Main News

EPF’s Interest In Hydropower Sector

Nov 30, -0001 0 1 minutes 5 seconds to read

…

Foreign Loan In Local Currency

Nov 30, -0001 0 3 minutes 29 seconds to read

…

NRNA Global Conference Started

Nov 30, -0001 0 1 minutes 46 seconds to read

…

Informal Trade Still A High In South Asian Region By The Corporate

Nov 30, -0001 0 4 minutes 16 seconds to read

…

Poverty Alleviation A Challenge Despite Economic Growth

Nov 30, -0001 0 1 minutes 39 seconds to read

…

Informal Trade Still A High In South Asian Region

Nov 30, -0001 0 4 minutes 16 seconds to read

…

Nepal Certified As Full Member Of ISO

Nov 30, -0001 0 1 minutes 38 seconds to read

…

Hydropower Companies In IPO Rush

Nov 30, -0001 2 3 minutes 5 seconds to read

…

Positioning, Infra-structure & Investment: Mainstay Of Nepali Tourism Next

Nov 30, -0001 0 9 minutes 42 seconds to read

…

UCPN (Maoist) Wooing Private Sector Poll Strategy Or Paradigm Shift?

Nov 30, -0001 0 2 minutes 56 seconds to read

…

Korean Company To Bring Light In Rasuwa

Nov 30, -0001 0 3 minutes 12 seconds to read

…

Time To Focus On Economic Revolution: Former PMs

Nov 30, -0001 0 5 minutes 44 seconds to read

…

157.8 Million Shares Listed In NEPSE

Nov 30, -0001 0 2 minutes 12 seconds to read

…

Devaluating Rupee Costs Industries Dearly

Nov 30, -0001 0 2 minutes 58 seconds to read

…

Good Governance And Friendly Investment Policies To Drive Nepal Towards Development

Nov 30, -0001 0 5 minutes 15 seconds to read

…

< previous456789101112next >

No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]Code Context//    $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';



    if(!$xml = simplexml_load_file($file)){
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
	'articles' => array(
		(int) 0 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 1 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 2 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 3 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 4 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 5 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 6 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 7 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 8 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 9 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 10 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 11 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 12 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 13 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 14 => array(
			'Article' => array(
				[maximum depth reached]
			)
		)
	),
	'current_user' => null,
	'logged_in' => false
)
$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '2019',
			'article_category_id' => '91',
			'title' => 'EPF’s Interest  In Hydropower Sector',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Employees Provident Fund (EPF) has decided &nbsp;to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Confirming the investment, Krishna Prasad Acharya, Administrator of the Fund, said that EPF decided to investment in hydropower after apprising the sector secure and productive. &quot;Investment in infrastructure development sector will have a sustainable impact on national economic growth,&rdquo; he said adding, &ldquo;Investment is this sector is profitable as well as productive in the long run&rdquo;.</div>
<div>
	&nbsp;</div>
<div>
	The EPF has decided to invest in Upper Tamakoshi (456 MW), Rasuwa Gadi (111 MW), Bhotekoshi (102 MW), Upper Sanjen (14.8 MW) and Sanjen (42.5 MW) hydro projects, he informed.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Out of the total allocated amount, around Rs 3 billion has been used those four projects,&rdquo; said Kailash Bhakta Karrananjeet, Chief of the Department of Investment and Treasury Management at the EPF.</div>
<div>
	Informing that the meeting of the board of directors of the fund has approved the projects.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	EPF has also invested in SL Hydropower Project, through Hydropower Investment and Development Company&rsquo;s promotional shares and joint-finance process.</div>',
			'published' => true,
			'created' => '2013-10-27',
			'modified' => '2013-10-28',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Employees Provident Fund (EPF) has decided  to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity.',
			'sortorder' => '1871',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '1971',
			'article_category_id' => '91',
			'title' => 'Foreign Loan In Local Currency',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank&rsquo;s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The decision follows the budgetary provision of the current fiscal year regarding arrangements for the issuance of rupee bonds by international financial institutions.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The local currency bond supports the efforts of the government and authorities to deepen domestic capital markets in the country,&rdquo; said an official at the Ministry of Finance. Such markets are an important source of local-currency funding to engage broader private sector in development projects through micro, small and medium enterprises and other essential economic sectors, he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	We envisage that the country will have several international issuers coming to the market who can propel the investment climate, he said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Presence of international issuers will have positive impact in overall investment scenario, said chief economic advisor at the ministry Dr Chiranjibi Nepal. Investors can invest in more secure manner when internationally trusted organizations issue bond, he said. &ldquo;The implementation of decision will also help to formalize economy since people start to invest in bond instead of hiding currency at home or in banks.&rdquo;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Local currency bonds are issued to attract both local and foreign investment as they help in long-term financing. The money raised by issuing bonds should be spent in big projects like developing the country&rsquo;s hydropower, agriculture, road and tourism infrastructures, according to the Ministry&nbsp;</div>
<div>
	of Finance.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Opening the door to international issuer will also help develop the country&rsquo;s bond market, which is still in nascent stage, according to the ministry. At present, bonds account for 34 percent of the total debt instruments in the country. Currently, total domestic debt amounts to Rs 207 billion raised from treasury bills and different types of bonds.</div>
<div>
	&nbsp;</div>
<div>
	Potential issuers who want to issue bonds in Nepali rupee must apply to the Finance Ministry specifying the objective of issuing them, potential areas of investment, the main investor, value of the bonds, maturity period, interest rate and timetable, according to spokesperson Ram Sharan Pudasaini.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The ministry will then present the proposal to the cabinet for the final approval on whether or not to allow the issuance of bonds,&rdquo; &nbsp;he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	As per the 10-point guideline endorsed by the ministry, the bond issuance should be carried out as per the existing legal provisions related to securities.</div>
<div>
	&nbsp;</div>
<div>
	In order to assure investors about the security of their investment, the bond issuer has to publish prospectus of the institution that is issuing the bond. The issuer can make the payment of interest to investors on half yearly basis through their local agent or market makers, the guideline says. It has given income tax exemption to the international institutions issuing the bonds. &ldquo;But if they issue the bonds through local agents, the agents are subject to tax compliance,&rdquo; said Pudasaini.</div>
<div>
	&nbsp;</div>
<div>
	The guideline has also the given the bond issuing institutions to repatriate profit as per the country&rsquo;s existing law. &nbsp;They have also been allowed to take short-term loans from the local banks as bridge funding provided the fund raised from bonds is inadequate for the investment in the project.</div>
<div>
	&nbsp;</div>
<div>
	They have also been allowed to deposit their money in banks for a year to manage their fund. &ldquo;This provision was made to utilize the fund they have until they invest in certain projects,&rdquo; said Pudasaini.</div>',
			'published' => true,
			'created' => '2013-10-20',
			'modified' => '2013-10-28',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds. 

The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank’s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond.',
			'sortorder' => '1870',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '1972',
			'article_category_id' => '91',
			'title' => 'NRNA Global Conference Started',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year&rsquo;s conference is &#39;NRNs and Nepal: Partners in Prosperity&#39;. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The four-day global conference is also set to choose a new leadership of the organization for a two-year term. Australian businessman Shesh Ghale and &nbsp;General Secretary Tenzi Sherpa (South Korea) are contesting for the position of NRNA president. The election is scheduled to take place on Sunday.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Sixth NRNA Global Conference will be held on Monday and Tuesday after the conclusion of the convention. The global conference will be inaugurated by the President Dr Ram Baran Yadav. The conference will hold discussions on various subjects like collective investment, foreign employment, continuity of Nepali citizenship of the NRNs, and partnership with the private sector in the country, among other issues.</div>
<div>
	&nbsp;</div>
<div>
	About 1300 NRNs from 50 countries across the world are taking part in the conference. The NRNA has its chapters in 65 different countries.</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Two Years of Abroad Stay Must for NRNA Membership</strong></span></div>
<div>
	Similarly, the general assembly of NRNA on Saturday introduced a provision, according to which every Nepali staying in foreign lands for two continuous years will be eligible for NRN status. The amendment will come into effect from October 22.</div>
<div>
	&nbsp;</div>
<div>
	Likewise, the amendment has also paved the way for &nbsp;registration of the organization which was pending for a decade. NRNA was established in 2003. &nbsp;However, due to differences between the NRN Act 2008 and NRNA&rsquo;s statute, the organisation was not formally registered in the country inspite of several attempts of NRNs. The organisation has now got legal status after registering in Nepal.</div>',
			'published' => true,
			'created' => '2013-10-20',
			'modified' => '2013-10-28',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year’s conference is 'NRNs and Nepal: Partners in Prosperity'. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function.',
			'sortorder' => '1869',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '1960',
			'article_category_id' => '91',
			'title' => 'Informal Trade Still A High In South Asian Region By The Corporate',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project &ldquo;Trade and Transport Facilitation Audit in South Asia&rdquo; to conduct the audit last week.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report will aim at providing factual information on the reliability and efficiency of transportation infrastructure, logistic operations, customs and border management regulations and procedures, said research director at SAWTEE, Pushpa Sharma.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report is expected to reveal the status of customs facilitation for bilateral trade among South Asian countries, according to Sharma. &ldquo;After the study of trade facilitation at a bilateral level, the study will focus on identifying regional problems regarding trade facilitation,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	Informal trade is still a big challenge in the region but we do not have any authentic data, he said. The audit will not directly calculate the volume of informal trade but will study the causes of informal trade and recommend appropriate measures to reduce the volume of informal trade.</div>
<div>
	&nbsp;</div>
<div>
	Costs related to trade facilitation, infrastructure and transit have risen over the years, which has promoted informal trade in South Asia, according to experts.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Effective trade integration is necessary to reduce the cost burden, said former member of National Planning Commission, Dr Posh Raj Pandey. &ldquo;Trade facilitation is a must to improve overall cost related trade barriers but we should have a benchmark to improve the condition of trade facilitation,&rdquo; he said, adding that the audit will provide the benchmark with all trade barriers in the formal channel.</div>
<div>
	&nbsp;</div>
<div>
	Despite the fall in traditional trade barriers, the given circumstances in the region have forced exporters, businesses and consumers to bear additional cost burden, according to him.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Economist Dr Ratnakar Adhikari said that generally, costs are incurred due to lack of regional trade connectivity and impenetrable borders. Regional commitment is required to address the identified bottlenecks, he further said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Iqbal Tabish, Secretary General of the SAARC Chamber of Commerce and Industry, mentioned that benefits of trade liberalization will not be realized unless trade facilities are rationalized.</div>
<div>
	&nbsp;</div>
<div>
	Finance minister Shanker Prasad Koirala stated that the cost of trading within the region among South Asian countries is twice, and in some cases, even three times, than trading with countries outside the region.</div>
<div>
	&nbsp;</div>
<div>
	Despite the existence of several regional efforts, such as Agreement on South Asian Free Trade Area (SAFTA), intra-regional trade in South Asia has remained extremely modest due to a number of factors, one of which is trade and transport facilitation-related bottlenecks.</div>
<div>
	&nbsp;</div>
<div>
	In a separate programme organised by International Finance Corporation (IFC), chief secretary Lila Mani Paudyal said that the government is committed to improving its trade competitiveness. &ldquo;Reducing the time and costs to international trade, in particular, is critical for the Nepali private sector to compete internationally and access global markets,&rdquo; he said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Department of Customs is implementing its four year Customs Reform and Modernization Strategy and Action Plan since July 2013 which comprises of four building blocks: Trade Facilitation, High Revenue Yield, Organizational Development, and e-Customs, according to Surya Prasad Acharya, Director General of the Department of Customs.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	IFC is committed to enhance trade facilitation including focusing on simplifying border processes &amp; procedures, and improving risk management systems, said IFC Resident Representative in Nepal Valentino S Bagatsing. &ldquo;The reforms in the trade environment will provide a much needed boost as Nepali businesses position their products in accessing global markets,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	IFC&rsquo;s South Asia Regional Trade Integration programme aims to assist the government in focusing its reform efforts to create an enabling environment for improving trade facilitation and logistics. IFC works with both private sector and government agencies in identifying areas where reform efforts can help maximize improvements for the private sector to improve cross-border trade and investments.</div>
<div>
	&nbsp;</div>
<div>
	<div>
		<span style="font-size:14px;"><strong>Main Explanatory Factors for Informal Trade&nbsp;</strong></span></div>
	<div>
		&bull;Businesses have incentive to escape trade related regulations and duties&nbsp;</div>
	<div>
		&bull;Complex, non-transparent or divergent regulatory requirements (e.g., customs formalities, technical regulations and sanitary standards)&nbsp;</div>
	<div>
		&bull;Long and costly customs delays when trading formally</div>
	<div>
		&bull;Obstructed entry or exit of certain commodities, caused by import quotas or export bans&nbsp;</div>
	<div>
		&bull;Foreign exchange controls</div>
	<div>
		&bull;Weak law enforcement at the borders</div>
</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-10-08',
			'modified' => '2013-10-21',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed. 

South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project “Trade and Transport Facilitation Audit in South Asia” to conduct the audit last week.',
			'sortorder' => '1826',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '1920',
			'article_category_id' => '91',
			'title' => 'Poverty Alleviation A Challenge Despite Economic Growth',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	South Asia has failed to reduce poverty and ensure food security, said a report released by the South Asian Association for Regional Cooperation (SAARC) last week. Though the region has been able to achieve an average economic growth of 6.5 per cent annually from 2000 to 2012, its overall poverty status has not improved.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The report &lsquo;SAARC Regional Poverty Profile 2009-10&rsquo; launched by Chairman of the Interim Election Council Khil Raj Regmi last week in Kathmandu, underlined that 32 per cent of South Asians still live on less than $1.25-per person-a-day which is a state of absolute poverty.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;While some countries of the region like Nepal may be nearer to achieving the Millennium Development Goal (MDG) of halving the number of people in extreme poverty by 2015, the rest of the South Asian region &ndash; home to one third of the world&rsquo;s poor &ndash; still has high incidences of poverty, hunger and malnutrition,&rdquo; the report said. &ldquo;Food production has improved considerably over time in all countries of the region, but inter-country and intra-country variations persist.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	India is self-sufficient in all major foodstuffs except pulses and edible oils, according to the report. Pakistan is self-sufficient in wheat and rice.</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s index of per capita food production has improved marginally. However, it still depends on imports for most of its food items including cereals, pulses and fish.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	According to the report, Bangladesh is more or less self-sufficient in rice but imports wheat. Afghanistan, Bhutan and the Maldives depend on imports for most food items to meet their domestic demand, while Sri Lanka meets nearly 99 per cent of its rice requirements internally but imports 97 per cent of its demand for pulses.</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-10-06',
			'modified' => '2013-10-21',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'South Asia has failed to reduce poverty and ensure food security, said a report released by the South Asian Association for Regional Cooperation (SAARC) last week. Though the region has been able to achieve an average economic growth of 6.5 per cent annually from 2000 to 2012, its overall poverty status has not improved.',
			'sortorder' => '1781',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '1919',
			'article_category_id' => '91',
			'title' => 'Informal Trade Still A High In South Asian Region',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project &ldquo;Trade and Transport Facilitation Audit in South Asia&rdquo; to conduct the audit last week.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report will aim at providing factual information on the reliability and efficiency of transportation infrastructure, logistic operations, customs and border management regulations and procedures, said research director at SAWTEE, Pushpa Sharma.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report is expected to reveal the status of customs facilitation for bilateral trade among South Asian countries, according to Sharma. &ldquo;After the study of trade facilitation at a bilateral level, the study will focus on identifying regional problems regarding trade facilitation,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	Informal trade is still a big challenge in the region but we do not have any authentic data, he said. The audit will not directly calculate the volume of informal trade but will study the causes of informal trade and recommend appropriate measures to reduce the volume of informal trade.</div>
<div>
	&nbsp;</div>
<div>
	Costs related to trade facilitation, infrastructure and transit have risen over the years, which has promoted informal trade in South Asia, according to experts.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Effective trade integration is necessary to reduce the cost burden, said former member of National Planning Commission, Dr Posh Raj Pandey. &ldquo;Trade facilitation is a must to improve overall cost related trade barriers but we should have a benchmark to improve the condition of trade facilitation,&rdquo; he said, adding that the audit will provide the benchmark with all trade barriers in the formal channel.</div>
<div>
	&nbsp;</div>
<div>
	Despite the fall in traditional trade barriers, the given circumstances in the region have forced exporters, businesses and consumers to bear additional cost burden, according to him.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Economist Dr Ratnakar Adhikari said that generally, costs are incurred due to lack of regional trade connectivity and impenetrable borders. Regional commitment is required to address the identified bottlenecks, he further said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Iqbal Tabish, Secretary General of the SAARC Chamber of Commerce and Industry, mentioned that benefits of trade liberalization will not be realized unless trade facilities are rationalized.</div>
<div>
	&nbsp;</div>
<div>
	Finance minister Shanker Prasad Koirala stated that the cost of trading within the region among South Asian countries is twice, and in some cases, even three times, than trading with countries outside the region.</div>
<div>
	&nbsp;</div>
<div>
	Despite the existence of several regional efforts, such as Agreement on South Asian Free Trade Area (SAFTA), intra-regional trade in South Asia has remained extremely modest due to a number of factors, one of which is trade and transport facilitation-related bottlenecks.</div>
<div>
	&nbsp;</div>
<div>
	In a separate programme organised by International Finance Corporation (IFC), chief secretary Lila Mani Paudyal said that the government is committed to improving its trade competitiveness. &ldquo;Reducing the time and costs to international trade, in particular, is critical for the Nepali private sector to compete internationally and access global markets,&rdquo; he said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Department of Customs is implementing its four year Customs Reform and Modernization Strategy and Action Plan since July 2013 which comprises of four building blocks: Trade Facilitation, High Revenue Yield, Organizational Development, and e-Customs, according to Surya Prasad Acharya, Director General of the Department of Customs.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	IFC is committed to enhance trade facilitation including focusing on simplifying border processes &amp; procedures, and improving risk management systems, said IFC Resident Representative in Nepal Valentino S Bagatsing. &ldquo;The reforms in the trade environment will provide a much needed boost as Nepali businesses position their products in accessing global markets,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	IFC&rsquo;s South Asia Regional Trade Integration programme aims to assist the government in focusing its reform efforts to create an enabling environment for improving trade facilitation and logistics. IFC works with both private sector and government agencies in identifying areas where reform efforts can help maximize improvements for the private sector to improve cross-border trade and investments.</div>
<div>
	&nbsp;</div>
<div>
	<div>
		<span style="font-size:14px;"><strong>Main Explanatory Factors for Informal Trade&nbsp;</strong></span></div>
	<div>
		&bull;Businesses have incentive to escape trade related regulations and duties&nbsp;</div>
	<div>
		&bull;Complex, non-transparent or divergent regulatory requirements (e.g., customs formalities, technical regulations and sanitary standards)&nbsp;</div>
	<div>
		&bull;Long and costly customs delays when trading formally</div>
	<div>
		&bull;Obstructed entry or exit of certain commodities, caused by import quotas or export bans&nbsp;</div>
	<div>
		&bull;Foreign exchange controls</div>
	<div>
		&bull;Weak law enforcement at the borders</div>
</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-10-06',
			'modified' => '2013-10-08',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed. 

South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project “Trade and Transport Facilitation Audit in South Asia” to conduct the audit last week.',
			'sortorder' => '1780',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '1872',
			'article_category_id' => '91',
			'title' => 'Nepal Certified As Full Member Of ISO',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent</strong></div>
<div>
	&nbsp;</div>
<div>
	Nepal has been certified with full membership of the International Organisation for Standardization (ISO) during the 36th AGM of ISO in St. Petersberg, Russia. The membership will come into effect from January, 2014. Nepal is the 5th country in South Asia to be certified with full membership of ISO. Before this, India, Pakistan, Sri Lanka and Bangladesh were certified as members.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Minister for Commerce and Supplies, Shanker Prasad Koirala formally announced the ISO certification of Nepal amidst a programme at the Nepal Bureau of Standards and Metrology on Thursday. Koirala said, &ldquo;This certification has brought immense possibilities along with challenges which we have to utilize and face.&rdquo; He said that both government and private sector should work hand-in-hand for this.</div>
<div>
	&nbsp;</div>
<div>
	Nepal is certified as a full ISO member after being a correspondent member of ISO for 21 years. &ldquo;To get full membership of ISO is historical in itself,&rdquo; said the Secretary at the Ministry of Industries, Krishna Gyawali. He added, &ldquo;We have to pay around Rs 2.6 million to ISO for the membership but this will bring us a lot of opportunities and ways to profit.&rdquo; Gyanwali urged concerned departments and the private sector to be more sensible in maintaining quality of production.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Ram Adhar Shah, Director General of the Bureau said that with the membership certification, Nepal has received opportunities to work with the world community in quality matters. He also said that this can contribute to Nepal&rsquo;s export business as ISO is a significant trade tool.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Established in 1949 AD, ISO has done quality standardization of more than 19,500 goods. Similarly, the Nepal Bureau of Standards and Metrology also has done quality standardization of around 950 goods among which 12 are compulsory quality standards.</div>',
			'published' => true,
			'created' => '2013-09-29',
			'modified' => '2013-10-07',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Nepal is the 5th country in South Asia to be certifi ed with full membership of ISO.',
			'sortorder' => '1733',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '1871',
			'article_category_id' => '91',
			'title' => 'Hydropower Companies In IPO Rush',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Once seen as a depressed sector, the Nepali energy industry is now becoming the centre of attraction among investors. The flocking of hydropower companies for share market listing is indicative of this. In recent months, Nepali hydropower companies have been rushing for initial public offerings (IPOs). Five hydropower developers have filed for IPO in the Securities Board of Nepal (SEBON). Some among them are said to have been permitted for issuing all kinds of shares, while IPO requests of some companies are under process.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sanimamai Hydropower Ltd has closed the first round of IPO process which was carried on from September 20-24. Under this, the company sold shares &nbsp;allocated to the project-afftected areas. In the next round, shares will be sold to the general public. Meanwhile, Ridi Hydropower Development Comapany, Upper Tamakoshi Hydropower Ltd, Varun Hydropower Company and Arun Valley Development Company Ltd are preparing for share issuance.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sanimamai Hydropower&#39;s IPO saw an astounding demand of company&#39;s shares. The company which received IPO permit from SEBON on September 4 received share applications worth Rs 2.53 billion, 25 times more than demanded. &quot;We have estimated the application to be 10 times more than the offered,&quot; informed Tuk Prasad Paudel, CEO of Sanimamai Hydropower. The company which is developing the 22 MW Mai hydropower project in Ilam district is also constructing the 7 MW Mai Cascade Hydro project. &quot;Shareholders will receive 5 per cent dividends in the second year after the projects start generating electricity,&quot;said Paudel. According to Paudel, the company plans to raise the dividends to 10 per cent and 15 percent in 3rd and 4th year respectively.</div>
<div>
	&nbsp;</div>
<div>
	Similarly, Ridi Hydropower issued shares worth Rs 30 million to the local residents of the project area on 28th September. Varun Hydropower is issuing shares worth Rs 24.3 million to the local residents in the project site. Likewise, Upper Tamakoshi is set to issue primary shares worth Rs 25.416 million whereas Arun Valley Hydropower is preparing for the issuance of rights shares worth Rs 350 million.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	There are only four hydropower developers listed in the Nepal Stock Exchange (NEPSE) till date. Butwal Power Company Ltd, Chilime Hydropower Company Ltd, Arun Valley Hydropower Company Ltd and National Hydropower Company Ltd are the developers maintaining their presence in the share market thus far. According to data released by NEPSE, the total number of listed shares of the four developers reached 44.525 million (worth Rs 4.45 billion on face value). The share transaction of the companies also saw a staggering growth of 79 per cent in the fiscal year 2012-13 compared to the previous fiscal year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Share market experts see the IPO rush of hydropower companies as a good investment opportunity. &quot;The risks are less and the returns are larger in hydropower companies compared to other sectors,&quot; says stock market analyst Rabindra Bhattarai. &quot;Currently, there is less competition in the hydropower sector with certainty of return.&quot; Bhattarai terms the IPO rush of power developers as the &#39;next market boom.&#39; He also points out to the IPOs as a medium of fund raising for new hydropower projects. &quot;This will definitely help build new projects and generate more electricity,&quot; he adds.</div>
<div>
	&nbsp;</div>
<div>
	Share investor Uddab Shiwakoti also agrees with Bhattarai&#39;s view. &quot;Initial capital investment in power companies is high, though the operating cost is low,&quot; he says. &quot;According to cost-benefit analyses, we can clearly see that the investment flow is tending towards the hydropower sector.&quot;</div>',
			'published' => true,
			'created' => '2013-09-29',
			'modified' => '2013-10-07',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'In recent months, Nepali hydropower companies have been rushing for initial public offerings (IPOs).Five hydropower developers have fi led for IPO in the Securities Board of Nepal (SEBON).',
			'sortorder' => '1732',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '1841',
			'article_category_id' => '91',
			'title' => 'Positioning, Infra-structure & Investment: Mainstay Of Nepali Tourism Next',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>Secretary of the Ministry of Culture, Tourism and Civil Aviation, Sushil Ghimire, inaugurating Tourism and Aviation Next 2013. (From left) New Business Age Pvt Ltd Chairman Madan Lamsal, Incredible India pioneer Amitabh Kant and South Asia Director of Tourism Malaysia Amran Abdul Rahman.</strong></p>
<div>
	<div>
		&nbsp;</div>
	<div>
		<strong>Photo: Rukesh Shrestha/TC</strong><br />
		<br />
		<br />
		&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		<strong>Sell Authentic Experience &amp; Make It Premium</strong></div>
</div>
<div>
	&nbsp;</div>
<div>
	<strong>Vision: To achieve tourism turnover equal to 5% of the GDP by 2080 BS which is now less than 2%</strong></div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	By Ujjwal K Chowdhury</div>
<div>
	&nbsp;</div>
<div>
	As nations celebrate World Tourism Day on September 27, the top tourism officials, Nepali leaders of the industry, along with some top honchos of Malaysian and Indian tourism governance met on September 19 at Annapurna Hotel in the first edition of Tourism &amp; Aviation Next conference.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The core views that emerged from the day long exercise, partnered by New Business Age and Annapurna Hotel, and sponsored by Qatar Airways and Ace Travels, focused on: raising service standards, creating premium brand of experiential tourism apart from the existing largely value-for-money backpackers&rsquo; tourism, positioning of exotic Nepal, upgrading the tourism and hospitality infra-structure, adding new international airport, additional terminals and new air-routes, domestic and foreign investments in tourism services.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Tourism Goal: 5% of GDP by 2080 BS</strong></div>
<div>
	&nbsp;</div>
<div>
	Opening the event, the Secretary of the Tourism Ministry, Sushil Ghimire, focused on why and how can Nepal achieve tourism turnover equal to 5% of the GDP by 2080 BS which is now less than 2%, how the national carrier Nepal Airlines is being strengthened, and why all major stake-holders&rsquo; views on a long-term future course of action is important in a private sector driven domain like that of tourism &amp; aviation. He set the tone, and the two guests from abroad took it to the next level with case-studies from tourism promotion by their nations.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Case-studies: India and Malaysia</strong></div>
<div>
	&nbsp;</div>
<div>
	The former Tourism Secretary of India and of Kerala state, and the man behind Incredible India and God&rsquo;s Own Country Kerala branding, Amitabh Kant, lamented that the positioning, branding and pricing of an otherwise high-end premium exotic destination like Nepal has been actually very low. He rued that the focus has been on low-end mass tourism which also has not yet touched a million, while it now needs to be on niche high-end tourism promotion with a clear positioning. Noting that more than 1 billion people travelling and almost 9% of the global GDP has been in tourism across the world, employing 1 among every 11 people, Nepal needs to catch up with this burgeoning industry.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Moving from sun-sand-sea focused tourism, globally travelers are looking at authentic experience now and Nepal has a huge advantage in it. Explaining in details the Incredible India campaign, he noted that unique positioning and integrated marketing communication strategy and plan alone can take Nepal to the next level in this sector.&nbsp;Kant concluded expounding 6Cs for better tourism: civic governance, capacity building, communication strategy, convergence, community and civil aviation.</div>
<div>
	&nbsp;</div>
<div>
	The South Asia Director of Tourism Malaysia, Amran Abdul Rahman later brought in a video based presentation to show how Malaysia has moved from &lsquo;Coca-cola tourism&rsquo; earlier as an add-on visit to people coming to Singapore twenty years ago to 13 million visitors in 2003 and finally to 25 million visitors in 2012. The target of 2014, declared as the Visit Malaysia Year, is now 36 million visitors with USD 44 billion income.</div>
<div>
	&nbsp;</div>
<div>
	Malaysia could achieve this success due to infrastructure growth including the remarkable makeover of Kualalampur Airport, changing mindset of the people and government with tourism coming under special supervision directly by the Prime Minister, rural Malaysia being promoted heavily which also ensured ethnic amity, and focusing on MICE tourism through events heavily.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Tourism Next: Branding &amp; Capacity-building as Key Drivers</strong></div>
<div>
	&nbsp;</div>
<div>
	The tourism next panel, moderated by the Annapurna CEO Upaul Majumdar, was an exciting journey of multiple perspectives by various industry experts on different facets. Upaul started with the need of a &lsquo;can-do&rsquo; attitude, and not just talk about the challenges.</div>
<div>
	The Soaltee Crowne Plaza GM Nalin Mandiratta focused on the need for a large Convention Centre for MICE tourism to grow, more sports tournaments in Nepal, dynamic and integrated destination marketing, creating One Nepal concept uniting efforts of various sections of the industry, and focusing on China and India more.</div>
<div>
	&nbsp;</div>
<div>
	Madhusudan Acharya, the Vice President of the Nepal Association of Tours and Travel Agents, explained how the success of Apple denotes the success of unique positioning. The uniqueness of Nepal as a tourism destination needs similar positioning based on green initiatives and its ethnicity. He emphatically noted that tourism is both a cause and an effect of more holistic socio-economic growth. He noted that Nepal-China roads and Kathmandu&rsquo;s direct air connectivity with Chennai and Bengaluru are much needed pending measures.</div>
<div>
	&nbsp;</div>
<div>
	Nandini Lahe Thapa, the Senior Director of the Nepal Tourism Board in charge of international marketing, while noting that there has been relative maturity of Nepal as a tourism destination, it has been quite low at the high-end of the price-service spectrum. &ldquo;We have lowered our rates of other tourism services, but have an exponentially costly travel. Hotels have already set the bar higher, but travel trade still needs to come together and raise the standards with rational pricing,&rdquo; she noted. Promotion of new destinations possible, she told, if concrete proposals come to NTB from entrepreneurs.</div>
<div>
	&nbsp;</div>
<div>
	Sumit Baral, the Senior Consultant with the International Finance Corporation, from the World Bank Group, working for its investment climate programs, with key focus on tourism programmes, informed that opposing child-labour so rampant in the carpet industry, Lufthansa dropped its Kathmandu sector adversely affecting German tourists&rsquo; travel to Nepal. Also, a diagnostic study categorically has shown that service standards decline has been the major factor behind lower per day spending by tourists. Noting that Nepal does not feature in luxury travel, he illustrated how Peru since 2000 has positioned itself as high-end destination, and how Maldives with almost same number of tourists like Nepal (little less than a million a year), actually has double the income from this sector.</div>
<div>
	&nbsp;</div>
<div>
	Talking from the tourism technology perspective, Prerana Mimani, the Country Head of Amadeus, noted that the e-commerce route to promote Nepal is must and is still at a rudimentary level and it is possible to have collaboration with global travel portals with ethnicity focus for Nepal.</div>
<div>
	&nbsp;</div>
<div>
	The PATA Chairman of Nepal, entrepreneur Suman Pandey, defended budget tourism noting it as an important part of the Nepali tourism eco-system and saying that it is a way of travel to experience the country in a different way. He poignantly noted, &ldquo;The seven days Golden Triangle plan is over-done and new tourism products are now necessary, as seen in the case of trekking tours being re-packaged as photography tours.&rdquo; Another very effective suggestion of Pandey has been the creation of events with potentials of global media visibility, as seen in the case of the earlier Nepali cabinet meeting at Everest base-camp.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Aviation Next: Start Small, But Act in Unison</strong></div>
<div>
	&nbsp;</div>
<div>
	The final panel of the day, focusing on aviation ahead, was very ably moderated by Valentino Bagatsing, the Country Head of International Finance Corporation, of the World Bank group, who began by raising the issue of air-safety noting that there have been 70 accidents in 60 years last, 3 being in the last two years. He informed that IFC is on the task of safety management systems research and planning.</div>
<div>
	&nbsp;</div>
<div>
	Bhola Bikram Thapa, the MD of President Travels, emphatically set the tone noting, &ldquo;Government should make stronger policies and facilitate processes, and not do business directly.&rdquo; He lamented that the need of more aircrafts for the national carrier, Nepal Airlines, is still not being done.</div>
<div>
	&nbsp;</div>
<div>
	Ghanshyam Acharya, Chief of Corporate Affairs, Simrik Airlines, noted that globally service sector has surpassed manufacturing, and in Nepal, three out of every four international traveler is airborne. The IATA Outlook for 2013 looks positively at $711 billion global tourism turnover. Blacktopping of many airports in Nepal has increased air safety and air-travel is now available to middle class as well. However, he lamented better regulatory support of policy-makers is necessary, and after 1998, no new aircraft has been flown by any domestic carrier.</div>
<div>
	&nbsp;</div>
<div>
	Representing the government voice, Buddhisagar Lamichchane, the Joint Secretary of Civil Aviation, and Roshan Chitrakar, the Deputy Director General of the Air Navigation Services of CAAN, had some good news to share. Chitrakar informed about high pace of blacktopping and expansion of airports, fleet increment for national airlines being imminent, and one year compulsory Air Traffic Controllers&rsquo; training reduced to six-months first phase and then after some work experience another six months of second phase training to handle talent crunch in the industry.</div>
<div>
	&nbsp;</div>
<div>
	Lamichchane informed about installation of navigational safety equipments, and emphasized the air safety standards in Nepal to be reasonably strong by global standards. Further, he said, &ldquo;Nepali air-routes integration with more global air-routes is underway. And the construction of a second international airport at Bara which will create a East-West air corridor, is also taking off soon. Further, the regulator and service provider functions of government with regards to aviation are being separated soon and a global consultancy is looking into this.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	The Air India Country Head, TK Saha, defended the pricing strategy of his carrier noting that only 10-15 percent seats go vacant. He advocated new small aircraft routes and services for various potential sectors like Gaya-Lumbini, Patna-Kathmandu, and Varanasi-Pokhra.</div>
<div>
	&nbsp;</div>
<div>
	Ramdas Shivram, the Qatar Airways Country Head, brought in a basic issue with emphasis saying, &ldquo;Garbage management is poor in Kathmandu airport and for this a blended approach of awareness for passengers, training for staff, and strong punitive regulation is needed.&rdquo; He also advocated more efficient and faster immigration services, quest of quality tourism and not merely volumes, and focus to find and invest in new markets to expand Nepal tourism and aviation base. &ldquo;However, for all of these, commitment of all the stake-holders to what they believe and say is must,&rdquo; he said the last word.</div>
<div>
	&nbsp;</div>
<div>
	The event ended on a very positive note awarding Megh Ale for outstanding eco-friendly Himalayan tourism initiative, Tourism Malaysia for best international tourism promotion initiative and Amitabh Kant for special lifetime achievement in promoting South Asian tourism and infrastructure.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The organizers expressed hope that such major industry initiative to relook at the world&rsquo;s third largest industry conglomerate: tourism-hospitality-aviation shall again be taken up next year in September and a reality check of the progress made over one year would be done.</div>',
			'published' => true,
			'created' => '2013-09-22',
			'modified' => '2013-10-01',
			'keywords' => 'new business age cover story news & articles, cover story news & articles from new business age nepal, cover story headlines from nepal,  current and latest cover story news from nepal, economic news from nepal, nepali cover story economic news and events,  ongoing  cover story news of nepal',
			'description' => 'As nations celebrate World Tourism Day on September 27, the top tourism officials, Nepali leaders of the industry, along with some top honchos of Malaysian and Indian tourism governance met on September 19 at Annapurna Hotel in the first edition of Tourism & Aviation Next conference.',
			'sortorder' => '1702',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '1804',
			'article_category_id' => '91',
			'title' => 'UCPN (Maoist) Wooing Private Sector Poll Strategy Or Paradigm Shift?',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Sagar Ghimire</strong></div>
<div>
	&nbsp;</div>
<div>
	With the Constituent Assembly elections approaching, UCPN (Maoist) is making an all-out effort to woo the private sector.</div>
<div>
	&nbsp;</div>
<div>
	The Maoist party even agrees to accept a &lsquo;private sector-led economic revolution&rsquo; now. Economic analysts term it a paradigm shift in the economic policy of the Maoists - from a vociferous opponent of the capitalism to a proponent of private sector led economic growth. &nbsp; &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Maoist chairperson Pushpa Kamal Dahal&rsquo;s statement requesting the business community to lead the &lsquo;economic revolution&rsquo; at the Nepal Leadership Summit organized by New Business Age Pvt Ltd on September 5 corroborates the shift of the party from a state-controlled economy to a liberal economic policy. A week later at an interaction programme held by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Dahal stressed the need for a private sector-led economic revolution, stressing that only rhetoric would not bring desired transformation in the country.</div>
<div>
	&nbsp;</div>
<div>
	Though the UCPN (Maoist) changed its destructive ways as soon as it joined the mainstream politics in 2006 and said it was open to the concept of open-market economy.</div>
<div>
	The former rebel party&rsquo;s commitment towards the free market was &nbsp;not so strong at that time.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The business community was skeptical towards its economic credentials as it had not shunned violence completely the political document was not in line with favourable market policies and it was creating labour unrest in industries.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Maoists had twice got the opportunity to lead the government after it abandoned the insurgency. The Bilateral Investment Promotion and Protection Agreement (BIPPA) was signed with India during the Dr Baburam Bhattarai-led government, which analysts say, marked a turn of the Maoists to an open market policy.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	However, many still view the Maoist proximity with the business community in recent days as a strategy in relation to the upcoming CA polls.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Maoist sympathiser Economic Analyst Hari Roka sees the Maoist proximity with the business community as an attempt of the former to assuage the fears of the latter by assuring that they would support a free-market but fully regulated economy. &ldquo;Since the Maoists have now realized that the private sector is also a major player here, they want to strike a balance by taking the business community into confidence,&rdquo; said Roka. &ldquo;Earlier, distribution was their central plank, but now they consider production as a priority.&rdquo;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The decision of the Maoist convention in Hetauda on forming production brigades in order to make the party financially self dependant is taken on this line, he said.</div>
<div>
	&nbsp;</div>
<div>
	Senior economist Dr Bishwambhar Pyakurel, however, said that the Maoist attempt to woo the private sector was a result of circumstantial political compulsion. &ldquo;Their long-term political goal is different, but for the time-being, they do not have any other choice except to move hand-in-hand with the private sector.&rdquo;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	He added, &ldquo;Even though the Maoists are making a commitment to accept the market-led economic system as a tactic to woo the business community for electoral benefits, we have to tap into this opportunity to turn their words to reality.&rdquo;</div>',
			'published' => true,
			'created' => '2013-09-16',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'With the Constituent Assembly elections approaching, UCPN (Maoist) is making an all-out effort to woo the private sector.',
			'sortorder' => '1665',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '1763',
			'article_category_id' => '91',
			'title' => 'Korean Company To Bring Light In Rasuwa',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The construction of the much awaited 216 MW Upper Trishuli-I hydroelectricity project at Rasuwa district is to start in September.</div>
<div>
	&nbsp;</div>
<div>
	The $550 million project is promoted by Nepal Water and Energy Development Company Ltd (NWEDC) and will generate 1456GWh of energy per year after its commissioning scheduled in March 2019. The construction of its access road will start within this month and the main project development is expected to begin in December.</div>
<div>
	&nbsp;</div>
<div>
	The Engineering Design and Environment Impact Assessment Report have been already approved by the government authorities and drilling and drifting works, company registration, financial arrangement of equity capitalhave been made, says the company.</div>
<div>
	&nbsp;</div>
<div>
	Similarly, tree cutting approval has been received and land acquisition has already been done, it adds. &ldquo;The project, once completed, will help in reducing daily load shedding by three to four hours,&rdquo; said CEO of NWEDC Kim Kyung Sik.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	NWEDC is predominantly a South Korean group of three companies with 75 per cent of the total equity share, which includes Korea South East Power Company Ltd (KOSEP), Daelim Industrial Company Ltd, and Kyeryong Construction Industrial Company Ltd.</div>
<div>
	&nbsp;</div>
<div>
	The International Finance Corporation (IFC) has joined as a co-developer for the project while Daelim and Kyerong will be the Engineering, Procurement and Construction (EPC) contractor. The operation and maintenance will be done by KOSEP.</div>
<div>
	&nbsp;</div>
<div>
	Sik said, &ldquo;This is a reason for hope and optimism in the midst of serious crisis that has debilitating effect on Nepal economy. The project once completed, will help reduce daily load shedding by 3 to 4 hours. We are maintaining a good relation with the local people and with the administration. They are very much interested in the project and we are thankful for their support and cooperation.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	The successful completion of the project means technology transfer of operation and management, employment creation of 300 to 500 people for construction, substituting annually diesel imports equivalent to 20 million US dollar and helping grow Nepali economy, he added.</div>
<div>
	&nbsp;</div>
<div>
	The Upper Trishuli-I project will be one of largest hydroelectric power project in Nepal in terms of investment. It will increase existing hydro-electric generation capacity in Nepal by almost one third (216 MW), and will add around 50 per cent (1455 GWh) to the annual electricity generated in Nepal.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;It will help meet the huge unfulfilled demand of electricity in Nepal. We have a strong and committed list of sponsors for the project, which bring together a mix of local understanding and technical competence of setting up similar projects in other parts of the world,&rdquo; Sik said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The project will help in attracting International investors in Nepal&rsquo;s hydropower development, including South Korean Investors. It will also help to further strengthen the cordial relationship between Nepal and South Korea. We look for forward Nepal Electricity Authority&rsquo;s support in future,&rdquo; he added.</div>
<div>
	&nbsp;</div>
<div>
	<table border="0" cellpadding="10" width="99%">
		<tbody>
			<tr>
				<td bgcolor="#E5E4E2">
					<div>
						&bull;Expected to be one of largest hydroelectric power project in Nepal in terms of investment.&nbsp;</div>
					<div>
						&bull; Increase existing hydro-electric generation capacity in Nepal (651 MW) by almost one third (216 MW).</div>
					<div>
						&bull; It will add around 50 per cent (1533 GWh) of electricity to the current annual electricity generated in Nepal.</div>
					<div>
						&bull; Project site 70 km away from Katmandu, which makes it ideal for supply to the load center.</div>
					<div>
						&bull;More Korean investment in the pipeline.</div>
					<div>
						&nbsp;</div>
				</td>
			</tr>
		</tbody>
	</table>
</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-09-08',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The construction of the much awaited 216 MW Upper Trishuli-I hydroelectricity project at Rasuwa district is to start in September.',
			'sortorder' => '1624',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '1762',
			'article_category_id' => '91',
			'title' => 'Time To Focus On Economic Revolution: Former PMs',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	It was a historic day for bleeding Nepal. On September 5, the country&rsquo;s former Prime Ministers (PMs) came up with a consensus that the country should head towards economic revolution leaving political confrontations aside.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;During Nepal Leadership Summit which was jointly organised by Birgunj Chamber of Commerce and Industries (BiCCI) and New Business Age Group under the banner of &lsquo;Roadmap of Economic Revolution: Vision 2080 BS&rsquo;, five former PMs of past 1990 era pledged to speed up economic reform.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Former PMs Sher Bahadur Deuba, Pushpa Kamal Dahal &lsquo;Prachand&rsquo;, Madhav Nepal, Jhalanath Khanal and Dr Baburam Bhattarai signed a 12-point Birgunj Declaration and admitted that the path of prosperity is only possible through private sector-led economic growth.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;In the summit, chairman of UCPN Maoist and former PM Pushpa Kamal Dahal, popularly known as Prachanda, said that the time has come to be engaged in production, construction and development.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;&ldquo;In fact, our party has come to a conclusion that political stability is not possible without economic revolution,&rdquo; he informed.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He stressed that promoting economic activities and adopting the approach of inclusive growth is the only option to overcome vicious circle of poverty.</div>
<div>
	&nbsp;</div>
<div>
	Former PM and Nepali Congress senior leader Sher Bahadur Deuba said that the government should not engage in trading or operating industries.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The country had been facing the problem of financial crunch when NC formed the government after 1990 revolution. Situation has changed now as we have much better finacial resources. The problem is we have been unable to invest due to lack of infrastructure and energy crisis,&rdquo; he said.</div>
<div>
	He stressed for a common commitment to end the existing energy crisis. &ldquo;The country will head in the direction of economic prosperity if we will be able to address the problem of infrastructure, industrial security and energy,&rdquo; he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Nepal should attract Indian investment and should promote export to reduce trade deficit, he opined.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He said, that the government should reduce all bureaucratic hassles and should vow to provide tax rebate to companies which create employment opportunities to more than 100 persons.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;The country&rsquo;s economy remains in a state of confusion, with expanding budget, energy crisis, trade deficit, inflation, unemployment problem and lack of resources, said former Prime Minister and CPN UML leader Madhav Kumar Nepal.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He blamed the revenue-centered government, short-term profit oriented private sector and belligerent labour for the slow economic growth. &ldquo;We need to improve our educational system and ensure that we have the skills to pursue the opportunities,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He suggested that clarity in policy, investment friendly environment and investment in service and production sector will ensure country&rsquo;s development.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Chairman of CPN-UML and former PM Jhala Nath Khanal emphasized the need of policy stability for the economic growth. Modernisation of agriculture sector will have positive impact for the development, he said, adding that the banking sector should increase investment in the agricultural sector.</div>
<div>
	&nbsp;</div>
<div>
	Absolute poverty and backwardness are main problems of the country at present, UCPN Maoist leader and former PM Dr Baburam Bhattarai said. The country can achieve the target of 10 per cent growth by increasing investment in productive sector, he opined.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;&ldquo;Key factors that affected all sectors of the economy are poor governance and corruption in the country. One of most important negative factor is decline in investment to GDP ratio, which is one the of the root cause of the slowdown in GDP growth,&rdquo; Dr Bhattarai said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;&ldquo;At least 40 per cent amount of GDP should be invested every year in productive sector to achieve the double digit growth. This means, the government should ensure that at least Rs 700 billion is invested. As internal resources will not be sufficient to arrange this fund, we should invite foreign investment,&rdquo; he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Dr Bhattarai call for a need to build capacity at all levels to meet the target. &ldquo;We need to make the building of robust private sectors an urgent priority and promote true entrepreneurship because that is how jobs are created,&rdquo; he added.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He said that Nepal must focus on developing its skills and human resources, especially by harnessing the talents of Nepali people from around the world.</div>
<div>
	&nbsp;</div>
<div>
	He also suggested all political parties to keep balance between China and India for maximum benefit from the neighbouring economic giants.</div>
<div>
	&nbsp;</div>
<div>
	President of Birgunj Chamber of Commerce and Industries Ashok Baidya, said that political commitment is a must to create an environment of wealth creation through investment, alleviate poverty, increase the annual GDP growth rate, contain inflation, promote entrepreneurship and generate employment.</div>
<div>
	&nbsp;</div>
<div>
	In the programme, editor-in-chief and chairman of New Business Age Group Madan Lamsal asked politicians to address economic concerns and map out a strategy with business community and international support to address country&rsquo;s economic problems.</div>
<div>
	<table border="0" cellpadding="10" width="99%">
		<tbody>
			<tr>
				<td bgcolor="#E5E4E2">
					<div>
						<strong><span style="font-size: 14px;">Former PMs&rsquo; Common Points:</span></strong></div>
					<div>
						&bull;<span class="Apple-tab-span" style="white-space: pre;"> </span>&nbsp;Nepal is in the dire need of economic revolution now that it is a democratic republic</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Energy, agriculture and tourism sectors should be prioritized&nbsp;</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Private sector should lead the country&rsquo;s development</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Government should play the role of catalyst</div>
					<div>
						&bull;<span class="Apple-tab-span" style="white-space: pre;"> </span>Nepal should focus on turning the optimism about the country&rsquo;s future into real action</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Inclusive growth must be the main goal for Nepal&rsquo;s development</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>The mood should be changed from thinking of Nepal as a poor country to as a country that holds hope</div>
				</td>
			</tr>
		</tbody>
	</table>
</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-09-08',
			'modified' => '2013-10-01',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'It was a historic day for bleeding Nepal. On September 5, the country’s former Prime Ministers (PMs) came up with a consensus that the country should head towards economic revolution leaving political confrontations aside.',
			'sortorder' => '1623',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '1719',
			'article_category_id' => '91',
			'title' => '157.8 Million Shares Listed In NEPSE',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Around 157.8 million shares have been listed in Nepal Stock Exchange (NEPSE) in the FY 2012-2013. During this period, IPO shares, bonus and right shares were listed in NEPSE. The numbers of listed shares have increased by 3 per cent from the previous fiscal year. At the end of FY 2011-2012, the listed shares in NEPSE were around 1.14 billion which increased to around 1.30 billion in the previous year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Securities Board of Nepal (SEBON) has provided all kinds of share issuance permits up to Rs 20.31 billion. According to a SEBON source, permission has been given to issue IPO shares up to Rs 3.51 billion to 23 companies, right shares up to Rs 3.94 billion to 5 companies, bonus shares up to Rs 4.60 billion to 52 companies and bond issuance up to Rs 3.15 billion to 7 companies. There is a possibility of these shares being listed in NEPSE for transaction in the current fiscal year which ensures the expansion of share markets in comparison to the previous fiscal year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Market Size Increased by 40pc</strong></div>
<div>
	Compared to FY 2011-2012, market capitalisation of the share market has increased by 40 per cent in FY 2012-2013. Market capitalisation in the previous fiscal year had increased by 13.84 per cent. During the end of FY 2011-2012, the total market capitalisation of companies listed in NEPSE was Rs 368 billion which increased to Rs 514 billion in FY 2012-2013. &nbsp;According to Anjan Raj Poudyal, former President of Stock Brokers Association of Nepal (SEBAN), the increment in the share market size is caused by the rise in the number of listed companies, share and investors within this year. He also said the operation of essential infrastructures of share market like CDS &amp; Clearing and mutual funds also helped to increase the market size. Poudyal added, &ldquo;The investors are also increasing lately with the continuity of share market activities.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Transaction Rate Doubled</strong></div>
<div>
	The transaction amount of total shares in the FY 2012-13 has increased by 114 per cent than of the FY 2011-2012. The share transaction was of Rs 10.27 billion in FY 2011-2012 which has reached up to Rs 22.4 billion in FY 2012-2013.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Listed Companies Reached 230</strong></div>
<div>
	The number of listed companies in the previous fiscal year has reached 230. Among the listed companies, there are 198 bank and financial institutions, 18 manufacturing and processing industries, 4 hotels, 4 commercial organisations, 4 hydro power companies and 2 other groups. &nbsp;There were 216 listed companies in FY 2011-2012.&nbsp;</div>',
			'published' => true,
			'created' => '2013-09-01',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Around 157.8 million shares have been listed in Nepal Stock Exchange (NEPSE) in the FY 2012-2013. During this period, IPO shares, bonus and right shares were listed in NEPSE.',
			'sortorder' => '1580',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '1718',
			'article_category_id' => '91',
			'title' => 'Devaluating Rupee Costs Industries Dearly',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Sagar Ghimire</strong></div>
<div>
	&nbsp;</div>
<div>
	With the sharp devaluation of the Nepali Rupee against the US Dollar, Nepali factories are more likely to bear the brunt due to effects in supply and price of petroleum.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Though Nepal Oil Corporation (NOC) has not hiked the price of petroleum products due to the sharp fall of the Rupee, NOC cannot withhold the loss incurred in petroleum products for a long time.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Nepali Rupee plunged as low as Rs 108 last week against a unit price of the US Dollar.</div>
<div>
	&nbsp;</div>
<div>
	Industrialists lament that they will have to suffer badly due to the price hike of petroleum products resulting from the free-fall of local currency against the Dollar.</div>
<div>
	&nbsp;</div>
<div>
	Pashupati Murarka, vice-president of Federation of Nepal Chambers of Commerce and Industry, says that the government will be left with only two choices. According to him, the government either has to provide more subsidies to NOC to keep the price of petroleum products unchanged, or it has to adjust the price of petroleum products. &nbsp;&ldquo;Either way, it would take a toll in Nepal&rsquo;s crippling economy, particularly industries,&rdquo; he says.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Currently, NOC is reeling under a heavy loss. According to the NOC officials, the corporation incurred a loss of Rs 1.62 billion last month. While unveiling the budget for FY 2013-14, the government said it would adopt the auto price mechanism to adjust the price of petroleum products with the international market.</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s industries are now relying heavily on diesel to meet energy demands due to extreme daily power outage. At present, the demand and supply gap hovers around 300MW, with a demand of 900MW demand against a 450MW supply.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The price hike in petroleum products following the depreciation of the Nepali Rupee, pegged with the Indian currency, would have an adverse impact on the cost of manufacturing products. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Murarka estimated that Re 1 increase in diesel per litre would raise the cost of electricity of the industry by 0.30 paisa per unit. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Even if the government comes up with subsidies to save the NOC from a heavy loss, short supply will create problems for factories that are already battered with regular power cuts,&rdquo; says Murarka, warning that such short supply could also lead to black marketing of petroleum products.</div>
<div>
	&nbsp;</div>
<div>
	The import of petroleum products only accounted for Rs 107 billion out of total import bill of Rs 257.66 billion for 10 commodities from India in FY 2012-13. In FY 2011-12, the petroleum import bill was at Rs 92.25 billion.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	According to Ministry of Finance Chief Advisor Dr Chiranjibi Nepal, the country&rsquo;s total export amount is not even adequate to foot the bill of petroleum alone.</div>
<div>
	&nbsp;</div>
<div>
	<table border="0" cellpadding="10" width="99%">
		<tbody>
			<tr>
				<td bgcolor="#E5E4E2">
					<ul>
						<li>
							<strong>Devaluation of the Rupee will hike petroleum price</strong></li>
						<li>
							<strong>Price hike in petroleum will have adverse impact on manufacturing costs</strong></li>
						<li>
							<strong>Govt subsidies not likely to alleviate inflation&nbsp;</strong></li>
						<li>
							<strong>Industrial sector is now relying heavily on diesel for power generation</strong></li>
					</ul>
				</td>
			</tr>
		</tbody>
	</table>
</div>
<p>
	&nbsp;</p>',
			'published' => true,
			'created' => '2013-09-01',
			'modified' => '2013-09-01',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'With the sharp devaluation of the Nepali Rupee against the US Dollar, Nepali factories are more likely to bear the brunt due to effects in supply and price of petroleum.',
			'sortorder' => '1579',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '1685',
			'article_category_id' => '91',
			'title' => 'Good Governance And Friendly Investment Policies To Drive Nepal Towards Development',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Sujit Nath</strong></div>
<div>
	&nbsp;</div>
<div>
	It was a day of pledge reckoning and revolution. Newbiz Conclave &amp; Business Excellence Awards Ceremony-2013 was held on August 24 with an aim to double Nepal GDP growth rate to 7 per cent per annum.</div>
<div>
	&nbsp;</div>
<div>
	The event was conceptualised with a mission, hoping for a new sun rise and a dream to give Nepal what it deserve in terms of development and good governance.</div>
<div>
	&nbsp;</div>
<div>
	Amid some of the stalwarts of the industries, chamber of commerce, embassy officials, foreign thinkers and economists, the New Business Age (NBA), The Corporate Weekly and Arthik Abhiyan in association with Asian Paints and other sponsors organized the ceremony and initiated a step toward development under the banner of &mdash; &lsquo;Doubling of growth of Nepali economy to 7 per cent GDP: The Roadmap Ahead&rsquo;.</div>
<div>
	&nbsp;</div>
<div>
	It was a long brain storming session where excuses, logic and ways to achieve were shared, and views were exchanged among the speakers.</div>
<div>
	&nbsp;</div>
<div>
	The conclusion was optimistic &mdash; Yes, we can achieve it.</div>
<div>
	&nbsp;</div>
<div>
	All we need, a determination to do anything for this country in bringing FDI&rsquo;s, training people locally in specialized areas and more focus on Agriculture.</div>
<div>
	&nbsp;</div>
<div>
	Speaking on the occasion, chief guest Shankar Koirala, Minister for Finance, Industry, Commerce and Supplies stressed for 5.5 per cent economic growth in coming 12 months and said, &ldquo;Achieving 7 per cent in coming years is not an impossible task. We play blame game and that&rsquo;s hampering the country. Only effort from the government is not sufficient and we need help from the private sectors to make Nepal a developed country&nbsp;</div>
<div>
	by 2022&rdquo;.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Investment is important for higher growth but private sector is shying away due to lack of investment safety. We have already implemented some of the policies on development and are on the process of implementing few more new foreign policies, which will help us in bringing more investment in Nepal. Let me share that the cement industry is booming in Nepal and in coming years Nepal will be self sufficient in cement. The whole idea is to bring more investment through friendly foreign policies for a healthy GDP growth,&rdquo;&nbsp;</div>
<div>
	he said.</div>
<div>
	&nbsp;</div>
<div>
	Many dignitaries on the ocassion felt there was an urgent need for the farmers to shift from traditional farming to scientific way of cultivation. This is only possible by bringing technologies to Nepal and providing trainings to the local youths so that they don&rsquo;t go to other countries to earn their bread. This will reduce the import as the country will be self sufficient in food. It will also bring a heave of sigh among the middle class in terms of affordability.</div>
<div>
	To bring a collective effort for the development of Nepal, a book titled &mdash; Nepalko Arthik Briddhi Ek Margachitra (Sambriddha Nepal Abhiyan) was launched by the minister for finance, Governor of Nepal Rastra Bank Dr. Yubaraj Khatiwada, NBA chairman Madan Lamsal, country head of Asian Paints Budhaditya Mukherjee, chairman of NewBiz Awards jury Prabhakar SJB Rana, FNCCI president Suraj Vaidya, CNI founder president Binod Chaudhary and president of Nepal Bankers&rsquo; Association Rajan Singh Bhandary.</div>
<div>
	&nbsp;</div>
<div>
	Among some of the strong views shared by the speakers, Hari Bhakta Sharma, vice president, confederation of Nepalese industries came out with a practical thought on some the basic thing to achieve the growth in this country.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Nature has a capacity to fulfill all our need but she cannot fulfill our greed. It is sad that the country where I live is 167th poorest in the world because of dollar appreciation. Thanks to the government. We have 2.5 billion people market and still far behind. There is no electricity and water. We only demand with no responsibility,&rdquo; Sharma said.</div>
<div>
	&nbsp;</div>
<div>
	He said, &ldquo;New generation of enterprise is emerging in Nepal. We should try to improve our technology to compete with India and China. Once you learnt that, you will compete with rest of the world. I would like to request the government to change their policies at the earliest and would like to request our skilled manpower not to migrate to other countries. We are sending labour to Qatar because we pay less to them in Nepal. We have to utilize these people to reverse that cycle. My perspective to the business leaders that best resources are here and how much we are ready is a different issue&rdquo;.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s economic growth stood at 4.6 per cent last fiscal year due to favorable weather and also the services sector witnessed a healthy growth. However, in the current fiscal year its economic growth rate is slowed down to 3.5 per cent due to lack of investment, incomplete budget, rough weather etc.</div>
<div>
	&nbsp;</div>
<div>
	Sharma stressed that there is a need to generate employment and industrial clusters in Nepal and says, &ldquo;If Morocco can export garments to Nepal, then why can&rsquo;t we produce garments. In coming days the competition is global not regional and we need to change our policy. A regular co-ordination with the government is also become very important&rdquo;.</div>
<div>
	&nbsp;</div>
<div>
	The view of 15 speakers including six foreigners zeroed down to some of the basic areas to achieve 7 per cent GDP includes reducing import, investing whatever resources available in Nepal, utilizing local people, improving Agriculture investor friendly policies, stable government and preventing corruption.</div>
<div>
	&nbsp;</div>
<div>
	Dr. Yubaraj Khatiwada believes that agricultural and service sectors are some of the key drivers of growth and it has a capacity to grow by five and seven per cent respectively. &ldquo;We need a common economic agenda to grow further,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	The business conclave ends with a thundering applaud and left many foot prints behind with a dream to drive Nepal towards development.</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-25',
			'modified' => '2013-09-10',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'It was a day of pledge reckoning and revolution. Newbiz Conclave & Business Excellence Awards Ceremony-2013 was held on August 24 with an aim to double Nepal GDP growth rate to 7 per cent per annum.',
			'sortorder' => '1546',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	)
)
$current_user = null
$logged_in = false
include - APP/View/Elements/side_bar.ctp, line 60
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/index.ctp, line 157
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117

Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity &quot;&quot; [APP/View/Elements/side_bar.ctp, line 60]Code Context//    $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';



    if(!$xml = simplexml_load_file($file)){
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
	'articles' => array(
		(int) 0 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 1 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 2 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 3 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 4 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 5 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 6 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 7 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 8 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 9 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 10 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 11 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 12 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 13 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 14 => array(
			'Article' => array(
				[maximum depth reached]
			)
		)
	),
	'current_user' => null,
	'logged_in' => false
)
$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '2019',
			'article_category_id' => '91',
			'title' => 'EPF’s Interest  In Hydropower Sector',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Employees Provident Fund (EPF) has decided &nbsp;to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Confirming the investment, Krishna Prasad Acharya, Administrator of the Fund, said that EPF decided to investment in hydropower after apprising the sector secure and productive. &quot;Investment in infrastructure development sector will have a sustainable impact on national economic growth,&rdquo; he said adding, &ldquo;Investment is this sector is profitable as well as productive in the long run&rdquo;.</div>
<div>
	&nbsp;</div>
<div>
	The EPF has decided to invest in Upper Tamakoshi (456 MW), Rasuwa Gadi (111 MW), Bhotekoshi (102 MW), Upper Sanjen (14.8 MW) and Sanjen (42.5 MW) hydro projects, he informed.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Out of the total allocated amount, around Rs 3 billion has been used those four projects,&rdquo; said Kailash Bhakta Karrananjeet, Chief of the Department of Investment and Treasury Management at the EPF.</div>
<div>
	Informing that the meeting of the board of directors of the fund has approved the projects.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	EPF has also invested in SL Hydropower Project, through Hydropower Investment and Development Company&rsquo;s promotional shares and joint-finance process.</div>',
			'published' => true,
			'created' => '2013-10-27',
			'modified' => '2013-10-28',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Employees Provident Fund (EPF) has decided  to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity.',
			'sortorder' => '1871',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '1971',
			'article_category_id' => '91',
			'title' => 'Foreign Loan In Local Currency',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank&rsquo;s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The decision follows the budgetary provision of the current fiscal year regarding arrangements for the issuance of rupee bonds by international financial institutions.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The local currency bond supports the efforts of the government and authorities to deepen domestic capital markets in the country,&rdquo; said an official at the Ministry of Finance. Such markets are an important source of local-currency funding to engage broader private sector in development projects through micro, small and medium enterprises and other essential economic sectors, he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	We envisage that the country will have several international issuers coming to the market who can propel the investment climate, he said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Presence of international issuers will have positive impact in overall investment scenario, said chief economic advisor at the ministry Dr Chiranjibi Nepal. Investors can invest in more secure manner when internationally trusted organizations issue bond, he said. &ldquo;The implementation of decision will also help to formalize economy since people start to invest in bond instead of hiding currency at home or in banks.&rdquo;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Local currency bonds are issued to attract both local and foreign investment as they help in long-term financing. The money raised by issuing bonds should be spent in big projects like developing the country&rsquo;s hydropower, agriculture, road and tourism infrastructures, according to the Ministry&nbsp;</div>
<div>
	of Finance.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Opening the door to international issuer will also help develop the country&rsquo;s bond market, which is still in nascent stage, according to the ministry. At present, bonds account for 34 percent of the total debt instruments in the country. Currently, total domestic debt amounts to Rs 207 billion raised from treasury bills and different types of bonds.</div>
<div>
	&nbsp;</div>
<div>
	Potential issuers who want to issue bonds in Nepali rupee must apply to the Finance Ministry specifying the objective of issuing them, potential areas of investment, the main investor, value of the bonds, maturity period, interest rate and timetable, according to spokesperson Ram Sharan Pudasaini.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The ministry will then present the proposal to the cabinet for the final approval on whether or not to allow the issuance of bonds,&rdquo; &nbsp;he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	As per the 10-point guideline endorsed by the ministry, the bond issuance should be carried out as per the existing legal provisions related to securities.</div>
<div>
	&nbsp;</div>
<div>
	In order to assure investors about the security of their investment, the bond issuer has to publish prospectus of the institution that is issuing the bond. The issuer can make the payment of interest to investors on half yearly basis through their local agent or market makers, the guideline says. It has given income tax exemption to the international institutions issuing the bonds. &ldquo;But if they issue the bonds through local agents, the agents are subject to tax compliance,&rdquo; said Pudasaini.</div>
<div>
	&nbsp;</div>
<div>
	The guideline has also the given the bond issuing institutions to repatriate profit as per the country&rsquo;s existing law. &nbsp;They have also been allowed to take short-term loans from the local banks as bridge funding provided the fund raised from bonds is inadequate for the investment in the project.</div>
<div>
	&nbsp;</div>
<div>
	They have also been allowed to deposit their money in banks for a year to manage their fund. &ldquo;This provision was made to utilize the fund they have until they invest in certain projects,&rdquo; said Pudasaini.</div>',
			'published' => true,
			'created' => '2013-10-20',
			'modified' => '2013-10-28',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds. 

The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank’s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond.',
			'sortorder' => '1870',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '1972',
			'article_category_id' => '91',
			'title' => 'NRNA Global Conference Started',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year&rsquo;s conference is &#39;NRNs and Nepal: Partners in Prosperity&#39;. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The four-day global conference is also set to choose a new leadership of the organization for a two-year term. Australian businessman Shesh Ghale and &nbsp;General Secretary Tenzi Sherpa (South Korea) are contesting for the position of NRNA president. The election is scheduled to take place on Sunday.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Sixth NRNA Global Conference will be held on Monday and Tuesday after the conclusion of the convention. The global conference will be inaugurated by the President Dr Ram Baran Yadav. The conference will hold discussions on various subjects like collective investment, foreign employment, continuity of Nepali citizenship of the NRNs, and partnership with the private sector in the country, among other issues.</div>
<div>
	&nbsp;</div>
<div>
	About 1300 NRNs from 50 countries across the world are taking part in the conference. The NRNA has its chapters in 65 different countries.</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Two Years of Abroad Stay Must for NRNA Membership</strong></span></div>
<div>
	Similarly, the general assembly of NRNA on Saturday introduced a provision, according to which every Nepali staying in foreign lands for two continuous years will be eligible for NRN status. The amendment will come into effect from October 22.</div>
<div>
	&nbsp;</div>
<div>
	Likewise, the amendment has also paved the way for &nbsp;registration of the organization which was pending for a decade. NRNA was established in 2003. &nbsp;However, due to differences between the NRN Act 2008 and NRNA&rsquo;s statute, the organisation was not formally registered in the country inspite of several attempts of NRNs. The organisation has now got legal status after registering in Nepal.</div>',
			'published' => true,
			'created' => '2013-10-20',
			'modified' => '2013-10-28',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year’s conference is 'NRNs and Nepal: Partners in Prosperity'. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function.',
			'sortorder' => '1869',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '1960',
			'article_category_id' => '91',
			'title' => 'Informal Trade Still A High In South Asian Region By The Corporate',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project &ldquo;Trade and Transport Facilitation Audit in South Asia&rdquo; to conduct the audit last week.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report will aim at providing factual information on the reliability and efficiency of transportation infrastructure, logistic operations, customs and border management regulations and procedures, said research director at SAWTEE, Pushpa Sharma.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report is expected to reveal the status of customs facilitation for bilateral trade among South Asian countries, according to Sharma. &ldquo;After the study of trade facilitation at a bilateral level, the study will focus on identifying regional problems regarding trade facilitation,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	Informal trade is still a big challenge in the region but we do not have any authentic data, he said. The audit will not directly calculate the volume of informal trade but will study the causes of informal trade and recommend appropriate measures to reduce the volume of informal trade.</div>
<div>
	&nbsp;</div>
<div>
	Costs related to trade facilitation, infrastructure and transit have risen over the years, which has promoted informal trade in South Asia, according to experts.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Effective trade integration is necessary to reduce the cost burden, said former member of National Planning Commission, Dr Posh Raj Pandey. &ldquo;Trade facilitation is a must to improve overall cost related trade barriers but we should have a benchmark to improve the condition of trade facilitation,&rdquo; he said, adding that the audit will provide the benchmark with all trade barriers in the formal channel.</div>
<div>
	&nbsp;</div>
<div>
	Despite the fall in traditional trade barriers, the given circumstances in the region have forced exporters, businesses and consumers to bear additional cost burden, according to him.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Economist Dr Ratnakar Adhikari said that generally, costs are incurred due to lack of regional trade connectivity and impenetrable borders. Regional commitment is required to address the identified bottlenecks, he further said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Iqbal Tabish, Secretary General of the SAARC Chamber of Commerce and Industry, mentioned that benefits of trade liberalization will not be realized unless trade facilities are rationalized.</div>
<div>
	&nbsp;</div>
<div>
	Finance minister Shanker Prasad Koirala stated that the cost of trading within the region among South Asian countries is twice, and in some cases, even three times, than trading with countries outside the region.</div>
<div>
	&nbsp;</div>
<div>
	Despite the existence of several regional efforts, such as Agreement on South Asian Free Trade Area (SAFTA), intra-regional trade in South Asia has remained extremely modest due to a number of factors, one of which is trade and transport facilitation-related bottlenecks.</div>
<div>
	&nbsp;</div>
<div>
	In a separate programme organised by International Finance Corporation (IFC), chief secretary Lila Mani Paudyal said that the government is committed to improving its trade competitiveness. &ldquo;Reducing the time and costs to international trade, in particular, is critical for the Nepali private sector to compete internationally and access global markets,&rdquo; he said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Department of Customs is implementing its four year Customs Reform and Modernization Strategy and Action Plan since July 2013 which comprises of four building blocks: Trade Facilitation, High Revenue Yield, Organizational Development, and e-Customs, according to Surya Prasad Acharya, Director General of the Department of Customs.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	IFC is committed to enhance trade facilitation including focusing on simplifying border processes &amp; procedures, and improving risk management systems, said IFC Resident Representative in Nepal Valentino S Bagatsing. &ldquo;The reforms in the trade environment will provide a much needed boost as Nepali businesses position their products in accessing global markets,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	IFC&rsquo;s South Asia Regional Trade Integration programme aims to assist the government in focusing its reform efforts to create an enabling environment for improving trade facilitation and logistics. IFC works with both private sector and government agencies in identifying areas where reform efforts can help maximize improvements for the private sector to improve cross-border trade and investments.</div>
<div>
	&nbsp;</div>
<div>
	<div>
		<span style="font-size:14px;"><strong>Main Explanatory Factors for Informal Trade&nbsp;</strong></span></div>
	<div>
		&bull;Businesses have incentive to escape trade related regulations and duties&nbsp;</div>
	<div>
		&bull;Complex, non-transparent or divergent regulatory requirements (e.g., customs formalities, technical regulations and sanitary standards)&nbsp;</div>
	<div>
		&bull;Long and costly customs delays when trading formally</div>
	<div>
		&bull;Obstructed entry or exit of certain commodities, caused by import quotas or export bans&nbsp;</div>
	<div>
		&bull;Foreign exchange controls</div>
	<div>
		&bull;Weak law enforcement at the borders</div>
</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-10-08',
			'modified' => '2013-10-21',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed. 

South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project “Trade and Transport Facilitation Audit in South Asia” to conduct the audit last week.',
			'sortorder' => '1826',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '1920',
			'article_category_id' => '91',
			'title' => 'Poverty Alleviation A Challenge Despite Economic Growth',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	South Asia has failed to reduce poverty and ensure food security, said a report released by the South Asian Association for Regional Cooperation (SAARC) last week. Though the region has been able to achieve an average economic growth of 6.5 per cent annually from 2000 to 2012, its overall poverty status has not improved.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The report &lsquo;SAARC Regional Poverty Profile 2009-10&rsquo; launched by Chairman of the Interim Election Council Khil Raj Regmi last week in Kathmandu, underlined that 32 per cent of South Asians still live on less than $1.25-per person-a-day which is a state of absolute poverty.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;While some countries of the region like Nepal may be nearer to achieving the Millennium Development Goal (MDG) of halving the number of people in extreme poverty by 2015, the rest of the South Asian region &ndash; home to one third of the world&rsquo;s poor &ndash; still has high incidences of poverty, hunger and malnutrition,&rdquo; the report said. &ldquo;Food production has improved considerably over time in all countries of the region, but inter-country and intra-country variations persist.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	India is self-sufficient in all major foodstuffs except pulses and edible oils, according to the report. Pakistan is self-sufficient in wheat and rice.</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s index of per capita food production has improved marginally. However, it still depends on imports for most of its food items including cereals, pulses and fish.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	According to the report, Bangladesh is more or less self-sufficient in rice but imports wheat. Afghanistan, Bhutan and the Maldives depend on imports for most food items to meet their domestic demand, while Sri Lanka meets nearly 99 per cent of its rice requirements internally but imports 97 per cent of its demand for pulses.</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-10-06',
			'modified' => '2013-10-21',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'South Asia has failed to reduce poverty and ensure food security, said a report released by the South Asian Association for Regional Cooperation (SAARC) last week. Though the region has been able to achieve an average economic growth of 6.5 per cent annually from 2000 to 2012, its overall poverty status has not improved.',
			'sortorder' => '1781',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '1919',
			'article_category_id' => '91',
			'title' => 'Informal Trade Still A High In South Asian Region',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project &ldquo;Trade and Transport Facilitation Audit in South Asia&rdquo; to conduct the audit last week.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report will aim at providing factual information on the reliability and efficiency of transportation infrastructure, logistic operations, customs and border management regulations and procedures, said research director at SAWTEE, Pushpa Sharma.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report is expected to reveal the status of customs facilitation for bilateral trade among South Asian countries, according to Sharma. &ldquo;After the study of trade facilitation at a bilateral level, the study will focus on identifying regional problems regarding trade facilitation,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	Informal trade is still a big challenge in the region but we do not have any authentic data, he said. The audit will not directly calculate the volume of informal trade but will study the causes of informal trade and recommend appropriate measures to reduce the volume of informal trade.</div>
<div>
	&nbsp;</div>
<div>
	Costs related to trade facilitation, infrastructure and transit have risen over the years, which has promoted informal trade in South Asia, according to experts.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Effective trade integration is necessary to reduce the cost burden, said former member of National Planning Commission, Dr Posh Raj Pandey. &ldquo;Trade facilitation is a must to improve overall cost related trade barriers but we should have a benchmark to improve the condition of trade facilitation,&rdquo; he said, adding that the audit will provide the benchmark with all trade barriers in the formal channel.</div>
<div>
	&nbsp;</div>
<div>
	Despite the fall in traditional trade barriers, the given circumstances in the region have forced exporters, businesses and consumers to bear additional cost burden, according to him.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Economist Dr Ratnakar Adhikari said that generally, costs are incurred due to lack of regional trade connectivity and impenetrable borders. Regional commitment is required to address the identified bottlenecks, he further said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Iqbal Tabish, Secretary General of the SAARC Chamber of Commerce and Industry, mentioned that benefits of trade liberalization will not be realized unless trade facilities are rationalized.</div>
<div>
	&nbsp;</div>
<div>
	Finance minister Shanker Prasad Koirala stated that the cost of trading within the region among South Asian countries is twice, and in some cases, even three times, than trading with countries outside the region.</div>
<div>
	&nbsp;</div>
<div>
	Despite the existence of several regional efforts, such as Agreement on South Asian Free Trade Area (SAFTA), intra-regional trade in South Asia has remained extremely modest due to a number of factors, one of which is trade and transport facilitation-related bottlenecks.</div>
<div>
	&nbsp;</div>
<div>
	In a separate programme organised by International Finance Corporation (IFC), chief secretary Lila Mani Paudyal said that the government is committed to improving its trade competitiveness. &ldquo;Reducing the time and costs to international trade, in particular, is critical for the Nepali private sector to compete internationally and access global markets,&rdquo; he said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Department of Customs is implementing its four year Customs Reform and Modernization Strategy and Action Plan since July 2013 which comprises of four building blocks: Trade Facilitation, High Revenue Yield, Organizational Development, and e-Customs, according to Surya Prasad Acharya, Director General of the Department of Customs.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	IFC is committed to enhance trade facilitation including focusing on simplifying border processes &amp; procedures, and improving risk management systems, said IFC Resident Representative in Nepal Valentino S Bagatsing. &ldquo;The reforms in the trade environment will provide a much needed boost as Nepali businesses position their products in accessing global markets,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	IFC&rsquo;s South Asia Regional Trade Integration programme aims to assist the government in focusing its reform efforts to create an enabling environment for improving trade facilitation and logistics. IFC works with both private sector and government agencies in identifying areas where reform efforts can help maximize improvements for the private sector to improve cross-border trade and investments.</div>
<div>
	&nbsp;</div>
<div>
	<div>
		<span style="font-size:14px;"><strong>Main Explanatory Factors for Informal Trade&nbsp;</strong></span></div>
	<div>
		&bull;Businesses have incentive to escape trade related regulations and duties&nbsp;</div>
	<div>
		&bull;Complex, non-transparent or divergent regulatory requirements (e.g., customs formalities, technical regulations and sanitary standards)&nbsp;</div>
	<div>
		&bull;Long and costly customs delays when trading formally</div>
	<div>
		&bull;Obstructed entry or exit of certain commodities, caused by import quotas or export bans&nbsp;</div>
	<div>
		&bull;Foreign exchange controls</div>
	<div>
		&bull;Weak law enforcement at the borders</div>
</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-10-06',
			'modified' => '2013-10-08',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed. 

South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project “Trade and Transport Facilitation Audit in South Asia” to conduct the audit last week.',
			'sortorder' => '1780',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '1872',
			'article_category_id' => '91',
			'title' => 'Nepal Certified As Full Member Of ISO',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent</strong></div>
<div>
	&nbsp;</div>
<div>
	Nepal has been certified with full membership of the International Organisation for Standardization (ISO) during the 36th AGM of ISO in St. Petersberg, Russia. The membership will come into effect from January, 2014. Nepal is the 5th country in South Asia to be certified with full membership of ISO. Before this, India, Pakistan, Sri Lanka and Bangladesh were certified as members.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Minister for Commerce and Supplies, Shanker Prasad Koirala formally announced the ISO certification of Nepal amidst a programme at the Nepal Bureau of Standards and Metrology on Thursday. Koirala said, &ldquo;This certification has brought immense possibilities along with challenges which we have to utilize and face.&rdquo; He said that both government and private sector should work hand-in-hand for this.</div>
<div>
	&nbsp;</div>
<div>
	Nepal is certified as a full ISO member after being a correspondent member of ISO for 21 years. &ldquo;To get full membership of ISO is historical in itself,&rdquo; said the Secretary at the Ministry of Industries, Krishna Gyawali. He added, &ldquo;We have to pay around Rs 2.6 million to ISO for the membership but this will bring us a lot of opportunities and ways to profit.&rdquo; Gyanwali urged concerned departments and the private sector to be more sensible in maintaining quality of production.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Ram Adhar Shah, Director General of the Bureau said that with the membership certification, Nepal has received opportunities to work with the world community in quality matters. He also said that this can contribute to Nepal&rsquo;s export business as ISO is a significant trade tool.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Established in 1949 AD, ISO has done quality standardization of more than 19,500 goods. Similarly, the Nepal Bureau of Standards and Metrology also has done quality standardization of around 950 goods among which 12 are compulsory quality standards.</div>',
			'published' => true,
			'created' => '2013-09-29',
			'modified' => '2013-10-07',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Nepal is the 5th country in South Asia to be certifi ed with full membership of ISO.',
			'sortorder' => '1733',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '1871',
			'article_category_id' => '91',
			'title' => 'Hydropower Companies In IPO Rush',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Once seen as a depressed sector, the Nepali energy industry is now becoming the centre of attraction among investors. The flocking of hydropower companies for share market listing is indicative of this. In recent months, Nepali hydropower companies have been rushing for initial public offerings (IPOs). Five hydropower developers have filed for IPO in the Securities Board of Nepal (SEBON). Some among them are said to have been permitted for issuing all kinds of shares, while IPO requests of some companies are under process.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sanimamai Hydropower Ltd has closed the first round of IPO process which was carried on from September 20-24. Under this, the company sold shares &nbsp;allocated to the project-afftected areas. In the next round, shares will be sold to the general public. Meanwhile, Ridi Hydropower Development Comapany, Upper Tamakoshi Hydropower Ltd, Varun Hydropower Company and Arun Valley Development Company Ltd are preparing for share issuance.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sanimamai Hydropower&#39;s IPO saw an astounding demand of company&#39;s shares. The company which received IPO permit from SEBON on September 4 received share applications worth Rs 2.53 billion, 25 times more than demanded. &quot;We have estimated the application to be 10 times more than the offered,&quot; informed Tuk Prasad Paudel, CEO of Sanimamai Hydropower. The company which is developing the 22 MW Mai hydropower project in Ilam district is also constructing the 7 MW Mai Cascade Hydro project. &quot;Shareholders will receive 5 per cent dividends in the second year after the projects start generating electricity,&quot;said Paudel. According to Paudel, the company plans to raise the dividends to 10 per cent and 15 percent in 3rd and 4th year respectively.</div>
<div>
	&nbsp;</div>
<div>
	Similarly, Ridi Hydropower issued shares worth Rs 30 million to the local residents of the project area on 28th September. Varun Hydropower is issuing shares worth Rs 24.3 million to the local residents in the project site. Likewise, Upper Tamakoshi is set to issue primary shares worth Rs 25.416 million whereas Arun Valley Hydropower is preparing for the issuance of rights shares worth Rs 350 million.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	There are only four hydropower developers listed in the Nepal Stock Exchange (NEPSE) till date. Butwal Power Company Ltd, Chilime Hydropower Company Ltd, Arun Valley Hydropower Company Ltd and National Hydropower Company Ltd are the developers maintaining their presence in the share market thus far. According to data released by NEPSE, the total number of listed shares of the four developers reached 44.525 million (worth Rs 4.45 billion on face value). The share transaction of the companies also saw a staggering growth of 79 per cent in the fiscal year 2012-13 compared to the previous fiscal year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Share market experts see the IPO rush of hydropower companies as a good investment opportunity. &quot;The risks are less and the returns are larger in hydropower companies compared to other sectors,&quot; says stock market analyst Rabindra Bhattarai. &quot;Currently, there is less competition in the hydropower sector with certainty of return.&quot; Bhattarai terms the IPO rush of power developers as the &#39;next market boom.&#39; He also points out to the IPOs as a medium of fund raising for new hydropower projects. &quot;This will definitely help build new projects and generate more electricity,&quot; he adds.</div>
<div>
	&nbsp;</div>
<div>
	Share investor Uddab Shiwakoti also agrees with Bhattarai&#39;s view. &quot;Initial capital investment in power companies is high, though the operating cost is low,&quot; he says. &quot;According to cost-benefit analyses, we can clearly see that the investment flow is tending towards the hydropower sector.&quot;</div>',
			'published' => true,
			'created' => '2013-09-29',
			'modified' => '2013-10-07',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'In recent months, Nepali hydropower companies have been rushing for initial public offerings (IPOs).Five hydropower developers have fi led for IPO in the Securities Board of Nepal (SEBON).',
			'sortorder' => '1732',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '1841',
			'article_category_id' => '91',
			'title' => 'Positioning, Infra-structure & Investment: Mainstay Of Nepali Tourism Next',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>Secretary of the Ministry of Culture, Tourism and Civil Aviation, Sushil Ghimire, inaugurating Tourism and Aviation Next 2013. (From left) New Business Age Pvt Ltd Chairman Madan Lamsal, Incredible India pioneer Amitabh Kant and South Asia Director of Tourism Malaysia Amran Abdul Rahman.</strong></p>
<div>
	<div>
		&nbsp;</div>
	<div>
		<strong>Photo: Rukesh Shrestha/TC</strong><br />
		<br />
		<br />
		&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		<strong>Sell Authentic Experience &amp; Make It Premium</strong></div>
</div>
<div>
	&nbsp;</div>
<div>
	<strong>Vision: To achieve tourism turnover equal to 5% of the GDP by 2080 BS which is now less than 2%</strong></div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	By Ujjwal K Chowdhury</div>
<div>
	&nbsp;</div>
<div>
	As nations celebrate World Tourism Day on September 27, the top tourism officials, Nepali leaders of the industry, along with some top honchos of Malaysian and Indian tourism governance met on September 19 at Annapurna Hotel in the first edition of Tourism &amp; Aviation Next conference.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The core views that emerged from the day long exercise, partnered by New Business Age and Annapurna Hotel, and sponsored by Qatar Airways and Ace Travels, focused on: raising service standards, creating premium brand of experiential tourism apart from the existing largely value-for-money backpackers&rsquo; tourism, positioning of exotic Nepal, upgrading the tourism and hospitality infra-structure, adding new international airport, additional terminals and new air-routes, domestic and foreign investments in tourism services.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Tourism Goal: 5% of GDP by 2080 BS</strong></div>
<div>
	&nbsp;</div>
<div>
	Opening the event, the Secretary of the Tourism Ministry, Sushil Ghimire, focused on why and how can Nepal achieve tourism turnover equal to 5% of the GDP by 2080 BS which is now less than 2%, how the national carrier Nepal Airlines is being strengthened, and why all major stake-holders&rsquo; views on a long-term future course of action is important in a private sector driven domain like that of tourism &amp; aviation. He set the tone, and the two guests from abroad took it to the next level with case-studies from tourism promotion by their nations.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Case-studies: India and Malaysia</strong></div>
<div>
	&nbsp;</div>
<div>
	The former Tourism Secretary of India and of Kerala state, and the man behind Incredible India and God&rsquo;s Own Country Kerala branding, Amitabh Kant, lamented that the positioning, branding and pricing of an otherwise high-end premium exotic destination like Nepal has been actually very low. He rued that the focus has been on low-end mass tourism which also has not yet touched a million, while it now needs to be on niche high-end tourism promotion with a clear positioning. Noting that more than 1 billion people travelling and almost 9% of the global GDP has been in tourism across the world, employing 1 among every 11 people, Nepal needs to catch up with this burgeoning industry.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Moving from sun-sand-sea focused tourism, globally travelers are looking at authentic experience now and Nepal has a huge advantage in it. Explaining in details the Incredible India campaign, he noted that unique positioning and integrated marketing communication strategy and plan alone can take Nepal to the next level in this sector.&nbsp;Kant concluded expounding 6Cs for better tourism: civic governance, capacity building, communication strategy, convergence, community and civil aviation.</div>
<div>
	&nbsp;</div>
<div>
	The South Asia Director of Tourism Malaysia, Amran Abdul Rahman later brought in a video based presentation to show how Malaysia has moved from &lsquo;Coca-cola tourism&rsquo; earlier as an add-on visit to people coming to Singapore twenty years ago to 13 million visitors in 2003 and finally to 25 million visitors in 2012. The target of 2014, declared as the Visit Malaysia Year, is now 36 million visitors with USD 44 billion income.</div>
<div>
	&nbsp;</div>
<div>
	Malaysia could achieve this success due to infrastructure growth including the remarkable makeover of Kualalampur Airport, changing mindset of the people and government with tourism coming under special supervision directly by the Prime Minister, rural Malaysia being promoted heavily which also ensured ethnic amity, and focusing on MICE tourism through events heavily.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Tourism Next: Branding &amp; Capacity-building as Key Drivers</strong></div>
<div>
	&nbsp;</div>
<div>
	The tourism next panel, moderated by the Annapurna CEO Upaul Majumdar, was an exciting journey of multiple perspectives by various industry experts on different facets. Upaul started with the need of a &lsquo;can-do&rsquo; attitude, and not just talk about the challenges.</div>
<div>
	The Soaltee Crowne Plaza GM Nalin Mandiratta focused on the need for a large Convention Centre for MICE tourism to grow, more sports tournaments in Nepal, dynamic and integrated destination marketing, creating One Nepal concept uniting efforts of various sections of the industry, and focusing on China and India more.</div>
<div>
	&nbsp;</div>
<div>
	Madhusudan Acharya, the Vice President of the Nepal Association of Tours and Travel Agents, explained how the success of Apple denotes the success of unique positioning. The uniqueness of Nepal as a tourism destination needs similar positioning based on green initiatives and its ethnicity. He emphatically noted that tourism is both a cause and an effect of more holistic socio-economic growth. He noted that Nepal-China roads and Kathmandu&rsquo;s direct air connectivity with Chennai and Bengaluru are much needed pending measures.</div>
<div>
	&nbsp;</div>
<div>
	Nandini Lahe Thapa, the Senior Director of the Nepal Tourism Board in charge of international marketing, while noting that there has been relative maturity of Nepal as a tourism destination, it has been quite low at the high-end of the price-service spectrum. &ldquo;We have lowered our rates of other tourism services, but have an exponentially costly travel. Hotels have already set the bar higher, but travel trade still needs to come together and raise the standards with rational pricing,&rdquo; she noted. Promotion of new destinations possible, she told, if concrete proposals come to NTB from entrepreneurs.</div>
<div>
	&nbsp;</div>
<div>
	Sumit Baral, the Senior Consultant with the International Finance Corporation, from the World Bank Group, working for its investment climate programs, with key focus on tourism programmes, informed that opposing child-labour so rampant in the carpet industry, Lufthansa dropped its Kathmandu sector adversely affecting German tourists&rsquo; travel to Nepal. Also, a diagnostic study categorically has shown that service standards decline has been the major factor behind lower per day spending by tourists. Noting that Nepal does not feature in luxury travel, he illustrated how Peru since 2000 has positioned itself as high-end destination, and how Maldives with almost same number of tourists like Nepal (little less than a million a year), actually has double the income from this sector.</div>
<div>
	&nbsp;</div>
<div>
	Talking from the tourism technology perspective, Prerana Mimani, the Country Head of Amadeus, noted that the e-commerce route to promote Nepal is must and is still at a rudimentary level and it is possible to have collaboration with global travel portals with ethnicity focus for Nepal.</div>
<div>
	&nbsp;</div>
<div>
	The PATA Chairman of Nepal, entrepreneur Suman Pandey, defended budget tourism noting it as an important part of the Nepali tourism eco-system and saying that it is a way of travel to experience the country in a different way. He poignantly noted, &ldquo;The seven days Golden Triangle plan is over-done and new tourism products are now necessary, as seen in the case of trekking tours being re-packaged as photography tours.&rdquo; Another very effective suggestion of Pandey has been the creation of events with potentials of global media visibility, as seen in the case of the earlier Nepali cabinet meeting at Everest base-camp.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Aviation Next: Start Small, But Act in Unison</strong></div>
<div>
	&nbsp;</div>
<div>
	The final panel of the day, focusing on aviation ahead, was very ably moderated by Valentino Bagatsing, the Country Head of International Finance Corporation, of the World Bank group, who began by raising the issue of air-safety noting that there have been 70 accidents in 60 years last, 3 being in the last two years. He informed that IFC is on the task of safety management systems research and planning.</div>
<div>
	&nbsp;</div>
<div>
	Bhola Bikram Thapa, the MD of President Travels, emphatically set the tone noting, &ldquo;Government should make stronger policies and facilitate processes, and not do business directly.&rdquo; He lamented that the need of more aircrafts for the national carrier, Nepal Airlines, is still not being done.</div>
<div>
	&nbsp;</div>
<div>
	Ghanshyam Acharya, Chief of Corporate Affairs, Simrik Airlines, noted that globally service sector has surpassed manufacturing, and in Nepal, three out of every four international traveler is airborne. The IATA Outlook for 2013 looks positively at $711 billion global tourism turnover. Blacktopping of many airports in Nepal has increased air safety and air-travel is now available to middle class as well. However, he lamented better regulatory support of policy-makers is necessary, and after 1998, no new aircraft has been flown by any domestic carrier.</div>
<div>
	&nbsp;</div>
<div>
	Representing the government voice, Buddhisagar Lamichchane, the Joint Secretary of Civil Aviation, and Roshan Chitrakar, the Deputy Director General of the Air Navigation Services of CAAN, had some good news to share. Chitrakar informed about high pace of blacktopping and expansion of airports, fleet increment for national airlines being imminent, and one year compulsory Air Traffic Controllers&rsquo; training reduced to six-months first phase and then after some work experience another six months of second phase training to handle talent crunch in the industry.</div>
<div>
	&nbsp;</div>
<div>
	Lamichchane informed about installation of navigational safety equipments, and emphasized the air safety standards in Nepal to be reasonably strong by global standards. Further, he said, &ldquo;Nepali air-routes integration with more global air-routes is underway. And the construction of a second international airport at Bara which will create a East-West air corridor, is also taking off soon. Further, the regulator and service provider functions of government with regards to aviation are being separated soon and a global consultancy is looking into this.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	The Air India Country Head, TK Saha, defended the pricing strategy of his carrier noting that only 10-15 percent seats go vacant. He advocated new small aircraft routes and services for various potential sectors like Gaya-Lumbini, Patna-Kathmandu, and Varanasi-Pokhra.</div>
<div>
	&nbsp;</div>
<div>
	Ramdas Shivram, the Qatar Airways Country Head, brought in a basic issue with emphasis saying, &ldquo;Garbage management is poor in Kathmandu airport and for this a blended approach of awareness for passengers, training for staff, and strong punitive regulation is needed.&rdquo; He also advocated more efficient and faster immigration services, quest of quality tourism and not merely volumes, and focus to find and invest in new markets to expand Nepal tourism and aviation base. &ldquo;However, for all of these, commitment of all the stake-holders to what they believe and say is must,&rdquo; he said the last word.</div>
<div>
	&nbsp;</div>
<div>
	The event ended on a very positive note awarding Megh Ale for outstanding eco-friendly Himalayan tourism initiative, Tourism Malaysia for best international tourism promotion initiative and Amitabh Kant for special lifetime achievement in promoting South Asian tourism and infrastructure.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The organizers expressed hope that such major industry initiative to relook at the world&rsquo;s third largest industry conglomerate: tourism-hospitality-aviation shall again be taken up next year in September and a reality check of the progress made over one year would be done.</div>',
			'published' => true,
			'created' => '2013-09-22',
			'modified' => '2013-10-01',
			'keywords' => 'new business age cover story news & articles, cover story news & articles from new business age nepal, cover story headlines from nepal,  current and latest cover story news from nepal, economic news from nepal, nepali cover story economic news and events,  ongoing  cover story news of nepal',
			'description' => 'As nations celebrate World Tourism Day on September 27, the top tourism officials, Nepali leaders of the industry, along with some top honchos of Malaysian and Indian tourism governance met on September 19 at Annapurna Hotel in the first edition of Tourism & Aviation Next conference.',
			'sortorder' => '1702',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '1804',
			'article_category_id' => '91',
			'title' => 'UCPN (Maoist) Wooing Private Sector Poll Strategy Or Paradigm Shift?',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Sagar Ghimire</strong></div>
<div>
	&nbsp;</div>
<div>
	With the Constituent Assembly elections approaching, UCPN (Maoist) is making an all-out effort to woo the private sector.</div>
<div>
	&nbsp;</div>
<div>
	The Maoist party even agrees to accept a &lsquo;private sector-led economic revolution&rsquo; now. Economic analysts term it a paradigm shift in the economic policy of the Maoists - from a vociferous opponent of the capitalism to a proponent of private sector led economic growth. &nbsp; &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Maoist chairperson Pushpa Kamal Dahal&rsquo;s statement requesting the business community to lead the &lsquo;economic revolution&rsquo; at the Nepal Leadership Summit organized by New Business Age Pvt Ltd on September 5 corroborates the shift of the party from a state-controlled economy to a liberal economic policy. A week later at an interaction programme held by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Dahal stressed the need for a private sector-led economic revolution, stressing that only rhetoric would not bring desired transformation in the country.</div>
<div>
	&nbsp;</div>
<div>
	Though the UCPN (Maoist) changed its destructive ways as soon as it joined the mainstream politics in 2006 and said it was open to the concept of open-market economy.</div>
<div>
	The former rebel party&rsquo;s commitment towards the free market was &nbsp;not so strong at that time.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The business community was skeptical towards its economic credentials as it had not shunned violence completely the political document was not in line with favourable market policies and it was creating labour unrest in industries.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Maoists had twice got the opportunity to lead the government after it abandoned the insurgency. The Bilateral Investment Promotion and Protection Agreement (BIPPA) was signed with India during the Dr Baburam Bhattarai-led government, which analysts say, marked a turn of the Maoists to an open market policy.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	However, many still view the Maoist proximity with the business community in recent days as a strategy in relation to the upcoming CA polls.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Maoist sympathiser Economic Analyst Hari Roka sees the Maoist proximity with the business community as an attempt of the former to assuage the fears of the latter by assuring that they would support a free-market but fully regulated economy. &ldquo;Since the Maoists have now realized that the private sector is also a major player here, they want to strike a balance by taking the business community into confidence,&rdquo; said Roka. &ldquo;Earlier, distribution was their central plank, but now they consider production as a priority.&rdquo;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The decision of the Maoist convention in Hetauda on forming production brigades in order to make the party financially self dependant is taken on this line, he said.</div>
<div>
	&nbsp;</div>
<div>
	Senior economist Dr Bishwambhar Pyakurel, however, said that the Maoist attempt to woo the private sector was a result of circumstantial political compulsion. &ldquo;Their long-term political goal is different, but for the time-being, they do not have any other choice except to move hand-in-hand with the private sector.&rdquo;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	He added, &ldquo;Even though the Maoists are making a commitment to accept the market-led economic system as a tactic to woo the business community for electoral benefits, we have to tap into this opportunity to turn their words to reality.&rdquo;</div>',
			'published' => true,
			'created' => '2013-09-16',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'With the Constituent Assembly elections approaching, UCPN (Maoist) is making an all-out effort to woo the private sector.',
			'sortorder' => '1665',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '1763',
			'article_category_id' => '91',
			'title' => 'Korean Company To Bring Light In Rasuwa',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The construction of the much awaited 216 MW Upper Trishuli-I hydroelectricity project at Rasuwa district is to start in September.</div>
<div>
	&nbsp;</div>
<div>
	The $550 million project is promoted by Nepal Water and Energy Development Company Ltd (NWEDC) and will generate 1456GWh of energy per year after its commissioning scheduled in March 2019. The construction of its access road will start within this month and the main project development is expected to begin in December.</div>
<div>
	&nbsp;</div>
<div>
	The Engineering Design and Environment Impact Assessment Report have been already approved by the government authorities and drilling and drifting works, company registration, financial arrangement of equity capitalhave been made, says the company.</div>
<div>
	&nbsp;</div>
<div>
	Similarly, tree cutting approval has been received and land acquisition has already been done, it adds. &ldquo;The project, once completed, will help in reducing daily load shedding by three to four hours,&rdquo; said CEO of NWEDC Kim Kyung Sik.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	NWEDC is predominantly a South Korean group of three companies with 75 per cent of the total equity share, which includes Korea South East Power Company Ltd (KOSEP), Daelim Industrial Company Ltd, and Kyeryong Construction Industrial Company Ltd.</div>
<div>
	&nbsp;</div>
<div>
	The International Finance Corporation (IFC) has joined as a co-developer for the project while Daelim and Kyerong will be the Engineering, Procurement and Construction (EPC) contractor. The operation and maintenance will be done by KOSEP.</div>
<div>
	&nbsp;</div>
<div>
	Sik said, &ldquo;This is a reason for hope and optimism in the midst of serious crisis that has debilitating effect on Nepal economy. The project once completed, will help reduce daily load shedding by 3 to 4 hours. We are maintaining a good relation with the local people and with the administration. They are very much interested in the project and we are thankful for their support and cooperation.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	The successful completion of the project means technology transfer of operation and management, employment creation of 300 to 500 people for construction, substituting annually diesel imports equivalent to 20 million US dollar and helping grow Nepali economy, he added.</div>
<div>
	&nbsp;</div>
<div>
	The Upper Trishuli-I project will be one of largest hydroelectric power project in Nepal in terms of investment. It will increase existing hydro-electric generation capacity in Nepal by almost one third (216 MW), and will add around 50 per cent (1455 GWh) to the annual electricity generated in Nepal.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;It will help meet the huge unfulfilled demand of electricity in Nepal. We have a strong and committed list of sponsors for the project, which bring together a mix of local understanding and technical competence of setting up similar projects in other parts of the world,&rdquo; Sik said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The project will help in attracting International investors in Nepal&rsquo;s hydropower development, including South Korean Investors. It will also help to further strengthen the cordial relationship between Nepal and South Korea. We look for forward Nepal Electricity Authority&rsquo;s support in future,&rdquo; he added.</div>
<div>
	&nbsp;</div>
<div>
	<table border="0" cellpadding="10" width="99%">
		<tbody>
			<tr>
				<td bgcolor="#E5E4E2">
					<div>
						&bull;Expected to be one of largest hydroelectric power project in Nepal in terms of investment.&nbsp;</div>
					<div>
						&bull; Increase existing hydro-electric generation capacity in Nepal (651 MW) by almost one third (216 MW).</div>
					<div>
						&bull; It will add around 50 per cent (1533 GWh) of electricity to the current annual electricity generated in Nepal.</div>
					<div>
						&bull; Project site 70 km away from Katmandu, which makes it ideal for supply to the load center.</div>
					<div>
						&bull;More Korean investment in the pipeline.</div>
					<div>
						&nbsp;</div>
				</td>
			</tr>
		</tbody>
	</table>
</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-09-08',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The construction of the much awaited 216 MW Upper Trishuli-I hydroelectricity project at Rasuwa district is to start in September.',
			'sortorder' => '1624',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '1762',
			'article_category_id' => '91',
			'title' => 'Time To Focus On Economic Revolution: Former PMs',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	It was a historic day for bleeding Nepal. On September 5, the country&rsquo;s former Prime Ministers (PMs) came up with a consensus that the country should head towards economic revolution leaving political confrontations aside.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;During Nepal Leadership Summit which was jointly organised by Birgunj Chamber of Commerce and Industries (BiCCI) and New Business Age Group under the banner of &lsquo;Roadmap of Economic Revolution: Vision 2080 BS&rsquo;, five former PMs of past 1990 era pledged to speed up economic reform.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Former PMs Sher Bahadur Deuba, Pushpa Kamal Dahal &lsquo;Prachand&rsquo;, Madhav Nepal, Jhalanath Khanal and Dr Baburam Bhattarai signed a 12-point Birgunj Declaration and admitted that the path of prosperity is only possible through private sector-led economic growth.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;In the summit, chairman of UCPN Maoist and former PM Pushpa Kamal Dahal, popularly known as Prachanda, said that the time has come to be engaged in production, construction and development.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;&ldquo;In fact, our party has come to a conclusion that political stability is not possible without economic revolution,&rdquo; he informed.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He stressed that promoting economic activities and adopting the approach of inclusive growth is the only option to overcome vicious circle of poverty.</div>
<div>
	&nbsp;</div>
<div>
	Former PM and Nepali Congress senior leader Sher Bahadur Deuba said that the government should not engage in trading or operating industries.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The country had been facing the problem of financial crunch when NC formed the government after 1990 revolution. Situation has changed now as we have much better finacial resources. The problem is we have been unable to invest due to lack of infrastructure and energy crisis,&rdquo; he said.</div>
<div>
	He stressed for a common commitment to end the existing energy crisis. &ldquo;The country will head in the direction of economic prosperity if we will be able to address the problem of infrastructure, industrial security and energy,&rdquo; he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Nepal should attract Indian investment and should promote export to reduce trade deficit, he opined.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He said, that the government should reduce all bureaucratic hassles and should vow to provide tax rebate to companies which create employment opportunities to more than 100 persons.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;The country&rsquo;s economy remains in a state of confusion, with expanding budget, energy crisis, trade deficit, inflation, unemployment problem and lack of resources, said former Prime Minister and CPN UML leader Madhav Kumar Nepal.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He blamed the revenue-centered government, short-term profit oriented private sector and belligerent labour for the slow economic growth. &ldquo;We need to improve our educational system and ensure that we have the skills to pursue the opportunities,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He suggested that clarity in policy, investment friendly environment and investment in service and production sector will ensure country&rsquo;s development.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Chairman of CPN-UML and former PM Jhala Nath Khanal emphasized the need of policy stability for the economic growth. Modernisation of agriculture sector will have positive impact for the development, he said, adding that the banking sector should increase investment in the agricultural sector.</div>
<div>
	&nbsp;</div>
<div>
	Absolute poverty and backwardness are main problems of the country at present, UCPN Maoist leader and former PM Dr Baburam Bhattarai said. The country can achieve the target of 10 per cent growth by increasing investment in productive sector, he opined.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;&ldquo;Key factors that affected all sectors of the economy are poor governance and corruption in the country. One of most important negative factor is decline in investment to GDP ratio, which is one the of the root cause of the slowdown in GDP growth,&rdquo; Dr Bhattarai said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;&ldquo;At least 40 per cent amount of GDP should be invested every year in productive sector to achieve the double digit growth. This means, the government should ensure that at least Rs 700 billion is invested. As internal resources will not be sufficient to arrange this fund, we should invite foreign investment,&rdquo; he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Dr Bhattarai call for a need to build capacity at all levels to meet the target. &ldquo;We need to make the building of robust private sectors an urgent priority and promote true entrepreneurship because that is how jobs are created,&rdquo; he added.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He said that Nepal must focus on developing its skills and human resources, especially by harnessing the talents of Nepali people from around the world.</div>
<div>
	&nbsp;</div>
<div>
	He also suggested all political parties to keep balance between China and India for maximum benefit from the neighbouring economic giants.</div>
<div>
	&nbsp;</div>
<div>
	President of Birgunj Chamber of Commerce and Industries Ashok Baidya, said that political commitment is a must to create an environment of wealth creation through investment, alleviate poverty, increase the annual GDP growth rate, contain inflation, promote entrepreneurship and generate employment.</div>
<div>
	&nbsp;</div>
<div>
	In the programme, editor-in-chief and chairman of New Business Age Group Madan Lamsal asked politicians to address economic concerns and map out a strategy with business community and international support to address country&rsquo;s economic problems.</div>
<div>
	<table border="0" cellpadding="10" width="99%">
		<tbody>
			<tr>
				<td bgcolor="#E5E4E2">
					<div>
						<strong><span style="font-size: 14px;">Former PMs&rsquo; Common Points:</span></strong></div>
					<div>
						&bull;<span class="Apple-tab-span" style="white-space: pre;"> </span>&nbsp;Nepal is in the dire need of economic revolution now that it is a democratic republic</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Energy, agriculture and tourism sectors should be prioritized&nbsp;</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Private sector should lead the country&rsquo;s development</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Government should play the role of catalyst</div>
					<div>
						&bull;<span class="Apple-tab-span" style="white-space: pre;"> </span>Nepal should focus on turning the optimism about the country&rsquo;s future into real action</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Inclusive growth must be the main goal for Nepal&rsquo;s development</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>The mood should be changed from thinking of Nepal as a poor country to as a country that holds hope</div>
				</td>
			</tr>
		</tbody>
	</table>
</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-09-08',
			'modified' => '2013-10-01',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'It was a historic day for bleeding Nepal. On September 5, the country’s former Prime Ministers (PMs) came up with a consensus that the country should head towards economic revolution leaving political confrontations aside.',
			'sortorder' => '1623',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '1719',
			'article_category_id' => '91',
			'title' => '157.8 Million Shares Listed In NEPSE',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Around 157.8 million shares have been listed in Nepal Stock Exchange (NEPSE) in the FY 2012-2013. During this period, IPO shares, bonus and right shares were listed in NEPSE. The numbers of listed shares have increased by 3 per cent from the previous fiscal year. At the end of FY 2011-2012, the listed shares in NEPSE were around 1.14 billion which increased to around 1.30 billion in the previous year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Securities Board of Nepal (SEBON) has provided all kinds of share issuance permits up to Rs 20.31 billion. According to a SEBON source, permission has been given to issue IPO shares up to Rs 3.51 billion to 23 companies, right shares up to Rs 3.94 billion to 5 companies, bonus shares up to Rs 4.60 billion to 52 companies and bond issuance up to Rs 3.15 billion to 7 companies. There is a possibility of these shares being listed in NEPSE for transaction in the current fiscal year which ensures the expansion of share markets in comparison to the previous fiscal year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Market Size Increased by 40pc</strong></div>
<div>
	Compared to FY 2011-2012, market capitalisation of the share market has increased by 40 per cent in FY 2012-2013. Market capitalisation in the previous fiscal year had increased by 13.84 per cent. During the end of FY 2011-2012, the total market capitalisation of companies listed in NEPSE was Rs 368 billion which increased to Rs 514 billion in FY 2012-2013. &nbsp;According to Anjan Raj Poudyal, former President of Stock Brokers Association of Nepal (SEBAN), the increment in the share market size is caused by the rise in the number of listed companies, share and investors within this year. He also said the operation of essential infrastructures of share market like CDS &amp; Clearing and mutual funds also helped to increase the market size. Poudyal added, &ldquo;The investors are also increasing lately with the continuity of share market activities.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Transaction Rate Doubled</strong></div>
<div>
	The transaction amount of total shares in the FY 2012-13 has increased by 114 per cent than of the FY 2011-2012. The share transaction was of Rs 10.27 billion in FY 2011-2012 which has reached up to Rs 22.4 billion in FY 2012-2013.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Listed Companies Reached 230</strong></div>
<div>
	The number of listed companies in the previous fiscal year has reached 230. Among the listed companies, there are 198 bank and financial institutions, 18 manufacturing and processing industries, 4 hotels, 4 commercial organisations, 4 hydro power companies and 2 other groups. &nbsp;There were 216 listed companies in FY 2011-2012.&nbsp;</div>',
			'published' => true,
			'created' => '2013-09-01',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Around 157.8 million shares have been listed in Nepal Stock Exchange (NEPSE) in the FY 2012-2013. During this period, IPO shares, bonus and right shares were listed in NEPSE.',
			'sortorder' => '1580',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '1718',
			'article_category_id' => '91',
			'title' => 'Devaluating Rupee Costs Industries Dearly',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Sagar Ghimire</strong></div>
<div>
	&nbsp;</div>
<div>
	With the sharp devaluation of the Nepali Rupee against the US Dollar, Nepali factories are more likely to bear the brunt due to effects in supply and price of petroleum.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Though Nepal Oil Corporation (NOC) has not hiked the price of petroleum products due to the sharp fall of the Rupee, NOC cannot withhold the loss incurred in petroleum products for a long time.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Nepali Rupee plunged as low as Rs 108 last week against a unit price of the US Dollar.</div>
<div>
	&nbsp;</div>
<div>
	Industrialists lament that they will have to suffer badly due to the price hike of petroleum products resulting from the free-fall of local currency against the Dollar.</div>
<div>
	&nbsp;</div>
<div>
	Pashupati Murarka, vice-president of Federation of Nepal Chambers of Commerce and Industry, says that the government will be left with only two choices. According to him, the government either has to provide more subsidies to NOC to keep the price of petroleum products unchanged, or it has to adjust the price of petroleum products. &nbsp;&ldquo;Either way, it would take a toll in Nepal&rsquo;s crippling economy, particularly industries,&rdquo; he says.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Currently, NOC is reeling under a heavy loss. According to the NOC officials, the corporation incurred a loss of Rs 1.62 billion last month. While unveiling the budget for FY 2013-14, the government said it would adopt the auto price mechanism to adjust the price of petroleum products with the international market.</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s industries are now relying heavily on diesel to meet energy demands due to extreme daily power outage. At present, the demand and supply gap hovers around 300MW, with a demand of 900MW demand against a 450MW supply.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The price hike in petroleum products following the depreciation of the Nepali Rupee, pegged with the Indian currency, would have an adverse impact on the cost of manufacturing products. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Murarka estimated that Re 1 increase in diesel per litre would raise the cost of electricity of the industry by 0.30 paisa per unit. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Even if the government comes up with subsidies to save the NOC from a heavy loss, short supply will create problems for factories that are already battered with regular power cuts,&rdquo; says Murarka, warning that such short supply could also lead to black marketing of petroleum products.</div>
<div>
	&nbsp;</div>
<div>
	The import of petroleum products only accounted for Rs 107 billion out of total import bill of Rs 257.66 billion for 10 commodities from India in FY 2012-13. In FY 2011-12, the petroleum import bill was at Rs 92.25 billion.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	According to Ministry of Finance Chief Advisor Dr Chiranjibi Nepal, the country&rsquo;s total export amount is not even adequate to foot the bill of petroleum alone.</div>
<div>
	&nbsp;</div>
<div>
	<table border="0" cellpadding="10" width="99%">
		<tbody>
			<tr>
				<td bgcolor="#E5E4E2">
					<ul>
						<li>
							<strong>Devaluation of the Rupee will hike petroleum price</strong></li>
						<li>
							<strong>Price hike in petroleum will have adverse impact on manufacturing costs</strong></li>
						<li>
							<strong>Govt subsidies not likely to alleviate inflation&nbsp;</strong></li>
						<li>
							<strong>Industrial sector is now relying heavily on diesel for power generation</strong></li>
					</ul>
				</td>
			</tr>
		</tbody>
	</table>
</div>
<p>
	&nbsp;</p>',
			'published' => true,
			'created' => '2013-09-01',
			'modified' => '2013-09-01',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'With the sharp devaluation of the Nepali Rupee against the US Dollar, Nepali factories are more likely to bear the brunt due to effects in supply and price of petroleum.',
			'sortorder' => '1579',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '1685',
			'article_category_id' => '91',
			'title' => 'Good Governance And Friendly Investment Policies To Drive Nepal Towards Development',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Sujit Nath</strong></div>
<div>
	&nbsp;</div>
<div>
	It was a day of pledge reckoning and revolution. Newbiz Conclave &amp; Business Excellence Awards Ceremony-2013 was held on August 24 with an aim to double Nepal GDP growth rate to 7 per cent per annum.</div>
<div>
	&nbsp;</div>
<div>
	The event was conceptualised with a mission, hoping for a new sun rise and a dream to give Nepal what it deserve in terms of development and good governance.</div>
<div>
	&nbsp;</div>
<div>
	Amid some of the stalwarts of the industries, chamber of commerce, embassy officials, foreign thinkers and economists, the New Business Age (NBA), The Corporate Weekly and Arthik Abhiyan in association with Asian Paints and other sponsors organized the ceremony and initiated a step toward development under the banner of &mdash; &lsquo;Doubling of growth of Nepali economy to 7 per cent GDP: The Roadmap Ahead&rsquo;.</div>
<div>
	&nbsp;</div>
<div>
	It was a long brain storming session where excuses, logic and ways to achieve were shared, and views were exchanged among the speakers.</div>
<div>
	&nbsp;</div>
<div>
	The conclusion was optimistic &mdash; Yes, we can achieve it.</div>
<div>
	&nbsp;</div>
<div>
	All we need, a determination to do anything for this country in bringing FDI&rsquo;s, training people locally in specialized areas and more focus on Agriculture.</div>
<div>
	&nbsp;</div>
<div>
	Speaking on the occasion, chief guest Shankar Koirala, Minister for Finance, Industry, Commerce and Supplies stressed for 5.5 per cent economic growth in coming 12 months and said, &ldquo;Achieving 7 per cent in coming years is not an impossible task. We play blame game and that&rsquo;s hampering the country. Only effort from the government is not sufficient and we need help from the private sectors to make Nepal a developed country&nbsp;</div>
<div>
	by 2022&rdquo;.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Investment is important for higher growth but private sector is shying away due to lack of investment safety. We have already implemented some of the policies on development and are on the process of implementing few more new foreign policies, which will help us in bringing more investment in Nepal. Let me share that the cement industry is booming in Nepal and in coming years Nepal will be self sufficient in cement. The whole idea is to bring more investment through friendly foreign policies for a healthy GDP growth,&rdquo;&nbsp;</div>
<div>
	he said.</div>
<div>
	&nbsp;</div>
<div>
	Many dignitaries on the ocassion felt there was an urgent need for the farmers to shift from traditional farming to scientific way of cultivation. This is only possible by bringing technologies to Nepal and providing trainings to the local youths so that they don&rsquo;t go to other countries to earn their bread. This will reduce the import as the country will be self sufficient in food. It will also bring a heave of sigh among the middle class in terms of affordability.</div>
<div>
	To bring a collective effort for the development of Nepal, a book titled &mdash; Nepalko Arthik Briddhi Ek Margachitra (Sambriddha Nepal Abhiyan) was launched by the minister for finance, Governor of Nepal Rastra Bank Dr. Yubaraj Khatiwada, NBA chairman Madan Lamsal, country head of Asian Paints Budhaditya Mukherjee, chairman of NewBiz Awards jury Prabhakar SJB Rana, FNCCI president Suraj Vaidya, CNI founder president Binod Chaudhary and president of Nepal Bankers&rsquo; Association Rajan Singh Bhandary.</div>
<div>
	&nbsp;</div>
<div>
	Among some of the strong views shared by the speakers, Hari Bhakta Sharma, vice president, confederation of Nepalese industries came out with a practical thought on some the basic thing to achieve the growth in this country.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Nature has a capacity to fulfill all our need but she cannot fulfill our greed. It is sad that the country where I live is 167th poorest in the world because of dollar appreciation. Thanks to the government. We have 2.5 billion people market and still far behind. There is no electricity and water. We only demand with no responsibility,&rdquo; Sharma said.</div>
<div>
	&nbsp;</div>
<div>
	He said, &ldquo;New generation of enterprise is emerging in Nepal. We should try to improve our technology to compete with India and China. Once you learnt that, you will compete with rest of the world. I would like to request the government to change their policies at the earliest and would like to request our skilled manpower not to migrate to other countries. We are sending labour to Qatar because we pay less to them in Nepal. We have to utilize these people to reverse that cycle. My perspective to the business leaders that best resources are here and how much we are ready is a different issue&rdquo;.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s economic growth stood at 4.6 per cent last fiscal year due to favorable weather and also the services sector witnessed a healthy growth. However, in the current fiscal year its economic growth rate is slowed down to 3.5 per cent due to lack of investment, incomplete budget, rough weather etc.</div>
<div>
	&nbsp;</div>
<div>
	Sharma stressed that there is a need to generate employment and industrial clusters in Nepal and says, &ldquo;If Morocco can export garments to Nepal, then why can&rsquo;t we produce garments. In coming days the competition is global not regional and we need to change our policy. A regular co-ordination with the government is also become very important&rdquo;.</div>
<div>
	&nbsp;</div>
<div>
	The view of 15 speakers including six foreigners zeroed down to some of the basic areas to achieve 7 per cent GDP includes reducing import, investing whatever resources available in Nepal, utilizing local people, improving Agriculture investor friendly policies, stable government and preventing corruption.</div>
<div>
	&nbsp;</div>
<div>
	Dr. Yubaraj Khatiwada believes that agricultural and service sectors are some of the key drivers of growth and it has a capacity to grow by five and seven per cent respectively. &ldquo;We need a common economic agenda to grow further,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	The business conclave ends with a thundering applaud and left many foot prints behind with a dream to drive Nepal towards development.</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-25',
			'modified' => '2013-09-10',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'It was a day of pledge reckoning and revolution. Newbiz Conclave & Business Excellence Awards Ceremony-2013 was held on August 24 with an aim to double Nepal GDP growth rate to 7 per cent per annum.',
			'sortorder' => '1546',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	)
)
$current_user = null
$logged_in = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 60
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/index.ctp, line 157
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117

file not found!

Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context  //  $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';



    if(!$xml = simplexml_load_file($file)){
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
	'articles' => array(
		(int) 0 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 1 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 2 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 3 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 4 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 5 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 6 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 7 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 8 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 9 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 10 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 11 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 12 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 13 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 14 => array(
			'Article' => array(
				[maximum depth reached]
			)
		)
	),
	'current_user' => null,
	'logged_in' => false
)
$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '2019',
			'article_category_id' => '91',
			'title' => 'EPF’s Interest  In Hydropower Sector',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Employees Provident Fund (EPF) has decided &nbsp;to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Confirming the investment, Krishna Prasad Acharya, Administrator of the Fund, said that EPF decided to investment in hydropower after apprising the sector secure and productive. &quot;Investment in infrastructure development sector will have a sustainable impact on national economic growth,&rdquo; he said adding, &ldquo;Investment is this sector is profitable as well as productive in the long run&rdquo;.</div>
<div>
	&nbsp;</div>
<div>
	The EPF has decided to invest in Upper Tamakoshi (456 MW), Rasuwa Gadi (111 MW), Bhotekoshi (102 MW), Upper Sanjen (14.8 MW) and Sanjen (42.5 MW) hydro projects, he informed.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Out of the total allocated amount, around Rs 3 billion has been used those four projects,&rdquo; said Kailash Bhakta Karrananjeet, Chief of the Department of Investment and Treasury Management at the EPF.</div>
<div>
	Informing that the meeting of the board of directors of the fund has approved the projects.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	EPF has also invested in SL Hydropower Project, through Hydropower Investment and Development Company&rsquo;s promotional shares and joint-finance process.</div>',
			'published' => true,
			'created' => '2013-10-27',
			'modified' => '2013-10-28',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Employees Provident Fund (EPF) has decided  to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity.',
			'sortorder' => '1871',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '1971',
			'article_category_id' => '91',
			'title' => 'Foreign Loan In Local Currency',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank&rsquo;s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The decision follows the budgetary provision of the current fiscal year regarding arrangements for the issuance of rupee bonds by international financial institutions.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The local currency bond supports the efforts of the government and authorities to deepen domestic capital markets in the country,&rdquo; said an official at the Ministry of Finance. Such markets are an important source of local-currency funding to engage broader private sector in development projects through micro, small and medium enterprises and other essential economic sectors, he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	We envisage that the country will have several international issuers coming to the market who can propel the investment climate, he said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Presence of international issuers will have positive impact in overall investment scenario, said chief economic advisor at the ministry Dr Chiranjibi Nepal. Investors can invest in more secure manner when internationally trusted organizations issue bond, he said. &ldquo;The implementation of decision will also help to formalize economy since people start to invest in bond instead of hiding currency at home or in banks.&rdquo;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Local currency bonds are issued to attract both local and foreign investment as they help in long-term financing. The money raised by issuing bonds should be spent in big projects like developing the country&rsquo;s hydropower, agriculture, road and tourism infrastructures, according to the Ministry&nbsp;</div>
<div>
	of Finance.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Opening the door to international issuer will also help develop the country&rsquo;s bond market, which is still in nascent stage, according to the ministry. At present, bonds account for 34 percent of the total debt instruments in the country. Currently, total domestic debt amounts to Rs 207 billion raised from treasury bills and different types of bonds.</div>
<div>
	&nbsp;</div>
<div>
	Potential issuers who want to issue bonds in Nepali rupee must apply to the Finance Ministry specifying the objective of issuing them, potential areas of investment, the main investor, value of the bonds, maturity period, interest rate and timetable, according to spokesperson Ram Sharan Pudasaini.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The ministry will then present the proposal to the cabinet for the final approval on whether or not to allow the issuance of bonds,&rdquo; &nbsp;he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	As per the 10-point guideline endorsed by the ministry, the bond issuance should be carried out as per the existing legal provisions related to securities.</div>
<div>
	&nbsp;</div>
<div>
	In order to assure investors about the security of their investment, the bond issuer has to publish prospectus of the institution that is issuing the bond. The issuer can make the payment of interest to investors on half yearly basis through their local agent or market makers, the guideline says. It has given income tax exemption to the international institutions issuing the bonds. &ldquo;But if they issue the bonds through local agents, the agents are subject to tax compliance,&rdquo; said Pudasaini.</div>
<div>
	&nbsp;</div>
<div>
	The guideline has also the given the bond issuing institutions to repatriate profit as per the country&rsquo;s existing law. &nbsp;They have also been allowed to take short-term loans from the local banks as bridge funding provided the fund raised from bonds is inadequate for the investment in the project.</div>
<div>
	&nbsp;</div>
<div>
	They have also been allowed to deposit their money in banks for a year to manage their fund. &ldquo;This provision was made to utilize the fund they have until they invest in certain projects,&rdquo; said Pudasaini.</div>',
			'published' => true,
			'created' => '2013-10-20',
			'modified' => '2013-10-28',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds. 

The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank’s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond.',
			'sortorder' => '1870',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '1972',
			'article_category_id' => '91',
			'title' => 'NRNA Global Conference Started',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year&rsquo;s conference is &#39;NRNs and Nepal: Partners in Prosperity&#39;. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The four-day global conference is also set to choose a new leadership of the organization for a two-year term. Australian businessman Shesh Ghale and &nbsp;General Secretary Tenzi Sherpa (South Korea) are contesting for the position of NRNA president. The election is scheduled to take place on Sunday.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Sixth NRNA Global Conference will be held on Monday and Tuesday after the conclusion of the convention. The global conference will be inaugurated by the President Dr Ram Baran Yadav. The conference will hold discussions on various subjects like collective investment, foreign employment, continuity of Nepali citizenship of the NRNs, and partnership with the private sector in the country, among other issues.</div>
<div>
	&nbsp;</div>
<div>
	About 1300 NRNs from 50 countries across the world are taking part in the conference. The NRNA has its chapters in 65 different countries.</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Two Years of Abroad Stay Must for NRNA Membership</strong></span></div>
<div>
	Similarly, the general assembly of NRNA on Saturday introduced a provision, according to which every Nepali staying in foreign lands for two continuous years will be eligible for NRN status. The amendment will come into effect from October 22.</div>
<div>
	&nbsp;</div>
<div>
	Likewise, the amendment has also paved the way for &nbsp;registration of the organization which was pending for a decade. NRNA was established in 2003. &nbsp;However, due to differences between the NRN Act 2008 and NRNA&rsquo;s statute, the organisation was not formally registered in the country inspite of several attempts of NRNs. The organisation has now got legal status after registering in Nepal.</div>',
			'published' => true,
			'created' => '2013-10-20',
			'modified' => '2013-10-28',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year’s conference is 'NRNs and Nepal: Partners in Prosperity'. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function.',
			'sortorder' => '1869',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '1960',
			'article_category_id' => '91',
			'title' => 'Informal Trade Still A High In South Asian Region By The Corporate',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project &ldquo;Trade and Transport Facilitation Audit in South Asia&rdquo; to conduct the audit last week.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report will aim at providing factual information on the reliability and efficiency of transportation infrastructure, logistic operations, customs and border management regulations and procedures, said research director at SAWTEE, Pushpa Sharma.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report is expected to reveal the status of customs facilitation for bilateral trade among South Asian countries, according to Sharma. &ldquo;After the study of trade facilitation at a bilateral level, the study will focus on identifying regional problems regarding trade facilitation,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	Informal trade is still a big challenge in the region but we do not have any authentic data, he said. The audit will not directly calculate the volume of informal trade but will study the causes of informal trade and recommend appropriate measures to reduce the volume of informal trade.</div>
<div>
	&nbsp;</div>
<div>
	Costs related to trade facilitation, infrastructure and transit have risen over the years, which has promoted informal trade in South Asia, according to experts.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Effective trade integration is necessary to reduce the cost burden, said former member of National Planning Commission, Dr Posh Raj Pandey. &ldquo;Trade facilitation is a must to improve overall cost related trade barriers but we should have a benchmark to improve the condition of trade facilitation,&rdquo; he said, adding that the audit will provide the benchmark with all trade barriers in the formal channel.</div>
<div>
	&nbsp;</div>
<div>
	Despite the fall in traditional trade barriers, the given circumstances in the region have forced exporters, businesses and consumers to bear additional cost burden, according to him.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Economist Dr Ratnakar Adhikari said that generally, costs are incurred due to lack of regional trade connectivity and impenetrable borders. Regional commitment is required to address the identified bottlenecks, he further said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Iqbal Tabish, Secretary General of the SAARC Chamber of Commerce and Industry, mentioned that benefits of trade liberalization will not be realized unless trade facilities are rationalized.</div>
<div>
	&nbsp;</div>
<div>
	Finance minister Shanker Prasad Koirala stated that the cost of trading within the region among South Asian countries is twice, and in some cases, even three times, than trading with countries outside the region.</div>
<div>
	&nbsp;</div>
<div>
	Despite the existence of several regional efforts, such as Agreement on South Asian Free Trade Area (SAFTA), intra-regional trade in South Asia has remained extremely modest due to a number of factors, one of which is trade and transport facilitation-related bottlenecks.</div>
<div>
	&nbsp;</div>
<div>
	In a separate programme organised by International Finance Corporation (IFC), chief secretary Lila Mani Paudyal said that the government is committed to improving its trade competitiveness. &ldquo;Reducing the time and costs to international trade, in particular, is critical for the Nepali private sector to compete internationally and access global markets,&rdquo; he said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Department of Customs is implementing its four year Customs Reform and Modernization Strategy and Action Plan since July 2013 which comprises of four building blocks: Trade Facilitation, High Revenue Yield, Organizational Development, and e-Customs, according to Surya Prasad Acharya, Director General of the Department of Customs.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	IFC is committed to enhance trade facilitation including focusing on simplifying border processes &amp; procedures, and improving risk management systems, said IFC Resident Representative in Nepal Valentino S Bagatsing. &ldquo;The reforms in the trade environment will provide a much needed boost as Nepali businesses position their products in accessing global markets,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	IFC&rsquo;s South Asia Regional Trade Integration programme aims to assist the government in focusing its reform efforts to create an enabling environment for improving trade facilitation and logistics. IFC works with both private sector and government agencies in identifying areas where reform efforts can help maximize improvements for the private sector to improve cross-border trade and investments.</div>
<div>
	&nbsp;</div>
<div>
	<div>
		<span style="font-size:14px;"><strong>Main Explanatory Factors for Informal Trade&nbsp;</strong></span></div>
	<div>
		&bull;Businesses have incentive to escape trade related regulations and duties&nbsp;</div>
	<div>
		&bull;Complex, non-transparent or divergent regulatory requirements (e.g., customs formalities, technical regulations and sanitary standards)&nbsp;</div>
	<div>
		&bull;Long and costly customs delays when trading formally</div>
	<div>
		&bull;Obstructed entry or exit of certain commodities, caused by import quotas or export bans&nbsp;</div>
	<div>
		&bull;Foreign exchange controls</div>
	<div>
		&bull;Weak law enforcement at the borders</div>
</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-10-08',
			'modified' => '2013-10-21',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed. 

South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project “Trade and Transport Facilitation Audit in South Asia” to conduct the audit last week.',
			'sortorder' => '1826',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '1920',
			'article_category_id' => '91',
			'title' => 'Poverty Alleviation A Challenge Despite Economic Growth',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	South Asia has failed to reduce poverty and ensure food security, said a report released by the South Asian Association for Regional Cooperation (SAARC) last week. Though the region has been able to achieve an average economic growth of 6.5 per cent annually from 2000 to 2012, its overall poverty status has not improved.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The report &lsquo;SAARC Regional Poverty Profile 2009-10&rsquo; launched by Chairman of the Interim Election Council Khil Raj Regmi last week in Kathmandu, underlined that 32 per cent of South Asians still live on less than $1.25-per person-a-day which is a state of absolute poverty.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;While some countries of the region like Nepal may be nearer to achieving the Millennium Development Goal (MDG) of halving the number of people in extreme poverty by 2015, the rest of the South Asian region &ndash; home to one third of the world&rsquo;s poor &ndash; still has high incidences of poverty, hunger and malnutrition,&rdquo; the report said. &ldquo;Food production has improved considerably over time in all countries of the region, but inter-country and intra-country variations persist.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	India is self-sufficient in all major foodstuffs except pulses and edible oils, according to the report. Pakistan is self-sufficient in wheat and rice.</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s index of per capita food production has improved marginally. However, it still depends on imports for most of its food items including cereals, pulses and fish.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	According to the report, Bangladesh is more or less self-sufficient in rice but imports wheat. Afghanistan, Bhutan and the Maldives depend on imports for most food items to meet their domestic demand, while Sri Lanka meets nearly 99 per cent of its rice requirements internally but imports 97 per cent of its demand for pulses.</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-10-06',
			'modified' => '2013-10-21',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'South Asia has failed to reduce poverty and ensure food security, said a report released by the South Asian Association for Regional Cooperation (SAARC) last week. Though the region has been able to achieve an average economic growth of 6.5 per cent annually from 2000 to 2012, its overall poverty status has not improved.',
			'sortorder' => '1781',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '1919',
			'article_category_id' => '91',
			'title' => 'Informal Trade Still A High In South Asian Region',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project &ldquo;Trade and Transport Facilitation Audit in South Asia&rdquo; to conduct the audit last week.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report will aim at providing factual information on the reliability and efficiency of transportation infrastructure, logistic operations, customs and border management regulations and procedures, said research director at SAWTEE, Pushpa Sharma.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report is expected to reveal the status of customs facilitation for bilateral trade among South Asian countries, according to Sharma. &ldquo;After the study of trade facilitation at a bilateral level, the study will focus on identifying regional problems regarding trade facilitation,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	Informal trade is still a big challenge in the region but we do not have any authentic data, he said. The audit will not directly calculate the volume of informal trade but will study the causes of informal trade and recommend appropriate measures to reduce the volume of informal trade.</div>
<div>
	&nbsp;</div>
<div>
	Costs related to trade facilitation, infrastructure and transit have risen over the years, which has promoted informal trade in South Asia, according to experts.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Effective trade integration is necessary to reduce the cost burden, said former member of National Planning Commission, Dr Posh Raj Pandey. &ldquo;Trade facilitation is a must to improve overall cost related trade barriers but we should have a benchmark to improve the condition of trade facilitation,&rdquo; he said, adding that the audit will provide the benchmark with all trade barriers in the formal channel.</div>
<div>
	&nbsp;</div>
<div>
	Despite the fall in traditional trade barriers, the given circumstances in the region have forced exporters, businesses and consumers to bear additional cost burden, according to him.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Economist Dr Ratnakar Adhikari said that generally, costs are incurred due to lack of regional trade connectivity and impenetrable borders. Regional commitment is required to address the identified bottlenecks, he further said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Iqbal Tabish, Secretary General of the SAARC Chamber of Commerce and Industry, mentioned that benefits of trade liberalization will not be realized unless trade facilities are rationalized.</div>
<div>
	&nbsp;</div>
<div>
	Finance minister Shanker Prasad Koirala stated that the cost of trading within the region among South Asian countries is twice, and in some cases, even three times, than trading with countries outside the region.</div>
<div>
	&nbsp;</div>
<div>
	Despite the existence of several regional efforts, such as Agreement on South Asian Free Trade Area (SAFTA), intra-regional trade in South Asia has remained extremely modest due to a number of factors, one of which is trade and transport facilitation-related bottlenecks.</div>
<div>
	&nbsp;</div>
<div>
	In a separate programme organised by International Finance Corporation (IFC), chief secretary Lila Mani Paudyal said that the government is committed to improving its trade competitiveness. &ldquo;Reducing the time and costs to international trade, in particular, is critical for the Nepali private sector to compete internationally and access global markets,&rdquo; he said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Department of Customs is implementing its four year Customs Reform and Modernization Strategy and Action Plan since July 2013 which comprises of four building blocks: Trade Facilitation, High Revenue Yield, Organizational Development, and e-Customs, according to Surya Prasad Acharya, Director General of the Department of Customs.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	IFC is committed to enhance trade facilitation including focusing on simplifying border processes &amp; procedures, and improving risk management systems, said IFC Resident Representative in Nepal Valentino S Bagatsing. &ldquo;The reforms in the trade environment will provide a much needed boost as Nepali businesses position their products in accessing global markets,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	IFC&rsquo;s South Asia Regional Trade Integration programme aims to assist the government in focusing its reform efforts to create an enabling environment for improving trade facilitation and logistics. IFC works with both private sector and government agencies in identifying areas where reform efforts can help maximize improvements for the private sector to improve cross-border trade and investments.</div>
<div>
	&nbsp;</div>
<div>
	<div>
		<span style="font-size:14px;"><strong>Main Explanatory Factors for Informal Trade&nbsp;</strong></span></div>
	<div>
		&bull;Businesses have incentive to escape trade related regulations and duties&nbsp;</div>
	<div>
		&bull;Complex, non-transparent or divergent regulatory requirements (e.g., customs formalities, technical regulations and sanitary standards)&nbsp;</div>
	<div>
		&bull;Long and costly customs delays when trading formally</div>
	<div>
		&bull;Obstructed entry or exit of certain commodities, caused by import quotas or export bans&nbsp;</div>
	<div>
		&bull;Foreign exchange controls</div>
	<div>
		&bull;Weak law enforcement at the borders</div>
</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-10-06',
			'modified' => '2013-10-08',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed. 

South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project “Trade and Transport Facilitation Audit in South Asia” to conduct the audit last week.',
			'sortorder' => '1780',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '1872',
			'article_category_id' => '91',
			'title' => 'Nepal Certified As Full Member Of ISO',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent</strong></div>
<div>
	&nbsp;</div>
<div>
	Nepal has been certified with full membership of the International Organisation for Standardization (ISO) during the 36th AGM of ISO in St. Petersberg, Russia. The membership will come into effect from January, 2014. Nepal is the 5th country in South Asia to be certified with full membership of ISO. Before this, India, Pakistan, Sri Lanka and Bangladesh were certified as members.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Minister for Commerce and Supplies, Shanker Prasad Koirala formally announced the ISO certification of Nepal amidst a programme at the Nepal Bureau of Standards and Metrology on Thursday. Koirala said, &ldquo;This certification has brought immense possibilities along with challenges which we have to utilize and face.&rdquo; He said that both government and private sector should work hand-in-hand for this.</div>
<div>
	&nbsp;</div>
<div>
	Nepal is certified as a full ISO member after being a correspondent member of ISO for 21 years. &ldquo;To get full membership of ISO is historical in itself,&rdquo; said the Secretary at the Ministry of Industries, Krishna Gyawali. He added, &ldquo;We have to pay around Rs 2.6 million to ISO for the membership but this will bring us a lot of opportunities and ways to profit.&rdquo; Gyanwali urged concerned departments and the private sector to be more sensible in maintaining quality of production.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Ram Adhar Shah, Director General of the Bureau said that with the membership certification, Nepal has received opportunities to work with the world community in quality matters. He also said that this can contribute to Nepal&rsquo;s export business as ISO is a significant trade tool.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Established in 1949 AD, ISO has done quality standardization of more than 19,500 goods. Similarly, the Nepal Bureau of Standards and Metrology also has done quality standardization of around 950 goods among which 12 are compulsory quality standards.</div>',
			'published' => true,
			'created' => '2013-09-29',
			'modified' => '2013-10-07',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Nepal is the 5th country in South Asia to be certifi ed with full membership of ISO.',
			'sortorder' => '1733',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '1871',
			'article_category_id' => '91',
			'title' => 'Hydropower Companies In IPO Rush',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Once seen as a depressed sector, the Nepali energy industry is now becoming the centre of attraction among investors. The flocking of hydropower companies for share market listing is indicative of this. In recent months, Nepali hydropower companies have been rushing for initial public offerings (IPOs). Five hydropower developers have filed for IPO in the Securities Board of Nepal (SEBON). Some among them are said to have been permitted for issuing all kinds of shares, while IPO requests of some companies are under process.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sanimamai Hydropower Ltd has closed the first round of IPO process which was carried on from September 20-24. Under this, the company sold shares &nbsp;allocated to the project-afftected areas. In the next round, shares will be sold to the general public. Meanwhile, Ridi Hydropower Development Comapany, Upper Tamakoshi Hydropower Ltd, Varun Hydropower Company and Arun Valley Development Company Ltd are preparing for share issuance.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sanimamai Hydropower&#39;s IPO saw an astounding demand of company&#39;s shares. The company which received IPO permit from SEBON on September 4 received share applications worth Rs 2.53 billion, 25 times more than demanded. &quot;We have estimated the application to be 10 times more than the offered,&quot; informed Tuk Prasad Paudel, CEO of Sanimamai Hydropower. The company which is developing the 22 MW Mai hydropower project in Ilam district is also constructing the 7 MW Mai Cascade Hydro project. &quot;Shareholders will receive 5 per cent dividends in the second year after the projects start generating electricity,&quot;said Paudel. According to Paudel, the company plans to raise the dividends to 10 per cent and 15 percent in 3rd and 4th year respectively.</div>
<div>
	&nbsp;</div>
<div>
	Similarly, Ridi Hydropower issued shares worth Rs 30 million to the local residents of the project area on 28th September. Varun Hydropower is issuing shares worth Rs 24.3 million to the local residents in the project site. Likewise, Upper Tamakoshi is set to issue primary shares worth Rs 25.416 million whereas Arun Valley Hydropower is preparing for the issuance of rights shares worth Rs 350 million.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	There are only four hydropower developers listed in the Nepal Stock Exchange (NEPSE) till date. Butwal Power Company Ltd, Chilime Hydropower Company Ltd, Arun Valley Hydropower Company Ltd and National Hydropower Company Ltd are the developers maintaining their presence in the share market thus far. According to data released by NEPSE, the total number of listed shares of the four developers reached 44.525 million (worth Rs 4.45 billion on face value). The share transaction of the companies also saw a staggering growth of 79 per cent in the fiscal year 2012-13 compared to the previous fiscal year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Share market experts see the IPO rush of hydropower companies as a good investment opportunity. &quot;The risks are less and the returns are larger in hydropower companies compared to other sectors,&quot; says stock market analyst Rabindra Bhattarai. &quot;Currently, there is less competition in the hydropower sector with certainty of return.&quot; Bhattarai terms the IPO rush of power developers as the &#39;next market boom.&#39; He also points out to the IPOs as a medium of fund raising for new hydropower projects. &quot;This will definitely help build new projects and generate more electricity,&quot; he adds.</div>
<div>
	&nbsp;</div>
<div>
	Share investor Uddab Shiwakoti also agrees with Bhattarai&#39;s view. &quot;Initial capital investment in power companies is high, though the operating cost is low,&quot; he says. &quot;According to cost-benefit analyses, we can clearly see that the investment flow is tending towards the hydropower sector.&quot;</div>',
			'published' => true,
			'created' => '2013-09-29',
			'modified' => '2013-10-07',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'In recent months, Nepali hydropower companies have been rushing for initial public offerings (IPOs).Five hydropower developers have fi led for IPO in the Securities Board of Nepal (SEBON).',
			'sortorder' => '1732',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '1841',
			'article_category_id' => '91',
			'title' => 'Positioning, Infra-structure & Investment: Mainstay Of Nepali Tourism Next',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>Secretary of the Ministry of Culture, Tourism and Civil Aviation, Sushil Ghimire, inaugurating Tourism and Aviation Next 2013. (From left) New Business Age Pvt Ltd Chairman Madan Lamsal, Incredible India pioneer Amitabh Kant and South Asia Director of Tourism Malaysia Amran Abdul Rahman.</strong></p>
<div>
	<div>
		&nbsp;</div>
	<div>
		<strong>Photo: Rukesh Shrestha/TC</strong><br />
		<br />
		<br />
		&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		<strong>Sell Authentic Experience &amp; Make It Premium</strong></div>
</div>
<div>
	&nbsp;</div>
<div>
	<strong>Vision: To achieve tourism turnover equal to 5% of the GDP by 2080 BS which is now less than 2%</strong></div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	By Ujjwal K Chowdhury</div>
<div>
	&nbsp;</div>
<div>
	As nations celebrate World Tourism Day on September 27, the top tourism officials, Nepali leaders of the industry, along with some top honchos of Malaysian and Indian tourism governance met on September 19 at Annapurna Hotel in the first edition of Tourism &amp; Aviation Next conference.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The core views that emerged from the day long exercise, partnered by New Business Age and Annapurna Hotel, and sponsored by Qatar Airways and Ace Travels, focused on: raising service standards, creating premium brand of experiential tourism apart from the existing largely value-for-money backpackers&rsquo; tourism, positioning of exotic Nepal, upgrading the tourism and hospitality infra-structure, adding new international airport, additional terminals and new air-routes, domestic and foreign investments in tourism services.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Tourism Goal: 5% of GDP by 2080 BS</strong></div>
<div>
	&nbsp;</div>
<div>
	Opening the event, the Secretary of the Tourism Ministry, Sushil Ghimire, focused on why and how can Nepal achieve tourism turnover equal to 5% of the GDP by 2080 BS which is now less than 2%, how the national carrier Nepal Airlines is being strengthened, and why all major stake-holders&rsquo; views on a long-term future course of action is important in a private sector driven domain like that of tourism &amp; aviation. He set the tone, and the two guests from abroad took it to the next level with case-studies from tourism promotion by their nations.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Case-studies: India and Malaysia</strong></div>
<div>
	&nbsp;</div>
<div>
	The former Tourism Secretary of India and of Kerala state, and the man behind Incredible India and God&rsquo;s Own Country Kerala branding, Amitabh Kant, lamented that the positioning, branding and pricing of an otherwise high-end premium exotic destination like Nepal has been actually very low. He rued that the focus has been on low-end mass tourism which also has not yet touched a million, while it now needs to be on niche high-end tourism promotion with a clear positioning. Noting that more than 1 billion people travelling and almost 9% of the global GDP has been in tourism across the world, employing 1 among every 11 people, Nepal needs to catch up with this burgeoning industry.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Moving from sun-sand-sea focused tourism, globally travelers are looking at authentic experience now and Nepal has a huge advantage in it. Explaining in details the Incredible India campaign, he noted that unique positioning and integrated marketing communication strategy and plan alone can take Nepal to the next level in this sector.&nbsp;Kant concluded expounding 6Cs for better tourism: civic governance, capacity building, communication strategy, convergence, community and civil aviation.</div>
<div>
	&nbsp;</div>
<div>
	The South Asia Director of Tourism Malaysia, Amran Abdul Rahman later brought in a video based presentation to show how Malaysia has moved from &lsquo;Coca-cola tourism&rsquo; earlier as an add-on visit to people coming to Singapore twenty years ago to 13 million visitors in 2003 and finally to 25 million visitors in 2012. The target of 2014, declared as the Visit Malaysia Year, is now 36 million visitors with USD 44 billion income.</div>
<div>
	&nbsp;</div>
<div>
	Malaysia could achieve this success due to infrastructure growth including the remarkable makeover of Kualalampur Airport, changing mindset of the people and government with tourism coming under special supervision directly by the Prime Minister, rural Malaysia being promoted heavily which also ensured ethnic amity, and focusing on MICE tourism through events heavily.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Tourism Next: Branding &amp; Capacity-building as Key Drivers</strong></div>
<div>
	&nbsp;</div>
<div>
	The tourism next panel, moderated by the Annapurna CEO Upaul Majumdar, was an exciting journey of multiple perspectives by various industry experts on different facets. Upaul started with the need of a &lsquo;can-do&rsquo; attitude, and not just talk about the challenges.</div>
<div>
	The Soaltee Crowne Plaza GM Nalin Mandiratta focused on the need for a large Convention Centre for MICE tourism to grow, more sports tournaments in Nepal, dynamic and integrated destination marketing, creating One Nepal concept uniting efforts of various sections of the industry, and focusing on China and India more.</div>
<div>
	&nbsp;</div>
<div>
	Madhusudan Acharya, the Vice President of the Nepal Association of Tours and Travel Agents, explained how the success of Apple denotes the success of unique positioning. The uniqueness of Nepal as a tourism destination needs similar positioning based on green initiatives and its ethnicity. He emphatically noted that tourism is both a cause and an effect of more holistic socio-economic growth. He noted that Nepal-China roads and Kathmandu&rsquo;s direct air connectivity with Chennai and Bengaluru are much needed pending measures.</div>
<div>
	&nbsp;</div>
<div>
	Nandini Lahe Thapa, the Senior Director of the Nepal Tourism Board in charge of international marketing, while noting that there has been relative maturity of Nepal as a tourism destination, it has been quite low at the high-end of the price-service spectrum. &ldquo;We have lowered our rates of other tourism services, but have an exponentially costly travel. Hotels have already set the bar higher, but travel trade still needs to come together and raise the standards with rational pricing,&rdquo; she noted. Promotion of new destinations possible, she told, if concrete proposals come to NTB from entrepreneurs.</div>
<div>
	&nbsp;</div>
<div>
	Sumit Baral, the Senior Consultant with the International Finance Corporation, from the World Bank Group, working for its investment climate programs, with key focus on tourism programmes, informed that opposing child-labour so rampant in the carpet industry, Lufthansa dropped its Kathmandu sector adversely affecting German tourists&rsquo; travel to Nepal. Also, a diagnostic study categorically has shown that service standards decline has been the major factor behind lower per day spending by tourists. Noting that Nepal does not feature in luxury travel, he illustrated how Peru since 2000 has positioned itself as high-end destination, and how Maldives with almost same number of tourists like Nepal (little less than a million a year), actually has double the income from this sector.</div>
<div>
	&nbsp;</div>
<div>
	Talking from the tourism technology perspective, Prerana Mimani, the Country Head of Amadeus, noted that the e-commerce route to promote Nepal is must and is still at a rudimentary level and it is possible to have collaboration with global travel portals with ethnicity focus for Nepal.</div>
<div>
	&nbsp;</div>
<div>
	The PATA Chairman of Nepal, entrepreneur Suman Pandey, defended budget tourism noting it as an important part of the Nepali tourism eco-system and saying that it is a way of travel to experience the country in a different way. He poignantly noted, &ldquo;The seven days Golden Triangle plan is over-done and new tourism products are now necessary, as seen in the case of trekking tours being re-packaged as photography tours.&rdquo; Another very effective suggestion of Pandey has been the creation of events with potentials of global media visibility, as seen in the case of the earlier Nepali cabinet meeting at Everest base-camp.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Aviation Next: Start Small, But Act in Unison</strong></div>
<div>
	&nbsp;</div>
<div>
	The final panel of the day, focusing on aviation ahead, was very ably moderated by Valentino Bagatsing, the Country Head of International Finance Corporation, of the World Bank group, who began by raising the issue of air-safety noting that there have been 70 accidents in 60 years last, 3 being in the last two years. He informed that IFC is on the task of safety management systems research and planning.</div>
<div>
	&nbsp;</div>
<div>
	Bhola Bikram Thapa, the MD of President Travels, emphatically set the tone noting, &ldquo;Government should make stronger policies and facilitate processes, and not do business directly.&rdquo; He lamented that the need of more aircrafts for the national carrier, Nepal Airlines, is still not being done.</div>
<div>
	&nbsp;</div>
<div>
	Ghanshyam Acharya, Chief of Corporate Affairs, Simrik Airlines, noted that globally service sector has surpassed manufacturing, and in Nepal, three out of every four international traveler is airborne. The IATA Outlook for 2013 looks positively at $711 billion global tourism turnover. Blacktopping of many airports in Nepal has increased air safety and air-travel is now available to middle class as well. However, he lamented better regulatory support of policy-makers is necessary, and after 1998, no new aircraft has been flown by any domestic carrier.</div>
<div>
	&nbsp;</div>
<div>
	Representing the government voice, Buddhisagar Lamichchane, the Joint Secretary of Civil Aviation, and Roshan Chitrakar, the Deputy Director General of the Air Navigation Services of CAAN, had some good news to share. Chitrakar informed about high pace of blacktopping and expansion of airports, fleet increment for national airlines being imminent, and one year compulsory Air Traffic Controllers&rsquo; training reduced to six-months first phase and then after some work experience another six months of second phase training to handle talent crunch in the industry.</div>
<div>
	&nbsp;</div>
<div>
	Lamichchane informed about installation of navigational safety equipments, and emphasized the air safety standards in Nepal to be reasonably strong by global standards. Further, he said, &ldquo;Nepali air-routes integration with more global air-routes is underway. And the construction of a second international airport at Bara which will create a East-West air corridor, is also taking off soon. Further, the regulator and service provider functions of government with regards to aviation are being separated soon and a global consultancy is looking into this.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	The Air India Country Head, TK Saha, defended the pricing strategy of his carrier noting that only 10-15 percent seats go vacant. He advocated new small aircraft routes and services for various potential sectors like Gaya-Lumbini, Patna-Kathmandu, and Varanasi-Pokhra.</div>
<div>
	&nbsp;</div>
<div>
	Ramdas Shivram, the Qatar Airways Country Head, brought in a basic issue with emphasis saying, &ldquo;Garbage management is poor in Kathmandu airport and for this a blended approach of awareness for passengers, training for staff, and strong punitive regulation is needed.&rdquo; He also advocated more efficient and faster immigration services, quest of quality tourism and not merely volumes, and focus to find and invest in new markets to expand Nepal tourism and aviation base. &ldquo;However, for all of these, commitment of all the stake-holders to what they believe and say is must,&rdquo; he said the last word.</div>
<div>
	&nbsp;</div>
<div>
	The event ended on a very positive note awarding Megh Ale for outstanding eco-friendly Himalayan tourism initiative, Tourism Malaysia for best international tourism promotion initiative and Amitabh Kant for special lifetime achievement in promoting South Asian tourism and infrastructure.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The organizers expressed hope that such major industry initiative to relook at the world&rsquo;s third largest industry conglomerate: tourism-hospitality-aviation shall again be taken up next year in September and a reality check of the progress made over one year would be done.</div>',
			'published' => true,
			'created' => '2013-09-22',
			'modified' => '2013-10-01',
			'keywords' => 'new business age cover story news & articles, cover story news & articles from new business age nepal, cover story headlines from nepal,  current and latest cover story news from nepal, economic news from nepal, nepali cover story economic news and events,  ongoing  cover story news of nepal',
			'description' => 'As nations celebrate World Tourism Day on September 27, the top tourism officials, Nepali leaders of the industry, along with some top honchos of Malaysian and Indian tourism governance met on September 19 at Annapurna Hotel in the first edition of Tourism & Aviation Next conference.',
			'sortorder' => '1702',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '1804',
			'article_category_id' => '91',
			'title' => 'UCPN (Maoist) Wooing Private Sector Poll Strategy Or Paradigm Shift?',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Sagar Ghimire</strong></div>
<div>
	&nbsp;</div>
<div>
	With the Constituent Assembly elections approaching, UCPN (Maoist) is making an all-out effort to woo the private sector.</div>
<div>
	&nbsp;</div>
<div>
	The Maoist party even agrees to accept a &lsquo;private sector-led economic revolution&rsquo; now. Economic analysts term it a paradigm shift in the economic policy of the Maoists - from a vociferous opponent of the capitalism to a proponent of private sector led economic growth. &nbsp; &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Maoist chairperson Pushpa Kamal Dahal&rsquo;s statement requesting the business community to lead the &lsquo;economic revolution&rsquo; at the Nepal Leadership Summit organized by New Business Age Pvt Ltd on September 5 corroborates the shift of the party from a state-controlled economy to a liberal economic policy. A week later at an interaction programme held by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Dahal stressed the need for a private sector-led economic revolution, stressing that only rhetoric would not bring desired transformation in the country.</div>
<div>
	&nbsp;</div>
<div>
	Though the UCPN (Maoist) changed its destructive ways as soon as it joined the mainstream politics in 2006 and said it was open to the concept of open-market economy.</div>
<div>
	The former rebel party&rsquo;s commitment towards the free market was &nbsp;not so strong at that time.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The business community was skeptical towards its economic credentials as it had not shunned violence completely the political document was not in line with favourable market policies and it was creating labour unrest in industries.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Maoists had twice got the opportunity to lead the government after it abandoned the insurgency. The Bilateral Investment Promotion and Protection Agreement (BIPPA) was signed with India during the Dr Baburam Bhattarai-led government, which analysts say, marked a turn of the Maoists to an open market policy.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	However, many still view the Maoist proximity with the business community in recent days as a strategy in relation to the upcoming CA polls.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Maoist sympathiser Economic Analyst Hari Roka sees the Maoist proximity with the business community as an attempt of the former to assuage the fears of the latter by assuring that they would support a free-market but fully regulated economy. &ldquo;Since the Maoists have now realized that the private sector is also a major player here, they want to strike a balance by taking the business community into confidence,&rdquo; said Roka. &ldquo;Earlier, distribution was their central plank, but now they consider production as a priority.&rdquo;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The decision of the Maoist convention in Hetauda on forming production brigades in order to make the party financially self dependant is taken on this line, he said.</div>
<div>
	&nbsp;</div>
<div>
	Senior economist Dr Bishwambhar Pyakurel, however, said that the Maoist attempt to woo the private sector was a result of circumstantial political compulsion. &ldquo;Their long-term political goal is different, but for the time-being, they do not have any other choice except to move hand-in-hand with the private sector.&rdquo;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	He added, &ldquo;Even though the Maoists are making a commitment to accept the market-led economic system as a tactic to woo the business community for electoral benefits, we have to tap into this opportunity to turn their words to reality.&rdquo;</div>',
			'published' => true,
			'created' => '2013-09-16',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'With the Constituent Assembly elections approaching, UCPN (Maoist) is making an all-out effort to woo the private sector.',
			'sortorder' => '1665',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '1763',
			'article_category_id' => '91',
			'title' => 'Korean Company To Bring Light In Rasuwa',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The construction of the much awaited 216 MW Upper Trishuli-I hydroelectricity project at Rasuwa district is to start in September.</div>
<div>
	&nbsp;</div>
<div>
	The $550 million project is promoted by Nepal Water and Energy Development Company Ltd (NWEDC) and will generate 1456GWh of energy per year after its commissioning scheduled in March 2019. The construction of its access road will start within this month and the main project development is expected to begin in December.</div>
<div>
	&nbsp;</div>
<div>
	The Engineering Design and Environment Impact Assessment Report have been already approved by the government authorities and drilling and drifting works, company registration, financial arrangement of equity capitalhave been made, says the company.</div>
<div>
	&nbsp;</div>
<div>
	Similarly, tree cutting approval has been received and land acquisition has already been done, it adds. &ldquo;The project, once completed, will help in reducing daily load shedding by three to four hours,&rdquo; said CEO of NWEDC Kim Kyung Sik.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	NWEDC is predominantly a South Korean group of three companies with 75 per cent of the total equity share, which includes Korea South East Power Company Ltd (KOSEP), Daelim Industrial Company Ltd, and Kyeryong Construction Industrial Company Ltd.</div>
<div>
	&nbsp;</div>
<div>
	The International Finance Corporation (IFC) has joined as a co-developer for the project while Daelim and Kyerong will be the Engineering, Procurement and Construction (EPC) contractor. The operation and maintenance will be done by KOSEP.</div>
<div>
	&nbsp;</div>
<div>
	Sik said, &ldquo;This is a reason for hope and optimism in the midst of serious crisis that has debilitating effect on Nepal economy. The project once completed, will help reduce daily load shedding by 3 to 4 hours. We are maintaining a good relation with the local people and with the administration. They are very much interested in the project and we are thankful for their support and cooperation.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	The successful completion of the project means technology transfer of operation and management, employment creation of 300 to 500 people for construction, substituting annually diesel imports equivalent to 20 million US dollar and helping grow Nepali economy, he added.</div>
<div>
	&nbsp;</div>
<div>
	The Upper Trishuli-I project will be one of largest hydroelectric power project in Nepal in terms of investment. It will increase existing hydro-electric generation capacity in Nepal by almost one third (216 MW), and will add around 50 per cent (1455 GWh) to the annual electricity generated in Nepal.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;It will help meet the huge unfulfilled demand of electricity in Nepal. We have a strong and committed list of sponsors for the project, which bring together a mix of local understanding and technical competence of setting up similar projects in other parts of the world,&rdquo; Sik said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The project will help in attracting International investors in Nepal&rsquo;s hydropower development, including South Korean Investors. It will also help to further strengthen the cordial relationship between Nepal and South Korea. We look for forward Nepal Electricity Authority&rsquo;s support in future,&rdquo; he added.</div>
<div>
	&nbsp;</div>
<div>
	<table border="0" cellpadding="10" width="99%">
		<tbody>
			<tr>
				<td bgcolor="#E5E4E2">
					<div>
						&bull;Expected to be one of largest hydroelectric power project in Nepal in terms of investment.&nbsp;</div>
					<div>
						&bull; Increase existing hydro-electric generation capacity in Nepal (651 MW) by almost one third (216 MW).</div>
					<div>
						&bull; It will add around 50 per cent (1533 GWh) of electricity to the current annual electricity generated in Nepal.</div>
					<div>
						&bull; Project site 70 km away from Katmandu, which makes it ideal for supply to the load center.</div>
					<div>
						&bull;More Korean investment in the pipeline.</div>
					<div>
						&nbsp;</div>
				</td>
			</tr>
		</tbody>
	</table>
</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-09-08',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The construction of the much awaited 216 MW Upper Trishuli-I hydroelectricity project at Rasuwa district is to start in September.',
			'sortorder' => '1624',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '1762',
			'article_category_id' => '91',
			'title' => 'Time To Focus On Economic Revolution: Former PMs',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	It was a historic day for bleeding Nepal. On September 5, the country&rsquo;s former Prime Ministers (PMs) came up with a consensus that the country should head towards economic revolution leaving political confrontations aside.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;During Nepal Leadership Summit which was jointly organised by Birgunj Chamber of Commerce and Industries (BiCCI) and New Business Age Group under the banner of &lsquo;Roadmap of Economic Revolution: Vision 2080 BS&rsquo;, five former PMs of past 1990 era pledged to speed up economic reform.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Former PMs Sher Bahadur Deuba, Pushpa Kamal Dahal &lsquo;Prachand&rsquo;, Madhav Nepal, Jhalanath Khanal and Dr Baburam Bhattarai signed a 12-point Birgunj Declaration and admitted that the path of prosperity is only possible through private sector-led economic growth.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;In the summit, chairman of UCPN Maoist and former PM Pushpa Kamal Dahal, popularly known as Prachanda, said that the time has come to be engaged in production, construction and development.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;&ldquo;In fact, our party has come to a conclusion that political stability is not possible without economic revolution,&rdquo; he informed.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He stressed that promoting economic activities and adopting the approach of inclusive growth is the only option to overcome vicious circle of poverty.</div>
<div>
	&nbsp;</div>
<div>
	Former PM and Nepali Congress senior leader Sher Bahadur Deuba said that the government should not engage in trading or operating industries.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The country had been facing the problem of financial crunch when NC formed the government after 1990 revolution. Situation has changed now as we have much better finacial resources. The problem is we have been unable to invest due to lack of infrastructure and energy crisis,&rdquo; he said.</div>
<div>
	He stressed for a common commitment to end the existing energy crisis. &ldquo;The country will head in the direction of economic prosperity if we will be able to address the problem of infrastructure, industrial security and energy,&rdquo; he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Nepal should attract Indian investment and should promote export to reduce trade deficit, he opined.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He said, that the government should reduce all bureaucratic hassles and should vow to provide tax rebate to companies which create employment opportunities to more than 100 persons.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;The country&rsquo;s economy remains in a state of confusion, with expanding budget, energy crisis, trade deficit, inflation, unemployment problem and lack of resources, said former Prime Minister and CPN UML leader Madhav Kumar Nepal.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He blamed the revenue-centered government, short-term profit oriented private sector and belligerent labour for the slow economic growth. &ldquo;We need to improve our educational system and ensure that we have the skills to pursue the opportunities,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He suggested that clarity in policy, investment friendly environment and investment in service and production sector will ensure country&rsquo;s development.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Chairman of CPN-UML and former PM Jhala Nath Khanal emphasized the need of policy stability for the economic growth. Modernisation of agriculture sector will have positive impact for the development, he said, adding that the banking sector should increase investment in the agricultural sector.</div>
<div>
	&nbsp;</div>
<div>
	Absolute poverty and backwardness are main problems of the country at present, UCPN Maoist leader and former PM Dr Baburam Bhattarai said. The country can achieve the target of 10 per cent growth by increasing investment in productive sector, he opined.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;&ldquo;Key factors that affected all sectors of the economy are poor governance and corruption in the country. One of most important negative factor is decline in investment to GDP ratio, which is one the of the root cause of the slowdown in GDP growth,&rdquo; Dr Bhattarai said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;&ldquo;At least 40 per cent amount of GDP should be invested every year in productive sector to achieve the double digit growth. This means, the government should ensure that at least Rs 700 billion is invested. As internal resources will not be sufficient to arrange this fund, we should invite foreign investment,&rdquo; he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Dr Bhattarai call for a need to build capacity at all levels to meet the target. &ldquo;We need to make the building of robust private sectors an urgent priority and promote true entrepreneurship because that is how jobs are created,&rdquo; he added.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He said that Nepal must focus on developing its skills and human resources, especially by harnessing the talents of Nepali people from around the world.</div>
<div>
	&nbsp;</div>
<div>
	He also suggested all political parties to keep balance between China and India for maximum benefit from the neighbouring economic giants.</div>
<div>
	&nbsp;</div>
<div>
	President of Birgunj Chamber of Commerce and Industries Ashok Baidya, said that political commitment is a must to create an environment of wealth creation through investment, alleviate poverty, increase the annual GDP growth rate, contain inflation, promote entrepreneurship and generate employment.</div>
<div>
	&nbsp;</div>
<div>
	In the programme, editor-in-chief and chairman of New Business Age Group Madan Lamsal asked politicians to address economic concerns and map out a strategy with business community and international support to address country&rsquo;s economic problems.</div>
<div>
	<table border="0" cellpadding="10" width="99%">
		<tbody>
			<tr>
				<td bgcolor="#E5E4E2">
					<div>
						<strong><span style="font-size: 14px;">Former PMs&rsquo; Common Points:</span></strong></div>
					<div>
						&bull;<span class="Apple-tab-span" style="white-space: pre;"> </span>&nbsp;Nepal is in the dire need of economic revolution now that it is a democratic republic</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Energy, agriculture and tourism sectors should be prioritized&nbsp;</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Private sector should lead the country&rsquo;s development</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Government should play the role of catalyst</div>
					<div>
						&bull;<span class="Apple-tab-span" style="white-space: pre;"> </span>Nepal should focus on turning the optimism about the country&rsquo;s future into real action</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Inclusive growth must be the main goal for Nepal&rsquo;s development</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>The mood should be changed from thinking of Nepal as a poor country to as a country that holds hope</div>
				</td>
			</tr>
		</tbody>
	</table>
</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-09-08',
			'modified' => '2013-10-01',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'It was a historic day for bleeding Nepal. On September 5, the country’s former Prime Ministers (PMs) came up with a consensus that the country should head towards economic revolution leaving political confrontations aside.',
			'sortorder' => '1623',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '1719',
			'article_category_id' => '91',
			'title' => '157.8 Million Shares Listed In NEPSE',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Around 157.8 million shares have been listed in Nepal Stock Exchange (NEPSE) in the FY 2012-2013. During this period, IPO shares, bonus and right shares were listed in NEPSE. The numbers of listed shares have increased by 3 per cent from the previous fiscal year. At the end of FY 2011-2012, the listed shares in NEPSE were around 1.14 billion which increased to around 1.30 billion in the previous year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Securities Board of Nepal (SEBON) has provided all kinds of share issuance permits up to Rs 20.31 billion. According to a SEBON source, permission has been given to issue IPO shares up to Rs 3.51 billion to 23 companies, right shares up to Rs 3.94 billion to 5 companies, bonus shares up to Rs 4.60 billion to 52 companies and bond issuance up to Rs 3.15 billion to 7 companies. There is a possibility of these shares being listed in NEPSE for transaction in the current fiscal year which ensures the expansion of share markets in comparison to the previous fiscal year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Market Size Increased by 40pc</strong></div>
<div>
	Compared to FY 2011-2012, market capitalisation of the share market has increased by 40 per cent in FY 2012-2013. Market capitalisation in the previous fiscal year had increased by 13.84 per cent. During the end of FY 2011-2012, the total market capitalisation of companies listed in NEPSE was Rs 368 billion which increased to Rs 514 billion in FY 2012-2013. &nbsp;According to Anjan Raj Poudyal, former President of Stock Brokers Association of Nepal (SEBAN), the increment in the share market size is caused by the rise in the number of listed companies, share and investors within this year. He also said the operation of essential infrastructures of share market like CDS &amp; Clearing and mutual funds also helped to increase the market size. Poudyal added, &ldquo;The investors are also increasing lately with the continuity of share market activities.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Transaction Rate Doubled</strong></div>
<div>
	The transaction amount of total shares in the FY 2012-13 has increased by 114 per cent than of the FY 2011-2012. The share transaction was of Rs 10.27 billion in FY 2011-2012 which has reached up to Rs 22.4 billion in FY 2012-2013.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Listed Companies Reached 230</strong></div>
<div>
	The number of listed companies in the previous fiscal year has reached 230. Among the listed companies, there are 198 bank and financial institutions, 18 manufacturing and processing industries, 4 hotels, 4 commercial organisations, 4 hydro power companies and 2 other groups. &nbsp;There were 216 listed companies in FY 2011-2012.&nbsp;</div>',
			'published' => true,
			'created' => '2013-09-01',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Around 157.8 million shares have been listed in Nepal Stock Exchange (NEPSE) in the FY 2012-2013. During this period, IPO shares, bonus and right shares were listed in NEPSE.',
			'sortorder' => '1580',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '1718',
			'article_category_id' => '91',
			'title' => 'Devaluating Rupee Costs Industries Dearly',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Sagar Ghimire</strong></div>
<div>
	&nbsp;</div>
<div>
	With the sharp devaluation of the Nepali Rupee against the US Dollar, Nepali factories are more likely to bear the brunt due to effects in supply and price of petroleum.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Though Nepal Oil Corporation (NOC) has not hiked the price of petroleum products due to the sharp fall of the Rupee, NOC cannot withhold the loss incurred in petroleum products for a long time.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Nepali Rupee plunged as low as Rs 108 last week against a unit price of the US Dollar.</div>
<div>
	&nbsp;</div>
<div>
	Industrialists lament that they will have to suffer badly due to the price hike of petroleum products resulting from the free-fall of local currency against the Dollar.</div>
<div>
	&nbsp;</div>
<div>
	Pashupati Murarka, vice-president of Federation of Nepal Chambers of Commerce and Industry, says that the government will be left with only two choices. According to him, the government either has to provide more subsidies to NOC to keep the price of petroleum products unchanged, or it has to adjust the price of petroleum products. &nbsp;&ldquo;Either way, it would take a toll in Nepal&rsquo;s crippling economy, particularly industries,&rdquo; he says.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Currently, NOC is reeling under a heavy loss. According to the NOC officials, the corporation incurred a loss of Rs 1.62 billion last month. While unveiling the budget for FY 2013-14, the government said it would adopt the auto price mechanism to adjust the price of petroleum products with the international market.</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s industries are now relying heavily on diesel to meet energy demands due to extreme daily power outage. At present, the demand and supply gap hovers around 300MW, with a demand of 900MW demand against a 450MW supply.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The price hike in petroleum products following the depreciation of the Nepali Rupee, pegged with the Indian currency, would have an adverse impact on the cost of manufacturing products. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Murarka estimated that Re 1 increase in diesel per litre would raise the cost of electricity of the industry by 0.30 paisa per unit. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Even if the government comes up with subsidies to save the NOC from a heavy loss, short supply will create problems for factories that are already battered with regular power cuts,&rdquo; says Murarka, warning that such short supply could also lead to black marketing of petroleum products.</div>
<div>
	&nbsp;</div>
<div>
	The import of petroleum products only accounted for Rs 107 billion out of total import bill of Rs 257.66 billion for 10 commodities from India in FY 2012-13. In FY 2011-12, the petroleum import bill was at Rs 92.25 billion.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	According to Ministry of Finance Chief Advisor Dr Chiranjibi Nepal, the country&rsquo;s total export amount is not even adequate to foot the bill of petroleum alone.</div>
<div>
	&nbsp;</div>
<div>
	<table border="0" cellpadding="10" width="99%">
		<tbody>
			<tr>
				<td bgcolor="#E5E4E2">
					<ul>
						<li>
							<strong>Devaluation of the Rupee will hike petroleum price</strong></li>
						<li>
							<strong>Price hike in petroleum will have adverse impact on manufacturing costs</strong></li>
						<li>
							<strong>Govt subsidies not likely to alleviate inflation&nbsp;</strong></li>
						<li>
							<strong>Industrial sector is now relying heavily on diesel for power generation</strong></li>
					</ul>
				</td>
			</tr>
		</tbody>
	</table>
</div>
<p>
	&nbsp;</p>',
			'published' => true,
			'created' => '2013-09-01',
			'modified' => '2013-09-01',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'With the sharp devaluation of the Nepali Rupee against the US Dollar, Nepali factories are more likely to bear the brunt due to effects in supply and price of petroleum.',
			'sortorder' => '1579',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '1685',
			'article_category_id' => '91',
			'title' => 'Good Governance And Friendly Investment Policies To Drive Nepal Towards Development',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Sujit Nath</strong></div>
<div>
	&nbsp;</div>
<div>
	It was a day of pledge reckoning and revolution. Newbiz Conclave &amp; Business Excellence Awards Ceremony-2013 was held on August 24 with an aim to double Nepal GDP growth rate to 7 per cent per annum.</div>
<div>
	&nbsp;</div>
<div>
	The event was conceptualised with a mission, hoping for a new sun rise and a dream to give Nepal what it deserve in terms of development and good governance.</div>
<div>
	&nbsp;</div>
<div>
	Amid some of the stalwarts of the industries, chamber of commerce, embassy officials, foreign thinkers and economists, the New Business Age (NBA), The Corporate Weekly and Arthik Abhiyan in association with Asian Paints and other sponsors organized the ceremony and initiated a step toward development under the banner of &mdash; &lsquo;Doubling of growth of Nepali economy to 7 per cent GDP: The Roadmap Ahead&rsquo;.</div>
<div>
	&nbsp;</div>
<div>
	It was a long brain storming session where excuses, logic and ways to achieve were shared, and views were exchanged among the speakers.</div>
<div>
	&nbsp;</div>
<div>
	The conclusion was optimistic &mdash; Yes, we can achieve it.</div>
<div>
	&nbsp;</div>
<div>
	All we need, a determination to do anything for this country in bringing FDI&rsquo;s, training people locally in specialized areas and more focus on Agriculture.</div>
<div>
	&nbsp;</div>
<div>
	Speaking on the occasion, chief guest Shankar Koirala, Minister for Finance, Industry, Commerce and Supplies stressed for 5.5 per cent economic growth in coming 12 months and said, &ldquo;Achieving 7 per cent in coming years is not an impossible task. We play blame game and that&rsquo;s hampering the country. Only effort from the government is not sufficient and we need help from the private sectors to make Nepal a developed country&nbsp;</div>
<div>
	by 2022&rdquo;.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Investment is important for higher growth but private sector is shying away due to lack of investment safety. We have already implemented some of the policies on development and are on the process of implementing few more new foreign policies, which will help us in bringing more investment in Nepal. Let me share that the cement industry is booming in Nepal and in coming years Nepal will be self sufficient in cement. The whole idea is to bring more investment through friendly foreign policies for a healthy GDP growth,&rdquo;&nbsp;</div>
<div>
	he said.</div>
<div>
	&nbsp;</div>
<div>
	Many dignitaries on the ocassion felt there was an urgent need for the farmers to shift from traditional farming to scientific way of cultivation. This is only possible by bringing technologies to Nepal and providing trainings to the local youths so that they don&rsquo;t go to other countries to earn their bread. This will reduce the import as the country will be self sufficient in food. It will also bring a heave of sigh among the middle class in terms of affordability.</div>
<div>
	To bring a collective effort for the development of Nepal, a book titled &mdash; Nepalko Arthik Briddhi Ek Margachitra (Sambriddha Nepal Abhiyan) was launched by the minister for finance, Governor of Nepal Rastra Bank Dr. Yubaraj Khatiwada, NBA chairman Madan Lamsal, country head of Asian Paints Budhaditya Mukherjee, chairman of NewBiz Awards jury Prabhakar SJB Rana, FNCCI president Suraj Vaidya, CNI founder president Binod Chaudhary and president of Nepal Bankers&rsquo; Association Rajan Singh Bhandary.</div>
<div>
	&nbsp;</div>
<div>
	Among some of the strong views shared by the speakers, Hari Bhakta Sharma, vice president, confederation of Nepalese industries came out with a practical thought on some the basic thing to achieve the growth in this country.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Nature has a capacity to fulfill all our need but she cannot fulfill our greed. It is sad that the country where I live is 167th poorest in the world because of dollar appreciation. Thanks to the government. We have 2.5 billion people market and still far behind. There is no electricity and water. We only demand with no responsibility,&rdquo; Sharma said.</div>
<div>
	&nbsp;</div>
<div>
	He said, &ldquo;New generation of enterprise is emerging in Nepal. We should try to improve our technology to compete with India and China. Once you learnt that, you will compete with rest of the world. I would like to request the government to change their policies at the earliest and would like to request our skilled manpower not to migrate to other countries. We are sending labour to Qatar because we pay less to them in Nepal. We have to utilize these people to reverse that cycle. My perspective to the business leaders that best resources are here and how much we are ready is a different issue&rdquo;.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s economic growth stood at 4.6 per cent last fiscal year due to favorable weather and also the services sector witnessed a healthy growth. However, in the current fiscal year its economic growth rate is slowed down to 3.5 per cent due to lack of investment, incomplete budget, rough weather etc.</div>
<div>
	&nbsp;</div>
<div>
	Sharma stressed that there is a need to generate employment and industrial clusters in Nepal and says, &ldquo;If Morocco can export garments to Nepal, then why can&rsquo;t we produce garments. In coming days the competition is global not regional and we need to change our policy. A regular co-ordination with the government is also become very important&rdquo;.</div>
<div>
	&nbsp;</div>
<div>
	The view of 15 speakers including six foreigners zeroed down to some of the basic areas to achieve 7 per cent GDP includes reducing import, investing whatever resources available in Nepal, utilizing local people, improving Agriculture investor friendly policies, stable government and preventing corruption.</div>
<div>
	&nbsp;</div>
<div>
	Dr. Yubaraj Khatiwada believes that agricultural and service sectors are some of the key drivers of growth and it has a capacity to grow by five and seven per cent respectively. &ldquo;We need a common economic agenda to grow further,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	The business conclave ends with a thundering applaud and left many foot prints behind with a dream to drive Nepal towards development.</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-25',
			'modified' => '2013-09-10',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'It was a day of pledge reckoning and revolution. Newbiz Conclave & Business Excellence Awards Ceremony-2013 was held on August 24 with an aim to double Nepal GDP growth rate to 7 per cent per annum.',
			'sortorder' => '1546',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	)
)
$current_user = null
$logged_in = false
$xml = false
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/index.ctp, line 157
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117

Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity &quot;&quot; [APP/View/Elements/side_bar.ctp, line 133]Code Context  //  $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';



    if(!$xml = simplexml_load_file($file)){
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
	'articles' => array(
		(int) 0 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 1 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 2 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 3 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 4 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 5 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 6 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 7 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 8 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 9 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 10 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 11 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 12 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 13 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 14 => array(
			'Article' => array(
				[maximum depth reached]
			)
		)
	),
	'current_user' => null,
	'logged_in' => false
)
$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '2019',
			'article_category_id' => '91',
			'title' => 'EPF’s Interest  In Hydropower Sector',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Employees Provident Fund (EPF) has decided &nbsp;to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Confirming the investment, Krishna Prasad Acharya, Administrator of the Fund, said that EPF decided to investment in hydropower after apprising the sector secure and productive. &quot;Investment in infrastructure development sector will have a sustainable impact on national economic growth,&rdquo; he said adding, &ldquo;Investment is this sector is profitable as well as productive in the long run&rdquo;.</div>
<div>
	&nbsp;</div>
<div>
	The EPF has decided to invest in Upper Tamakoshi (456 MW), Rasuwa Gadi (111 MW), Bhotekoshi (102 MW), Upper Sanjen (14.8 MW) and Sanjen (42.5 MW) hydro projects, he informed.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Out of the total allocated amount, around Rs 3 billion has been used those four projects,&rdquo; said Kailash Bhakta Karrananjeet, Chief of the Department of Investment and Treasury Management at the EPF.</div>
<div>
	Informing that the meeting of the board of directors of the fund has approved the projects.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	EPF has also invested in SL Hydropower Project, through Hydropower Investment and Development Company&rsquo;s promotional shares and joint-finance process.</div>',
			'published' => true,
			'created' => '2013-10-27',
			'modified' => '2013-10-28',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Employees Provident Fund (EPF) has decided  to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity.',
			'sortorder' => '1871',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '1971',
			'article_category_id' => '91',
			'title' => 'Foreign Loan In Local Currency',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank&rsquo;s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The decision follows the budgetary provision of the current fiscal year regarding arrangements for the issuance of rupee bonds by international financial institutions.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The local currency bond supports the efforts of the government and authorities to deepen domestic capital markets in the country,&rdquo; said an official at the Ministry of Finance. Such markets are an important source of local-currency funding to engage broader private sector in development projects through micro, small and medium enterprises and other essential economic sectors, he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	We envisage that the country will have several international issuers coming to the market who can propel the investment climate, he said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Presence of international issuers will have positive impact in overall investment scenario, said chief economic advisor at the ministry Dr Chiranjibi Nepal. Investors can invest in more secure manner when internationally trusted organizations issue bond, he said. &ldquo;The implementation of decision will also help to formalize economy since people start to invest in bond instead of hiding currency at home or in banks.&rdquo;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Local currency bonds are issued to attract both local and foreign investment as they help in long-term financing. The money raised by issuing bonds should be spent in big projects like developing the country&rsquo;s hydropower, agriculture, road and tourism infrastructures, according to the Ministry&nbsp;</div>
<div>
	of Finance.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Opening the door to international issuer will also help develop the country&rsquo;s bond market, which is still in nascent stage, according to the ministry. At present, bonds account for 34 percent of the total debt instruments in the country. Currently, total domestic debt amounts to Rs 207 billion raised from treasury bills and different types of bonds.</div>
<div>
	&nbsp;</div>
<div>
	Potential issuers who want to issue bonds in Nepali rupee must apply to the Finance Ministry specifying the objective of issuing them, potential areas of investment, the main investor, value of the bonds, maturity period, interest rate and timetable, according to spokesperson Ram Sharan Pudasaini.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The ministry will then present the proposal to the cabinet for the final approval on whether or not to allow the issuance of bonds,&rdquo; &nbsp;he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	As per the 10-point guideline endorsed by the ministry, the bond issuance should be carried out as per the existing legal provisions related to securities.</div>
<div>
	&nbsp;</div>
<div>
	In order to assure investors about the security of their investment, the bond issuer has to publish prospectus of the institution that is issuing the bond. The issuer can make the payment of interest to investors on half yearly basis through their local agent or market makers, the guideline says. It has given income tax exemption to the international institutions issuing the bonds. &ldquo;But if they issue the bonds through local agents, the agents are subject to tax compliance,&rdquo; said Pudasaini.</div>
<div>
	&nbsp;</div>
<div>
	The guideline has also the given the bond issuing institutions to repatriate profit as per the country&rsquo;s existing law. &nbsp;They have also been allowed to take short-term loans from the local banks as bridge funding provided the fund raised from bonds is inadequate for the investment in the project.</div>
<div>
	&nbsp;</div>
<div>
	They have also been allowed to deposit their money in banks for a year to manage their fund. &ldquo;This provision was made to utilize the fund they have until they invest in certain projects,&rdquo; said Pudasaini.</div>',
			'published' => true,
			'created' => '2013-10-20',
			'modified' => '2013-10-28',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds. 

The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank’s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond.',
			'sortorder' => '1870',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '1972',
			'article_category_id' => '91',
			'title' => 'NRNA Global Conference Started',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year&rsquo;s conference is &#39;NRNs and Nepal: Partners in Prosperity&#39;. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The four-day global conference is also set to choose a new leadership of the organization for a two-year term. Australian businessman Shesh Ghale and &nbsp;General Secretary Tenzi Sherpa (South Korea) are contesting for the position of NRNA president. The election is scheduled to take place on Sunday.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Sixth NRNA Global Conference will be held on Monday and Tuesday after the conclusion of the convention. The global conference will be inaugurated by the President Dr Ram Baran Yadav. The conference will hold discussions on various subjects like collective investment, foreign employment, continuity of Nepali citizenship of the NRNs, and partnership with the private sector in the country, among other issues.</div>
<div>
	&nbsp;</div>
<div>
	About 1300 NRNs from 50 countries across the world are taking part in the conference. The NRNA has its chapters in 65 different countries.</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Two Years of Abroad Stay Must for NRNA Membership</strong></span></div>
<div>
	Similarly, the general assembly of NRNA on Saturday introduced a provision, according to which every Nepali staying in foreign lands for two continuous years will be eligible for NRN status. The amendment will come into effect from October 22.</div>
<div>
	&nbsp;</div>
<div>
	Likewise, the amendment has also paved the way for &nbsp;registration of the organization which was pending for a decade. NRNA was established in 2003. &nbsp;However, due to differences between the NRN Act 2008 and NRNA&rsquo;s statute, the organisation was not formally registered in the country inspite of several attempts of NRNs. The organisation has now got legal status after registering in Nepal.</div>',
			'published' => true,
			'created' => '2013-10-20',
			'modified' => '2013-10-28',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year’s conference is 'NRNs and Nepal: Partners in Prosperity'. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function.',
			'sortorder' => '1869',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '1960',
			'article_category_id' => '91',
			'title' => 'Informal Trade Still A High In South Asian Region By The Corporate',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project &ldquo;Trade and Transport Facilitation Audit in South Asia&rdquo; to conduct the audit last week.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report will aim at providing factual information on the reliability and efficiency of transportation infrastructure, logistic operations, customs and border management regulations and procedures, said research director at SAWTEE, Pushpa Sharma.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report is expected to reveal the status of customs facilitation for bilateral trade among South Asian countries, according to Sharma. &ldquo;After the study of trade facilitation at a bilateral level, the study will focus on identifying regional problems regarding trade facilitation,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	Informal trade is still a big challenge in the region but we do not have any authentic data, he said. The audit will not directly calculate the volume of informal trade but will study the causes of informal trade and recommend appropriate measures to reduce the volume of informal trade.</div>
<div>
	&nbsp;</div>
<div>
	Costs related to trade facilitation, infrastructure and transit have risen over the years, which has promoted informal trade in South Asia, according to experts.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Effective trade integration is necessary to reduce the cost burden, said former member of National Planning Commission, Dr Posh Raj Pandey. &ldquo;Trade facilitation is a must to improve overall cost related trade barriers but we should have a benchmark to improve the condition of trade facilitation,&rdquo; he said, adding that the audit will provide the benchmark with all trade barriers in the formal channel.</div>
<div>
	&nbsp;</div>
<div>
	Despite the fall in traditional trade barriers, the given circumstances in the region have forced exporters, businesses and consumers to bear additional cost burden, according to him.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Economist Dr Ratnakar Adhikari said that generally, costs are incurred due to lack of regional trade connectivity and impenetrable borders. Regional commitment is required to address the identified bottlenecks, he further said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Iqbal Tabish, Secretary General of the SAARC Chamber of Commerce and Industry, mentioned that benefits of trade liberalization will not be realized unless trade facilities are rationalized.</div>
<div>
	&nbsp;</div>
<div>
	Finance minister Shanker Prasad Koirala stated that the cost of trading within the region among South Asian countries is twice, and in some cases, even three times, than trading with countries outside the region.</div>
<div>
	&nbsp;</div>
<div>
	Despite the existence of several regional efforts, such as Agreement on South Asian Free Trade Area (SAFTA), intra-regional trade in South Asia has remained extremely modest due to a number of factors, one of which is trade and transport facilitation-related bottlenecks.</div>
<div>
	&nbsp;</div>
<div>
	In a separate programme organised by International Finance Corporation (IFC), chief secretary Lila Mani Paudyal said that the government is committed to improving its trade competitiveness. &ldquo;Reducing the time and costs to international trade, in particular, is critical for the Nepali private sector to compete internationally and access global markets,&rdquo; he said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Department of Customs is implementing its four year Customs Reform and Modernization Strategy and Action Plan since July 2013 which comprises of four building blocks: Trade Facilitation, High Revenue Yield, Organizational Development, and e-Customs, according to Surya Prasad Acharya, Director General of the Department of Customs.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	IFC is committed to enhance trade facilitation including focusing on simplifying border processes &amp; procedures, and improving risk management systems, said IFC Resident Representative in Nepal Valentino S Bagatsing. &ldquo;The reforms in the trade environment will provide a much needed boost as Nepali businesses position their products in accessing global markets,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	IFC&rsquo;s South Asia Regional Trade Integration programme aims to assist the government in focusing its reform efforts to create an enabling environment for improving trade facilitation and logistics. IFC works with both private sector and government agencies in identifying areas where reform efforts can help maximize improvements for the private sector to improve cross-border trade and investments.</div>
<div>
	&nbsp;</div>
<div>
	<div>
		<span style="font-size:14px;"><strong>Main Explanatory Factors for Informal Trade&nbsp;</strong></span></div>
	<div>
		&bull;Businesses have incentive to escape trade related regulations and duties&nbsp;</div>
	<div>
		&bull;Complex, non-transparent or divergent regulatory requirements (e.g., customs formalities, technical regulations and sanitary standards)&nbsp;</div>
	<div>
		&bull;Long and costly customs delays when trading formally</div>
	<div>
		&bull;Obstructed entry or exit of certain commodities, caused by import quotas or export bans&nbsp;</div>
	<div>
		&bull;Foreign exchange controls</div>
	<div>
		&bull;Weak law enforcement at the borders</div>
</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-10-08',
			'modified' => '2013-10-21',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed. 

South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project “Trade and Transport Facilitation Audit in South Asia” to conduct the audit last week.',
			'sortorder' => '1826',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '1920',
			'article_category_id' => '91',
			'title' => 'Poverty Alleviation A Challenge Despite Economic Growth',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	South Asia has failed to reduce poverty and ensure food security, said a report released by the South Asian Association for Regional Cooperation (SAARC) last week. Though the region has been able to achieve an average economic growth of 6.5 per cent annually from 2000 to 2012, its overall poverty status has not improved.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The report &lsquo;SAARC Regional Poverty Profile 2009-10&rsquo; launched by Chairman of the Interim Election Council Khil Raj Regmi last week in Kathmandu, underlined that 32 per cent of South Asians still live on less than $1.25-per person-a-day which is a state of absolute poverty.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;While some countries of the region like Nepal may be nearer to achieving the Millennium Development Goal (MDG) of halving the number of people in extreme poverty by 2015, the rest of the South Asian region &ndash; home to one third of the world&rsquo;s poor &ndash; still has high incidences of poverty, hunger and malnutrition,&rdquo; the report said. &ldquo;Food production has improved considerably over time in all countries of the region, but inter-country and intra-country variations persist.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	India is self-sufficient in all major foodstuffs except pulses and edible oils, according to the report. Pakistan is self-sufficient in wheat and rice.</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s index of per capita food production has improved marginally. However, it still depends on imports for most of its food items including cereals, pulses and fish.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	According to the report, Bangladesh is more or less self-sufficient in rice but imports wheat. Afghanistan, Bhutan and the Maldives depend on imports for most food items to meet their domestic demand, while Sri Lanka meets nearly 99 per cent of its rice requirements internally but imports 97 per cent of its demand for pulses.</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-10-06',
			'modified' => '2013-10-21',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'South Asia has failed to reduce poverty and ensure food security, said a report released by the South Asian Association for Regional Cooperation (SAARC) last week. Though the region has been able to achieve an average economic growth of 6.5 per cent annually from 2000 to 2012, its overall poverty status has not improved.',
			'sortorder' => '1781',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '1919',
			'article_category_id' => '91',
			'title' => 'Informal Trade Still A High In South Asian Region',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project &ldquo;Trade and Transport Facilitation Audit in South Asia&rdquo; to conduct the audit last week.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report will aim at providing factual information on the reliability and efficiency of transportation infrastructure, logistic operations, customs and border management regulations and procedures, said research director at SAWTEE, Pushpa Sharma.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The audit report is expected to reveal the status of customs facilitation for bilateral trade among South Asian countries, according to Sharma. &ldquo;After the study of trade facilitation at a bilateral level, the study will focus on identifying regional problems regarding trade facilitation,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	Informal trade is still a big challenge in the region but we do not have any authentic data, he said. The audit will not directly calculate the volume of informal trade but will study the causes of informal trade and recommend appropriate measures to reduce the volume of informal trade.</div>
<div>
	&nbsp;</div>
<div>
	Costs related to trade facilitation, infrastructure and transit have risen over the years, which has promoted informal trade in South Asia, according to experts.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Effective trade integration is necessary to reduce the cost burden, said former member of National Planning Commission, Dr Posh Raj Pandey. &ldquo;Trade facilitation is a must to improve overall cost related trade barriers but we should have a benchmark to improve the condition of trade facilitation,&rdquo; he said, adding that the audit will provide the benchmark with all trade barriers in the formal channel.</div>
<div>
	&nbsp;</div>
<div>
	Despite the fall in traditional trade barriers, the given circumstances in the region have forced exporters, businesses and consumers to bear additional cost burden, according to him.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Economist Dr Ratnakar Adhikari said that generally, costs are incurred due to lack of regional trade connectivity and impenetrable borders. Regional commitment is required to address the identified bottlenecks, he further said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Iqbal Tabish, Secretary General of the SAARC Chamber of Commerce and Industry, mentioned that benefits of trade liberalization will not be realized unless trade facilities are rationalized.</div>
<div>
	&nbsp;</div>
<div>
	Finance minister Shanker Prasad Koirala stated that the cost of trading within the region among South Asian countries is twice, and in some cases, even three times, than trading with countries outside the region.</div>
<div>
	&nbsp;</div>
<div>
	Despite the existence of several regional efforts, such as Agreement on South Asian Free Trade Area (SAFTA), intra-regional trade in South Asia has remained extremely modest due to a number of factors, one of which is trade and transport facilitation-related bottlenecks.</div>
<div>
	&nbsp;</div>
<div>
	In a separate programme organised by International Finance Corporation (IFC), chief secretary Lila Mani Paudyal said that the government is committed to improving its trade competitiveness. &ldquo;Reducing the time and costs to international trade, in particular, is critical for the Nepali private sector to compete internationally and access global markets,&rdquo; he said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Department of Customs is implementing its four year Customs Reform and Modernization Strategy and Action Plan since July 2013 which comprises of four building blocks: Trade Facilitation, High Revenue Yield, Organizational Development, and e-Customs, according to Surya Prasad Acharya, Director General of the Department of Customs.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	IFC is committed to enhance trade facilitation including focusing on simplifying border processes &amp; procedures, and improving risk management systems, said IFC Resident Representative in Nepal Valentino S Bagatsing. &ldquo;The reforms in the trade environment will provide a much needed boost as Nepali businesses position their products in accessing global markets,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	IFC&rsquo;s South Asia Regional Trade Integration programme aims to assist the government in focusing its reform efforts to create an enabling environment for improving trade facilitation and logistics. IFC works with both private sector and government agencies in identifying areas where reform efforts can help maximize improvements for the private sector to improve cross-border trade and investments.</div>
<div>
	&nbsp;</div>
<div>
	<div>
		<span style="font-size:14px;"><strong>Main Explanatory Factors for Informal Trade&nbsp;</strong></span></div>
	<div>
		&bull;Businesses have incentive to escape trade related regulations and duties&nbsp;</div>
	<div>
		&bull;Complex, non-transparent or divergent regulatory requirements (e.g., customs formalities, technical regulations and sanitary standards)&nbsp;</div>
	<div>
		&bull;Long and costly customs delays when trading formally</div>
	<div>
		&bull;Obstructed entry or exit of certain commodities, caused by import quotas or export bans&nbsp;</div>
	<div>
		&bull;Foreign exchange controls</div>
	<div>
		&bull;Weak law enforcement at the borders</div>
</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-10-06',
			'modified' => '2013-10-08',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'An audit on South Asia regional customs facilitation is being started with a target to complete in one year where customs formalities and border hassles in the region will be assessed. 

South Asia Watch on Trade, Economics and Environment (SAWTEE) launched the project “Trade and Transport Facilitation Audit in South Asia” to conduct the audit last week.',
			'sortorder' => '1780',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '1872',
			'article_category_id' => '91',
			'title' => 'Nepal Certified As Full Member Of ISO',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent</strong></div>
<div>
	&nbsp;</div>
<div>
	Nepal has been certified with full membership of the International Organisation for Standardization (ISO) during the 36th AGM of ISO in St. Petersberg, Russia. The membership will come into effect from January, 2014. Nepal is the 5th country in South Asia to be certified with full membership of ISO. Before this, India, Pakistan, Sri Lanka and Bangladesh were certified as members.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Minister for Commerce and Supplies, Shanker Prasad Koirala formally announced the ISO certification of Nepal amidst a programme at the Nepal Bureau of Standards and Metrology on Thursday. Koirala said, &ldquo;This certification has brought immense possibilities along with challenges which we have to utilize and face.&rdquo; He said that both government and private sector should work hand-in-hand for this.</div>
<div>
	&nbsp;</div>
<div>
	Nepal is certified as a full ISO member after being a correspondent member of ISO for 21 years. &ldquo;To get full membership of ISO is historical in itself,&rdquo; said the Secretary at the Ministry of Industries, Krishna Gyawali. He added, &ldquo;We have to pay around Rs 2.6 million to ISO for the membership but this will bring us a lot of opportunities and ways to profit.&rdquo; Gyanwali urged concerned departments and the private sector to be more sensible in maintaining quality of production.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Ram Adhar Shah, Director General of the Bureau said that with the membership certification, Nepal has received opportunities to work with the world community in quality matters. He also said that this can contribute to Nepal&rsquo;s export business as ISO is a significant trade tool.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Established in 1949 AD, ISO has done quality standardization of more than 19,500 goods. Similarly, the Nepal Bureau of Standards and Metrology also has done quality standardization of around 950 goods among which 12 are compulsory quality standards.</div>',
			'published' => true,
			'created' => '2013-09-29',
			'modified' => '2013-10-07',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Nepal is the 5th country in South Asia to be certifi ed with full membership of ISO.',
			'sortorder' => '1733',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '1871',
			'article_category_id' => '91',
			'title' => 'Hydropower Companies In IPO Rush',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Once seen as a depressed sector, the Nepali energy industry is now becoming the centre of attraction among investors. The flocking of hydropower companies for share market listing is indicative of this. In recent months, Nepali hydropower companies have been rushing for initial public offerings (IPOs). Five hydropower developers have filed for IPO in the Securities Board of Nepal (SEBON). Some among them are said to have been permitted for issuing all kinds of shares, while IPO requests of some companies are under process.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sanimamai Hydropower Ltd has closed the first round of IPO process which was carried on from September 20-24. Under this, the company sold shares &nbsp;allocated to the project-afftected areas. In the next round, shares will be sold to the general public. Meanwhile, Ridi Hydropower Development Comapany, Upper Tamakoshi Hydropower Ltd, Varun Hydropower Company and Arun Valley Development Company Ltd are preparing for share issuance.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sanimamai Hydropower&#39;s IPO saw an astounding demand of company&#39;s shares. The company which received IPO permit from SEBON on September 4 received share applications worth Rs 2.53 billion, 25 times more than demanded. &quot;We have estimated the application to be 10 times more than the offered,&quot; informed Tuk Prasad Paudel, CEO of Sanimamai Hydropower. The company which is developing the 22 MW Mai hydropower project in Ilam district is also constructing the 7 MW Mai Cascade Hydro project. &quot;Shareholders will receive 5 per cent dividends in the second year after the projects start generating electricity,&quot;said Paudel. According to Paudel, the company plans to raise the dividends to 10 per cent and 15 percent in 3rd and 4th year respectively.</div>
<div>
	&nbsp;</div>
<div>
	Similarly, Ridi Hydropower issued shares worth Rs 30 million to the local residents of the project area on 28th September. Varun Hydropower is issuing shares worth Rs 24.3 million to the local residents in the project site. Likewise, Upper Tamakoshi is set to issue primary shares worth Rs 25.416 million whereas Arun Valley Hydropower is preparing for the issuance of rights shares worth Rs 350 million.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	There are only four hydropower developers listed in the Nepal Stock Exchange (NEPSE) till date. Butwal Power Company Ltd, Chilime Hydropower Company Ltd, Arun Valley Hydropower Company Ltd and National Hydropower Company Ltd are the developers maintaining their presence in the share market thus far. According to data released by NEPSE, the total number of listed shares of the four developers reached 44.525 million (worth Rs 4.45 billion on face value). The share transaction of the companies also saw a staggering growth of 79 per cent in the fiscal year 2012-13 compared to the previous fiscal year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Share market experts see the IPO rush of hydropower companies as a good investment opportunity. &quot;The risks are less and the returns are larger in hydropower companies compared to other sectors,&quot; says stock market analyst Rabindra Bhattarai. &quot;Currently, there is less competition in the hydropower sector with certainty of return.&quot; Bhattarai terms the IPO rush of power developers as the &#39;next market boom.&#39; He also points out to the IPOs as a medium of fund raising for new hydropower projects. &quot;This will definitely help build new projects and generate more electricity,&quot; he adds.</div>
<div>
	&nbsp;</div>
<div>
	Share investor Uddab Shiwakoti also agrees with Bhattarai&#39;s view. &quot;Initial capital investment in power companies is high, though the operating cost is low,&quot; he says. &quot;According to cost-benefit analyses, we can clearly see that the investment flow is tending towards the hydropower sector.&quot;</div>',
			'published' => true,
			'created' => '2013-09-29',
			'modified' => '2013-10-07',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'In recent months, Nepali hydropower companies have been rushing for initial public offerings (IPOs).Five hydropower developers have fi led for IPO in the Securities Board of Nepal (SEBON).',
			'sortorder' => '1732',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '1841',
			'article_category_id' => '91',
			'title' => 'Positioning, Infra-structure & Investment: Mainstay Of Nepali Tourism Next',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>Secretary of the Ministry of Culture, Tourism and Civil Aviation, Sushil Ghimire, inaugurating Tourism and Aviation Next 2013. (From left) New Business Age Pvt Ltd Chairman Madan Lamsal, Incredible India pioneer Amitabh Kant and South Asia Director of Tourism Malaysia Amran Abdul Rahman.</strong></p>
<div>
	<div>
		&nbsp;</div>
	<div>
		<strong>Photo: Rukesh Shrestha/TC</strong><br />
		<br />
		<br />
		&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		<strong>Sell Authentic Experience &amp; Make It Premium</strong></div>
</div>
<div>
	&nbsp;</div>
<div>
	<strong>Vision: To achieve tourism turnover equal to 5% of the GDP by 2080 BS which is now less than 2%</strong></div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	By Ujjwal K Chowdhury</div>
<div>
	&nbsp;</div>
<div>
	As nations celebrate World Tourism Day on September 27, the top tourism officials, Nepali leaders of the industry, along with some top honchos of Malaysian and Indian tourism governance met on September 19 at Annapurna Hotel in the first edition of Tourism &amp; Aviation Next conference.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The core views that emerged from the day long exercise, partnered by New Business Age and Annapurna Hotel, and sponsored by Qatar Airways and Ace Travels, focused on: raising service standards, creating premium brand of experiential tourism apart from the existing largely value-for-money backpackers&rsquo; tourism, positioning of exotic Nepal, upgrading the tourism and hospitality infra-structure, adding new international airport, additional terminals and new air-routes, domestic and foreign investments in tourism services.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Tourism Goal: 5% of GDP by 2080 BS</strong></div>
<div>
	&nbsp;</div>
<div>
	Opening the event, the Secretary of the Tourism Ministry, Sushil Ghimire, focused on why and how can Nepal achieve tourism turnover equal to 5% of the GDP by 2080 BS which is now less than 2%, how the national carrier Nepal Airlines is being strengthened, and why all major stake-holders&rsquo; views on a long-term future course of action is important in a private sector driven domain like that of tourism &amp; aviation. He set the tone, and the two guests from abroad took it to the next level with case-studies from tourism promotion by their nations.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Case-studies: India and Malaysia</strong></div>
<div>
	&nbsp;</div>
<div>
	The former Tourism Secretary of India and of Kerala state, and the man behind Incredible India and God&rsquo;s Own Country Kerala branding, Amitabh Kant, lamented that the positioning, branding and pricing of an otherwise high-end premium exotic destination like Nepal has been actually very low. He rued that the focus has been on low-end mass tourism which also has not yet touched a million, while it now needs to be on niche high-end tourism promotion with a clear positioning. Noting that more than 1 billion people travelling and almost 9% of the global GDP has been in tourism across the world, employing 1 among every 11 people, Nepal needs to catch up with this burgeoning industry.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Moving from sun-sand-sea focused tourism, globally travelers are looking at authentic experience now and Nepal has a huge advantage in it. Explaining in details the Incredible India campaign, he noted that unique positioning and integrated marketing communication strategy and plan alone can take Nepal to the next level in this sector.&nbsp;Kant concluded expounding 6Cs for better tourism: civic governance, capacity building, communication strategy, convergence, community and civil aviation.</div>
<div>
	&nbsp;</div>
<div>
	The South Asia Director of Tourism Malaysia, Amran Abdul Rahman later brought in a video based presentation to show how Malaysia has moved from &lsquo;Coca-cola tourism&rsquo; earlier as an add-on visit to people coming to Singapore twenty years ago to 13 million visitors in 2003 and finally to 25 million visitors in 2012. The target of 2014, declared as the Visit Malaysia Year, is now 36 million visitors with USD 44 billion income.</div>
<div>
	&nbsp;</div>
<div>
	Malaysia could achieve this success due to infrastructure growth including the remarkable makeover of Kualalampur Airport, changing mindset of the people and government with tourism coming under special supervision directly by the Prime Minister, rural Malaysia being promoted heavily which also ensured ethnic amity, and focusing on MICE tourism through events heavily.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Tourism Next: Branding &amp; Capacity-building as Key Drivers</strong></div>
<div>
	&nbsp;</div>
<div>
	The tourism next panel, moderated by the Annapurna CEO Upaul Majumdar, was an exciting journey of multiple perspectives by various industry experts on different facets. Upaul started with the need of a &lsquo;can-do&rsquo; attitude, and not just talk about the challenges.</div>
<div>
	The Soaltee Crowne Plaza GM Nalin Mandiratta focused on the need for a large Convention Centre for MICE tourism to grow, more sports tournaments in Nepal, dynamic and integrated destination marketing, creating One Nepal concept uniting efforts of various sections of the industry, and focusing on China and India more.</div>
<div>
	&nbsp;</div>
<div>
	Madhusudan Acharya, the Vice President of the Nepal Association of Tours and Travel Agents, explained how the success of Apple denotes the success of unique positioning. The uniqueness of Nepal as a tourism destination needs similar positioning based on green initiatives and its ethnicity. He emphatically noted that tourism is both a cause and an effect of more holistic socio-economic growth. He noted that Nepal-China roads and Kathmandu&rsquo;s direct air connectivity with Chennai and Bengaluru are much needed pending measures.</div>
<div>
	&nbsp;</div>
<div>
	Nandini Lahe Thapa, the Senior Director of the Nepal Tourism Board in charge of international marketing, while noting that there has been relative maturity of Nepal as a tourism destination, it has been quite low at the high-end of the price-service spectrum. &ldquo;We have lowered our rates of other tourism services, but have an exponentially costly travel. Hotels have already set the bar higher, but travel trade still needs to come together and raise the standards with rational pricing,&rdquo; she noted. Promotion of new destinations possible, she told, if concrete proposals come to NTB from entrepreneurs.</div>
<div>
	&nbsp;</div>
<div>
	Sumit Baral, the Senior Consultant with the International Finance Corporation, from the World Bank Group, working for its investment climate programs, with key focus on tourism programmes, informed that opposing child-labour so rampant in the carpet industry, Lufthansa dropped its Kathmandu sector adversely affecting German tourists&rsquo; travel to Nepal. Also, a diagnostic study categorically has shown that service standards decline has been the major factor behind lower per day spending by tourists. Noting that Nepal does not feature in luxury travel, he illustrated how Peru since 2000 has positioned itself as high-end destination, and how Maldives with almost same number of tourists like Nepal (little less than a million a year), actually has double the income from this sector.</div>
<div>
	&nbsp;</div>
<div>
	Talking from the tourism technology perspective, Prerana Mimani, the Country Head of Amadeus, noted that the e-commerce route to promote Nepal is must and is still at a rudimentary level and it is possible to have collaboration with global travel portals with ethnicity focus for Nepal.</div>
<div>
	&nbsp;</div>
<div>
	The PATA Chairman of Nepal, entrepreneur Suman Pandey, defended budget tourism noting it as an important part of the Nepali tourism eco-system and saying that it is a way of travel to experience the country in a different way. He poignantly noted, &ldquo;The seven days Golden Triangle plan is over-done and new tourism products are now necessary, as seen in the case of trekking tours being re-packaged as photography tours.&rdquo; Another very effective suggestion of Pandey has been the creation of events with potentials of global media visibility, as seen in the case of the earlier Nepali cabinet meeting at Everest base-camp.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Aviation Next: Start Small, But Act in Unison</strong></div>
<div>
	&nbsp;</div>
<div>
	The final panel of the day, focusing on aviation ahead, was very ably moderated by Valentino Bagatsing, the Country Head of International Finance Corporation, of the World Bank group, who began by raising the issue of air-safety noting that there have been 70 accidents in 60 years last, 3 being in the last two years. He informed that IFC is on the task of safety management systems research and planning.</div>
<div>
	&nbsp;</div>
<div>
	Bhola Bikram Thapa, the MD of President Travels, emphatically set the tone noting, &ldquo;Government should make stronger policies and facilitate processes, and not do business directly.&rdquo; He lamented that the need of more aircrafts for the national carrier, Nepal Airlines, is still not being done.</div>
<div>
	&nbsp;</div>
<div>
	Ghanshyam Acharya, Chief of Corporate Affairs, Simrik Airlines, noted that globally service sector has surpassed manufacturing, and in Nepal, three out of every four international traveler is airborne. The IATA Outlook for 2013 looks positively at $711 billion global tourism turnover. Blacktopping of many airports in Nepal has increased air safety and air-travel is now available to middle class as well. However, he lamented better regulatory support of policy-makers is necessary, and after 1998, no new aircraft has been flown by any domestic carrier.</div>
<div>
	&nbsp;</div>
<div>
	Representing the government voice, Buddhisagar Lamichchane, the Joint Secretary of Civil Aviation, and Roshan Chitrakar, the Deputy Director General of the Air Navigation Services of CAAN, had some good news to share. Chitrakar informed about high pace of blacktopping and expansion of airports, fleet increment for national airlines being imminent, and one year compulsory Air Traffic Controllers&rsquo; training reduced to six-months first phase and then after some work experience another six months of second phase training to handle talent crunch in the industry.</div>
<div>
	&nbsp;</div>
<div>
	Lamichchane informed about installation of navigational safety equipments, and emphasized the air safety standards in Nepal to be reasonably strong by global standards. Further, he said, &ldquo;Nepali air-routes integration with more global air-routes is underway. And the construction of a second international airport at Bara which will create a East-West air corridor, is also taking off soon. Further, the regulator and service provider functions of government with regards to aviation are being separated soon and a global consultancy is looking into this.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	The Air India Country Head, TK Saha, defended the pricing strategy of his carrier noting that only 10-15 percent seats go vacant. He advocated new small aircraft routes and services for various potential sectors like Gaya-Lumbini, Patna-Kathmandu, and Varanasi-Pokhra.</div>
<div>
	&nbsp;</div>
<div>
	Ramdas Shivram, the Qatar Airways Country Head, brought in a basic issue with emphasis saying, &ldquo;Garbage management is poor in Kathmandu airport and for this a blended approach of awareness for passengers, training for staff, and strong punitive regulation is needed.&rdquo; He also advocated more efficient and faster immigration services, quest of quality tourism and not merely volumes, and focus to find and invest in new markets to expand Nepal tourism and aviation base. &ldquo;However, for all of these, commitment of all the stake-holders to what they believe and say is must,&rdquo; he said the last word.</div>
<div>
	&nbsp;</div>
<div>
	The event ended on a very positive note awarding Megh Ale for outstanding eco-friendly Himalayan tourism initiative, Tourism Malaysia for best international tourism promotion initiative and Amitabh Kant for special lifetime achievement in promoting South Asian tourism and infrastructure.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The organizers expressed hope that such major industry initiative to relook at the world&rsquo;s third largest industry conglomerate: tourism-hospitality-aviation shall again be taken up next year in September and a reality check of the progress made over one year would be done.</div>',
			'published' => true,
			'created' => '2013-09-22',
			'modified' => '2013-10-01',
			'keywords' => 'new business age cover story news & articles, cover story news & articles from new business age nepal, cover story headlines from nepal,  current and latest cover story news from nepal, economic news from nepal, nepali cover story economic news and events,  ongoing  cover story news of nepal',
			'description' => 'As nations celebrate World Tourism Day on September 27, the top tourism officials, Nepali leaders of the industry, along with some top honchos of Malaysian and Indian tourism governance met on September 19 at Annapurna Hotel in the first edition of Tourism & Aviation Next conference.',
			'sortorder' => '1702',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '1804',
			'article_category_id' => '91',
			'title' => 'UCPN (Maoist) Wooing Private Sector Poll Strategy Or Paradigm Shift?',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Sagar Ghimire</strong></div>
<div>
	&nbsp;</div>
<div>
	With the Constituent Assembly elections approaching, UCPN (Maoist) is making an all-out effort to woo the private sector.</div>
<div>
	&nbsp;</div>
<div>
	The Maoist party even agrees to accept a &lsquo;private sector-led economic revolution&rsquo; now. Economic analysts term it a paradigm shift in the economic policy of the Maoists - from a vociferous opponent of the capitalism to a proponent of private sector led economic growth. &nbsp; &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Maoist chairperson Pushpa Kamal Dahal&rsquo;s statement requesting the business community to lead the &lsquo;economic revolution&rsquo; at the Nepal Leadership Summit organized by New Business Age Pvt Ltd on September 5 corroborates the shift of the party from a state-controlled economy to a liberal economic policy. A week later at an interaction programme held by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Dahal stressed the need for a private sector-led economic revolution, stressing that only rhetoric would not bring desired transformation in the country.</div>
<div>
	&nbsp;</div>
<div>
	Though the UCPN (Maoist) changed its destructive ways as soon as it joined the mainstream politics in 2006 and said it was open to the concept of open-market economy.</div>
<div>
	The former rebel party&rsquo;s commitment towards the free market was &nbsp;not so strong at that time.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The business community was skeptical towards its economic credentials as it had not shunned violence completely the political document was not in line with favourable market policies and it was creating labour unrest in industries.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Maoists had twice got the opportunity to lead the government after it abandoned the insurgency. The Bilateral Investment Promotion and Protection Agreement (BIPPA) was signed with India during the Dr Baburam Bhattarai-led government, which analysts say, marked a turn of the Maoists to an open market policy.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	However, many still view the Maoist proximity with the business community in recent days as a strategy in relation to the upcoming CA polls.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Maoist sympathiser Economic Analyst Hari Roka sees the Maoist proximity with the business community as an attempt of the former to assuage the fears of the latter by assuring that they would support a free-market but fully regulated economy. &ldquo;Since the Maoists have now realized that the private sector is also a major player here, they want to strike a balance by taking the business community into confidence,&rdquo; said Roka. &ldquo;Earlier, distribution was their central plank, but now they consider production as a priority.&rdquo;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The decision of the Maoist convention in Hetauda on forming production brigades in order to make the party financially self dependant is taken on this line, he said.</div>
<div>
	&nbsp;</div>
<div>
	Senior economist Dr Bishwambhar Pyakurel, however, said that the Maoist attempt to woo the private sector was a result of circumstantial political compulsion. &ldquo;Their long-term political goal is different, but for the time-being, they do not have any other choice except to move hand-in-hand with the private sector.&rdquo;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	He added, &ldquo;Even though the Maoists are making a commitment to accept the market-led economic system as a tactic to woo the business community for electoral benefits, we have to tap into this opportunity to turn their words to reality.&rdquo;</div>',
			'published' => true,
			'created' => '2013-09-16',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'With the Constituent Assembly elections approaching, UCPN (Maoist) is making an all-out effort to woo the private sector.',
			'sortorder' => '1665',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '1763',
			'article_category_id' => '91',
			'title' => 'Korean Company To Bring Light In Rasuwa',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The construction of the much awaited 216 MW Upper Trishuli-I hydroelectricity project at Rasuwa district is to start in September.</div>
<div>
	&nbsp;</div>
<div>
	The $550 million project is promoted by Nepal Water and Energy Development Company Ltd (NWEDC) and will generate 1456GWh of energy per year after its commissioning scheduled in March 2019. The construction of its access road will start within this month and the main project development is expected to begin in December.</div>
<div>
	&nbsp;</div>
<div>
	The Engineering Design and Environment Impact Assessment Report have been already approved by the government authorities and drilling and drifting works, company registration, financial arrangement of equity capitalhave been made, says the company.</div>
<div>
	&nbsp;</div>
<div>
	Similarly, tree cutting approval has been received and land acquisition has already been done, it adds. &ldquo;The project, once completed, will help in reducing daily load shedding by three to four hours,&rdquo; said CEO of NWEDC Kim Kyung Sik.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	NWEDC is predominantly a South Korean group of three companies with 75 per cent of the total equity share, which includes Korea South East Power Company Ltd (KOSEP), Daelim Industrial Company Ltd, and Kyeryong Construction Industrial Company Ltd.</div>
<div>
	&nbsp;</div>
<div>
	The International Finance Corporation (IFC) has joined as a co-developer for the project while Daelim and Kyerong will be the Engineering, Procurement and Construction (EPC) contractor. The operation and maintenance will be done by KOSEP.</div>
<div>
	&nbsp;</div>
<div>
	Sik said, &ldquo;This is a reason for hope and optimism in the midst of serious crisis that has debilitating effect on Nepal economy. The project once completed, will help reduce daily load shedding by 3 to 4 hours. We are maintaining a good relation with the local people and with the administration. They are very much interested in the project and we are thankful for their support and cooperation.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	The successful completion of the project means technology transfer of operation and management, employment creation of 300 to 500 people for construction, substituting annually diesel imports equivalent to 20 million US dollar and helping grow Nepali economy, he added.</div>
<div>
	&nbsp;</div>
<div>
	The Upper Trishuli-I project will be one of largest hydroelectric power project in Nepal in terms of investment. It will increase existing hydro-electric generation capacity in Nepal by almost one third (216 MW), and will add around 50 per cent (1455 GWh) to the annual electricity generated in Nepal.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;It will help meet the huge unfulfilled demand of electricity in Nepal. We have a strong and committed list of sponsors for the project, which bring together a mix of local understanding and technical competence of setting up similar projects in other parts of the world,&rdquo; Sik said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The project will help in attracting International investors in Nepal&rsquo;s hydropower development, including South Korean Investors. It will also help to further strengthen the cordial relationship between Nepal and South Korea. We look for forward Nepal Electricity Authority&rsquo;s support in future,&rdquo; he added.</div>
<div>
	&nbsp;</div>
<div>
	<table border="0" cellpadding="10" width="99%">
		<tbody>
			<tr>
				<td bgcolor="#E5E4E2">
					<div>
						&bull;Expected to be one of largest hydroelectric power project in Nepal in terms of investment.&nbsp;</div>
					<div>
						&bull; Increase existing hydro-electric generation capacity in Nepal (651 MW) by almost one third (216 MW).</div>
					<div>
						&bull; It will add around 50 per cent (1533 GWh) of electricity to the current annual electricity generated in Nepal.</div>
					<div>
						&bull; Project site 70 km away from Katmandu, which makes it ideal for supply to the load center.</div>
					<div>
						&bull;More Korean investment in the pipeline.</div>
					<div>
						&nbsp;</div>
				</td>
			</tr>
		</tbody>
	</table>
</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-09-08',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The construction of the much awaited 216 MW Upper Trishuli-I hydroelectricity project at Rasuwa district is to start in September.',
			'sortorder' => '1624',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '1762',
			'article_category_id' => '91',
			'title' => 'Time To Focus On Economic Revolution: Former PMs',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	It was a historic day for bleeding Nepal. On September 5, the country&rsquo;s former Prime Ministers (PMs) came up with a consensus that the country should head towards economic revolution leaving political confrontations aside.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;During Nepal Leadership Summit which was jointly organised by Birgunj Chamber of Commerce and Industries (BiCCI) and New Business Age Group under the banner of &lsquo;Roadmap of Economic Revolution: Vision 2080 BS&rsquo;, five former PMs of past 1990 era pledged to speed up economic reform.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Former PMs Sher Bahadur Deuba, Pushpa Kamal Dahal &lsquo;Prachand&rsquo;, Madhav Nepal, Jhalanath Khanal and Dr Baburam Bhattarai signed a 12-point Birgunj Declaration and admitted that the path of prosperity is only possible through private sector-led economic growth.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;In the summit, chairman of UCPN Maoist and former PM Pushpa Kamal Dahal, popularly known as Prachanda, said that the time has come to be engaged in production, construction and development.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;&ldquo;In fact, our party has come to a conclusion that political stability is not possible without economic revolution,&rdquo; he informed.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He stressed that promoting economic activities and adopting the approach of inclusive growth is the only option to overcome vicious circle of poverty.</div>
<div>
	&nbsp;</div>
<div>
	Former PM and Nepali Congress senior leader Sher Bahadur Deuba said that the government should not engage in trading or operating industries.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The country had been facing the problem of financial crunch when NC formed the government after 1990 revolution. Situation has changed now as we have much better finacial resources. The problem is we have been unable to invest due to lack of infrastructure and energy crisis,&rdquo; he said.</div>
<div>
	He stressed for a common commitment to end the existing energy crisis. &ldquo;The country will head in the direction of economic prosperity if we will be able to address the problem of infrastructure, industrial security and energy,&rdquo; he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Nepal should attract Indian investment and should promote export to reduce trade deficit, he opined.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He said, that the government should reduce all bureaucratic hassles and should vow to provide tax rebate to companies which create employment opportunities to more than 100 persons.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;The country&rsquo;s economy remains in a state of confusion, with expanding budget, energy crisis, trade deficit, inflation, unemployment problem and lack of resources, said former Prime Minister and CPN UML leader Madhav Kumar Nepal.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He blamed the revenue-centered government, short-term profit oriented private sector and belligerent labour for the slow economic growth. &ldquo;We need to improve our educational system and ensure that we have the skills to pursue the opportunities,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He suggested that clarity in policy, investment friendly environment and investment in service and production sector will ensure country&rsquo;s development.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Chairman of CPN-UML and former PM Jhala Nath Khanal emphasized the need of policy stability for the economic growth. Modernisation of agriculture sector will have positive impact for the development, he said, adding that the banking sector should increase investment in the agricultural sector.</div>
<div>
	&nbsp;</div>
<div>
	Absolute poverty and backwardness are main problems of the country at present, UCPN Maoist leader and former PM Dr Baburam Bhattarai said. The country can achieve the target of 10 per cent growth by increasing investment in productive sector, he opined.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;&ldquo;Key factors that affected all sectors of the economy are poor governance and corruption in the country. One of most important negative factor is decline in investment to GDP ratio, which is one the of the root cause of the slowdown in GDP growth,&rdquo; Dr Bhattarai said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;&ldquo;At least 40 per cent amount of GDP should be invested every year in productive sector to achieve the double digit growth. This means, the government should ensure that at least Rs 700 billion is invested. As internal resources will not be sufficient to arrange this fund, we should invite foreign investment,&rdquo; he added.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Dr Bhattarai call for a need to build capacity at all levels to meet the target. &ldquo;We need to make the building of robust private sectors an urgent priority and promote true entrepreneurship because that is how jobs are created,&rdquo; he added.</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;He said that Nepal must focus on developing its skills and human resources, especially by harnessing the talents of Nepali people from around the world.</div>
<div>
	&nbsp;</div>
<div>
	He also suggested all political parties to keep balance between China and India for maximum benefit from the neighbouring economic giants.</div>
<div>
	&nbsp;</div>
<div>
	President of Birgunj Chamber of Commerce and Industries Ashok Baidya, said that political commitment is a must to create an environment of wealth creation through investment, alleviate poverty, increase the annual GDP growth rate, contain inflation, promote entrepreneurship and generate employment.</div>
<div>
	&nbsp;</div>
<div>
	In the programme, editor-in-chief and chairman of New Business Age Group Madan Lamsal asked politicians to address economic concerns and map out a strategy with business community and international support to address country&rsquo;s economic problems.</div>
<div>
	<table border="0" cellpadding="10" width="99%">
		<tbody>
			<tr>
				<td bgcolor="#E5E4E2">
					<div>
						<strong><span style="font-size: 14px;">Former PMs&rsquo; Common Points:</span></strong></div>
					<div>
						&bull;<span class="Apple-tab-span" style="white-space: pre;"> </span>&nbsp;Nepal is in the dire need of economic revolution now that it is a democratic republic</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Energy, agriculture and tourism sectors should be prioritized&nbsp;</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Private sector should lead the country&rsquo;s development</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Government should play the role of catalyst</div>
					<div>
						&bull;<span class="Apple-tab-span" style="white-space: pre;"> </span>Nepal should focus on turning the optimism about the country&rsquo;s future into real action</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>Inclusive growth must be the main goal for Nepal&rsquo;s development</div>
					<div>
						&bull;&nbsp;<span class="Apple-tab-span" style="white-space: pre;"> </span>The mood should be changed from thinking of Nepal as a poor country to as a country that holds hope</div>
				</td>
			</tr>
		</tbody>
	</table>
</div>
<div>
	&nbsp;</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-09-08',
			'modified' => '2013-10-01',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'It was a historic day for bleeding Nepal. On September 5, the country’s former Prime Ministers (PMs) came up with a consensus that the country should head towards economic revolution leaving political confrontations aside.',
			'sortorder' => '1623',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '1719',
			'article_category_id' => '91',
			'title' => '157.8 Million Shares Listed In NEPSE',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Around 157.8 million shares have been listed in Nepal Stock Exchange (NEPSE) in the FY 2012-2013. During this period, IPO shares, bonus and right shares were listed in NEPSE. The numbers of listed shares have increased by 3 per cent from the previous fiscal year. At the end of FY 2011-2012, the listed shares in NEPSE were around 1.14 billion which increased to around 1.30 billion in the previous year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Securities Board of Nepal (SEBON) has provided all kinds of share issuance permits up to Rs 20.31 billion. According to a SEBON source, permission has been given to issue IPO shares up to Rs 3.51 billion to 23 companies, right shares up to Rs 3.94 billion to 5 companies, bonus shares up to Rs 4.60 billion to 52 companies and bond issuance up to Rs 3.15 billion to 7 companies. There is a possibility of these shares being listed in NEPSE for transaction in the current fiscal year which ensures the expansion of share markets in comparison to the previous fiscal year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Market Size Increased by 40pc</strong></div>
<div>
	Compared to FY 2011-2012, market capitalisation of the share market has increased by 40 per cent in FY 2012-2013. Market capitalisation in the previous fiscal year had increased by 13.84 per cent. During the end of FY 2011-2012, the total market capitalisation of companies listed in NEPSE was Rs 368 billion which increased to Rs 514 billion in FY 2012-2013. &nbsp;According to Anjan Raj Poudyal, former President of Stock Brokers Association of Nepal (SEBAN), the increment in the share market size is caused by the rise in the number of listed companies, share and investors within this year. He also said the operation of essential infrastructures of share market like CDS &amp; Clearing and mutual funds also helped to increase the market size. Poudyal added, &ldquo;The investors are also increasing lately with the continuity of share market activities.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Transaction Rate Doubled</strong></div>
<div>
	The transaction amount of total shares in the FY 2012-13 has increased by 114 per cent than of the FY 2011-2012. The share transaction was of Rs 10.27 billion in FY 2011-2012 which has reached up to Rs 22.4 billion in FY 2012-2013.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>Listed Companies Reached 230</strong></div>
<div>
	The number of listed companies in the previous fiscal year has reached 230. Among the listed companies, there are 198 bank and financial institutions, 18 manufacturing and processing industries, 4 hotels, 4 commercial organisations, 4 hydro power companies and 2 other groups. &nbsp;There were 216 listed companies in FY 2011-2012.&nbsp;</div>',
			'published' => true,
			'created' => '2013-09-01',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Around 157.8 million shares have been listed in Nepal Stock Exchange (NEPSE) in the FY 2012-2013. During this period, IPO shares, bonus and right shares were listed in NEPSE.',
			'sortorder' => '1580',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '1718',
			'article_category_id' => '91',
			'title' => 'Devaluating Rupee Costs Industries Dearly',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Sagar Ghimire</strong></div>
<div>
	&nbsp;</div>
<div>
	With the sharp devaluation of the Nepali Rupee against the US Dollar, Nepali factories are more likely to bear the brunt due to effects in supply and price of petroleum.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Though Nepal Oil Corporation (NOC) has not hiked the price of petroleum products due to the sharp fall of the Rupee, NOC cannot withhold the loss incurred in petroleum products for a long time.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Nepali Rupee plunged as low as Rs 108 last week against a unit price of the US Dollar.</div>
<div>
	&nbsp;</div>
<div>
	Industrialists lament that they will have to suffer badly due to the price hike of petroleum products resulting from the free-fall of local currency against the Dollar.</div>
<div>
	&nbsp;</div>
<div>
	Pashupati Murarka, vice-president of Federation of Nepal Chambers of Commerce and Industry, says that the government will be left with only two choices. According to him, the government either has to provide more subsidies to NOC to keep the price of petroleum products unchanged, or it has to adjust the price of petroleum products. &nbsp;&ldquo;Either way, it would take a toll in Nepal&rsquo;s crippling economy, particularly industries,&rdquo; he says.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Currently, NOC is reeling under a heavy loss. According to the NOC officials, the corporation incurred a loss of Rs 1.62 billion last month. While unveiling the budget for FY 2013-14, the government said it would adopt the auto price mechanism to adjust the price of petroleum products with the international market.</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s industries are now relying heavily on diesel to meet energy demands due to extreme daily power outage. At present, the demand and supply gap hovers around 300MW, with a demand of 900MW demand against a 450MW supply.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The price hike in petroleum products following the depreciation of the Nepali Rupee, pegged with the Indian currency, would have an adverse impact on the cost of manufacturing products. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Murarka estimated that Re 1 increase in diesel per litre would raise the cost of electricity of the industry by 0.30 paisa per unit. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Even if the government comes up with subsidies to save the NOC from a heavy loss, short supply will create problems for factories that are already battered with regular power cuts,&rdquo; says Murarka, warning that such short supply could also lead to black marketing of petroleum products.</div>
<div>
	&nbsp;</div>
<div>
	The import of petroleum products only accounted for Rs 107 billion out of total import bill of Rs 257.66 billion for 10 commodities from India in FY 2012-13. In FY 2011-12, the petroleum import bill was at Rs 92.25 billion.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	According to Ministry of Finance Chief Advisor Dr Chiranjibi Nepal, the country&rsquo;s total export amount is not even adequate to foot the bill of petroleum alone.</div>
<div>
	&nbsp;</div>
<div>
	<table border="0" cellpadding="10" width="99%">
		<tbody>
			<tr>
				<td bgcolor="#E5E4E2">
					<ul>
						<li>
							<strong>Devaluation of the Rupee will hike petroleum price</strong></li>
						<li>
							<strong>Price hike in petroleum will have adverse impact on manufacturing costs</strong></li>
						<li>
							<strong>Govt subsidies not likely to alleviate inflation&nbsp;</strong></li>
						<li>
							<strong>Industrial sector is now relying heavily on diesel for power generation</strong></li>
					</ul>
				</td>
			</tr>
		</tbody>
	</table>
</div>
<p>
	&nbsp;</p>',
			'published' => true,
			'created' => '2013-09-01',
			'modified' => '2013-09-01',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'With the sharp devaluation of the Nepali Rupee against the US Dollar, Nepali factories are more likely to bear the brunt due to effects in supply and price of petroleum.',
			'sortorder' => '1579',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '1685',
			'article_category_id' => '91',
			'title' => 'Good Governance And Friendly Investment Policies To Drive Nepal Towards Development',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Sujit Nath</strong></div>
<div>
	&nbsp;</div>
<div>
	It was a day of pledge reckoning and revolution. Newbiz Conclave &amp; Business Excellence Awards Ceremony-2013 was held on August 24 with an aim to double Nepal GDP growth rate to 7 per cent per annum.</div>
<div>
	&nbsp;</div>
<div>
	The event was conceptualised with a mission, hoping for a new sun rise and a dream to give Nepal what it deserve in terms of development and good governance.</div>
<div>
	&nbsp;</div>
<div>
	Amid some of the stalwarts of the industries, chamber of commerce, embassy officials, foreign thinkers and economists, the New Business Age (NBA), The Corporate Weekly and Arthik Abhiyan in association with Asian Paints and other sponsors organized the ceremony and initiated a step toward development under the banner of &mdash; &lsquo;Doubling of growth of Nepali economy to 7 per cent GDP: The Roadmap Ahead&rsquo;.</div>
<div>
	&nbsp;</div>
<div>
	It was a long brain storming session where excuses, logic and ways to achieve were shared, and views were exchanged among the speakers.</div>
<div>
	&nbsp;</div>
<div>
	The conclusion was optimistic &mdash; Yes, we can achieve it.</div>
<div>
	&nbsp;</div>
<div>
	All we need, a determination to do anything for this country in bringing FDI&rsquo;s, training people locally in specialized areas and more focus on Agriculture.</div>
<div>
	&nbsp;</div>
<div>
	Speaking on the occasion, chief guest Shankar Koirala, Minister for Finance, Industry, Commerce and Supplies stressed for 5.5 per cent economic growth in coming 12 months and said, &ldquo;Achieving 7 per cent in coming years is not an impossible task. We play blame game and that&rsquo;s hampering the country. Only effort from the government is not sufficient and we need help from the private sectors to make Nepal a developed country&nbsp;</div>
<div>
	by 2022&rdquo;.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Investment is important for higher growth but private sector is shying away due to lack of investment safety. We have already implemented some of the policies on development and are on the process of implementing few more new foreign policies, which will help us in bringing more investment in Nepal. Let me share that the cement industry is booming in Nepal and in coming years Nepal will be self sufficient in cement. The whole idea is to bring more investment through friendly foreign policies for a healthy GDP growth,&rdquo;&nbsp;</div>
<div>
	he said.</div>
<div>
	&nbsp;</div>
<div>
	Many dignitaries on the ocassion felt there was an urgent need for the farmers to shift from traditional farming to scientific way of cultivation. This is only possible by bringing technologies to Nepal and providing trainings to the local youths so that they don&rsquo;t go to other countries to earn their bread. This will reduce the import as the country will be self sufficient in food. It will also bring a heave of sigh among the middle class in terms of affordability.</div>
<div>
	To bring a collective effort for the development of Nepal, a book titled &mdash; Nepalko Arthik Briddhi Ek Margachitra (Sambriddha Nepal Abhiyan) was launched by the minister for finance, Governor of Nepal Rastra Bank Dr. Yubaraj Khatiwada, NBA chairman Madan Lamsal, country head of Asian Paints Budhaditya Mukherjee, chairman of NewBiz Awards jury Prabhakar SJB Rana, FNCCI president Suraj Vaidya, CNI founder president Binod Chaudhary and president of Nepal Bankers&rsquo; Association Rajan Singh Bhandary.</div>
<div>
	&nbsp;</div>
<div>
	Among some of the strong views shared by the speakers, Hari Bhakta Sharma, vice president, confederation of Nepalese industries came out with a practical thought on some the basic thing to achieve the growth in this country.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Nature has a capacity to fulfill all our need but she cannot fulfill our greed. It is sad that the country where I live is 167th poorest in the world because of dollar appreciation. Thanks to the government. We have 2.5 billion people market and still far behind. There is no electricity and water. We only demand with no responsibility,&rdquo; Sharma said.</div>
<div>
	&nbsp;</div>
<div>
	He said, &ldquo;New generation of enterprise is emerging in Nepal. We should try to improve our technology to compete with India and China. Once you learnt that, you will compete with rest of the world. I would like to request the government to change their policies at the earliest and would like to request our skilled manpower not to migrate to other countries. We are sending labour to Qatar because we pay less to them in Nepal. We have to utilize these people to reverse that cycle. My perspective to the business leaders that best resources are here and how much we are ready is a different issue&rdquo;.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s economic growth stood at 4.6 per cent last fiscal year due to favorable weather and also the services sector witnessed a healthy growth. However, in the current fiscal year its economic growth rate is slowed down to 3.5 per cent due to lack of investment, incomplete budget, rough weather etc.</div>
<div>
	&nbsp;</div>
<div>
	Sharma stressed that there is a need to generate employment and industrial clusters in Nepal and says, &ldquo;If Morocco can export garments to Nepal, then why can&rsquo;t we produce garments. In coming days the competition is global not regional and we need to change our policy. A regular co-ordination with the government is also become very important&rdquo;.</div>
<div>
	&nbsp;</div>
<div>
	The view of 15 speakers including six foreigners zeroed down to some of the basic areas to achieve 7 per cent GDP includes reducing import, investing whatever resources available in Nepal, utilizing local people, improving Agriculture investor friendly policies, stable government and preventing corruption.</div>
<div>
	&nbsp;</div>
<div>
	Dr. Yubaraj Khatiwada believes that agricultural and service sectors are some of the key drivers of growth and it has a capacity to grow by five and seven per cent respectively. &ldquo;We need a common economic agenda to grow further,&rdquo; he said.</div>
<div>
	&nbsp;</div>
<div>
	The business conclave ends with a thundering applaud and left many foot prints behind with a dream to drive Nepal towards development.</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-25',
			'modified' => '2013-09-10',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'It was a day of pledge reckoning and revolution. Newbiz Conclave & Business Excellence Awards Ceremony-2013 was held on August 24 with an aim to double Nepal GDP growth rate to 7 per cent per annum.',
			'sortorder' => '1546',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	)
)
$current_user = null
$logged_in = false
$xml = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/index.ctp, line 157
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117

file not found!

Latest

173 People Die in Disaster Incidents since June 10

Crusher Federation Urges PM Oli for Industry Renewal

Prime Minister Calls for Enhancing 'Hello Sarkar' Service

Bardiya National Park Sees Increase in Tourist Arrivals

Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy

Lower Seti Hydropower Project Acquires o500 Ropanis of Land

Government Proposes Formation of New Authority to Regulate Cooperatives

Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar

BFIN to Host Conference in Kathmandu on Wednesday

Price of Gold Reaches All-Time High in Nepal

FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00