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			'title' => 'About 511billion Budget For FY 2013-14',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Ministry of Finance has prepared a government budget of about Rs 511 billion for FY 2013-1. The ordinances related to budget proposals had reached the President Office for approval when this matter was sent to the press. It was to be announced after getting the Presidential approval.</div>
<div>
	&nbsp;</div>
<div>
	The budget being announced today has no major new programme. However, it is regarded as better than that of several previous years as it is a &lsquo;full budget&rsquo; while in the previous years there were truncated budgets. The last full-fledged budget was announced on FY 2011-12. The budget for 2013-14 has mainly focused on the so called &lsquo;national pride projects&rsquo; and poverty alleviation programmes.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The 2013-14 budget has also made provisions for the up-coming constitutional assembly elections. So, a huge portion of budget is being allocated for the security and increment of salary of the government employees. The size of the budget has increased due to the demand of increment of salary of government employees, stated a source.</div>
<div>
	&nbsp;</div>
<div>
	Similarly, the budget is also focused on energy, infrastructure development, agriculture and trade promotion.</div>
<div>
	&nbsp;</div>',
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			'description' => 'Ministry of Finance has prepared a government budget of about Rs 511 billion for FY 2013-1.',
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			'id' => '1400',
			'article_category_id' => '91',
			'title' => 'Govt Fails To Keep Economy On Track',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div>
<div>
	&nbsp;</div>
<div>
	&nbsp;The failure of the government to meet targeted economic growth rate paved a way for its setback. The Economic Survey 2012 made public by Finance Ministry this week shows that the government&rsquo;s target of achieving 5.5 per cent economic growth in 2012-13 slipped by nearly 2 percent age points limiting at 3.6 per cent.</div>
<div>
	&nbsp;</div>
<div>
	In the first 11 months of current fiscal year, the national economy suffered from near double-digit inflation and ballooning trade deficit along with the low economic growth, the survey said. National economy has expanded to Rs 1,701 billion and per capita income of Nepalis edged up to Rs 62,797 from the Rs 58,274 recorded last year.</div>
<div>
	&nbsp;</div>
<div>
	However, per capita income in dollar terms reduced to US $721 from US$742 of last year. The government also failed to contain inflation at 7.5 per cent as predicted. Imbalance in supplies due to an almost double-digit decline in key farm products jacked up inflation to 8.2 per cent by mid-June this year, according to the survey.</div>
<div>
	&nbsp;</div>
<div>
	Skyrocketing trade deficit, which touched Rs 438.67 billion during the first 11 months of the current fiscal year, according to Nepal Rastra Bank data, has been identified as another challenge in the economy. Revenue mobilization however reached Rs 280 billion as of July 10 this year, which is close to the target of Rs 289 billion.</div>
<div>
	&nbsp;</div>
<div>
	The government also failed to expedite capital expenditure in the fiscal year 2012-13. Though the government announced a budget of Rs 404.82 billion for the current fiscal year, only Rs 317 billion was spent by July 10, according to the survey. The amount excludes expenditure in 15 districts where the Treasury Single Account (TSA) system has not been implemented so far.</div>
<div>
	&nbsp;</div>
<div>
	However, the balance of payments surplus of Rs 52.69 billion, a 21.3 percent rise in remittance inflow to touch Rs 388.46 billion and record high foreign exchange reserves worth Rs 511.69 billion at the end of the current fiscal year have brought cheer among officials.</div>
<div>
	The Economic Survey also shows that the share of consumption in the Gross Domestic Product (GDP) increased to 90.7 percent this year from 87.3 percent recorded last year.</div>
<div>
	&nbsp;</div>
<div>
	During the first eight months of the current fiscal year, the government added 1,987 km transmission lines, 128 km black-topped roads, 169 km gravel roads and 194 km earth roads despite the low spending capacity of the government due to late announcement of a full budget.</div>
<div>
	&nbsp;</div>
<div>
	<strong>&nbsp;Whopping Trade Deficit</strong></div>
<div>
	&nbsp;</div>
<div>
	Nepal racked up more than Rs 441.33 billion in trade deficits in the first 11 months of current fiscal year, according to the Current Macroeconomic Situation of Nepal (Based on Eleven Months&rsquo; Data of 2012-13) released by Nepal Rastra Bank (NRB).</div>
<div>
	&nbsp;</div>
<div>
	In the first 11 months of fiscal year 2012-13, merchandise imports surged by 21.2 percent to Rs 508.60 billion. Such imports had risen by 16.8 percent to Rs. 419.57 billion during the corresponding period of the previous year. Total imports surged in the review period due mainly to the rapid increase in imports from India.</div>
<div>
	However, exports had increased by only 6.3 percent to Rs 67.21 billion during the same period of the previous year. The growth of total export remained low in the review period due to the slowdown in exports to both India and other countries, according to the report of NRB.</div>
<div>
	&nbsp;</div>
<div>
	<img alt="Overall Economic Indicators of FY 2012-13" src="/userfiles/images/overall.jpg" style="width: 500px; height: 267px; margin: 10px 25px;" /></div>
<div>
	&nbsp;</div>',
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			'description' => 'The failure of the government to meet targeted economic growth rate paved a way for its setback.',
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			'id' => '1325',
			'article_category_id' => '91',
			'title' => 'A Target 6% Growth Rate',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">-- By TC Correspondent</span></strong></p>
<p>
	<span style="font-size: 12px;">The meeting of the National Development Council (NDC) held on July 5-6 in Kathmandu concluded by fixing the target of 6% annual growth rate during the 13th development plan period (2070-73). The two day meeting was attended by experts, leaders of political parties and top bureaucrats. The approach paper to the three-year plan approved by the meeting aims to upgrade Nepal to the status of Developing Country by 2022 from the existing Least Developed Country (LDC). To attain the 6% growth rate, the plan focuses on agricultural growth rate of 4.5% per annum while the target is 6.7% growth rate per annum in non-agricultural sector. These growth rates are expected to trigger employment growth rate of 3.2% per annum, reducing population living below the poverty line to 18%. Effective mobilization of public, private and cooperative sector is the major strategy to achieve the set targets.</span></p>
<p>
	Development of physical infrastructure, expansion of social services, enhancement of good governance in public and other sectors and inclusive and sustainable development are the other priorities. Similarly, development of hydropower and energy sectors, commercialization and diversification of agricultural sector, enhancement of farm productivity and increased access to basic education and health services, drinking water and sanitation are also among the programmes incorporated in the approach paper. The plan has also emphasized on the development of road, other physical infrastructure, tourism, industrial and trade sectors, along with conservation of natural resources and environment. The meeting also discussed about the hurdles in the aim to achieve the targeted development. Political crisis, energy crisis and lack of manpower are identified as the major potential challenges for industrial development.</p>
<p>
	The paper has formulated plans to spend a total Rs 1.62 trillion till 2015/16. Of this, Rs 960.69 billion will be spent to cover recurrent expenses, while Rs 277.94 billion is allocated for capital spending.</p>
<p>
	These expenses, according to the plan, would be met through estimated revenue collection of Rs 1.13 trillion in the three-year period, while the rest would be raised through domestic debt and grants and loans from development partners.</p>
<div>
	 </div>',
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			'description' => 'The meeting of the National Development Council (NDC) held on July 5-6 in Kathmandu concluded by fixing the target of 6% annual growth rate during the 13th development plan period (2070-73).',
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		'Article' => array(
			'id' => '1324',
			'article_category_id' => '91',
			'title' => 'Politics As Main Business Challenge',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>--By Upashana Neupane</strong></p>
<p>
	<span style="font-size: 12px;">Political instability has posed as the major critical challenge for Nepali economy, according to the Second Business Confidence Survey report released by Federation of Nepalese Chambers of Commerce and Industry (FNCCI).&nbsp;</span></p>
<p>
	The survey has also pointed out energy crisis and poor governance as the second and third critical challenges. Similarly, the survey stated that the corruption and frequent strikes are also hitting the economy hard.&nbsp;</p>
<p>
	There is a silver lining &nbsp;around this cloud too. Despite the challenge factors, the survey has revealed that the Nepali private sector felt more confident over the last six months. The survey measured the confidence &nbsp;of business people to have increased by nearly 10 points to 49.5, up from 39.7 six months earlier.&nbsp;</p>
<p>
	<span style="font-size: 12px;">Increased foreign trade, more convenience in securing &nbsp;loan and declining cost of production are the factors boosting the confidence of business people, the report said.</span></p>
<p>
	<span style="font-size: 12px;">The survey has showed that both confidence about &nbsp;the present (CSI) and optimism about the future (EI) have increased among the business community.&nbsp;</span></p>
<p>
	The survey has found that the Business &nbsp;Confidence Index (BCI) in the agricultural sector is the highest among the sectors of economy. However, the BCI of manufacturing is the lowest.</p>
<p>
	<span style="font-size: 12px;">The report, which incorporated responses from 420 business people from all districts, identified ten factors, including weak governance and energy crisis, as having affected business confidence in the country.</span></p>
<p>
	FNCCI had conducted the survey during March-May period and collected a total of 420 responses from all over the country covering all sizes of enterprises of agriculture, manufacturing and service sector.</p>
<div>
	<img alt="" height="491" hspace="25" src="https://lh4.googleusercontent.com/-EAtUzsaAaQE/Udpn04nSzxI/AAAAAAAAA6c/hnVgRTIps2U/s512/Summary%20Table%20of%20BCI%20copy.jpg" width="500" /></div>',
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			'description' => 'Political instability has posed as the major critical challenge for Nepali economy, according to the Second Business Confidence Survey report released by Federation of Nepalese Chambers of Commerce and Industry (FNCCI).',
			'sortorder' => '1186',
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	(int) 4 => array(
		'Article' => array(
			'id' => '1222',
			'article_category_id' => '91',
			'title' => 'NIC Asia Bank – Making History',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></p>
<p>
	<span style="font-size: 12px;">&nbsp;Nepal Industrial and Commercial (NIC) Bank and Bank of Asia Nepal (BoAN) completed their merger process and commenced joint operation as NIC Asia Bank from Sunday (June 30).&nbsp;</span></p>
<p>
	On the occasion, Nepal Rastra Bank Governor congratulated the newly merged NIC Asia Bank Ltd for becoming one of the top five bank of the country as per its size of capital, branch expansion&nbsp;<span style="font-size: 12px;">and the like. He added that more responsibilities have been added to the newly merged bank. The main objective of the merger of banks is to increase their competitiveness, he further opined.</span></p>
<p>
	He also asked to increase the investment of banks’ credit on manufacturing sector which will be beneficial for the financial stability of banks for long term.&nbsp;</p>
<p>
	This is the first ever merger between two commercial banks in the country’s banking history. After this, the number of commercial banks comes down to 31. Speaking at the same programme, Sashin Joshi, the CEO of NIC Asia Bank Limited asked for reduction of the corporate tax rate to 20 percent from existing 30 percent for next five years for merged banks to encourage further consolidation in the banking industry.&nbsp;</p>
<p>
	In the merger process, 13 branches of the banks at same locations have been amalgamated. Nine branches from outside Kathmandu Valley and four within the valley are thus amalgamated. Similarly, BoAN registered office and NIC Bank corporate office are converted into branch offices. The corporate office of the merged ‘NIC Asia Bank Limited’ is located at Trade Tower, Thapathali, Kathmandu. Similarly, the newly merged bank is also planning to open new branches in other areas within the next year to make up for the number of branches reduced by this amalgamation.&nbsp;</p>
<p>
	The two banks currently have 65 branches, 36 of NIC and 29 of BoAN. The bank has a total of 644 employees and CEO Sachin Joshi said “nobody will be laid off”.&nbsp;</p>
<p>
	The merged entity has a paid-up capital of Rs 2.31 billion, however, its reserves will make the actual capital size exactly double of the figure. Its deposit size is Rs 39 billion and credit Rs 33 billion, making it the fifth largest commercial bank of the country.&nbsp;</p>
<p>
	After the merger, the existing shareholders of BoAN will get additional shares of newly merged NIC Asia Bank on a 2:1 ratio.</p>
<div>
	<img alt="NIC ASIA BANK" height="143" hspace="25" src="https://lh3.googleusercontent.com/-Rxe1DCI1ix8/UdE5L5pyZWI/AAAAAAAAAk0/eCOmwKXapwU/s568/NIC%20Asia.jpg" width="500" /></div>',
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			'description' => 'Nepal Industrial and Commercial (NIC) Bank and Bank of Asia Nepal (BoAN) completed their merger process and commenced joint operation as NIC Asia Bank from Sunday (June 30).',
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		'Article' => array(
			'id' => '1221',
			'article_category_id' => '91',
			'title' => 'DJPL On Expansion Mood',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:11px;"><strong><img alt="DJPL" height="333" hspace="25" src="https://lh3.googleusercontent.com/-Q0uldUmuEZM/UdE1nUhoH6I/AAAAAAAAAkY/gWuBFsWBZdA/s360/djpl.jpg" width="500" /><br />
	</strong></span></p>
<p>
	<span style="font-size:11px;"><strong>--By TC Correspondent</strong></span></p>
<p>
	<span style="font-size: 12px;">Deurali Janta Pharmaceuticals Pvt Ltd (DJPL) has launched new division called Nirog to manufacture pain-relief, anti-inflammatory, analgesic and musculoskeletal drugs whose demand has been soaring in the local market in recent years.</span></p>
<p>
	Executive Director Hari Bhakta &nbsp; Sharma said, “This is basically a primary care division of DJPL to produce a ranges of medicines that boost immunity and that are necessary in trauma cases.”&nbsp;</p>
<p>
	&nbsp;Nirog is the fifth division of DJPL, a company with World Health Organization-Good Manufacturing Practice (WHO-GNP).</p>
<p>
	Its other four operating units are DJPL1, DJPL2, Suswasthya and Aarogyam that are currently producing 220 types of drugs holding five per cent share of the domestic market.&nbsp;</p>
<p>
	Sharma said that the new division will help reduce the import of foreign medicines for primary care. With the introduction of new division, DJPL’s total investment has reached Rs 870 million. The company employs a total of 350 persons of which 85 are highly skilled, 55 skilled and 60 technical.&nbsp;</p>
<p>
	The Nepali pharmaceutical companies totaling 45 in number meet less than 40 percent of the country’s demand for medicines. Sharma said that Nepal imports drugs manufactured by 258 foreign pharmaceuticals companies worth Rs 16.6 billion at present and DJPL wants the country to become self-reliant in the medicines. DJPL also provides its products for the research purpose to the foreign universities and media institutions.&nbsp;</p>
<p>
	According to Sharma, DJPL now plants to set up a production plant for manufacturing herbal products and start extensive research on utilizing agro products in medicine industry. It also aims at exporting medicines to at least five international markets within 10 years, Sharma said, adding that the company is also planning to establish a separate division for veterinary medicine.</p>
<p>
	<img alt="DJPL's Divison at a Glance" height="102" hspace="25" src="https://lh4.googleusercontent.com/-dF9OnwkQR44/UdE1m0y3hqI/AAAAAAAAAkU/dXuN3pHzcDs/s912/DJPL%27s%20Divison.jpg" width="500" /></p>
<p>
	 </p>
<p>
	 </p>',
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		'Article' => array(
			'id' => '1220',
			'article_category_id' => '91',
			'title' => 'Budget 2013-14: Demands And Dreams',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">--By Suraksha Adhikari</span></strong></p>
<p>
	&nbsp;Though various sectors have piled their recommendations at the Finance Ministry for the upcoming budget, the ministry sources say those last minute proposals are not going to be considered.&nbsp;</p>
<p>
	The Ministry has received dozens of demands to address through budget, said spokesperson at the Finance Ministry Janma Jaya Regmi. “But we are trying mainly to make the new budget free of political ideology and concentrate on development of various sectors.”&nbsp;</p>
<p>
	He added that the government should follow the budget formulation &nbsp;process and many stakeholders are yet to accept this fact.</p>
<p>
	Sagar Acharya, Deputy Spokesperson of National Planning Commission (NPC) too says that the year’s budget wouldn’t be making drastic changes in the existing policies. It would only give continuation to the existing development projects and fulfill the commitment to the donor agencies, he said.&nbsp;</p>
<p>
	“The main priority of new budget is to hold the election. Similarly, the budget will be concentrating on projects of national pride that include energy, infrastructure development, tourism, commercialization of agriculture and good governance,” said MoF spokesperson Regmi.&nbsp;</p>
<p>
	“The ceiling of upcoming budget is expected to be Rs 506 billion but there has already been demand of around Rs 768 billion from various sectors,” informed Sagar Acharya.</p>
<p>
	Though there is the possibility of slightly revising the budget keeping in view the requirements of various sectors and regions, there won’t be much change in the total budget, he added. Acharya explained, “We are organizing a meeting on July 5-6 with National Development Council which has to submit a three years plan related to budget and expenses to the government. Depending on the feedback of the meeting, the final draft would be put forward only after which the budget writing process will start.”&nbsp;</p>
<p>
	Various organizations such as Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), multilateral/ bilateral donors and others have already asked the government to address their concerns through budget.&nbsp;</p>
<p>
	Regmi said, “Various donor agencies including World Bank, ADB, DFID, and JICA have assured their commitments which have already reached up to Rs 27 billion and it is still increasing.” The amount provided by donor agencies would be invested in the sectors of high priority rather than scattering it across various sectors.”</p>
<p>
	<strong>&nbsp;FNCCI Budget Recommendations</strong></p>
<p>
	• Dedicated industrial grid for power supply.</p>
<p>
	• Increasing price of hydro power produced by private sector.</p>
<p>
	• VAT exemption on all the primary agricultural products.</p>
<p>
	• Provide subsidy also to the private sector for importing chemical fertilizers.</p>
<p>
	• Integrated Act related to Land Acquisition.</p>
<p>
	• Involvement of private sector in supply and distribution of petroleum products.</p>
<p>
	• Tax exemption to personal income of up to Rs 300,000 and family income of up to Rs 350,000 with only 5 per cent income tax on additional Rs 300,000.</p>
<p>
	• Income tax exemption for 5- 10 years to primary sector and secondary sector.</p>
<p>
	FNCCI has also suggested that new budget should be proposed on the last of Falgun, discussed and approved in Chaitra and implemented from Baisakh 1st.</p>
<p>
	<strong>CNI Budget Recommendations&nbsp;</strong></p>
<p>
	• To set “Vision 2080” with aim to increase per-capita income of Nepali to US dollar 3000.&nbsp;</p>
<p>
	• To provide 25 per cent subsidy on the Gross Fixed Assets to the people of backward regions for establishing industries.&nbsp;</p>
<p>
	• Granting Rs 20 million per megawatt as lump sum subsidy to the hydro projects.&nbsp;</p>
<p>
	• Providing 25 per cent exemption on income tax to the industries that employ more than 100 persons.&nbsp;</p>
<p>
	• Introducing or reforming Labour Act, Special Economic Zone Act, Foreign Investment and Technology Transfer Act (FITTA), Anti Dumping and Countervailing Act etc.&nbsp;</p>
<p>
	• Agricultural tools and machinery should be tax free.&nbsp;</p>
<p>
	• Reducing the custom duty on machinery and equipment imported by Nepali construction entrepreneurs.&nbsp;</p>
<p>
	• Removing VAT threshold.&nbsp;</p>
<p>
	• Establish Nepal as country with lowest income tax.</p>
<div>
	 </div>',
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			'id' => '1167',
			'article_category_id' => '91',
			'title' => 'HSS Rating-Ranking Awards On June 19',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By TC Correspondent</strong></p>
<p>
	New Business Age group, which is the leading business media of Nepal, with Nepali daily Arthik Abhiyaan, English monthly New Business Age, and English news-weekly The Corporate, is going to announce the most comprehensive rating-ranking-awards for the best performing Higher Secondary (Plus 2) Schools of Nepal. The Everest Bank sponsored awards are backed by co-sponsors like Hero Motobike, CAI, Prime CA and media partners like Himalaya TV, Headlines &amp; Music FM radio.</p>
<p>
	The awards ceremony will be on June 19, Wednesday, at Hotel Himalaya, and the ranking is based on voluntary disclosure of various data by interested leading HS schools of Nepal on multiple parameters and also the HS Council results of the schools in the last two years (2068 and 2069).</p>
<p>
	Detailed reports, rankings, profiles of leading schools and interviews of the Principals etc shall be first published in Arthik Abhiyan on Friday, June 21, and further detailed in education supplement of Arthik Abhiyan on Wednesday, June 26. Also, the forthcoming The Corporate edition next week will have two pages summary of the entire rating-ranking-awards and their parameters and winners. Further, the New Business Age edition of July 2013 will carry a detailed 10 pages report on the same. The Himalaya TV will also telecast one hour special program on this initiative starting this Friday, July 21, repeated for three days. Same will be done by Headlines &amp; Music FM radio for three days after results are announced.</p>
<p>
	The various parameters considered are HS academic results of two years (20 points), infra-structure with 10 points (campus, rooms, labs, etc), co-curricular activities, ECA, sports and social work together 20 points, faculty numbers and qualification, library and teaching tools etc together 20 points, preparation for and success in higher professional courses after HS with 10 points, and various other smaller parameters together being 20 points (like, integrating parents in the system, collaborations at national and international levels, etc).</p>
<p>
	The entire project is led by Prof Ujjwal K Chowdhury, former Dean of Symbiosis International University, Pune, India, and the Jury includes eminent persons like senior educationists Dr Dinesh Chapagain, Dr Bijay KC, younger educationists like Narottam Aryal, Roshee Lamichchane, eminent bankers like PK Mahapatra (CEO, Everest Bank), Sujit Mundul (Director, Standard Chartered), corporate professionals like Suman Sakya, Chang Agarwal, Sajita Joshi.</p>
<p>
	The initiative is designed to contribute to the understanding and practice of holistic multi-dimensional school education at plus 2 level, and not just focus on academic results of HS exams, and it also balances the inputs of the education system with the output in various forms of marks, awards, social work, higher professional admission, etc.<br />
	<br />
	 </p>',
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			'id' => '1152',
			'article_category_id' => '91',
			'title' => 'Expert Indicates Insufficient Aid For Trade In SAARC Region',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Sujan Dhungana/Suraksha Adhikari<br />
	</strong><br />
	Aid for Trade (AFT) amount received by the South Asia for financing regional projects is grossly insufficient to meet the requirement of the region, according to South Asia Watch on Trade, Economics and Environment (Sawtee). Unlike the global trend, where economic infrastructure constitutes the major component of AFT (56 percent on an average between 2006-2010), regional funding in South Asia focuses predominantly on building productive capacity and trade development, according to economist Ratnakar Adhikari, who is also chief executive director at Sawtee.<br />
	<br />
	What South Asia has received so far in the form of regional funding between 2005 to 2010, i.e., US$ 111 million in disbursement is a paltry 2 percent of the requirement of a single country Bangladesh of the region for which investment requirement for enhanced connectivity has been calculated at US$ <br />
	5.2 billion, he added. <br />
	<br />
	Unless and until a “regional champion” emerges and regional organisation such as SAARC is convinced of the need to pursue the idea and funding can be substantially scaled up the regional AFT in South Asia will remain a chimera, he claimed. South Asia is the least integrated region in the world in terms of trade, investment, connectivity and a host of other indicators, according to him. <br />
	<br />
	The blamed the reluctant of national governments to own regional projects for taking necessary initiatives in AFT. He said that the donor agencies together with regional banks and organisations should explore the merits of establishing a Regional Aid-for-Trade Committee to improve the existing AFT situation. <br />
	<br />
	<br />
	<strong>AFT and Nepal<br />
	</strong><br />
	The overall amount channeled to Aid for Trade in Nepal is even worse, Adhikari claimed. It has been found that the investment under infrastructure categories is also disbursed as AFT amount, he said, adding that the country cannot calculate the actual AFT amount in such circumstances. “The government should dare to take concrete measures for trade facilitation which ultimately will have impact on overall economy,” he reiterated.<br />
	<br />
	<br />
	<br />
	<strong>Aid for Trade<br />
	</strong><br />
	Aid for Trade is a broad concept inspired by Doha Round of World Trade Organisation that includes financing for various areas related to improving countries’ capacity to trade. It is assistance to support developing countries’ efforts to expand their trade as a tool to help growth and reduce poverty.<br />
	<br />
	<br />
	 </p>',
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			'title' => 'NPR Hardest Hit In South Asia By Dollar Strengthening',
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			'summary' => null,
			'content' => '<p>
	<strong>&nbsp;By Sanjeev/Rashesh/Yagya</strong><br />
	<br />
	While almost every currency in the world is losing its price against the US Dollar, last week the Nepali Rupee was hit the hardest among all South Asian counterparts. The exchange rate between Nepali Rupee and US Dollar hit record high on Wednesday (June 12). The reference exchange rate set for that day by Nepal Rastra Bank was Rs 93.19 (for buying) and Rs 95.99 (for selling) per dollar. This is the highest after eight months. However, the banks can fix their own rate based on central bank’s reference rate. <br />
	The strengthening of USD has caused mixed reactions in South Asian Forex markets (see table and charts). Sri Lanka’s rupee fell on Thursday as foreign investors booked forwards to hedge their exposure, amid a trend of foreign outflows in other Asian peers in the wake of rise in U.S. Treasury yields. Maldivian Rufiyaa is seen relatively stable than other SAARC nation currencies as the country’s earnings from the tourism sector looked robust. Bhutanese Ngultrum which is pegged with Indian Rupee followed the path of Indian currency though the country’s economy seemed fairly strong in near and medium terms. <br />
	<br />
	Meanwhile, Bangladeshi Taka maintained stable rate against the USD as earnings from the country’s garment exports increased further. Afghanistan’s currency Afghani is also seen as best performer as the country’s forex reserve increased due to the amount of financial aid from United States and it’s allies sharply rose. Pakistani currency didn’t witness substantial pressure in recent volatility as the new government unveiled a ‘business friendly’ budget and pledge to revive the ailing economy. The Chinese Yuan also performed better than some South Asian currencies though the government signaled to slow the pace of currency appreciation. <br />
	<br />
	The weakness of the Indian currency is the main cause of the sharp devaluation of Nepali Rupee. On Thursday (June 20), the Indian Rupee hits a new all-time low against the USD trading at 60 per dollar. Nepali currency which maintains exchange rate peg with the Indian Rupee was hammered by the sharp decline. The Indian currency is under huge pressure as the country’s Current Account Deficit (CAD) continues to widen in a fast pace. Amid Weakening exports, spike in gold and petroleum imports are seen as the major factors for increasing India’s trade deficit which is ultimately widening the country’s CAD. The capital flight from India in recent months is also seen as another factor for weakening rupee as foreign investors are buying more greenbacks. <br />
	<br />
	<br />
	<br />
	<strong>Fed’s policy reversal <br />
	</strong><br />
	The trend is blamed on the indication from US Federal Reserve that it would now reverse the policy of Quantitative easing (QE), thus signaling advent of tighter money supply policy. The improvement in US manufacturing, retail business and housing sector along with decreasing unemployment rate have prompted the Fed to make such policy reversal. Fed Chairman Ben Bernanke said on Wednesday the central bank will continue to reduce the pace of bond purchases in measured steps through the first half of next year, ending purchases around mid-year if the US economy continued to show strength. The Fed has been pumping massive amount of liquidity through the QE programme since 2008 to stimulate the US economy in the wake of global financial crisis. After Bernanke’s comment the long-term interest rates in US soared as investors flocked to more attractive government bonds. This resulted in sky rocketing the US Treasury yields to 10 year high causing a broad rally in USD. <br />
	<br />
	In context to Nepali economy, the strengthening of the US dollar is seen as one of the factors of negative impact. For a country with the increasing trend of trade deficit, stronger dollar brings negative impact on the balance of payment of Nepal. Recent volatility indicates that weakening of Indian currency will continue in near-term. As a result, Nepali Rupee may further depreciate and weaken the economy which is already facing various macroeconomic risks. Analysts say that the possibility of capital flight from Nepal is very high by the continuous devaluation of Nepali Rupee. According to them, the combination of negative real interest rate and return on savings along with weak investment environment has created situation of large capital flight from the country.<br />
	<br />
	 </p>',
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		'Article' => array(
			'id' => '1401',
			'article_category_id' => '91',
			'title' => 'About 511billion Budget For FY 2013-14',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Ministry of Finance has prepared a government budget of about Rs 511 billion for FY 2013-1. The ordinances related to budget proposals had reached the President Office for approval when this matter was sent to the press. It was to be announced after getting the Presidential approval.</div>
<div>
	&nbsp;</div>
<div>
	The budget being announced today has no major new programme. However, it is regarded as better than that of several previous years as it is a &lsquo;full budget&rsquo; while in the previous years there were truncated budgets. The last full-fledged budget was announced on FY 2011-12. The budget for 2013-14 has mainly focused on the so called &lsquo;national pride projects&rsquo; and poverty alleviation programmes.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The 2013-14 budget has also made provisions for the up-coming constitutional assembly elections. So, a huge portion of budget is being allocated for the security and increment of salary of the government employees. The size of the budget has increased due to the demand of increment of salary of government employees, stated a source.</div>
<div>
	&nbsp;</div>
<div>
	Similarly, the budget is also focused on energy, infrastructure development, agriculture and trade promotion.</div>
<div>
	&nbsp;</div>',
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			'description' => 'Ministry of Finance has prepared a government budget of about Rs 511 billion for FY 2013-1.',
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			'article_category_id' => '91',
			'title' => 'Govt Fails To Keep Economy On Track',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div>
<div>
	&nbsp;</div>
<div>
	&nbsp;The failure of the government to meet targeted economic growth rate paved a way for its setback. The Economic Survey 2012 made public by Finance Ministry this week shows that the government&rsquo;s target of achieving 5.5 per cent economic growth in 2012-13 slipped by nearly 2 percent age points limiting at 3.6 per cent.</div>
<div>
	&nbsp;</div>
<div>
	In the first 11 months of current fiscal year, the national economy suffered from near double-digit inflation and ballooning trade deficit along with the low economic growth, the survey said. National economy has expanded to Rs 1,701 billion and per capita income of Nepalis edged up to Rs 62,797 from the Rs 58,274 recorded last year.</div>
<div>
	&nbsp;</div>
<div>
	However, per capita income in dollar terms reduced to US $721 from US$742 of last year. The government also failed to contain inflation at 7.5 per cent as predicted. Imbalance in supplies due to an almost double-digit decline in key farm products jacked up inflation to 8.2 per cent by mid-June this year, according to the survey.</div>
<div>
	&nbsp;</div>
<div>
	Skyrocketing trade deficit, which touched Rs 438.67 billion during the first 11 months of the current fiscal year, according to Nepal Rastra Bank data, has been identified as another challenge in the economy. Revenue mobilization however reached Rs 280 billion as of July 10 this year, which is close to the target of Rs 289 billion.</div>
<div>
	&nbsp;</div>
<div>
	The government also failed to expedite capital expenditure in the fiscal year 2012-13. Though the government announced a budget of Rs 404.82 billion for the current fiscal year, only Rs 317 billion was spent by July 10, according to the survey. The amount excludes expenditure in 15 districts where the Treasury Single Account (TSA) system has not been implemented so far.</div>
<div>
	&nbsp;</div>
<div>
	However, the balance of payments surplus of Rs 52.69 billion, a 21.3 percent rise in remittance inflow to touch Rs 388.46 billion and record high foreign exchange reserves worth Rs 511.69 billion at the end of the current fiscal year have brought cheer among officials.</div>
<div>
	The Economic Survey also shows that the share of consumption in the Gross Domestic Product (GDP) increased to 90.7 percent this year from 87.3 percent recorded last year.</div>
<div>
	&nbsp;</div>
<div>
	During the first eight months of the current fiscal year, the government added 1,987 km transmission lines, 128 km black-topped roads, 169 km gravel roads and 194 km earth roads despite the low spending capacity of the government due to late announcement of a full budget.</div>
<div>
	&nbsp;</div>
<div>
	<strong>&nbsp;Whopping Trade Deficit</strong></div>
<div>
	&nbsp;</div>
<div>
	Nepal racked up more than Rs 441.33 billion in trade deficits in the first 11 months of current fiscal year, according to the Current Macroeconomic Situation of Nepal (Based on Eleven Months&rsquo; Data of 2012-13) released by Nepal Rastra Bank (NRB).</div>
<div>
	&nbsp;</div>
<div>
	In the first 11 months of fiscal year 2012-13, merchandise imports surged by 21.2 percent to Rs 508.60 billion. Such imports had risen by 16.8 percent to Rs. 419.57 billion during the corresponding period of the previous year. Total imports surged in the review period due mainly to the rapid increase in imports from India.</div>
<div>
	However, exports had increased by only 6.3 percent to Rs 67.21 billion during the same period of the previous year. The growth of total export remained low in the review period due to the slowdown in exports to both India and other countries, according to the report of NRB.</div>
<div>
	&nbsp;</div>
<div>
	<img alt="Overall Economic Indicators of FY 2012-13" src="/userfiles/images/overall.jpg" style="width: 500px; height: 267px; margin: 10px 25px;" /></div>
<div>
	&nbsp;</div>',
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			'id' => '1325',
			'article_category_id' => '91',
			'title' => 'A Target 6% Growth Rate',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">-- By TC Correspondent</span></strong></p>
<p>
	<span style="font-size: 12px;">The meeting of the National Development Council (NDC) held on July 5-6 in Kathmandu concluded by fixing the target of 6% annual growth rate during the 13th development plan period (2070-73). The two day meeting was attended by experts, leaders of political parties and top bureaucrats. The approach paper to the three-year plan approved by the meeting aims to upgrade Nepal to the status of Developing Country by 2022 from the existing Least Developed Country (LDC). To attain the 6% growth rate, the plan focuses on agricultural growth rate of 4.5% per annum while the target is 6.7% growth rate per annum in non-agricultural sector. These growth rates are expected to trigger employment growth rate of 3.2% per annum, reducing population living below the poverty line to 18%. Effective mobilization of public, private and cooperative sector is the major strategy to achieve the set targets.</span></p>
<p>
	Development of physical infrastructure, expansion of social services, enhancement of good governance in public and other sectors and inclusive and sustainable development are the other priorities. Similarly, development of hydropower and energy sectors, commercialization and diversification of agricultural sector, enhancement of farm productivity and increased access to basic education and health services, drinking water and sanitation are also among the programmes incorporated in the approach paper. The plan has also emphasized on the development of road, other physical infrastructure, tourism, industrial and trade sectors, along with conservation of natural resources and environment. The meeting also discussed about the hurdles in the aim to achieve the targeted development. Political crisis, energy crisis and lack of manpower are identified as the major potential challenges for industrial development.</p>
<p>
	The paper has formulated plans to spend a total Rs 1.62 trillion till 2015/16. Of this, Rs 960.69 billion will be spent to cover recurrent expenses, while Rs 277.94 billion is allocated for capital spending.</p>
<p>
	These expenses, according to the plan, would be met through estimated revenue collection of Rs 1.13 trillion in the three-year period, while the rest would be raised through domestic debt and grants and loans from development partners.</p>
<div>
	 </div>',
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			'description' => 'The meeting of the National Development Council (NDC) held on July 5-6 in Kathmandu concluded by fixing the target of 6% annual growth rate during the 13th development plan period (2070-73).',
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		'Article' => array(
			'id' => '1324',
			'article_category_id' => '91',
			'title' => 'Politics As Main Business Challenge',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>--By Upashana Neupane</strong></p>
<p>
	<span style="font-size: 12px;">Political instability has posed as the major critical challenge for Nepali economy, according to the Second Business Confidence Survey report released by Federation of Nepalese Chambers of Commerce and Industry (FNCCI).&nbsp;</span></p>
<p>
	The survey has also pointed out energy crisis and poor governance as the second and third critical challenges. Similarly, the survey stated that the corruption and frequent strikes are also hitting the economy hard.&nbsp;</p>
<p>
	There is a silver lining &nbsp;around this cloud too. Despite the challenge factors, the survey has revealed that the Nepali private sector felt more confident over the last six months. The survey measured the confidence &nbsp;of business people to have increased by nearly 10 points to 49.5, up from 39.7 six months earlier.&nbsp;</p>
<p>
	<span style="font-size: 12px;">Increased foreign trade, more convenience in securing &nbsp;loan and declining cost of production are the factors boosting the confidence of business people, the report said.</span></p>
<p>
	<span style="font-size: 12px;">The survey has showed that both confidence about &nbsp;the present (CSI) and optimism about the future (EI) have increased among the business community.&nbsp;</span></p>
<p>
	The survey has found that the Business &nbsp;Confidence Index (BCI) in the agricultural sector is the highest among the sectors of economy. However, the BCI of manufacturing is the lowest.</p>
<p>
	<span style="font-size: 12px;">The report, which incorporated responses from 420 business people from all districts, identified ten factors, including weak governance and energy crisis, as having affected business confidence in the country.</span></p>
<p>
	FNCCI had conducted the survey during March-May period and collected a total of 420 responses from all over the country covering all sizes of enterprises of agriculture, manufacturing and service sector.</p>
<div>
	<img alt="" height="491" hspace="25" src="https://lh4.googleusercontent.com/-EAtUzsaAaQE/Udpn04nSzxI/AAAAAAAAA6c/hnVgRTIps2U/s512/Summary%20Table%20of%20BCI%20copy.jpg" width="500" /></div>',
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			'created' => '2013-07-08',
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			'description' => 'Political instability has posed as the major critical challenge for Nepali economy, according to the Second Business Confidence Survey report released by Federation of Nepalese Chambers of Commerce and Industry (FNCCI).',
			'sortorder' => '1186',
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	(int) 4 => array(
		'Article' => array(
			'id' => '1222',
			'article_category_id' => '91',
			'title' => 'NIC Asia Bank – Making History',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></p>
<p>
	<span style="font-size: 12px;">&nbsp;Nepal Industrial and Commercial (NIC) Bank and Bank of Asia Nepal (BoAN) completed their merger process and commenced joint operation as NIC Asia Bank from Sunday (June 30).&nbsp;</span></p>
<p>
	On the occasion, Nepal Rastra Bank Governor congratulated the newly merged NIC Asia Bank Ltd for becoming one of the top five bank of the country as per its size of capital, branch expansion&nbsp;<span style="font-size: 12px;">and the like. He added that more responsibilities have been added to the newly merged bank. The main objective of the merger of banks is to increase their competitiveness, he further opined.</span></p>
<p>
	He also asked to increase the investment of banks’ credit on manufacturing sector which will be beneficial for the financial stability of banks for long term.&nbsp;</p>
<p>
	This is the first ever merger between two commercial banks in the country’s banking history. After this, the number of commercial banks comes down to 31. Speaking at the same programme, Sashin Joshi, the CEO of NIC Asia Bank Limited asked for reduction of the corporate tax rate to 20 percent from existing 30 percent for next five years for merged banks to encourage further consolidation in the banking industry.&nbsp;</p>
<p>
	In the merger process, 13 branches of the banks at same locations have been amalgamated. Nine branches from outside Kathmandu Valley and four within the valley are thus amalgamated. Similarly, BoAN registered office and NIC Bank corporate office are converted into branch offices. The corporate office of the merged ‘NIC Asia Bank Limited’ is located at Trade Tower, Thapathali, Kathmandu. Similarly, the newly merged bank is also planning to open new branches in other areas within the next year to make up for the number of branches reduced by this amalgamation.&nbsp;</p>
<p>
	The two banks currently have 65 branches, 36 of NIC and 29 of BoAN. The bank has a total of 644 employees and CEO Sachin Joshi said “nobody will be laid off”.&nbsp;</p>
<p>
	The merged entity has a paid-up capital of Rs 2.31 billion, however, its reserves will make the actual capital size exactly double of the figure. Its deposit size is Rs 39 billion and credit Rs 33 billion, making it the fifth largest commercial bank of the country.&nbsp;</p>
<p>
	After the merger, the existing shareholders of BoAN will get additional shares of newly merged NIC Asia Bank on a 2:1 ratio.</p>
<div>
	<img alt="NIC ASIA BANK" height="143" hspace="25" src="https://lh3.googleusercontent.com/-Rxe1DCI1ix8/UdE5L5pyZWI/AAAAAAAAAk0/eCOmwKXapwU/s568/NIC%20Asia.jpg" width="500" /></div>',
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			'created' => '2013-07-01',
			'modified' => '2013-09-04',
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			'description' => 'Nepal Industrial and Commercial (NIC) Bank and Bank of Asia Nepal (BoAN) completed their merger process and commenced joint operation as NIC Asia Bank from Sunday (June 30).',
			'sortorder' => '1084',
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	(int) 5 => array(
		'Article' => array(
			'id' => '1221',
			'article_category_id' => '91',
			'title' => 'DJPL On Expansion Mood',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:11px;"><strong><img alt="DJPL" height="333" hspace="25" src="https://lh3.googleusercontent.com/-Q0uldUmuEZM/UdE1nUhoH6I/AAAAAAAAAkY/gWuBFsWBZdA/s360/djpl.jpg" width="500" /><br />
	</strong></span></p>
<p>
	<span style="font-size:11px;"><strong>--By TC Correspondent</strong></span></p>
<p>
	<span style="font-size: 12px;">Deurali Janta Pharmaceuticals Pvt Ltd (DJPL) has launched new division called Nirog to manufacture pain-relief, anti-inflammatory, analgesic and musculoskeletal drugs whose demand has been soaring in the local market in recent years.</span></p>
<p>
	Executive Director Hari Bhakta &nbsp; Sharma said, “This is basically a primary care division of DJPL to produce a ranges of medicines that boost immunity and that are necessary in trauma cases.”&nbsp;</p>
<p>
	&nbsp;Nirog is the fifth division of DJPL, a company with World Health Organization-Good Manufacturing Practice (WHO-GNP).</p>
<p>
	Its other four operating units are DJPL1, DJPL2, Suswasthya and Aarogyam that are currently producing 220 types of drugs holding five per cent share of the domestic market.&nbsp;</p>
<p>
	Sharma said that the new division will help reduce the import of foreign medicines for primary care. With the introduction of new division, DJPL’s total investment has reached Rs 870 million. The company employs a total of 350 persons of which 85 are highly skilled, 55 skilled and 60 technical.&nbsp;</p>
<p>
	The Nepali pharmaceutical companies totaling 45 in number meet less than 40 percent of the country’s demand for medicines. Sharma said that Nepal imports drugs manufactured by 258 foreign pharmaceuticals companies worth Rs 16.6 billion at present and DJPL wants the country to become self-reliant in the medicines. DJPL also provides its products for the research purpose to the foreign universities and media institutions.&nbsp;</p>
<p>
	According to Sharma, DJPL now plants to set up a production plant for manufacturing herbal products and start extensive research on utilizing agro products in medicine industry. It also aims at exporting medicines to at least five international markets within 10 years, Sharma said, adding that the company is also planning to establish a separate division for veterinary medicine.</p>
<p>
	<img alt="DJPL's Divison at a Glance" height="102" hspace="25" src="https://lh4.googleusercontent.com/-dF9OnwkQR44/UdE1m0y3hqI/AAAAAAAAAkU/dXuN3pHzcDs/s912/DJPL%27s%20Divison.jpg" width="500" /></p>
<p>
	 </p>
<p>
	 </p>',
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			'created' => '2013-07-01',
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	(int) 6 => array(
		'Article' => array(
			'id' => '1220',
			'article_category_id' => '91',
			'title' => 'Budget 2013-14: Demands And Dreams',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">--By Suraksha Adhikari</span></strong></p>
<p>
	&nbsp;Though various sectors have piled their recommendations at the Finance Ministry for the upcoming budget, the ministry sources say those last minute proposals are not going to be considered.&nbsp;</p>
<p>
	The Ministry has received dozens of demands to address through budget, said spokesperson at the Finance Ministry Janma Jaya Regmi. “But we are trying mainly to make the new budget free of political ideology and concentrate on development of various sectors.”&nbsp;</p>
<p>
	He added that the government should follow the budget formulation &nbsp;process and many stakeholders are yet to accept this fact.</p>
<p>
	Sagar Acharya, Deputy Spokesperson of National Planning Commission (NPC) too says that the year’s budget wouldn’t be making drastic changes in the existing policies. It would only give continuation to the existing development projects and fulfill the commitment to the donor agencies, he said.&nbsp;</p>
<p>
	“The main priority of new budget is to hold the election. Similarly, the budget will be concentrating on projects of national pride that include energy, infrastructure development, tourism, commercialization of agriculture and good governance,” said MoF spokesperson Regmi.&nbsp;</p>
<p>
	“The ceiling of upcoming budget is expected to be Rs 506 billion but there has already been demand of around Rs 768 billion from various sectors,” informed Sagar Acharya.</p>
<p>
	Though there is the possibility of slightly revising the budget keeping in view the requirements of various sectors and regions, there won’t be much change in the total budget, he added. Acharya explained, “We are organizing a meeting on July 5-6 with National Development Council which has to submit a three years plan related to budget and expenses to the government. Depending on the feedback of the meeting, the final draft would be put forward only after which the budget writing process will start.”&nbsp;</p>
<p>
	Various organizations such as Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), multilateral/ bilateral donors and others have already asked the government to address their concerns through budget.&nbsp;</p>
<p>
	Regmi said, “Various donor agencies including World Bank, ADB, DFID, and JICA have assured their commitments which have already reached up to Rs 27 billion and it is still increasing.” The amount provided by donor agencies would be invested in the sectors of high priority rather than scattering it across various sectors.”</p>
<p>
	<strong>&nbsp;FNCCI Budget Recommendations</strong></p>
<p>
	• Dedicated industrial grid for power supply.</p>
<p>
	• Increasing price of hydro power produced by private sector.</p>
<p>
	• VAT exemption on all the primary agricultural products.</p>
<p>
	• Provide subsidy also to the private sector for importing chemical fertilizers.</p>
<p>
	• Integrated Act related to Land Acquisition.</p>
<p>
	• Involvement of private sector in supply and distribution of petroleum products.</p>
<p>
	• Tax exemption to personal income of up to Rs 300,000 and family income of up to Rs 350,000 with only 5 per cent income tax on additional Rs 300,000.</p>
<p>
	• Income tax exemption for 5- 10 years to primary sector and secondary sector.</p>
<p>
	FNCCI has also suggested that new budget should be proposed on the last of Falgun, discussed and approved in Chaitra and implemented from Baisakh 1st.</p>
<p>
	<strong>CNI Budget Recommendations&nbsp;</strong></p>
<p>
	• To set “Vision 2080” with aim to increase per-capita income of Nepali to US dollar 3000.&nbsp;</p>
<p>
	• To provide 25 per cent subsidy on the Gross Fixed Assets to the people of backward regions for establishing industries.&nbsp;</p>
<p>
	• Granting Rs 20 million per megawatt as lump sum subsidy to the hydro projects.&nbsp;</p>
<p>
	• Providing 25 per cent exemption on income tax to the industries that employ more than 100 persons.&nbsp;</p>
<p>
	• Introducing or reforming Labour Act, Special Economic Zone Act, Foreign Investment and Technology Transfer Act (FITTA), Anti Dumping and Countervailing Act etc.&nbsp;</p>
<p>
	• Agricultural tools and machinery should be tax free.&nbsp;</p>
<p>
	• Reducing the custom duty on machinery and equipment imported by Nepali construction entrepreneurs.&nbsp;</p>
<p>
	• Removing VAT threshold.&nbsp;</p>
<p>
	• Establish Nepal as country with lowest income tax.</p>
<div>
	 </div>',
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			'created' => '2013-07-01',
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	(int) 7 => array(
		'Article' => array(
			'id' => '1167',
			'article_category_id' => '91',
			'title' => 'HSS Rating-Ranking Awards On June 19',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By TC Correspondent</strong></p>
<p>
	New Business Age group, which is the leading business media of Nepal, with Nepali daily Arthik Abhiyaan, English monthly New Business Age, and English news-weekly The Corporate, is going to announce the most comprehensive rating-ranking-awards for the best performing Higher Secondary (Plus 2) Schools of Nepal. The Everest Bank sponsored awards are backed by co-sponsors like Hero Motobike, CAI, Prime CA and media partners like Himalaya TV, Headlines &amp; Music FM radio.</p>
<p>
	The awards ceremony will be on June 19, Wednesday, at Hotel Himalaya, and the ranking is based on voluntary disclosure of various data by interested leading HS schools of Nepal on multiple parameters and also the HS Council results of the schools in the last two years (2068 and 2069).</p>
<p>
	Detailed reports, rankings, profiles of leading schools and interviews of the Principals etc shall be first published in Arthik Abhiyan on Friday, June 21, and further detailed in education supplement of Arthik Abhiyan on Wednesday, June 26. Also, the forthcoming The Corporate edition next week will have two pages summary of the entire rating-ranking-awards and their parameters and winners. Further, the New Business Age edition of July 2013 will carry a detailed 10 pages report on the same. The Himalaya TV will also telecast one hour special program on this initiative starting this Friday, July 21, repeated for three days. Same will be done by Headlines &amp; Music FM radio for three days after results are announced.</p>
<p>
	The various parameters considered are HS academic results of two years (20 points), infra-structure with 10 points (campus, rooms, labs, etc), co-curricular activities, ECA, sports and social work together 20 points, faculty numbers and qualification, library and teaching tools etc together 20 points, preparation for and success in higher professional courses after HS with 10 points, and various other smaller parameters together being 20 points (like, integrating parents in the system, collaborations at national and international levels, etc).</p>
<p>
	The entire project is led by Prof Ujjwal K Chowdhury, former Dean of Symbiosis International University, Pune, India, and the Jury includes eminent persons like senior educationists Dr Dinesh Chapagain, Dr Bijay KC, younger educationists like Narottam Aryal, Roshee Lamichchane, eminent bankers like PK Mahapatra (CEO, Everest Bank), Sujit Mundul (Director, Standard Chartered), corporate professionals like Suman Sakya, Chang Agarwal, Sajita Joshi.</p>
<p>
	The initiative is designed to contribute to the understanding and practice of holistic multi-dimensional school education at plus 2 level, and not just focus on academic results of HS exams, and it also balances the inputs of the education system with the output in various forms of marks, awards, social work, higher professional admission, etc.<br />
	<br />
	 </p>',
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			'created' => '2013-06-28',
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	(int) 8 => array(
		'Article' => array(
			'id' => '1152',
			'article_category_id' => '91',
			'title' => 'Expert Indicates Insufficient Aid For Trade In SAARC Region',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Sujan Dhungana/Suraksha Adhikari<br />
	</strong><br />
	Aid for Trade (AFT) amount received by the South Asia for financing regional projects is grossly insufficient to meet the requirement of the region, according to South Asia Watch on Trade, Economics and Environment (Sawtee). Unlike the global trend, where economic infrastructure constitutes the major component of AFT (56 percent on an average between 2006-2010), regional funding in South Asia focuses predominantly on building productive capacity and trade development, according to economist Ratnakar Adhikari, who is also chief executive director at Sawtee.<br />
	<br />
	What South Asia has received so far in the form of regional funding between 2005 to 2010, i.e., US$ 111 million in disbursement is a paltry 2 percent of the requirement of a single country Bangladesh of the region for which investment requirement for enhanced connectivity has been calculated at US$ <br />
	5.2 billion, he added. <br />
	<br />
	Unless and until a “regional champion” emerges and regional organisation such as SAARC is convinced of the need to pursue the idea and funding can be substantially scaled up the regional AFT in South Asia will remain a chimera, he claimed. South Asia is the least integrated region in the world in terms of trade, investment, connectivity and a host of other indicators, according to him. <br />
	<br />
	The blamed the reluctant of national governments to own regional projects for taking necessary initiatives in AFT. He said that the donor agencies together with regional banks and organisations should explore the merits of establishing a Regional Aid-for-Trade Committee to improve the existing AFT situation. <br />
	<br />
	<br />
	<strong>AFT and Nepal<br />
	</strong><br />
	The overall amount channeled to Aid for Trade in Nepal is even worse, Adhikari claimed. It has been found that the investment under infrastructure categories is also disbursed as AFT amount, he said, adding that the country cannot calculate the actual AFT amount in such circumstances. “The government should dare to take concrete measures for trade facilitation which ultimately will have impact on overall economy,” he reiterated.<br />
	<br />
	<br />
	<br />
	<strong>Aid for Trade<br />
	</strong><br />
	Aid for Trade is a broad concept inspired by Doha Round of World Trade Organisation that includes financing for various areas related to improving countries’ capacity to trade. It is assistance to support developing countries’ efforts to expand their trade as a tool to help growth and reduce poverty.<br />
	<br />
	<br />
	 </p>',
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		'Article' => array(
			'id' => '1136',
			'article_category_id' => '91',
			'title' => 'NPR Hardest Hit In South Asia By Dollar Strengthening',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>&nbsp;By Sanjeev/Rashesh/Yagya</strong><br />
	<br />
	While almost every currency in the world is losing its price against the US Dollar, last week the Nepali Rupee was hit the hardest among all South Asian counterparts. The exchange rate between Nepali Rupee and US Dollar hit record high on Wednesday (June 12). The reference exchange rate set for that day by Nepal Rastra Bank was Rs 93.19 (for buying) and Rs 95.99 (for selling) per dollar. This is the highest after eight months. However, the banks can fix their own rate based on central bank’s reference rate. <br />
	The strengthening of USD has caused mixed reactions in South Asian Forex markets (see table and charts). Sri Lanka’s rupee fell on Thursday as foreign investors booked forwards to hedge their exposure, amid a trend of foreign outflows in other Asian peers in the wake of rise in U.S. Treasury yields. Maldivian Rufiyaa is seen relatively stable than other SAARC nation currencies as the country’s earnings from the tourism sector looked robust. Bhutanese Ngultrum which is pegged with Indian Rupee followed the path of Indian currency though the country’s economy seemed fairly strong in near and medium terms. <br />
	<br />
	Meanwhile, Bangladeshi Taka maintained stable rate against the USD as earnings from the country’s garment exports increased further. Afghanistan’s currency Afghani is also seen as best performer as the country’s forex reserve increased due to the amount of financial aid from United States and it’s allies sharply rose. Pakistani currency didn’t witness substantial pressure in recent volatility as the new government unveiled a ‘business friendly’ budget and pledge to revive the ailing economy. The Chinese Yuan also performed better than some South Asian currencies though the government signaled to slow the pace of currency appreciation. <br />
	<br />
	The weakness of the Indian currency is the main cause of the sharp devaluation of Nepali Rupee. On Thursday (June 20), the Indian Rupee hits a new all-time low against the USD trading at 60 per dollar. Nepali currency which maintains exchange rate peg with the Indian Rupee was hammered by the sharp decline. The Indian currency is under huge pressure as the country’s Current Account Deficit (CAD) continues to widen in a fast pace. Amid Weakening exports, spike in gold and petroleum imports are seen as the major factors for increasing India’s trade deficit which is ultimately widening the country’s CAD. The capital flight from India in recent months is also seen as another factor for weakening rupee as foreign investors are buying more greenbacks. <br />
	<br />
	<br />
	<br />
	<strong>Fed’s policy reversal <br />
	</strong><br />
	The trend is blamed on the indication from US Federal Reserve that it would now reverse the policy of Quantitative easing (QE), thus signaling advent of tighter money supply policy. The improvement in US manufacturing, retail business and housing sector along with decreasing unemployment rate have prompted the Fed to make such policy reversal. Fed Chairman Ben Bernanke said on Wednesday the central bank will continue to reduce the pace of bond purchases in measured steps through the first half of next year, ending purchases around mid-year if the US economy continued to show strength. The Fed has been pumping massive amount of liquidity through the QE programme since 2008 to stimulate the US economy in the wake of global financial crisis. After Bernanke’s comment the long-term interest rates in US soared as investors flocked to more attractive government bonds. This resulted in sky rocketing the US Treasury yields to 10 year high causing a broad rally in USD. <br />
	<br />
	In context to Nepali economy, the strengthening of the US dollar is seen as one of the factors of negative impact. For a country with the increasing trend of trade deficit, stronger dollar brings negative impact on the balance of payment of Nepal. Recent volatility indicates that weakening of Indian currency will continue in near-term. As a result, Nepali Rupee may further depreciate and weaken the economy which is already facing various macroeconomic risks. Analysts say that the possibility of capital flight from Nepal is very high by the continuous devaluation of Nepali Rupee. According to them, the combination of negative real interest rate and return on savings along with weak investment environment has created situation of large capital flight from the country.<br />
	<br />
	 </p>',
			'published' => true,
			'created' => '2013-06-24',
			'modified' => '2013-07-25',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'While almost every currency in the world is losing its price against the US Dollar, last week the Nepali Rupee was hit the hardest among all South Asian counterparts. The exchange rate between Nepali Rupee and US Dollar hit record high on Wednesday (June 12). The reference exchange rate set for that day by Nepal Rastra Bank was Rs 93.19 (for buying) and Rs 95.99 (for selling) per dollar.',
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			'article_category_id' => '91',
			'title' => 'About 511billion Budget For FY 2013-14',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Ministry of Finance has prepared a government budget of about Rs 511 billion for FY 2013-1. The ordinances related to budget proposals had reached the President Office for approval when this matter was sent to the press. It was to be announced after getting the Presidential approval.</div>
<div>
	&nbsp;</div>
<div>
	The budget being announced today has no major new programme. However, it is regarded as better than that of several previous years as it is a &lsquo;full budget&rsquo; while in the previous years there were truncated budgets. The last full-fledged budget was announced on FY 2011-12. The budget for 2013-14 has mainly focused on the so called &lsquo;national pride projects&rsquo; and poverty alleviation programmes.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The 2013-14 budget has also made provisions for the up-coming constitutional assembly elections. So, a huge portion of budget is being allocated for the security and increment of salary of the government employees. The size of the budget has increased due to the demand of increment of salary of government employees, stated a source.</div>
<div>
	&nbsp;</div>
<div>
	Similarly, the budget is also focused on energy, infrastructure development, agriculture and trade promotion.</div>
<div>
	&nbsp;</div>',
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			'description' => 'Ministry of Finance has prepared a government budget of about Rs 511 billion for FY 2013-1.',
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			'id' => '1400',
			'article_category_id' => '91',
			'title' => 'Govt Fails To Keep Economy On Track',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div>
<div>
	&nbsp;</div>
<div>
	&nbsp;The failure of the government to meet targeted economic growth rate paved a way for its setback. The Economic Survey 2012 made public by Finance Ministry this week shows that the government&rsquo;s target of achieving 5.5 per cent economic growth in 2012-13 slipped by nearly 2 percent age points limiting at 3.6 per cent.</div>
<div>
	&nbsp;</div>
<div>
	In the first 11 months of current fiscal year, the national economy suffered from near double-digit inflation and ballooning trade deficit along with the low economic growth, the survey said. National economy has expanded to Rs 1,701 billion and per capita income of Nepalis edged up to Rs 62,797 from the Rs 58,274 recorded last year.</div>
<div>
	&nbsp;</div>
<div>
	However, per capita income in dollar terms reduced to US $721 from US$742 of last year. The government also failed to contain inflation at 7.5 per cent as predicted. Imbalance in supplies due to an almost double-digit decline in key farm products jacked up inflation to 8.2 per cent by mid-June this year, according to the survey.</div>
<div>
	&nbsp;</div>
<div>
	Skyrocketing trade deficit, which touched Rs 438.67 billion during the first 11 months of the current fiscal year, according to Nepal Rastra Bank data, has been identified as another challenge in the economy. Revenue mobilization however reached Rs 280 billion as of July 10 this year, which is close to the target of Rs 289 billion.</div>
<div>
	&nbsp;</div>
<div>
	The government also failed to expedite capital expenditure in the fiscal year 2012-13. Though the government announced a budget of Rs 404.82 billion for the current fiscal year, only Rs 317 billion was spent by July 10, according to the survey. The amount excludes expenditure in 15 districts where the Treasury Single Account (TSA) system has not been implemented so far.</div>
<div>
	&nbsp;</div>
<div>
	However, the balance of payments surplus of Rs 52.69 billion, a 21.3 percent rise in remittance inflow to touch Rs 388.46 billion and record high foreign exchange reserves worth Rs 511.69 billion at the end of the current fiscal year have brought cheer among officials.</div>
<div>
	The Economic Survey also shows that the share of consumption in the Gross Domestic Product (GDP) increased to 90.7 percent this year from 87.3 percent recorded last year.</div>
<div>
	&nbsp;</div>
<div>
	During the first eight months of the current fiscal year, the government added 1,987 km transmission lines, 128 km black-topped roads, 169 km gravel roads and 194 km earth roads despite the low spending capacity of the government due to late announcement of a full budget.</div>
<div>
	&nbsp;</div>
<div>
	<strong>&nbsp;Whopping Trade Deficit</strong></div>
<div>
	&nbsp;</div>
<div>
	Nepal racked up more than Rs 441.33 billion in trade deficits in the first 11 months of current fiscal year, according to the Current Macroeconomic Situation of Nepal (Based on Eleven Months&rsquo; Data of 2012-13) released by Nepal Rastra Bank (NRB).</div>
<div>
	&nbsp;</div>
<div>
	In the first 11 months of fiscal year 2012-13, merchandise imports surged by 21.2 percent to Rs 508.60 billion. Such imports had risen by 16.8 percent to Rs. 419.57 billion during the corresponding period of the previous year. Total imports surged in the review period due mainly to the rapid increase in imports from India.</div>
<div>
	However, exports had increased by only 6.3 percent to Rs 67.21 billion during the same period of the previous year. The growth of total export remained low in the review period due to the slowdown in exports to both India and other countries, according to the report of NRB.</div>
<div>
	&nbsp;</div>
<div>
	<img alt="Overall Economic Indicators of FY 2012-13" src="/userfiles/images/overall.jpg" style="width: 500px; height: 267px; margin: 10px 25px;" /></div>
<div>
	&nbsp;</div>',
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			'description' => 'The failure of the government to meet targeted economic growth rate paved a way for its setback.',
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			'id' => '1325',
			'article_category_id' => '91',
			'title' => 'A Target 6% Growth Rate',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">-- By TC Correspondent</span></strong></p>
<p>
	<span style="font-size: 12px;">The meeting of the National Development Council (NDC) held on July 5-6 in Kathmandu concluded by fixing the target of 6% annual growth rate during the 13th development plan period (2070-73). The two day meeting was attended by experts, leaders of political parties and top bureaucrats. The approach paper to the three-year plan approved by the meeting aims to upgrade Nepal to the status of Developing Country by 2022 from the existing Least Developed Country (LDC). To attain the 6% growth rate, the plan focuses on agricultural growth rate of 4.5% per annum while the target is 6.7% growth rate per annum in non-agricultural sector. These growth rates are expected to trigger employment growth rate of 3.2% per annum, reducing population living below the poverty line to 18%. Effective mobilization of public, private and cooperative sector is the major strategy to achieve the set targets.</span></p>
<p>
	Development of physical infrastructure, expansion of social services, enhancement of good governance in public and other sectors and inclusive and sustainable development are the other priorities. Similarly, development of hydropower and energy sectors, commercialization and diversification of agricultural sector, enhancement of farm productivity and increased access to basic education and health services, drinking water and sanitation are also among the programmes incorporated in the approach paper. The plan has also emphasized on the development of road, other physical infrastructure, tourism, industrial and trade sectors, along with conservation of natural resources and environment. The meeting also discussed about the hurdles in the aim to achieve the targeted development. Political crisis, energy crisis and lack of manpower are identified as the major potential challenges for industrial development.</p>
<p>
	The paper has formulated plans to spend a total Rs 1.62 trillion till 2015/16. Of this, Rs 960.69 billion will be spent to cover recurrent expenses, while Rs 277.94 billion is allocated for capital spending.</p>
<p>
	These expenses, according to the plan, would be met through estimated revenue collection of Rs 1.13 trillion in the three-year period, while the rest would be raised through domestic debt and grants and loans from development partners.</p>
<div>
	 </div>',
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			'description' => 'The meeting of the National Development Council (NDC) held on July 5-6 in Kathmandu concluded by fixing the target of 6% annual growth rate during the 13th development plan period (2070-73).',
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		'Article' => array(
			'id' => '1324',
			'article_category_id' => '91',
			'title' => 'Politics As Main Business Challenge',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>--By Upashana Neupane</strong></p>
<p>
	<span style="font-size: 12px;">Political instability has posed as the major critical challenge for Nepali economy, according to the Second Business Confidence Survey report released by Federation of Nepalese Chambers of Commerce and Industry (FNCCI).&nbsp;</span></p>
<p>
	The survey has also pointed out energy crisis and poor governance as the second and third critical challenges. Similarly, the survey stated that the corruption and frequent strikes are also hitting the economy hard.&nbsp;</p>
<p>
	There is a silver lining &nbsp;around this cloud too. Despite the challenge factors, the survey has revealed that the Nepali private sector felt more confident over the last six months. The survey measured the confidence &nbsp;of business people to have increased by nearly 10 points to 49.5, up from 39.7 six months earlier.&nbsp;</p>
<p>
	<span style="font-size: 12px;">Increased foreign trade, more convenience in securing &nbsp;loan and declining cost of production are the factors boosting the confidence of business people, the report said.</span></p>
<p>
	<span style="font-size: 12px;">The survey has showed that both confidence about &nbsp;the present (CSI) and optimism about the future (EI) have increased among the business community.&nbsp;</span></p>
<p>
	The survey has found that the Business &nbsp;Confidence Index (BCI) in the agricultural sector is the highest among the sectors of economy. However, the BCI of manufacturing is the lowest.</p>
<p>
	<span style="font-size: 12px;">The report, which incorporated responses from 420 business people from all districts, identified ten factors, including weak governance and energy crisis, as having affected business confidence in the country.</span></p>
<p>
	FNCCI had conducted the survey during March-May period and collected a total of 420 responses from all over the country covering all sizes of enterprises of agriculture, manufacturing and service sector.</p>
<div>
	<img alt="" height="491" hspace="25" src="https://lh4.googleusercontent.com/-EAtUzsaAaQE/Udpn04nSzxI/AAAAAAAAA6c/hnVgRTIps2U/s512/Summary%20Table%20of%20BCI%20copy.jpg" width="500" /></div>',
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			'description' => 'Political instability has posed as the major critical challenge for Nepali economy, according to the Second Business Confidence Survey report released by Federation of Nepalese Chambers of Commerce and Industry (FNCCI).',
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		'Article' => array(
			'id' => '1222',
			'article_category_id' => '91',
			'title' => 'NIC Asia Bank – Making History',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></p>
<p>
	<span style="font-size: 12px;">&nbsp;Nepal Industrial and Commercial (NIC) Bank and Bank of Asia Nepal (BoAN) completed their merger process and commenced joint operation as NIC Asia Bank from Sunday (June 30).&nbsp;</span></p>
<p>
	On the occasion, Nepal Rastra Bank Governor congratulated the newly merged NIC Asia Bank Ltd for becoming one of the top five bank of the country as per its size of capital, branch expansion&nbsp;<span style="font-size: 12px;">and the like. He added that more responsibilities have been added to the newly merged bank. The main objective of the merger of banks is to increase their competitiveness, he further opined.</span></p>
<p>
	He also asked to increase the investment of banks’ credit on manufacturing sector which will be beneficial for the financial stability of banks for long term.&nbsp;</p>
<p>
	This is the first ever merger between two commercial banks in the country’s banking history. After this, the number of commercial banks comes down to 31. Speaking at the same programme, Sashin Joshi, the CEO of NIC Asia Bank Limited asked for reduction of the corporate tax rate to 20 percent from existing 30 percent for next five years for merged banks to encourage further consolidation in the banking industry.&nbsp;</p>
<p>
	In the merger process, 13 branches of the banks at same locations have been amalgamated. Nine branches from outside Kathmandu Valley and four within the valley are thus amalgamated. Similarly, BoAN registered office and NIC Bank corporate office are converted into branch offices. The corporate office of the merged ‘NIC Asia Bank Limited’ is located at Trade Tower, Thapathali, Kathmandu. Similarly, the newly merged bank is also planning to open new branches in other areas within the next year to make up for the number of branches reduced by this amalgamation.&nbsp;</p>
<p>
	The two banks currently have 65 branches, 36 of NIC and 29 of BoAN. The bank has a total of 644 employees and CEO Sachin Joshi said “nobody will be laid off”.&nbsp;</p>
<p>
	The merged entity has a paid-up capital of Rs 2.31 billion, however, its reserves will make the actual capital size exactly double of the figure. Its deposit size is Rs 39 billion and credit Rs 33 billion, making it the fifth largest commercial bank of the country.&nbsp;</p>
<p>
	After the merger, the existing shareholders of BoAN will get additional shares of newly merged NIC Asia Bank on a 2:1 ratio.</p>
<div>
	<img alt="NIC ASIA BANK" height="143" hspace="25" src="https://lh3.googleusercontent.com/-Rxe1DCI1ix8/UdE5L5pyZWI/AAAAAAAAAk0/eCOmwKXapwU/s568/NIC%20Asia.jpg" width="500" /></div>',
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			'description' => 'Nepal Industrial and Commercial (NIC) Bank and Bank of Asia Nepal (BoAN) completed their merger process and commenced joint operation as NIC Asia Bank from Sunday (June 30).',
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		'Article' => array(
			'id' => '1221',
			'article_category_id' => '91',
			'title' => 'DJPL On Expansion Mood',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:11px;"><strong><img alt="DJPL" height="333" hspace="25" src="https://lh3.googleusercontent.com/-Q0uldUmuEZM/UdE1nUhoH6I/AAAAAAAAAkY/gWuBFsWBZdA/s360/djpl.jpg" width="500" /><br />
	</strong></span></p>
<p>
	<span style="font-size:11px;"><strong>--By TC Correspondent</strong></span></p>
<p>
	<span style="font-size: 12px;">Deurali Janta Pharmaceuticals Pvt Ltd (DJPL) has launched new division called Nirog to manufacture pain-relief, anti-inflammatory, analgesic and musculoskeletal drugs whose demand has been soaring in the local market in recent years.</span></p>
<p>
	Executive Director Hari Bhakta &nbsp; Sharma said, “This is basically a primary care division of DJPL to produce a ranges of medicines that boost immunity and that are necessary in trauma cases.”&nbsp;</p>
<p>
	&nbsp;Nirog is the fifth division of DJPL, a company with World Health Organization-Good Manufacturing Practice (WHO-GNP).</p>
<p>
	Its other four operating units are DJPL1, DJPL2, Suswasthya and Aarogyam that are currently producing 220 types of drugs holding five per cent share of the domestic market.&nbsp;</p>
<p>
	Sharma said that the new division will help reduce the import of foreign medicines for primary care. With the introduction of new division, DJPL’s total investment has reached Rs 870 million. The company employs a total of 350 persons of which 85 are highly skilled, 55 skilled and 60 technical.&nbsp;</p>
<p>
	The Nepali pharmaceutical companies totaling 45 in number meet less than 40 percent of the country’s demand for medicines. Sharma said that Nepal imports drugs manufactured by 258 foreign pharmaceuticals companies worth Rs 16.6 billion at present and DJPL wants the country to become self-reliant in the medicines. DJPL also provides its products for the research purpose to the foreign universities and media institutions.&nbsp;</p>
<p>
	According to Sharma, DJPL now plants to set up a production plant for manufacturing herbal products and start extensive research on utilizing agro products in medicine industry. It also aims at exporting medicines to at least five international markets within 10 years, Sharma said, adding that the company is also planning to establish a separate division for veterinary medicine.</p>
<p>
	<img alt="DJPL's Divison at a Glance" height="102" hspace="25" src="https://lh4.googleusercontent.com/-dF9OnwkQR44/UdE1m0y3hqI/AAAAAAAAAkU/dXuN3pHzcDs/s912/DJPL%27s%20Divison.jpg" width="500" /></p>
<p>
	 </p>
<p>
	 </p>',
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		'Article' => array(
			'id' => '1220',
			'article_category_id' => '91',
			'title' => 'Budget 2013-14: Demands And Dreams',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">--By Suraksha Adhikari</span></strong></p>
<p>
	&nbsp;Though various sectors have piled their recommendations at the Finance Ministry for the upcoming budget, the ministry sources say those last minute proposals are not going to be considered.&nbsp;</p>
<p>
	The Ministry has received dozens of demands to address through budget, said spokesperson at the Finance Ministry Janma Jaya Regmi. “But we are trying mainly to make the new budget free of political ideology and concentrate on development of various sectors.”&nbsp;</p>
<p>
	He added that the government should follow the budget formulation &nbsp;process and many stakeholders are yet to accept this fact.</p>
<p>
	Sagar Acharya, Deputy Spokesperson of National Planning Commission (NPC) too says that the year’s budget wouldn’t be making drastic changes in the existing policies. It would only give continuation to the existing development projects and fulfill the commitment to the donor agencies, he said.&nbsp;</p>
<p>
	“The main priority of new budget is to hold the election. Similarly, the budget will be concentrating on projects of national pride that include energy, infrastructure development, tourism, commercialization of agriculture and good governance,” said MoF spokesperson Regmi.&nbsp;</p>
<p>
	“The ceiling of upcoming budget is expected to be Rs 506 billion but there has already been demand of around Rs 768 billion from various sectors,” informed Sagar Acharya.</p>
<p>
	Though there is the possibility of slightly revising the budget keeping in view the requirements of various sectors and regions, there won’t be much change in the total budget, he added. Acharya explained, “We are organizing a meeting on July 5-6 with National Development Council which has to submit a three years plan related to budget and expenses to the government. Depending on the feedback of the meeting, the final draft would be put forward only after which the budget writing process will start.”&nbsp;</p>
<p>
	Various organizations such as Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), multilateral/ bilateral donors and others have already asked the government to address their concerns through budget.&nbsp;</p>
<p>
	Regmi said, “Various donor agencies including World Bank, ADB, DFID, and JICA have assured their commitments which have already reached up to Rs 27 billion and it is still increasing.” The amount provided by donor agencies would be invested in the sectors of high priority rather than scattering it across various sectors.”</p>
<p>
	<strong>&nbsp;FNCCI Budget Recommendations</strong></p>
<p>
	• Dedicated industrial grid for power supply.</p>
<p>
	• Increasing price of hydro power produced by private sector.</p>
<p>
	• VAT exemption on all the primary agricultural products.</p>
<p>
	• Provide subsidy also to the private sector for importing chemical fertilizers.</p>
<p>
	• Integrated Act related to Land Acquisition.</p>
<p>
	• Involvement of private sector in supply and distribution of petroleum products.</p>
<p>
	• Tax exemption to personal income of up to Rs 300,000 and family income of up to Rs 350,000 with only 5 per cent income tax on additional Rs 300,000.</p>
<p>
	• Income tax exemption for 5- 10 years to primary sector and secondary sector.</p>
<p>
	FNCCI has also suggested that new budget should be proposed on the last of Falgun, discussed and approved in Chaitra and implemented from Baisakh 1st.</p>
<p>
	<strong>CNI Budget Recommendations&nbsp;</strong></p>
<p>
	• To set “Vision 2080” with aim to increase per-capita income of Nepali to US dollar 3000.&nbsp;</p>
<p>
	• To provide 25 per cent subsidy on the Gross Fixed Assets to the people of backward regions for establishing industries.&nbsp;</p>
<p>
	• Granting Rs 20 million per megawatt as lump sum subsidy to the hydro projects.&nbsp;</p>
<p>
	• Providing 25 per cent exemption on income tax to the industries that employ more than 100 persons.&nbsp;</p>
<p>
	• Introducing or reforming Labour Act, Special Economic Zone Act, Foreign Investment and Technology Transfer Act (FITTA), Anti Dumping and Countervailing Act etc.&nbsp;</p>
<p>
	• Agricultural tools and machinery should be tax free.&nbsp;</p>
<p>
	• Reducing the custom duty on machinery and equipment imported by Nepali construction entrepreneurs.&nbsp;</p>
<p>
	• Removing VAT threshold.&nbsp;</p>
<p>
	• Establish Nepal as country with lowest income tax.</p>
<div>
	 </div>',
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			'id' => '1167',
			'article_category_id' => '91',
			'title' => 'HSS Rating-Ranking Awards On June 19',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By TC Correspondent</strong></p>
<p>
	New Business Age group, which is the leading business media of Nepal, with Nepali daily Arthik Abhiyaan, English monthly New Business Age, and English news-weekly The Corporate, is going to announce the most comprehensive rating-ranking-awards for the best performing Higher Secondary (Plus 2) Schools of Nepal. The Everest Bank sponsored awards are backed by co-sponsors like Hero Motobike, CAI, Prime CA and media partners like Himalaya TV, Headlines &amp; Music FM radio.</p>
<p>
	The awards ceremony will be on June 19, Wednesday, at Hotel Himalaya, and the ranking is based on voluntary disclosure of various data by interested leading HS schools of Nepal on multiple parameters and also the HS Council results of the schools in the last two years (2068 and 2069).</p>
<p>
	Detailed reports, rankings, profiles of leading schools and interviews of the Principals etc shall be first published in Arthik Abhiyan on Friday, June 21, and further detailed in education supplement of Arthik Abhiyan on Wednesday, June 26. Also, the forthcoming The Corporate edition next week will have two pages summary of the entire rating-ranking-awards and their parameters and winners. Further, the New Business Age edition of July 2013 will carry a detailed 10 pages report on the same. The Himalaya TV will also telecast one hour special program on this initiative starting this Friday, July 21, repeated for three days. Same will be done by Headlines &amp; Music FM radio for three days after results are announced.</p>
<p>
	The various parameters considered are HS academic results of two years (20 points), infra-structure with 10 points (campus, rooms, labs, etc), co-curricular activities, ECA, sports and social work together 20 points, faculty numbers and qualification, library and teaching tools etc together 20 points, preparation for and success in higher professional courses after HS with 10 points, and various other smaller parameters together being 20 points (like, integrating parents in the system, collaborations at national and international levels, etc).</p>
<p>
	The entire project is led by Prof Ujjwal K Chowdhury, former Dean of Symbiosis International University, Pune, India, and the Jury includes eminent persons like senior educationists Dr Dinesh Chapagain, Dr Bijay KC, younger educationists like Narottam Aryal, Roshee Lamichchane, eminent bankers like PK Mahapatra (CEO, Everest Bank), Sujit Mundul (Director, Standard Chartered), corporate professionals like Suman Sakya, Chang Agarwal, Sajita Joshi.</p>
<p>
	The initiative is designed to contribute to the understanding and practice of holistic multi-dimensional school education at plus 2 level, and not just focus on academic results of HS exams, and it also balances the inputs of the education system with the output in various forms of marks, awards, social work, higher professional admission, etc.<br />
	<br />
	 </p>',
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			'id' => '1152',
			'article_category_id' => '91',
			'title' => 'Expert Indicates Insufficient Aid For Trade In SAARC Region',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Sujan Dhungana/Suraksha Adhikari<br />
	</strong><br />
	Aid for Trade (AFT) amount received by the South Asia for financing regional projects is grossly insufficient to meet the requirement of the region, according to South Asia Watch on Trade, Economics and Environment (Sawtee). Unlike the global trend, where economic infrastructure constitutes the major component of AFT (56 percent on an average between 2006-2010), regional funding in South Asia focuses predominantly on building productive capacity and trade development, according to economist Ratnakar Adhikari, who is also chief executive director at Sawtee.<br />
	<br />
	What South Asia has received so far in the form of regional funding between 2005 to 2010, i.e., US$ 111 million in disbursement is a paltry 2 percent of the requirement of a single country Bangladesh of the region for which investment requirement for enhanced connectivity has been calculated at US$ <br />
	5.2 billion, he added. <br />
	<br />
	Unless and until a “regional champion” emerges and regional organisation such as SAARC is convinced of the need to pursue the idea and funding can be substantially scaled up the regional AFT in South Asia will remain a chimera, he claimed. South Asia is the least integrated region in the world in terms of trade, investment, connectivity and a host of other indicators, according to him. <br />
	<br />
	The blamed the reluctant of national governments to own regional projects for taking necessary initiatives in AFT. He said that the donor agencies together with regional banks and organisations should explore the merits of establishing a Regional Aid-for-Trade Committee to improve the existing AFT situation. <br />
	<br />
	<br />
	<strong>AFT and Nepal<br />
	</strong><br />
	The overall amount channeled to Aid for Trade in Nepal is even worse, Adhikari claimed. It has been found that the investment under infrastructure categories is also disbursed as AFT amount, he said, adding that the country cannot calculate the actual AFT amount in such circumstances. “The government should dare to take concrete measures for trade facilitation which ultimately will have impact on overall economy,” he reiterated.<br />
	<br />
	<br />
	<br />
	<strong>Aid for Trade<br />
	</strong><br />
	Aid for Trade is a broad concept inspired by Doha Round of World Trade Organisation that includes financing for various areas related to improving countries’ capacity to trade. It is assistance to support developing countries’ efforts to expand their trade as a tool to help growth and reduce poverty.<br />
	<br />
	<br />
	 </p>',
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			'title' => 'NPR Hardest Hit In South Asia By Dollar Strengthening',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>&nbsp;By Sanjeev/Rashesh/Yagya</strong><br />
	<br />
	While almost every currency in the world is losing its price against the US Dollar, last week the Nepali Rupee was hit the hardest among all South Asian counterparts. The exchange rate between Nepali Rupee and US Dollar hit record high on Wednesday (June 12). The reference exchange rate set for that day by Nepal Rastra Bank was Rs 93.19 (for buying) and Rs 95.99 (for selling) per dollar. This is the highest after eight months. However, the banks can fix their own rate based on central bank’s reference rate. <br />
	The strengthening of USD has caused mixed reactions in South Asian Forex markets (see table and charts). Sri Lanka’s rupee fell on Thursday as foreign investors booked forwards to hedge their exposure, amid a trend of foreign outflows in other Asian peers in the wake of rise in U.S. Treasury yields. Maldivian Rufiyaa is seen relatively stable than other SAARC nation currencies as the country’s earnings from the tourism sector looked robust. Bhutanese Ngultrum which is pegged with Indian Rupee followed the path of Indian currency though the country’s economy seemed fairly strong in near and medium terms. <br />
	<br />
	Meanwhile, Bangladeshi Taka maintained stable rate against the USD as earnings from the country’s garment exports increased further. Afghanistan’s currency Afghani is also seen as best performer as the country’s forex reserve increased due to the amount of financial aid from United States and it’s allies sharply rose. Pakistani currency didn’t witness substantial pressure in recent volatility as the new government unveiled a ‘business friendly’ budget and pledge to revive the ailing economy. The Chinese Yuan also performed better than some South Asian currencies though the government signaled to slow the pace of currency appreciation. <br />
	<br />
	The weakness of the Indian currency is the main cause of the sharp devaluation of Nepali Rupee. On Thursday (June 20), the Indian Rupee hits a new all-time low against the USD trading at 60 per dollar. Nepali currency which maintains exchange rate peg with the Indian Rupee was hammered by the sharp decline. The Indian currency is under huge pressure as the country’s Current Account Deficit (CAD) continues to widen in a fast pace. Amid Weakening exports, spike in gold and petroleum imports are seen as the major factors for increasing India’s trade deficit which is ultimately widening the country’s CAD. The capital flight from India in recent months is also seen as another factor for weakening rupee as foreign investors are buying more greenbacks. <br />
	<br />
	<br />
	<br />
	<strong>Fed’s policy reversal <br />
	</strong><br />
	The trend is blamed on the indication from US Federal Reserve that it would now reverse the policy of Quantitative easing (QE), thus signaling advent of tighter money supply policy. The improvement in US manufacturing, retail business and housing sector along with decreasing unemployment rate have prompted the Fed to make such policy reversal. Fed Chairman Ben Bernanke said on Wednesday the central bank will continue to reduce the pace of bond purchases in measured steps through the first half of next year, ending purchases around mid-year if the US economy continued to show strength. The Fed has been pumping massive amount of liquidity through the QE programme since 2008 to stimulate the US economy in the wake of global financial crisis. After Bernanke’s comment the long-term interest rates in US soared as investors flocked to more attractive government bonds. This resulted in sky rocketing the US Treasury yields to 10 year high causing a broad rally in USD. <br />
	<br />
	In context to Nepali economy, the strengthening of the US dollar is seen as one of the factors of negative impact. For a country with the increasing trend of trade deficit, stronger dollar brings negative impact on the balance of payment of Nepal. Recent volatility indicates that weakening of Indian currency will continue in near-term. As a result, Nepali Rupee may further depreciate and weaken the economy which is already facing various macroeconomic risks. Analysts say that the possibility of capital flight from Nepal is very high by the continuous devaluation of Nepali Rupee. According to them, the combination of negative real interest rate and return on savings along with weak investment environment has created situation of large capital flight from the country.<br />
	<br />
	 </p>',
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		'Article' => array(
			'id' => '1401',
			'article_category_id' => '91',
			'title' => 'About 511billion Budget For FY 2013-14',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div>
<div>
	&nbsp;</div>
<div>
	&nbsp;Ministry of Finance has prepared a government budget of about Rs 511 billion for FY 2013-1. The ordinances related to budget proposals had reached the President Office for approval when this matter was sent to the press. It was to be announced after getting the Presidential approval.</div>
<div>
	&nbsp;</div>
<div>
	The budget being announced today has no major new programme. However, it is regarded as better than that of several previous years as it is a &lsquo;full budget&rsquo; while in the previous years there were truncated budgets. The last full-fledged budget was announced on FY 2011-12. The budget for 2013-14 has mainly focused on the so called &lsquo;national pride projects&rsquo; and poverty alleviation programmes.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The 2013-14 budget has also made provisions for the up-coming constitutional assembly elections. So, a huge portion of budget is being allocated for the security and increment of salary of the government employees. The size of the budget has increased due to the demand of increment of salary of government employees, stated a source.</div>
<div>
	&nbsp;</div>
<div>
	Similarly, the budget is also focused on energy, infrastructure development, agriculture and trade promotion.</div>
<div>
	&nbsp;</div>',
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			'description' => 'Ministry of Finance has prepared a government budget of about Rs 511 billion for FY 2013-1.',
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			'id' => '1400',
			'article_category_id' => '91',
			'title' => 'Govt Fails To Keep Economy On Track',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div>
<div>
	&nbsp;</div>
<div>
	&nbsp;The failure of the government to meet targeted economic growth rate paved a way for its setback. The Economic Survey 2012 made public by Finance Ministry this week shows that the government&rsquo;s target of achieving 5.5 per cent economic growth in 2012-13 slipped by nearly 2 percent age points limiting at 3.6 per cent.</div>
<div>
	&nbsp;</div>
<div>
	In the first 11 months of current fiscal year, the national economy suffered from near double-digit inflation and ballooning trade deficit along with the low economic growth, the survey said. National economy has expanded to Rs 1,701 billion and per capita income of Nepalis edged up to Rs 62,797 from the Rs 58,274 recorded last year.</div>
<div>
	&nbsp;</div>
<div>
	However, per capita income in dollar terms reduced to US $721 from US$742 of last year. The government also failed to contain inflation at 7.5 per cent as predicted. Imbalance in supplies due to an almost double-digit decline in key farm products jacked up inflation to 8.2 per cent by mid-June this year, according to the survey.</div>
<div>
	&nbsp;</div>
<div>
	Skyrocketing trade deficit, which touched Rs 438.67 billion during the first 11 months of the current fiscal year, according to Nepal Rastra Bank data, has been identified as another challenge in the economy. Revenue mobilization however reached Rs 280 billion as of July 10 this year, which is close to the target of Rs 289 billion.</div>
<div>
	&nbsp;</div>
<div>
	The government also failed to expedite capital expenditure in the fiscal year 2012-13. Though the government announced a budget of Rs 404.82 billion for the current fiscal year, only Rs 317 billion was spent by July 10, according to the survey. The amount excludes expenditure in 15 districts where the Treasury Single Account (TSA) system has not been implemented so far.</div>
<div>
	&nbsp;</div>
<div>
	However, the balance of payments surplus of Rs 52.69 billion, a 21.3 percent rise in remittance inflow to touch Rs 388.46 billion and record high foreign exchange reserves worth Rs 511.69 billion at the end of the current fiscal year have brought cheer among officials.</div>
<div>
	The Economic Survey also shows that the share of consumption in the Gross Domestic Product (GDP) increased to 90.7 percent this year from 87.3 percent recorded last year.</div>
<div>
	&nbsp;</div>
<div>
	During the first eight months of the current fiscal year, the government added 1,987 km transmission lines, 128 km black-topped roads, 169 km gravel roads and 194 km earth roads despite the low spending capacity of the government due to late announcement of a full budget.</div>
<div>
	&nbsp;</div>
<div>
	<strong>&nbsp;Whopping Trade Deficit</strong></div>
<div>
	&nbsp;</div>
<div>
	Nepal racked up more than Rs 441.33 billion in trade deficits in the first 11 months of current fiscal year, according to the Current Macroeconomic Situation of Nepal (Based on Eleven Months&rsquo; Data of 2012-13) released by Nepal Rastra Bank (NRB).</div>
<div>
	&nbsp;</div>
<div>
	In the first 11 months of fiscal year 2012-13, merchandise imports surged by 21.2 percent to Rs 508.60 billion. Such imports had risen by 16.8 percent to Rs. 419.57 billion during the corresponding period of the previous year. Total imports surged in the review period due mainly to the rapid increase in imports from India.</div>
<div>
	However, exports had increased by only 6.3 percent to Rs 67.21 billion during the same period of the previous year. The growth of total export remained low in the review period due to the slowdown in exports to both India and other countries, according to the report of NRB.</div>
<div>
	&nbsp;</div>
<div>
	<img alt="Overall Economic Indicators of FY 2012-13" src="/userfiles/images/overall.jpg" style="width: 500px; height: 267px; margin: 10px 25px;" /></div>
<div>
	&nbsp;</div>',
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			'id' => '1325',
			'article_category_id' => '91',
			'title' => 'A Target 6% Growth Rate',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">-- By TC Correspondent</span></strong></p>
<p>
	<span style="font-size: 12px;">The meeting of the National Development Council (NDC) held on July 5-6 in Kathmandu concluded by fixing the target of 6% annual growth rate during the 13th development plan period (2070-73). The two day meeting was attended by experts, leaders of political parties and top bureaucrats. The approach paper to the three-year plan approved by the meeting aims to upgrade Nepal to the status of Developing Country by 2022 from the existing Least Developed Country (LDC). To attain the 6% growth rate, the plan focuses on agricultural growth rate of 4.5% per annum while the target is 6.7% growth rate per annum in non-agricultural sector. These growth rates are expected to trigger employment growth rate of 3.2% per annum, reducing population living below the poverty line to 18%. Effective mobilization of public, private and cooperative sector is the major strategy to achieve the set targets.</span></p>
<p>
	Development of physical infrastructure, expansion of social services, enhancement of good governance in public and other sectors and inclusive and sustainable development are the other priorities. Similarly, development of hydropower and energy sectors, commercialization and diversification of agricultural sector, enhancement of farm productivity and increased access to basic education and health services, drinking water and sanitation are also among the programmes incorporated in the approach paper. The plan has also emphasized on the development of road, other physical infrastructure, tourism, industrial and trade sectors, along with conservation of natural resources and environment. The meeting also discussed about the hurdles in the aim to achieve the targeted development. Political crisis, energy crisis and lack of manpower are identified as the major potential challenges for industrial development.</p>
<p>
	The paper has formulated plans to spend a total Rs 1.62 trillion till 2015/16. Of this, Rs 960.69 billion will be spent to cover recurrent expenses, while Rs 277.94 billion is allocated for capital spending.</p>
<p>
	These expenses, according to the plan, would be met through estimated revenue collection of Rs 1.13 trillion in the three-year period, while the rest would be raised through domestic debt and grants and loans from development partners.</p>
<div>
	 </div>',
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			'description' => 'The meeting of the National Development Council (NDC) held on July 5-6 in Kathmandu concluded by fixing the target of 6% annual growth rate during the 13th development plan period (2070-73).',
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		'Article' => array(
			'id' => '1324',
			'article_category_id' => '91',
			'title' => 'Politics As Main Business Challenge',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>--By Upashana Neupane</strong></p>
<p>
	<span style="font-size: 12px;">Political instability has posed as the major critical challenge for Nepali economy, according to the Second Business Confidence Survey report released by Federation of Nepalese Chambers of Commerce and Industry (FNCCI).&nbsp;</span></p>
<p>
	The survey has also pointed out energy crisis and poor governance as the second and third critical challenges. Similarly, the survey stated that the corruption and frequent strikes are also hitting the economy hard.&nbsp;</p>
<p>
	There is a silver lining &nbsp;around this cloud too. Despite the challenge factors, the survey has revealed that the Nepali private sector felt more confident over the last six months. The survey measured the confidence &nbsp;of business people to have increased by nearly 10 points to 49.5, up from 39.7 six months earlier.&nbsp;</p>
<p>
	<span style="font-size: 12px;">Increased foreign trade, more convenience in securing &nbsp;loan and declining cost of production are the factors boosting the confidence of business people, the report said.</span></p>
<p>
	<span style="font-size: 12px;">The survey has showed that both confidence about &nbsp;the present (CSI) and optimism about the future (EI) have increased among the business community.&nbsp;</span></p>
<p>
	The survey has found that the Business &nbsp;Confidence Index (BCI) in the agricultural sector is the highest among the sectors of economy. However, the BCI of manufacturing is the lowest.</p>
<p>
	<span style="font-size: 12px;">The report, which incorporated responses from 420 business people from all districts, identified ten factors, including weak governance and energy crisis, as having affected business confidence in the country.</span></p>
<p>
	FNCCI had conducted the survey during March-May period and collected a total of 420 responses from all over the country covering all sizes of enterprises of agriculture, manufacturing and service sector.</p>
<div>
	<img alt="" height="491" hspace="25" src="https://lh4.googleusercontent.com/-EAtUzsaAaQE/Udpn04nSzxI/AAAAAAAAA6c/hnVgRTIps2U/s512/Summary%20Table%20of%20BCI%20copy.jpg" width="500" /></div>',
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			'created' => '2013-07-08',
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			'description' => 'Political instability has posed as the major critical challenge for Nepali economy, according to the Second Business Confidence Survey report released by Federation of Nepalese Chambers of Commerce and Industry (FNCCI).',
			'sortorder' => '1186',
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	(int) 4 => array(
		'Article' => array(
			'id' => '1222',
			'article_category_id' => '91',
			'title' => 'NIC Asia Bank – Making History',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></p>
<p>
	<span style="font-size: 12px;">&nbsp;Nepal Industrial and Commercial (NIC) Bank and Bank of Asia Nepal (BoAN) completed their merger process and commenced joint operation as NIC Asia Bank from Sunday (June 30).&nbsp;</span></p>
<p>
	On the occasion, Nepal Rastra Bank Governor congratulated the newly merged NIC Asia Bank Ltd for becoming one of the top five bank of the country as per its size of capital, branch expansion&nbsp;<span style="font-size: 12px;">and the like. He added that more responsibilities have been added to the newly merged bank. The main objective of the merger of banks is to increase their competitiveness, he further opined.</span></p>
<p>
	He also asked to increase the investment of banks’ credit on manufacturing sector which will be beneficial for the financial stability of banks for long term.&nbsp;</p>
<p>
	This is the first ever merger between two commercial banks in the country’s banking history. After this, the number of commercial banks comes down to 31. Speaking at the same programme, Sashin Joshi, the CEO of NIC Asia Bank Limited asked for reduction of the corporate tax rate to 20 percent from existing 30 percent for next five years for merged banks to encourage further consolidation in the banking industry.&nbsp;</p>
<p>
	In the merger process, 13 branches of the banks at same locations have been amalgamated. Nine branches from outside Kathmandu Valley and four within the valley are thus amalgamated. Similarly, BoAN registered office and NIC Bank corporate office are converted into branch offices. The corporate office of the merged ‘NIC Asia Bank Limited’ is located at Trade Tower, Thapathali, Kathmandu. Similarly, the newly merged bank is also planning to open new branches in other areas within the next year to make up for the number of branches reduced by this amalgamation.&nbsp;</p>
<p>
	The two banks currently have 65 branches, 36 of NIC and 29 of BoAN. The bank has a total of 644 employees and CEO Sachin Joshi said “nobody will be laid off”.&nbsp;</p>
<p>
	The merged entity has a paid-up capital of Rs 2.31 billion, however, its reserves will make the actual capital size exactly double of the figure. Its deposit size is Rs 39 billion and credit Rs 33 billion, making it the fifth largest commercial bank of the country.&nbsp;</p>
<p>
	After the merger, the existing shareholders of BoAN will get additional shares of newly merged NIC Asia Bank on a 2:1 ratio.</p>
<div>
	<img alt="NIC ASIA BANK" height="143" hspace="25" src="https://lh3.googleusercontent.com/-Rxe1DCI1ix8/UdE5L5pyZWI/AAAAAAAAAk0/eCOmwKXapwU/s568/NIC%20Asia.jpg" width="500" /></div>',
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			'created' => '2013-07-01',
			'modified' => '2013-09-04',
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			'description' => 'Nepal Industrial and Commercial (NIC) Bank and Bank of Asia Nepal (BoAN) completed their merger process and commenced joint operation as NIC Asia Bank from Sunday (June 30).',
			'sortorder' => '1084',
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	(int) 5 => array(
		'Article' => array(
			'id' => '1221',
			'article_category_id' => '91',
			'title' => 'DJPL On Expansion Mood',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:11px;"><strong><img alt="DJPL" height="333" hspace="25" src="https://lh3.googleusercontent.com/-Q0uldUmuEZM/UdE1nUhoH6I/AAAAAAAAAkY/gWuBFsWBZdA/s360/djpl.jpg" width="500" /><br />
	</strong></span></p>
<p>
	<span style="font-size:11px;"><strong>--By TC Correspondent</strong></span></p>
<p>
	<span style="font-size: 12px;">Deurali Janta Pharmaceuticals Pvt Ltd (DJPL) has launched new division called Nirog to manufacture pain-relief, anti-inflammatory, analgesic and musculoskeletal drugs whose demand has been soaring in the local market in recent years.</span></p>
<p>
	Executive Director Hari Bhakta &nbsp; Sharma said, “This is basically a primary care division of DJPL to produce a ranges of medicines that boost immunity and that are necessary in trauma cases.”&nbsp;</p>
<p>
	&nbsp;Nirog is the fifth division of DJPL, a company with World Health Organization-Good Manufacturing Practice (WHO-GNP).</p>
<p>
	Its other four operating units are DJPL1, DJPL2, Suswasthya and Aarogyam that are currently producing 220 types of drugs holding five per cent share of the domestic market.&nbsp;</p>
<p>
	Sharma said that the new division will help reduce the import of foreign medicines for primary care. With the introduction of new division, DJPL’s total investment has reached Rs 870 million. The company employs a total of 350 persons of which 85 are highly skilled, 55 skilled and 60 technical.&nbsp;</p>
<p>
	The Nepali pharmaceutical companies totaling 45 in number meet less than 40 percent of the country’s demand for medicines. Sharma said that Nepal imports drugs manufactured by 258 foreign pharmaceuticals companies worth Rs 16.6 billion at present and DJPL wants the country to become self-reliant in the medicines. DJPL also provides its products for the research purpose to the foreign universities and media institutions.&nbsp;</p>
<p>
	According to Sharma, DJPL now plants to set up a production plant for manufacturing herbal products and start extensive research on utilizing agro products in medicine industry. It also aims at exporting medicines to at least five international markets within 10 years, Sharma said, adding that the company is also planning to establish a separate division for veterinary medicine.</p>
<p>
	<img alt="DJPL's Divison at a Glance" height="102" hspace="25" src="https://lh4.googleusercontent.com/-dF9OnwkQR44/UdE1m0y3hqI/AAAAAAAAAkU/dXuN3pHzcDs/s912/DJPL%27s%20Divison.jpg" width="500" /></p>
<p>
	 </p>
<p>
	 </p>',
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	(int) 6 => array(
		'Article' => array(
			'id' => '1220',
			'article_category_id' => '91',
			'title' => 'Budget 2013-14: Demands And Dreams',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">--By Suraksha Adhikari</span></strong></p>
<p>
	&nbsp;Though various sectors have piled their recommendations at the Finance Ministry for the upcoming budget, the ministry sources say those last minute proposals are not going to be considered.&nbsp;</p>
<p>
	The Ministry has received dozens of demands to address through budget, said spokesperson at the Finance Ministry Janma Jaya Regmi. “But we are trying mainly to make the new budget free of political ideology and concentrate on development of various sectors.”&nbsp;</p>
<p>
	He added that the government should follow the budget formulation &nbsp;process and many stakeholders are yet to accept this fact.</p>
<p>
	Sagar Acharya, Deputy Spokesperson of National Planning Commission (NPC) too says that the year’s budget wouldn’t be making drastic changes in the existing policies. It would only give continuation to the existing development projects and fulfill the commitment to the donor agencies, he said.&nbsp;</p>
<p>
	“The main priority of new budget is to hold the election. Similarly, the budget will be concentrating on projects of national pride that include energy, infrastructure development, tourism, commercialization of agriculture and good governance,” said MoF spokesperson Regmi.&nbsp;</p>
<p>
	“The ceiling of upcoming budget is expected to be Rs 506 billion but there has already been demand of around Rs 768 billion from various sectors,” informed Sagar Acharya.</p>
<p>
	Though there is the possibility of slightly revising the budget keeping in view the requirements of various sectors and regions, there won’t be much change in the total budget, he added. Acharya explained, “We are organizing a meeting on July 5-6 with National Development Council which has to submit a three years plan related to budget and expenses to the government. Depending on the feedback of the meeting, the final draft would be put forward only after which the budget writing process will start.”&nbsp;</p>
<p>
	Various organizations such as Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), multilateral/ bilateral donors and others have already asked the government to address their concerns through budget.&nbsp;</p>
<p>
	Regmi said, “Various donor agencies including World Bank, ADB, DFID, and JICA have assured their commitments which have already reached up to Rs 27 billion and it is still increasing.” The amount provided by donor agencies would be invested in the sectors of high priority rather than scattering it across various sectors.”</p>
<p>
	<strong>&nbsp;FNCCI Budget Recommendations</strong></p>
<p>
	• Dedicated industrial grid for power supply.</p>
<p>
	• Increasing price of hydro power produced by private sector.</p>
<p>
	• VAT exemption on all the primary agricultural products.</p>
<p>
	• Provide subsidy also to the private sector for importing chemical fertilizers.</p>
<p>
	• Integrated Act related to Land Acquisition.</p>
<p>
	• Involvement of private sector in supply and distribution of petroleum products.</p>
<p>
	• Tax exemption to personal income of up to Rs 300,000 and family income of up to Rs 350,000 with only 5 per cent income tax on additional Rs 300,000.</p>
<p>
	• Income tax exemption for 5- 10 years to primary sector and secondary sector.</p>
<p>
	FNCCI has also suggested that new budget should be proposed on the last of Falgun, discussed and approved in Chaitra and implemented from Baisakh 1st.</p>
<p>
	<strong>CNI Budget Recommendations&nbsp;</strong></p>
<p>
	• To set “Vision 2080” with aim to increase per-capita income of Nepali to US dollar 3000.&nbsp;</p>
<p>
	• To provide 25 per cent subsidy on the Gross Fixed Assets to the people of backward regions for establishing industries.&nbsp;</p>
<p>
	• Granting Rs 20 million per megawatt as lump sum subsidy to the hydro projects.&nbsp;</p>
<p>
	• Providing 25 per cent exemption on income tax to the industries that employ more than 100 persons.&nbsp;</p>
<p>
	• Introducing or reforming Labour Act, Special Economic Zone Act, Foreign Investment and Technology Transfer Act (FITTA), Anti Dumping and Countervailing Act etc.&nbsp;</p>
<p>
	• Agricultural tools and machinery should be tax free.&nbsp;</p>
<p>
	• Reducing the custom duty on machinery and equipment imported by Nepali construction entrepreneurs.&nbsp;</p>
<p>
	• Removing VAT threshold.&nbsp;</p>
<p>
	• Establish Nepal as country with lowest income tax.</p>
<div>
	 </div>',
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	(int) 7 => array(
		'Article' => array(
			'id' => '1167',
			'article_category_id' => '91',
			'title' => 'HSS Rating-Ranking Awards On June 19',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By TC Correspondent</strong></p>
<p>
	New Business Age group, which is the leading business media of Nepal, with Nepali daily Arthik Abhiyaan, English monthly New Business Age, and English news-weekly The Corporate, is going to announce the most comprehensive rating-ranking-awards for the best performing Higher Secondary (Plus 2) Schools of Nepal. The Everest Bank sponsored awards are backed by co-sponsors like Hero Motobike, CAI, Prime CA and media partners like Himalaya TV, Headlines &amp; Music FM radio.</p>
<p>
	The awards ceremony will be on June 19, Wednesday, at Hotel Himalaya, and the ranking is based on voluntary disclosure of various data by interested leading HS schools of Nepal on multiple parameters and also the HS Council results of the schools in the last two years (2068 and 2069).</p>
<p>
	Detailed reports, rankings, profiles of leading schools and interviews of the Principals etc shall be first published in Arthik Abhiyan on Friday, June 21, and further detailed in education supplement of Arthik Abhiyan on Wednesday, June 26. Also, the forthcoming The Corporate edition next week will have two pages summary of the entire rating-ranking-awards and their parameters and winners. Further, the New Business Age edition of July 2013 will carry a detailed 10 pages report on the same. The Himalaya TV will also telecast one hour special program on this initiative starting this Friday, July 21, repeated for three days. Same will be done by Headlines &amp; Music FM radio for three days after results are announced.</p>
<p>
	The various parameters considered are HS academic results of two years (20 points), infra-structure with 10 points (campus, rooms, labs, etc), co-curricular activities, ECA, sports and social work together 20 points, faculty numbers and qualification, library and teaching tools etc together 20 points, preparation for and success in higher professional courses after HS with 10 points, and various other smaller parameters together being 20 points (like, integrating parents in the system, collaborations at national and international levels, etc).</p>
<p>
	The entire project is led by Prof Ujjwal K Chowdhury, former Dean of Symbiosis International University, Pune, India, and the Jury includes eminent persons like senior educationists Dr Dinesh Chapagain, Dr Bijay KC, younger educationists like Narottam Aryal, Roshee Lamichchane, eminent bankers like PK Mahapatra (CEO, Everest Bank), Sujit Mundul (Director, Standard Chartered), corporate professionals like Suman Sakya, Chang Agarwal, Sajita Joshi.</p>
<p>
	The initiative is designed to contribute to the understanding and practice of holistic multi-dimensional school education at plus 2 level, and not just focus on academic results of HS exams, and it also balances the inputs of the education system with the output in various forms of marks, awards, social work, higher professional admission, etc.<br />
	<br />
	 </p>',
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			'created' => '2013-06-28',
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	(int) 8 => array(
		'Article' => array(
			'id' => '1152',
			'article_category_id' => '91',
			'title' => 'Expert Indicates Insufficient Aid For Trade In SAARC Region',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Sujan Dhungana/Suraksha Adhikari<br />
	</strong><br />
	Aid for Trade (AFT) amount received by the South Asia for financing regional projects is grossly insufficient to meet the requirement of the region, according to South Asia Watch on Trade, Economics and Environment (Sawtee). Unlike the global trend, where economic infrastructure constitutes the major component of AFT (56 percent on an average between 2006-2010), regional funding in South Asia focuses predominantly on building productive capacity and trade development, according to economist Ratnakar Adhikari, who is also chief executive director at Sawtee.<br />
	<br />
	What South Asia has received so far in the form of regional funding between 2005 to 2010, i.e., US$ 111 million in disbursement is a paltry 2 percent of the requirement of a single country Bangladesh of the region for which investment requirement for enhanced connectivity has been calculated at US$ <br />
	5.2 billion, he added. <br />
	<br />
	Unless and until a “regional champion” emerges and regional organisation such as SAARC is convinced of the need to pursue the idea and funding can be substantially scaled up the regional AFT in South Asia will remain a chimera, he claimed. South Asia is the least integrated region in the world in terms of trade, investment, connectivity and a host of other indicators, according to him. <br />
	<br />
	The blamed the reluctant of national governments to own regional projects for taking necessary initiatives in AFT. He said that the donor agencies together with regional banks and organisations should explore the merits of establishing a Regional Aid-for-Trade Committee to improve the existing AFT situation. <br />
	<br />
	<br />
	<strong>AFT and Nepal<br />
	</strong><br />
	The overall amount channeled to Aid for Trade in Nepal is even worse, Adhikari claimed. It has been found that the investment under infrastructure categories is also disbursed as AFT amount, he said, adding that the country cannot calculate the actual AFT amount in such circumstances. “The government should dare to take concrete measures for trade facilitation which ultimately will have impact on overall economy,” he reiterated.<br />
	<br />
	<br />
	<br />
	<strong>Aid for Trade<br />
	</strong><br />
	Aid for Trade is a broad concept inspired by Doha Round of World Trade Organisation that includes financing for various areas related to improving countries’ capacity to trade. It is assistance to support developing countries’ efforts to expand their trade as a tool to help growth and reduce poverty.<br />
	<br />
	<br />
	 </p>',
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		'Article' => array(
			'id' => '1136',
			'article_category_id' => '91',
			'title' => 'NPR Hardest Hit In South Asia By Dollar Strengthening',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>&nbsp;By Sanjeev/Rashesh/Yagya</strong><br />
	<br />
	While almost every currency in the world is losing its price against the US Dollar, last week the Nepali Rupee was hit the hardest among all South Asian counterparts. The exchange rate between Nepali Rupee and US Dollar hit record high on Wednesday (June 12). The reference exchange rate set for that day by Nepal Rastra Bank was Rs 93.19 (for buying) and Rs 95.99 (for selling) per dollar. This is the highest after eight months. However, the banks can fix their own rate based on central bank’s reference rate. <br />
	The strengthening of USD has caused mixed reactions in South Asian Forex markets (see table and charts). Sri Lanka’s rupee fell on Thursday as foreign investors booked forwards to hedge their exposure, amid a trend of foreign outflows in other Asian peers in the wake of rise in U.S. Treasury yields. Maldivian Rufiyaa is seen relatively stable than other SAARC nation currencies as the country’s earnings from the tourism sector looked robust. Bhutanese Ngultrum which is pegged with Indian Rupee followed the path of Indian currency though the country’s economy seemed fairly strong in near and medium terms. <br />
	<br />
	Meanwhile, Bangladeshi Taka maintained stable rate against the USD as earnings from the country’s garment exports increased further. Afghanistan’s currency Afghani is also seen as best performer as the country’s forex reserve increased due to the amount of financial aid from United States and it’s allies sharply rose. Pakistani currency didn’t witness substantial pressure in recent volatility as the new government unveiled a ‘business friendly’ budget and pledge to revive the ailing economy. The Chinese Yuan also performed better than some South Asian currencies though the government signaled to slow the pace of currency appreciation. <br />
	<br />
	The weakness of the Indian currency is the main cause of the sharp devaluation of Nepali Rupee. On Thursday (June 20), the Indian Rupee hits a new all-time low against the USD trading at 60 per dollar. Nepali currency which maintains exchange rate peg with the Indian Rupee was hammered by the sharp decline. The Indian currency is under huge pressure as the country’s Current Account Deficit (CAD) continues to widen in a fast pace. Amid Weakening exports, spike in gold and petroleum imports are seen as the major factors for increasing India’s trade deficit which is ultimately widening the country’s CAD. The capital flight from India in recent months is also seen as another factor for weakening rupee as foreign investors are buying more greenbacks. <br />
	<br />
	<br />
	<br />
	<strong>Fed’s policy reversal <br />
	</strong><br />
	The trend is blamed on the indication from US Federal Reserve that it would now reverse the policy of Quantitative easing (QE), thus signaling advent of tighter money supply policy. The improvement in US manufacturing, retail business and housing sector along with decreasing unemployment rate have prompted the Fed to make such policy reversal. Fed Chairman Ben Bernanke said on Wednesday the central bank will continue to reduce the pace of bond purchases in measured steps through the first half of next year, ending purchases around mid-year if the US economy continued to show strength. The Fed has been pumping massive amount of liquidity through the QE programme since 2008 to stimulate the US economy in the wake of global financial crisis. After Bernanke’s comment the long-term interest rates in US soared as investors flocked to more attractive government bonds. This resulted in sky rocketing the US Treasury yields to 10 year high causing a broad rally in USD. <br />
	<br />
	In context to Nepali economy, the strengthening of the US dollar is seen as one of the factors of negative impact. For a country with the increasing trend of trade deficit, stronger dollar brings negative impact on the balance of payment of Nepal. Recent volatility indicates that weakening of Indian currency will continue in near-term. As a result, Nepali Rupee may further depreciate and weaken the economy which is already facing various macroeconomic risks. Analysts say that the possibility of capital flight from Nepal is very high by the continuous devaluation of Nepali Rupee. According to them, the combination of negative real interest rate and return on savings along with weak investment environment has created situation of large capital flight from the country.<br />
	<br />
	 </p>',
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			'description' => 'While almost every currency in the world is losing its price against the US Dollar, last week the Nepali Rupee was hit the hardest among all South Asian counterparts. The exchange rate between Nepali Rupee and US Dollar hit record high on Wednesday (June 12). The reference exchange rate set for that day by Nepal Rastra Bank was Rs 93.19 (for buying) and Rs 95.99 (for selling) per dollar.',
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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