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According to the Chief Manager of the project, Prakash Awasti, the process for selection of international consultant for the project is in the last phase. “Within two months the evaluation of the tender will be done and construction will begin,” he said. Awasthi informed that the project will be constructed under the engineering, procurement and construction (EPC) model. Middle Bhotekoshi is considered to be one of the major hydel projects of Nepal. </div> <div> </div> <div> Starting from 2013 the project is targeted for completion by 2016. “There will be no problems from the local people for construction,” informed Awasti. Madhya Bhotekoshi Jalbhidyut Company Ltd have already paid Rs 33.2 million to locals for land acquisition. The project has completed construction of the 250 meter long adit tunnel. Constructed under the Q-40 model, the project is expected to cost around Rs 14 billion. It is expected to generate 542.3 million units of electricity annually. </div> <div> </div> <div> Financial management is already completed for the project. Out of the total amount of shares invested, 51 per cent will be from founding members and 49 per cent from public shares. The company has signed a Power Purchased Agreement (PPA) with the Nepal Electricity Authority (NEA) and has submitted its environment impact assessment (EIA) to the government. “We already presented the paper to issue the power generation license,” said Awasti. The project is also planning connect the generated electricity with the national transmission line by bringing it to a substation line in Barhabise.</div> <div> </div>', 'published' => true, 'created' => '2013-08-18', '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 102 MW Middle Bhotekoshi hydropower project in Sindhupalchowk district is all set to start in December.', 'sortorder' => '1496', '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' => '1634', 'article_category_id' => '91', 'title' => 'Microfinance Stretching Arms In Financial Market', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sanjeev Sharma & Yagya Banjade</strong></div> <div> </div> <div> Nepali Microfinance Institutions (MFIs) have been witnessing a sharp inflow of investment in recent months. Since the inception of Nirdhan Utthan Development Bank as the first MFI in the Nepali stock market in 2011, shares of such companies have been following a bullish trend. The continuous rise in the share price of MFIs listed in Nepal Stock Exchange (NEPSE) is seen to be the main causative factor. </div> <div> </div> <div> The attraction of MFIs among investors is being caused due to various reasons. Experts share mixed viewpoints on this. According to some analysts, the below Rs 500 per share price level of a majority of listed microfinance banks is a main driving factor. Others point out to the loose policy announced by Nepal Rastra Bank (NRB) regarding MFIs in the monetary policy for the current fiscal year. </div> <div> </div> <div> “Investing in MFIs is considered secure. Microcredit banks can commence their business with small amounts of capital and have less liability compared to larger financial institutions,’ said Dharmaraj Pandey, CEO of Paschimanchal Gramin Bikas Bank. “Due to this, investment in MFIs carries less risk, giving good returns.” Similarly, the fast-paced growth of the microcredit market and increasing investment of microfinance banks is also fuelling investor’s attraction, according to Pandey. </div> <div> </div> <div> Anjanraj Poudyal, former Chairman of Stock Brokers Association of Nepal (SEBAN) also agreed with Pandey. “The number of MFIs listing in the stock exchange having competent promoters has significantly gone up in recent years which have helped attract more investment in this sector,” Poudyal said. According to Poudyal, investment is coming from individuals as well as institutions. “Some mutual funds are giving high priority to the shares of microfinance banks in their portfolio,” he mentioned. </div> <div> </div> <div> Investors are looking optimistic about their investments in MFIs. “The directive given by NRB to banks and financial institutions for loan expansion to the impoverished people is ascending the demand of MFIs shares in the market, however the equilibrium of such demand and supply is not well balanced,” mentioned an investor in the condition of anonymity. “The earning per share (EPS) of many microfinance banks is better than some commercial banks,” he added. </div> <div> </div> <div> According to official data, 31 microfinance banks, 15 microcredit co-operative and 31 microcredit non-government organisations (NGOs) are actively providing services throughout the country. In regard to this, the number of MFIs in stock exchange is gradually rising. The total number of shares of 11 microfinance banks listed in NEPSE reached 273.638 million towards the end of Shrawan. Out of the listed 11 banks, share transactions of three companies have been held back due to various reasons. </div> <div> </div> <div> <strong><span style="font-size:14px;">‘Different category for MFIs in NEPSE needed’</span></strong></div> <div> Microfinance banks are placed in the development bank section of the NEPSE index. However, with the rising number, voices are being raised to separate microfinance banks from development banks in the share index. “As the listing is constantly rising, separate group is needed for effective management of microcredit banks in the share index,” SEBAN’s former chairman Poudyal said. </div> <div> </div>', 'published' => true, 'created' => '2013-08-18', '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' => 'Nepali Microfinance Institutions (MFIs) have been witnessing a sharp inflow of investment in recent months.', 'sortorder' => '1495', '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' => '1633', 'article_category_id' => '91', 'title' => 'FDI: More Promise, Less Work', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Sagar Ghimire</strong></div> <div> </div> <div> The Nepal government’s policy to allow foreign direct investment to improve Nepal’s economic prospects has Lured foreign investors to come to Nepal to register joint ventures in various sectors, mainly the tourism and service sectors. </div> <div> </div> <div> However, they are yet to release funds to kick-start their projects. Economists and industrialists attribute the government’s apathy and labour unrest behind foreign investors’ reluctance to start their ventures.</div> <div> </div> <div> The number of companies with joint ventures has increased. However, unlike what was anticipated, their investment has not contributed much to boost Nepal’s economy.</div> <div> </div> <div> According to data from the Department of Industries (DoI), 300 joint ventures were registered with DoI by the end of FY 2012-13. </div> <div> </div> <div> The total cost of these 300 projects amounts to Rs 32214.18 million, of which foreign investment has summed up to Rs 19398.14 million.</div> <div> </div> <div> Data shows that investors are most attracted towards the tourism sector followed by the service sector. Among those registered, 87 have been registered for the tourism sector, and 85 for the service sector. Foreign investors have a share of Rs 4525.03 million only in a total investment worth Rs 12417.2 million on 77 manufacturing industries registered at the DoI.</div> <div> </div> <div> Agriculture, Energy, Mineral and Construction are four other sectors among seven that have drawn foreign investment to Nepal in joint ventures. These sectors have promised Rs 852.01 million, Rs 2134 million, Rs 584 million and Rs 100 million, respectively, from foreign investors.</div> <div> </div> <div> The 300 ventures registered at the DoI estimate to create 14, 895 job opportunities. </div> <div> </div> <div> Among these registered projects, Chinese investors own the highest number of ventures among investors from 42 other countries to invest in Nepal. Their total investment amounts Rs 2627.40 million. </div> <div> </div> <div> However, in terms of volume, investors from the British Virgin Islands have the biggest figure of Rs 4497.40 million. This is followed by investment from Hongkong worth Rs 3070 million.</div> <div> </div> <div> However, all of these investors have not started their respective ventures. Dinesh Shrestha, Chairperson of the Industrial Department at Federation of Nepal Chambers of Commerce and Industry (FNCCI), blames the government for not forming a favourable policy towards prompting foreign investors to kick-start their ventures immediately. “They are in a wait-and-watch-mood,” he says, adding that the government should take a lead in inviting them to begin work.</div> <div> </div> <div> “A favourable policy would mean drafting laws and formulating policies like the Foreign Direct Investment Act and the Special Economic Zone Act, among others,” he explains.</div> <div> </div> <div> Asked why foreign investors are not much attracted to the manufacturing sectors, Shrestha argues that the pitiable conditions of manufacturing industries in Nepal might have signaled to them that investment in this sector will not have promising returns.</div> <div> </div> <div> “Our own national factories are on the verge of collapse; how can we expect foreigners come immediately and invest in sectors that have high risk?” he questions. Shrestha, however, claims that foreign investors will start working as soon as the business environment will be in their favour.</div> <div> </div> <div> Prithvi Raj Ligal, former Vice-chairperson of the National Planning Commission, agrees with Shrestha. “Labour unions, lack of foresight in the government, lack of consistent policies and the power crisis are also equally responsible for discouraging foreign investors to come and start their ventures immediately.”</div> <div> </div> <div> <img alt="Foreign Investment Project in nepal" src="/userfiles/images/FDI1.jpg" style="width: 500px; height: 222px; margin-left: 25px; margin-right: 25px;" /></div>', 'published' => true, 'created' => '2013-08-18', '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 Nepal government’s policy to allow foreign direct investment to improve Nepal’s economic prospects has Lured foreign investors to come to Nepal to register joint ventures in various sectors, mainly the tourism and service sectors.', 'sortorder' => '1494', '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' => '1589', 'article_category_id' => '91', 'title' => 'Hydro Meets In The Offing', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> The Independent Power Association of Nepal (IPPAN) and Hydroelectricity Investment and Development Company Limited (HIDCL) will be organising consecutive meetings of the hydro power sector from August 26-29. </div> <div> </div> <div> Hosting the Power Summit 2013 on August 26-27, IPPAN is collaborating with PTC India limited (PTC) and the Nonresident Nepali association (NRNA) to catalyze the hydropower sector in the face of political instability. The power summit will conduct a critical review of where the hydropower sector has reached since 2006, assessing what is lacking and what needs to be in place in order to hasten the pace of the sector. </div> <div> </div> <div> A key point to be raised is the seven-year period of slow growth of the sector which has only been able to generate 180 MW of electricity – 110 MW coming from the private sector and 70 MW from the NEA. Participants of the event include stakeholders from Brazil, China, Czech Republic, France, India, Korea, Nepal, Norway and USA. </div> <div> </div> <div> Meetings on August 28-29 include a hydropower investment meet by HIDCL supported by the Ministry of Energy, the Ministry of Finance, The Investment Board of Nepal (IBN) and the Asian Development Bank (ADB). Major attractions include the participation of international and domestic hydropower developers, investment companies, sovereign wealth funds and utility companies. The programme will focus on a long overdue follow-up by the investor’s forum and a reflection by ADB. </div> <div> </div>', 'published' => true, 'created' => '2013-08-11', '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 Independent Power Association of Nepal (IPPAN) and Hydroelectricity Investment and Development Company Limited (HIDCL) will be organising consecutive meetings of the hydro power sector from August 26-29.', 'sortorder' => '1450', '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' => '1588', 'article_category_id' => '91', 'title' => 'NPR Depreciation Taking Toll On Nepali Economy', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Sanjeev Sharma</strong></div> <div> </div> <div> The sharp devaluation of the Nepali rupee (NPR) is causing various macroeconomic impacts on the Nepali economy. The local currency which maintains an exchange rate peg with the Indian rupee (INR) has depreciated by about 13 per cent between 1st May and 9th August of 2013 against the US dollar. The weakness of INR is caused by India’s slowing economic growth combined with a widening current account deficit (mainly due to rising petroleum and gold imports), decline in exports and the strengthening of the US dollar as economic recovery in the US gathers pace. </div> <div> </div> <div> With the NPR continuously losing strength against the USD, the Nepali economy is facing significant negative impacts. As the USD becomes dearer, Nepal needs to allocate a huge sum of funds for foreign loan repayment. The strengthening USD is pushing interest rates higher and exerting pressure on the central bank to manage a huge foreign currency reserve for loan repayment. This will increase the country’s debt which was 34.1 per cent of the gross domestic product (GDP) in the fiscal year 2011/12. Nepal’s debt to GDP ratio is following a declining trend from the record high of 44 per cent in FY 2007/08.</div> <div> </div> <div> The currency devaluation is also likely to further widen trade deficit with India, the largest trading partner of Nepal. This is due to import payments that are made in USD, which is done by selling INR from Nepal’s forex reserve. Since the INR has plunged to a historic low against the USD, Nepal is forced to sell more INR for import payments. In the 11 months of FY 2012/13, Nepal’s trade deficit with India jumped by 27.4 per cent to Rs 289 billion compared to the 13 per cent growth recorded in FY 2011/12. Since Nepali production is insufficient to fulfill internal demand, the country relies heavily on import. This will be reflected in the increase of the final price of retails goods and services in the domestic market. Petroleum import will also become costlier due to the currency devaluation. The international petroleum price, which is maintained in dollar terms, has gone up in recent months due to the rise of USD.</div> <div> </div> <div> Nepal imports petroleum through the state-owned Indian Oil Corporation (IOC). The price rise in petroleum, retail goods and services will finally lead to an increased inflation rate. </div> <div> </div> <div> Though the impacts are largely negative, currency devaluation has some positive effects like Remittance, Nepal’s major source of foreign currency income is likely to rise by the strengthening of the USD. This will help to maintain the country’s balance of payment (BOP) surplus. According to data published by Nepal Rastra Bank (NRB), the overall BOP recorded a surplus of Rs. 52.69 billion during the 11 months of FY 2012/13 compared to a surplus of Rs. 115.76 billion during the same period of the previous year. Likewise, income from tourism will also increase as foreign visitors can spend more following the dollar appreciation. Similarly, Nepali export earnings, especially from merchandise goods such as handicrafts, garments and carpets may increase as exports will become more competitive with the weakening of domestic currency. However, Nepal may not be able to take advantage of currency depreciation from export earnings due to several reasons. High cost of production due to rising price of imported raw materials, long-standing electricity shortages and labour disputes are seen as factors hindering the country’s export sector. </div> <div> </div>', 'published' => true, 'created' => '2013-08-11', 'modified' => '2013-08-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The sharp devaluation of the Nepali rupee (NPR) is causing various macroeconomic impacts on the Nepali economy.', 'sortorder' => '1449', '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' => '1587', 'article_category_id' => '91', 'title' => 'Govt Indifference Puts Investment Board At Limbo', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Sagar Ghimire</strong></div> <div> </div> <div> Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div> <div> </div> <div> The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div> <div> </div> <div> The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012. </div> <div> </div> <div> It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.</div> <div> </div> <div> Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div> <div> </div> <div> Finance Minister, Forestry Minister and Industry Minister are also the board members for the IB. However, according to a source inside the IB seeking anonymity complained that none of the ministries have been much supportive towards the Board. </div> <div> </div> <div> The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div> <div> </div> <div> Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div> <div> </div> <div> Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.</div> <div> </div> <div> “Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div> <div> </div> <div> The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div> <div> </div> <div> The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div> <div> </div> <div> Likewise, the government is less bothered to own the work of the IB, a source said. “We are in the process of doing the Power Development Agreement for four hydro power projects now. If there was a political government, it could have given impetus to complete these projects,” he argued, “as owning these achievements after bringing the large investors in these projects could mean a lot in terms of political capitalization.”</div> <div> </div> <div> Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div> <div> </div> <div> </div>', 'published' => true, 'created' => '2013-08-11', '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' => 'Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state.', 'sortorder' => '1448', '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' => '1542', 'article_category_id' => '91', 'title' => 'ADEX Launches E-GOLD', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><img alt="ADX E-GOLD" src="/userfiles/images/ADX.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 150px; height: 128px;" /> Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3. The company has introduced the product to Nepali derivative investors for professional investment in gold, stated President and managing director of ADEX, Bijesh Shrestha.</span></div> <div> This will also be a great opportunity for gold investors who want to manage investments with good returns, according to Shrestha. </div> <div> </div> <div> According to the company, an investor can invest a minimum of 10gm of gold to a maximum of 500gm. Similarly, while investing in this product, an investor will have to make a down payment of 50 per cent of the market price for trading. </div> <div> </div> <div> The market price of gold traded will be as per the price quoted by Nepal Gold and Silver Dealers’ Association. The association has been fixing the price of gold once a day every morning 10 a.m. according to the international market rate. </div> <div> </div> <div> According to the company, after investing in ‘e-GOLD’, an investor cannot buy or sell at least for a year. And if an investor wants to trade before the locking period, s/he will have to pay a penalty of 1 per cent. </div> <div> </div> <div> The company is targeting to sell 3kg of gold in the first phase of the launch. The brokerage commission for 10gm to 150gm of gold is 0.80 per cent; 0.65 per cent for 151gm to 300gm and 0.50 per cent for 301gm to 500gm, as stated by company. ADEX had started the practice of future trading since July 2013.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', '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' => 'Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3.', 'sortorder' => '1403', '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' => '1541', 'article_category_id' => '91', 'title' => 'Private Sector Investment In Hydropower Reaches Rs 55 Billion', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> The private sector has increased its investment in the hydro power sector. According to the Independent Power Producers Association, Nepal (IPPAN), the private sector has invested Rs 55 billion in 25 hydro projects till the date since the first private power plant was established in 2000. “With this investment, 300 MW of hydroelectricity will be generated within 4 years,” said President of IPPAN, Dr Subarnadas Shrestha. The investment from the private sector can provide a positive message to the government, persuading an increase in investment from its side too, he added.</div> <div> </div> <div> The promoters of Hewa Khola hydro project are hoping to produce 15 MW of electricity within the current fiscal year. Approximately Rs 2.25 billion is expected to be invested for the completion of the project and Panchthar Power Company Pvt. Ltd. has been officially established for its construction. Twelve banks under the leadership of Sanima Bank will be investing Rs 1.67 billion for the project. </div> <div> </div> <div> Similarly, Robust Energy Pvt Ltd is investing in the Mistri Khola hydro project to produce 42 MW of hydro-electricity. The estimated amount for investment is Rs six billion and it is expected to be completed within the next fiscal year. The lower Modi Khola Hydro project with a capacity of 20 MW is also likely to be completed within the next fiscal year. The estimated cost of the project is Rs 3.60 billion. This project is being financed by 11 private banks under the leadership of Nepal Investment Bank Pvt Ltd. </div> <div> </div> <div> The private sector’s investment in these hydro power projects does not only show their involvement in the energy sector but also their concern for the private sector towards the development of the country.</div> <div> This shows that the private sector can make a significant change in the hydro power sector. Beyond various challenges, the private sector has invested 30 per cent of the total cost as equity and 70 per cent by taking loans from different banks. </div> <div> </div> <div> Hydro power promoters opine that an additional Rs 50 billion can be invested from banks and financial institutions in the hydro power sector in the present context. According to data from Nepal Rastra Bank (NRB), banks and financial institutions have invested around Rs 17 billion till the end of the previous fiscal year. </div> <div> </div> <div> The investment of banks and financial institutions has increased in this sector because of the provision by the regulatory body Nepal Rastra Bank that the banks must have 10 per cent of total investment in agricultural and hydro-power. “This will benefit promoters of private hydro projects also,” spokesperson of NRB, Bhaskarmani Gyanwali said. </div> <div> </div> <div> The private sector has been investing in hydro power projects since B.S. 2052 (1995), has generated 230 MW of electricity till the end of the previous fiscal year and contributes to 30 per cent of the total energy generated in Nepal. </div> <div> </div> <div> The business community argues that though the government ought to support the private sector that has been making a significant change in the development sector, it has been discouraging the private sector instead. “The government should provide VAT discount on materials of civil construction, and devise a new PPA rate. But we are not getting any such support,” said former President of IPPAN, Dr Sandip Shah said.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', '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 private sector has increased its investment in the hydro power sector.', 'sortorder' => '1402', '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' => '1540', 'article_category_id' => '91', 'title' => 'Business Ethics: Challenges In Implementation', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By Sagar Ghimire</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Though over 100 business companies have made a commitment towards the Business Code of Conduct (CoC) which was introduced by the National Business Initiative (NBI) last week in the Capital, implementation of such a self-abiding code will not be an easy task. </span></div> <div> </div> <div> The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Birjung Chamber of Commerce and Industry (BCCI), Hotel Association Nepal (HAN), Nepal Gas Dealers’ Association (NGDA), and Nepal Association of Foreign Employment Agencies (NAFEA) are some of the leading business associations that have endorsed the CoC. A recently conducted survey of Kathmandu-based companies entitled ‘Ethical Business Practice in Nepal’ by NBI has found only 7 per cent of the companies following business ethics, while 41 per cent of the sample were found weak in this. Likewise, 52 per cent of the sample was found to have attempted to implement the CoC and partially following it. </div> <div> </div> <div> Jyoti Baniya, general secretary of Forum for Protection of Consumer Rights, expressed doubt regarding the sincere implementation of the CoC by the business community. “Some tangible differences in behaviour should have been discerned these past few days,” Baniya told The Corporate. “They (business houses) did not even think it necessary to place a framed copy of the CoC on their walls.” He, however, welcomes the initiative of the business community to come up with the CoC.</div> <div> This finding of the survey indicates that the implementation of CoC is fraught with challenges.</div> <div> </div> <div> There are doubts as to whether companies will duly follow the provisions stated in the CoC at a time when there are allegations upon some of them that they are flouting the business laws of the country.Some member companies of the associations that endorsed the CoC have come under the government’s scanner for their unscrupulous deeds.</div> <div> </div> <div> Gas dealers, transport entrepreneurs, gold merchants, are alleged of carteling, syndicates, adulteration, tax evasion and other malpractices. </div> <div> </div> <div> However, Saroj Prasad Pandey, coordinator of the CoC campaign at the NBI, claims that he was very hopeful for its implementation. “The endorsement by over 100 business associations and an overwhelming support from the government, political parties, labour unions, the media and people within a week showed that the CoC can be implemented,” he said. Pandey informed that they will soon form a joint committee comprising representatives from various business sectors to supervise and evaluate the implementation of the CoC. </div> <div> </div> <div> Although bringing the CoC is a positive step towards winning the trust of consumers, consumer right advocates, however, say that its implementation will fully depend on the will-power of business firms and the support from political parties and the government.</div> <div> </div> <div> <hr /> <div> <span style="font-size:14px;"><strong>Some Provisions in the Business CoC</strong></span></div> <div> </div> <div> <strong>Consumer Rights:</strong></div> <div> <span style="font-size: 12px;">-Commitment to consumers rights</span></div> <div> -Products and services to address the security and satisfaction of consumers </div> <div> </div> <div> <strong>Competitive Market:</strong></div> <div> -Advocate for open and market-oriented economy</div> <div> -Believe in healthy, fair competition and will support implementation of related laws</div> <div> </div> <div> <strong>Taxation:</strong></div> <div> -Express commitment for timely payment of taxes</div> <div> -Make accounts transparent</div> <div> </div> <div> <strong>Labour Management:</strong></div> <div> -Respect legitimate demands of labour but no support to acts that harm the business</div> <div> -Believe labour disputes can be sorted through tripartite dialogue between government, labour representatives and business owners</div> <div> </div> <div> <strong>Environment Protection</strong>:</div> <div> -Strive for sustainable business development </div> <div> -Strive for promotion of environment-friendly business</div> <div> </div> <div> <strong>Corruption Control: </strong></div> <div> -Neither support nor oppose political parties; will not give donation, presents, services or facilities to any political party or person for future gain</div> <div> -Will not bribe, gift, donate directly or indirectly for business and financial advantage</div> <div> </div> </div> <p> </p>', 'published' => true, 'created' => '2013-08-04', '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 some endorsees of shady repute, consumer rights advocates doubt implementation of Business Code of Conduct', 'sortorder' => '1401', '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' => '1499', 'article_category_id' => '91', 'title' => 'Nepal-India Trade Fair In December', 'sub_title' => '', 'summary' => null, 'content' => '<div> <div> <strong style="font-size: 12px;">--By TC Correspondent</strong></div> </div> <div> </div> <div> The Birgunj Chamber of Commerce and Industry (BiCCI) and Minds Nepal are going to organize ‘Nepal-India Trade Fair 2013’ on December 1 - 11 in Birgunj. Ashok Kumar Vaidya, President of BiCCi and Madan Lamsal, President of Minds Nepal signed the agreement paper on Saturday, July 27. The fair will be important to boost the industrial market, the tourism sector and business potential in local communities, according to Vaidya. Discussions between national and foreign industrialists about business possibility and challenges will also be carried out in the fair, said Lamsal. Till now, every event has prioritized maximum entertainment; but this fair will focus on skills and business possibilities, he says. The fair is being organized with the expectation to bring skills and technologies from India as India holds a large share of businesses in Nepal, according to Lamsal.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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 Birgunj Chamber of Commerce and Industry (BiCCI) and Minds Nepal are going to organize ‘Nepal-India Trade Fair 2013’ on December 1 - 11 in Birgunj.', 'sortorder' => '1360', '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' => '1498', 'article_category_id' => '91', 'title' => '3rd Money Expo In October', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> The third Money Expo is all set to start at the end of October. Aarthik Abhiyan Daily and Jamb Technologies are jointly going to organize ‘Money Expo 2013’ at Bhrikutimandap in Kathmandu from 31st October to 2nd November. The expo was initiated in 2011 and is billed as the largest finance and investment show in the country, according to organizers. There will be more than 100 stalls from different sectors including banks and financial institutions, stock exchange, commodities exchange, insurance companies and more. </div> <div> </div> <div> The expo will also facilitate discussions on stock markets, investment on infrastructure, collaborative investment, private social mutual understanding, commodities, and micro finance companies. Financial experts, foreign economists, investors, businessmen, members of FNCCI and government regulators will join the discussion. The Money Expo has created a platform for the government to meet its aim of making Nepal a developing country by 2022. Many discussions were carried out to invest remittance money in productive sectors but action is yet to be taken. </div> <div> </div> <div> The private sector is also demanding for project-focused investment. There is a demand for a lose policy on infrastructural development, industrial development, and to attract foreign investment in business and financial markets.</div>', 'published' => true, 'created' => '2013-07-29', '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 third Money Expo is all set to start at the end of October.', 'sortorder' => '1359', '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' => '1497', 'article_category_id' => '91', 'title' => 'Additional 46 MW From The Private Sector', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;"> --By TC Correspondent</span></strong></div> <div> </div> <div> Private power producers will add 46 MW to the national grid in the fiscal year 2070/71. According to Dr Subarna Das Shrestha, President of Independent Power Producers Association Nepal (IPPAN), the additional power connected to the national grid last year from the private sector was 41.3 MW.</div> <div> </div> <div> The private sector contributed a total of 230 MW of electricity to the national grid till June of the previous fiscal year. The beginning of the present fiscal year saw a generation of 8.4 MW by the Ankhukhola Hydro Project. Officials at the project say that the plant will begin commercial production next week onwards. </div> <div> </div> <div> Dr Sandip Shah, Former President of IPPAN said that the private sector can produce more hydroelectricity if the government offers a discount on VAT on construction materials used for hydropower projects. “Though the council of ministers has decided to provide Rs 10 million VAT discount per MW, it has not been implemented as the Ministry for Energy has not approved it as yet,” he said.</div> <div> </div> <div> Sher Singh Bhat, Director of Marketing Sector, Nepal Electricity Authority said that after the completion of 70 MW Mid-Marshyangdi hydropower project five years ago, no other hydro projects have been completed from the government.</div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Private power producers will add 46 MW to the national grid in the fiscal year 2070/71.', 'sortorder' => '1358', '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' => '1496', 'article_category_id' => '91', 'title' => 'Budget Deficit Figure Shows Economy In The Red', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">The budget deficit figure has put the country’s economy in the red with the overall deficit figure crossing five percent of Gross Domestic Product (GDP), according to the preliminary estimation of Nepal Rastra Bank (NRB).</span></div> <div> </div> <div> The estimated budget deficit for the current fiscal year 2013-14 is at Rs 87.70 billion which is equal to 5.15 percent of GDP. </div> <div> </div> <div> The budget deficit of FY 2000-01 was at 5.9 percent which declined to 1.5 percent in FY 2001-02. The country’s economic situation is considered bad if the budget deficit goes above 5 percent.</div> <div> </div> <div> Previously in the FY 2008-09, the budget deficit was 5.04 per cent of GDP. </div> <div> </div> <div> Experts opine that the rise in budget deficit will hamper the effort to achieve targeted 5.5 percent economic growth and fuel inflation. </div> <div> </div> <div> <img alt="Budget Deficit Figure" src="/userfiles/images/1(1).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 200px;" />According to economist Prof Dr Bishwambher Pyakuryal, increasing devaluation of local currency and unstable political situation have been constantly hampering the productivity of the country which has fuelled the budget deficit. </div> <div> </div> <div> The deficit will increase further as there is no good prospect of employment opportunities and rise in industrial productivity, he added. Prof Dr Madan Kumar Dahal also holds similar opinions. The increasing fiscal deficit is difficult to manage for Nepal’s economy which is based on external loans, he said. </div> <div> </div> <div> Nepal Rastra bank has reduced Cash Reserve Ratio (CRR) but not increased the Credit-Deposit Ratio (CD Ratio) which might ultimately slacken an investment environment, said Dr Dahal who is also the Chairman of Mega Bank Ltd.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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 budget deficit figure has put the country’s economy in the red with the overall deficit figure crossing five percent of Gross Domestic Product (GDP), according to the preliminary estimation of Nepal Rastra Bank (NRB).', 'sortorder' => '1357', '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' => '1494', 'article_category_id' => '91', 'title' => 'KUSOM, Shanker Dev, Ace Ranked As Lead B-Schools', 'sub_title' => '', 'summary' => null, 'content' => '<p> </p> <p> <strong style="font-size: 12px;">--By TC Correspondent</strong></p> <div> <div> </div> <div> After two months long detailed study conducted by the New Business Team and the jury process held recently, the Kathmandu University School of Management emerges as the top Business School of Nepal in the Everest Bank National B-Schools Rating Ranking & Awards, with Shanker Dev Campus coming second and Ace School of Management coming third.</div> <div> </div> <div> The study focused on a multi-parameter evaluation of the 40 plus B-Schools participating in the process from all across Nepal. It combined perceptive study by a panel of jury members comprising HR Managers of corporate houses, senior academic and administrative veterans, along with perception analysis of current and past students and empirical data of performance given by the B-Schools themselves on several criteria. </div> <div> </div> <div> Based on these data given by the participating 40+ B-Schools and the perceptions of a few current and past students, the jury evaluated the participating schools on a total score of 140. The B-Schools which score above 100 were ranked as per their score to occupy the first nine positions which have 14 B-Schools in total. </div> <div> </div> <div> It is interesting to note that the specific sector of travel, tourism and hotel management colleges, the veteran government sector college NATHM (Nepal Academy of Tourism & Hotel Management) comes first, followed very closely by the younger private sector institute, International School of Tourism. Among the younger below ten years life-span institutes, King’s College of Kathmandu stood as the winner.</div> <div> </div> <div> Among the B-Schools outside the valley, Presidency College of Management of Chitwan comes first, while Crimson and Tilottama Colleges in the Western Region follow closely being the joint Western Region winners. Purvanchal University Management Deptt is the winner from the Eastern Region. There was no participation from the Mid-West and Far-Western Regions of Nepal.</div> <div> </div> <div> With regards to distant and online mode of education, International Centre for Academics providing IGNOU courses in Kathmandu emerges the winner.</div> <div> </div> <div> The jury consisted of Prof Dr Parasar Koirala, former Dean of Tribhuvan University Faculty of Management, the former Education Secretary of Nepal Dipendra Bikram Thapa, HR Manager of Javra Software Manoj Giri, HR Manager of Everest Bank Limited Kumar Joshi, HR Manager of the Amravati Group Madhu Paudel, and the Managing Director Real Solutions and Merojob.com, Shailendra Raj Giri.</div> <div> </div> <div> The panel of guests comprised of some distinguished faces of Nepal. Secretary, Ministry of Urban Development Kishore Thapa, Managing Director, Deurali-Janta Pharmaceuticals,Vice President CNI Hari Bhakta Sharma, CEO Teletalk Sanjay Agarwal, CEO, Everest Bank Ltd. A K Ahluwalia, Chairman, DGM Everest Bank H P Kulkarni, Lomus Group of Companies,VP, FNCCI Pradeep Jung Pandey, Chairman, Panchakanya Group Pradeep K Shrestha, Chairman, IME Group Chandra Dhakal were some of the major guests present. The event was remarked as “pathbreaking” by Kishore Thapa, “essential” by Pradeep Jung Pandey, “auspicious” by Hari Bhakta Sharma and “historical” by Pradeep Shrestha.</div> <div> </div> <div> The project has been headed by the Senior Consultant of NBA, Prof Ujjwal K Chowdhury, the former Dean of Pune-based Symbiosis International University, who has past experience of rating and ranking of business and media schools of India. “It has been a learning experience knowing some 40 plus B-Schools of this country, and understanding their best practices, evaluation and placements processes, etc.”, he noted. </div> <div> </div> <div> “A business media like New Business Age and Arthik Abhiyan is expected to contribute to the process of evolution of business education in the society by recognizing the best, setting standards for the same, and encouraging newer entrants as well in the domain,” noted Madan Lamsal, Chairman, New Business Age. <span style="font-size: 12px;">While Everest Bank has been the title and naming sponsor of the path-breaking event, Colors Mobile and Prime CA training institute are the associate sponsors, Himalayan TV the satellite partner and Headlines & Music FM the Radio Partner.</span></div> </div> <p> </p>', 'published' => true, 'created' => '2013-07-25', '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' => 'After two months long detailed study conducted by the New Business Team and the jury process held recently, the Kathmandu University School of Management emerges as the top Business School of Nepal in the Everest Bank National B-Schools Rating Ranking & Awards, with Shanker Dev Campus coming second and Ace School of Management coming third.', 'sortorder' => '1355', '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' => '1449', 'article_category_id' => '91', 'title' => 'Microfinance And Agro Friendly Monetary Policy', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--BY Siromani Dhungana</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Nepal Rastra Bank (NRB) has brought out a monetary policy that is specially friendly to strengthening micro-finance and agriculture sectors.</span></div> <div> </div> <div> In the policy announced on Sunday, NRB has cut the Cash Reserve Ratio (CRR) by one percent. With the introduction of new monetary policy, the category ‘A’ financial institution has to maintain CRR at 5 per cent, while category ‘B’ and category ‘C’ institutions have to maintain it at 4.5 per cent and 4 per cent, respectively.</div> <div> </div> <div> Likewise, the policy has fixed the Statutory Liquidity Ratio (SLR) of 12 percent, 9 percent and 8 percent for category A, B and C financial institutions, respectively which is one per cent decrease compared to the previous provision. </div> <div> </div> <div> The central bank has also reduced the refinancing rate for agriculture, hydro-power and others productive sectors to 5 per cent from earlier 6 percent. </div> <div> </div> <div> The central bank failed to address demands put forth by the Nepal Bankers’ Association (NBA). It has provisioned that the commercial bank has to have a total of 20 percent of outstanding loans in ‘productive’ sector including at least 12 percent in agriculture and energy sector by end the of May 15, 2015. The association has demanded to relax the provision saying the compulsory provision can create unnecessary pressure to the banks. </div> <div> </div> <div> Similarly, bankers’ association had also asked the central bank to relax the provision of Credit-Deposit Ratio (CDR) and increase its limitation to 85 percent. But the central bank did not change the provision of CDR from 80 percent. </div> <div> </div> <div> Similarly, Nepal Rastra Bank did not bring any provision to relax real estate lending. </div> <div> </div> <div> NRB says the new monetary policy will help to attain 5.5 per cent economic growth rate as targeted by the government budget for FY 2013-14 and restrict the inflation to 8 per cent in the fiscal year.</div> <div> </div>', 'published' => true, 'created' => '2013-07-21', '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' => 'Nepal Rastra Bank (NRB) has brought out a monetary policy that is specially friendly to strengthening micro-finance and agriculture sectors.', 'sortorder' => '1310', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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According to the Chief Manager of the project, Prakash Awasti, the process for selection of international consultant for the project is in the last phase. “Within two months the evaluation of the tender will be done and construction will begin,” he said. Awasthi informed that the project will be constructed under the engineering, procurement and construction (EPC) model. Middle Bhotekoshi is considered to be one of the major hydel projects of Nepal. </div> <div> </div> <div> Starting from 2013 the project is targeted for completion by 2016. “There will be no problems from the local people for construction,” informed Awasti. Madhya Bhotekoshi Jalbhidyut Company Ltd have already paid Rs 33.2 million to locals for land acquisition. The project has completed construction of the 250 meter long adit tunnel. Constructed under the Q-40 model, the project is expected to cost around Rs 14 billion. It is expected to generate 542.3 million units of electricity annually. </div> <div> </div> <div> Financial management is already completed for the project. Out of the total amount of shares invested, 51 per cent will be from founding members and 49 per cent from public shares. The company has signed a Power Purchased Agreement (PPA) with the Nepal Electricity Authority (NEA) and has submitted its environment impact assessment (EIA) to the government. “We already presented the paper to issue the power generation license,” said Awasti. The project is also planning connect the generated electricity with the national transmission line by bringing it to a substation line in Barhabise.</div> <div> </div>', 'published' => true, 'created' => '2013-08-18', '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 102 MW Middle Bhotekoshi hydropower project in Sindhupalchowk district is all set to start in December.', 'sortorder' => '1496', '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' => '1634', 'article_category_id' => '91', 'title' => 'Microfinance Stretching Arms In Financial Market', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sanjeev Sharma & Yagya Banjade</strong></div> <div> </div> <div> Nepali Microfinance Institutions (MFIs) have been witnessing a sharp inflow of investment in recent months. Since the inception of Nirdhan Utthan Development Bank as the first MFI in the Nepali stock market in 2011, shares of such companies have been following a bullish trend. The continuous rise in the share price of MFIs listed in Nepal Stock Exchange (NEPSE) is seen to be the main causative factor. </div> <div> </div> <div> The attraction of MFIs among investors is being caused due to various reasons. Experts share mixed viewpoints on this. According to some analysts, the below Rs 500 per share price level of a majority of listed microfinance banks is a main driving factor. Others point out to the loose policy announced by Nepal Rastra Bank (NRB) regarding MFIs in the monetary policy for the current fiscal year. </div> <div> </div> <div> “Investing in MFIs is considered secure. Microcredit banks can commence their business with small amounts of capital and have less liability compared to larger financial institutions,’ said Dharmaraj Pandey, CEO of Paschimanchal Gramin Bikas Bank. “Due to this, investment in MFIs carries less risk, giving good returns.” Similarly, the fast-paced growth of the microcredit market and increasing investment of microfinance banks is also fuelling investor’s attraction, according to Pandey. </div> <div> </div> <div> Anjanraj Poudyal, former Chairman of Stock Brokers Association of Nepal (SEBAN) also agreed with Pandey. “The number of MFIs listing in the stock exchange having competent promoters has significantly gone up in recent years which have helped attract more investment in this sector,” Poudyal said. According to Poudyal, investment is coming from individuals as well as institutions. “Some mutual funds are giving high priority to the shares of microfinance banks in their portfolio,” he mentioned. </div> <div> </div> <div> Investors are looking optimistic about their investments in MFIs. “The directive given by NRB to banks and financial institutions for loan expansion to the impoverished people is ascending the demand of MFIs shares in the market, however the equilibrium of such demand and supply is not well balanced,” mentioned an investor in the condition of anonymity. “The earning per share (EPS) of many microfinance banks is better than some commercial banks,” he added. </div> <div> </div> <div> According to official data, 31 microfinance banks, 15 microcredit co-operative and 31 microcredit non-government organisations (NGOs) are actively providing services throughout the country. In regard to this, the number of MFIs in stock exchange is gradually rising. The total number of shares of 11 microfinance banks listed in NEPSE reached 273.638 million towards the end of Shrawan. Out of the listed 11 banks, share transactions of three companies have been held back due to various reasons. </div> <div> </div> <div> <strong><span style="font-size:14px;">‘Different category for MFIs in NEPSE needed’</span></strong></div> <div> Microfinance banks are placed in the development bank section of the NEPSE index. However, with the rising number, voices are being raised to separate microfinance banks from development banks in the share index. “As the listing is constantly rising, separate group is needed for effective management of microcredit banks in the share index,” SEBAN’s former chairman Poudyal said. </div> <div> </div>', 'published' => true, 'created' => '2013-08-18', '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' => 'Nepali Microfinance Institutions (MFIs) have been witnessing a sharp inflow of investment in recent months.', 'sortorder' => '1495', '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' => '1633', 'article_category_id' => '91', 'title' => 'FDI: More Promise, Less Work', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Sagar Ghimire</strong></div> <div> </div> <div> The Nepal government’s policy to allow foreign direct investment to improve Nepal’s economic prospects has Lured foreign investors to come to Nepal to register joint ventures in various sectors, mainly the tourism and service sectors. </div> <div> </div> <div> However, they are yet to release funds to kick-start their projects. Economists and industrialists attribute the government’s apathy and labour unrest behind foreign investors’ reluctance to start their ventures.</div> <div> </div> <div> The number of companies with joint ventures has increased. However, unlike what was anticipated, their investment has not contributed much to boost Nepal’s economy.</div> <div> </div> <div> According to data from the Department of Industries (DoI), 300 joint ventures were registered with DoI by the end of FY 2012-13. </div> <div> </div> <div> The total cost of these 300 projects amounts to Rs 32214.18 million, of which foreign investment has summed up to Rs 19398.14 million.</div> <div> </div> <div> Data shows that investors are most attracted towards the tourism sector followed by the service sector. Among those registered, 87 have been registered for the tourism sector, and 85 for the service sector. Foreign investors have a share of Rs 4525.03 million only in a total investment worth Rs 12417.2 million on 77 manufacturing industries registered at the DoI.</div> <div> </div> <div> Agriculture, Energy, Mineral and Construction are four other sectors among seven that have drawn foreign investment to Nepal in joint ventures. These sectors have promised Rs 852.01 million, Rs 2134 million, Rs 584 million and Rs 100 million, respectively, from foreign investors.</div> <div> </div> <div> The 300 ventures registered at the DoI estimate to create 14, 895 job opportunities. </div> <div> </div> <div> Among these registered projects, Chinese investors own the highest number of ventures among investors from 42 other countries to invest in Nepal. Their total investment amounts Rs 2627.40 million. </div> <div> </div> <div> However, in terms of volume, investors from the British Virgin Islands have the biggest figure of Rs 4497.40 million. This is followed by investment from Hongkong worth Rs 3070 million.</div> <div> </div> <div> However, all of these investors have not started their respective ventures. Dinesh Shrestha, Chairperson of the Industrial Department at Federation of Nepal Chambers of Commerce and Industry (FNCCI), blames the government for not forming a favourable policy towards prompting foreign investors to kick-start their ventures immediately. “They are in a wait-and-watch-mood,” he says, adding that the government should take a lead in inviting them to begin work.</div> <div> </div> <div> “A favourable policy would mean drafting laws and formulating policies like the Foreign Direct Investment Act and the Special Economic Zone Act, among others,” he explains.</div> <div> </div> <div> Asked why foreign investors are not much attracted to the manufacturing sectors, Shrestha argues that the pitiable conditions of manufacturing industries in Nepal might have signaled to them that investment in this sector will not have promising returns.</div> <div> </div> <div> “Our own national factories are on the verge of collapse; how can we expect foreigners come immediately and invest in sectors that have high risk?” he questions. Shrestha, however, claims that foreign investors will start working as soon as the business environment will be in their favour.</div> <div> </div> <div> Prithvi Raj Ligal, former Vice-chairperson of the National Planning Commission, agrees with Shrestha. “Labour unions, lack of foresight in the government, lack of consistent policies and the power crisis are also equally responsible for discouraging foreign investors to come and start their ventures immediately.”</div> <div> </div> <div> <img alt="Foreign Investment Project in nepal" src="/userfiles/images/FDI1.jpg" style="width: 500px; height: 222px; margin-left: 25px; margin-right: 25px;" /></div>', 'published' => true, 'created' => '2013-08-18', '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 Nepal government’s policy to allow foreign direct investment to improve Nepal’s economic prospects has Lured foreign investors to come to Nepal to register joint ventures in various sectors, mainly the tourism and service sectors.', 'sortorder' => '1494', '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' => '1589', 'article_category_id' => '91', 'title' => 'Hydro Meets In The Offing', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> The Independent Power Association of Nepal (IPPAN) and Hydroelectricity Investment and Development Company Limited (HIDCL) will be organising consecutive meetings of the hydro power sector from August 26-29. </div> <div> </div> <div> Hosting the Power Summit 2013 on August 26-27, IPPAN is collaborating with PTC India limited (PTC) and the Nonresident Nepali association (NRNA) to catalyze the hydropower sector in the face of political instability. The power summit will conduct a critical review of where the hydropower sector has reached since 2006, assessing what is lacking and what needs to be in place in order to hasten the pace of the sector. </div> <div> </div> <div> A key point to be raised is the seven-year period of slow growth of the sector which has only been able to generate 180 MW of electricity – 110 MW coming from the private sector and 70 MW from the NEA. Participants of the event include stakeholders from Brazil, China, Czech Republic, France, India, Korea, Nepal, Norway and USA. </div> <div> </div> <div> Meetings on August 28-29 include a hydropower investment meet by HIDCL supported by the Ministry of Energy, the Ministry of Finance, The Investment Board of Nepal (IBN) and the Asian Development Bank (ADB). Major attractions include the participation of international and domestic hydropower developers, investment companies, sovereign wealth funds and utility companies. The programme will focus on a long overdue follow-up by the investor’s forum and a reflection by ADB. </div> <div> </div>', 'published' => true, 'created' => '2013-08-11', '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 Independent Power Association of Nepal (IPPAN) and Hydroelectricity Investment and Development Company Limited (HIDCL) will be organising consecutive meetings of the hydro power sector from August 26-29.', 'sortorder' => '1450', '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' => '1588', 'article_category_id' => '91', 'title' => 'NPR Depreciation Taking Toll On Nepali Economy', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Sanjeev Sharma</strong></div> <div> </div> <div> The sharp devaluation of the Nepali rupee (NPR) is causing various macroeconomic impacts on the Nepali economy. The local currency which maintains an exchange rate peg with the Indian rupee (INR) has depreciated by about 13 per cent between 1st May and 9th August of 2013 against the US dollar. The weakness of INR is caused by India’s slowing economic growth combined with a widening current account deficit (mainly due to rising petroleum and gold imports), decline in exports and the strengthening of the US dollar as economic recovery in the US gathers pace. </div> <div> </div> <div> With the NPR continuously losing strength against the USD, the Nepali economy is facing significant negative impacts. As the USD becomes dearer, Nepal needs to allocate a huge sum of funds for foreign loan repayment. The strengthening USD is pushing interest rates higher and exerting pressure on the central bank to manage a huge foreign currency reserve for loan repayment. This will increase the country’s debt which was 34.1 per cent of the gross domestic product (GDP) in the fiscal year 2011/12. Nepal’s debt to GDP ratio is following a declining trend from the record high of 44 per cent in FY 2007/08.</div> <div> </div> <div> The currency devaluation is also likely to further widen trade deficit with India, the largest trading partner of Nepal. This is due to import payments that are made in USD, which is done by selling INR from Nepal’s forex reserve. Since the INR has plunged to a historic low against the USD, Nepal is forced to sell more INR for import payments. In the 11 months of FY 2012/13, Nepal’s trade deficit with India jumped by 27.4 per cent to Rs 289 billion compared to the 13 per cent growth recorded in FY 2011/12. Since Nepali production is insufficient to fulfill internal demand, the country relies heavily on import. This will be reflected in the increase of the final price of retails goods and services in the domestic market. Petroleum import will also become costlier due to the currency devaluation. The international petroleum price, which is maintained in dollar terms, has gone up in recent months due to the rise of USD.</div> <div> </div> <div> Nepal imports petroleum through the state-owned Indian Oil Corporation (IOC). The price rise in petroleum, retail goods and services will finally lead to an increased inflation rate. </div> <div> </div> <div> Though the impacts are largely negative, currency devaluation has some positive effects like Remittance, Nepal’s major source of foreign currency income is likely to rise by the strengthening of the USD. This will help to maintain the country’s balance of payment (BOP) surplus. According to data published by Nepal Rastra Bank (NRB), the overall BOP recorded a surplus of Rs. 52.69 billion during the 11 months of FY 2012/13 compared to a surplus of Rs. 115.76 billion during the same period of the previous year. Likewise, income from tourism will also increase as foreign visitors can spend more following the dollar appreciation. Similarly, Nepali export earnings, especially from merchandise goods such as handicrafts, garments and carpets may increase as exports will become more competitive with the weakening of domestic currency. However, Nepal may not be able to take advantage of currency depreciation from export earnings due to several reasons. High cost of production due to rising price of imported raw materials, long-standing electricity shortages and labour disputes are seen as factors hindering the country’s export sector. </div> <div> </div>', 'published' => true, 'created' => '2013-08-11', 'modified' => '2013-08-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The sharp devaluation of the Nepali rupee (NPR) is causing various macroeconomic impacts on the Nepali economy.', 'sortorder' => '1449', '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' => '1587', 'article_category_id' => '91', 'title' => 'Govt Indifference Puts Investment Board At Limbo', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Sagar Ghimire</strong></div> <div> </div> <div> Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div> <div> </div> <div> The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div> <div> </div> <div> The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012. </div> <div> </div> <div> It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.</div> <div> </div> <div> Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div> <div> </div> <div> Finance Minister, Forestry Minister and Industry Minister are also the board members for the IB. However, according to a source inside the IB seeking anonymity complained that none of the ministries have been much supportive towards the Board. </div> <div> </div> <div> The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div> <div> </div> <div> Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div> <div> </div> <div> Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.</div> <div> </div> <div> “Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div> <div> </div> <div> The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div> <div> </div> <div> The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div> <div> </div> <div> Likewise, the government is less bothered to own the work of the IB, a source said. “We are in the process of doing the Power Development Agreement for four hydro power projects now. If there was a political government, it could have given impetus to complete these projects,” he argued, “as owning these achievements after bringing the large investors in these projects could mean a lot in terms of political capitalization.”</div> <div> </div> <div> Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div> <div> </div> <div> </div>', 'published' => true, 'created' => '2013-08-11', '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' => 'Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state.', 'sortorder' => '1448', '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' => '1542', 'article_category_id' => '91', 'title' => 'ADEX Launches E-GOLD', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><img alt="ADX E-GOLD" src="/userfiles/images/ADX.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 150px; height: 128px;" /> Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3. The company has introduced the product to Nepali derivative investors for professional investment in gold, stated President and managing director of ADEX, Bijesh Shrestha.</span></div> <div> This will also be a great opportunity for gold investors who want to manage investments with good returns, according to Shrestha. </div> <div> </div> <div> According to the company, an investor can invest a minimum of 10gm of gold to a maximum of 500gm. Similarly, while investing in this product, an investor will have to make a down payment of 50 per cent of the market price for trading. </div> <div> </div> <div> The market price of gold traded will be as per the price quoted by Nepal Gold and Silver Dealers’ Association. The association has been fixing the price of gold once a day every morning 10 a.m. according to the international market rate. </div> <div> </div> <div> According to the company, after investing in ‘e-GOLD’, an investor cannot buy or sell at least for a year. And if an investor wants to trade before the locking period, s/he will have to pay a penalty of 1 per cent. </div> <div> </div> <div> The company is targeting to sell 3kg of gold in the first phase of the launch. The brokerage commission for 10gm to 150gm of gold is 0.80 per cent; 0.65 per cent for 151gm to 300gm and 0.50 per cent for 301gm to 500gm, as stated by company. ADEX had started the practice of future trading since July 2013.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', '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' => 'Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3.', 'sortorder' => '1403', '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' => '1541', 'article_category_id' => '91', 'title' => 'Private Sector Investment In Hydropower Reaches Rs 55 Billion', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> The private sector has increased its investment in the hydro power sector. According to the Independent Power Producers Association, Nepal (IPPAN), the private sector has invested Rs 55 billion in 25 hydro projects till the date since the first private power plant was established in 2000. “With this investment, 300 MW of hydroelectricity will be generated within 4 years,” said President of IPPAN, Dr Subarnadas Shrestha. The investment from the private sector can provide a positive message to the government, persuading an increase in investment from its side too, he added.</div> <div> </div> <div> The promoters of Hewa Khola hydro project are hoping to produce 15 MW of electricity within the current fiscal year. Approximately Rs 2.25 billion is expected to be invested for the completion of the project and Panchthar Power Company Pvt. Ltd. has been officially established for its construction. Twelve banks under the leadership of Sanima Bank will be investing Rs 1.67 billion for the project. </div> <div> </div> <div> Similarly, Robust Energy Pvt Ltd is investing in the Mistri Khola hydro project to produce 42 MW of hydro-electricity. The estimated amount for investment is Rs six billion and it is expected to be completed within the next fiscal year. The lower Modi Khola Hydro project with a capacity of 20 MW is also likely to be completed within the next fiscal year. The estimated cost of the project is Rs 3.60 billion. This project is being financed by 11 private banks under the leadership of Nepal Investment Bank Pvt Ltd. </div> <div> </div> <div> The private sector’s investment in these hydro power projects does not only show their involvement in the energy sector but also their concern for the private sector towards the development of the country.</div> <div> This shows that the private sector can make a significant change in the hydro power sector. Beyond various challenges, the private sector has invested 30 per cent of the total cost as equity and 70 per cent by taking loans from different banks. </div> <div> </div> <div> Hydro power promoters opine that an additional Rs 50 billion can be invested from banks and financial institutions in the hydro power sector in the present context. According to data from Nepal Rastra Bank (NRB), banks and financial institutions have invested around Rs 17 billion till the end of the previous fiscal year. </div> <div> </div> <div> The investment of banks and financial institutions has increased in this sector because of the provision by the regulatory body Nepal Rastra Bank that the banks must have 10 per cent of total investment in agricultural and hydro-power. “This will benefit promoters of private hydro projects also,” spokesperson of NRB, Bhaskarmani Gyanwali said. </div> <div> </div> <div> The private sector has been investing in hydro power projects since B.S. 2052 (1995), has generated 230 MW of electricity till the end of the previous fiscal year and contributes to 30 per cent of the total energy generated in Nepal. </div> <div> </div> <div> The business community argues that though the government ought to support the private sector that has been making a significant change in the development sector, it has been discouraging the private sector instead. “The government should provide VAT discount on materials of civil construction, and devise a new PPA rate. But we are not getting any such support,” said former President of IPPAN, Dr Sandip Shah said.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', '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 private sector has increased its investment in the hydro power sector.', 'sortorder' => '1402', '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' => '1540', 'article_category_id' => '91', 'title' => 'Business Ethics: Challenges In Implementation', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By Sagar Ghimire</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Though over 100 business companies have made a commitment towards the Business Code of Conduct (CoC) which was introduced by the National Business Initiative (NBI) last week in the Capital, implementation of such a self-abiding code will not be an easy task. </span></div> <div> </div> <div> The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Birjung Chamber of Commerce and Industry (BCCI), Hotel Association Nepal (HAN), Nepal Gas Dealers’ Association (NGDA), and Nepal Association of Foreign Employment Agencies (NAFEA) are some of the leading business associations that have endorsed the CoC. A recently conducted survey of Kathmandu-based companies entitled ‘Ethical Business Practice in Nepal’ by NBI has found only 7 per cent of the companies following business ethics, while 41 per cent of the sample were found weak in this. Likewise, 52 per cent of the sample was found to have attempted to implement the CoC and partially following it. </div> <div> </div> <div> Jyoti Baniya, general secretary of Forum for Protection of Consumer Rights, expressed doubt regarding the sincere implementation of the CoC by the business community. “Some tangible differences in behaviour should have been discerned these past few days,” Baniya told The Corporate. “They (business houses) did not even think it necessary to place a framed copy of the CoC on their walls.” He, however, welcomes the initiative of the business community to come up with the CoC.</div> <div> This finding of the survey indicates that the implementation of CoC is fraught with challenges.</div> <div> </div> <div> There are doubts as to whether companies will duly follow the provisions stated in the CoC at a time when there are allegations upon some of them that they are flouting the business laws of the country.Some member companies of the associations that endorsed the CoC have come under the government’s scanner for their unscrupulous deeds.</div> <div> </div> <div> Gas dealers, transport entrepreneurs, gold merchants, are alleged of carteling, syndicates, adulteration, tax evasion and other malpractices. </div> <div> </div> <div> However, Saroj Prasad Pandey, coordinator of the CoC campaign at the NBI, claims that he was very hopeful for its implementation. “The endorsement by over 100 business associations and an overwhelming support from the government, political parties, labour unions, the media and people within a week showed that the CoC can be implemented,” he said. Pandey informed that they will soon form a joint committee comprising representatives from various business sectors to supervise and evaluate the implementation of the CoC. </div> <div> </div> <div> Although bringing the CoC is a positive step towards winning the trust of consumers, consumer right advocates, however, say that its implementation will fully depend on the will-power of business firms and the support from political parties and the government.</div> <div> </div> <div> <hr /> <div> <span style="font-size:14px;"><strong>Some Provisions in the Business CoC</strong></span></div> <div> </div> <div> <strong>Consumer Rights:</strong></div> <div> <span style="font-size: 12px;">-Commitment to consumers rights</span></div> <div> -Products and services to address the security and satisfaction of consumers </div> <div> </div> <div> <strong>Competitive Market:</strong></div> <div> -Advocate for open and market-oriented economy</div> <div> -Believe in healthy, fair competition and will support implementation of related laws</div> <div> </div> <div> <strong>Taxation:</strong></div> <div> -Express commitment for timely payment of taxes</div> <div> -Make accounts transparent</div> <div> </div> <div> <strong>Labour Management:</strong></div> <div> -Respect legitimate demands of labour but no support to acts that harm the business</div> <div> -Believe labour disputes can be sorted through tripartite dialogue between government, labour representatives and business owners</div> <div> </div> <div> <strong>Environment Protection</strong>:</div> <div> -Strive for sustainable business development </div> <div> -Strive for promotion of environment-friendly business</div> <div> </div> <div> <strong>Corruption Control: </strong></div> <div> -Neither support nor oppose political parties; will not give donation, presents, services or facilities to any political party or person for future gain</div> <div> -Will not bribe, gift, donate directly or indirectly for business and financial advantage</div> <div> </div> </div> <p> </p>', 'published' => true, 'created' => '2013-08-04', '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 some endorsees of shady repute, consumer rights advocates doubt implementation of Business Code of Conduct', 'sortorder' => '1401', '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' => '1499', 'article_category_id' => '91', 'title' => 'Nepal-India Trade Fair In December', 'sub_title' => '', 'summary' => null, 'content' => '<div> <div> <strong style="font-size: 12px;">--By TC Correspondent</strong></div> </div> <div> </div> <div> The Birgunj Chamber of Commerce and Industry (BiCCI) and Minds Nepal are going to organize ‘Nepal-India Trade Fair 2013’ on December 1 - 11 in Birgunj. Ashok Kumar Vaidya, President of BiCCi and Madan Lamsal, President of Minds Nepal signed the agreement paper on Saturday, July 27. The fair will be important to boost the industrial market, the tourism sector and business potential in local communities, according to Vaidya. Discussions between national and foreign industrialists about business possibility and challenges will also be carried out in the fair, said Lamsal. Till now, every event has prioritized maximum entertainment; but this fair will focus on skills and business possibilities, he says. The fair is being organized with the expectation to bring skills and technologies from India as India holds a large share of businesses in Nepal, according to Lamsal.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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 Birgunj Chamber of Commerce and Industry (BiCCI) and Minds Nepal are going to organize ‘Nepal-India Trade Fair 2013’ on December 1 - 11 in Birgunj.', 'sortorder' => '1360', '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' => '1498', 'article_category_id' => '91', 'title' => '3rd Money Expo In October', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> The third Money Expo is all set to start at the end of October. Aarthik Abhiyan Daily and Jamb Technologies are jointly going to organize ‘Money Expo 2013’ at Bhrikutimandap in Kathmandu from 31st October to 2nd November. The expo was initiated in 2011 and is billed as the largest finance and investment show in the country, according to organizers. There will be more than 100 stalls from different sectors including banks and financial institutions, stock exchange, commodities exchange, insurance companies and more. </div> <div> </div> <div> The expo will also facilitate discussions on stock markets, investment on infrastructure, collaborative investment, private social mutual understanding, commodities, and micro finance companies. Financial experts, foreign economists, investors, businessmen, members of FNCCI and government regulators will join the discussion. The Money Expo has created a platform for the government to meet its aim of making Nepal a developing country by 2022. Many discussions were carried out to invest remittance money in productive sectors but action is yet to be taken. </div> <div> </div> <div> The private sector is also demanding for project-focused investment. There is a demand for a lose policy on infrastructural development, industrial development, and to attract foreign investment in business and financial markets.</div>', 'published' => true, 'created' => '2013-07-29', '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 third Money Expo is all set to start at the end of October.', 'sortorder' => '1359', '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' => '1497', 'article_category_id' => '91', 'title' => 'Additional 46 MW From The Private Sector', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;"> --By TC Correspondent</span></strong></div> <div> </div> <div> Private power producers will add 46 MW to the national grid in the fiscal year 2070/71. According to Dr Subarna Das Shrestha, President of Independent Power Producers Association Nepal (IPPAN), the additional power connected to the national grid last year from the private sector was 41.3 MW.</div> <div> </div> <div> The private sector contributed a total of 230 MW of electricity to the national grid till June of the previous fiscal year. The beginning of the present fiscal year saw a generation of 8.4 MW by the Ankhukhola Hydro Project. Officials at the project say that the plant will begin commercial production next week onwards. </div> <div> </div> <div> Dr Sandip Shah, Former President of IPPAN said that the private sector can produce more hydroelectricity if the government offers a discount on VAT on construction materials used for hydropower projects. “Though the council of ministers has decided to provide Rs 10 million VAT discount per MW, it has not been implemented as the Ministry for Energy has not approved it as yet,” he said.</div> <div> </div> <div> Sher Singh Bhat, Director of Marketing Sector, Nepal Electricity Authority said that after the completion of 70 MW Mid-Marshyangdi hydropower project five years ago, no other hydro projects have been completed from the government.</div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Private power producers will add 46 MW to the national grid in the fiscal year 2070/71.', 'sortorder' => '1358', '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' => '1496', 'article_category_id' => '91', 'title' => 'Budget Deficit Figure Shows Economy In The Red', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">The budget deficit figure has put the country’s economy in the red with the overall deficit figure crossing five percent of Gross Domestic Product (GDP), according to the preliminary estimation of Nepal Rastra Bank (NRB).</span></div> <div> </div> <div> The estimated budget deficit for the current fiscal year 2013-14 is at Rs 87.70 billion which is equal to 5.15 percent of GDP. </div> <div> </div> <div> The budget deficit of FY 2000-01 was at 5.9 percent which declined to 1.5 percent in FY 2001-02. The country’s economic situation is considered bad if the budget deficit goes above 5 percent.</div> <div> </div> <div> Previously in the FY 2008-09, the budget deficit was 5.04 per cent of GDP. </div> <div> </div> <div> Experts opine that the rise in budget deficit will hamper the effort to achieve targeted 5.5 percent economic growth and fuel inflation. </div> <div> </div> <div> <img alt="Budget Deficit Figure" src="/userfiles/images/1(1).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 200px;" />According to economist Prof Dr Bishwambher Pyakuryal, increasing devaluation of local currency and unstable political situation have been constantly hampering the productivity of the country which has fuelled the budget deficit. </div> <div> </div> <div> The deficit will increase further as there is no good prospect of employment opportunities and rise in industrial productivity, he added. Prof Dr Madan Kumar Dahal also holds similar opinions. The increasing fiscal deficit is difficult to manage for Nepal’s economy which is based on external loans, he said. </div> <div> </div> <div> Nepal Rastra bank has reduced Cash Reserve Ratio (CRR) but not increased the Credit-Deposit Ratio (CD Ratio) which might ultimately slacken an investment environment, said Dr Dahal who is also the Chairman of Mega Bank Ltd.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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 budget deficit figure has put the country’s economy in the red with the overall deficit figure crossing five percent of Gross Domestic Product (GDP), according to the preliminary estimation of Nepal Rastra Bank (NRB).', 'sortorder' => '1357', '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' => '1494', 'article_category_id' => '91', 'title' => 'KUSOM, Shanker Dev, Ace Ranked As Lead B-Schools', 'sub_title' => '', 'summary' => null, 'content' => '<p> </p> <p> <strong style="font-size: 12px;">--By TC Correspondent</strong></p> <div> <div> </div> <div> After two months long detailed study conducted by the New Business Team and the jury process held recently, the Kathmandu University School of Management emerges as the top Business School of Nepal in the Everest Bank National B-Schools Rating Ranking & Awards, with Shanker Dev Campus coming second and Ace School of Management coming third.</div> <div> </div> <div> The study focused on a multi-parameter evaluation of the 40 plus B-Schools participating in the process from all across Nepal. It combined perceptive study by a panel of jury members comprising HR Managers of corporate houses, senior academic and administrative veterans, along with perception analysis of current and past students and empirical data of performance given by the B-Schools themselves on several criteria. </div> <div> </div> <div> Based on these data given by the participating 40+ B-Schools and the perceptions of a few current and past students, the jury evaluated the participating schools on a total score of 140. The B-Schools which score above 100 were ranked as per their score to occupy the first nine positions which have 14 B-Schools in total. </div> <div> </div> <div> It is interesting to note that the specific sector of travel, tourism and hotel management colleges, the veteran government sector college NATHM (Nepal Academy of Tourism & Hotel Management) comes first, followed very closely by the younger private sector institute, International School of Tourism. Among the younger below ten years life-span institutes, King’s College of Kathmandu stood as the winner.</div> <div> </div> <div> Among the B-Schools outside the valley, Presidency College of Management of Chitwan comes first, while Crimson and Tilottama Colleges in the Western Region follow closely being the joint Western Region winners. Purvanchal University Management Deptt is the winner from the Eastern Region. There was no participation from the Mid-West and Far-Western Regions of Nepal.</div> <div> </div> <div> With regards to distant and online mode of education, International Centre for Academics providing IGNOU courses in Kathmandu emerges the winner.</div> <div> </div> <div> The jury consisted of Prof Dr Parasar Koirala, former Dean of Tribhuvan University Faculty of Management, the former Education Secretary of Nepal Dipendra Bikram Thapa, HR Manager of Javra Software Manoj Giri, HR Manager of Everest Bank Limited Kumar Joshi, HR Manager of the Amravati Group Madhu Paudel, and the Managing Director Real Solutions and Merojob.com, Shailendra Raj Giri.</div> <div> </div> <div> The panel of guests comprised of some distinguished faces of Nepal. Secretary, Ministry of Urban Development Kishore Thapa, Managing Director, Deurali-Janta Pharmaceuticals,Vice President CNI Hari Bhakta Sharma, CEO Teletalk Sanjay Agarwal, CEO, Everest Bank Ltd. A K Ahluwalia, Chairman, DGM Everest Bank H P Kulkarni, Lomus Group of Companies,VP, FNCCI Pradeep Jung Pandey, Chairman, Panchakanya Group Pradeep K Shrestha, Chairman, IME Group Chandra Dhakal were some of the major guests present. The event was remarked as “pathbreaking” by Kishore Thapa, “essential” by Pradeep Jung Pandey, “auspicious” by Hari Bhakta Sharma and “historical” by Pradeep Shrestha.</div> <div> </div> <div> The project has been headed by the Senior Consultant of NBA, Prof Ujjwal K Chowdhury, the former Dean of Pune-based Symbiosis International University, who has past experience of rating and ranking of business and media schools of India. “It has been a learning experience knowing some 40 plus B-Schools of this country, and understanding their best practices, evaluation and placements processes, etc.”, he noted. </div> <div> </div> <div> “A business media like New Business Age and Arthik Abhiyan is expected to contribute to the process of evolution of business education in the society by recognizing the best, setting standards for the same, and encouraging newer entrants as well in the domain,” noted Madan Lamsal, Chairman, New Business Age. <span style="font-size: 12px;">While Everest Bank has been the title and naming sponsor of the path-breaking event, Colors Mobile and Prime CA training institute are the associate sponsors, Himalayan TV the satellite partner and Headlines & Music FM the Radio Partner.</span></div> </div> <p> </p>', 'published' => true, 'created' => '2013-07-25', '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' => 'After two months long detailed study conducted by the New Business Team and the jury process held recently, the Kathmandu University School of Management emerges as the top Business School of Nepal in the Everest Bank National B-Schools Rating Ranking & Awards, with Shanker Dev Campus coming second and Ace School of Management coming third.', 'sortorder' => '1355', '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' => '1449', 'article_category_id' => '91', 'title' => 'Microfinance And Agro Friendly Monetary Policy', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--BY Siromani Dhungana</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Nepal Rastra Bank (NRB) has brought out a monetary policy that is specially friendly to strengthening micro-finance and agriculture sectors.</span></div> <div> </div> <div> In the policy announced on Sunday, NRB has cut the Cash Reserve Ratio (CRR) by one percent. With the introduction of new monetary policy, the category ‘A’ financial institution has to maintain CRR at 5 per cent, while category ‘B’ and category ‘C’ institutions have to maintain it at 4.5 per cent and 4 per cent, respectively.</div> <div> </div> <div> Likewise, the policy has fixed the Statutory Liquidity Ratio (SLR) of 12 percent, 9 percent and 8 percent for category A, B and C financial institutions, respectively which is one per cent decrease compared to the previous provision. </div> <div> </div> <div> The central bank has also reduced the refinancing rate for agriculture, hydro-power and others productive sectors to 5 per cent from earlier 6 percent. </div> <div> </div> <div> The central bank failed to address demands put forth by the Nepal Bankers’ Association (NBA). It has provisioned that the commercial bank has to have a total of 20 percent of outstanding loans in ‘productive’ sector including at least 12 percent in agriculture and energy sector by end the of May 15, 2015. The association has demanded to relax the provision saying the compulsory provision can create unnecessary pressure to the banks. </div> <div> </div> <div> Similarly, bankers’ association had also asked the central bank to relax the provision of Credit-Deposit Ratio (CDR) and increase its limitation to 85 percent. But the central bank did not change the provision of CDR from 80 percent. </div> <div> </div> <div> Similarly, Nepal Rastra Bank did not bring any provision to relax real estate lending. </div> <div> </div> <div> NRB says the new monetary policy will help to attain 5.5 per cent economic growth rate as targeted by the government budget for FY 2013-14 and restrict the inflation to 8 per cent in the fiscal year.</div> <div> </div>', 'published' => true, 'created' => '2013-07-21', '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' => 'Nepal Rastra Bank (NRB) has brought out a monetary policy that is specially friendly to strengthening micro-finance and agriculture sectors.', 'sortorder' => '1310', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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According to the Chief Manager of the project, Prakash Awasti, the process for selection of international consultant for the project is in the last phase. “Within two months the evaluation of the tender will be done and construction will begin,” he said. Awasthi informed that the project will be constructed under the engineering, procurement and construction (EPC) model. Middle Bhotekoshi is considered to be one of the major hydel projects of Nepal. </div> <div> </div> <div> Starting from 2013 the project is targeted for completion by 2016. “There will be no problems from the local people for construction,” informed Awasti. Madhya Bhotekoshi Jalbhidyut Company Ltd have already paid Rs 33.2 million to locals for land acquisition. The project has completed construction of the 250 meter long adit tunnel. Constructed under the Q-40 model, the project is expected to cost around Rs 14 billion. It is expected to generate 542.3 million units of electricity annually. </div> <div> </div> <div> Financial management is already completed for the project. Out of the total amount of shares invested, 51 per cent will be from founding members and 49 per cent from public shares. The company has signed a Power Purchased Agreement (PPA) with the Nepal Electricity Authority (NEA) and has submitted its environment impact assessment (EIA) to the government. “We already presented the paper to issue the power generation license,” said Awasti. The project is also planning connect the generated electricity with the national transmission line by bringing it to a substation line in Barhabise.</div> <div> </div>', 'published' => true, 'created' => '2013-08-18', '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 102 MW Middle Bhotekoshi hydropower project in Sindhupalchowk district is all set to start in December.', 'sortorder' => '1496', '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' => '1634', 'article_category_id' => '91', 'title' => 'Microfinance Stretching Arms In Financial Market', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sanjeev Sharma & Yagya Banjade</strong></div> <div> </div> <div> Nepali Microfinance Institutions (MFIs) have been witnessing a sharp inflow of investment in recent months. Since the inception of Nirdhan Utthan Development Bank as the first MFI in the Nepali stock market in 2011, shares of such companies have been following a bullish trend. The continuous rise in the share price of MFIs listed in Nepal Stock Exchange (NEPSE) is seen to be the main causative factor. </div> <div> </div> <div> The attraction of MFIs among investors is being caused due to various reasons. Experts share mixed viewpoints on this. According to some analysts, the below Rs 500 per share price level of a majority of listed microfinance banks is a main driving factor. Others point out to the loose policy announced by Nepal Rastra Bank (NRB) regarding MFIs in the monetary policy for the current fiscal year. </div> <div> </div> <div> “Investing in MFIs is considered secure. Microcredit banks can commence their business with small amounts of capital and have less liability compared to larger financial institutions,’ said Dharmaraj Pandey, CEO of Paschimanchal Gramin Bikas Bank. “Due to this, investment in MFIs carries less risk, giving good returns.” Similarly, the fast-paced growth of the microcredit market and increasing investment of microfinance banks is also fuelling investor’s attraction, according to Pandey. </div> <div> </div> <div> Anjanraj Poudyal, former Chairman of Stock Brokers Association of Nepal (SEBAN) also agreed with Pandey. “The number of MFIs listing in the stock exchange having competent promoters has significantly gone up in recent years which have helped attract more investment in this sector,” Poudyal said. According to Poudyal, investment is coming from individuals as well as institutions. “Some mutual funds are giving high priority to the shares of microfinance banks in their portfolio,” he mentioned. </div> <div> </div> <div> Investors are looking optimistic about their investments in MFIs. “The directive given by NRB to banks and financial institutions for loan expansion to the impoverished people is ascending the demand of MFIs shares in the market, however the equilibrium of such demand and supply is not well balanced,” mentioned an investor in the condition of anonymity. “The earning per share (EPS) of many microfinance banks is better than some commercial banks,” he added. </div> <div> </div> <div> According to official data, 31 microfinance banks, 15 microcredit co-operative and 31 microcredit non-government organisations (NGOs) are actively providing services throughout the country. In regard to this, the number of MFIs in stock exchange is gradually rising. The total number of shares of 11 microfinance banks listed in NEPSE reached 273.638 million towards the end of Shrawan. Out of the listed 11 banks, share transactions of three companies have been held back due to various reasons. </div> <div> </div> <div> <strong><span style="font-size:14px;">‘Different category for MFIs in NEPSE needed’</span></strong></div> <div> Microfinance banks are placed in the development bank section of the NEPSE index. However, with the rising number, voices are being raised to separate microfinance banks from development banks in the share index. “As the listing is constantly rising, separate group is needed for effective management of microcredit banks in the share index,” SEBAN’s former chairman Poudyal said. </div> <div> </div>', 'published' => true, 'created' => '2013-08-18', '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' => 'Nepali Microfinance Institutions (MFIs) have been witnessing a sharp inflow of investment in recent months.', 'sortorder' => '1495', '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' => '1633', 'article_category_id' => '91', 'title' => 'FDI: More Promise, Less Work', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Sagar Ghimire</strong></div> <div> </div> <div> The Nepal government’s policy to allow foreign direct investment to improve Nepal’s economic prospects has Lured foreign investors to come to Nepal to register joint ventures in various sectors, mainly the tourism and service sectors. </div> <div> </div> <div> However, they are yet to release funds to kick-start their projects. Economists and industrialists attribute the government’s apathy and labour unrest behind foreign investors’ reluctance to start their ventures.</div> <div> </div> <div> The number of companies with joint ventures has increased. However, unlike what was anticipated, their investment has not contributed much to boost Nepal’s economy.</div> <div> </div> <div> According to data from the Department of Industries (DoI), 300 joint ventures were registered with DoI by the end of FY 2012-13. </div> <div> </div> <div> The total cost of these 300 projects amounts to Rs 32214.18 million, of which foreign investment has summed up to Rs 19398.14 million.</div> <div> </div> <div> Data shows that investors are most attracted towards the tourism sector followed by the service sector. Among those registered, 87 have been registered for the tourism sector, and 85 for the service sector. Foreign investors have a share of Rs 4525.03 million only in a total investment worth Rs 12417.2 million on 77 manufacturing industries registered at the DoI.</div> <div> </div> <div> Agriculture, Energy, Mineral and Construction are four other sectors among seven that have drawn foreign investment to Nepal in joint ventures. These sectors have promised Rs 852.01 million, Rs 2134 million, Rs 584 million and Rs 100 million, respectively, from foreign investors.</div> <div> </div> <div> The 300 ventures registered at the DoI estimate to create 14, 895 job opportunities. </div> <div> </div> <div> Among these registered projects, Chinese investors own the highest number of ventures among investors from 42 other countries to invest in Nepal. Their total investment amounts Rs 2627.40 million. </div> <div> </div> <div> However, in terms of volume, investors from the British Virgin Islands have the biggest figure of Rs 4497.40 million. This is followed by investment from Hongkong worth Rs 3070 million.</div> <div> </div> <div> However, all of these investors have not started their respective ventures. Dinesh Shrestha, Chairperson of the Industrial Department at Federation of Nepal Chambers of Commerce and Industry (FNCCI), blames the government for not forming a favourable policy towards prompting foreign investors to kick-start their ventures immediately. “They are in a wait-and-watch-mood,” he says, adding that the government should take a lead in inviting them to begin work.</div> <div> </div> <div> “A favourable policy would mean drafting laws and formulating policies like the Foreign Direct Investment Act and the Special Economic Zone Act, among others,” he explains.</div> <div> </div> <div> Asked why foreign investors are not much attracted to the manufacturing sectors, Shrestha argues that the pitiable conditions of manufacturing industries in Nepal might have signaled to them that investment in this sector will not have promising returns.</div> <div> </div> <div> “Our own national factories are on the verge of collapse; how can we expect foreigners come immediately and invest in sectors that have high risk?” he questions. Shrestha, however, claims that foreign investors will start working as soon as the business environment will be in their favour.</div> <div> </div> <div> Prithvi Raj Ligal, former Vice-chairperson of the National Planning Commission, agrees with Shrestha. “Labour unions, lack of foresight in the government, lack of consistent policies and the power crisis are also equally responsible for discouraging foreign investors to come and start their ventures immediately.”</div> <div> </div> <div> <img alt="Foreign Investment Project in nepal" src="/userfiles/images/FDI1.jpg" style="width: 500px; height: 222px; margin-left: 25px; margin-right: 25px;" /></div>', 'published' => true, 'created' => '2013-08-18', '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 Nepal government’s policy to allow foreign direct investment to improve Nepal’s economic prospects has Lured foreign investors to come to Nepal to register joint ventures in various sectors, mainly the tourism and service sectors.', 'sortorder' => '1494', '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' => '1589', 'article_category_id' => '91', 'title' => 'Hydro Meets In The Offing', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> The Independent Power Association of Nepal (IPPAN) and Hydroelectricity Investment and Development Company Limited (HIDCL) will be organising consecutive meetings of the hydro power sector from August 26-29. </div> <div> </div> <div> Hosting the Power Summit 2013 on August 26-27, IPPAN is collaborating with PTC India limited (PTC) and the Nonresident Nepali association (NRNA) to catalyze the hydropower sector in the face of political instability. The power summit will conduct a critical review of where the hydropower sector has reached since 2006, assessing what is lacking and what needs to be in place in order to hasten the pace of the sector. </div> <div> </div> <div> A key point to be raised is the seven-year period of slow growth of the sector which has only been able to generate 180 MW of electricity – 110 MW coming from the private sector and 70 MW from the NEA. Participants of the event include stakeholders from Brazil, China, Czech Republic, France, India, Korea, Nepal, Norway and USA. </div> <div> </div> <div> Meetings on August 28-29 include a hydropower investment meet by HIDCL supported by the Ministry of Energy, the Ministry of Finance, The Investment Board of Nepal (IBN) and the Asian Development Bank (ADB). Major attractions include the participation of international and domestic hydropower developers, investment companies, sovereign wealth funds and utility companies. The programme will focus on a long overdue follow-up by the investor’s forum and a reflection by ADB. </div> <div> </div>', 'published' => true, 'created' => '2013-08-11', '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 Independent Power Association of Nepal (IPPAN) and Hydroelectricity Investment and Development Company Limited (HIDCL) will be organising consecutive meetings of the hydro power sector from August 26-29.', 'sortorder' => '1450', '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' => '1588', 'article_category_id' => '91', 'title' => 'NPR Depreciation Taking Toll On Nepali Economy', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Sanjeev Sharma</strong></div> <div> </div> <div> The sharp devaluation of the Nepali rupee (NPR) is causing various macroeconomic impacts on the Nepali economy. The local currency which maintains an exchange rate peg with the Indian rupee (INR) has depreciated by about 13 per cent between 1st May and 9th August of 2013 against the US dollar. The weakness of INR is caused by India’s slowing economic growth combined with a widening current account deficit (mainly due to rising petroleum and gold imports), decline in exports and the strengthening of the US dollar as economic recovery in the US gathers pace. </div> <div> </div> <div> With the NPR continuously losing strength against the USD, the Nepali economy is facing significant negative impacts. As the USD becomes dearer, Nepal needs to allocate a huge sum of funds for foreign loan repayment. The strengthening USD is pushing interest rates higher and exerting pressure on the central bank to manage a huge foreign currency reserve for loan repayment. This will increase the country’s debt which was 34.1 per cent of the gross domestic product (GDP) in the fiscal year 2011/12. Nepal’s debt to GDP ratio is following a declining trend from the record high of 44 per cent in FY 2007/08.</div> <div> </div> <div> The currency devaluation is also likely to further widen trade deficit with India, the largest trading partner of Nepal. This is due to import payments that are made in USD, which is done by selling INR from Nepal’s forex reserve. Since the INR has plunged to a historic low against the USD, Nepal is forced to sell more INR for import payments. In the 11 months of FY 2012/13, Nepal’s trade deficit with India jumped by 27.4 per cent to Rs 289 billion compared to the 13 per cent growth recorded in FY 2011/12. Since Nepali production is insufficient to fulfill internal demand, the country relies heavily on import. This will be reflected in the increase of the final price of retails goods and services in the domestic market. Petroleum import will also become costlier due to the currency devaluation. The international petroleum price, which is maintained in dollar terms, has gone up in recent months due to the rise of USD.</div> <div> </div> <div> Nepal imports petroleum through the state-owned Indian Oil Corporation (IOC). The price rise in petroleum, retail goods and services will finally lead to an increased inflation rate. </div> <div> </div> <div> Though the impacts are largely negative, currency devaluation has some positive effects like Remittance, Nepal’s major source of foreign currency income is likely to rise by the strengthening of the USD. This will help to maintain the country’s balance of payment (BOP) surplus. According to data published by Nepal Rastra Bank (NRB), the overall BOP recorded a surplus of Rs. 52.69 billion during the 11 months of FY 2012/13 compared to a surplus of Rs. 115.76 billion during the same period of the previous year. Likewise, income from tourism will also increase as foreign visitors can spend more following the dollar appreciation. Similarly, Nepali export earnings, especially from merchandise goods such as handicrafts, garments and carpets may increase as exports will become more competitive with the weakening of domestic currency. However, Nepal may not be able to take advantage of currency depreciation from export earnings due to several reasons. High cost of production due to rising price of imported raw materials, long-standing electricity shortages and labour disputes are seen as factors hindering the country’s export sector. </div> <div> </div>', 'published' => true, 'created' => '2013-08-11', 'modified' => '2013-08-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The sharp devaluation of the Nepali rupee (NPR) is causing various macroeconomic impacts on the Nepali economy.', 'sortorder' => '1449', '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' => '1587', 'article_category_id' => '91', 'title' => 'Govt Indifference Puts Investment Board At Limbo', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Sagar Ghimire</strong></div> <div> </div> <div> Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div> <div> </div> <div> The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div> <div> </div> <div> The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012. </div> <div> </div> <div> It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.</div> <div> </div> <div> Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div> <div> </div> <div> Finance Minister, Forestry Minister and Industry Minister are also the board members for the IB. However, according to a source inside the IB seeking anonymity complained that none of the ministries have been much supportive towards the Board. </div> <div> </div> <div> The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div> <div> </div> <div> Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div> <div> </div> <div> Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.</div> <div> </div> <div> “Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div> <div> </div> <div> The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div> <div> </div> <div> The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div> <div> </div> <div> Likewise, the government is less bothered to own the work of the IB, a source said. “We are in the process of doing the Power Development Agreement for four hydro power projects now. If there was a political government, it could have given impetus to complete these projects,” he argued, “as owning these achievements after bringing the large investors in these projects could mean a lot in terms of political capitalization.”</div> <div> </div> <div> Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div> <div> </div> <div> </div>', 'published' => true, 'created' => '2013-08-11', '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' => 'Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state.', 'sortorder' => '1448', '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' => '1542', 'article_category_id' => '91', 'title' => 'ADEX Launches E-GOLD', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><img alt="ADX E-GOLD" src="/userfiles/images/ADX.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 150px; height: 128px;" /> Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3. The company has introduced the product to Nepali derivative investors for professional investment in gold, stated President and managing director of ADEX, Bijesh Shrestha.</span></div> <div> This will also be a great opportunity for gold investors who want to manage investments with good returns, according to Shrestha. </div> <div> </div> <div> According to the company, an investor can invest a minimum of 10gm of gold to a maximum of 500gm. Similarly, while investing in this product, an investor will have to make a down payment of 50 per cent of the market price for trading. </div> <div> </div> <div> The market price of gold traded will be as per the price quoted by Nepal Gold and Silver Dealers’ Association. The association has been fixing the price of gold once a day every morning 10 a.m. according to the international market rate. </div> <div> </div> <div> According to the company, after investing in ‘e-GOLD’, an investor cannot buy or sell at least for a year. And if an investor wants to trade before the locking period, s/he will have to pay a penalty of 1 per cent. </div> <div> </div> <div> The company is targeting to sell 3kg of gold in the first phase of the launch. The brokerage commission for 10gm to 150gm of gold is 0.80 per cent; 0.65 per cent for 151gm to 300gm and 0.50 per cent for 301gm to 500gm, as stated by company. ADEX had started the practice of future trading since July 2013.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', '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' => 'Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3.', 'sortorder' => '1403', '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' => '1541', 'article_category_id' => '91', 'title' => 'Private Sector Investment In Hydropower Reaches Rs 55 Billion', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> The private sector has increased its investment in the hydro power sector. According to the Independent Power Producers Association, Nepal (IPPAN), the private sector has invested Rs 55 billion in 25 hydro projects till the date since the first private power plant was established in 2000. “With this investment, 300 MW of hydroelectricity will be generated within 4 years,” said President of IPPAN, Dr Subarnadas Shrestha. The investment from the private sector can provide a positive message to the government, persuading an increase in investment from its side too, he added.</div> <div> </div> <div> The promoters of Hewa Khola hydro project are hoping to produce 15 MW of electricity within the current fiscal year. Approximately Rs 2.25 billion is expected to be invested for the completion of the project and Panchthar Power Company Pvt. Ltd. has been officially established for its construction. Twelve banks under the leadership of Sanima Bank will be investing Rs 1.67 billion for the project. </div> <div> </div> <div> Similarly, Robust Energy Pvt Ltd is investing in the Mistri Khola hydro project to produce 42 MW of hydro-electricity. The estimated amount for investment is Rs six billion and it is expected to be completed within the next fiscal year. The lower Modi Khola Hydro project with a capacity of 20 MW is also likely to be completed within the next fiscal year. The estimated cost of the project is Rs 3.60 billion. This project is being financed by 11 private banks under the leadership of Nepal Investment Bank Pvt Ltd. </div> <div> </div> <div> The private sector’s investment in these hydro power projects does not only show their involvement in the energy sector but also their concern for the private sector towards the development of the country.</div> <div> This shows that the private sector can make a significant change in the hydro power sector. Beyond various challenges, the private sector has invested 30 per cent of the total cost as equity and 70 per cent by taking loans from different banks. </div> <div> </div> <div> Hydro power promoters opine that an additional Rs 50 billion can be invested from banks and financial institutions in the hydro power sector in the present context. According to data from Nepal Rastra Bank (NRB), banks and financial institutions have invested around Rs 17 billion till the end of the previous fiscal year. </div> <div> </div> <div> The investment of banks and financial institutions has increased in this sector because of the provision by the regulatory body Nepal Rastra Bank that the banks must have 10 per cent of total investment in agricultural and hydro-power. “This will benefit promoters of private hydro projects also,” spokesperson of NRB, Bhaskarmani Gyanwali said. </div> <div> </div> <div> The private sector has been investing in hydro power projects since B.S. 2052 (1995), has generated 230 MW of electricity till the end of the previous fiscal year and contributes to 30 per cent of the total energy generated in Nepal. </div> <div> </div> <div> The business community argues that though the government ought to support the private sector that has been making a significant change in the development sector, it has been discouraging the private sector instead. “The government should provide VAT discount on materials of civil construction, and devise a new PPA rate. But we are not getting any such support,” said former President of IPPAN, Dr Sandip Shah said.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', '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 private sector has increased its investment in the hydro power sector.', 'sortorder' => '1402', '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' => '1540', 'article_category_id' => '91', 'title' => 'Business Ethics: Challenges In Implementation', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By Sagar Ghimire</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Though over 100 business companies have made a commitment towards the Business Code of Conduct (CoC) which was introduced by the National Business Initiative (NBI) last week in the Capital, implementation of such a self-abiding code will not be an easy task. </span></div> <div> </div> <div> The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Birjung Chamber of Commerce and Industry (BCCI), Hotel Association Nepal (HAN), Nepal Gas Dealers’ Association (NGDA), and Nepal Association of Foreign Employment Agencies (NAFEA) are some of the leading business associations that have endorsed the CoC. A recently conducted survey of Kathmandu-based companies entitled ‘Ethical Business Practice in Nepal’ by NBI has found only 7 per cent of the companies following business ethics, while 41 per cent of the sample were found weak in this. Likewise, 52 per cent of the sample was found to have attempted to implement the CoC and partially following it. </div> <div> </div> <div> Jyoti Baniya, general secretary of Forum for Protection of Consumer Rights, expressed doubt regarding the sincere implementation of the CoC by the business community. “Some tangible differences in behaviour should have been discerned these past few days,” Baniya told The Corporate. “They (business houses) did not even think it necessary to place a framed copy of the CoC on their walls.” He, however, welcomes the initiative of the business community to come up with the CoC.</div> <div> This finding of the survey indicates that the implementation of CoC is fraught with challenges.</div> <div> </div> <div> There are doubts as to whether companies will duly follow the provisions stated in the CoC at a time when there are allegations upon some of them that they are flouting the business laws of the country.Some member companies of the associations that endorsed the CoC have come under the government’s scanner for their unscrupulous deeds.</div> <div> </div> <div> Gas dealers, transport entrepreneurs, gold merchants, are alleged of carteling, syndicates, adulteration, tax evasion and other malpractices. </div> <div> </div> <div> However, Saroj Prasad Pandey, coordinator of the CoC campaign at the NBI, claims that he was very hopeful for its implementation. “The endorsement by over 100 business associations and an overwhelming support from the government, political parties, labour unions, the media and people within a week showed that the CoC can be implemented,” he said. Pandey informed that they will soon form a joint committee comprising representatives from various business sectors to supervise and evaluate the implementation of the CoC. </div> <div> </div> <div> Although bringing the CoC is a positive step towards winning the trust of consumers, consumer right advocates, however, say that its implementation will fully depend on the will-power of business firms and the support from political parties and the government.</div> <div> </div> <div> <hr /> <div> <span style="font-size:14px;"><strong>Some Provisions in the Business CoC</strong></span></div> <div> </div> <div> <strong>Consumer Rights:</strong></div> <div> <span style="font-size: 12px;">-Commitment to consumers rights</span></div> <div> -Products and services to address the security and satisfaction of consumers </div> <div> </div> <div> <strong>Competitive Market:</strong></div> <div> -Advocate for open and market-oriented economy</div> <div> -Believe in healthy, fair competition and will support implementation of related laws</div> <div> </div> <div> <strong>Taxation:</strong></div> <div> -Express commitment for timely payment of taxes</div> <div> -Make accounts transparent</div> <div> </div> <div> <strong>Labour Management:</strong></div> <div> -Respect legitimate demands of labour but no support to acts that harm the business</div> <div> -Believe labour disputes can be sorted through tripartite dialogue between government, labour representatives and business owners</div> <div> </div> <div> <strong>Environment Protection</strong>:</div> <div> -Strive for sustainable business development </div> <div> -Strive for promotion of environment-friendly business</div> <div> </div> <div> <strong>Corruption Control: </strong></div> <div> -Neither support nor oppose political parties; will not give donation, presents, services or facilities to any political party or person for future gain</div> <div> -Will not bribe, gift, donate directly or indirectly for business and financial advantage</div> <div> </div> </div> <p> </p>', 'published' => true, 'created' => '2013-08-04', '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 some endorsees of shady repute, consumer rights advocates doubt implementation of Business Code of Conduct', 'sortorder' => '1401', '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' => '1499', 'article_category_id' => '91', 'title' => 'Nepal-India Trade Fair In December', 'sub_title' => '', 'summary' => null, 'content' => '<div> <div> <strong style="font-size: 12px;">--By TC Correspondent</strong></div> </div> <div> </div> <div> The Birgunj Chamber of Commerce and Industry (BiCCI) and Minds Nepal are going to organize ‘Nepal-India Trade Fair 2013’ on December 1 - 11 in Birgunj. Ashok Kumar Vaidya, President of BiCCi and Madan Lamsal, President of Minds Nepal signed the agreement paper on Saturday, July 27. The fair will be important to boost the industrial market, the tourism sector and business potential in local communities, according to Vaidya. Discussions between national and foreign industrialists about business possibility and challenges will also be carried out in the fair, said Lamsal. Till now, every event has prioritized maximum entertainment; but this fair will focus on skills and business possibilities, he says. The fair is being organized with the expectation to bring skills and technologies from India as India holds a large share of businesses in Nepal, according to Lamsal.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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 Birgunj Chamber of Commerce and Industry (BiCCI) and Minds Nepal are going to organize ‘Nepal-India Trade Fair 2013’ on December 1 - 11 in Birgunj.', 'sortorder' => '1360', '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' => '1498', 'article_category_id' => '91', 'title' => '3rd Money Expo In October', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> The third Money Expo is all set to start at the end of October. Aarthik Abhiyan Daily and Jamb Technologies are jointly going to organize ‘Money Expo 2013’ at Bhrikutimandap in Kathmandu from 31st October to 2nd November. The expo was initiated in 2011 and is billed as the largest finance and investment show in the country, according to organizers. There will be more than 100 stalls from different sectors including banks and financial institutions, stock exchange, commodities exchange, insurance companies and more. </div> <div> </div> <div> The expo will also facilitate discussions on stock markets, investment on infrastructure, collaborative investment, private social mutual understanding, commodities, and micro finance companies. Financial experts, foreign economists, investors, businessmen, members of FNCCI and government regulators will join the discussion. The Money Expo has created a platform for the government to meet its aim of making Nepal a developing country by 2022. Many discussions were carried out to invest remittance money in productive sectors but action is yet to be taken. </div> <div> </div> <div> The private sector is also demanding for project-focused investment. There is a demand for a lose policy on infrastructural development, industrial development, and to attract foreign investment in business and financial markets.</div>', 'published' => true, 'created' => '2013-07-29', '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 third Money Expo is all set to start at the end of October.', 'sortorder' => '1359', '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' => '1497', 'article_category_id' => '91', 'title' => 'Additional 46 MW From The Private Sector', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;"> --By TC Correspondent</span></strong></div> <div> </div> <div> Private power producers will add 46 MW to the national grid in the fiscal year 2070/71. According to Dr Subarna Das Shrestha, President of Independent Power Producers Association Nepal (IPPAN), the additional power connected to the national grid last year from the private sector was 41.3 MW.</div> <div> </div> <div> The private sector contributed a total of 230 MW of electricity to the national grid till June of the previous fiscal year. The beginning of the present fiscal year saw a generation of 8.4 MW by the Ankhukhola Hydro Project. Officials at the project say that the plant will begin commercial production next week onwards. </div> <div> </div> <div> Dr Sandip Shah, Former President of IPPAN said that the private sector can produce more hydroelectricity if the government offers a discount on VAT on construction materials used for hydropower projects. “Though the council of ministers has decided to provide Rs 10 million VAT discount per MW, it has not been implemented as the Ministry for Energy has not approved it as yet,” he said.</div> <div> </div> <div> Sher Singh Bhat, Director of Marketing Sector, Nepal Electricity Authority said that after the completion of 70 MW Mid-Marshyangdi hydropower project five years ago, no other hydro projects have been completed from the government.</div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Private power producers will add 46 MW to the national grid in the fiscal year 2070/71.', 'sortorder' => '1358', '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' => '1496', 'article_category_id' => '91', 'title' => 'Budget Deficit Figure Shows Economy In The Red', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">The budget deficit figure has put the country’s economy in the red with the overall deficit figure crossing five percent of Gross Domestic Product (GDP), according to the preliminary estimation of Nepal Rastra Bank (NRB).</span></div> <div> </div> <div> The estimated budget deficit for the current fiscal year 2013-14 is at Rs 87.70 billion which is equal to 5.15 percent of GDP. </div> <div> </div> <div> The budget deficit of FY 2000-01 was at 5.9 percent which declined to 1.5 percent in FY 2001-02. The country’s economic situation is considered bad if the budget deficit goes above 5 percent.</div> <div> </div> <div> Previously in the FY 2008-09, the budget deficit was 5.04 per cent of GDP. </div> <div> </div> <div> Experts opine that the rise in budget deficit will hamper the effort to achieve targeted 5.5 percent economic growth and fuel inflation. </div> <div> </div> <div> <img alt="Budget Deficit Figure" src="/userfiles/images/1(1).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 200px;" />According to economist Prof Dr Bishwambher Pyakuryal, increasing devaluation of local currency and unstable political situation have been constantly hampering the productivity of the country which has fuelled the budget deficit. </div> <div> </div> <div> The deficit will increase further as there is no good prospect of employment opportunities and rise in industrial productivity, he added. Prof Dr Madan Kumar Dahal also holds similar opinions. The increasing fiscal deficit is difficult to manage for Nepal’s economy which is based on external loans, he said. </div> <div> </div> <div> Nepal Rastra bank has reduced Cash Reserve Ratio (CRR) but not increased the Credit-Deposit Ratio (CD Ratio) which might ultimately slacken an investment environment, said Dr Dahal who is also the Chairman of Mega Bank Ltd.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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 budget deficit figure has put the country’s economy in the red with the overall deficit figure crossing five percent of Gross Domestic Product (GDP), according to the preliminary estimation of Nepal Rastra Bank (NRB).', 'sortorder' => '1357', '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' => '1494', 'article_category_id' => '91', 'title' => 'KUSOM, Shanker Dev, Ace Ranked As Lead B-Schools', 'sub_title' => '', 'summary' => null, 'content' => '<p> </p> <p> <strong style="font-size: 12px;">--By TC Correspondent</strong></p> <div> <div> </div> <div> After two months long detailed study conducted by the New Business Team and the jury process held recently, the Kathmandu University School of Management emerges as the top Business School of Nepal in the Everest Bank National B-Schools Rating Ranking & Awards, with Shanker Dev Campus coming second and Ace School of Management coming third.</div> <div> </div> <div> The study focused on a multi-parameter evaluation of the 40 plus B-Schools participating in the process from all across Nepal. It combined perceptive study by a panel of jury members comprising HR Managers of corporate houses, senior academic and administrative veterans, along with perception analysis of current and past students and empirical data of performance given by the B-Schools themselves on several criteria. </div> <div> </div> <div> Based on these data given by the participating 40+ B-Schools and the perceptions of a few current and past students, the jury evaluated the participating schools on a total score of 140. The B-Schools which score above 100 were ranked as per their score to occupy the first nine positions which have 14 B-Schools in total. </div> <div> </div> <div> It is interesting to note that the specific sector of travel, tourism and hotel management colleges, the veteran government sector college NATHM (Nepal Academy of Tourism & Hotel Management) comes first, followed very closely by the younger private sector institute, International School of Tourism. Among the younger below ten years life-span institutes, King’s College of Kathmandu stood as the winner.</div> <div> </div> <div> Among the B-Schools outside the valley, Presidency College of Management of Chitwan comes first, while Crimson and Tilottama Colleges in the Western Region follow closely being the joint Western Region winners. Purvanchal University Management Deptt is the winner from the Eastern Region. There was no participation from the Mid-West and Far-Western Regions of Nepal.</div> <div> </div> <div> With regards to distant and online mode of education, International Centre for Academics providing IGNOU courses in Kathmandu emerges the winner.</div> <div> </div> <div> The jury consisted of Prof Dr Parasar Koirala, former Dean of Tribhuvan University Faculty of Management, the former Education Secretary of Nepal Dipendra Bikram Thapa, HR Manager of Javra Software Manoj Giri, HR Manager of Everest Bank Limited Kumar Joshi, HR Manager of the Amravati Group Madhu Paudel, and the Managing Director Real Solutions and Merojob.com, Shailendra Raj Giri.</div> <div> </div> <div> The panel of guests comprised of some distinguished faces of Nepal. Secretary, Ministry of Urban Development Kishore Thapa, Managing Director, Deurali-Janta Pharmaceuticals,Vice President CNI Hari Bhakta Sharma, CEO Teletalk Sanjay Agarwal, CEO, Everest Bank Ltd. A K Ahluwalia, Chairman, DGM Everest Bank H P Kulkarni, Lomus Group of Companies,VP, FNCCI Pradeep Jung Pandey, Chairman, Panchakanya Group Pradeep K Shrestha, Chairman, IME Group Chandra Dhakal were some of the major guests present. The event was remarked as “pathbreaking” by Kishore Thapa, “essential” by Pradeep Jung Pandey, “auspicious” by Hari Bhakta Sharma and “historical” by Pradeep Shrestha.</div> <div> </div> <div> The project has been headed by the Senior Consultant of NBA, Prof Ujjwal K Chowdhury, the former Dean of Pune-based Symbiosis International University, who has past experience of rating and ranking of business and media schools of India. “It has been a learning experience knowing some 40 plus B-Schools of this country, and understanding their best practices, evaluation and placements processes, etc.”, he noted. </div> <div> </div> <div> “A business media like New Business Age and Arthik Abhiyan is expected to contribute to the process of evolution of business education in the society by recognizing the best, setting standards for the same, and encouraging newer entrants as well in the domain,” noted Madan Lamsal, Chairman, New Business Age. <span style="font-size: 12px;">While Everest Bank has been the title and naming sponsor of the path-breaking event, Colors Mobile and Prime CA training institute are the associate sponsors, Himalayan TV the satellite partner and Headlines & Music FM the Radio Partner.</span></div> </div> <p> </p>', 'published' => true, 'created' => '2013-07-25', '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' => 'After two months long detailed study conducted by the New Business Team and the jury process held recently, the Kathmandu University School of Management emerges as the top Business School of Nepal in the Everest Bank National B-Schools Rating Ranking & Awards, with Shanker Dev Campus coming second and Ace School of Management coming third.', 'sortorder' => '1355', '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' => '1449', 'article_category_id' => '91', 'title' => 'Microfinance And Agro Friendly Monetary Policy', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--BY Siromani Dhungana</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Nepal Rastra Bank (NRB) has brought out a monetary policy that is specially friendly to strengthening micro-finance and agriculture sectors.</span></div> <div> </div> <div> In the policy announced on Sunday, NRB has cut the Cash Reserve Ratio (CRR) by one percent. With the introduction of new monetary policy, the category ‘A’ financial institution has to maintain CRR at 5 per cent, while category ‘B’ and category ‘C’ institutions have to maintain it at 4.5 per cent and 4 per cent, respectively.</div> <div> </div> <div> Likewise, the policy has fixed the Statutory Liquidity Ratio (SLR) of 12 percent, 9 percent and 8 percent for category A, B and C financial institutions, respectively which is one per cent decrease compared to the previous provision. </div> <div> </div> <div> The central bank has also reduced the refinancing rate for agriculture, hydro-power and others productive sectors to 5 per cent from earlier 6 percent. </div> <div> </div> <div> The central bank failed to address demands put forth by the Nepal Bankers’ Association (NBA). It has provisioned that the commercial bank has to have a total of 20 percent of outstanding loans in ‘productive’ sector including at least 12 percent in agriculture and energy sector by end the of May 15, 2015. The association has demanded to relax the provision saying the compulsory provision can create unnecessary pressure to the banks. </div> <div> </div> <div> Similarly, bankers’ association had also asked the central bank to relax the provision of Credit-Deposit Ratio (CDR) and increase its limitation to 85 percent. But the central bank did not change the provision of CDR from 80 percent. </div> <div> </div> <div> Similarly, Nepal Rastra Bank did not bring any provision to relax real estate lending. </div> <div> </div> <div> NRB says the new monetary policy will help to attain 5.5 per cent economic growth rate as targeted by the government budget for FY 2013-14 and restrict the inflation to 8 per cent in the fiscal year.</div> <div> </div>', 'published' => true, 'created' => '2013-07-21', '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' => 'Nepal Rastra Bank (NRB) has brought out a monetary policy that is specially friendly to strengthening micro-finance and agriculture sectors.', 'sortorder' => '1310', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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According to the Chief Manager of the project, Prakash Awasti, the process for selection of international consultant for the project is in the last phase. “Within two months the evaluation of the tender will be done and construction will begin,” he said. Awasthi informed that the project will be constructed under the engineering, procurement and construction (EPC) model. Middle Bhotekoshi is considered to be one of the major hydel projects of Nepal. </div> <div> </div> <div> Starting from 2013 the project is targeted for completion by 2016. “There will be no problems from the local people for construction,” informed Awasti. Madhya Bhotekoshi Jalbhidyut Company Ltd have already paid Rs 33.2 million to locals for land acquisition. The project has completed construction of the 250 meter long adit tunnel. Constructed under the Q-40 model, the project is expected to cost around Rs 14 billion. It is expected to generate 542.3 million units of electricity annually. </div> <div> </div> <div> Financial management is already completed for the project. Out of the total amount of shares invested, 51 per cent will be from founding members and 49 per cent from public shares. The company has signed a Power Purchased Agreement (PPA) with the Nepal Electricity Authority (NEA) and has submitted its environment impact assessment (EIA) to the government. “We already presented the paper to issue the power generation license,” said Awasti. The project is also planning connect the generated electricity with the national transmission line by bringing it to a substation line in Barhabise.</div> <div> </div>', 'published' => true, 'created' => '2013-08-18', '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 102 MW Middle Bhotekoshi hydropower project in Sindhupalchowk district is all set to start in December.', 'sortorder' => '1496', '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' => '1634', 'article_category_id' => '91', 'title' => 'Microfinance Stretching Arms In Financial Market', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sanjeev Sharma & Yagya Banjade</strong></div> <div> </div> <div> Nepali Microfinance Institutions (MFIs) have been witnessing a sharp inflow of investment in recent months. Since the inception of Nirdhan Utthan Development Bank as the first MFI in the Nepali stock market in 2011, shares of such companies have been following a bullish trend. The continuous rise in the share price of MFIs listed in Nepal Stock Exchange (NEPSE) is seen to be the main causative factor. </div> <div> </div> <div> The attraction of MFIs among investors is being caused due to various reasons. Experts share mixed viewpoints on this. According to some analysts, the below Rs 500 per share price level of a majority of listed microfinance banks is a main driving factor. Others point out to the loose policy announced by Nepal Rastra Bank (NRB) regarding MFIs in the monetary policy for the current fiscal year. </div> <div> </div> <div> “Investing in MFIs is considered secure. Microcredit banks can commence their business with small amounts of capital and have less liability compared to larger financial institutions,’ said Dharmaraj Pandey, CEO of Paschimanchal Gramin Bikas Bank. “Due to this, investment in MFIs carries less risk, giving good returns.” Similarly, the fast-paced growth of the microcredit market and increasing investment of microfinance banks is also fuelling investor’s attraction, according to Pandey. </div> <div> </div> <div> Anjanraj Poudyal, former Chairman of Stock Brokers Association of Nepal (SEBAN) also agreed with Pandey. “The number of MFIs listing in the stock exchange having competent promoters has significantly gone up in recent years which have helped attract more investment in this sector,” Poudyal said. According to Poudyal, investment is coming from individuals as well as institutions. “Some mutual funds are giving high priority to the shares of microfinance banks in their portfolio,” he mentioned. </div> <div> </div> <div> Investors are looking optimistic about their investments in MFIs. “The directive given by NRB to banks and financial institutions for loan expansion to the impoverished people is ascending the demand of MFIs shares in the market, however the equilibrium of such demand and supply is not well balanced,” mentioned an investor in the condition of anonymity. “The earning per share (EPS) of many microfinance banks is better than some commercial banks,” he added. </div> <div> </div> <div> According to official data, 31 microfinance banks, 15 microcredit co-operative and 31 microcredit non-government organisations (NGOs) are actively providing services throughout the country. In regard to this, the number of MFIs in stock exchange is gradually rising. The total number of shares of 11 microfinance banks listed in NEPSE reached 273.638 million towards the end of Shrawan. Out of the listed 11 banks, share transactions of three companies have been held back due to various reasons. </div> <div> </div> <div> <strong><span style="font-size:14px;">‘Different category for MFIs in NEPSE needed’</span></strong></div> <div> Microfinance banks are placed in the development bank section of the NEPSE index. However, with the rising number, voices are being raised to separate microfinance banks from development banks in the share index. “As the listing is constantly rising, separate group is needed for effective management of microcredit banks in the share index,” SEBAN’s former chairman Poudyal said. </div> <div> </div>', 'published' => true, 'created' => '2013-08-18', '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' => 'Nepali Microfinance Institutions (MFIs) have been witnessing a sharp inflow of investment in recent months.', 'sortorder' => '1495', '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' => '1633', 'article_category_id' => '91', 'title' => 'FDI: More Promise, Less Work', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Sagar Ghimire</strong></div> <div> </div> <div> The Nepal government’s policy to allow foreign direct investment to improve Nepal’s economic prospects has Lured foreign investors to come to Nepal to register joint ventures in various sectors, mainly the tourism and service sectors. </div> <div> </div> <div> However, they are yet to release funds to kick-start their projects. Economists and industrialists attribute the government’s apathy and labour unrest behind foreign investors’ reluctance to start their ventures.</div> <div> </div> <div> The number of companies with joint ventures has increased. However, unlike what was anticipated, their investment has not contributed much to boost Nepal’s economy.</div> <div> </div> <div> According to data from the Department of Industries (DoI), 300 joint ventures were registered with DoI by the end of FY 2012-13. </div> <div> </div> <div> The total cost of these 300 projects amounts to Rs 32214.18 million, of which foreign investment has summed up to Rs 19398.14 million.</div> <div> </div> <div> Data shows that investors are most attracted towards the tourism sector followed by the service sector. Among those registered, 87 have been registered for the tourism sector, and 85 for the service sector. Foreign investors have a share of Rs 4525.03 million only in a total investment worth Rs 12417.2 million on 77 manufacturing industries registered at the DoI.</div> <div> </div> <div> Agriculture, Energy, Mineral and Construction are four other sectors among seven that have drawn foreign investment to Nepal in joint ventures. These sectors have promised Rs 852.01 million, Rs 2134 million, Rs 584 million and Rs 100 million, respectively, from foreign investors.</div> <div> </div> <div> The 300 ventures registered at the DoI estimate to create 14, 895 job opportunities. </div> <div> </div> <div> Among these registered projects, Chinese investors own the highest number of ventures among investors from 42 other countries to invest in Nepal. Their total investment amounts Rs 2627.40 million. </div> <div> </div> <div> However, in terms of volume, investors from the British Virgin Islands have the biggest figure of Rs 4497.40 million. This is followed by investment from Hongkong worth Rs 3070 million.</div> <div> </div> <div> However, all of these investors have not started their respective ventures. Dinesh Shrestha, Chairperson of the Industrial Department at Federation of Nepal Chambers of Commerce and Industry (FNCCI), blames the government for not forming a favourable policy towards prompting foreign investors to kick-start their ventures immediately. “They are in a wait-and-watch-mood,” he says, adding that the government should take a lead in inviting them to begin work.</div> <div> </div> <div> “A favourable policy would mean drafting laws and formulating policies like the Foreign Direct Investment Act and the Special Economic Zone Act, among others,” he explains.</div> <div> </div> <div> Asked why foreign investors are not much attracted to the manufacturing sectors, Shrestha argues that the pitiable conditions of manufacturing industries in Nepal might have signaled to them that investment in this sector will not have promising returns.</div> <div> </div> <div> “Our own national factories are on the verge of collapse; how can we expect foreigners come immediately and invest in sectors that have high risk?” he questions. Shrestha, however, claims that foreign investors will start working as soon as the business environment will be in their favour.</div> <div> </div> <div> Prithvi Raj Ligal, former Vice-chairperson of the National Planning Commission, agrees with Shrestha. “Labour unions, lack of foresight in the government, lack of consistent policies and the power crisis are also equally responsible for discouraging foreign investors to come and start their ventures immediately.”</div> <div> </div> <div> <img alt="Foreign Investment Project in nepal" src="/userfiles/images/FDI1.jpg" style="width: 500px; height: 222px; margin-left: 25px; margin-right: 25px;" /></div>', 'published' => true, 'created' => '2013-08-18', '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 Nepal government’s policy to allow foreign direct investment to improve Nepal’s economic prospects has Lured foreign investors to come to Nepal to register joint ventures in various sectors, mainly the tourism and service sectors.', 'sortorder' => '1494', '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' => '1589', 'article_category_id' => '91', 'title' => 'Hydro Meets In The Offing', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> The Independent Power Association of Nepal (IPPAN) and Hydroelectricity Investment and Development Company Limited (HIDCL) will be organising consecutive meetings of the hydro power sector from August 26-29. </div> <div> </div> <div> Hosting the Power Summit 2013 on August 26-27, IPPAN is collaborating with PTC India limited (PTC) and the Nonresident Nepali association (NRNA) to catalyze the hydropower sector in the face of political instability. The power summit will conduct a critical review of where the hydropower sector has reached since 2006, assessing what is lacking and what needs to be in place in order to hasten the pace of the sector. </div> <div> </div> <div> A key point to be raised is the seven-year period of slow growth of the sector which has only been able to generate 180 MW of electricity – 110 MW coming from the private sector and 70 MW from the NEA. Participants of the event include stakeholders from Brazil, China, Czech Republic, France, India, Korea, Nepal, Norway and USA. </div> <div> </div> <div> Meetings on August 28-29 include a hydropower investment meet by HIDCL supported by the Ministry of Energy, the Ministry of Finance, The Investment Board of Nepal (IBN) and the Asian Development Bank (ADB). Major attractions include the participation of international and domestic hydropower developers, investment companies, sovereign wealth funds and utility companies. The programme will focus on a long overdue follow-up by the investor’s forum and a reflection by ADB. </div> <div> </div>', 'published' => true, 'created' => '2013-08-11', '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 Independent Power Association of Nepal (IPPAN) and Hydroelectricity Investment and Development Company Limited (HIDCL) will be organising consecutive meetings of the hydro power sector from August 26-29.', 'sortorder' => '1450', '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' => '1588', 'article_category_id' => '91', 'title' => 'NPR Depreciation Taking Toll On Nepali Economy', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Sanjeev Sharma</strong></div> <div> </div> <div> The sharp devaluation of the Nepali rupee (NPR) is causing various macroeconomic impacts on the Nepali economy. The local currency which maintains an exchange rate peg with the Indian rupee (INR) has depreciated by about 13 per cent between 1st May and 9th August of 2013 against the US dollar. The weakness of INR is caused by India’s slowing economic growth combined with a widening current account deficit (mainly due to rising petroleum and gold imports), decline in exports and the strengthening of the US dollar as economic recovery in the US gathers pace. </div> <div> </div> <div> With the NPR continuously losing strength against the USD, the Nepali economy is facing significant negative impacts. As the USD becomes dearer, Nepal needs to allocate a huge sum of funds for foreign loan repayment. The strengthening USD is pushing interest rates higher and exerting pressure on the central bank to manage a huge foreign currency reserve for loan repayment. This will increase the country’s debt which was 34.1 per cent of the gross domestic product (GDP) in the fiscal year 2011/12. Nepal’s debt to GDP ratio is following a declining trend from the record high of 44 per cent in FY 2007/08.</div> <div> </div> <div> The currency devaluation is also likely to further widen trade deficit with India, the largest trading partner of Nepal. This is due to import payments that are made in USD, which is done by selling INR from Nepal’s forex reserve. Since the INR has plunged to a historic low against the USD, Nepal is forced to sell more INR for import payments. In the 11 months of FY 2012/13, Nepal’s trade deficit with India jumped by 27.4 per cent to Rs 289 billion compared to the 13 per cent growth recorded in FY 2011/12. Since Nepali production is insufficient to fulfill internal demand, the country relies heavily on import. This will be reflected in the increase of the final price of retails goods and services in the domestic market. Petroleum import will also become costlier due to the currency devaluation. The international petroleum price, which is maintained in dollar terms, has gone up in recent months due to the rise of USD.</div> <div> </div> <div> Nepal imports petroleum through the state-owned Indian Oil Corporation (IOC). The price rise in petroleum, retail goods and services will finally lead to an increased inflation rate. </div> <div> </div> <div> Though the impacts are largely negative, currency devaluation has some positive effects like Remittance, Nepal’s major source of foreign currency income is likely to rise by the strengthening of the USD. This will help to maintain the country’s balance of payment (BOP) surplus. According to data published by Nepal Rastra Bank (NRB), the overall BOP recorded a surplus of Rs. 52.69 billion during the 11 months of FY 2012/13 compared to a surplus of Rs. 115.76 billion during the same period of the previous year. Likewise, income from tourism will also increase as foreign visitors can spend more following the dollar appreciation. Similarly, Nepali export earnings, especially from merchandise goods such as handicrafts, garments and carpets may increase as exports will become more competitive with the weakening of domestic currency. However, Nepal may not be able to take advantage of currency depreciation from export earnings due to several reasons. High cost of production due to rising price of imported raw materials, long-standing electricity shortages and labour disputes are seen as factors hindering the country’s export sector. </div> <div> </div>', 'published' => true, 'created' => '2013-08-11', 'modified' => '2013-08-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'The sharp devaluation of the Nepali rupee (NPR) is causing various macroeconomic impacts on the Nepali economy.', 'sortorder' => '1449', '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' => '1587', 'article_category_id' => '91', 'title' => 'Govt Indifference Puts Investment Board At Limbo', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By Sagar Ghimire</strong></div> <div> </div> <div> Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div> <div> </div> <div> The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div> <div> </div> <div> The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012. </div> <div> </div> <div> It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.</div> <div> </div> <div> Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div> <div> </div> <div> Finance Minister, Forestry Minister and Industry Minister are also the board members for the IB. However, according to a source inside the IB seeking anonymity complained that none of the ministries have been much supportive towards the Board. </div> <div> </div> <div> The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div> <div> </div> <div> Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div> <div> </div> <div> Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.</div> <div> </div> <div> “Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div> <div> </div> <div> The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div> <div> </div> <div> The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div> <div> </div> <div> Likewise, the government is less bothered to own the work of the IB, a source said. “We are in the process of doing the Power Development Agreement for four hydro power projects now. If there was a political government, it could have given impetus to complete these projects,” he argued, “as owning these achievements after bringing the large investors in these projects could mean a lot in terms of political capitalization.”</div> <div> </div> <div> Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div> <div> </div> <div> </div>', 'published' => true, 'created' => '2013-08-11', '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' => 'Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state.', 'sortorder' => '1448', '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' => '1542', 'article_category_id' => '91', 'title' => 'ADEX Launches E-GOLD', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><img alt="ADX E-GOLD" src="/userfiles/images/ADX.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 150px; height: 128px;" /> Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3. The company has introduced the product to Nepali derivative investors for professional investment in gold, stated President and managing director of ADEX, Bijesh Shrestha.</span></div> <div> This will also be a great opportunity for gold investors who want to manage investments with good returns, according to Shrestha. </div> <div> </div> <div> According to the company, an investor can invest a minimum of 10gm of gold to a maximum of 500gm. Similarly, while investing in this product, an investor will have to make a down payment of 50 per cent of the market price for trading. </div> <div> </div> <div> The market price of gold traded will be as per the price quoted by Nepal Gold and Silver Dealers’ Association. The association has been fixing the price of gold once a day every morning 10 a.m. according to the international market rate. </div> <div> </div> <div> According to the company, after investing in ‘e-GOLD’, an investor cannot buy or sell at least for a year. And if an investor wants to trade before the locking period, s/he will have to pay a penalty of 1 per cent. </div> <div> </div> <div> The company is targeting to sell 3kg of gold in the first phase of the launch. The brokerage commission for 10gm to 150gm of gold is 0.80 per cent; 0.65 per cent for 151gm to 300gm and 0.50 per cent for 301gm to 500gm, as stated by company. ADEX had started the practice of future trading since July 2013.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', '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' => 'Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3.', 'sortorder' => '1403', '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' => '1541', 'article_category_id' => '91', 'title' => 'Private Sector Investment In Hydropower Reaches Rs 55 Billion', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> The private sector has increased its investment in the hydro power sector. According to the Independent Power Producers Association, Nepal (IPPAN), the private sector has invested Rs 55 billion in 25 hydro projects till the date since the first private power plant was established in 2000. “With this investment, 300 MW of hydroelectricity will be generated within 4 years,” said President of IPPAN, Dr Subarnadas Shrestha. The investment from the private sector can provide a positive message to the government, persuading an increase in investment from its side too, he added.</div> <div> </div> <div> The promoters of Hewa Khola hydro project are hoping to produce 15 MW of electricity within the current fiscal year. Approximately Rs 2.25 billion is expected to be invested for the completion of the project and Panchthar Power Company Pvt. Ltd. has been officially established for its construction. Twelve banks under the leadership of Sanima Bank will be investing Rs 1.67 billion for the project. </div> <div> </div> <div> Similarly, Robust Energy Pvt Ltd is investing in the Mistri Khola hydro project to produce 42 MW of hydro-electricity. The estimated amount for investment is Rs six billion and it is expected to be completed within the next fiscal year. The lower Modi Khola Hydro project with a capacity of 20 MW is also likely to be completed within the next fiscal year. The estimated cost of the project is Rs 3.60 billion. This project is being financed by 11 private banks under the leadership of Nepal Investment Bank Pvt Ltd. </div> <div> </div> <div> The private sector’s investment in these hydro power projects does not only show their involvement in the energy sector but also their concern for the private sector towards the development of the country.</div> <div> This shows that the private sector can make a significant change in the hydro power sector. Beyond various challenges, the private sector has invested 30 per cent of the total cost as equity and 70 per cent by taking loans from different banks. </div> <div> </div> <div> Hydro power promoters opine that an additional Rs 50 billion can be invested from banks and financial institutions in the hydro power sector in the present context. According to data from Nepal Rastra Bank (NRB), banks and financial institutions have invested around Rs 17 billion till the end of the previous fiscal year. </div> <div> </div> <div> The investment of banks and financial institutions has increased in this sector because of the provision by the regulatory body Nepal Rastra Bank that the banks must have 10 per cent of total investment in agricultural and hydro-power. “This will benefit promoters of private hydro projects also,” spokesperson of NRB, Bhaskarmani Gyanwali said. </div> <div> </div> <div> The private sector has been investing in hydro power projects since B.S. 2052 (1995), has generated 230 MW of electricity till the end of the previous fiscal year and contributes to 30 per cent of the total energy generated in Nepal. </div> <div> </div> <div> The business community argues that though the government ought to support the private sector that has been making a significant change in the development sector, it has been discouraging the private sector instead. “The government should provide VAT discount on materials of civil construction, and devise a new PPA rate. But we are not getting any such support,” said former President of IPPAN, Dr Sandip Shah said.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', '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 private sector has increased its investment in the hydro power sector.', 'sortorder' => '1402', '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' => '1540', 'article_category_id' => '91', 'title' => 'Business Ethics: Challenges In Implementation', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By Sagar Ghimire</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Though over 100 business companies have made a commitment towards the Business Code of Conduct (CoC) which was introduced by the National Business Initiative (NBI) last week in the Capital, implementation of such a self-abiding code will not be an easy task. </span></div> <div> </div> <div> The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Birjung Chamber of Commerce and Industry (BCCI), Hotel Association Nepal (HAN), Nepal Gas Dealers’ Association (NGDA), and Nepal Association of Foreign Employment Agencies (NAFEA) are some of the leading business associations that have endorsed the CoC. A recently conducted survey of Kathmandu-based companies entitled ‘Ethical Business Practice in Nepal’ by NBI has found only 7 per cent of the companies following business ethics, while 41 per cent of the sample were found weak in this. Likewise, 52 per cent of the sample was found to have attempted to implement the CoC and partially following it. </div> <div> </div> <div> Jyoti Baniya, general secretary of Forum for Protection of Consumer Rights, expressed doubt regarding the sincere implementation of the CoC by the business community. “Some tangible differences in behaviour should have been discerned these past few days,” Baniya told The Corporate. “They (business houses) did not even think it necessary to place a framed copy of the CoC on their walls.” He, however, welcomes the initiative of the business community to come up with the CoC.</div> <div> This finding of the survey indicates that the implementation of CoC is fraught with challenges.</div> <div> </div> <div> There are doubts as to whether companies will duly follow the provisions stated in the CoC at a time when there are allegations upon some of them that they are flouting the business laws of the country.Some member companies of the associations that endorsed the CoC have come under the government’s scanner for their unscrupulous deeds.</div> <div> </div> <div> Gas dealers, transport entrepreneurs, gold merchants, are alleged of carteling, syndicates, adulteration, tax evasion and other malpractices. </div> <div> </div> <div> However, Saroj Prasad Pandey, coordinator of the CoC campaign at the NBI, claims that he was very hopeful for its implementation. “The endorsement by over 100 business associations and an overwhelming support from the government, political parties, labour unions, the media and people within a week showed that the CoC can be implemented,” he said. Pandey informed that they will soon form a joint committee comprising representatives from various business sectors to supervise and evaluate the implementation of the CoC. </div> <div> </div> <div> Although bringing the CoC is a positive step towards winning the trust of consumers, consumer right advocates, however, say that its implementation will fully depend on the will-power of business firms and the support from political parties and the government.</div> <div> </div> <div> <hr /> <div> <span style="font-size:14px;"><strong>Some Provisions in the Business CoC</strong></span></div> <div> </div> <div> <strong>Consumer Rights:</strong></div> <div> <span style="font-size: 12px;">-Commitment to consumers rights</span></div> <div> -Products and services to address the security and satisfaction of consumers </div> <div> </div> <div> <strong>Competitive Market:</strong></div> <div> -Advocate for open and market-oriented economy</div> <div> -Believe in healthy, fair competition and will support implementation of related laws</div> <div> </div> <div> <strong>Taxation:</strong></div> <div> -Express commitment for timely payment of taxes</div> <div> -Make accounts transparent</div> <div> </div> <div> <strong>Labour Management:</strong></div> <div> -Respect legitimate demands of labour but no support to acts that harm the business</div> <div> -Believe labour disputes can be sorted through tripartite dialogue between government, labour representatives and business owners</div> <div> </div> <div> <strong>Environment Protection</strong>:</div> <div> -Strive for sustainable business development </div> <div> -Strive for promotion of environment-friendly business</div> <div> </div> <div> <strong>Corruption Control: </strong></div> <div> -Neither support nor oppose political parties; will not give donation, presents, services or facilities to any political party or person for future gain</div> <div> -Will not bribe, gift, donate directly or indirectly for business and financial advantage</div> <div> </div> </div> <p> </p>', 'published' => true, 'created' => '2013-08-04', '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 some endorsees of shady repute, consumer rights advocates doubt implementation of Business Code of Conduct', 'sortorder' => '1401', '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' => '1499', 'article_category_id' => '91', 'title' => 'Nepal-India Trade Fair In December', 'sub_title' => '', 'summary' => null, 'content' => '<div> <div> <strong style="font-size: 12px;">--By TC Correspondent</strong></div> </div> <div> </div> <div> The Birgunj Chamber of Commerce and Industry (BiCCI) and Minds Nepal are going to organize ‘Nepal-India Trade Fair 2013’ on December 1 - 11 in Birgunj. Ashok Kumar Vaidya, President of BiCCi and Madan Lamsal, President of Minds Nepal signed the agreement paper on Saturday, July 27. The fair will be important to boost the industrial market, the tourism sector and business potential in local communities, according to Vaidya. Discussions between national and foreign industrialists about business possibility and challenges will also be carried out in the fair, said Lamsal. Till now, every event has prioritized maximum entertainment; but this fair will focus on skills and business possibilities, he says. The fair is being organized with the expectation to bring skills and technologies from India as India holds a large share of businesses in Nepal, according to Lamsal.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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 Birgunj Chamber of Commerce and Industry (BiCCI) and Minds Nepal are going to organize ‘Nepal-India Trade Fair 2013’ on December 1 - 11 in Birgunj.', 'sortorder' => '1360', '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' => '1498', 'article_category_id' => '91', 'title' => '3rd Money Expo In October', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> The third Money Expo is all set to start at the end of October. Aarthik Abhiyan Daily and Jamb Technologies are jointly going to organize ‘Money Expo 2013’ at Bhrikutimandap in Kathmandu from 31st October to 2nd November. The expo was initiated in 2011 and is billed as the largest finance and investment show in the country, according to organizers. There will be more than 100 stalls from different sectors including banks and financial institutions, stock exchange, commodities exchange, insurance companies and more. </div> <div> </div> <div> The expo will also facilitate discussions on stock markets, investment on infrastructure, collaborative investment, private social mutual understanding, commodities, and micro finance companies. Financial experts, foreign economists, investors, businessmen, members of FNCCI and government regulators will join the discussion. The Money Expo has created a platform for the government to meet its aim of making Nepal a developing country by 2022. Many discussions were carried out to invest remittance money in productive sectors but action is yet to be taken. </div> <div> </div> <div> The private sector is also demanding for project-focused investment. There is a demand for a lose policy on infrastructural development, industrial development, and to attract foreign investment in business and financial markets.</div>', 'published' => true, 'created' => '2013-07-29', '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 third Money Expo is all set to start at the end of October.', 'sortorder' => '1359', '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' => '1497', 'article_category_id' => '91', 'title' => 'Additional 46 MW From The Private Sector', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;"> --By TC Correspondent</span></strong></div> <div> </div> <div> Private power producers will add 46 MW to the national grid in the fiscal year 2070/71. According to Dr Subarna Das Shrestha, President of Independent Power Producers Association Nepal (IPPAN), the additional power connected to the national grid last year from the private sector was 41.3 MW.</div> <div> </div> <div> The private sector contributed a total of 230 MW of electricity to the national grid till June of the previous fiscal year. The beginning of the present fiscal year saw a generation of 8.4 MW by the Ankhukhola Hydro Project. Officials at the project say that the plant will begin commercial production next week onwards. </div> <div> </div> <div> Dr Sandip Shah, Former President of IPPAN said that the private sector can produce more hydroelectricity if the government offers a discount on VAT on construction materials used for hydropower projects. “Though the council of ministers has decided to provide Rs 10 million VAT discount per MW, it has not been implemented as the Ministry for Energy has not approved it as yet,” he said.</div> <div> </div> <div> Sher Singh Bhat, Director of Marketing Sector, Nepal Electricity Authority said that after the completion of 70 MW Mid-Marshyangdi hydropower project five years ago, no other hydro projects have been completed from the government.</div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Private power producers will add 46 MW to the national grid in the fiscal year 2070/71.', 'sortorder' => '1358', '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' => '1496', 'article_category_id' => '91', 'title' => 'Budget Deficit Figure Shows Economy In The Red', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">The budget deficit figure has put the country’s economy in the red with the overall deficit figure crossing five percent of Gross Domestic Product (GDP), according to the preliminary estimation of Nepal Rastra Bank (NRB).</span></div> <div> </div> <div> The estimated budget deficit for the current fiscal year 2013-14 is at Rs 87.70 billion which is equal to 5.15 percent of GDP. </div> <div> </div> <div> The budget deficit of FY 2000-01 was at 5.9 percent which declined to 1.5 percent in FY 2001-02. The country’s economic situation is considered bad if the budget deficit goes above 5 percent.</div> <div> </div> <div> Previously in the FY 2008-09, the budget deficit was 5.04 per cent of GDP. </div> <div> </div> <div> Experts opine that the rise in budget deficit will hamper the effort to achieve targeted 5.5 percent economic growth and fuel inflation. </div> <div> </div> <div> <img alt="Budget Deficit Figure" src="/userfiles/images/1(1).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 200px;" />According to economist Prof Dr Bishwambher Pyakuryal, increasing devaluation of local currency and unstable political situation have been constantly hampering the productivity of the country which has fuelled the budget deficit. </div> <div> </div> <div> The deficit will increase further as there is no good prospect of employment opportunities and rise in industrial productivity, he added. Prof Dr Madan Kumar Dahal also holds similar opinions. The increasing fiscal deficit is difficult to manage for Nepal’s economy which is based on external loans, he said. </div> <div> </div> <div> Nepal Rastra bank has reduced Cash Reserve Ratio (CRR) but not increased the Credit-Deposit Ratio (CD Ratio) which might ultimately slacken an investment environment, said Dr Dahal who is also the Chairman of Mega Bank Ltd.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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 budget deficit figure has put the country’s economy in the red with the overall deficit figure crossing five percent of Gross Domestic Product (GDP), according to the preliminary estimation of Nepal Rastra Bank (NRB).', 'sortorder' => '1357', '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' => '1494', 'article_category_id' => '91', 'title' => 'KUSOM, Shanker Dev, Ace Ranked As Lead B-Schools', 'sub_title' => '', 'summary' => null, 'content' => '<p> </p> <p> <strong style="font-size: 12px;">--By TC Correspondent</strong></p> <div> <div> </div> <div> After two months long detailed study conducted by the New Business Team and the jury process held recently, the Kathmandu University School of Management emerges as the top Business School of Nepal in the Everest Bank National B-Schools Rating Ranking & Awards, with Shanker Dev Campus coming second and Ace School of Management coming third.</div> <div> </div> <div> The study focused on a multi-parameter evaluation of the 40 plus B-Schools participating in the process from all across Nepal. It combined perceptive study by a panel of jury members comprising HR Managers of corporate houses, senior academic and administrative veterans, along with perception analysis of current and past students and empirical data of performance given by the B-Schools themselves on several criteria. </div> <div> </div> <div> Based on these data given by the participating 40+ B-Schools and the perceptions of a few current and past students, the jury evaluated the participating schools on a total score of 140. The B-Schools which score above 100 were ranked as per their score to occupy the first nine positions which have 14 B-Schools in total. </div> <div> </div> <div> It is interesting to note that the specific sector of travel, tourism and hotel management colleges, the veteran government sector college NATHM (Nepal Academy of Tourism & Hotel Management) comes first, followed very closely by the younger private sector institute, International School of Tourism. Among the younger below ten years life-span institutes, King’s College of Kathmandu stood as the winner.</div> <div> </div> <div> Among the B-Schools outside the valley, Presidency College of Management of Chitwan comes first, while Crimson and Tilottama Colleges in the Western Region follow closely being the joint Western Region winners. Purvanchal University Management Deptt is the winner from the Eastern Region. There was no participation from the Mid-West and Far-Western Regions of Nepal.</div> <div> </div> <div> With regards to distant and online mode of education, International Centre for Academics providing IGNOU courses in Kathmandu emerges the winner.</div> <div> </div> <div> The jury consisted of Prof Dr Parasar Koirala, former Dean of Tribhuvan University Faculty of Management, the former Education Secretary of Nepal Dipendra Bikram Thapa, HR Manager of Javra Software Manoj Giri, HR Manager of Everest Bank Limited Kumar Joshi, HR Manager of the Amravati Group Madhu Paudel, and the Managing Director Real Solutions and Merojob.com, Shailendra Raj Giri.</div> <div> </div> <div> The panel of guests comprised of some distinguished faces of Nepal. Secretary, Ministry of Urban Development Kishore Thapa, Managing Director, Deurali-Janta Pharmaceuticals,Vice President CNI Hari Bhakta Sharma, CEO Teletalk Sanjay Agarwal, CEO, Everest Bank Ltd. A K Ahluwalia, Chairman, DGM Everest Bank H P Kulkarni, Lomus Group of Companies,VP, FNCCI Pradeep Jung Pandey, Chairman, Panchakanya Group Pradeep K Shrestha, Chairman, IME Group Chandra Dhakal were some of the major guests present. The event was remarked as “pathbreaking” by Kishore Thapa, “essential” by Pradeep Jung Pandey, “auspicious” by Hari Bhakta Sharma and “historical” by Pradeep Shrestha.</div> <div> </div> <div> The project has been headed by the Senior Consultant of NBA, Prof Ujjwal K Chowdhury, the former Dean of Pune-based Symbiosis International University, who has past experience of rating and ranking of business and media schools of India. “It has been a learning experience knowing some 40 plus B-Schools of this country, and understanding their best practices, evaluation and placements processes, etc.”, he noted. </div> <div> </div> <div> “A business media like New Business Age and Arthik Abhiyan is expected to contribute to the process of evolution of business education in the society by recognizing the best, setting standards for the same, and encouraging newer entrants as well in the domain,” noted Madan Lamsal, Chairman, New Business Age. <span style="font-size: 12px;">While Everest Bank has been the title and naming sponsor of the path-breaking event, Colors Mobile and Prime CA training institute are the associate sponsors, Himalayan TV the satellite partner and Headlines & Music FM the Radio Partner.</span></div> </div> <p> </p>', 'published' => true, 'created' => '2013-07-25', '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' => 'After two months long detailed study conducted by the New Business Team and the jury process held recently, the Kathmandu University School of Management emerges as the top Business School of Nepal in the Everest Bank National B-Schools Rating Ranking & Awards, with Shanker Dev Campus coming second and Ace School of Management coming third.', 'sortorder' => '1355', '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' => '1449', 'article_category_id' => '91', 'title' => 'Microfinance And Agro Friendly Monetary Policy', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--BY Siromani Dhungana</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Nepal Rastra Bank (NRB) has brought out a monetary policy that is specially friendly to strengthening micro-finance and agriculture sectors.</span></div> <div> </div> <div> In the policy announced on Sunday, NRB has cut the Cash Reserve Ratio (CRR) by one percent. With the introduction of new monetary policy, the category ‘A’ financial institution has to maintain CRR at 5 per cent, while category ‘B’ and category ‘C’ institutions have to maintain it at 4.5 per cent and 4 per cent, respectively.</div> <div> </div> <div> Likewise, the policy has fixed the Statutory Liquidity Ratio (SLR) of 12 percent, 9 percent and 8 percent for category A, B and C financial institutions, respectively which is one per cent decrease compared to the previous provision. </div> <div> </div> <div> The central bank has also reduced the refinancing rate for agriculture, hydro-power and others productive sectors to 5 per cent from earlier 6 percent. </div> <div> </div> <div> The central bank failed to address demands put forth by the Nepal Bankers’ Association (NBA). It has provisioned that the commercial bank has to have a total of 20 percent of outstanding loans in ‘productive’ sector including at least 12 percent in agriculture and energy sector by end the of May 15, 2015. The association has demanded to relax the provision saying the compulsory provision can create unnecessary pressure to the banks. </div> <div> </div> <div> Similarly, bankers’ association had also asked the central bank to relax the provision of Credit-Deposit Ratio (CDR) and increase its limitation to 85 percent. But the central bank did not change the provision of CDR from 80 percent. </div> <div> </div> <div> Similarly, Nepal Rastra Bank did not bring any provision to relax real estate lending. </div> <div> </div> <div> NRB says the new monetary policy will help to attain 5.5 per cent economic growth rate as targeted by the government budget for FY 2013-14 and restrict the inflation to 8 per cent in the fiscal year.</div> <div> </div>', 'published' => true, 'created' => '2013-07-21', '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' => 'Nepal Rastra Bank (NRB) has brought out a monetary policy that is specially friendly to strengthening micro-finance and agriculture sectors.', 'sortorder' => '1310', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
