions, has acquired Worldlink Technologies, a Nepali software company. According to a statement issued by Worldlink, the company will now be known as SPI Nepal. The current Worldlink CEO Yajurendra Shrestha will head the new company as well. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Established in 2001, Worldlink has been involved in software development related to human resource, e-governance and social security. Apart from domestic customers, the company also works with the government of Orissa, India and a&nbsp;Delhi based company, Invest India Micro Pension Services. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">SPI entered Nepal after establishing footholds in Europe, Asia, North America and Australia. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>',
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			'description' => 'The three-day Ad and Media Expo 2011 jointly organised by Advertising Association of Nepal, Alpabiram Pvt Ltd and Direction Nepal Pvt Ltd concluded on April 30. The expo organised to bring together the advertising.....',
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	(int) 13 => array(
		'Article' => array(
			'id' => '380',
			'article_category_id' => '34',
			'title' => 'Financial Closure Of Upper Tamakoshi(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal Telecommunications Corporation (NTC) has agreed to finance Rs 6 billion to construct the Upper Tamakoshi Hydropower Project. A 456 megawatts hydroelectricity project is financed by domestic investors and being developed for an estimated cost&nbsp;of Rs 35.29 billion. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Kanhaiya Lal Gupta, the Deputy Managing Director of NTC and Mrigendra Bahadur Shrestha, the Project Director of the Upper Tamakoshi Hydropower Limited (UTKHPL) signed the agreement.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Similarly, Employees Provident Fund has been investing Rs 10 billion, while Citizen’s Investment Trust and NTC have put Rs 2 billion and Rs 6 billion respectively for the project. The remaining Rs 11.8 billion will be generated by the government. The project, to be completed in 2015, has 70 per cent investment financed by loans and the rest 30 per cent from share capital. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<strong><span style="font-size: 16px;"><span style="color: rgb(51, 51, 153);">Samitivej to Manage Grande Services </span></span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">G</span>rande Hospital Nepal and Samitivej Hospital Thailand have reached an agreement for service management of the hospital. Dr Roop Jyoti, the President of Grande and Reymond Chong, the CEO and Managing Director of Samitivej signed an agreement to this effect recently in Kathmandu.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Grande Hospital, being constructed by CE Construction at Tokha, will have a capacity of 150 beds in a 14-storied building. The hospital plans to offer international standard health facilities at a low cost. Being constructed in a 210,000 square feet area, the building will be disabled-friendly. The hospital is being constructed at an investment of Rs 1.40 billion. It will have eight operation theatres, five elevators and four staircases. Jyoti hoped that once the hospital begins its services, the trend&nbsp;to go abroad for treatment will come to an end. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<strong><span style="font-size: 16px;"><span style="color: rgb(51, 51, 153);">MoTCA Seeks Updation of Hotel Standards </span></span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 16px;">T</span><span style="font-size: 9.5pt;">he Ministry of Tourism and Civil Aviation (MoTCA) is working to update its criteria for hotel and restaurant standards. Keshav Prasad Bimali, the Joint Secretary at the ministry said, also on the cards is the change in the rule so that the hotels will be mandatorily required to register themselves with MoTCA. The code is being updated to accommodate the changes made in various policies and rules four years ago (2064 Bikram Sambat) when the existing code was promulgated, he said. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to the existing rules, the hotels do not need to be registered with MoTCA. As a result it does not have a data on the number of hotels in operation. The code needs to be updated to include such requirements, remarked Shambhu Prasad Koirala, a Section Officer at the Hotel Division of the ministry. He said that this update will make it mandatory for hotels to be registered at the ministry and establish a renewal charge. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The ministry is also planning to form a working committee in coordination with the Hotel Association of Nepal, Nepal Tourism Board, Nepal Academy of Tourism and Hotel Management and other concerned bodies for the upgradation and amendment of working directives.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The ministry said that the standard of existing five-star hotels need to be upgraded to meet SAARC standards. However, the ministry will update the code for five-star hotels only after updating the standards for the tourist-standard hotels. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Machhapuchchhre Wins Inter-bank Volleyball </span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: 0.2pt;">M</span></span><span style="letter-spacing: 0.2pt;">achhapuchchhre Bank Limited has won the inter-bank volleyball tournament beating Kumari Bank Limited with a score of 23-25, 25-21, 32-30 and 25-18 in the final. The Bank&nbsp;was awarded Rs 50,000 cash prize and a trophy. The tournament was organised to commemorate the 56th anniversary of Nepal Rastra Bank. Kumari Bank took home Rs 35,000 and the runners-up trophy. Everest Bank Limited came third beating Agriculture Development Bank. </span><span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">NIDC’s 43rd AGM</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">N</span>epal Industrial Development Corporation (NIDC) held its 43rd annual general meeting on May 7 after a gap of nine years. The annual reports from 2002-02 to 2009-10 were presented by NIDC Chairman Shanta Bahadur Shrestha during the meet organised in its central office at Durbarmarg. Among the major resolutions of the AGM was the decicion to change its name into NIDC Bank Limited. Coinciding with the occasion, NIDC also started ATM service from its Durbarmarg office. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Shalimar Begins Clinker Production</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">S</span>halimar Cement Industry, in cooperation with Unitech Pvt Ltd, has begun trial production of clinker, a raw material used for producing cement. The industry located at Bara-Parsa Corridor has an investment of Rs 700 million and produces 30 tonnes of clinker every day.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<p style="text-align: justify;">
	<span style="font-size: 11pt; line-height: 115%;">Ashok Kumar Vaidya, the Managing Director of the company said the full capacity of producing 300 tonnes every day will be utilised in one-and-a-half month’s time. While this is the fifth Nepali company to produce clinker indigenously, other industries depend on imported clinker for cement production. The company has said it will supply clinker to other industries only after meeting its own needs.</span></p>',
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		'Article' => array(
			'id' => '340',
			'article_category_id' => '34',
			'title' => 'Natural Gas Remains Untapped',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">hough three decades have passed since natural gas was found below the grounds in Kathmandu , nothing has been done yet to bring it to the kitchen of the people. Negligence of the government and technical complications have made gas extraction a far cry. Officials at the Department of Mines and Geology say there is no possibility to extract natural gas for utilisation anytime soon.</span></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 9.5pt;">The department has failed to even to evaluate the proposals of two companies that sought permission to extract gas. The proposals are lying with the department for the last two years. Continental Trading Enterprises and Rajavardhan Construction, a company under KL Dugar Group had submitted those proposals. </span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 9.5pt;">Sarbajit Prasad Mahato, the Director General of the department accepts the weaknesses of the department but blames it to various complications. He said that more studies are needed to go ahead on this. </span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 9.5pt;">Studies have revealed that the area of 26 square kilometres from Teku to where the office of the Nepal Herbs Corporation is located contains natural gas. Studies by the department carried out at different times during the last 17 years show the possibility of a natural gas reserve of 310 million cubic metres. This amount can meet the need of 20,000 households for 30 years.&nbsp;The study conducted in 1996 says that extraction work would cost Rs 437.7 million. The extracted gas cannot be liquefied and filled into the cylinder directly. Therefore, it should be supplied directly to the households through pipelines. This is said to have become costly now because of the concrete constructions stretching the length and breadth of Kathmandu valley. However, such gas can be used to generate electricity thorugh thermal power station. The department has identified 14 places from where the gas can be mined. </span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The department has put forward an option to conduct fresh studies as the environment has changed much since the time of the previous studies. </span></div>',
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			'title' => 'Kulekhani III Misses Deadline (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p style="text-align: justify;">
	Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began on April 7, 2008, with the aim to bringing it into operation within three years. The contractor, Sino Hydro, has demanded three more years to complete the project as it failed to complete the work in its first term.</p>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Till date, only 40 per cent of the construction works are completed, according to the contractor. Sino Hydro has alleged frequent strikes by workers and cessation of the agreement with Nepal Electricity Authority (NEA) for the delay of construction. NEA has also not yet submitted the design of powerhouse.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The cost of the project is said to be increasing with the extension of the deadline. If it was completed within the stipulated time, it would have been completed in Rs 2.17 billion. The project was closed for 90 days due to strikes. The company has demanded Rs 740 million as compensation from NEA for such closures.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	According to Project Chief Uttam Amatya, a new work schedule has been finalised to complete the construction in one-and-a-half years.</div>
<div style="text-align: justify;">
	 </div>
<h3 style="color: blue;">
	Corporate Governance Directive for Insurance Companies</h3>
<div style="text-align: justify;">
	Corporate governance will now be enforced in insurance companies too. Insurance Board, regulator for the insurance sector, is planning to issue a directive for this purpose. The preliminary draft of the directive is ready. According to Shekhar Kumar Aryal, Spokesperson of the Board, the draft has been sent to all 25 insurance companies for feedback. He said the board will try to accommodate their suggestions in the directive.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The directive reportedly includes eligibility qualification for board of directors, managerial official’s rights, responsibilities, accountability, performance etc. Similarly, it has mentioned recruitment procedure and salary of board members, CEO and department heads.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Currently, a separate law and directive are missing that regulate corporate governance in insurance companies. In view of banks and financial institutions facing difficulty in absence of good corporate governance, its importance in the insurance sector is being felt.</div>
<div style="text-align: justify;">
	 </div>
<h3 style="color: blue;">
	3-Day “Money Expo 2011” from Sept 12</h3>
<div style="text-align: justify;">
	Aarthik Abhiyan, national business daily and Jamb Technologies (P) Ltd with Minds Nepal (P) Ltd and Morningstar Services (P) Ltd will organise a 3-day trade expo of Nepal’s financial sector called “Money Expo 2011”. To be held at the Army Officers’ Club, Bhadrakali, Sundhara, Kathmandu, the Expo will have more than 100 stalls from different sectors including Regulatory Bodies, the Stock Exchange, Commodities Exchanges, Banks and Financial Institutions, Merchant Bankers, Investment Companies, Insurance Companies, Brokerage Companies (Stocks &amp; Commodities), Remittance Companies, Depositories and Clearing Houses, Portfolio Management Companies, Financial Knowledge Management and Training Companies, Microfinance and Cooperatives, Traders’ and Investors’ Associations/Clubs, and Financial Domain Technology Companies. More than 50,000 visitors are expected in the Expo.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	“Money Expo 2011” has been planned to be the largest finance and investment show in Nepal and the first ever dedicated event of its kind to focus on the promotion of investment opportunities and wealth protection strategies., states a press release. This event is expected to provide business-networking opportunities for the financial sector companies. The Expo provides investors ample opportunity to speak directly with the nation’s top experts, whose knowledge covers trading and investing, banking, insurance, mutual funds, stocks, tax strategies, commodities and personal finance planning.&nbsp;“Money Expo 2011” provides the participants the opportunity to learn about the new products, services and industry trends, as well as meet potential customers and seal important business deals, adds the press release.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	In addition to the stalls of different organisations, the other attractions of the “Money Expo 2011” will be seminars and lectures from financial experts, regulators, analysts and successful investors as well as Quiz Contest, Art Exhibition, National and International Currency Show, Trading and Investment Movies Show, attractive door prizes, Best Stall Award and certificates for all stallholders.</div>',
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			'created' => '2011-10-11',
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			'description' => 'Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began.....',
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	(int) 1 => array(
		'Article' => array(
			'id' => '461',
			'article_category_id' => '34',
			'title' => 'Anti-Money Laundering Department In Operation (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then Finance Minister and Deputy Prime Minister Bharat Mohan Adhikari said that Nepal is committed to control legalisation of illegal money and prevent possible terrorist financing from Nepal.</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;">Nepal has already expressed commitment to the 49-point charter proposed by Financial Action Task Force, international body for control of money laundering and terrorist financing.</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;">Till date, the government has been looking after such financial crimes through the Department of Revenue Investigation. The department was set up after FATF tagged Nepal as the most vulnerable spot in South Asia.</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;">Adhikari said that with the establishment of the department, the government will now seek sources and take action against those who have gathered huge property overnight without any plausible source of income.</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;">Governor of Nepal Rastra Bank Dr Yuba Raj Khatiwada said that financial transparency would be maintained in a better way with the department coming into operation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Separate Office for Intellectual Property</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The government is set to establish a separate office for the protection of intellectual property as the trend of securing trademark for industrial products is increasing. Currently, trademarks are issued by Industrial Property Division at the Department of Industry.</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;">Spokesperson at the department Dhruba Joshi said that a separate office is being set up as the number of tasks has increased since last year. A taskforce is formed under a joint-secretary in the Ministry of Industries for that purpose.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">After the office is set up, trademarks will be issued by it. Trademarks were made compulsory last year jointly by the department and World Intellectual Property Organisation. In 2010, 2,351 products received trademarks including 1,622 national and 729 international products.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Private Company to Manage Valley Waste</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Shital Environment Group Pvt Ltd is planning to invest Rs 10 million in its cleaning business that targets to manage waste in the Kathmandu Valley. Surendra Acharya, Chairman of the company, confirmed that the plan to commence the work has reached the final stage. The company is being established in three ropani area in Godavary.</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;">Acharya said, “With the establishment of the company, we will begin waste management from the source itself.” The company has planned to organise programmes on waste management in all cities across the country.</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;">Acharya revealed that the company is planning to produce biogas and electricity through waste. He suggested training for housewives in waste management and inclusion of waste management in academic curriculum. The Waste Management Act 2011 has the provision to involve private sector in waste management.</span></div>',
			'published' => true,
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			'description' => 'The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then....',
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	(int) 2 => array(
		'Article' => array(
			'id' => '460',
			'article_category_id' => '34',
			'title' => 'Construct Flyovers Within This Year (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the direction to construct flyovers and subways at major crossroads to manage the valley transportation. The committee has also directed to expand lanes of major roads entering major cities around the country, upgrade inner roads, prioritise public vehicles for traffic management and restrict vehicles in certain areas of cities. However, the restricted areas are not decided yet.</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;">Similarly, the committee has asked to immediately remove street vendors, street side parking, hoarding boards and banners. Likewise, it has also directed to keep electricity, telephone and other wires underground. The committee has also asked to formulate a policy for such underground network.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">What are Former Finance Ministers Doing?</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Economic contemplation is not the first choice of many former finance ministers (FM). They are managing either political or private businesses. More than pondering over the economy, it seems they have something else more important to do in their daily lives. Till date, there have been 27 finance ministers. Subarna Shamsher Rana became the first FM after the inception of democracy in 1950. Subarna Shamsher presented the budget in 1951 for the first time in the Nepali history. Out of 27, 16 of them are alive while whereabouts of Bharat Bahadur Pradhan is not known. None of the FMs between 1950 and 1962 are alive.</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;">Surya Bahadur Thapa became the FM for the first time in 1962 and is still active in politics. He regained his position in 1964. He got the opportunity to lead the economy during hard times. He claims that he managed to reduce the unnecessary government expenses and prioritised developmental works. Thapa who has turned 84 is now the Chairman of Rastriya Janashakti Party. His days are spent on party related works, meeting dignitaries and party cadres.</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;">Another former FM, Surendra Bahadur Basnet, who took charge of the finance ministry in 1968, did not get the opportunity to present a budget. He became FM when the turmoil was still on. At his time, the value of Nepali and Indian currency was the same. So, there was the danger of failure for the entire economy due to problems in import-export. He is credited for correcting the chaotic situation. Basnet, 85, is now Executive Chairman of Buddha Air.</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;">Kirti Nidhi Bista, 86, who served as the FM twice, is living a retired life. He spends his time reading and writing for newspapers and having rendezvous with his relatives. Similarly, Dr Bhek Bahadur Thapa, who got the opportunity to present the budget for five times from 1975, is now busy in studies and research. Thapa, 75, has also served as secretary and even ambassador for 14 years. His times are spent mostly abroad on work. When he is in the country, he loves to spend time with his family. Thapa often advises the government when required.</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;">Dr Prakash Chandra Lohani became the FM for first time in 1983. He is credited for introducing liberalisation in the financial sector. At present, he is the Co-Chairman of Rastriya Janashakti Party. He is also the member of legislative parliament's Public Accounts Committee.</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;">Pashupati Shamsher Rana is currently focusing on his party activities. He is the Chairman of Rastriya Prajatantra Party. Likewise, Dr Devendra Raj Pandey who is known for his civil society activities is now concentrating on studies and research. He has also recently published a book named, Looking at Development and Donors.</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;">Mahesh Acharya who became FM after 1991 general election got the opportunity to present the budget&nbsp;for four times. It was in his tenure that the state-controlled economy shifted towards liberalisation. A central committee member of Nepali Congress, he spends his days in research, party activities and meeting party cadres.</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;">In 1994, Bharat Mohan Adhikari stepped in as the FM. He also gave continuity to economic liberalisation initiated by the Nepali Congress government. He is known for beginning economic decentralisation with some of his programmes. He became the FM also in the outgoing government that was led by Jhala Nath Khanal.</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;">Dr Ram Sharan Mahat is still active in economic contemplation and party politics. He became FM for five times and presented six budgets. He claims he ensured economic liberalisation and financial sector reforms. He also began the concept of VAT in Nepal. He has reformed taxation and in his time numerous development projects were announced. He is in the central committee of his party Nepali Congress and is also a member of the Constituent Assembly. When he gets free time from party activities, he adores playing golf.</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;">Dr Badri Prasad Shrestha who became FM in 2002 did not get opportunity to present any budget. He says he brought the economy back on track. He has spent 11 years in National Planning Commission. Shrestha has also been Nepal’s Ambassador to Japan. Having neurone problem for two years, he rarely moves around. Though he is associated with numerous organisations, he is not active due to his health problem.</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;">Madhukar Shamsher Rana became FM during the direct rule of the king. Currently, he is teaching in South Asian Institute of Management. He owns Shaligram Apartment Hotel at Jawalakhel. He is also associated with SAARC Chamber of Commerce and Industry and South Asian Policy Research Institute, Colombo.</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;">Dr Roop Jyoti became Deputy FM during the direct rule of king in 2004. He is a renowned industrialist and Vice-chairman of Jyoti Group.</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;">Dr Baburam Bhattarai has now become the Prime Minister of Nepal. He became FM after Maoists became the largest party in parliament after the Constituent Assembly elections. He has been successful in increasing the revenue collection by 33.5 per cent, largest-ever jump in the Nepali history. He is also the Vice-chairman of the UCPN Maoist. He visits his home district Gorkha every month. He mostly remains busy in party activities.</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;">Similarly, Surendra Pandey was the FM for 21 months. He claims the budgets he presented were tilted to socialism. He presented three budgets. He became FM in the CPN-UML-led government. He is also the politburo member of the party.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Global Bank and Shikhar Insurance Tie-Up</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Global Bank Ltd and Shikhar Insurance have signed an agreement to provide non-life insurance service to the bank´s customers. Janak Sharma Poudel, deputy general manager of the bank, and Deepak Prakash Pandey, chief executive officer of Shikhar Insurance, signed the agreement on August 7.</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;">Issuing a statement, the bank said customers will get non-life insurance facility under a single roof after signing of the pact. The bank has set up a separate counter at its branch office at Kantipath to provide insurance service.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
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			'keywords' => '',
			'description' => 'The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the.............',
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	(int) 3 => array(
		'Article' => array(
			'id' => '459',
			'article_category_id' => '34',
			'title' => 'SAARC Biz Leader's Meet In Kathmandu',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">Fourth SAARC Business Leader’s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed ‘Peace and Prosperity through Regional Connectivity’ is being organised by SAARC Chamber of Commerce and Industry in collaboration with Federation of Nepalese Chambers of Commerce and Industry.</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;">Being organised for the first time in Nepal, the meet will have participation from business personalities from the SAARC region. In the three-day assembly, representatives will be conducting presentations and round table discussions. Organisers have said that the meet would be fruitful for regional industrial and business investment cooperation.</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;">Emerging priority concerns for South Asia water, energy, climate change and food security; regional economic integration, tourism, cultural exchange, prospects of trade and investments will be the major themes for deliberation in the meet. Diplomats and senior government officials, business community leaders, renowned entrepreneurs, professionals, media representatives, analysts and others will be present during the programme.</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;">During the assembly, SAARC Trade Fair and cultural performances will also be organised from September 21 to 24. The meet held every two years was previously organised in New Delhi, Mumbai and Colombo.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">RID To Bust Informal Remittance</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The Revenue Investigation Department (RID) has started taking action to control the remittance coming through informal channel. The department has begun raiding suspicious areas as it suspects billions of rupees transacted through illegal means. In the first phase, the department raided business centres of New Road and Sundhara in Kathmandu.</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;">The department raided Union International Tours and Travels and Pashupati Trading Company and seized documents and a few hundred thousand rupees.</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;">The previous attempt by the department to seize informal remittance remained largely unsuccessful. Experts are saying that billions or rupees are being transacted through illegal and unknown channels. There are suspicions that such transactions are done on political protection with the support of large business houses.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Fivefold Increase in Household Income</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Nepal’s household income has increased five folds over the past 15 years, thanks to the rise in the number of employed population, shift from agricultural to non-agricultural employment and increased inflow of remittances. The household income that was Rs 46,732 per annum in 1995/96 has increased to Rs 202,374 in 2010/11. Nepal Living Standards Survey (NLSS) released by Central Bureau of Statistics on August 8 revealed these findings.</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;">The income of poorest families has also increased seven folds and reached Rs 15,888 in 2010/11 from Rs 2,220 in 1995/96.&nbsp;The report suggests that people living below the national poverty line has gone down to 25 per cent.</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;">Similarly, income of the richest population has also increased five folds compared to 15 years back. In 1995/96, their annual income was Rs 19,325. The latest survey has revealed that it has reached Rs 94,149. According to CBS, Nepali’s living standard has also increased with the increase in income.</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;">According to Uttam Narayan Malla, Director General of the department, main purpose of the survey is to predict the poverty situation based on daily consumption pattern. He also stated that the current survey reveals more people are consuming fruits, fish and meat.</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;">The first survey of 1995/96 revealed that the per capita consumption on the then price was Rs 6,800 while it has increased to Rs 34,829 in 2010/11. The consumption has increased by 412 per cent of the poorest 20 per cent population. Similarly, the consumption of the richest group has also increased by the same rate. According to the survey, the poorest group spends 8 per cent of their income in consumption while the richest spends 47 per cent of their income in consumption.</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;">Over the same period, average per capita income of an individual has undergone a tremendous growth to Rs 41,659 in 2010/11 from just Rs 7,690 in 1995/96. According to the survey, the major source of income has shifted to non-agricultural sector from agriculture. The income from agriculture has shrunk to 28 per cent from 61 per cent earlier.</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;">Similarly, the employed population has increased by 11 per cent reaching 78 per cent. According to the first survey, only 67 per cent people were employed. The new survey has also shown that 90 per cent Nepalis live in their own house which is four per cent less than previous survey result.</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;">The survey was conducted in technical cooperation with The World Bank and studied 12 different subject matters.</span></div>',
			'published' => true,
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			'description' => 'Fourth SAARC Business Leader’s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed ‘Peace and Prosperity through Regional Connectivity’ is being...',
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	(int) 4 => array(
		'Article' => array(
			'id' => '410',
			'article_category_id' => '34',
			'title' => 'Bankers Call MoF, NRB Irresponsible (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,” he threatened.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million.&nbsp;</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins &nbsp;Spot Contract</span></span></div>
<p style="text-align: justify;">
	<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
	</span></span></p>',
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			'description' => 'Bankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said......',
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	(int) 5 => array(
		'Article' => array(
			'id' => '409',
			'article_category_id' => '34',
			'title' => 'Siddhartha’s Branchless Banking At Dailekh (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt;">S</span>iddhartha Bank Limited has kicked off its branchless ‘Easy’ banking service from Dailekh. The bank launched the service on June 15 by issuing a smart card with which banking transactions can be made. Chief District Officer of Dailekh, Bashudev Adhikari, inaugurated the new service.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">The need for this service arose as the bank has to manage cash distribution under the World Food Programme’s Cash for Work. The bank said that the machine provided for the branchless banking at Dailekh identifies its customers by their fingerprints and photos, making the service secure and effective. With this service, people can access services like deposit, loan, remittance, money transfer, among others in the village itself. The bank also said that the social security allowance provided by the government can be distributed to people with this service.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">PLO Doubling Its Production</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt; letter-spacing: -0.05pt;">P</span><span style="letter-spacing: -0.05pt;">urbanchal Lube Oil Pvt Ltd (PLO) is doubling its production from the coming fiscal year. Bhola Dulal, Managing Director of the company, said that PLO is doubling its capacity as per the policy to increase production every year. He added, “We are also increasing production to make Nepal independent in lubricants and grease.”</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.05pt;">The company produces&nbsp;one million litre of lubricants and 550,000 kilograms of grease. According to Dulal, PLO plans to produce three million kilograms of grease and lubricants from the next year. PLO is also preparing to add infrastructure to increase the production. Established with Rs 11 million investment in 2001, the company’s share capital has increased to Rs 150 million. The company claims that lubricants produced by the company under brand names PLO and Star covers 26 per cent of the market share. The company is producing over 200 types of products by importing raw materials mainly from Dubai, Quatar, Australia, Russia, Korea, India and Iran.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">SEBON Revamp Needs More Staff</span></span></div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.1pt;">Securities Board of Nepal (SEBON) has brought some changes to its organisational structure. Dr Surbir Paudyal, Chairman of SEBON, said that amendments were brought in to enhance its capacity. He also informed that amendments were made based on a report prepared by Securities Board of India (SEBI).</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.1pt;">In the old structure, there were seven departments and 13 sections while the new structure will have six departments and 23 sections. Currently, there are 38 employees while the new structure will have double the number of staff. SEBON’s announcement of a revamp comes at a time when there is widespread criticism of its effectiveness. SEBON has been given the rights to regulate Mutual Funds and Credit Rating Agencies, and while Commodities market is also likely to fall under its jurisdiction. Paudyal said that it would take some time for new the structure to come into effect.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Food Production Rises By 11%</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt; letter-spacing: -0.25pt;">F</span><span style="letter-spacing: -0.25pt;">ood production has increased this year by 11 per cent compared to the previous year. Dr Hari Dahal, Spokesperson at the Ministry of Agriculture and Cooperatives, said that with the growth in production, Nepal will have a food surplus of 110,000 thousand metric tonnes.Dahal said that last year the country witnessed a deficit of 330,000 metric tonnes of food grain. “In the current fiscal year, 8.61 million metric tonnes of food has been produced which is 11 per cent higher than the last year,” he revealed. In the previous year, 43 districts faced food-shortage while this year the number has come down to 38.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	According to Dahal, favourable climate, increased subsidy in chemical fertilizers, use of improved seeds and technology resulted in the increased production. Out of the total production, 367,000 metric tonnes will be used to produce feeds for livestock. There is a demand for 5.4 million metric tonnes of food grains annually.&nbsp;</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NTA Proposes To Use RTDF</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="">N</span><span style="font-size: 9.5pt;">epal Telecom Authority (NTA) has sought permission from the Ministry of Finance to use the funds collected in Rural Telecommunication Development Fund (RTDF). NTA Spokesperson Kailash Neupane said that the authority wants to use the amount collected for the development of telecommunication infrastructures. Rs 3.25 billion has been collected in the fund so far.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Neupane revealed, “With the amount, NTA is planning to issue tender to lay optical fibre in all 75 districts. As soon as the ministry approves the proposal, we will issue the tenders.” According to the telecommunication policy, the amount in fund can be used by NTA to finance infrastructure development. Telecommunication operators contribute two per cent of their income to the fund. Purushottam Khanal, Chief of Rural Telecommunication Department of NTA, said, “We are planning to extend information highway all over the country with the accumulated fund.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">NTA has planned to complete the development project in two phases for east and western parts of the country. Khanal revealed that NTA has earmarked Rs 2.59 billion for the eastern region while Rs 1.90 billion for the western region. As of now, 35 districts are linked by the optical fibre. NTA started collecting two per cent from the service providers since its establishment in 1994-95. Now, around Rs 1 billion is collected annually in the fund.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">20 Places Shortlisted for Mid-Hill Cities </span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he government has shortlisted 20 places along the proposed mid-hill highway to select ten of them as new cities. The selection was made by Ministry of Physical Planning and Construction ont he recommendation of&nbsp;Prof Dr Bhim Subedi, the consultant associated with city identification project. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Among the 20 shortlisted places three are from Accham including Rakam, Safebagar and Binayak. Similalry, three places of Rukum – Chaurjahari, Rukumkot and Musikot - are in the short list. Among the other places shortlisted are Fidim, Basantapur, Dumre, Ghurmi, Khurkot, Baireni-Galchhi, Diktel and Patan (Baitadi). Similarly, Burtibang, Dipayal,&nbsp;Dulegauda, Jarayotar (Bhojpur), Kurintar (Chitwan) and Mangaltar (Kavre) are likely to be chosen to be developed as cities.&nbsp; <br />
	</span></div>
<p style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Though there are more than one place included in the short list, Prof. Dr. Subedi said that his recommendation is to select at least two places from each development region to ensure proper regional balance.</span></p>',
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			'description' => 'Siddhartha Bank Limited has kicked off its branchless ‘Easy’ banking service from Dailekh. The bank launched the service on June 15 by issuing a smart card with which banking.....',
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	(int) 6 => array(
		'Article' => array(
			'id' => '408',
			'article_category_id' => '34',
			'title' => 'Birgunj SEZ Construction (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he construction work in the special economic zone (SEZ) of Birgunj is nearing completion. However, industrialists complain that the law needed for the operation of the SEZ which is hoped to boost exports, is still not enacted.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The SEZ is being constructed in an 832 bigha land that was once the premises of Birgunj Sugar Mills.&nbsp;The idea to establish a SEZ at this location was finalised seven years ago with an objective to increase export competitiveness of the country. The government began building the SEZ as per the Industrial Policy that promises various facilities to the exporters. However, the industrialists are arguing that the facilities should be provided also to the industrial units that produce goods for consumption within the country. Jagdish Agrawal, Chairman of Nimbus group of companies said the government policy to protect only the export-oriented industries is wrong. He said that in a country like Nepal where the internal production is not enough to meet the internal demand, there is no point in providing incentives only to production meant for export. He also suggested setting up economic zones specialised in certain products. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Om Prakash Sikaria, Former President of Birgunj Chamber of Commerce and Industry however, expressed hope that the SEZ would help in the development of export-oriented industries in and around Birgunj. However, he complained at the delay in introducing a separate law required for the operation of the SEZ.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Both Agrawal and Sikaria pointed out that the Birgunj SEZ will have problems as it is located away from the highway and the dry port. The Birgunj SEZ will have five blocks. Among them, block A will be the biggest with an area of 343 bigha. Block B will have 123 bigha while the area of block C will be 49 bigha. Similalry, block D will have 178 bigha and block E will be of 133 bigha.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169); letter-spacing: -0.6pt;">Maoists not for Majority Foreign Stake in Nepali Banks</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt; letter-spacing: -0.1pt;">U</span><span style="letter-spacing: -0.1pt;">CPN –Maoist Constituent Assembly (CA) members do not want branches of foreign banks in Nepal. They have started political lobbying saying the foreign banks established in Nepal will leave negative effects on the economy.</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: 0.15pt;">They have taken a stand not to allow foreign banks to own more than 49 per cent stakes in banks in Nepal. They want it to be included in the Banks and Financial Institution Act (BAFIA) which is in the process of amendment. “This is the issue of nationality,” said Narayan Prasad Sharma, a Maoist CA member and coordinator of BAFIA sub-committee. “We are determined to make provisions that only Nepali citizens and entities can hold a majority stake in Nepali banks,” he added. “It will be a threat to the national economy if 51 per cent stake is not held by the Nepalis,” he clarified. Another Maoist CA member Hari Roka said that the provision about the ownership of a foreign bank branch should not exceed 49 per cent and it should be mentioned in the law itself. However, the Maoist stand is against the World Trade Organisation (WTO) provisions. While being the member of WTO in 2004, Nepal had signed an agreement to allow foreign investments into the country from 2010.</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Panchakanya Operates On Full Capacity</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 13pt;">P</span><span style="font-size: 9.5pt;">anchakanya Steels, a Panchakanya Group company, has begun operating to its full capacity. Biswojay Pudasaini, Sales Manager of the company, said that the company has invested Rs 100 million to increase the output.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">With the upgrade in production, the company has begun producing 80 thousand metric tonnes of steel rods annually. Previously, only 60 tonnes of steel rods was produced in a year. Pudasaini claimed that with the increase in production, market share will also increase to 25 per cent. He said that government and foreign projects largely use Panchakanya Steels products.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Panchakanya began producing to its full capacity from the second week of June. According to Pudasaini, the company installed the latest technology after replacing the old one. However, he said that the product is yet to be supplied to the market. The company is producing rods from its plant at Bhairahawa.</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169); letter-spacing: -0.6pt;">Shiva Ram wins Surya Nepal Central Open</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">S</span><span style="font-size: 9.5pt;">hiva Ram Shrestha registered an eight-stroke victory over Sanjay Lama to take home the Surya Nepal Central Open title at the Gokarna Golf Club. He carded four-under 68 on the final day for a total of 10-under 278 to list the 11thcareer title, highest by a pro in the Nepali tour. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Similarly, Lama stood on second position with a total of two-under 286 after the final round score of five-under 67, while Mani Rai played a round of six-over 78 to score the third position at&nbsp;one-under 287. Samundra Giri and Ramesh Nagarkoti shared the fourth position at 289.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">In amateur category, Tashi Tsering claimed the trophy with a total score of 10-over 298 while Bikash Bogati came second at 299.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Out of the total cash purse of Rs 425,000 of the third event under the Surya Nepal Golf Tour 2011-12, Shiva Ram received Rs 90 thousand, while Sanjay bagged Rs 57 thousand. Similarly, third-placed Mani pocketed Rs 45 thousand. Dorji Sherpa, Vice-President of Gokarna Forest Resort and Ghana Shyam Thapa, former President of Nepal PGA handed over the prizes to the winners.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Deposit Insurance Mandatory for Commercial Banks Too</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 10pt;">N</span>epal Rastra Bank (NRB) has started sending letters to commercial banks directing them to insure deposits up to Rs 200 thousand. “We have directed commercial banks to ensure deposit insurance in next fiscal year,” Bhaskar Mani Gyawali, Spokesperson of NRB, said.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The central bank has said that deposit insurance has been made mandatory to safeguard the deposits of common depositors at a time when financial institutions are considered fragile. Gyawali said that deposit insurance is made extensive as a part of winning back confidence of depositors. Deposit insurance programme began this year starting from development banks, finance companies and microfinance banks. Till date, deposits of Rs 529.6 million of 1.4 million depositors in 138 financial institutions have been insured.&nbsp;</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Eight Polytechnics in the Offing</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 13pt;">E</span><span style="font-size: 9.5pt;">ight new polytechnic institutes will be set up in different parts of the country with financial assistance from the Nepal government and some friendly countries. Total investments into all these institutions will add up to Rs 3.32 billion. These institutes will be established in Makwanpur, Rupandehi, Rautahat, Sarlahi, Kailali, Dhanusha, Chitwan and Kathmandu. Bishnu Koirala, Director of the Council for Technical Education and Vocational Training (CTEVT), said these establishments will be financed by national and foreign investments.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">With a financial assistance of Rs 450 million from the Indian government, a polytechnic will be set in&nbsp;Hetauda, Makwanpur, will be established with the support of Indian government. According to Koirala, Another polytechnic will be set with a Korean assistance of Rs 520 million in Butwol, Rupandehi. Polytechnic institutes in Janakpur, Chitwan, Kathmandu and Kailali will be set up with a government assistance of Rs 500 million for each of the institutes.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<p style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Similarly, nursing institutes will be set up in Gaur, Rautahat, Malangawa and Sarlahi with investments of Rs 150 million each by the Nepal Government. According to Koirala all these institutes will be ready in four years. </span></p>',
			'published' => true,
			'created' => '2011-09-05',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The construction work in the special economic zone (SEZ) of Birgunj is nearing completion. However, industrialists complain that the law needed for the operation of the SEZ which is....',
			'sortorder' => '323',
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	(int) 7 => array(
		'Article' => array(
			'id' => '407',
			'article_category_id' => '34',
			'title' => 'NEA Deceived On PPA Rate (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="">T</span><span style="font-size: 9.5pt;">he private sector has accused Nepal Electricity Authority (NEA) of deceiving electricity producers on the rate of Power Purchase Agreement (PPA). NEA has increased PPA rate by 20 per cent on projects up to 25 megawatts.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Previously, electricity producers could raise price up to nine times in PPA rate but now they can increase up to only five times. With this, the PPA increase rate said to be 20 per cent will actually be 10 per cent, said Gyanendra Lal Pradhan, a power producer, The government promised to increase PPA by 20 per cent in projects that will be completed within four years but NEA did not follow it.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The private sector is saying that with the latest increase, internal return rate will be lower than 12 per cent. Power producers are saying that nobody will be interested to borrow from banks at 16 per cent and invest for that rate of return. Independent Power Producers Association-Nepal (IPPAN) says that for 30 years, average PPA rate should be fixed at minimum Rs 6 per unit. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Dr Subarna Das Shrestha President of IPPAN said that due to high interest rate, ongoing projects are also on the verge of being scrapped.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 24pt; color: rgb(0, 92, 169);">Bhatbhateni Supermarket in Koteshwore</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14pt;">B</span>hatbhateni Supermarket and Departmental Store has opened its new outlet at Koteshwor from June 11. During the inauguration, Min Bahadur Gurung, Managing Director of Bhatbhateni, said that the new shopping centre is equipped with customer care desk, elevator and escalator for physically challenged people along with other modern amnesties.</div>
<div style="text-indent: 0in; text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	He said that 200 people are getting employment in the supermarket out of which 90 per cent are women. The five–storey supermarket has been built at an investment of Rs 500 million. Gurung revealed that within this fiscal year, new supermarkets will be established at Jawalakhel and Chuchepati. He said its chain outlet in Pokhara is under construction. He also revealed that supermarkets at Bhatbhateni and Maharajgunj register an annual turnover of Rs 2 billion.<br />
	 </div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 22pt; color: rgb(0, 92, 169);">Electricity Development Corp within 15 Days<br />
	<br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt; letter-spacing: -0.25pt;">T</span><span style="letter-spacing: -0.25pt;">he government has announced to set up Electricity Development Corporation within 15 days from June 8. Gokarna Bista, Minister of Energy, said, I will show by establishing the corporation within 15 days. He added, Committee formed for the inception of the corporation is working to complete the task within seven days.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">Finance Minister Bharat Mohan Adhikari said that legal consultations are going on for setting up of the corporation. He also revealed that the corporation will not be controlled by the government but will be an independent unit. World Bank, Asian Development Bank, China Exim Bank and other international entities will be invited to invest in the company. Bista said that the seed capital of the corporation will be around Rs 7 to 15 billion. The government had proposed the establishment of Electricity Development Corporation after declaring power emergency in the country some months ago.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);"><br />
	Siddhartha and NMB to Operate Mutual Fund<br />
	<br />
	</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt;">S</span>iddhartha Bank Limited has become the first company to file an application to the Securities Board of Nepal to work as a mutual fund. One year after the regulation came into force, first application for licence to run mutual fund has been registered.</div>
<div style="text-indent: 0in; text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">Siddhartha Bank has begun the process of establishing a mutual fund under the name Siddhartha Mutual Fund. The bank is planning to establish fund under Siddhartha Asset Management, bank's sister organisation, according to Bhola Dhungana, Office Secretary of the bank. The fund will be established with Rs 100 million paid-up capital. The company has said it will begin operation as soon as it gets approval from the SEBON. Similarly, NMB Bank has also registered an application on SEBON to operate its NMB Mutual Fund. NMB has prepared necessary requirements for operating the mutual fund. The fund will be managed and operated by sister organisation of the company, NMB Capital Limited.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 24pt; color: rgb(0, 92, 169);"><br />
	Interbank Lending For Six Months</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt; letter-spacing: -0.25pt;">B</span><span style="letter-spacing: -0.25pt;">anks and Finance Companies can issue interbank loans for up to six months. Nepal Rastra Bank (NRB) has made a special provision for interbank loans with effect from June 27. Bhaskar Mani Gyawali, Spokesperson of NRB, said, To lower the pressure of liquidity, this special provision is made.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	Now, commercial banks, development banks and finance companies can issue loans to each other against the acceptable collateral. According to Gyawali, such lending will be for six months on the maximum.&nbsp;</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20pt; color: rgb(0, 92, 169);"><br />
	Progress in Amending Securities Transaction Act<br />
	<br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt;">T</span>he Securities Board of Nepal (SEBON) has presented a proposal to the Ministry of Finance (MoF) to amend the Securities Related Act 2007. Paristha Paudyal, Director at at the Board's Regulation Department said, the amendment is to accommodate a provision to authorise the Board to regulate the commodities exchanges as well.</div>
<div style="text-indent: 0in; text-align: justify;">
	<br />
	 </div>
<p style="text-align: justify;">
	<span style="font-size: 11pt; line-height: 115%;">In this year's budget, the government had announced to arrange for regulation of the commodities exchanges. Accordingly, a committee was formed with representatives from SEBON, MoF and commodities exchanges. The proposed draft amendment is based on the recommendation of the committee, said Paudyal. Currently, there are five exchange companies in operation while five more are trying to acquire license. </span></p>',
			'published' => true,
			'created' => '2011-09-05',
			'modified' => '2012-10-31',
			'keywords' => '',
			'description' => 'The private sector has accused Nepal Electricity Authority (NEA) of deceiving electricity producers on the rate of Power Purchase Agreement (PPA). NEA has increased PPA rate by 20 per.....',
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	),
	(int) 8 => array(
		'Article' => array(
			'id' => '406',
			'article_category_id' => '34',
			'title' => 'Nimbus Trains 2,000 Poultry Farmers(july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Nimbus has conducted around 34 free trainings this year to 2,000 poultry farmers in different parts of Nepal. It has been conducting these trainings on a monthly basis and has covered more than 50 districts of the country so far. The poultry farmers were trained on poultry farm management, bio security at small farms, commonly encountered poultry diseases, summer and winter management, summer stress, vaccination schedule etc.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Nimbus has its own training cell which is headed by a veterinarian. It also has a mobile training center to train poultry and livestock farmers. It also conducts trainings for cattle farmers of Chitwan, Dhading and Tanahun in association with Practical Action.</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-align: justify;">
	 </div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 22pt; color: rgb(0, 92, 169);">Sunrise to Invite&nbsp; Joint Venture</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 9pt;">S</span>unrise Bank Limited has decided to partner with an&nbsp;international bank. Moti Lal Dugar, Chairman of the Bank, said that the bank is talking with a well-known international bank for partnership. Dugar said that the partnership will be finalised soon. He opined it is better to invite foreign invest rather than merge with a national bank. So, the company is bringing in a strategic partner. He also revealed that the bank is soon launching international visa credit card. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.3pt;">&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-align: justify;">
	 </div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20pt; color: rgb(0, 92, 169);">Hyundai’s new brand Motto</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Hyundai Motor Company, the world’s fastest-growing automotive company by brand, officially announced its new brand direction and statement at the 2011 North American International Auto Show in Detroit. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The new brand statement “New Thinking. New Possibilities.” encompasses Hyundai’s new brand concept, “Modern Premium”, which aims to provide customers with emotional value and experiences beyond expectations, says the company. “It’s bigger, smarter and driven by the desire to share stylish, high quality and efficient vehicles with everyone” it says and adds: “New Thinking means challenging convention and pushing boundaries. And New Possibilities means coming up with more forward-thinking ideas and solutions. Hyundai’s new way of thinking is to share premium value with more people and make new possibilities for people and planet by constantly generating new ideas. It gives an opportunity to take a look at the new vision for the future of Hyundai.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Today, customers do not believe that expensive cars with unnecessary technology are premium. They no longer want to simply show off their status. Instead, they want their core needs fulfilled at an accessible price and with a car that exceeds their expectations; a car that reflects their values and the times in which they live. “Hyundai is not just a company that makes cars. Hyundai is a company that creates new possibilities. Our goal is not to be the biggest car company. Our goal is to be the most loved automotive company on the planet, and to be a trusted lifetime partner of our owners,” said Vice Chairman Chung, Hyundai Motor Company.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">In the most basic sense, a car is just a way to get from point A to B. But in reality, it is a place for much more - first dates, bonding time with the kids, quiet time alone. It’s a great place to store your gear, enjoy great music, spend a quick moment studying before an exam, or even take a nap or have a meal. “Hyundai’s goal is to create new values and a new culture that will upgrade the in-vehicle experience. Hyundai makes cars to enhance quality of people’s life’, says the company. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Nirakar Shrestha, MD of Laxmi InterContinental says: “With the global introduction of Hyundai Motor Company’s new brand statement “New Thinking. New Possibilities.”, we here at Laxmi InterContinental are pleased to implement the overall brand philosophy in Nepal. The new thinking of HMC relates to the new benefits that it will provide for its customers enjoyment. It seeks to provide additional values sought by society today (enabling more people to enjoy premium values at a fair price). HMC refers these new values as New Premium, Hyundai Premium, or Modern Premium. And Laxmi InterContinental is committed to deliver truly Hyundai Premium along with other services to its valued customers.”</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 22pt; color: rgb(0, 92, 169);">HYUNDAI Premiums in Nepal</span></div>
<div style="margin-bottom: 11.35pt; text-align: justify;">
	Laxmi InterContinental P. Ltd.; sole distributor of Hyundai for Nepal, revealed the new Sonata and Tucson recently.</div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 13.5pt;">Tucson</span></div>
<div style="margin-bottom: 11.35pt; text-align: justify;">
	First impression counts for a lot. Set eyes on the new Hyundai Tucson and we bet you’ll find your second and third glances are just as rewarding. Synthesis of flawless, cutting edge design, embodying style in every curve, sporty and powerful, yet, refined and relaxed. And when it comes to safety and security, the new Tucson is all equipped that gives you all the assurance you need and even beyond your expectation.</div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 13.5pt;">Sonata</span></div>
<div style="text-align: justify;">
	<span style="letter-spacing: 0.05pt;">Within seconds of getting acquainted with a Sonata, you will begin to wonder if it’s still today. The breath taking exterior design with rigid surface and structure that creates impression of constant, graceful motion. Inside, you will be surrounded by features capable of doing things that will transform your expectation of what a car can do. Indeed, everything about the Sonata - its sharp looks, next generation technology, and uncommon luxury and style - speaks uncannily of tomorrow.</span></div>',
			'published' => true,
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			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nimbus has conducted around 34 free trainings this year to 2,000 poultry farmers in different parts of Nepal. It has been conducting these trainings on a monthly basis and has covered..........',
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	(int) 9 => array(
		'Article' => array(
			'id' => '384',
			'article_category_id' => '34',
			'title' => 'CPVC Pipes From Panchakanya Plast(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">P</span><span style="font-size: 9.5pt;">anchakanya Plast Pvt Ltd, a Panchakanya Group company is introducing Chlorinated Poly Vinyl Chloride (CPVC) Pipes in the market soon. Harka Bahadur Thapamagar, the Sales Manager of the company said that the company has already begun the production of these pipes. “The manufacturing of mould needed for making the pipes is in the process and we will launch our product within a month,” he said. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to Thapamagar, CPVC pipes are better alternatives to GI pipes for drinking water supply as the former are rust free and lightwieight to transport to remote locations. Panchakanya Plast has its factory near Bhairahawa.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Thapamagar claimed that Panchakanya is the first company to produce CPVC pipes in Nepal. These pipes are appropriate to use with both hot and cold water and can last up to 50 years. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">LIC (Nepal) Implements RDBMS</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="">L</span><span style="font-size: 9.5pt;">ife insurance Corporation (Nepal) Ltd has gone a step further in its IT initiatives by introducing web-based policy administration system, states a press release of the company. In 2008, LIC (Nepal) became the first Life Insurance Company to network all its branches across Nepal, enabling effective inter-branch communication system. By using RDBMS (Relational Data Base Management Systems) with the web-based front end architecture now, the company has achieved centralisation of its database, adds the press release promising that the new development will make servicing more effective, ensure real time transaction updation and also allow remote users to have access to latest data. This will also enable the company in the near future to provide online payment facility and 24x7 services to its customers, it adds.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The entire package has been developed in-house by the LIC of India using the latest technologies in the market and is very user friendly, according to the company. The package will also have the feature of maintaining customer ID to provide services to all the policies of one customer in a single window.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The module came into operation from 5th May 2011. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">New Industries in Patan Industrial Estate</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">hree new industrial units are being established in Patan Industrial Estate (PIE). The new units are added are Shakti Food Pvt Ltd, Siddhilaxmi Plastic Industry and Nepal Commercial Industry. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Prem Nepal, the Manager of Patan Industrial Estate said that two other industrial units are planning to expand capacity while another one plans to revive its operation.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Siddhilaxmi is investing Rs 10 million while Rs 100 million is being invested in Shakti Food.&nbsp;Nepal Commercial’s investment has not been finalised yet, according to Pushkar Paudel, the Manager of the company which is currently the authorised distributor of Indian furniture brand ‘Godrej’ in Nepal. The PIE plant of Nepal Commercial will be assembling furniture. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Shakti Food plans to introduce ‘Martin’ brand of ice-cream in the market and will have a daily production capacity of 20,000 litres. Besides ice-creams, it will also produce other dairy products.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Shakti Shrestha, the operator of Siddhilaxmi Plastic industry informed it will start producing plastic bottles within the next couple of months. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Infrastructure Bonds in USD </span></strong></span></div>
<div style="text-align: justify; text-indent: 0in;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 12pt;">N</span><span style="font-size: 9.5pt;">epal Rastra Bank (NRB) is mooting a policy to allow purchase of big infrastructure project bonds by paying US dollars. The NRB has begun internal discussions for formulating such policy so as to attract foreign investment in big projects. A source at the NRB revealed that the policy is being prepared to attract foreign investments in hydroelectricity and other big projects.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">People who buy such bonds by paying US dollars will get the interest in US dollars. Similarly, the principal amount too will be returned upon maturity in US dollars. </span></div>
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	<span style="font-size: 9.5pt;">With this policy, also the foreigners can buy bonds issued by Nepal. But some legal formalities have to completed before such bonds can be issued. For example, the existing law has to be amended, said a source in the NRB. </span></div>
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	<span style="font-size: 9.5pt;">These bonds can be bought also by the NRNs, companies and persons having regular income in US dollars. However, the NRB will be barred, according to the surce, from buying such bonds though it is allowed to buy foreign bonds with the foreign currency reserve it holds. </span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">The big infrastructure projects that require huge capital can issue such bonds through merchant banks, according to the proposal.&nbsp;A number of the promoters of large projects have asked the NRB for a provision to allow foreign investors buy their bonds due to the scarcity of capital within the country to invest in such big projects. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Minimum Wage Controversy </span></strong></span></div>
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	<span style="font-size: 13pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Labour and Transport Management has unilaterally fixed the minimum wage amidst opposition from Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and three major trade unions.</span></div>
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	<span style="font-size: 9.5pt;">Krishna Hari Pushkar, the spokesperson at the ministry said the minimum wage was fixed considering two previous agreements made on March 24 and April 15. He said, “Minimum wage has been fixed taking into consideration the concerns of both employers and employees.”</span></div>
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	<span style="font-size: 9.5pt;">The minimum wage has been increased from Rs 4,600 to Rs 6,200. Similarly, the daily wage has been increased from Rs 190 to Rs 231. </span></div>
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	<span style="font-size: 9.5pt;">Pashupati Murarka, the Vice President of FNCCI said the employers won’t agree to any agreement published in Nepal Gazette that goes against the one made on March 24. He alleged that the notice was published in the gazette without consulting the employers. </span></div>
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	<span style="font-size: 9.5pt;">An official at the FNCCI alleged that the minimum wage has been fixed as per the demand of Madhesi trade unions since the Labour Minister represents the Madhesi Jana Adhikar Forum.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">Bishnu Rimal, the President of General Federation of Nepalese Trade Unions (GEFONT) said that new agreements should not be implemented before dismissing the old ones. He said that they are currently following the agreement made on March 24. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Bluebird Mart Inaugurated</span></strong></span></div>
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	<span style="font-size: 15pt;">B</span>luebird Shopping Complex has come to operation in a changed form. Now called&nbsp;Bluebird Mart, it has added a new departmental store and two world-renowned chain restaurants. The Mart was inaugurated on May 17 by Miss Nepal Sadikshya Shrestha. KFC and Pizza Hut restaurants are scheduled to open soon, according to Binod Tuladhar, the Managing Director of Bluebird Mall.</div>
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	He also informed that the Yellow Chilly, an Indian chain restaurant will also be added to the property later. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Five-star Hotels Register 80 per cent Occupancy </span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;"><span style="font-size: 14px;">h</span>e occupancy rate of the five-star hotels in the first four months of Nepal Tourism Year (NTY) 2011 has touched 80 per cent. Raju Bikram Shah, the Senior General Manager of Hotel Shangri-La said, “Hotel occupancy in the first four months of this year has increased by 10 per cent when compared with the same period last year.” </span></div>
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	<span style="font-size: 9.5pt;">With the mountaineering season picking up momentum, some hotels have registered more than 80 per cent occupancy for April. However, Shah said the hotels should have 100 per cent occupancy due to NTY programmes. Encouraged by the positive response for the first four months, hotel entrepreneurs are hopeful that occupancy will remain high in the coming months as well.</span></div>
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to Bharat Joshi, the Marketing Director of Hotel Yak and Yeti, the occupancy rate increased with the trekking and mountaineering season. Hotel entrepreneurs further expect growth in tourist arrivals with the advent of pilgrimage season for Kailash-Mansarobar.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">In April, Hotel Shangrila had 87 percent occupancy, while Hotel Yak and Yeti had 79 percent, Hotel Soaltee 78 percent and Hotel Fulbari around 80 per cent. Five-star hotels claim the tourist flow increased because of their promotional efforts in the international market. They added that they spend Rs 400 million annually for overseas tourism promotion.&nbsp;</span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">NTB’s ‘Border City Sales Mission’ </span></strong></span></div>
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	<span style="font-size: 14px;">N</span>epal Tourism Board (NTB) has begun a tourism promotion campaign ‘Border City Sales Mission’ in the Indina cities close to the Nepal border. According to NTB, sales mission has been started in Indian cities of Kanpur, Varanasi and Lucknow. Lila Bahadur Bania, a Manager in the NTB said that the campaign was started as the Indian tourists were not coming to Nepal in large numbers. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Petroleum Import Exceeds Total Export </span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he revenue generated from Nepal’s export cannot even buy petroleum products required for the country, according to the recent trade data. Nepal exported goods worth Rs 47.98 billion by mid-April of the current fiscal year while the country spent Rs 50.26 billion for importing petroleum products during the same period, show the data released by the country’s trade monitoring body Trade and Export Promotion Centre (TEPC). </span></div>
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	<span style="font-size: 9.5pt;">By mid-April of last fiscal year, petroleum imports were worth Rs 35.22 billion.</span></div>
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	<span style="font-size: 9.5pt;">Nepal had to spend more for petroleum products due to two reasons. One was the unrest in the Middle-East that led to an increase in price of the petroleum in the world market. Second was the increase in the demand within the country due to lengthened power outage due to failure to increase power generation from the country’s hydropower plants. </span></div>
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	<span style="font-size: 9.5pt;">In the same period of the current fiscal year, Nepal has imported goods worth Rs 287 billion. So, Nepal’s trade deficit has reached Rs 239 billion in the first nine months of the current fiscal year, according to TEPC.</span></div>
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<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Even though the imports of petroleum products and iron and steel have increased, there is a decrease in the import of machineries, electronics, vehicle spare parts and gold. In the first nine months of the last fiscal year, gold worth Rs 24.61 billion was imported but it has decreased to Rs 4.62 billion this year, a decline of 87.7 per cent. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>',
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		'Article' => array(
			'id' => '383',
			'article_category_id' => '34',
			'title' => 'EU Ban Affects Ayurved Export(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal’s export of Ayurvedic medicines to Europe has declined following a ban on their import by European Union (EU) effective from May 1 citing public health risk. </span></div>
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	<span style="font-size: 9.5pt;">Dr Rishiram Koirala, the President of Ayurvedic Doctors’ Association-Nepal (ADAN) said the ban has proved really bad as it came exactly when the export of Nepali Ayurvedic medicines was on the rise. He complained that the EU ban also affected export to other countries. Koirala claimed that the ban was imposed to promote internal production of EU,not due to any threat to health.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Toya Narayan Gyawali, the General Secretary (Check …. As there can be no such post as Gen Sec In a Ministry) at the Ministry of Commerce and Supplies said the government has not received any formal notice on the restriction. He said, “If the restriction has indeed been imposed, we will try to solve the problem as soon as we receive a formal notification.” Prior to the ban, there was growing demand of ayurvedic medicines in eight countries including Austria and Sweden. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Rinchen Teaching Hospital in Dang</span></strong></span></div>
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	<span style="font-size: 14px;">C</span><span style="font-size: 9.5pt;">onstruction is going on for Rinchen Teaching Hospital at Sisahania of Dang with an investment of Rs 8 billion. According to the executive committee of the hospital, the initial phase of work has been completed. Gopal Prasad Bhusal, the Chairman of the committee claimed the hospital would be one-of-its-kind among the non-profit hospitals in Nepal.</span></div>
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">For the first phase, Rs 60 million was allocated while Bhusal said Rs 150 million may be required for designing and other works in the second phase. “In the third phase, the entire physical construction would be completed at an investment of Rs 6 billion,” said Bhusal. Another Rs 2 billion will be invested to make the hospital operational. Out of the total investment, Rs 200 million will be invested for information technology.</span></div>
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	<span style="font-size: 9.5pt;">Between 60 to 80 percent of the total cost will be financed by Ranag Tulku Rinchen Rinpoche, the Protector of the hospital, informed executive committee member Tilak Bhandari. The rest of the cost is to be financed from the government, local bodies and local donors, he added. </span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">According to Bhusal, the 700 bed-hospital plans to operate also air ambulance service in the future. The hospital will educate 100 MBBS, 50 MD, 200 BSC and 200 Nursing students every year. It will also conduct academic classes on meditation, yoga and spiritual knowledge. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">NRB’s Forced Merger By-laws</span></strong></span></div>
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	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal Rastra Bank (NRB) has issued a merger by-law that allows NRB to order a bank and financial institutions (BFIs) to merge if it is found weak in its vital indicators. The by-law also offers a number of incentives to encourage mergers, said Bhaskar Mani Gyawali, the NRB Spokesperson.</span></div>
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	<span style="font-size: 9.5pt;">The BFIs opting for mergers will be waived off several conditionalitis related to upgradation and operational area expansion. The by-laws also relax the provision on mandatory ‘complete three year’ rule in adding number of branches in the districts allowed to operate. </span></div>
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	<span style="font-size: 9.5pt;">The new regulation incorporates the provision of forceful merger, allowing the central bank to instruct two or more BFIs to merge if it deems appropriate. Similarly, the new rule has pledged relaxation on capital structure, shareholding limit for promoters, credit-deposit ratio, borrowing limit for promoters and deprived sector lending, among others.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">The central bank can instruct or suggest BFIs to merge if representatives of the same group, firm or company are found holding positions in the board of directors of more than one BFIs. It can also do so if the BFIs’ non-performing loans exceed five per cent of the total loan portfolio for three consecutive years and if the BFIs’ independent operations are causing negative impact on the banking system. The NRB can also ask those&nbsp;BFIs to merge to which the central bank has taken three corrective actions in a row or even in a case where it thinks the merger would strengthen the overall banking system. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Ncell Reduces 3G Tariff</span></strong></span></div>
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	<span style="font-size: 14px;"><span style="letter-spacing: 0.15pt;">P</span></span><span style="letter-spacing: 0.15pt;">rivate sector telecom operator Ncell has come up with a new scheme with reduced tariff for high-speed 3G Internet. Under the scheme, the company offers 500 Mb data for Rs 399 (or 80 paisa per Mb) down from earlier Rs 499. Similarly, 1000 Mb is now priced at Rs 699 (or 70 paisa per Mb). The Internet users not subscribing to the new packages will have to pay Rs 2 per Mb. </span><span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Banks’ Hydropower Investment Reach Rs 16 billion </span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he investment of Nepali Banks and Financial Institutions (BFIs) in hydro electricity projects has reached almost Rs 16 billion during the period of the last decade. Chilime Hydropower under the Public-Private Partnership model is the first project to have investment from Nepali banks. Himalayan Bank led the consortium of bankers to invest in this project. However, Indrawati is the first hydropower project promoted entirely by the private sector to receive bank investment.</span></div>
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	<span style="font-size: 9.5pt;">Among the other projects with bank finance are Piluwa, Sunkoshi and Sanima Mai. While the former two are small projects, Sanima Mai is relatively big with 15.6 MW and it has investment from a consortium of 11 BFIs. Until now, the BFIs have invested in this sector only through consortium.</span></div>
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	<span style="font-size: 9.5pt;">So far, a total of 21 banks and finance companies have invested in hydroelectricity projects. Clean Energy Development Bank and Jyoti Development Bank say they are specialised in investing in the energy sector and thus increase investment in this sector in the future.&nbsp;</span></div>
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	<span style="font-size: 9.5pt;">However, the investment of banks in hydroelectricity is a mere four per cent of the total deposits of the commercial banks. Recently, Nepal Rastra Bank changed the rule and allowed BFIs to invest up to 30 per cent of their loan outstanding in hydropower projects. Because the investment in this sector from the banks is very low compared to what they are allowed to, the private sector energy entrepreneurs have started arguing for fixing a minimum amount that the BFIs must invest in this sector. </span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">Bankers say they are reluctant to invest in energy as it requires long gestation period and the returns are comparatively higher in other sectors. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Registration of Hydropower Companies Made Easy</span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he Indistrial Promotion Board under the Ministry of Industry has changed the company registration rule for potential hydropower developer. According to the change, the the company registration for hydropower development is divided into two phases, says a souyrce at the Ministry of Industry. </span></div>
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	<span style="font-size: 9.5pt;">With this there is no capital requirement specified for the company that wants to just conduct the feasibility study on the proposed project. But once the company completes the feasibility study and wants to develop the project, it must have its authorised capital at least Rs. 100 million per megawatt of the generation capacity of the proposed project. </span></div>
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	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The earlier provision required the company to have at least Rs. 100 million as authorised capital even while asking for the permission to conduct feasibility study. This had restrained many developers as they have to pay a high amount as the company registration fee. The Registrar of Companies charges higher registration fee for higher capital. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Cash Rich Govt Institutions asked to Buy Shares in Listed Companies</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he high-level financial sector reforms coordination committee has decided to issue directives to state-owned institutions to buy shares of companies listed in the stock echange. Dr Surbir Paudyal, a Member of the committee and Chairperson of the Securities Board of Nepal (SEBON) said, “A decision has been made to allow Employees Provident Fund and Citizens Investment Trust to invest in the shares of companies listed in the stock exchange.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">It has also been decided to review the policy on loan from the banks against the security of share certificates and to explore ways to reduce cost of investment in shares. The major costs of investment in shares includeinterest on loan against the security of share certificates, share brokers’ commission, capital gains tax and charges levied by Nepal Stock Exchange.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Under the existing policy, the banks are allowed to lend against the security of share cerrificates up to the amount of 60 per cent of the market value of the share and they have to make a margin call when the market price of the share so received as security falls more than 10 per cent.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The meeting also decided to immediately begin induction of new brokers, start operation of mutual fund and establish credit rating agency. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>',
			'published' => true,
			'created' => '2011-08-08',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nepal’s export of Ayurvedic medicines to Europe has declined following a ban on their import by European Union (EU) effective from May 1 citing public health risk.',
			'sortorder' => '299',
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	(int) 11 => array(
		'Article' => array(
			'id' => '382',
			'article_category_id' => '34',
			'title' => 'Korean Company Sells Stake In Himalayas Spring Water(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">T</span>The Korean Company that owns Himalayas Spring Water situated in Rasuwa has decided to sell half of its shares for Rs 200 million to Muktishree Pvt Ltd, a Nepali company.“The Korean Company has now decided to have a separate Nepali company as its strategic partner,” informed Ganga Dhital, the General Manager of the company.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Though the decision has been made already, the formal transfer of shares is yet to materialise. The Department of Industry has also given its approval for the transfer of ownership. After the approval from the Office of the Company Registrar and Nepal Rastra Bank, the Korean company will get Rs 200 million from the buyers. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">New Model for Monetary Survey </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal Rastra Bank (NRB) is planning to carry out a monetary survey with a new and updated framework which is under preparation at present. An official at the NRB said the old framework is limited to a few commercial banks in its coverage as it was developed when the number of banks and financial institutions in the country was very small and the level of monetization in the economy was very low. With the growth in number of BFIs and much higher level of monetization of the economy, the old framework cannot correctly represent actual situation.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">In the absence of clear demarcation of their functions in the law and rules, the commercial banks, development banks and finance companies carry out almost similar activities making it necessary to include them all in the scope of monetary survey to get the true picture of money supply in the economy. However, the existing system of monetary survey does not include the activities of development banks and finance companies.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Deependra Bahadur Kshetry, Former Governor of NRB suggested including cooperatives as well in the survey as they too are doing similar activities as those of the banks. He also suggested that the monetary survey should include also the quantity of Indian currency in circulation in Nepal. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">49th IHRA Conference in Nepal </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">I</span><span style="font-size: 9.5pt;">nternational Hotel and Restaurant Association (IHRA) has selected Nepal as the venue for its 49th Congress scheduled to be held from December 1 to 3. Dr Ghassan Aïdi, the President of IHRA officially informed Prime Minister Jhala Nath Khanal about the schedule recently.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The IH&amp;RA has its head office in Geneva and has 1.1 million members around the globe representing 300,000 hotels and 800,000 restaurants, informed Aïdi.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">IHRA had held its Congress in Nepal once before in 1968.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Nepal bagged the opportunity to organise the coming event winning over the bids of Argentina and Switzerland. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<strong><span style="font-size: 16px;"><span style="color: rgb(51, 51, 153);">Life Insurance Bonus to Go Down</span></span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he life-insurance policy holders should now be prepared for reduced bonus on their savings as the regulator of the sector, the Insurance Board (IB), has instructed the insurance companies to change their method o fcalculatin the returns from their investment for the bonus purpose. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">&nbsp;According to a recently issued directive from the Board, the actuaries of the insurance companies will now take maximum of 6 percent as the return from their investment. However, if the actual return in any of the last three year’s period covered by the acturial valuation is less than 6 percent, they are required to take that lower figure for the acturial valuation. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The insurance companies transfer such amount from their profit and loss account to the fund from where they can distribute bonus to the policyholders and dividend to the shareholders. Any surplus after such fund is provided for will be transferred to insurance fund which is to be treated as reserve from which neither bonus nor dividend canbe distributed. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">This means the bonus rate on the savings of the life insurance policy holders will be less than 6 percent. At present some of the insurance companies are paying bonus at as high a rate as over 7 percent. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Shekhar Kumar Aryal, the Spokesperson of the Board said, “This provision has been made to ensure the longevity of the insurance company.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Insurance company sources complain that this new rule will attract the people away from life insurance to depositing their savings in banks. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Community-led Micro Hydros</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">T</span>he Society of Rural Empowerment based in Damauli has supported to install 112 micro hydro projects in eight districts that generated a total of one megawatt of electricity. Rs 53.2 million was invested in these projects. Sarita Gurung, President of the Society said the government’s Alternative Energy Promotion Centre and Danish International Development Agency’s (DANIDA) programme on alternative energy provided financial support to the projects.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	As part of this programme, 47 projects were constructed in Dhading, 21 each in Gorkha and Makwanpur and 12 in Lamjung districts. Similarly, four each in Nawalparasi and Manang, three in Tanahu and one project in Rasuwa were constructed. According to the Society, 10,800&nbsp;households benefitted from the programme. Projects were developed in areas not linked with national transmission line and having little chance of linkage anytime soon. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Exporters Deprived Promised Incentive</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he exporters are still denied the incentives they were promised by the government while presenting the budget for the current fiscal year. The reason behind this is the change in the government due to which there has been delay in getting approval from the council of ministers on the procedural guidelines prepared for this purpose. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to Toya Narayan Gyawali, a Joint Secretary in the Ministry of Commerce and Supplies, the guidelines were presented to the Council of Ministers about four months ago. But the approval was delayed as the government changed in the meanwhile. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The government has made a provision in the current year’s Finance Bill to give the exportes a cash incentive of two to four per cent of the export value after the foreign currency payment is received against the export. The government has allocated Rs 250 million for this purpose.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Udaya Raj Pandey, the President of Garment Association Nepal (GAN) expressed frustration that the government failed to provide the promised incentive even though the time for a new budget is approaching so near. “The failure to implement the promise has irritated the exporters,” he said. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Pandey also said that since the government levies tax as soon as the budget is announced, it should show similar promptness also in implementing the promise of providing incentives.&nbsp;</span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">PE Management Board Proposal @ Cabinet </span></strong></span></div>
<div>
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The Ministry of Finance has submitted a proposal to the Cabinet Secretarieat for the formation of the Public Enterprises Management Board as promised in the budget announcement of the current fiscal year.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Lok Darshan Regmi, a Joint Secretary at the Ministry of Finance said the board will coordinate and facilitate the activities of the public enterprises. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">However, the economists and management experts have termed this as a measure to avoid privatisation of public enterprises. In their view, this step would increase financial load on the PEs on the one hand and create one more bureaucratic hurdle in their operations. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Dr Bimal Koirala, the Former Chief Secretary of the government said, “It would be better to privatise the PEs than to form this board.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The government has made a total loan investment of Rs 79.34 billion in these corporations so far. This year alone, Rs 16.19 billion was allocated in the budget for the 36 operational corporations. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>',
			'published' => true,
			'created' => '2011-08-08',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'TThe Korean Company that owns Himalayas Spring Water situated in Rasuwa has decided to sell half of its shares for Rs 200 million to Muktishree Pvt Ltd, a Nepali company.“The Korean Company has........',
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	(int) 12 => array(
		'Article' => array(
			'id' => '381',
			'article_category_id' => '34',
			'title' => 'Ad And Media Expo Concludes(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12px;">T</span>he three-day Ad and Media Expo 2011 jointly organised by Advertising Association of Nepal, Alpabiram Pvt Ltd and Direction Nepal Pvt Ltd concluded on April 30. The expo organised to bring together the advertising and media industry, advertisers, clients, media owners and buyers was visited by 22,800 people. The organisers said the expo will be held next year as well.<span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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<div style="text-align: justify;">
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<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Eleven New Hotelsfor NTY</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">I</span><span style="font-size: 9.5pt;">n the first four months of Nepal Tourism Year (NTY) 2011, 11 tourist-standard hotels have been added. According to Shambhu Prasad Koirala, the Officer at the Hotel Department of the Ministry of Tourism and Civil Aviation (MoTCA) said new hotels were registered in the beginning of the NTY expecting good returns.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">“As the registration procedure does not require investors to reveal the amount of capital investment, people unwilling to divulge their liquid assets are attracted to invest in the hotels,” said Koirala. Among the newly registered hotels, eight are in Kathmandu and rest three outside of the Valley.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">&nbsp;In 2010, 39 new hotels were added among which eight were three-star, two onestar and 29 tourist-standard. A total of 777 hotels have been registered with MoTCA so far. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
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	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Government Drafting Railway Law </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he government is drafting a railway law to provide a legal framework for facilitating the construction of railway lines and operation of railway services. According to the Ministry of Commerce and Supplies (MoCS), the law is expected to be promulgated in the fiscal year 2011-12. A four-member team led by MoCS Joint Secretary Toya Narayan Gyawali is drafting the law.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Matrika Prasad Marasini, a Undersecretary at the Law and Decision Implementation Section said, “In the absence of such a law, the railway services in operation in Janakpur and Birgunj dry port are regulated by Indian Railways. After the law comes into effect, they will be regulated by Nepal Railways.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to the draft of the law being prepared now, a separate unit under the Ministry of Labour and Transport Management will be set up to coordinate railway issues.&nbsp;The government may also form a railway board under the proposed law.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Currently Nepal has railway services operating on 29-kilometres stretch of Janakpur-Jayanagar. Similarly, there is a structure of railway upto Amlekhagunj from Raxaul though the service on this area is available only upto the Birgunj Dry Port from Raxaul. </span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The Ministry of Physical Planning and Construction has set a target to develop 4,000 kilometres of railway tracks in Nepal in the next 20 years. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
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<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Six Sigma Yellow Belt Certification </span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">S</span>ix Sigma Yellow Belt Certification Training conducted by Growth Sellers, a human resource company, concluded on May 15. During the two-day programme, Dr R S Chalapathi from the India-based Institute of Sigma Learning trained 35 senior managers from various companies. Six Sigma is a modern management tool that helps to lower cost and increase productivity. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">CG sponsors RCT</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">C</span>G Electronics, a wing of Chaudhary Group (CG) will provide Rs 500,000 as sponsorship amount to Ranipokhari Corner Team (RCT) for a year. The two parties signed an agreement to this effect on May 12. For the contract period, RCT players will wear the jerseys during matches bearing the LG Mobile logo. .</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Ramesh Shrestha, the General Manager of CG Electronics and Bijay Manandhar, the President of RCT signed the agreement. Shrestha said such sponsorships by business houses will help develop professionalism in in Nepali football. Manandhar said the sponsorship has provided a great financial relief to the team, for this year. CG has been sponsoring the education and sports sectors for a few years now. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">SPI Acquires Worldlink</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">Software Paradigms International Group (SPI), an Atlanta-based company providing technology service and financial solutions, has acquired Worldlink Technologies, a Nepali software company. According to a statement issued by Worldlink, the company will now be known as SPI Nepal. The current Worldlink CEO Yajurendra Shrestha will head the new company as well. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Established in 2001, Worldlink has been involved in software development related to human resource, e-governance and social security. Apart from domestic customers, the company also works with the government of Orissa, India and a&nbsp;Delhi based company, Invest India Micro Pension Services. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">SPI entered Nepal after establishing footholds in Europe, Asia, North America and Australia. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>',
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			'description' => 'The three-day Ad and Media Expo 2011 jointly organised by Advertising Association of Nepal, Alpabiram Pvt Ltd and Direction Nepal Pvt Ltd concluded on April 30. The expo organised to bring together the advertising.....',
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	(int) 13 => array(
		'Article' => array(
			'id' => '380',
			'article_category_id' => '34',
			'title' => 'Financial Closure Of Upper Tamakoshi(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal Telecommunications Corporation (NTC) has agreed to finance Rs 6 billion to construct the Upper Tamakoshi Hydropower Project. A 456 megawatts hydroelectricity project is financed by domestic investors and being developed for an estimated cost&nbsp;of Rs 35.29 billion. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Kanhaiya Lal Gupta, the Deputy Managing Director of NTC and Mrigendra Bahadur Shrestha, the Project Director of the Upper Tamakoshi Hydropower Limited (UTKHPL) signed the agreement.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Similarly, Employees Provident Fund has been investing Rs 10 billion, while Citizen’s Investment Trust and NTC have put Rs 2 billion and Rs 6 billion respectively for the project. The remaining Rs 11.8 billion will be generated by the government. The project, to be completed in 2015, has 70 per cent investment financed by loans and the rest 30 per cent from share capital. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<strong><span style="font-size: 16px;"><span style="color: rgb(51, 51, 153);">Samitivej to Manage Grande Services </span></span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">G</span>rande Hospital Nepal and Samitivej Hospital Thailand have reached an agreement for service management of the hospital. Dr Roop Jyoti, the President of Grande and Reymond Chong, the CEO and Managing Director of Samitivej signed an agreement to this effect recently in Kathmandu.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Grande Hospital, being constructed by CE Construction at Tokha, will have a capacity of 150 beds in a 14-storied building. The hospital plans to offer international standard health facilities at a low cost. Being constructed in a 210,000 square feet area, the building will be disabled-friendly. The hospital is being constructed at an investment of Rs 1.40 billion. It will have eight operation theatres, five elevators and four staircases. Jyoti hoped that once the hospital begins its services, the trend&nbsp;to go abroad for treatment will come to an end. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<strong><span style="font-size: 16px;"><span style="color: rgb(51, 51, 153);">MoTCA Seeks Updation of Hotel Standards </span></span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 16px;">T</span><span style="font-size: 9.5pt;">he Ministry of Tourism and Civil Aviation (MoTCA) is working to update its criteria for hotel and restaurant standards. Keshav Prasad Bimali, the Joint Secretary at the ministry said, also on the cards is the change in the rule so that the hotels will be mandatorily required to register themselves with MoTCA. The code is being updated to accommodate the changes made in various policies and rules four years ago (2064 Bikram Sambat) when the existing code was promulgated, he said. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to the existing rules, the hotels do not need to be registered with MoTCA. As a result it does not have a data on the number of hotels in operation. The code needs to be updated to include such requirements, remarked Shambhu Prasad Koirala, a Section Officer at the Hotel Division of the ministry. He said that this update will make it mandatory for hotels to be registered at the ministry and establish a renewal charge. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The ministry is also planning to form a working committee in coordination with the Hotel Association of Nepal, Nepal Tourism Board, Nepal Academy of Tourism and Hotel Management and other concerned bodies for the upgradation and amendment of working directives.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The ministry said that the standard of existing five-star hotels need to be upgraded to meet SAARC standards. However, the ministry will update the code for five-star hotels only after updating the standards for the tourist-standard hotels. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Machhapuchchhre Wins Inter-bank Volleyball </span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: 0.2pt;">M</span></span><span style="letter-spacing: 0.2pt;">achhapuchchhre Bank Limited has won the inter-bank volleyball tournament beating Kumari Bank Limited with a score of 23-25, 25-21, 32-30 and 25-18 in the final. The Bank&nbsp;was awarded Rs 50,000 cash prize and a trophy. The tournament was organised to commemorate the 56th anniversary of Nepal Rastra Bank. Kumari Bank took home Rs 35,000 and the runners-up trophy. Everest Bank Limited came third beating Agriculture Development Bank. </span><span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">NIDC’s 43rd AGM</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">N</span>epal Industrial Development Corporation (NIDC) held its 43rd annual general meeting on May 7 after a gap of nine years. The annual reports from 2002-02 to 2009-10 were presented by NIDC Chairman Shanta Bahadur Shrestha during the meet organised in its central office at Durbarmarg. Among the major resolutions of the AGM was the decicion to change its name into NIDC Bank Limited. Coinciding with the occasion, NIDC also started ATM service from its Durbarmarg office. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Shalimar Begins Clinker Production</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">S</span>halimar Cement Industry, in cooperation with Unitech Pvt Ltd, has begun trial production of clinker, a raw material used for producing cement. The industry located at Bara-Parsa Corridor has an investment of Rs 700 million and produces 30 tonnes of clinker every day.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<p style="text-align: justify;">
	<span style="font-size: 11pt; line-height: 115%;">Ashok Kumar Vaidya, the Managing Director of the company said the full capacity of producing 300 tonnes every day will be utilised in one-and-a-half month’s time. While this is the fifth Nepali company to produce clinker indigenously, other industries depend on imported clinker for cement production. The company has said it will supply clinker to other industries only after meeting its own needs.</span></p>',
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			'id' => '340',
			'article_category_id' => '34',
			'title' => 'Natural Gas Remains Untapped',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">hough three decades have passed since natural gas was found below the grounds in Kathmandu , nothing has been done yet to bring it to the kitchen of the people. Negligence of the government and technical complications have made gas extraction a far cry. Officials at the Department of Mines and Geology say there is no possibility to extract natural gas for utilisation anytime soon.</span></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 9.5pt;">The department has failed to even to evaluate the proposals of two companies that sought permission to extract gas. The proposals are lying with the department for the last two years. Continental Trading Enterprises and Rajavardhan Construction, a company under KL Dugar Group had submitted those proposals. </span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 9.5pt;">Sarbajit Prasad Mahato, the Director General of the department accepts the weaknesses of the department but blames it to various complications. He said that more studies are needed to go ahead on this. </span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 9.5pt;">Studies have revealed that the area of 26 square kilometres from Teku to where the office of the Nepal Herbs Corporation is located contains natural gas. Studies by the department carried out at different times during the last 17 years show the possibility of a natural gas reserve of 310 million cubic metres. This amount can meet the need of 20,000 households for 30 years.&nbsp;The study conducted in 1996 says that extraction work would cost Rs 437.7 million. The extracted gas cannot be liquefied and filled into the cylinder directly. Therefore, it should be supplied directly to the households through pipelines. This is said to have become costly now because of the concrete constructions stretching the length and breadth of Kathmandu valley. However, such gas can be used to generate electricity thorugh thermal power station. The department has identified 14 places from where the gas can be mined. </span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The department has put forward an option to conduct fresh studies as the environment has changed much since the time of the previous studies. </span></div>',
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			'id' => '462',
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			'title' => 'Kulekhani III Misses Deadline (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p style="text-align: justify;">
	Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began on April 7, 2008, with the aim to bringing it into operation within three years. The contractor, Sino Hydro, has demanded three more years to complete the project as it failed to complete the work in its first term.</p>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Till date, only 40 per cent of the construction works are completed, according to the contractor. Sino Hydro has alleged frequent strikes by workers and cessation of the agreement with Nepal Electricity Authority (NEA) for the delay of construction. NEA has also not yet submitted the design of powerhouse.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The cost of the project is said to be increasing with the extension of the deadline. If it was completed within the stipulated time, it would have been completed in Rs 2.17 billion. The project was closed for 90 days due to strikes. The company has demanded Rs 740 million as compensation from NEA for such closures.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	According to Project Chief Uttam Amatya, a new work schedule has been finalised to complete the construction in one-and-a-half years.</div>
<div style="text-align: justify;">
	 </div>
<h3 style="color: blue;">
	Corporate Governance Directive for Insurance Companies</h3>
<div style="text-align: justify;">
	Corporate governance will now be enforced in insurance companies too. Insurance Board, regulator for the insurance sector, is planning to issue a directive for this purpose. The preliminary draft of the directive is ready. According to Shekhar Kumar Aryal, Spokesperson of the Board, the draft has been sent to all 25 insurance companies for feedback. He said the board will try to accommodate their suggestions in the directive.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The directive reportedly includes eligibility qualification for board of directors, managerial official’s rights, responsibilities, accountability, performance etc. Similarly, it has mentioned recruitment procedure and salary of board members, CEO and department heads.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Currently, a separate law and directive are missing that regulate corporate governance in insurance companies. In view of banks and financial institutions facing difficulty in absence of good corporate governance, its importance in the insurance sector is being felt.</div>
<div style="text-align: justify;">
	 </div>
<h3 style="color: blue;">
	3-Day “Money Expo 2011” from Sept 12</h3>
<div style="text-align: justify;">
	Aarthik Abhiyan, national business daily and Jamb Technologies (P) Ltd with Minds Nepal (P) Ltd and Morningstar Services (P) Ltd will organise a 3-day trade expo of Nepal’s financial sector called “Money Expo 2011”. To be held at the Army Officers’ Club, Bhadrakali, Sundhara, Kathmandu, the Expo will have more than 100 stalls from different sectors including Regulatory Bodies, the Stock Exchange, Commodities Exchanges, Banks and Financial Institutions, Merchant Bankers, Investment Companies, Insurance Companies, Brokerage Companies (Stocks &amp; Commodities), Remittance Companies, Depositories and Clearing Houses, Portfolio Management Companies, Financial Knowledge Management and Training Companies, Microfinance and Cooperatives, Traders’ and Investors’ Associations/Clubs, and Financial Domain Technology Companies. More than 50,000 visitors are expected in the Expo.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	“Money Expo 2011” has been planned to be the largest finance and investment show in Nepal and the first ever dedicated event of its kind to focus on the promotion of investment opportunities and wealth protection strategies., states a press release. This event is expected to provide business-networking opportunities for the financial sector companies. The Expo provides investors ample opportunity to speak directly with the nation’s top experts, whose knowledge covers trading and investing, banking, insurance, mutual funds, stocks, tax strategies, commodities and personal finance planning.&nbsp;“Money Expo 2011” provides the participants the opportunity to learn about the new products, services and industry trends, as well as meet potential customers and seal important business deals, adds the press release.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	In addition to the stalls of different organisations, the other attractions of the “Money Expo 2011” will be seminars and lectures from financial experts, regulators, analysts and successful investors as well as Quiz Contest, Art Exhibition, National and International Currency Show, Trading and Investment Movies Show, attractive door prizes, Best Stall Award and certificates for all stallholders.</div>',
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			'article_category_id' => '34',
			'title' => 'Anti-Money Laundering Department In Operation (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then Finance Minister and Deputy Prime Minister Bharat Mohan Adhikari said that Nepal is committed to control legalisation of illegal money and prevent possible terrorist financing from Nepal.</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;">Nepal has already expressed commitment to the 49-point charter proposed by Financial Action Task Force, international body for control of money laundering and terrorist financing.</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;">Till date, the government has been looking after such financial crimes through the Department of Revenue Investigation. The department was set up after FATF tagged Nepal as the most vulnerable spot in South Asia.</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;">Adhikari said that with the establishment of the department, the government will now seek sources and take action against those who have gathered huge property overnight without any plausible source of income.</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;">Governor of Nepal Rastra Bank Dr Yuba Raj Khatiwada said that financial transparency would be maintained in a better way with the department coming into operation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Separate Office for Intellectual Property</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The government is set to establish a separate office for the protection of intellectual property as the trend of securing trademark for industrial products is increasing. Currently, trademarks are issued by Industrial Property Division at the Department of Industry.</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;">Spokesperson at the department Dhruba Joshi said that a separate office is being set up as the number of tasks has increased since last year. A taskforce is formed under a joint-secretary in the Ministry of Industries for that purpose.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">After the office is set up, trademarks will be issued by it. Trademarks were made compulsory last year jointly by the department and World Intellectual Property Organisation. In 2010, 2,351 products received trademarks including 1,622 national and 729 international products.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Private Company to Manage Valley Waste</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Shital Environment Group Pvt Ltd is planning to invest Rs 10 million in its cleaning business that targets to manage waste in the Kathmandu Valley. Surendra Acharya, Chairman of the company, confirmed that the plan to commence the work has reached the final stage. The company is being established in three ropani area in Godavary.</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;">Acharya said, “With the establishment of the company, we will begin waste management from the source itself.” The company has planned to organise programmes on waste management in all cities across the country.</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;">Acharya revealed that the company is planning to produce biogas and electricity through waste. He suggested training for housewives in waste management and inclusion of waste management in academic curriculum. The Waste Management Act 2011 has the provision to involve private sector in waste management.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then....',
			'sortorder' => '371',
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	(int) 2 => array(
		'Article' => array(
			'id' => '460',
			'article_category_id' => '34',
			'title' => 'Construct Flyovers Within This Year (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the direction to construct flyovers and subways at major crossroads to manage the valley transportation. The committee has also directed to expand lanes of major roads entering major cities around the country, upgrade inner roads, prioritise public vehicles for traffic management and restrict vehicles in certain areas of cities. However, the restricted areas are not decided yet.</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;">Similarly, the committee has asked to immediately remove street vendors, street side parking, hoarding boards and banners. Likewise, it has also directed to keep electricity, telephone and other wires underground. The committee has also asked to formulate a policy for such underground network.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">What are Former Finance Ministers Doing?</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Economic contemplation is not the first choice of many former finance ministers (FM). They are managing either political or private businesses. More than pondering over the economy, it seems they have something else more important to do in their daily lives. Till date, there have been 27 finance ministers. Subarna Shamsher Rana became the first FM after the inception of democracy in 1950. Subarna Shamsher presented the budget in 1951 for the first time in the Nepali history. Out of 27, 16 of them are alive while whereabouts of Bharat Bahadur Pradhan is not known. None of the FMs between 1950 and 1962 are alive.</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;">Surya Bahadur Thapa became the FM for the first time in 1962 and is still active in politics. He regained his position in 1964. He got the opportunity to lead the economy during hard times. He claims that he managed to reduce the unnecessary government expenses and prioritised developmental works. Thapa who has turned 84 is now the Chairman of Rastriya Janashakti Party. His days are spent on party related works, meeting dignitaries and party cadres.</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;">Another former FM, Surendra Bahadur Basnet, who took charge of the finance ministry in 1968, did not get the opportunity to present a budget. He became FM when the turmoil was still on. At his time, the value of Nepali and Indian currency was the same. So, there was the danger of failure for the entire economy due to problems in import-export. He is credited for correcting the chaotic situation. Basnet, 85, is now Executive Chairman of Buddha Air.</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;">Kirti Nidhi Bista, 86, who served as the FM twice, is living a retired life. He spends his time reading and writing for newspapers and having rendezvous with his relatives. Similarly, Dr Bhek Bahadur Thapa, who got the opportunity to present the budget for five times from 1975, is now busy in studies and research. Thapa, 75, has also served as secretary and even ambassador for 14 years. His times are spent mostly abroad on work. When he is in the country, he loves to spend time with his family. Thapa often advises the government when required.</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;">Dr Prakash Chandra Lohani became the FM for first time in 1983. He is credited for introducing liberalisation in the financial sector. At present, he is the Co-Chairman of Rastriya Janashakti Party. He is also the member of legislative parliament's Public Accounts Committee.</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;">Pashupati Shamsher Rana is currently focusing on his party activities. He is the Chairman of Rastriya Prajatantra Party. Likewise, Dr Devendra Raj Pandey who is known for his civil society activities is now concentrating on studies and research. He has also recently published a book named, Looking at Development and Donors.</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;">Mahesh Acharya who became FM after 1991 general election got the opportunity to present the budget&nbsp;for four times. It was in his tenure that the state-controlled economy shifted towards liberalisation. A central committee member of Nepali Congress, he spends his days in research, party activities and meeting party cadres.</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;">In 1994, Bharat Mohan Adhikari stepped in as the FM. He also gave continuity to economic liberalisation initiated by the Nepali Congress government. He is known for beginning economic decentralisation with some of his programmes. He became the FM also in the outgoing government that was led by Jhala Nath Khanal.</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;">Dr Ram Sharan Mahat is still active in economic contemplation and party politics. He became FM for five times and presented six budgets. He claims he ensured economic liberalisation and financial sector reforms. He also began the concept of VAT in Nepal. He has reformed taxation and in his time numerous development projects were announced. He is in the central committee of his party Nepali Congress and is also a member of the Constituent Assembly. When he gets free time from party activities, he adores playing golf.</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;">Dr Badri Prasad Shrestha who became FM in 2002 did not get opportunity to present any budget. He says he brought the economy back on track. He has spent 11 years in National Planning Commission. Shrestha has also been Nepal’s Ambassador to Japan. Having neurone problem for two years, he rarely moves around. Though he is associated with numerous organisations, he is not active due to his health problem.</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;">Madhukar Shamsher Rana became FM during the direct rule of the king. Currently, he is teaching in South Asian Institute of Management. He owns Shaligram Apartment Hotel at Jawalakhel. He is also associated with SAARC Chamber of Commerce and Industry and South Asian Policy Research Institute, Colombo.</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;">Dr Roop Jyoti became Deputy FM during the direct rule of king in 2004. He is a renowned industrialist and Vice-chairman of Jyoti Group.</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;">Dr Baburam Bhattarai has now become the Prime Minister of Nepal. He became FM after Maoists became the largest party in parliament after the Constituent Assembly elections. He has been successful in increasing the revenue collection by 33.5 per cent, largest-ever jump in the Nepali history. He is also the Vice-chairman of the UCPN Maoist. He visits his home district Gorkha every month. He mostly remains busy in party activities.</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;">Similarly, Surendra Pandey was the FM for 21 months. He claims the budgets he presented were tilted to socialism. He presented three budgets. He became FM in the CPN-UML-led government. He is also the politburo member of the party.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Global Bank and Shikhar Insurance Tie-Up</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Global Bank Ltd and Shikhar Insurance have signed an agreement to provide non-life insurance service to the bank´s customers. Janak Sharma Poudel, deputy general manager of the bank, and Deepak Prakash Pandey, chief executive officer of Shikhar Insurance, signed the agreement on August 7.</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;">Issuing a statement, the bank said customers will get non-life insurance facility under a single roof after signing of the pact. The bank has set up a separate counter at its branch office at Kantipath to provide insurance service.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-10-31',
			'keywords' => '',
			'description' => 'The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the.............',
			'sortorder' => '370',
			'image' => null,
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	(int) 3 => array(
		'Article' => array(
			'id' => '459',
			'article_category_id' => '34',
			'title' => 'SAARC Biz Leader's Meet In Kathmandu',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">Fourth SAARC Business Leader’s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed ‘Peace and Prosperity through Regional Connectivity’ is being organised by SAARC Chamber of Commerce and Industry in collaboration with Federation of Nepalese Chambers of Commerce and Industry.</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;">Being organised for the first time in Nepal, the meet will have participation from business personalities from the SAARC region. In the three-day assembly, representatives will be conducting presentations and round table discussions. Organisers have said that the meet would be fruitful for regional industrial and business investment cooperation.</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;">Emerging priority concerns for South Asia water, energy, climate change and food security; regional economic integration, tourism, cultural exchange, prospects of trade and investments will be the major themes for deliberation in the meet. Diplomats and senior government officials, business community leaders, renowned entrepreneurs, professionals, media representatives, analysts and others will be present during the programme.</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;">During the assembly, SAARC Trade Fair and cultural performances will also be organised from September 21 to 24. The meet held every two years was previously organised in New Delhi, Mumbai and Colombo.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">RID To Bust Informal Remittance</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The Revenue Investigation Department (RID) has started taking action to control the remittance coming through informal channel. The department has begun raiding suspicious areas as it suspects billions of rupees transacted through illegal means. In the first phase, the department raided business centres of New Road and Sundhara in Kathmandu.</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;">The department raided Union International Tours and Travels and Pashupati Trading Company and seized documents and a few hundred thousand rupees.</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;">The previous attempt by the department to seize informal remittance remained largely unsuccessful. Experts are saying that billions or rupees are being transacted through illegal and unknown channels. There are suspicions that such transactions are done on political protection with the support of large business houses.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Fivefold Increase in Household Income</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Nepal’s household income has increased five folds over the past 15 years, thanks to the rise in the number of employed population, shift from agricultural to non-agricultural employment and increased inflow of remittances. The household income that was Rs 46,732 per annum in 1995/96 has increased to Rs 202,374 in 2010/11. Nepal Living Standards Survey (NLSS) released by Central Bureau of Statistics on August 8 revealed these findings.</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;">The income of poorest families has also increased seven folds and reached Rs 15,888 in 2010/11 from Rs 2,220 in 1995/96.&nbsp;The report suggests that people living below the national poverty line has gone down to 25 per cent.</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;">Similarly, income of the richest population has also increased five folds compared to 15 years back. In 1995/96, their annual income was Rs 19,325. The latest survey has revealed that it has reached Rs 94,149. According to CBS, Nepali’s living standard has also increased with the increase in income.</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;">According to Uttam Narayan Malla, Director General of the department, main purpose of the survey is to predict the poverty situation based on daily consumption pattern. He also stated that the current survey reveals more people are consuming fruits, fish and meat.</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;">The first survey of 1995/96 revealed that the per capita consumption on the then price was Rs 6,800 while it has increased to Rs 34,829 in 2010/11. The consumption has increased by 412 per cent of the poorest 20 per cent population. Similarly, the consumption of the richest group has also increased by the same rate. According to the survey, the poorest group spends 8 per cent of their income in consumption while the richest spends 47 per cent of their income in consumption.</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;">Over the same period, average per capita income of an individual has undergone a tremendous growth to Rs 41,659 in 2010/11 from just Rs 7,690 in 1995/96. According to the survey, the major source of income has shifted to non-agricultural sector from agriculture. The income from agriculture has shrunk to 28 per cent from 61 per cent earlier.</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;">Similarly, the employed population has increased by 11 per cent reaching 78 per cent. According to the first survey, only 67 per cent people were employed. The new survey has also shown that 90 per cent Nepalis live in their own house which is four per cent less than previous survey result.</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;">The survey was conducted in technical cooperation with The World Bank and studied 12 different subject matters.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2011-10-11',
			'keywords' => '',
			'description' => 'Fourth SAARC Business Leader’s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed ‘Peace and Prosperity through Regional Connectivity’ is being...',
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	(int) 4 => array(
		'Article' => array(
			'id' => '410',
			'article_category_id' => '34',
			'title' => 'Bankers Call MoF, NRB Irresponsible (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,” he threatened.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million.&nbsp;</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins &nbsp;Spot Contract</span></span></div>
<p style="text-align: justify;">
	<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
	</span></span></p>',
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			'description' => 'Bankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said......',
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	(int) 5 => array(
		'Article' => array(
			'id' => '409',
			'article_category_id' => '34',
			'title' => 'Siddhartha’s Branchless Banking At Dailekh (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt;">S</span>iddhartha Bank Limited has kicked off its branchless ‘Easy’ banking service from Dailekh. The bank launched the service on June 15 by issuing a smart card with which banking transactions can be made. Chief District Officer of Dailekh, Bashudev Adhikari, inaugurated the new service.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">The need for this service arose as the bank has to manage cash distribution under the World Food Programme’s Cash for Work. The bank said that the machine provided for the branchless banking at Dailekh identifies its customers by their fingerprints and photos, making the service secure and effective. With this service, people can access services like deposit, loan, remittance, money transfer, among others in the village itself. The bank also said that the social security allowance provided by the government can be distributed to people with this service.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">PLO Doubling Its Production</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt; letter-spacing: -0.05pt;">P</span><span style="letter-spacing: -0.05pt;">urbanchal Lube Oil Pvt Ltd (PLO) is doubling its production from the coming fiscal year. Bhola Dulal, Managing Director of the company, said that PLO is doubling its capacity as per the policy to increase production every year. He added, “We are also increasing production to make Nepal independent in lubricants and grease.”</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.05pt;">The company produces&nbsp;one million litre of lubricants and 550,000 kilograms of grease. According to Dulal, PLO plans to produce three million kilograms of grease and lubricants from the next year. PLO is also preparing to add infrastructure to increase the production. Established with Rs 11 million investment in 2001, the company’s share capital has increased to Rs 150 million. The company claims that lubricants produced by the company under brand names PLO and Star covers 26 per cent of the market share. The company is producing over 200 types of products by importing raw materials mainly from Dubai, Quatar, Australia, Russia, Korea, India and Iran.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">SEBON Revamp Needs More Staff</span></span></div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.1pt;">Securities Board of Nepal (SEBON) has brought some changes to its organisational structure. Dr Surbir Paudyal, Chairman of SEBON, said that amendments were brought in to enhance its capacity. He also informed that amendments were made based on a report prepared by Securities Board of India (SEBI).</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.1pt;">In the old structure, there were seven departments and 13 sections while the new structure will have six departments and 23 sections. Currently, there are 38 employees while the new structure will have double the number of staff. SEBON’s announcement of a revamp comes at a time when there is widespread criticism of its effectiveness. SEBON has been given the rights to regulate Mutual Funds and Credit Rating Agencies, and while Commodities market is also likely to fall under its jurisdiction. Paudyal said that it would take some time for new the structure to come into effect.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Food Production Rises By 11%</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt; letter-spacing: -0.25pt;">F</span><span style="letter-spacing: -0.25pt;">ood production has increased this year by 11 per cent compared to the previous year. Dr Hari Dahal, Spokesperson at the Ministry of Agriculture and Cooperatives, said that with the growth in production, Nepal will have a food surplus of 110,000 thousand metric tonnes.Dahal said that last year the country witnessed a deficit of 330,000 metric tonnes of food grain. “In the current fiscal year, 8.61 million metric tonnes of food has been produced which is 11 per cent higher than the last year,” he revealed. In the previous year, 43 districts faced food-shortage while this year the number has come down to 38.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	According to Dahal, favourable climate, increased subsidy in chemical fertilizers, use of improved seeds and technology resulted in the increased production. Out of the total production, 367,000 metric tonnes will be used to produce feeds for livestock. There is a demand for 5.4 million metric tonnes of food grains annually.&nbsp;</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NTA Proposes To Use RTDF</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="">N</span><span style="font-size: 9.5pt;">epal Telecom Authority (NTA) has sought permission from the Ministry of Finance to use the funds collected in Rural Telecommunication Development Fund (RTDF). NTA Spokesperson Kailash Neupane said that the authority wants to use the amount collected for the development of telecommunication infrastructures. Rs 3.25 billion has been collected in the fund so far.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Neupane revealed, “With the amount, NTA is planning to issue tender to lay optical fibre in all 75 districts. As soon as the ministry approves the proposal, we will issue the tenders.” According to the telecommunication policy, the amount in fund can be used by NTA to finance infrastructure development. Telecommunication operators contribute two per cent of their income to the fund. Purushottam Khanal, Chief of Rural Telecommunication Department of NTA, said, “We are planning to extend information highway all over the country with the accumulated fund.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">NTA has planned to complete the development project in two phases for east and western parts of the country. Khanal revealed that NTA has earmarked Rs 2.59 billion for the eastern region while Rs 1.90 billion for the western region. As of now, 35 districts are linked by the optical fibre. NTA started collecting two per cent from the service providers since its establishment in 1994-95. Now, around Rs 1 billion is collected annually in the fund.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">20 Places Shortlisted for Mid-Hill Cities </span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he government has shortlisted 20 places along the proposed mid-hill highway to select ten of them as new cities. The selection was made by Ministry of Physical Planning and Construction ont he recommendation of&nbsp;Prof Dr Bhim Subedi, the consultant associated with city identification project. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Among the 20 shortlisted places three are from Accham including Rakam, Safebagar and Binayak. Similalry, three places of Rukum – Chaurjahari, Rukumkot and Musikot - are in the short list. Among the other places shortlisted are Fidim, Basantapur, Dumre, Ghurmi, Khurkot, Baireni-Galchhi, Diktel and Patan (Baitadi). Similarly, Burtibang, Dipayal,&nbsp;Dulegauda, Jarayotar (Bhojpur), Kurintar (Chitwan) and Mangaltar (Kavre) are likely to be chosen to be developed as cities.&nbsp; <br />
	</span></div>
<p style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Though there are more than one place included in the short list, Prof. Dr. Subedi said that his recommendation is to select at least two places from each development region to ensure proper regional balance.</span></p>',
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			'description' => 'Siddhartha Bank Limited has kicked off its branchless ‘Easy’ banking service from Dailekh. The bank launched the service on June 15 by issuing a smart card with which banking.....',
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	(int) 6 => array(
		'Article' => array(
			'id' => '408',
			'article_category_id' => '34',
			'title' => 'Birgunj SEZ Construction (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he construction work in the special economic zone (SEZ) of Birgunj is nearing completion. However, industrialists complain that the law needed for the operation of the SEZ which is hoped to boost exports, is still not enacted.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The SEZ is being constructed in an 832 bigha land that was once the premises of Birgunj Sugar Mills.&nbsp;The idea to establish a SEZ at this location was finalised seven years ago with an objective to increase export competitiveness of the country. The government began building the SEZ as per the Industrial Policy that promises various facilities to the exporters. However, the industrialists are arguing that the facilities should be provided also to the industrial units that produce goods for consumption within the country. Jagdish Agrawal, Chairman of Nimbus group of companies said the government policy to protect only the export-oriented industries is wrong. He said that in a country like Nepal where the internal production is not enough to meet the internal demand, there is no point in providing incentives only to production meant for export. He also suggested setting up economic zones specialised in certain products. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Om Prakash Sikaria, Former President of Birgunj Chamber of Commerce and Industry however, expressed hope that the SEZ would help in the development of export-oriented industries in and around Birgunj. However, he complained at the delay in introducing a separate law required for the operation of the SEZ.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Both Agrawal and Sikaria pointed out that the Birgunj SEZ will have problems as it is located away from the highway and the dry port. The Birgunj SEZ will have five blocks. Among them, block A will be the biggest with an area of 343 bigha. Block B will have 123 bigha while the area of block C will be 49 bigha. Similalry, block D will have 178 bigha and block E will be of 133 bigha.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169); letter-spacing: -0.6pt;">Maoists not for Majority Foreign Stake in Nepali Banks</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt; letter-spacing: -0.1pt;">U</span><span style="letter-spacing: -0.1pt;">CPN –Maoist Constituent Assembly (CA) members do not want branches of foreign banks in Nepal. They have started political lobbying saying the foreign banks established in Nepal will leave negative effects on the economy.</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: 0.15pt;">They have taken a stand not to allow foreign banks to own more than 49 per cent stakes in banks in Nepal. They want it to be included in the Banks and Financial Institution Act (BAFIA) which is in the process of amendment. “This is the issue of nationality,” said Narayan Prasad Sharma, a Maoist CA member and coordinator of BAFIA sub-committee. “We are determined to make provisions that only Nepali citizens and entities can hold a majority stake in Nepali banks,” he added. “It will be a threat to the national economy if 51 per cent stake is not held by the Nepalis,” he clarified. Another Maoist CA member Hari Roka said that the provision about the ownership of a foreign bank branch should not exceed 49 per cent and it should be mentioned in the law itself. However, the Maoist stand is against the World Trade Organisation (WTO) provisions. While being the member of WTO in 2004, Nepal had signed an agreement to allow foreign investments into the country from 2010.</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Panchakanya Operates On Full Capacity</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 13pt;">P</span><span style="font-size: 9.5pt;">anchakanya Steels, a Panchakanya Group company, has begun operating to its full capacity. Biswojay Pudasaini, Sales Manager of the company, said that the company has invested Rs 100 million to increase the output.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">With the upgrade in production, the company has begun producing 80 thousand metric tonnes of steel rods annually. Previously, only 60 tonnes of steel rods was produced in a year. Pudasaini claimed that with the increase in production, market share will also increase to 25 per cent. He said that government and foreign projects largely use Panchakanya Steels products.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Panchakanya began producing to its full capacity from the second week of June. According to Pudasaini, the company installed the latest technology after replacing the old one. However, he said that the product is yet to be supplied to the market. The company is producing rods from its plant at Bhairahawa.</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169); letter-spacing: -0.6pt;">Shiva Ram wins Surya Nepal Central Open</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">S</span><span style="font-size: 9.5pt;">hiva Ram Shrestha registered an eight-stroke victory over Sanjay Lama to take home the Surya Nepal Central Open title at the Gokarna Golf Club. He carded four-under 68 on the final day for a total of 10-under 278 to list the 11thcareer title, highest by a pro in the Nepali tour. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Similarly, Lama stood on second position with a total of two-under 286 after the final round score of five-under 67, while Mani Rai played a round of six-over 78 to score the third position at&nbsp;one-under 287. Samundra Giri and Ramesh Nagarkoti shared the fourth position at 289.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">In amateur category, Tashi Tsering claimed the trophy with a total score of 10-over 298 while Bikash Bogati came second at 299.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Out of the total cash purse of Rs 425,000 of the third event under the Surya Nepal Golf Tour 2011-12, Shiva Ram received Rs 90 thousand, while Sanjay bagged Rs 57 thousand. Similarly, third-placed Mani pocketed Rs 45 thousand. Dorji Sherpa, Vice-President of Gokarna Forest Resort and Ghana Shyam Thapa, former President of Nepal PGA handed over the prizes to the winners.&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Deposit Insurance Mandatory for Commercial Banks Too</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 10pt;">N</span>epal Rastra Bank (NRB) has started sending letters to commercial banks directing them to insure deposits up to Rs 200 thousand. “We have directed commercial banks to ensure deposit insurance in next fiscal year,” Bhaskar Mani Gyawali, Spokesperson of NRB, said.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	The central bank has said that deposit insurance has been made mandatory to safeguard the deposits of common depositors at a time when financial institutions are considered fragile. Gyawali said that deposit insurance is made extensive as a part of winning back confidence of depositors. Deposit insurance programme began this year starting from development banks, finance companies and microfinance banks. Till date, deposits of Rs 529.6 million of 1.4 million depositors in 138 financial institutions have been insured.&nbsp;</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Eight Polytechnics in the Offing</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 13pt;">E</span><span style="font-size: 9.5pt;">ight new polytechnic institutes will be set up in different parts of the country with financial assistance from the Nepal government and some friendly countries. Total investments into all these institutions will add up to Rs 3.32 billion. These institutes will be established in Makwanpur, Rupandehi, Rautahat, Sarlahi, Kailali, Dhanusha, Chitwan and Kathmandu. Bishnu Koirala, Director of the Council for Technical Education and Vocational Training (CTEVT), said these establishments will be financed by national and foreign investments.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">With a financial assistance of Rs 450 million from the Indian government, a polytechnic will be set in&nbsp;Hetauda, Makwanpur, will be established with the support of Indian government. According to Koirala, Another polytechnic will be set with a Korean assistance of Rs 520 million in Butwol, Rupandehi. Polytechnic institutes in Janakpur, Chitwan, Kathmandu and Kailali will be set up with a government assistance of Rs 500 million for each of the institutes.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<p style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Similarly, nursing institutes will be set up in Gaur, Rautahat, Malangawa and Sarlahi with investments of Rs 150 million each by the Nepal Government. According to Koirala all these institutes will be ready in four years. </span></p>',
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	(int) 7 => array(
		'Article' => array(
			'id' => '407',
			'article_category_id' => '34',
			'title' => 'NEA Deceived On PPA Rate (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="">T</span><span style="font-size: 9.5pt;">he private sector has accused Nepal Electricity Authority (NEA) of deceiving electricity producers on the rate of Power Purchase Agreement (PPA). NEA has increased PPA rate by 20 per cent on projects up to 25 megawatts.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Previously, electricity producers could raise price up to nine times in PPA rate but now they can increase up to only five times. With this, the PPA increase rate said to be 20 per cent will actually be 10 per cent, said Gyanendra Lal Pradhan, a power producer, The government promised to increase PPA by 20 per cent in projects that will be completed within four years but NEA did not follow it.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The private sector is saying that with the latest increase, internal return rate will be lower than 12 per cent. Power producers are saying that nobody will be interested to borrow from banks at 16 per cent and invest for that rate of return. Independent Power Producers Association-Nepal (IPPAN) says that for 30 years, average PPA rate should be fixed at minimum Rs 6 per unit. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Dr Subarna Das Shrestha President of IPPAN said that due to high interest rate, ongoing projects are also on the verge of being scrapped.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 24pt; color: rgb(0, 92, 169);">Bhatbhateni Supermarket in Koteshwore</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14pt;">B</span>hatbhateni Supermarket and Departmental Store has opened its new outlet at Koteshwor from June 11. During the inauguration, Min Bahadur Gurung, Managing Director of Bhatbhateni, said that the new shopping centre is equipped with customer care desk, elevator and escalator for physically challenged people along with other modern amnesties.</div>
<div style="text-indent: 0in; text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	He said that 200 people are getting employment in the supermarket out of which 90 per cent are women. The five–storey supermarket has been built at an investment of Rs 500 million. Gurung revealed that within this fiscal year, new supermarkets will be established at Jawalakhel and Chuchepati. He said its chain outlet in Pokhara is under construction. He also revealed that supermarkets at Bhatbhateni and Maharajgunj register an annual turnover of Rs 2 billion.<br />
	 </div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 22pt; color: rgb(0, 92, 169);">Electricity Development Corp within 15 Days<br />
	<br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt; letter-spacing: -0.25pt;">T</span><span style="letter-spacing: -0.25pt;">he government has announced to set up Electricity Development Corporation within 15 days from June 8. Gokarna Bista, Minister of Energy, said, I will show by establishing the corporation within 15 days. He added, Committee formed for the inception of the corporation is working to complete the task within seven days.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">Finance Minister Bharat Mohan Adhikari said that legal consultations are going on for setting up of the corporation. He also revealed that the corporation will not be controlled by the government but will be an independent unit. World Bank, Asian Development Bank, China Exim Bank and other international entities will be invited to invest in the company. Bista said that the seed capital of the corporation will be around Rs 7 to 15 billion. The government had proposed the establishment of Electricity Development Corporation after declaring power emergency in the country some months ago.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);"><br />
	Siddhartha and NMB to Operate Mutual Fund<br />
	<br />
	</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt;">S</span>iddhartha Bank Limited has become the first company to file an application to the Securities Board of Nepal to work as a mutual fund. One year after the regulation came into force, first application for licence to run mutual fund has been registered.</div>
<div style="text-indent: 0in; text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="letter-spacing: -0.25pt;">Siddhartha Bank has begun the process of establishing a mutual fund under the name Siddhartha Mutual Fund. The bank is planning to establish fund under Siddhartha Asset Management, bank's sister organisation, according to Bhola Dhungana, Office Secretary of the bank. The fund will be established with Rs 100 million paid-up capital. The company has said it will begin operation as soon as it gets approval from the SEBON. Similarly, NMB Bank has also registered an application on SEBON to operate its NMB Mutual Fund. NMB has prepared necessary requirements for operating the mutual fund. The fund will be managed and operated by sister organisation of the company, NMB Capital Limited.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 24pt; color: rgb(0, 92, 169);"><br />
	Interbank Lending For Six Months</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12pt; letter-spacing: -0.25pt;">B</span><span style="letter-spacing: -0.25pt;">anks and Finance Companies can issue interbank loans for up to six months. Nepal Rastra Bank (NRB) has made a special provision for interbank loans with effect from June 27. Bhaskar Mani Gyawali, Spokesperson of NRB, said, To lower the pressure of liquidity, this special provision is made.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	Now, commercial banks, development banks and finance companies can issue loans to each other against the acceptable collateral. According to Gyawali, such lending will be for six months on the maximum.&nbsp;</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20pt; color: rgb(0, 92, 169);"><br />
	Progress in Amending Securities Transaction Act<br />
	<br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 11pt;">T</span>he Securities Board of Nepal (SEBON) has presented a proposal to the Ministry of Finance (MoF) to amend the Securities Related Act 2007. Paristha Paudyal, Director at at the Board's Regulation Department said, the amendment is to accommodate a provision to authorise the Board to regulate the commodities exchanges as well.</div>
<div style="text-indent: 0in; text-align: justify;">
	<br />
	 </div>
<p style="text-align: justify;">
	<span style="font-size: 11pt; line-height: 115%;">In this year's budget, the government had announced to arrange for regulation of the commodities exchanges. Accordingly, a committee was formed with representatives from SEBON, MoF and commodities exchanges. The proposed draft amendment is based on the recommendation of the committee, said Paudyal. Currently, there are five exchange companies in operation while five more are trying to acquire license. </span></p>',
			'published' => true,
			'created' => '2011-09-05',
			'modified' => '2012-10-31',
			'keywords' => '',
			'description' => 'The private sector has accused Nepal Electricity Authority (NEA) of deceiving electricity producers on the rate of Power Purchase Agreement (PPA). NEA has increased PPA rate by 20 per.....',
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	),
	(int) 8 => array(
		'Article' => array(
			'id' => '406',
			'article_category_id' => '34',
			'title' => 'Nimbus Trains 2,000 Poultry Farmers(july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Nimbus has conducted around 34 free trainings this year to 2,000 poultry farmers in different parts of Nepal. It has been conducting these trainings on a monthly basis and has covered more than 50 districts of the country so far. The poultry farmers were trained on poultry farm management, bio security at small farms, commonly encountered poultry diseases, summer and winter management, summer stress, vaccination schedule etc.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Nimbus has its own training cell which is headed by a veterinarian. It also has a mobile training center to train poultry and livestock farmers. It also conducts trainings for cattle farmers of Chitwan, Dhading and Tanahun in association with Practical Action.</div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-align: justify;">
	 </div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 22pt; color: rgb(0, 92, 169);">Sunrise to Invite&nbsp; Joint Venture</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 9pt;">S</span>unrise Bank Limited has decided to partner with an&nbsp;international bank. Moti Lal Dugar, Chairman of the Bank, said that the bank is talking with a well-known international bank for partnership. Dugar said that the partnership will be finalised soon. He opined it is better to invite foreign invest rather than merge with a national bank. So, the company is bringing in a strategic partner. He also revealed that the bank is soon launching international visa credit card. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.3pt;">&nbsp;</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-align: justify;">
	 </div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 20pt; color: rgb(0, 92, 169);">Hyundai’s new brand Motto</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Hyundai Motor Company, the world’s fastest-growing automotive company by brand, officially announced its new brand direction and statement at the 2011 North American International Auto Show in Detroit. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The new brand statement “New Thinking. New Possibilities.” encompasses Hyundai’s new brand concept, “Modern Premium”, which aims to provide customers with emotional value and experiences beyond expectations, says the company. “It’s bigger, smarter and driven by the desire to share stylish, high quality and efficient vehicles with everyone” it says and adds: “New Thinking means challenging convention and pushing boundaries. And New Possibilities means coming up with more forward-thinking ideas and solutions. Hyundai’s new way of thinking is to share premium value with more people and make new possibilities for people and planet by constantly generating new ideas. It gives an opportunity to take a look at the new vision for the future of Hyundai.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Today, customers do not believe that expensive cars with unnecessary technology are premium. They no longer want to simply show off their status. Instead, they want their core needs fulfilled at an accessible price and with a car that exceeds their expectations; a car that reflects their values and the times in which they live. “Hyundai is not just a company that makes cars. Hyundai is a company that creates new possibilities. Our goal is not to be the biggest car company. Our goal is to be the most loved automotive company on the planet, and to be a trusted lifetime partner of our owners,” said Vice Chairman Chung, Hyundai Motor Company.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">In the most basic sense, a car is just a way to get from point A to B. But in reality, it is a place for much more - first dates, bonding time with the kids, quiet time alone. It’s a great place to store your gear, enjoy great music, spend a quick moment studying before an exam, or even take a nap or have a meal. “Hyundai’s goal is to create new values and a new culture that will upgrade the in-vehicle experience. Hyundai makes cars to enhance quality of people’s life’, says the company. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Nirakar Shrestha, MD of Laxmi InterContinental says: “With the global introduction of Hyundai Motor Company’s new brand statement “New Thinking. New Possibilities.”, we here at Laxmi InterContinental are pleased to implement the overall brand philosophy in Nepal. The new thinking of HMC relates to the new benefits that it will provide for its customers enjoyment. It seeks to provide additional values sought by society today (enabling more people to enjoy premium values at a fair price). HMC refers these new values as New Premium, Hyundai Premium, or Modern Premium. And Laxmi InterContinental is committed to deliver truly Hyundai Premium along with other services to its valued customers.”</span></div>
<div style="text-align: justify;">
	<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
	<span style="font-size: 22pt; color: rgb(0, 92, 169);">HYUNDAI Premiums in Nepal</span></div>
<div style="margin-bottom: 11.35pt; text-align: justify;">
	Laxmi InterContinental P. Ltd.; sole distributor of Hyundai for Nepal, revealed the new Sonata and Tucson recently.</div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 13.5pt;">Tucson</span></div>
<div style="margin-bottom: 11.35pt; text-align: justify;">
	First impression counts for a lot. Set eyes on the new Hyundai Tucson and we bet you’ll find your second and third glances are just as rewarding. Synthesis of flawless, cutting edge design, embodying style in every curve, sporty and powerful, yet, refined and relaxed. And when it comes to safety and security, the new Tucson is all equipped that gives you all the assurance you need and even beyond your expectation.</div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 13.5pt;">Sonata</span></div>
<div style="text-align: justify;">
	<span style="letter-spacing: 0.05pt;">Within seconds of getting acquainted with a Sonata, you will begin to wonder if it’s still today. The breath taking exterior design with rigid surface and structure that creates impression of constant, graceful motion. Inside, you will be surrounded by features capable of doing things that will transform your expectation of what a car can do. Indeed, everything about the Sonata - its sharp looks, next generation technology, and uncommon luxury and style - speaks uncannily of tomorrow.</span></div>',
			'published' => true,
			'created' => '2011-09-05',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nimbus has conducted around 34 free trainings this year to 2,000 poultry farmers in different parts of Nepal. It has been conducting these trainings on a monthly basis and has covered..........',
			'sortorder' => '321',
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	(int) 9 => array(
		'Article' => array(
			'id' => '384',
			'article_category_id' => '34',
			'title' => 'CPVC Pipes From Panchakanya Plast(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14pt;">P</span><span style="font-size: 9.5pt;">anchakanya Plast Pvt Ltd, a Panchakanya Group company is introducing Chlorinated Poly Vinyl Chloride (CPVC) Pipes in the market soon. Harka Bahadur Thapamagar, the Sales Manager of the company said that the company has already begun the production of these pipes. “The manufacturing of mould needed for making the pipes is in the process and we will launch our product within a month,” he said. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to Thapamagar, CPVC pipes are better alternatives to GI pipes for drinking water supply as the former are rust free and lightwieight to transport to remote locations. Panchakanya Plast has its factory near Bhairahawa.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Thapamagar claimed that Panchakanya is the first company to produce CPVC pipes in Nepal. These pipes are appropriate to use with both hot and cold water and can last up to 50 years. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">LIC (Nepal) Implements RDBMS</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="">L</span><span style="font-size: 9.5pt;">ife insurance Corporation (Nepal) Ltd has gone a step further in its IT initiatives by introducing web-based policy administration system, states a press release of the company. In 2008, LIC (Nepal) became the first Life Insurance Company to network all its branches across Nepal, enabling effective inter-branch communication system. By using RDBMS (Relational Data Base Management Systems) with the web-based front end architecture now, the company has achieved centralisation of its database, adds the press release promising that the new development will make servicing more effective, ensure real time transaction updation and also allow remote users to have access to latest data. This will also enable the company in the near future to provide online payment facility and 24x7 services to its customers, it adds.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The entire package has been developed in-house by the LIC of India using the latest technologies in the market and is very user friendly, according to the company. The package will also have the feature of maintaining customer ID to provide services to all the policies of one customer in a single window.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The module came into operation from 5th May 2011. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">New Industries in Patan Industrial Estate</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">hree new industrial units are being established in Patan Industrial Estate (PIE). The new units are added are Shakti Food Pvt Ltd, Siddhilaxmi Plastic Industry and Nepal Commercial Industry. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Prem Nepal, the Manager of Patan Industrial Estate said that two other industrial units are planning to expand capacity while another one plans to revive its operation.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Siddhilaxmi is investing Rs 10 million while Rs 100 million is being invested in Shakti Food.&nbsp;Nepal Commercial’s investment has not been finalised yet, according to Pushkar Paudel, the Manager of the company which is currently the authorised distributor of Indian furniture brand ‘Godrej’ in Nepal. The PIE plant of Nepal Commercial will be assembling furniture. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Shakti Food plans to introduce ‘Martin’ brand of ice-cream in the market and will have a daily production capacity of 20,000 litres. Besides ice-creams, it will also produce other dairy products.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Shakti Shrestha, the operator of Siddhilaxmi Plastic industry informed it will start producing plastic bottles within the next couple of months. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Infrastructure Bonds in USD </span></strong></span></div>
<div style="text-align: justify; text-indent: 0in;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 12pt;">N</span><span style="font-size: 9.5pt;">epal Rastra Bank (NRB) is mooting a policy to allow purchase of big infrastructure project bonds by paying US dollars. The NRB has begun internal discussions for formulating such policy so as to attract foreign investment in big projects. A source at the NRB revealed that the policy is being prepared to attract foreign investments in hydroelectricity and other big projects.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">People who buy such bonds by paying US dollars will get the interest in US dollars. Similarly, the principal amount too will be returned upon maturity in US dollars. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">With this policy, also the foreigners can buy bonds issued by Nepal. But some legal formalities have to completed before such bonds can be issued. For example, the existing law has to be amended, said a source in the NRB. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">These bonds can be bought also by the NRNs, companies and persons having regular income in US dollars. However, the NRB will be barred, according to the surce, from buying such bonds though it is allowed to buy foreign bonds with the foreign currency reserve it holds. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The big infrastructure projects that require huge capital can issue such bonds through merchant banks, according to the proposal.&nbsp;A number of the promoters of large projects have asked the NRB for a provision to allow foreign investors buy their bonds due to the scarcity of capital within the country to invest in such big projects. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Minimum Wage Controversy </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 13pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Labour and Transport Management has unilaterally fixed the minimum wage amidst opposition from Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and three major trade unions.</span></div>
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	<span style="font-size: 9.5pt;">Krishna Hari Pushkar, the spokesperson at the ministry said the minimum wage was fixed considering two previous agreements made on March 24 and April 15. He said, “Minimum wage has been fixed taking into consideration the concerns of both employers and employees.”</span></div>
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	<span style="font-size: 9.5pt;">The minimum wage has been increased from Rs 4,600 to Rs 6,200. Similarly, the daily wage has been increased from Rs 190 to Rs 231. </span></div>
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	<span style="font-size: 9.5pt;">Pashupati Murarka, the Vice President of FNCCI said the employers won’t agree to any agreement published in Nepal Gazette that goes against the one made on March 24. He alleged that the notice was published in the gazette without consulting the employers. </span></div>
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	<span style="font-size: 9.5pt;">An official at the FNCCI alleged that the minimum wage has been fixed as per the demand of Madhesi trade unions since the Labour Minister represents the Madhesi Jana Adhikar Forum.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">Bishnu Rimal, the President of General Federation of Nepalese Trade Unions (GEFONT) said that new agreements should not be implemented before dismissing the old ones. He said that they are currently following the agreement made on March 24. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Bluebird Mart Inaugurated</span></strong></span></div>
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	<span style="font-size: 15pt;">B</span>luebird Shopping Complex has come to operation in a changed form. Now called&nbsp;Bluebird Mart, it has added a new departmental store and two world-renowned chain restaurants. The Mart was inaugurated on May 17 by Miss Nepal Sadikshya Shrestha. KFC and Pizza Hut restaurants are scheduled to open soon, according to Binod Tuladhar, the Managing Director of Bluebird Mall.</div>
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	He also informed that the Yellow Chilly, an Indian chain restaurant will also be added to the property later. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Five-star Hotels Register 80 per cent Occupancy </span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;"><span style="font-size: 14px;">h</span>e occupancy rate of the five-star hotels in the first four months of Nepal Tourism Year (NTY) 2011 has touched 80 per cent. Raju Bikram Shah, the Senior General Manager of Hotel Shangri-La said, “Hotel occupancy in the first four months of this year has increased by 10 per cent when compared with the same period last year.” </span></div>
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	<span style="font-size: 9.5pt;">With the mountaineering season picking up momentum, some hotels have registered more than 80 per cent occupancy for April. However, Shah said the hotels should have 100 per cent occupancy due to NTY programmes. Encouraged by the positive response for the first four months, hotel entrepreneurs are hopeful that occupancy will remain high in the coming months as well.</span></div>
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	<span style="font-size: 9.5pt;">According to Bharat Joshi, the Marketing Director of Hotel Yak and Yeti, the occupancy rate increased with the trekking and mountaineering season. Hotel entrepreneurs further expect growth in tourist arrivals with the advent of pilgrimage season for Kailash-Mansarobar.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">In April, Hotel Shangrila had 87 percent occupancy, while Hotel Yak and Yeti had 79 percent, Hotel Soaltee 78 percent and Hotel Fulbari around 80 per cent. Five-star hotels claim the tourist flow increased because of their promotional efforts in the international market. They added that they spend Rs 400 million annually for overseas tourism promotion.&nbsp;</span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">NTB’s ‘Border City Sales Mission’ </span></strong></span></div>
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	<span style="font-size: 14px;">N</span>epal Tourism Board (NTB) has begun a tourism promotion campaign ‘Border City Sales Mission’ in the Indina cities close to the Nepal border. According to NTB, sales mission has been started in Indian cities of Kanpur, Varanasi and Lucknow. Lila Bahadur Bania, a Manager in the NTB said that the campaign was started as the Indian tourists were not coming to Nepal in large numbers. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Petroleum Import Exceeds Total Export </span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he revenue generated from Nepal’s export cannot even buy petroleum products required for the country, according to the recent trade data. Nepal exported goods worth Rs 47.98 billion by mid-April of the current fiscal year while the country spent Rs 50.26 billion for importing petroleum products during the same period, show the data released by the country’s trade monitoring body Trade and Export Promotion Centre (TEPC). </span></div>
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	<span style="font-size: 9.5pt;">By mid-April of last fiscal year, petroleum imports were worth Rs 35.22 billion.</span></div>
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	<span style="font-size: 9.5pt;">Nepal had to spend more for petroleum products due to two reasons. One was the unrest in the Middle-East that led to an increase in price of the petroleum in the world market. Second was the increase in the demand within the country due to lengthened power outage due to failure to increase power generation from the country’s hydropower plants. </span></div>
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	<span style="font-size: 9.5pt;">In the same period of the current fiscal year, Nepal has imported goods worth Rs 287 billion. So, Nepal’s trade deficit has reached Rs 239 billion in the first nine months of the current fiscal year, according to TEPC.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">Even though the imports of petroleum products and iron and steel have increased, there is a decrease in the import of machineries, electronics, vehicle spare parts and gold. In the first nine months of the last fiscal year, gold worth Rs 24.61 billion was imported but it has decreased to Rs 4.62 billion this year, a decline of 87.7 per cent. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>',
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			'description' => 'Panchakanya Plast Pvt Ltd, a Panchakanya Group company is introducing Chlorinated Poly Vinyl Chloride (CPVC) Pipes in the market soon. Harka Bahadur Thapamagar, the Sales Manager of the company said......',
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		'Article' => array(
			'id' => '383',
			'article_category_id' => '34',
			'title' => 'EU Ban Affects Ayurved Export(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal’s export of Ayurvedic medicines to Europe has declined following a ban on their import by European Union (EU) effective from May 1 citing public health risk. </span></div>
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	<span style="font-size: 9.5pt;">Dr Rishiram Koirala, the President of Ayurvedic Doctors’ Association-Nepal (ADAN) said the ban has proved really bad as it came exactly when the export of Nepali Ayurvedic medicines was on the rise. He complained that the EU ban also affected export to other countries. Koirala claimed that the ban was imposed to promote internal production of EU,not due to any threat to health.<br />
	<br />
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	<span style="font-size: 9.5pt; line-height: 115%;">Toya Narayan Gyawali, the General Secretary (Check …. As there can be no such post as Gen Sec In a Ministry) at the Ministry of Commerce and Supplies said the government has not received any formal notice on the restriction. He said, “If the restriction has indeed been imposed, we will try to solve the problem as soon as we receive a formal notification.” Prior to the ban, there was growing demand of ayurvedic medicines in eight countries including Austria and Sweden. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Rinchen Teaching Hospital in Dang</span></strong></span></div>
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	<span style="font-size: 14px;">C</span><span style="font-size: 9.5pt;">onstruction is going on for Rinchen Teaching Hospital at Sisahania of Dang with an investment of Rs 8 billion. According to the executive committee of the hospital, the initial phase of work has been completed. Gopal Prasad Bhusal, the Chairman of the committee claimed the hospital would be one-of-its-kind among the non-profit hospitals in Nepal.</span></div>
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">For the first phase, Rs 60 million was allocated while Bhusal said Rs 150 million may be required for designing and other works in the second phase. “In the third phase, the entire physical construction would be completed at an investment of Rs 6 billion,” said Bhusal. Another Rs 2 billion will be invested to make the hospital operational. Out of the total investment, Rs 200 million will be invested for information technology.</span></div>
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	<span style="font-size: 9.5pt;">Between 60 to 80 percent of the total cost will be financed by Ranag Tulku Rinchen Rinpoche, the Protector of the hospital, informed executive committee member Tilak Bhandari. The rest of the cost is to be financed from the government, local bodies and local donors, he added. </span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">According to Bhusal, the 700 bed-hospital plans to operate also air ambulance service in the future. The hospital will educate 100 MBBS, 50 MD, 200 BSC and 200 Nursing students every year. It will also conduct academic classes on meditation, yoga and spiritual knowledge. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">NRB’s Forced Merger By-laws</span></strong></span></div>
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	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal Rastra Bank (NRB) has issued a merger by-law that allows NRB to order a bank and financial institutions (BFIs) to merge if it is found weak in its vital indicators. The by-law also offers a number of incentives to encourage mergers, said Bhaskar Mani Gyawali, the NRB Spokesperson.</span></div>
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	<span style="font-size: 9.5pt;">The BFIs opting for mergers will be waived off several conditionalitis related to upgradation and operational area expansion. The by-laws also relax the provision on mandatory ‘complete three year’ rule in adding number of branches in the districts allowed to operate. </span></div>
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	<span style="font-size: 9.5pt;">The new regulation incorporates the provision of forceful merger, allowing the central bank to instruct two or more BFIs to merge if it deems appropriate. Similarly, the new rule has pledged relaxation on capital structure, shareholding limit for promoters, credit-deposit ratio, borrowing limit for promoters and deprived sector lending, among others.</span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">The central bank can instruct or suggest BFIs to merge if representatives of the same group, firm or company are found holding positions in the board of directors of more than one BFIs. It can also do so if the BFIs’ non-performing loans exceed five per cent of the total loan portfolio for three consecutive years and if the BFIs’ independent operations are causing negative impact on the banking system. The NRB can also ask those&nbsp;BFIs to merge to which the central bank has taken three corrective actions in a row or even in a case where it thinks the merger would strengthen the overall banking system. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Ncell Reduces 3G Tariff</span></strong></span></div>
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	<span style="font-size: 14px;"><span style="letter-spacing: 0.15pt;">P</span></span><span style="letter-spacing: 0.15pt;">rivate sector telecom operator Ncell has come up with a new scheme with reduced tariff for high-speed 3G Internet. Under the scheme, the company offers 500 Mb data for Rs 399 (or 80 paisa per Mb) down from earlier Rs 499. Similarly, 1000 Mb is now priced at Rs 699 (or 70 paisa per Mb). The Internet users not subscribing to the new packages will have to pay Rs 2 per Mb. </span><span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Banks’ Hydropower Investment Reach Rs 16 billion </span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he investment of Nepali Banks and Financial Institutions (BFIs) in hydro electricity projects has reached almost Rs 16 billion during the period of the last decade. Chilime Hydropower under the Public-Private Partnership model is the first project to have investment from Nepali banks. Himalayan Bank led the consortium of bankers to invest in this project. However, Indrawati is the first hydropower project promoted entirely by the private sector to receive bank investment.</span></div>
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	<span style="font-size: 9.5pt;">Among the other projects with bank finance are Piluwa, Sunkoshi and Sanima Mai. While the former two are small projects, Sanima Mai is relatively big with 15.6 MW and it has investment from a consortium of 11 BFIs. Until now, the BFIs have invested in this sector only through consortium.</span></div>
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	<span style="font-size: 9.5pt;">So far, a total of 21 banks and finance companies have invested in hydroelectricity projects. Clean Energy Development Bank and Jyoti Development Bank say they are specialised in investing in the energy sector and thus increase investment in this sector in the future.&nbsp;</span></div>
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	<span style="font-size: 9.5pt;">However, the investment of banks in hydroelectricity is a mere four per cent of the total deposits of the commercial banks. Recently, Nepal Rastra Bank changed the rule and allowed BFIs to invest up to 30 per cent of their loan outstanding in hydropower projects. Because the investment in this sector from the banks is very low compared to what they are allowed to, the private sector energy entrepreneurs have started arguing for fixing a minimum amount that the BFIs must invest in this sector. </span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">Bankers say they are reluctant to invest in energy as it requires long gestation period and the returns are comparatively higher in other sectors. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Registration of Hydropower Companies Made Easy</span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he Indistrial Promotion Board under the Ministry of Industry has changed the company registration rule for potential hydropower developer. According to the change, the the company registration for hydropower development is divided into two phases, says a souyrce at the Ministry of Industry. </span></div>
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	<span style="font-size: 9.5pt;">With this there is no capital requirement specified for the company that wants to just conduct the feasibility study on the proposed project. But once the company completes the feasibility study and wants to develop the project, it must have its authorised capital at least Rs. 100 million per megawatt of the generation capacity of the proposed project. </span></div>
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	<span style="font-size: 9.5pt; line-height: 115%;">The earlier provision required the company to have at least Rs. 100 million as authorised capital even while asking for the permission to conduct feasibility study. This had restrained many developers as they have to pay a high amount as the company registration fee. The Registrar of Companies charges higher registration fee for higher capital. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.05pt;">n</span></div>
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	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Cash Rich Govt Institutions asked to Buy Shares in Listed Companies</span></strong></span></div>
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	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he high-level financial sector reforms coordination committee has decided to issue directives to state-owned institutions to buy shares of companies listed in the stock echange. Dr Surbir Paudyal, a Member of the committee and Chairperson of the Securities Board of Nepal (SEBON) said, “A decision has been made to allow Employees Provident Fund and Citizens Investment Trust to invest in the shares of companies listed in the stock exchange.”</span></div>
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	<span style="font-size: 9.5pt;">It has also been decided to review the policy on loan from the banks against the security of share certificates and to explore ways to reduce cost of investment in shares. The major costs of investment in shares includeinterest on loan against the security of share certificates, share brokers’ commission, capital gains tax and charges levied by Nepal Stock Exchange.</span></div>
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	<span style="font-size: 9.5pt;">Under the existing policy, the banks are allowed to lend against the security of share cerrificates up to the amount of 60 per cent of the market value of the share and they have to make a margin call when the market price of the share so received as security falls more than 10 per cent.</span></div>
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	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The meeting also decided to immediately begin induction of new brokers, start operation of mutual fund and establish credit rating agency. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>',
			'published' => true,
			'created' => '2011-08-08',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nepal’s export of Ayurvedic medicines to Europe has declined following a ban on their import by European Union (EU) effective from May 1 citing public health risk.',
			'sortorder' => '299',
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	(int) 11 => array(
		'Article' => array(
			'id' => '382',
			'article_category_id' => '34',
			'title' => 'Korean Company Sells Stake In Himalayas Spring Water(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">T</span>The Korean Company that owns Himalayas Spring Water situated in Rasuwa has decided to sell half of its shares for Rs 200 million to Muktishree Pvt Ltd, a Nepali company.“The Korean Company has now decided to have a separate Nepali company as its strategic partner,” informed Ganga Dhital, the General Manager of the company.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Though the decision has been made already, the formal transfer of shares is yet to materialise. The Department of Industry has also given its approval for the transfer of ownership. After the approval from the Office of the Company Registrar and Nepal Rastra Bank, the Korean company will get Rs 200 million from the buyers. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">New Model for Monetary Survey </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal Rastra Bank (NRB) is planning to carry out a monetary survey with a new and updated framework which is under preparation at present. An official at the NRB said the old framework is limited to a few commercial banks in its coverage as it was developed when the number of banks and financial institutions in the country was very small and the level of monetization in the economy was very low. With the growth in number of BFIs and much higher level of monetization of the economy, the old framework cannot correctly represent actual situation.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">In the absence of clear demarcation of their functions in the law and rules, the commercial banks, development banks and finance companies carry out almost similar activities making it necessary to include them all in the scope of monetary survey to get the true picture of money supply in the economy. However, the existing system of monetary survey does not include the activities of development banks and finance companies.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Deependra Bahadur Kshetry, Former Governor of NRB suggested including cooperatives as well in the survey as they too are doing similar activities as those of the banks. He also suggested that the monetary survey should include also the quantity of Indian currency in circulation in Nepal. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">49th IHRA Conference in Nepal </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">I</span><span style="font-size: 9.5pt;">nternational Hotel and Restaurant Association (IHRA) has selected Nepal as the venue for its 49th Congress scheduled to be held from December 1 to 3. Dr Ghassan Aïdi, the President of IHRA officially informed Prime Minister Jhala Nath Khanal about the schedule recently.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The IH&amp;RA has its head office in Geneva and has 1.1 million members around the globe representing 300,000 hotels and 800,000 restaurants, informed Aïdi.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">IHRA had held its Congress in Nepal once before in 1968.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Nepal bagged the opportunity to organise the coming event winning over the bids of Argentina and Switzerland. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<strong><span style="font-size: 16px;"><span style="color: rgb(51, 51, 153);">Life Insurance Bonus to Go Down</span></span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he life-insurance policy holders should now be prepared for reduced bonus on their savings as the regulator of the sector, the Insurance Board (IB), has instructed the insurance companies to change their method o fcalculatin the returns from their investment for the bonus purpose. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">&nbsp;According to a recently issued directive from the Board, the actuaries of the insurance companies will now take maximum of 6 percent as the return from their investment. However, if the actual return in any of the last three year’s period covered by the acturial valuation is less than 6 percent, they are required to take that lower figure for the acturial valuation. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The insurance companies transfer such amount from their profit and loss account to the fund from where they can distribute bonus to the policyholders and dividend to the shareholders. Any surplus after such fund is provided for will be transferred to insurance fund which is to be treated as reserve from which neither bonus nor dividend canbe distributed. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">This means the bonus rate on the savings of the life insurance policy holders will be less than 6 percent. At present some of the insurance companies are paying bonus at as high a rate as over 7 percent. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Shekhar Kumar Aryal, the Spokesperson of the Board said, “This provision has been made to ensure the longevity of the insurance company.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Insurance company sources complain that this new rule will attract the people away from life insurance to depositing their savings in banks. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Community-led Micro Hydros</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">T</span>he Society of Rural Empowerment based in Damauli has supported to install 112 micro hydro projects in eight districts that generated a total of one megawatt of electricity. Rs 53.2 million was invested in these projects. Sarita Gurung, President of the Society said the government’s Alternative Energy Promotion Centre and Danish International Development Agency’s (DANIDA) programme on alternative energy provided financial support to the projects.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	As part of this programme, 47 projects were constructed in Dhading, 21 each in Gorkha and Makwanpur and 12 in Lamjung districts. Similarly, four each in Nawalparasi and Manang, three in Tanahu and one project in Rasuwa were constructed. According to the Society, 10,800&nbsp;households benefitted from the programme. Projects were developed in areas not linked with national transmission line and having little chance of linkage anytime soon. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Exporters Deprived Promised Incentive</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he exporters are still denied the incentives they were promised by the government while presenting the budget for the current fiscal year. The reason behind this is the change in the government due to which there has been delay in getting approval from the council of ministers on the procedural guidelines prepared for this purpose. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to Toya Narayan Gyawali, a Joint Secretary in the Ministry of Commerce and Supplies, the guidelines were presented to the Council of Ministers about four months ago. But the approval was delayed as the government changed in the meanwhile. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The government has made a provision in the current year’s Finance Bill to give the exportes a cash incentive of two to four per cent of the export value after the foreign currency payment is received against the export. The government has allocated Rs 250 million for this purpose.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Udaya Raj Pandey, the President of Garment Association Nepal (GAN) expressed frustration that the government failed to provide the promised incentive even though the time for a new budget is approaching so near. “The failure to implement the promise has irritated the exporters,” he said. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Pandey also said that since the government levies tax as soon as the budget is announced, it should show similar promptness also in implementing the promise of providing incentives.&nbsp;</span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">PE Management Board Proposal @ Cabinet </span></strong></span></div>
<div>
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The Ministry of Finance has submitted a proposal to the Cabinet Secretarieat for the formation of the Public Enterprises Management Board as promised in the budget announcement of the current fiscal year.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Lok Darshan Regmi, a Joint Secretary at the Ministry of Finance said the board will coordinate and facilitate the activities of the public enterprises. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">However, the economists and management experts have termed this as a measure to avoid privatisation of public enterprises. In their view, this step would increase financial load on the PEs on the one hand and create one more bureaucratic hurdle in their operations. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Dr Bimal Koirala, the Former Chief Secretary of the government said, “It would be better to privatise the PEs than to form this board.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The government has made a total loan investment of Rs 79.34 billion in these corporations so far. This year alone, Rs 16.19 billion was allocated in the budget for the 36 operational corporations. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>',
			'published' => true,
			'created' => '2011-08-08',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'TThe Korean Company that owns Himalayas Spring Water situated in Rasuwa has decided to sell half of its shares for Rs 200 million to Muktishree Pvt Ltd, a Nepali company.“The Korean Company has........',
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	(int) 12 => array(
		'Article' => array(
			'id' => '381',
			'article_category_id' => '34',
			'title' => 'Ad And Media Expo Concludes(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12px;">T</span>he three-day Ad and Media Expo 2011 jointly organised by Advertising Association of Nepal, Alpabiram Pvt Ltd and Direction Nepal Pvt Ltd concluded on April 30. The expo organised to bring together the advertising and media industry, advertisers, clients, media owners and buyers was visited by 22,800 people. The organisers said the expo will be held next year as well.<span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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<div style="text-align: justify;">
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<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Eleven New Hotelsfor NTY</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">I</span><span style="font-size: 9.5pt;">n the first four months of Nepal Tourism Year (NTY) 2011, 11 tourist-standard hotels have been added. According to Shambhu Prasad Koirala, the Officer at the Hotel Department of the Ministry of Tourism and Civil Aviation (MoTCA) said new hotels were registered in the beginning of the NTY expecting good returns.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">“As the registration procedure does not require investors to reveal the amount of capital investment, people unwilling to divulge their liquid assets are attracted to invest in the hotels,” said Koirala. Among the newly registered hotels, eight are in Kathmandu and rest three outside of the Valley.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">&nbsp;In 2010, 39 new hotels were added among which eight were three-star, two onestar and 29 tourist-standard. A total of 777 hotels have been registered with MoTCA so far. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
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<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Government Drafting Railway Law </span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">he government is drafting a railway law to provide a legal framework for facilitating the construction of railway lines and operation of railway services. According to the Ministry of Commerce and Supplies (MoCS), the law is expected to be promulgated in the fiscal year 2011-12. A four-member team led by MoCS Joint Secretary Toya Narayan Gyawali is drafting the law.</span></div>
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	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Matrika Prasad Marasini, a Undersecretary at the Law and Decision Implementation Section said, “In the absence of such a law, the railway services in operation in Janakpur and Birgunj dry port are regulated by Indian Railways. After the law comes into effect, they will be regulated by Nepal Railways.”</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to the draft of the law being prepared now, a separate unit under the Ministry of Labour and Transport Management will be set up to coordinate railway issues.&nbsp;The government may also form a railway board under the proposed law.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Currently Nepal has railway services operating on 29-kilometres stretch of Janakpur-Jayanagar. Similarly, there is a structure of railway upto Amlekhagunj from Raxaul though the service on this area is available only upto the Birgunj Dry Port from Raxaul. </span></div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The Ministry of Physical Planning and Construction has set a target to develop 4,000 kilometres of railway tracks in Nepal in the next 20 years. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Six Sigma Yellow Belt Certification </span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">S</span>ix Sigma Yellow Belt Certification Training conducted by Growth Sellers, a human resource company, concluded on May 15. During the two-day programme, Dr R S Chalapathi from the India-based Institute of Sigma Learning trained 35 senior managers from various companies. Six Sigma is a modern management tool that helps to lower cost and increase productivity. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">CG sponsors RCT</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">C</span>G Electronics, a wing of Chaudhary Group (CG) will provide Rs 500,000 as sponsorship amount to Ranipokhari Corner Team (RCT) for a year. The two parties signed an agreement to this effect on May 12. For the contract period, RCT players will wear the jerseys during matches bearing the LG Mobile logo. .</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Ramesh Shrestha, the General Manager of CG Electronics and Bijay Manandhar, the President of RCT signed the agreement. Shrestha said such sponsorships by business houses will help develop professionalism in in Nepali football. Manandhar said the sponsorship has provided a great financial relief to the team, for this year. CG has been sponsoring the education and sports sectors for a few years now. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
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	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">SPI Acquires Worldlink</span></strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">Software Paradigms International Group (SPI), an Atlanta-based company providing technology service and financial solutions, has acquired Worldlink Technologies, a Nepali software company. According to a statement issued by Worldlink, the company will now be known as SPI Nepal. The current Worldlink CEO Yajurendra Shrestha will head the new company as well. </span></div>
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	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Established in 2001, Worldlink has been involved in software development related to human resource, e-governance and social security. Apart from domestic customers, the company also works with the government of Orissa, India and a&nbsp;Delhi based company, Invest India Micro Pension Services. </span></div>
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	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">SPI entered Nepal after establishing footholds in Europe, Asia, North America and Australia. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>',
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			'created' => '2011-08-08',
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			'description' => 'The three-day Ad and Media Expo 2011 jointly organised by Advertising Association of Nepal, Alpabiram Pvt Ltd and Direction Nepal Pvt Ltd concluded on April 30. The expo organised to bring together the advertising.....',
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	(int) 13 => array(
		'Article' => array(
			'id' => '380',
			'article_category_id' => '34',
			'title' => 'Financial Closure Of Upper Tamakoshi(june 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">N</span><span style="font-size: 9.5pt;">epal Telecommunications Corporation (NTC) has agreed to finance Rs 6 billion to construct the Upper Tamakoshi Hydropower Project. A 456 megawatts hydroelectricity project is financed by domestic investors and being developed for an estimated cost&nbsp;of Rs 35.29 billion. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Kanhaiya Lal Gupta, the Deputy Managing Director of NTC and Mrigendra Bahadur Shrestha, the Project Director of the Upper Tamakoshi Hydropower Limited (UTKHPL) signed the agreement.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">Similarly, Employees Provident Fund has been investing Rs 10 billion, while Citizen’s Investment Trust and NTC have put Rs 2 billion and Rs 6 billion respectively for the project. The remaining Rs 11.8 billion will be generated by the government. The project, to be completed in 2015, has 70 per cent investment financed by loans and the rest 30 per cent from share capital. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: 0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<strong><span style="font-size: 16px;"><span style="color: rgb(51, 51, 153);">Samitivej to Manage Grande Services </span></span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">G</span>rande Hospital Nepal and Samitivej Hospital Thailand have reached an agreement for service management of the hospital. Dr Roop Jyoti, the President of Grande and Reymond Chong, the CEO and Managing Director of Samitivej signed an agreement to this effect recently in Kathmandu.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	Grande Hospital, being constructed by CE Construction at Tokha, will have a capacity of 150 beds in a 14-storied building. The hospital plans to offer international standard health facilities at a low cost. Being constructed in a 210,000 square feet area, the building will be disabled-friendly. The hospital is being constructed at an investment of Rs 1.40 billion. It will have eight operation theatres, five elevators and four staircases. Jyoti hoped that once the hospital begins its services, the trend&nbsp;to go abroad for treatment will come to an end. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<strong><span style="font-size: 16px;"><span style="color: rgb(51, 51, 153);">MoTCA Seeks Updation of Hotel Standards </span></span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 16px;">T</span><span style="font-size: 9.5pt;">he Ministry of Tourism and Civil Aviation (MoTCA) is working to update its criteria for hotel and restaurant standards. Keshav Prasad Bimali, the Joint Secretary at the ministry said, also on the cards is the change in the rule so that the hotels will be mandatorily required to register themselves with MoTCA. The code is being updated to accommodate the changes made in various policies and rules four years ago (2064 Bikram Sambat) when the existing code was promulgated, he said. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">According to the existing rules, the hotels do not need to be registered with MoTCA. As a result it does not have a data on the number of hotels in operation. The code needs to be updated to include such requirements, remarked Shambhu Prasad Koirala, a Section Officer at the Hotel Division of the ministry. He said that this update will make it mandatory for hotels to be registered at the ministry and establish a renewal charge. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The ministry is also planning to form a working committee in coordination with the Hotel Association of Nepal, Nepal Tourism Board, Nepal Academy of Tourism and Hotel Management and other concerned bodies for the upgradation and amendment of working directives.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The ministry said that the standard of existing five-star hotels need to be upgraded to meet SAARC standards. However, the ministry will update the code for five-star hotels only after updating the standards for the tourist-standard hotels. </span><span style="font-size: 6.5pt; line-height: 115%; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Machhapuchchhre Wins Inter-bank Volleyball </span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: 0.2pt;">M</span></span><span style="letter-spacing: 0.2pt;">achhapuchchhre Bank Limited has won the inter-bank volleyball tournament beating Kumari Bank Limited with a score of 23-25, 25-21, 32-30 and 25-18 in the final. The Bank&nbsp;was awarded Rs 50,000 cash prize and a trophy. The tournament was organised to commemorate the 56th anniversary of Nepal Rastra Bank. Kumari Bank took home Rs 35,000 and the runners-up trophy. Everest Bank Limited came third beating Agriculture Development Bank. </span><span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.05pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">NIDC’s 43rd AGM</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">N</span>epal Industrial Development Corporation (NIDC) held its 43rd annual general meeting on May 7 after a gap of nine years. The annual reports from 2002-02 to 2009-10 were presented by NIDC Chairman Shanta Bahadur Shrestha during the meet organised in its central office at Durbarmarg. Among the major resolutions of the AGM was the decicion to change its name into NIDC Bank Limited. Coinciding with the occasion, NIDC also started ATM service from its Durbarmarg office. <span style="font-size: 6.5pt; color: rgb(237, 28, 36); letter-spacing: -0.15pt;">n</span></div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: center; text-indent: 0in;">
	<span style="font-size: 16px;"><strong><span style="color: rgb(51, 51, 153);">Shalimar Begins Clinker Production</span></strong></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">S</span>halimar Cement Industry, in cooperation with Unitech Pvt Ltd, has begun trial production of clinker, a raw material used for producing cement. The industry located at Bara-Parsa Corridor has an investment of Rs 700 million and produces 30 tonnes of clinker every day.</div>
<div style="text-indent: 0in; text-align: justify;">
	 </div>
<p style="text-align: justify;">
	<span style="font-size: 11pt; line-height: 115%;">Ashok Kumar Vaidya, the Managing Director of the company said the full capacity of producing 300 tonnes every day will be utilised in one-and-a-half month’s time. While this is the fifth Nepali company to produce clinker indigenously, other industries depend on imported clinker for cement production. The company has said it will supply clinker to other industries only after meeting its own needs.</span></p>',
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			'description' => 'Nepal Telecommunications Corporation (NTC) has agreed to finance Rs 6 billion to construct the Upper Tamakoshi Hydropower Project. A 456 megawatts hydroelectricity project is financed by domestic investors........',
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	(int) 14 => array(
		'Article' => array(
			'id' => '340',
			'article_category_id' => '34',
			'title' => 'Natural Gas Remains Untapped',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 14px;">T</span><span style="font-size: 9.5pt;">hough three decades have passed since natural gas was found below the grounds in Kathmandu , nothing has been done yet to bring it to the kitchen of the people. Negligence of the government and technical complications have made gas extraction a far cry. Officials at the Department of Mines and Geology say there is no possibility to extract natural gas for utilisation anytime soon.</span></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 9.5pt;">The department has failed to even to evaluate the proposals of two companies that sought permission to extract gas. The proposals are lying with the department for the last two years. Continental Trading Enterprises and Rajavardhan Construction, a company under KL Dugar Group had submitted those proposals. </span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 9.5pt;">Sarbajit Prasad Mahato, the Director General of the department accepts the weaknesses of the department but blames it to various complications. He said that more studies are needed to go ahead on this. </span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	<span style="font-size: 9.5pt;">Studies have revealed that the area of 26 square kilometres from Teku to where the office of the Nepal Herbs Corporation is located contains natural gas. Studies by the department carried out at different times during the last 17 years show the possibility of a natural gas reserve of 310 million cubic metres. This amount can meet the need of 20,000 households for 30 years.&nbsp;The study conducted in 1996 says that extraction work would cost Rs 437.7 million. The extracted gas cannot be liquefied and filled into the cylinder directly. Therefore, it should be supplied directly to the households through pipelines. This is said to have become costly now because of the concrete constructions stretching the length and breadth of Kathmandu valley. However, such gas can be used to generate electricity thorugh thermal power station. The department has identified 14 places from where the gas can be mined. </span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 9.5pt; line-height: 115%;">The department has put forward an option to conduct fresh studies as the environment has changed much since the time of the previous studies. </span></div>',
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			'description' => 'Though three decades have passed since natural gas was found below the grounds in Kathmandu , nothing has been done yet to bring it to the kitchen of the people. Negligence of the government and technical complications have made gas extraction a far cry.',
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