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Nepal’s big ticket infrastructure bank

Aug 28, 2015 0 2 minutes 0 seconds to read

Will it be NIDC, HIDCL or will the private sector beat the government entities to…

Within two months, Thamel will open 24 hrs

Aug 26, 2015 0 31 seconds to read

August 26: Kathmandu’s tourist hub Thamel will remain open twenty-four-seven within two months, Thamel Tourism Development Council has…

Foreign investors interested in problematic banks: Governor Nepal

Aug 25, 2015 0 49 seconds to read

August 25: Foreign investors have shown interest in banks deemed problematic by the central bank, the central bank has…

Commercial banks’ business growth up by 7% points

Aug 24, 2015 0 57 seconds to read

August 24: Commercial banks have reported an increment of seven percentage points in the growth their business (net interest income) in the last FY compared to the year…

Nepse breaks all-time record

Aug 19, 2015 0 53 seconds to read

August 19: Nepse closed at an all-time high of 1,191.92 on Wednesday.…

Nepal’s Households continue to consume more electricity than industries

Aug 19, 2015 1 1 minutes 15 seconds to read

August 19: Nepal’s households continue to consume more electricity that the industrial sector, a trend that has remained unchanged for the last six…

Pokharel appointed CEO of post-quake reconstruction authority

Aug 14, 2015 0 22 seconds to read

August 14: The government has appointed Govinda Raj Pokharel as CEO of the reconstruction…

Nepse registers seven-year high

Aug 14, 2015 0 30 seconds to read

August 14: Nepal Stock Exchange (Nepse) index closed at a seven-year high of 1088 points on…

2nd NewBiz Business Conclave And Awards 2014

Nov 30, -0001 0 8 seconds to read

…

A Donor-Dependent Private Sector

Nov 30, -0001 0 6 minutes 22 seconds to read

…

World Bank Stresses On Bankable PDA

Nov 30, -0001 0 2 minutes 20 seconds to read

…

Kathmandu: World’s 5th Most Cheapest City

Nov 30, -0001 1 2 minutes 34 seconds to read

…

Contradictory Budget Review

Nov 30, -0001 0 3 minutes 23 seconds to read

…

The Fifth Nepal Pharma Expo Concludes

Nov 30, -0001 0 48 seconds to read

…

Chinese Traders Prefer Hundi To Formal Channels

Nov 30, -0001 0 2 minutes 40 seconds to read

…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
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NEPSE

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			'id' => '2839',
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			'title' => 'Nepal’s big ticket infrastructure bank ',
			'sub_title' => ' Will it be NIDC, HIDCL or will the private sector beat the government entities to it?',
			'summary' => ' Will it be NIDC, HIDCL or will the private sector beat the government entities to it?',
			'content' => '<p>Although the government&rsquo;s annual budget talked about transforming two government-run entities into the country&rsquo;s first infrastructure, development bank, the central bank is not convinced that this will materialise.</p>

<p>According to this year&rsquo;s budget speech, two government-owned entities, NIDC (development bank) and Hydroelectricity Investment and Development Company Ltd, are to be transformed into an infrastructure development bank.</p>

<blockquote>
<p>&ldquo;We are going to allow the private sector to obtain a special license to start an infrastructure bank,&rdquo; says Nepal Rastra Bank&rsquo;s Deputy Governor Gopal Kaphle. He said that the central bank was not convinced that the government would be able to invest in these two entities anytime soon.</p>
</blockquote>

<p>Governor Dr Chiranjibi Nepal says the new BAFIA (Banking and Financial Institutions Act) will have provisions related to the new infrastructure development bank. &ldquo;BAFIA is going to say that the central bank will regulate and supervise the infrastructure bank,&rdquo; says Dr Nepal.</p>

<p><br />
During his monetary policy speech for this fiscal year, DR Nepal had said that the central bank, which placed a moratorium on opening of new banks in 2007, will allow an infrastructure bank to come into operation. But such a bank would have to have a minimum paid-up capital of Rs 20 billion.<br />
NRB officials say that the new bank would not be allowed to run retail businesses. &ldquo;We can consider any proposal that is backed by at least Rs 20 billion and a sound business plan,&rdquo; says Deputy Governor Kaphle.</p>

<p>The concept of an infrastructure bank has been figuring in the budget speech for the last few years, but the government has not taken any concrete step towards establishing such a bank. However, after the government specifically mentioned that HIDCL and NIDC would be transformed into an infrastructure bank, NIDC has started preparing a draft proposal for a merger with HIDCL. The government is yet to say whether it wants NIDC and HIDCL to be transformed into two separate infrastructure banks or merge to establish a single bank.</p>

<blockquote>
<p>&ldquo;Both the companies are working on a merger plan. If we enter into a merger, our paid-up capital will exceed Rs 20 billion,&rdquo; says NIDC Deputy Director Rabiraj Pant. He said the draft proposal has already been presented before the board.</p>
</blockquote>
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			'title' => 'Within two months, Thamel will open 24 hrs ',
			'sub_title' => '',
			'summary' => 'August 26: Kathmandu’s tourist hub Thamel will remain open twenty-four-seven within two months, Thamel Tourism Development Council has said.',
			'content' => '<p>August 26: Kathmandu&rsquo;s tourist hub Thamel will remain open twenty-four-seven within two months, Thamel Tourism Development Council has said.</p>

<p>To prepare for this, the council has decided to invest Rs 10 million in solar lighting, Rs 5 millionin improving surveillance and another Rs 5 million in establishing an information centre. The council&rsquo;s chair Ramsharan Thapaliya said police personnel and ex-army men will patrol the streets of Thamel from 10 pm to 5 am.&nbsp;</p>

<p>The council&rsquo;s decision comes as Nepal gears up for the tourist season, and businesses prepare to get back on track after the earthquake.</p>
',
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			'created' => '2015-08-26',
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			'id' => '2837',
			'article_category_id' => '91',
			'title' => 'Foreign investors interested in problematic banks: Governor Nepal',
			'sub_title' => '',
			'summary' => 'August 25: Foreign investors have shown interest in banks deemed problematic by the central bank, the central bank has said.',
			'content' => '<p>August 25: Foreign investors have shown interest in banks deemed problematic by the central bank, the central bank has said.</p>

<p>Talking to <em>New Business Age</em>, central bank Governor Dr Chiranjibi Nepal said that two groups (one from Japan and other from Europe) have shown interest in investing in problematic banks. &ldquo;The investment process has already started, and the details will be made public soon,&rdquo; said the governor.</p>

<p>Governor Nepal said foreign banks&rsquo; interest in problematic BFIs in Nepal shows that international investors see opportunities in Nepal, and Nepali banks can approach them to raise their paid-up capital, as required by the monetary policy.</p>

<p>If they are interested in investing in problematic banks, they would definitely be interested in investing in banks that are doing well, said Dr Nepal.</p>

<p style="text-align: right;"><em>(Read Governor Dr Nepal&rsquo;s interview in the September issue of New Business Age)</em></p>
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			'id' => '2836',
			'article_category_id' => '91',
			'title' => 'Commercial banks’ business growth up by 7% points',
			'sub_title' => '',
			'summary' => 'August 24: Commercial banks have reported an increment of seven percentage points in the growth their business (net interest income) in the last FY compared to the year before.',
			'content' => '<p>August 24: Commercial banks have reported an increment of seven percentage points in the growth their business (net interest income) in the last FY compared to the year before.</p>

<p>The banks had reported a 5 percent growth in net interest income in FY 2013/14. During the last FY (2014/15), the annual growth rate increased by 7.25 percentage points to reach 12.25 percent.</p>

<p>According to figures released by the country&rsquo;s 30 commercial banks, their net interest income for FY 2014/15 stood at Rs 52.27 billion.</p>

<p>The increment in the interest income has also helped increase profit for the banks. Compared to the previous year, the banks&rsquo; profit registered a growth of 32.46 percent to reach Rs 26.52 billion.</p>

<p>The year-end figures show that although deposits have expanded, credit has not expanded at the same rate. During the last FY it could be seen that even while maintaining the statutory C/D ratio, banks still had the money to invest Rs 300 billion. To address the situation, the central bank, from the last FY, has started taking deposits from commercial banks&mdash;this is the first time NRB started do so.</p>
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			'created' => '2015-08-24',
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			'sortorder' => '2680',
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			'id' => '2835',
			'article_category_id' => '91',
			'title' => 'Nepse breaks all-time record',
			'sub_title' => '',
			'summary' => 'August 19: Nepse closed at an all-time high of 1,191.92 on Wednesday. ',
			'content' => '<p>August 19: Nepse closed at an all-time high of 1,191.92 on Wednesday.&nbsp;</p>

<p>On Monday, the second day of the trading week, Nepse registered a 45 point increase from the previous trading day, and closed at 1157.6. Market watchers had said the index was likely to cross the 1175 point mark on Tuesday itself. However, it had closed at 1158.86 on Tuesday.</p>

<p>The highest, the index ever reached until today was on August 31,2008, when it closed at 1175.38.</p>

<p>According to analysts, the recent announcement by the central bank to make it mandatory for BFIs to increase their paid-up capital has encouraged new investors. Similarly, the news of insurance companies increasing their capital, and the publication of quarterly profit reports of listed companies has helped the index record a new high.</p>

<p>To add to that, the demand for shares of commercial banks has exceeded its supply, following the implementation of DEMAT trading. Ranabhat said not all shares of commercial banks have been de-materialised, and that is the reason why the supply has become low.</p>
',
			'published' => true,
			'created' => '2015-08-19',
			'modified' => '2015-08-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2679',
			'image' => '20150819033057_Nepal Stock Exchange Ltd..jpeg',
			'article_date' => '2015-08-19 00:00:00',
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		'Article' => array(
			'id' => '2834',
			'article_category_id' => '91',
			'title' => ' Nepal’s Households continue to consume more electricity than industries',
			'sub_title' => '',
			'summary' => 'August 19: Nepal’s households continue to consume more electricity that the industrial sector, a trend that has remained unchanged for the last six years.',
			'content' => '<p>August 19: Nepal&rsquo;s households continue to consume more electricity that the industrial sector, a trend that has remained unchanged for the last six years.</p>

<p>Although electricity consumption by the industrial sector has grown over the last few years, It has only done so marginally when compared to the growth among households.</p>

<p>Recent figures from Nepal Electricity Authority show that the industrial sector consumed 36.30 percent (1,359.34 Gwh) of the electricity supplied by the state utility in FY 2014/15. The figure for households stood at 44.77 percent (1,673 Gwh).</p>

<p>This trend has remained largely unaltered for the last decade, except for 2009, when industrial consumption exceeded household consumption.</p>

<p>Since manufacturing plants require electricity to run, the consumption data gives an indication of things are faring in the manufacturing sector.</p>

<table align="center" border="1" cellpadding="1" cellspacing="1" style="width:500px">
	<tbody>
		<tr>
			<td><strong>Sector</strong></td>
			<td><strong>2013</strong></td>
			<td><strong>2014</strong></td>
			<td><strong>2015</strong></td>
		</tr>
		<tr>
			<td>
			<p>Household</p>
			</td>
			<td>1401.64</td>
			<td>1571.39</td>
			<td>1676.38</td>
		</tr>
		<tr>
			<td>Industrial</td>
			<td>1141.07</td>
			<td>1251.69</td>
			<td>1359.34</td>
		</tr>
		<tr>
			<td>Commercial</td>
			<td>256.82</td>
			<td>285.42</td>
			<td>302.10</td>
		</tr>
		<tr>
			<td>Community use</td>
			<td>77.04</td>
			<td>86.08</td>
			<td>96.85</td>
		</tr>
		<tr>
			<td>Irrigation, drinking water</td>
			<td>72.55</td>
			<td>82.52</td>
			<td>84.26</td>
		</tr>
		<tr>
			<td>Street light</td>
			<td>76.24</td>
			<td>76.44</td>
			<td>78.06</td>
		</tr>
		<tr>
			<td>Transportation</td>
			<td>6.26</td>
			<td>6.22</td>
			<td>6.55</td>
		</tr>
	</tbody>
</table>

<p>&nbsp;</p>
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			'id' => '2832',
			'article_category_id' => '91',
			'title' => 'Pokharel appointed CEO of post-quake reconstruction authority ',
			'sub_title' => '',
			'summary' => 'August 14: The government has appointed Govinda Raj Pokharel as CEO of the reconstruction authority.',
			'content' => '<p>August 14: The government has appointed Govinda Raj Pokharel as CEO of the reconstruction authority.</p>

<p>Pokharel is also the Vice-chairman of National Planning Commission. The authority, which is to be headed by the Prime Minister, will have home minister Bamdev Gautam, urban development minister Narayan Khadka and tourism minister Kripasur Sherpa as members.</p>

<p>The authority, which will oversee post-earthquake reconstruction work, will have tenure of five years.</p>
',
			'published' => true,
			'created' => '2015-08-14',
			'modified' => '2015-08-14',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2676',
			'image' => '20150814105127_2.jpg',
			'article_date' => '2015-08-14 00:00:00',
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		'Article' => array(
			'id' => '2831',
			'article_category_id' => '91',
			'title' => 'Nepse registers seven-year high',
			'sub_title' => '',
			'summary' => 'August 14: Nepal Stock Exchange (Nepse) index closed at a seven-year high of 1088 points on Thursday',
			'content' => '<p>August 14: Nepal Stock Exchange (Nepse) index closed at a seven-year&nbsp;high of 1088 points on Thursday</p>

<p>The index crossed 1083 points, the previous high this month, to close at 1088.42.The highest the index ever reached was on August 31,2008, when it closed at 1175.38.</p>

<p>According to analysts, The recent announcement by the central bank to make it mandatory for BFIs to increase their paid-up capital has encouraged new investors. Similarly, the news of insurance companies increasing their capital, and the publication of quarterly profit reports of listed companies has helped the index record a new high.</p>
',
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			'id' => '2793',
			'article_category_id' => '91',
			'title' => '2nd NewBiz Business Conclave And Awards 2014',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:16px;">Please visit to <a href="http://www.abhiyan.com.np">http://www.abhiyan.com.np</a> for details.</span></p>',
			'published' => true,
			'created' => '2014-09-12',
			'modified' => '2014-10-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2637',
			'image' => null,
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	(int) 9 => array(
		'Article' => array(
			'id' => '2724',
			'article_category_id' => '91',
			'title' => 'A Donor-Dependent Private Sector',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Siromani Dhungana and Hom Nath Gaire&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Aid orientation has been evident among Nepal&rsquo;s private sector organizations as they are hell bent on bagging projects from donor agencies to carry out activities for their own welfare and day to day activities. Sometimes, their race for getting projects appears to be &lsquo;unhealthy&rsquo;.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Here are some examples:&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>USAID Nepal Economic, Agriculture and Trade (NEAT) activity provided grant to the Confederation of Nepalese Industries (CNI) to conduct Public Private Dialogue (PPD) on draft of Foreign Investment and Technology Transfer Act (FITTA) last year. The draft was prepared by the Institute of Policy Research and Development (IPRAD). CNI&rsquo;s rival, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), started to criticize the activities under that project. The dispute became visible when the FNCCI formally organized a programme to challenge some provisions of the draft such as allowing Nepali investors to invest abroad, and accused that the draft was totally in favour of some businessmen affiliated to CNI. Due to the controversy, the Ministry of Industry could not table the draft at the Cabinet meeting. Government officials say that the reason behind the conflict between FNCCI and CNI was nothing more than the grant from USAID NEAT, which phased out last year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>European Union had tentatively agreed, according to a FNCCI source, to provide a grant of five-million euro to FNCCI for the promotion of products listed in the Nepal Trade Integration Strategy in the European market. Later, the project was bagged by CNI in the name of &ldquo;Go International&rdquo;. In informal discussions, FNCCI officials still blame CNI for using all kinds of tricks to get the project. In this case, even employees at EU were dragged into controversy. Now, the project is being handled by CNI instead of FNCCI.</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Similar is the case of the SAARC Trade Promotion Network (SAARC TPN), a regional trade facilitation project supported by German International Cooperation (GIZ). There was a big hue and cry on which organization should represent Nepal&rsquo;s private sector in this project as the project seeks participation from all SAARC countries. Both FNCCI and CNI were at loggerheads over the participation. Later, the GIZ decided to include all umbrella organization creating different sub committees to settle the dispute. The third organization, Federation of Nepal Cottage and Small Industries (FNCSI), also became a part of the project due to dispute between two big organizations, FNCCI and CNI.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Businessmen affiliated with Nepal Chamber of Commerce (NCC) started a new initiative, National Business Initiatives (NBI) with grants from International Alert and GIZ. Many consider it as NCC&rsquo;s attempt to get projects from donor agencies.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Foreign Aid: A Meeting Agenda</strong></span></div>
<div>
	According to some members of CNI and FNCCI, members of both umbrella organizations get engaged in heated debates over foreign aid during their board meetings.</div>
<div>
	&nbsp;</div>
<div>
	Some members directly accuse the leadership of inefficiency if the rival organization gets a donor-funded project, a member of FNCCI told The Corporate on the condition of anonymity.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;It&rsquo;s a shame that our businessmen openly ask for projects during talks with representatives of the donor agencies,&rdquo; a CNI member said, &ldquo;They should be rather talking about bilateral trade or expanding Nepali business abroad or even inviting foreign investors.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Making Umbrella Organizations a Begging Bowl&nbsp;</strong></span></div>
<div>
	Why is our private sector making the umbrella organizations a begging bowl? It is tough question. It is no surprise as our private sector has &lsquo;feudal mindset&rsquo; and they are hell bent on amassing profit, ethically or unethically, says Deependra Bahadur Kshetry, former vice-chairman at National Planning Commission.</div>
<div>
	&nbsp;</div>
<div>
	It is shameful that they are also dependent on the government to carry out their activities. But they scold the government whenever they get the chance just to cover their own weaknesses, he claimed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s private sector lacks innovative approach, he opined. &ldquo;They utilize their creativity just to make profit from the policy lapses. For instance, they amassed billions from the multi-billion VAT scam. Problems such as under and over-invoicing, income splitting and transfer pricing are rampant,&rdquo; said Kshetry.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Instead of making the umbrella organizations a begging bowl, the private sector should utilize their income source to become self-reliant, he said.</div>
<div>
	&nbsp;</div>
<div>
	Major umbrella organizations &ndash; FNCCI, CNI and NCC &ndash; are member-based organizations and they should run from their members&rsquo; contributions, a businessman suggested. Besides, FNCCI, CNI and NCC earned millions by issuing Certificate of Origin. But the problem is they are never transparent, according to him.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Dependency to what Extent?</strong></span></div>
<div>
	It may sound ridiculous but it is a fact that Nepal&rsquo;s private sector seeks help from the government not only for promotional activities but also to get opportunities for foreign trips and organizing events such as seminars, summits and conferences. For example, some umbrella organizations wrote to the government demanding that the government bear their travel costs to participate in the Ministerial Meet of WTO held in Bali, Indonesia. But the government refused the proposal.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Representatives of the umbrella organisations promote their businesses abroad but ask the government to provide air-fare and other essential cost, an official said. This suggests that Nepal&rsquo;s private sector is completely dependent and inefficient, Kshetry claimed. &ldquo;Many evidences show that, apart from some genuine firms, we can categorize our private sector just as household businesses.&rdquo;</div>
<div>
	&nbsp;</div>
<table border="0" cellpadding="10" width="99%">
	<tbody>
		<tr>
			<td bgcolor="#E5E4E2">
				<div>
					<div>
						<div style="text-align: center;">
							<span style="font-size:16px;"><strong>They Get Aid From</strong></span></div>
						<div style="text-align: center;">
							&nbsp;</div>
						<div>
							<span style="font-size:14px;"><strong>FNCCI:</strong></span> FNCCI has been actively cooperating with various foreign / international organizations such as UNDP, USAID, DFID, UNIDO, UNCTAD/GATT/ITC, THE WORLD BANK, ILO, PPPUE, SEQUA-GTZ Private Sector Promotion Project, UNFPA, Asia-Invest, JICA, IOE, NIKKEIREN, APO, JETRO, SAARC Secretariat, ICIMOD, AOTS etc in carrying out various activities for the promotion of business and industry. (Source: FNCCI)</div>
						<div>
							&nbsp;</div>
						<div>
							<span style="font-size:14px;"><strong>CNI:</strong></span> USAID, European Union, GIZ, DFID, IFC, Association for Overseas Technical Scholarship etc.</div>
						<div>
							&nbsp;</div>
						<div>
							<span style="font-size:14px;"><strong>Nepal Chamber of Commerce:</strong></span> Nepal Chamber of Commerce is representing Nepal as a national focal point for Regional Investment Information and Promotion Services (RIIPS) of UN\ESCAP. The Chamber has been conducting seminar and training, related to business and economy, with the help of International organizations, such as International Trade Centre &ndash; ITC (UNCTAD &ndash; WTO) and the Asian Pacific Centre for Transfer of Technology (APCTT). (Source: NCC)</div>
					</div>
				</div>
			</td>
		</tr>
	</tbody>
</table>',
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			'created' => '2014-03-09',
			'modified' => '2014-04-10',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The umbrella organisations of the Nepali private sector are vying with each other to lure foreign grants. This is damaging their public image.',
			'sortorder' => '2614',
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			'article_date' => '0000-00-00 00:00:00',
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	(int) 10 => array(
		'Article' => array(
			'id' => '2734',
			'article_category_id' => '91',
			'title' => 'World Bank Stresses On Bankable PDA',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The World Bank Group has suggested that the Nepali government should focus on infrastructure sector, including hydropower, to achieve economic prosperity.</div>
<div>
	&nbsp;</div>
<div>
	Wrapping up a six-day visit to Nepal on Saturday, board members underlined the need of developing hydropower and better connectivity. They emphasized the need to sign a bankable PDA.&rdquo;Nepal urgently needs to improve connectivity and power sectors,&rdquo; Jorg Frieden, executive director of the World Bank Group said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;We need private sector to take lead in hydropower. And, we&rsquo;re working on to have a bankable PDA signed. Once that is done then we can bring full weight of the IFC,&rdquo; said Kyle F Kelhofer, IFC country manager for Nepal,&nbsp;</div>
<div>
	Bangladesh and Bhutan.</div>
<div>
	&nbsp;</div>
<div>
	He further said that IFC may be interested in equity investment on Upper Karnali Hydro Project. &nbsp;&ldquo;Any reasonable proposal that is technically and economically sound would be considered positively,&rdquo; Frieden added.</div>
<div>
	&nbsp;</div>
<div>
	They also suggested improving road connectivity to ensure road safety. On possible World Bank assistance to Kathmandu-Tarai Fast Track, World Bank Country Director for Nepal Johannes Zutt said the bank is in discussion with the Nepali government on the issue.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The board members said that they see Nepal as a country that needs more resources and the bank will try its best to facilitate better resource mobilisation. However, the members cautioned that mobilisation of the resources would make sense only if it is combined with high quality policy and projects.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The attention on political transition we know is certainly the priority, but it is not enough,&rdquo; said Frieden adding &ldquo;Economic growth is crucial to support transition. You cannot get stability if the economic performance does not improve. Thus attention on economy is necessary to facilitate the transition.&rdquo; He further added that the government should focus on creating jobs.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The team also emphasized spending in the public sector for the high economic growth. The emphasis comes a week after this fiscal year&rsquo;s mid-term budget review pointed that the capital expenditure stood at 30 percent, while only 19 percent of the allocated budget was spent on national pride projects. With World Bank country office in Nepal currently working on new country assistance strategy, the board members assured that they would recommend to the country teams&mdash;World Bank and IFC&mdash;to listen to the new government, new political leaders and society at large to understand what can be achieved and what really is expected.</div>',
			'published' => true,
			'created' => '2014-03-10',
			'modified' => '2014-03-24',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The World Bank Group has suggested that the Nepali government should focus on infrastructure sector, including hydropower, to achieve economic prosperity.',
			'sortorder' => '2604',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	(int) 11 => array(
		'Article' => array(
			'id' => '2733',
			'article_category_id' => '91',
			'title' => 'Kathmandu: World’s 5th Most Cheapest City',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: center;">
	<span style="font-size:10px;"><em>Photo Source :&nbsp;https://500px.com/photo/26501817/kathmandu-city-by-helminadia-ranford</em></span></div>
<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent</strong></div>
<div>
	&nbsp;</div>
<div>
	Costs of living in Kathmandu may be frightening for Nepalis with average income. A latest report by the Economist Intelligence Unit (EIU), however, has shown different finding. According to the EIU&rsquo;s Worldwide Cost of Living (WCOL) 2014 index, Kathmandu is among the least expensive cities in the world. The metropolis is placed 5th in the list of 10 least expensive cities. The index measures cost of living in 131 cities across 93 countries. This year, Kathmandu moved up one place to 127th spot, scoring 44 points.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Last year, the city scored 50 points and was ranked 128th position in the WCOL index. India&rsquo;s financial hub Mumbai (ranked 131st) grabbed the top spot of least expensive city of the world followed by Pakistan&rsquo;s Karachi (130th) and Indian capital New Delhi (129th).&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	EIU prepared the index after an extensive survey on four factors - average USD prices of one kg loaf of bread, one bottle table wine, 20 branded cigarettes and one litre unleaded petrol. &nbsp;The survey, which has been carried out for more than 30 years, allows city-to-city comparisons, which is based on the city of New York that has an index set at 100 points.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The report finds that purchasing one kg loaf of bread in Kathmandu in current prices would cost USD 1.26 against USD 0.91 in Mumbai. The WCOL index informs that average price of one bottle table wine in Kathmandu is USD 18.98, cheaper by USD 1.61 compared to Mumbai where it costs USD 20.59. Similarly, the index puts average price of 20 branded cigarettes in Kathmandu at USD 1.53. Despite the price hike in the local market, the city saw price of a pack of branded cigarettes declining by 0.16 cents against last year&rsquo;s USD 1.69, the report states. Likewise, average price of one litre of unleaded petrol is USD 1.24 in Kathmandu, which is averaged at USD 1.21 in Mumbai.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Other least expensive cities in the list include Algiers (Algeria), Damascus (Syria), Bucharest (Romania), Panama City (Panama) and Saudi Arabian cities- Jeddah and Riyadh. The report also highlights some major issues in the cheapest cities. &ldquo;Outside India bargain hunters may be put off by the security risk in many of the countries in which the world&rsquo;s cheapest cities are found. Pakistan, Nepal, Syria and Algeria all feature in the bottom ten, but have had well documented security issues or domestic unrest,&rdquo; it says. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Singapore topped the index as the most expensive city in the world followed by Paris (France), Oslo (Norway), Zurich (Switzerland), Sydney (Australia), Caracas (Venezuela) Geneva (Switzerland), Melbourne (Australia), Tokyo (Japan) and Copenhagen (Denmark). According to the report, Tokyo fell down from the top spot due to the weaker Yen despite growing consumer confidence and price inflation.</div>',
			'published' => true,
			'created' => '2014-03-10',
			'modified' => '2015-02-26',
			'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' => 'Costs of living in Kathmandu may be frightening for Nepalis with average income. A latest report by the Economist Intelligence Unit (EIU), however, has shown different finding. According to the EIU’s Worldwide Cost of Living (WCOL) 2014 index, Kathmandu is among the least expensive cities in the world. The metropolis is placed 5th in the list of 10 least expensive cities. The index measures cost of living in 131 cities across 93 countries. This year, Kathmandu moved up one place to 127th spot, scoring 44 points.',
			'sortorder' => '2577',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	(int) 12 => array(
		'Article' => array(
			'id' => '2685',
			'article_category_id' => '91',
			'title' => 'Contradictory Budget Review',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Siromani Dhungana</strong></div>
<div>
	&nbsp;</div>
<table align="right" style="margin: 0px 0px 0px 10px;" width="25">
	<tbody>
		<tr>
			<td>
				<img alt="Finance Minister Dr Ram Sharan Mahat" src="/userfiles/images/rsm.jpg" style="border-width: 0px; border-style: solid; width: 200px; height: 217px;" /></td>
		</tr>
		<tr>
			<td bgcolor="#FFFFFF">
				<div align="center">
					<div style="text-align: center;">
						<div>
							<strong>Dr Ram Sharan Mahat</strong></div>
						<div>
							Finance Minister</div>
					</div>
				</div>
			</td>
		</tr>
	</tbody>
</table>
<div>
	The government has made &nbsp;a Mid-term Review of the Budget public with an ambitious hope of achieving the targeted 5.5 percent growth rate. Revealing contradictory figures, newly appointed Finance Minister Dr Ram Sharan Mahat has claimed that the targeted growth rate of 5.5 per cent will be realized this year despite extremely low (19 percent of what was budgeted) capital expenditure.</div>
<div>
	&nbsp;</div>
<div>
	The government&rsquo;s projection is based on favourable weather for agricultural products, thanks to timely monsoon and winter rains. &nbsp;Though the weather might prove our finance minister lucky, &nbsp;it is not time to rejoice. There are myriad problems ahead for Dr Mahat to bring the economy back on track.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	A huge amount has remained idle in the government treasury and low credit off-take from the private sector has resulted in excess liquidity in banks. Similarly, there&rsquo;s no tangible progress in investment in the productive sector.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The government has Rs 65 billion lying unspent in its treasury at the moment, while banks have excess liquidity of Rs 50 billion, according to the Nepal Rastra Bank (NRB). As of Feb 27, capital expenditure has reached only 19.72 per cent of the budget.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Mid-term Review of the Budget also revealed that the food prices jumped 13 percent despite increase in the production of agricultural products. &nbsp;Dr Mahat blamed middlemen (intermediaries) as those mainly responsible for the sharp price rise. Though this indicates that the finance minister will &nbsp;be tightening the middlemen that indulge in cartels and syndicates, the power to do so lies mostly with the Home Minister who is from CPN-UML that has a quite different political ideology</div>
<div>
	&nbsp;</div>
<div>
	Food prices are expected to stabilize or go lower when there is increase in agriculture products, said former commerce secretary Purushottam Ojha. &ldquo;Food prices go up if there are frequent obstacles in transportation, but that too cannot be an excuse this year as there were not such obstacles sice the last year.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	Another reason for increment in food prices is export of food items. &ldquo;Export increases demand of products resulting in price hike in the domestic market,&rdquo; Ojha opined. But the data shows there has not been much export of agro-products this year. The government should study whether there is really increased export of agro products from Nepal, he suggested. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The report has estimated that paddy and maize production grew 12 per cent and 10 per cent respectively. &ldquo;As livestock production also grew and winter crops are also expected to perform well, the agriculture sector&rsquo;s overall performance will be much better,&rdquo; the&nbsp;</div>
<div>
	report stated.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Leaving the price rise in food items apart, the overall economic indicators are positive in the first half of the current fiscal year.</div>
<div>
	&nbsp;</div>
<div>
	The Mid-Term Review document of the Budget for the current fiscal year 2013-14 states that positive political developments and their possible positive impact on investment in industry and service sectors will help achieve the targeted growth rate.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Meanwhile, the service sector is expected to post a six percent growth this year, according to the Finance Ministry. Services account for more than 50 per cent of the economy while the farm sector contributes 35 per cent and industry 15 percent, according to the Economic Survey 2012-13.</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2014-03-02',
			'modified' => '2014-03-10',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The government has made  a Mid-term Review of the Budget public with an ambitious hope of achieving the targeted 5.5 percent growth rate. Revealing contradictory figures, newly appointed Finance Minister Dr Ram Sharan Mahat has claimed that the targeted growth rate of 5.5 per cent will be realized this year despite extremely low (19 percent of what was budgeted) capital expenditure.',
			'sortorder' => '2571',
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	(int) 13 => array(
		'Article' => array(
			'id' => '2689',
			'article_category_id' => '91',
			'title' => 'The Fifth Nepal Pharma Expo Concludes',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The three days fifth Nepal Pharma Expo concluded today. The three day expo was organized by the Association of Pharmaceutical Producers&rsquo; of Nepal (APPON). The expo was organized to create awareness about the present condition of the pharmaceutical industry and the latest technology in the domestic industry. The Pharma expo had a participation of around 46 national and 45 foreign medicine industries. This year during the trade fair there were around 106 stalls from the national and international medicine industries. The main objective of the expo was to showcase the national and international science and technology in the medicine production. According to the organizers the expo was successful to attract quality number of people who were related to the medicine industry. The fifth Nepal Pharma Expo was organized from February 28 &ndash; March 2. The expo is organized in every two years interval since 2005, said the organizers.&nbsp;</div>',
			'published' => true,
			'created' => '2014-03-03',
			'modified' => '2014-03-10',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The three days fifth Nepal Pharma Expo concluded today. The three day expo was organized by the Association of Pharmaceutical Producers’ of Nepal (APPON). The expo was organized to create awareness about the present condition of the pharmaceutical industry and the latest technology in the domestic industry.',
			'sortorder' => '2567',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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			'breaking_news' => false,
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	(int) 14 => array(
		'Article' => array(
			'id' => '2690',
			'article_category_id' => '91',
			'title' => 'Chinese Traders Prefer Hundi To Formal Channels',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Hundi, the money transfer business through informal channels, has been a dominant mode of payment in trade between Nepal and China.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Chinese traders have adopted Hundi as a mode of payment because it helps reduce cost in comparison with trade in dollar, experts say. The Tibet Autonomous Region of China has not made it mandatory to trade through formal channels, providing freedom to traders to adopt Hundi as a mode of payment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Chinese businessmen directly contact Nepali firms and import goods to their country, according to traders. The trade volume with China has been expanding but the official figure suggests extremely low export from Nepal. Traders say the reason behind static export figure is the use of Hundi as a mode of payment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Anup Bahadur Malla, chairman of Export Promotion Committee, Federation of Nepalese Chambers of Commerce and Industry (FNCCI), estimates that Nepal&rsquo;s trade with China through the informal channel is more than ten folds than that through the formal channel. Nepal&rsquo;s&nbsp;</div>
<div>
	export to China stood at Rs 2.53 billion in the last fiscal year.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Trade of goods worth Rs 20 billion took place via illegal channels,&rdquo; Malla claims. Nepal exports around 40 per cent carpet to China, he said. &ldquo;But the official data is very low than this figure.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	Nepal exports carpet, handicrafts, agro products, metal, Thanka and Yarchagumba to China. Tibetans want trade in RMB (Tibetan currency) rather than in dollar, Malla said. &ldquo;Now the solution to end Hundi is the Nepal Rastra Bank should allow traders to open bank accounts in RMB.&rdquo; China has been providing zero-tariff facility while exporting 7,787 goods to China from Nepal.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	According to experts, the government should take immediate measures to control Hundi. Hundi has emerged as a serious threat to national economy after fake Value Added Tax (VAT) bill and fake customs declaration form scam, a Finance Ministry source said. Hundi &mdash; an underground banking system that allows money transfer without leaving any paper record because there is no contract, bank statements or transaction record &mdash; is posing serious threat to the formal economy, the source added.</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:18px;"><strong>Hundi hits economy because:</strong></span></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It is an illegal underground banking channel</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It increases capital flight</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It is main channel for terrorist financing&nbsp;</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It poses threats to formalise national economy</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It encourage the import of under-invoiced goods&nbsp;</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It increases chances of foreign currency misappropriation</strong></div>',
			'published' => true,
			'created' => '2014-03-03',
			'modified' => '2014-03-03',
			'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' => 'Hundi, the money transfer business through informal channels, has been a dominant mode of payment in trade between Nepal and China.',
			'sortorder' => '2535',
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		)
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)
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		'Article' => array(
			'id' => '2839',
			'article_category_id' => '91',
			'title' => 'Nepal’s big ticket infrastructure bank ',
			'sub_title' => ' Will it be NIDC, HIDCL or will the private sector beat the government entities to it?',
			'summary' => ' Will it be NIDC, HIDCL or will the private sector beat the government entities to it?',
			'content' => '<p>Although the government&rsquo;s annual budget talked about transforming two government-run entities into the country&rsquo;s first infrastructure, development bank, the central bank is not convinced that this will materialise.</p>

<p>According to this year&rsquo;s budget speech, two government-owned entities, NIDC (development bank) and Hydroelectricity Investment and Development Company Ltd, are to be transformed into an infrastructure development bank.</p>

<blockquote>
<p>&ldquo;We are going to allow the private sector to obtain a special license to start an infrastructure bank,&rdquo; says Nepal Rastra Bank&rsquo;s Deputy Governor Gopal Kaphle. He said that the central bank was not convinced that the government would be able to invest in these two entities anytime soon.</p>
</blockquote>

<p>Governor Dr Chiranjibi Nepal says the new BAFIA (Banking and Financial Institutions Act) will have provisions related to the new infrastructure development bank. &ldquo;BAFIA is going to say that the central bank will regulate and supervise the infrastructure bank,&rdquo; says Dr Nepal.</p>

<p><br />
During his monetary policy speech for this fiscal year, DR Nepal had said that the central bank, which placed a moratorium on opening of new banks in 2007, will allow an infrastructure bank to come into operation. But such a bank would have to have a minimum paid-up capital of Rs 20 billion.<br />
NRB officials say that the new bank would not be allowed to run retail businesses. &ldquo;We can consider any proposal that is backed by at least Rs 20 billion and a sound business plan,&rdquo; says Deputy Governor Kaphle.</p>

<p>The concept of an infrastructure bank has been figuring in the budget speech for the last few years, but the government has not taken any concrete step towards establishing such a bank. However, after the government specifically mentioned that HIDCL and NIDC would be transformed into an infrastructure bank, NIDC has started preparing a draft proposal for a merger with HIDCL. The government is yet to say whether it wants NIDC and HIDCL to be transformed into two separate infrastructure banks or merge to establish a single bank.</p>

<blockquote>
<p>&ldquo;Both the companies are working on a merger plan. If we enter into a merger, our paid-up capital will exceed Rs 20 billion,&rdquo; says NIDC Deputy Director Rabiraj Pant. He said the draft proposal has already been presented before the board.</p>
</blockquote>
',
			'published' => true,
			'created' => '2015-08-28',
			'modified' => '2015-08-28',
			'keywords' => '',
			'description' => 'Although the government’s annual budget talked about transforming two government-run entities into the country’s first infrastructure, development bank, the central bank is not convinced that this will materialise.',
			'sortorder' => '2683',
			'image' => null,
			'article_date' => '2015-08-28 00:00:00',
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		'Article' => array(
			'id' => '2838',
			'article_category_id' => '91',
			'title' => 'Within two months, Thamel will open 24 hrs ',
			'sub_title' => '',
			'summary' => 'August 26: Kathmandu’s tourist hub Thamel will remain open twenty-four-seven within two months, Thamel Tourism Development Council has said.',
			'content' => '<p>August 26: Kathmandu&rsquo;s tourist hub Thamel will remain open twenty-four-seven within two months, Thamel Tourism Development Council has said.</p>

<p>To prepare for this, the council has decided to invest Rs 10 million in solar lighting, Rs 5 millionin improving surveillance and another Rs 5 million in establishing an information centre. The council&rsquo;s chair Ramsharan Thapaliya said police personnel and ex-army men will patrol the streets of Thamel from 10 pm to 5 am.&nbsp;</p>

<p>The council&rsquo;s decision comes as Nepal gears up for the tourist season, and businesses prepare to get back on track after the earthquake.</p>
',
			'published' => true,
			'created' => '2015-08-26',
			'modified' => '2015-08-26',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2682',
			'image' => '20150826123524_Clipboard01.jpg',
			'article_date' => '2015-08-26 00:00:00',
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		'Article' => array(
			'id' => '2837',
			'article_category_id' => '91',
			'title' => 'Foreign investors interested in problematic banks: Governor Nepal',
			'sub_title' => '',
			'summary' => 'August 25: Foreign investors have shown interest in banks deemed problematic by the central bank, the central bank has said.',
			'content' => '<p>August 25: Foreign investors have shown interest in banks deemed problematic by the central bank, the central bank has said.</p>

<p>Talking to <em>New Business Age</em>, central bank Governor Dr Chiranjibi Nepal said that two groups (one from Japan and other from Europe) have shown interest in investing in problematic banks. &ldquo;The investment process has already started, and the details will be made public soon,&rdquo; said the governor.</p>

<p>Governor Nepal said foreign banks&rsquo; interest in problematic BFIs in Nepal shows that international investors see opportunities in Nepal, and Nepali banks can approach them to raise their paid-up capital, as required by the monetary policy.</p>

<p>If they are interested in investing in problematic banks, they would definitely be interested in investing in banks that are doing well, said Dr Nepal.</p>

<p style="text-align: right;"><em>(Read Governor Dr Nepal&rsquo;s interview in the September issue of New Business Age)</em></p>
',
			'published' => true,
			'created' => '2015-08-25',
			'modified' => '2015-08-25',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2681',
			'image' => '20150825011956_121.jpg',
			'article_date' => '2015-08-25 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
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		'Article' => array(
			'id' => '2836',
			'article_category_id' => '91',
			'title' => 'Commercial banks’ business growth up by 7% points',
			'sub_title' => '',
			'summary' => 'August 24: Commercial banks have reported an increment of seven percentage points in the growth their business (net interest income) in the last FY compared to the year before.',
			'content' => '<p>August 24: Commercial banks have reported an increment of seven percentage points in the growth their business (net interest income) in the last FY compared to the year before.</p>

<p>The banks had reported a 5 percent growth in net interest income in FY 2013/14. During the last FY (2014/15), the annual growth rate increased by 7.25 percentage points to reach 12.25 percent.</p>

<p>According to figures released by the country&rsquo;s 30 commercial banks, their net interest income for FY 2014/15 stood at Rs 52.27 billion.</p>

<p>The increment in the interest income has also helped increase profit for the banks. Compared to the previous year, the banks&rsquo; profit registered a growth of 32.46 percent to reach Rs 26.52 billion.</p>

<p>The year-end figures show that although deposits have expanded, credit has not expanded at the same rate. During the last FY it could be seen that even while maintaining the statutory C/D ratio, banks still had the money to invest Rs 300 billion. To address the situation, the central bank, from the last FY, has started taking deposits from commercial banks&mdash;this is the first time NRB started do so.</p>
',
			'published' => true,
			'created' => '2015-08-24',
			'modified' => '2015-08-24',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2680',
			'image' => null,
			'article_date' => '2015-08-24 00:00:00',
			'homepage' => false,
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			'main_news' => true,
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		'Article' => array(
			'id' => '2835',
			'article_category_id' => '91',
			'title' => 'Nepse breaks all-time record',
			'sub_title' => '',
			'summary' => 'August 19: Nepse closed at an all-time high of 1,191.92 on Wednesday. ',
			'content' => '<p>August 19: Nepse closed at an all-time high of 1,191.92 on Wednesday.&nbsp;</p>

<p>On Monday, the second day of the trading week, Nepse registered a 45 point increase from the previous trading day, and closed at 1157.6. Market watchers had said the index was likely to cross the 1175 point mark on Tuesday itself. However, it had closed at 1158.86 on Tuesday.</p>

<p>The highest, the index ever reached until today was on August 31,2008, when it closed at 1175.38.</p>

<p>According to analysts, the recent announcement by the central bank to make it mandatory for BFIs to increase their paid-up capital has encouraged new investors. Similarly, the news of insurance companies increasing their capital, and the publication of quarterly profit reports of listed companies has helped the index record a new high.</p>

<p>To add to that, the demand for shares of commercial banks has exceeded its supply, following the implementation of DEMAT trading. Ranabhat said not all shares of commercial banks have been de-materialised, and that is the reason why the supply has become low.</p>
',
			'published' => true,
			'created' => '2015-08-19',
			'modified' => '2015-08-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2679',
			'image' => '20150819033057_Nepal Stock Exchange Ltd..jpeg',
			'article_date' => '2015-08-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
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	(int) 5 => array(
		'Article' => array(
			'id' => '2834',
			'article_category_id' => '91',
			'title' => ' Nepal’s Households continue to consume more electricity than industries',
			'sub_title' => '',
			'summary' => 'August 19: Nepal’s households continue to consume more electricity that the industrial sector, a trend that has remained unchanged for the last six years.',
			'content' => '<p>August 19: Nepal&rsquo;s households continue to consume more electricity that the industrial sector, a trend that has remained unchanged for the last six years.</p>

<p>Although electricity consumption by the industrial sector has grown over the last few years, It has only done so marginally when compared to the growth among households.</p>

<p>Recent figures from Nepal Electricity Authority show that the industrial sector consumed 36.30 percent (1,359.34 Gwh) of the electricity supplied by the state utility in FY 2014/15. The figure for households stood at 44.77 percent (1,673 Gwh).</p>

<p>This trend has remained largely unaltered for the last decade, except for 2009, when industrial consumption exceeded household consumption.</p>

<p>Since manufacturing plants require electricity to run, the consumption data gives an indication of things are faring in the manufacturing sector.</p>

<table align="center" border="1" cellpadding="1" cellspacing="1" style="width:500px">
	<tbody>
		<tr>
			<td><strong>Sector</strong></td>
			<td><strong>2013</strong></td>
			<td><strong>2014</strong></td>
			<td><strong>2015</strong></td>
		</tr>
		<tr>
			<td>
			<p>Household</p>
			</td>
			<td>1401.64</td>
			<td>1571.39</td>
			<td>1676.38</td>
		</tr>
		<tr>
			<td>Industrial</td>
			<td>1141.07</td>
			<td>1251.69</td>
			<td>1359.34</td>
		</tr>
		<tr>
			<td>Commercial</td>
			<td>256.82</td>
			<td>285.42</td>
			<td>302.10</td>
		</tr>
		<tr>
			<td>Community use</td>
			<td>77.04</td>
			<td>86.08</td>
			<td>96.85</td>
		</tr>
		<tr>
			<td>Irrigation, drinking water</td>
			<td>72.55</td>
			<td>82.52</td>
			<td>84.26</td>
		</tr>
		<tr>
			<td>Street light</td>
			<td>76.24</td>
			<td>76.44</td>
			<td>78.06</td>
		</tr>
		<tr>
			<td>Transportation</td>
			<td>6.26</td>
			<td>6.22</td>
			<td>6.55</td>
		</tr>
	</tbody>
</table>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2015-08-19',
			'modified' => '2015-08-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2678',
			'image' => null,
			'article_date' => '2015-08-19 00:00:00',
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		'Article' => array(
			'id' => '2832',
			'article_category_id' => '91',
			'title' => 'Pokharel appointed CEO of post-quake reconstruction authority ',
			'sub_title' => '',
			'summary' => 'August 14: The government has appointed Govinda Raj Pokharel as CEO of the reconstruction authority.',
			'content' => '<p>August 14: The government has appointed Govinda Raj Pokharel as CEO of the reconstruction authority.</p>

<p>Pokharel is also the Vice-chairman of National Planning Commission. The authority, which is to be headed by the Prime Minister, will have home minister Bamdev Gautam, urban development minister Narayan Khadka and tourism minister Kripasur Sherpa as members.</p>

<p>The authority, which will oversee post-earthquake reconstruction work, will have tenure of five years.</p>
',
			'published' => true,
			'created' => '2015-08-14',
			'modified' => '2015-08-14',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2676',
			'image' => '20150814105127_2.jpg',
			'article_date' => '2015-08-14 00:00:00',
			'homepage' => false,
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		'Article' => array(
			'id' => '2831',
			'article_category_id' => '91',
			'title' => 'Nepse registers seven-year high',
			'sub_title' => '',
			'summary' => 'August 14: Nepal Stock Exchange (Nepse) index closed at a seven-year high of 1088 points on Thursday',
			'content' => '<p>August 14: Nepal Stock Exchange (Nepse) index closed at a seven-year&nbsp;high of 1088 points on Thursday</p>

<p>The index crossed 1083 points, the previous high this month, to close at 1088.42.The highest the index ever reached was on August 31,2008, when it closed at 1175.38.</p>

<p>According to analysts, The recent announcement by the central bank to make it mandatory for BFIs to increase their paid-up capital has encouraged new investors. Similarly, the news of insurance companies increasing their capital, and the publication of quarterly profit reports of listed companies has helped the index record a new high.</p>
',
			'published' => true,
			'created' => '2015-08-14',
			'modified' => '2015-08-14',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2675',
			'image' => null,
			'article_date' => '2015-08-14 00:00:00',
			'homepage' => false,
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			'main_news' => true,
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		'Article' => array(
			'id' => '2793',
			'article_category_id' => '91',
			'title' => '2nd NewBiz Business Conclave And Awards 2014',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:16px;">Please visit to <a href="http://www.abhiyan.com.np">http://www.abhiyan.com.np</a> for details.</span></p>',
			'published' => true,
			'created' => '2014-09-12',
			'modified' => '2014-10-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2637',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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			'main_news' => false,
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	(int) 9 => array(
		'Article' => array(
			'id' => '2724',
			'article_category_id' => '91',
			'title' => 'A Donor-Dependent Private Sector',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Siromani Dhungana and Hom Nath Gaire&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Aid orientation has been evident among Nepal&rsquo;s private sector organizations as they are hell bent on bagging projects from donor agencies to carry out activities for their own welfare and day to day activities. Sometimes, their race for getting projects appears to be &lsquo;unhealthy&rsquo;.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Here are some examples:&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>USAID Nepal Economic, Agriculture and Trade (NEAT) activity provided grant to the Confederation of Nepalese Industries (CNI) to conduct Public Private Dialogue (PPD) on draft of Foreign Investment and Technology Transfer Act (FITTA) last year. The draft was prepared by the Institute of Policy Research and Development (IPRAD). CNI&rsquo;s rival, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), started to criticize the activities under that project. The dispute became visible when the FNCCI formally organized a programme to challenge some provisions of the draft such as allowing Nepali investors to invest abroad, and accused that the draft was totally in favour of some businessmen affiliated to CNI. Due to the controversy, the Ministry of Industry could not table the draft at the Cabinet meeting. Government officials say that the reason behind the conflict between FNCCI and CNI was nothing more than the grant from USAID NEAT, which phased out last year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>European Union had tentatively agreed, according to a FNCCI source, to provide a grant of five-million euro to FNCCI for the promotion of products listed in the Nepal Trade Integration Strategy in the European market. Later, the project was bagged by CNI in the name of &ldquo;Go International&rdquo;. In informal discussions, FNCCI officials still blame CNI for using all kinds of tricks to get the project. In this case, even employees at EU were dragged into controversy. Now, the project is being handled by CNI instead of FNCCI.</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Similar is the case of the SAARC Trade Promotion Network (SAARC TPN), a regional trade facilitation project supported by German International Cooperation (GIZ). There was a big hue and cry on which organization should represent Nepal&rsquo;s private sector in this project as the project seeks participation from all SAARC countries. Both FNCCI and CNI were at loggerheads over the participation. Later, the GIZ decided to include all umbrella organization creating different sub committees to settle the dispute. The third organization, Federation of Nepal Cottage and Small Industries (FNCSI), also became a part of the project due to dispute between two big organizations, FNCCI and CNI.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Businessmen affiliated with Nepal Chamber of Commerce (NCC) started a new initiative, National Business Initiatives (NBI) with grants from International Alert and GIZ. Many consider it as NCC&rsquo;s attempt to get projects from donor agencies.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Foreign Aid: A Meeting Agenda</strong></span></div>
<div>
	According to some members of CNI and FNCCI, members of both umbrella organizations get engaged in heated debates over foreign aid during their board meetings.</div>
<div>
	&nbsp;</div>
<div>
	Some members directly accuse the leadership of inefficiency if the rival organization gets a donor-funded project, a member of FNCCI told The Corporate on the condition of anonymity.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;It&rsquo;s a shame that our businessmen openly ask for projects during talks with representatives of the donor agencies,&rdquo; a CNI member said, &ldquo;They should be rather talking about bilateral trade or expanding Nepali business abroad or even inviting foreign investors.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Making Umbrella Organizations a Begging Bowl&nbsp;</strong></span></div>
<div>
	Why is our private sector making the umbrella organizations a begging bowl? It is tough question. It is no surprise as our private sector has &lsquo;feudal mindset&rsquo; and they are hell bent on amassing profit, ethically or unethically, says Deependra Bahadur Kshetry, former vice-chairman at National Planning Commission.</div>
<div>
	&nbsp;</div>
<div>
	It is shameful that they are also dependent on the government to carry out their activities. But they scold the government whenever they get the chance just to cover their own weaknesses, he claimed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s private sector lacks innovative approach, he opined. &ldquo;They utilize their creativity just to make profit from the policy lapses. For instance, they amassed billions from the multi-billion VAT scam. Problems such as under and over-invoicing, income splitting and transfer pricing are rampant,&rdquo; said Kshetry.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Instead of making the umbrella organizations a begging bowl, the private sector should utilize their income source to become self-reliant, he said.</div>
<div>
	&nbsp;</div>
<div>
	Major umbrella organizations &ndash; FNCCI, CNI and NCC &ndash; are member-based organizations and they should run from their members&rsquo; contributions, a businessman suggested. Besides, FNCCI, CNI and NCC earned millions by issuing Certificate of Origin. But the problem is they are never transparent, according to him.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Dependency to what Extent?</strong></span></div>
<div>
	It may sound ridiculous but it is a fact that Nepal&rsquo;s private sector seeks help from the government not only for promotional activities but also to get opportunities for foreign trips and organizing events such as seminars, summits and conferences. For example, some umbrella organizations wrote to the government demanding that the government bear their travel costs to participate in the Ministerial Meet of WTO held in Bali, Indonesia. But the government refused the proposal.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Representatives of the umbrella organisations promote their businesses abroad but ask the government to provide air-fare and other essential cost, an official said. This suggests that Nepal&rsquo;s private sector is completely dependent and inefficient, Kshetry claimed. &ldquo;Many evidences show that, apart from some genuine firms, we can categorize our private sector just as household businesses.&rdquo;</div>
<div>
	&nbsp;</div>
<table border="0" cellpadding="10" width="99%">
	<tbody>
		<tr>
			<td bgcolor="#E5E4E2">
				<div>
					<div>
						<div style="text-align: center;">
							<span style="font-size:16px;"><strong>They Get Aid From</strong></span></div>
						<div style="text-align: center;">
							&nbsp;</div>
						<div>
							<span style="font-size:14px;"><strong>FNCCI:</strong></span> FNCCI has been actively cooperating with various foreign / international organizations such as UNDP, USAID, DFID, UNIDO, UNCTAD/GATT/ITC, THE WORLD BANK, ILO, PPPUE, SEQUA-GTZ Private Sector Promotion Project, UNFPA, Asia-Invest, JICA, IOE, NIKKEIREN, APO, JETRO, SAARC Secretariat, ICIMOD, AOTS etc in carrying out various activities for the promotion of business and industry. (Source: FNCCI)</div>
						<div>
							&nbsp;</div>
						<div>
							<span style="font-size:14px;"><strong>CNI:</strong></span> USAID, European Union, GIZ, DFID, IFC, Association for Overseas Technical Scholarship etc.</div>
						<div>
							&nbsp;</div>
						<div>
							<span style="font-size:14px;"><strong>Nepal Chamber of Commerce:</strong></span> Nepal Chamber of Commerce is representing Nepal as a national focal point for Regional Investment Information and Promotion Services (RIIPS) of UN\ESCAP. The Chamber has been conducting seminar and training, related to business and economy, with the help of International organizations, such as International Trade Centre &ndash; ITC (UNCTAD &ndash; WTO) and the Asian Pacific Centre for Transfer of Technology (APCTT). (Source: NCC)</div>
					</div>
				</div>
			</td>
		</tr>
	</tbody>
</table>',
			'published' => true,
			'created' => '2014-03-09',
			'modified' => '2014-04-10',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The umbrella organisations of the Nepali private sector are vying with each other to lure foreign grants. This is damaging their public image.',
			'sortorder' => '2614',
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	(int) 10 => array(
		'Article' => array(
			'id' => '2734',
			'article_category_id' => '91',
			'title' => 'World Bank Stresses On Bankable PDA',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The World Bank Group has suggested that the Nepali government should focus on infrastructure sector, including hydropower, to achieve economic prosperity.</div>
<div>
	&nbsp;</div>
<div>
	Wrapping up a six-day visit to Nepal on Saturday, board members underlined the need of developing hydropower and better connectivity. They emphasized the need to sign a bankable PDA.&rdquo;Nepal urgently needs to improve connectivity and power sectors,&rdquo; Jorg Frieden, executive director of the World Bank Group said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;We need private sector to take lead in hydropower. And, we&rsquo;re working on to have a bankable PDA signed. Once that is done then we can bring full weight of the IFC,&rdquo; said Kyle F Kelhofer, IFC country manager for Nepal,&nbsp;</div>
<div>
	Bangladesh and Bhutan.</div>
<div>
	&nbsp;</div>
<div>
	He further said that IFC may be interested in equity investment on Upper Karnali Hydro Project. &nbsp;&ldquo;Any reasonable proposal that is technically and economically sound would be considered positively,&rdquo; Frieden added.</div>
<div>
	&nbsp;</div>
<div>
	They also suggested improving road connectivity to ensure road safety. On possible World Bank assistance to Kathmandu-Tarai Fast Track, World Bank Country Director for Nepal Johannes Zutt said the bank is in discussion with the Nepali government on the issue.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The board members said that they see Nepal as a country that needs more resources and the bank will try its best to facilitate better resource mobilisation. However, the members cautioned that mobilisation of the resources would make sense only if it is combined with high quality policy and projects.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The attention on political transition we know is certainly the priority, but it is not enough,&rdquo; said Frieden adding &ldquo;Economic growth is crucial to support transition. You cannot get stability if the economic performance does not improve. Thus attention on economy is necessary to facilitate the transition.&rdquo; He further added that the government should focus on creating jobs.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The team also emphasized spending in the public sector for the high economic growth. The emphasis comes a week after this fiscal year&rsquo;s mid-term budget review pointed that the capital expenditure stood at 30 percent, while only 19 percent of the allocated budget was spent on national pride projects. With World Bank country office in Nepal currently working on new country assistance strategy, the board members assured that they would recommend to the country teams&mdash;World Bank and IFC&mdash;to listen to the new government, new political leaders and society at large to understand what can be achieved and what really is expected.</div>',
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			'created' => '2014-03-10',
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			'description' => 'The World Bank Group has suggested that the Nepali government should focus on infrastructure sector, including hydropower, to achieve economic prosperity.',
			'sortorder' => '2604',
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	(int) 11 => array(
		'Article' => array(
			'id' => '2733',
			'article_category_id' => '91',
			'title' => 'Kathmandu: World’s 5th Most Cheapest City',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: center;">
	<span style="font-size:10px;"><em>Photo Source :&nbsp;https://500px.com/photo/26501817/kathmandu-city-by-helminadia-ranford</em></span></div>
<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent</strong></div>
<div>
	&nbsp;</div>
<div>
	Costs of living in Kathmandu may be frightening for Nepalis with average income. A latest report by the Economist Intelligence Unit (EIU), however, has shown different finding. According to the EIU&rsquo;s Worldwide Cost of Living (WCOL) 2014 index, Kathmandu is among the least expensive cities in the world. The metropolis is placed 5th in the list of 10 least expensive cities. The index measures cost of living in 131 cities across 93 countries. This year, Kathmandu moved up one place to 127th spot, scoring 44 points.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Last year, the city scored 50 points and was ranked 128th position in the WCOL index. India&rsquo;s financial hub Mumbai (ranked 131st) grabbed the top spot of least expensive city of the world followed by Pakistan&rsquo;s Karachi (130th) and Indian capital New Delhi (129th).&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	EIU prepared the index after an extensive survey on four factors - average USD prices of one kg loaf of bread, one bottle table wine, 20 branded cigarettes and one litre unleaded petrol. &nbsp;The survey, which has been carried out for more than 30 years, allows city-to-city comparisons, which is based on the city of New York that has an index set at 100 points.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The report finds that purchasing one kg loaf of bread in Kathmandu in current prices would cost USD 1.26 against USD 0.91 in Mumbai. The WCOL index informs that average price of one bottle table wine in Kathmandu is USD 18.98, cheaper by USD 1.61 compared to Mumbai where it costs USD 20.59. Similarly, the index puts average price of 20 branded cigarettes in Kathmandu at USD 1.53. Despite the price hike in the local market, the city saw price of a pack of branded cigarettes declining by 0.16 cents against last year&rsquo;s USD 1.69, the report states. Likewise, average price of one litre of unleaded petrol is USD 1.24 in Kathmandu, which is averaged at USD 1.21 in Mumbai.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Other least expensive cities in the list include Algiers (Algeria), Damascus (Syria), Bucharest (Romania), Panama City (Panama) and Saudi Arabian cities- Jeddah and Riyadh. The report also highlights some major issues in the cheapest cities. &ldquo;Outside India bargain hunters may be put off by the security risk in many of the countries in which the world&rsquo;s cheapest cities are found. Pakistan, Nepal, Syria and Algeria all feature in the bottom ten, but have had well documented security issues or domestic unrest,&rdquo; it says. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Singapore topped the index as the most expensive city in the world followed by Paris (France), Oslo (Norway), Zurich (Switzerland), Sydney (Australia), Caracas (Venezuela) Geneva (Switzerland), Melbourne (Australia), Tokyo (Japan) and Copenhagen (Denmark). According to the report, Tokyo fell down from the top spot due to the weaker Yen despite growing consumer confidence and price inflation.</div>',
			'published' => true,
			'created' => '2014-03-10',
			'modified' => '2015-02-26',
			'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' => 'Costs of living in Kathmandu may be frightening for Nepalis with average income. A latest report by the Economist Intelligence Unit (EIU), however, has shown different finding. According to the EIU’s Worldwide Cost of Living (WCOL) 2014 index, Kathmandu is among the least expensive cities in the world. The metropolis is placed 5th in the list of 10 least expensive cities. The index measures cost of living in 131 cities across 93 countries. This year, Kathmandu moved up one place to 127th spot, scoring 44 points.',
			'sortorder' => '2577',
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	(int) 12 => array(
		'Article' => array(
			'id' => '2685',
			'article_category_id' => '91',
			'title' => 'Contradictory Budget Review',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Siromani Dhungana</strong></div>
<div>
	&nbsp;</div>
<table align="right" style="margin: 0px 0px 0px 10px;" width="25">
	<tbody>
		<tr>
			<td>
				<img alt="Finance Minister Dr Ram Sharan Mahat" src="/userfiles/images/rsm.jpg" style="border-width: 0px; border-style: solid; width: 200px; height: 217px;" /></td>
		</tr>
		<tr>
			<td bgcolor="#FFFFFF">
				<div align="center">
					<div style="text-align: center;">
						<div>
							<strong>Dr Ram Sharan Mahat</strong></div>
						<div>
							Finance Minister</div>
					</div>
				</div>
			</td>
		</tr>
	</tbody>
</table>
<div>
	The government has made &nbsp;a Mid-term Review of the Budget public with an ambitious hope of achieving the targeted 5.5 percent growth rate. Revealing contradictory figures, newly appointed Finance Minister Dr Ram Sharan Mahat has claimed that the targeted growth rate of 5.5 per cent will be realized this year despite extremely low (19 percent of what was budgeted) capital expenditure.</div>
<div>
	&nbsp;</div>
<div>
	The government&rsquo;s projection is based on favourable weather for agricultural products, thanks to timely monsoon and winter rains. &nbsp;Though the weather might prove our finance minister lucky, &nbsp;it is not time to rejoice. There are myriad problems ahead for Dr Mahat to bring the economy back on track.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	A huge amount has remained idle in the government treasury and low credit off-take from the private sector has resulted in excess liquidity in banks. Similarly, there&rsquo;s no tangible progress in investment in the productive sector.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The government has Rs 65 billion lying unspent in its treasury at the moment, while banks have excess liquidity of Rs 50 billion, according to the Nepal Rastra Bank (NRB). As of Feb 27, capital expenditure has reached only 19.72 per cent of the budget.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Mid-term Review of the Budget also revealed that the food prices jumped 13 percent despite increase in the production of agricultural products. &nbsp;Dr Mahat blamed middlemen (intermediaries) as those mainly responsible for the sharp price rise. Though this indicates that the finance minister will &nbsp;be tightening the middlemen that indulge in cartels and syndicates, the power to do so lies mostly with the Home Minister who is from CPN-UML that has a quite different political ideology</div>
<div>
	&nbsp;</div>
<div>
	Food prices are expected to stabilize or go lower when there is increase in agriculture products, said former commerce secretary Purushottam Ojha. &ldquo;Food prices go up if there are frequent obstacles in transportation, but that too cannot be an excuse this year as there were not such obstacles sice the last year.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	Another reason for increment in food prices is export of food items. &ldquo;Export increases demand of products resulting in price hike in the domestic market,&rdquo; Ojha opined. But the data shows there has not been much export of agro-products this year. The government should study whether there is really increased export of agro products from Nepal, he suggested. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The report has estimated that paddy and maize production grew 12 per cent and 10 per cent respectively. &ldquo;As livestock production also grew and winter crops are also expected to perform well, the agriculture sector&rsquo;s overall performance will be much better,&rdquo; the&nbsp;</div>
<div>
	report stated.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Leaving the price rise in food items apart, the overall economic indicators are positive in the first half of the current fiscal year.</div>
<div>
	&nbsp;</div>
<div>
	The Mid-Term Review document of the Budget for the current fiscal year 2013-14 states that positive political developments and their possible positive impact on investment in industry and service sectors will help achieve the targeted growth rate.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Meanwhile, the service sector is expected to post a six percent growth this year, according to the Finance Ministry. Services account for more than 50 per cent of the economy while the farm sector contributes 35 per cent and industry 15 percent, according to the Economic Survey 2012-13.</div>
<div>
	&nbsp;</div>',
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			'created' => '2014-03-02',
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			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The government has made  a Mid-term Review of the Budget public with an ambitious hope of achieving the targeted 5.5 percent growth rate. Revealing contradictory figures, newly appointed Finance Minister Dr Ram Sharan Mahat has claimed that the targeted growth rate of 5.5 per cent will be realized this year despite extremely low (19 percent of what was budgeted) capital expenditure.',
			'sortorder' => '2571',
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	(int) 13 => array(
		'Article' => array(
			'id' => '2689',
			'article_category_id' => '91',
			'title' => 'The Fifth Nepal Pharma Expo Concludes',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The three days fifth Nepal Pharma Expo concluded today. The three day expo was organized by the Association of Pharmaceutical Producers&rsquo; of Nepal (APPON). The expo was organized to create awareness about the present condition of the pharmaceutical industry and the latest technology in the domestic industry. The Pharma expo had a participation of around 46 national and 45 foreign medicine industries. This year during the trade fair there were around 106 stalls from the national and international medicine industries. The main objective of the expo was to showcase the national and international science and technology in the medicine production. According to the organizers the expo was successful to attract quality number of people who were related to the medicine industry. The fifth Nepal Pharma Expo was organized from February 28 &ndash; March 2. The expo is organized in every two years interval since 2005, said the organizers.&nbsp;</div>',
			'published' => true,
			'created' => '2014-03-03',
			'modified' => '2014-03-10',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The three days fifth Nepal Pharma Expo concluded today. The three day expo was organized by the Association of Pharmaceutical Producers’ of Nepal (APPON). The expo was organized to create awareness about the present condition of the pharmaceutical industry and the latest technology in the domestic industry.',
			'sortorder' => '2567',
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	(int) 14 => array(
		'Article' => array(
			'id' => '2690',
			'article_category_id' => '91',
			'title' => 'Chinese Traders Prefer Hundi To Formal Channels',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Hundi, the money transfer business through informal channels, has been a dominant mode of payment in trade between Nepal and China.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Chinese traders have adopted Hundi as a mode of payment because it helps reduce cost in comparison with trade in dollar, experts say. The Tibet Autonomous Region of China has not made it mandatory to trade through formal channels, providing freedom to traders to adopt Hundi as a mode of payment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Chinese businessmen directly contact Nepali firms and import goods to their country, according to traders. The trade volume with China has been expanding but the official figure suggests extremely low export from Nepal. Traders say the reason behind static export figure is the use of Hundi as a mode of payment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Anup Bahadur Malla, chairman of Export Promotion Committee, Federation of Nepalese Chambers of Commerce and Industry (FNCCI), estimates that Nepal&rsquo;s trade with China through the informal channel is more than ten folds than that through the formal channel. Nepal&rsquo;s&nbsp;</div>
<div>
	export to China stood at Rs 2.53 billion in the last fiscal year.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Trade of goods worth Rs 20 billion took place via illegal channels,&rdquo; Malla claims. Nepal exports around 40 per cent carpet to China, he said. &ldquo;But the official data is very low than this figure.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	Nepal exports carpet, handicrafts, agro products, metal, Thanka and Yarchagumba to China. Tibetans want trade in RMB (Tibetan currency) rather than in dollar, Malla said. &ldquo;Now the solution to end Hundi is the Nepal Rastra Bank should allow traders to open bank accounts in RMB.&rdquo; China has been providing zero-tariff facility while exporting 7,787 goods to China from Nepal.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	According to experts, the government should take immediate measures to control Hundi. Hundi has emerged as a serious threat to national economy after fake Value Added Tax (VAT) bill and fake customs declaration form scam, a Finance Ministry source said. Hundi &mdash; an underground banking system that allows money transfer without leaving any paper record because there is no contract, bank statements or transaction record &mdash; is posing serious threat to the formal economy, the source added.</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:18px;"><strong>Hundi hits economy because:</strong></span></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It is an illegal underground banking channel</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It increases capital flight</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It is main channel for terrorist financing&nbsp;</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It poses threats to formalise national economy</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It encourage the import of under-invoiced goods&nbsp;</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It increases chances of foreign currency misappropriation</strong></div>',
			'published' => true,
			'created' => '2014-03-03',
			'modified' => '2014-03-03',
			'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' => 'Hundi, the money transfer business through informal channels, has been a dominant mode of payment in trade between Nepal and China.',
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		'Article' => array(
			'id' => '2839',
			'article_category_id' => '91',
			'title' => 'Nepal’s big ticket infrastructure bank ',
			'sub_title' => ' Will it be NIDC, HIDCL or will the private sector beat the government entities to it?',
			'summary' => ' Will it be NIDC, HIDCL or will the private sector beat the government entities to it?',
			'content' => '<p>Although the government&rsquo;s annual budget talked about transforming two government-run entities into the country&rsquo;s first infrastructure, development bank, the central bank is not convinced that this will materialise.</p>

<p>According to this year&rsquo;s budget speech, two government-owned entities, NIDC (development bank) and Hydroelectricity Investment and Development Company Ltd, are to be transformed into an infrastructure development bank.</p>

<blockquote>
<p>&ldquo;We are going to allow the private sector to obtain a special license to start an infrastructure bank,&rdquo; says Nepal Rastra Bank&rsquo;s Deputy Governor Gopal Kaphle. He said that the central bank was not convinced that the government would be able to invest in these two entities anytime soon.</p>
</blockquote>

<p>Governor Dr Chiranjibi Nepal says the new BAFIA (Banking and Financial Institutions Act) will have provisions related to the new infrastructure development bank. &ldquo;BAFIA is going to say that the central bank will regulate and supervise the infrastructure bank,&rdquo; says Dr Nepal.</p>

<p><br />
During his monetary policy speech for this fiscal year, DR Nepal had said that the central bank, which placed a moratorium on opening of new banks in 2007, will allow an infrastructure bank to come into operation. But such a bank would have to have a minimum paid-up capital of Rs 20 billion.<br />
NRB officials say that the new bank would not be allowed to run retail businesses. &ldquo;We can consider any proposal that is backed by at least Rs 20 billion and a sound business plan,&rdquo; says Deputy Governor Kaphle.</p>

<p>The concept of an infrastructure bank has been figuring in the budget speech for the last few years, but the government has not taken any concrete step towards establishing such a bank. However, after the government specifically mentioned that HIDCL and NIDC would be transformed into an infrastructure bank, NIDC has started preparing a draft proposal for a merger with HIDCL. The government is yet to say whether it wants NIDC and HIDCL to be transformed into two separate infrastructure banks or merge to establish a single bank.</p>

<blockquote>
<p>&ldquo;Both the companies are working on a merger plan. If we enter into a merger, our paid-up capital will exceed Rs 20 billion,&rdquo; says NIDC Deputy Director Rabiraj Pant. He said the draft proposal has already been presented before the board.</p>
</blockquote>
',
			'published' => true,
			'created' => '2015-08-28',
			'modified' => '2015-08-28',
			'keywords' => '',
			'description' => 'Although the government’s annual budget talked about transforming two government-run entities into the country’s first infrastructure, development bank, the central bank is not convinced that this will materialise.',
			'sortorder' => '2683',
			'image' => null,
			'article_date' => '2015-08-28 00:00:00',
			'homepage' => true,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '14'
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	),
	(int) 1 => array(
		'Article' => array(
			'id' => '2838',
			'article_category_id' => '91',
			'title' => 'Within two months, Thamel will open 24 hrs ',
			'sub_title' => '',
			'summary' => 'August 26: Kathmandu’s tourist hub Thamel will remain open twenty-four-seven within two months, Thamel Tourism Development Council has said.',
			'content' => '<p>August 26: Kathmandu&rsquo;s tourist hub Thamel will remain open twenty-four-seven within two months, Thamel Tourism Development Council has said.</p>

<p>To prepare for this, the council has decided to invest Rs 10 million in solar lighting, Rs 5 millionin improving surveillance and another Rs 5 million in establishing an information centre. The council&rsquo;s chair Ramsharan Thapaliya said police personnel and ex-army men will patrol the streets of Thamel from 10 pm to 5 am.&nbsp;</p>

<p>The council&rsquo;s decision comes as Nepal gears up for the tourist season, and businesses prepare to get back on track after the earthquake.</p>
',
			'published' => true,
			'created' => '2015-08-26',
			'modified' => '2015-08-26',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2682',
			'image' => '20150826123524_Clipboard01.jpg',
			'article_date' => '2015-08-26 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '2837',
			'article_category_id' => '91',
			'title' => 'Foreign investors interested in problematic banks: Governor Nepal',
			'sub_title' => '',
			'summary' => 'August 25: Foreign investors have shown interest in banks deemed problematic by the central bank, the central bank has said.',
			'content' => '<p>August 25: Foreign investors have shown interest in banks deemed problematic by the central bank, the central bank has said.</p>

<p>Talking to <em>New Business Age</em>, central bank Governor Dr Chiranjibi Nepal said that two groups (one from Japan and other from Europe) have shown interest in investing in problematic banks. &ldquo;The investment process has already started, and the details will be made public soon,&rdquo; said the governor.</p>

<p>Governor Nepal said foreign banks&rsquo; interest in problematic BFIs in Nepal shows that international investors see opportunities in Nepal, and Nepali banks can approach them to raise their paid-up capital, as required by the monetary policy.</p>

<p>If they are interested in investing in problematic banks, they would definitely be interested in investing in banks that are doing well, said Dr Nepal.</p>

<p style="text-align: right;"><em>(Read Governor Dr Nepal&rsquo;s interview in the September issue of New Business Age)</em></p>
',
			'published' => true,
			'created' => '2015-08-25',
			'modified' => '2015-08-25',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2681',
			'image' => '20150825011956_121.jpg',
			'article_date' => '2015-08-25 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '2836',
			'article_category_id' => '91',
			'title' => 'Commercial banks’ business growth up by 7% points',
			'sub_title' => '',
			'summary' => 'August 24: Commercial banks have reported an increment of seven percentage points in the growth their business (net interest income) in the last FY compared to the year before.',
			'content' => '<p>August 24: Commercial banks have reported an increment of seven percentage points in the growth their business (net interest income) in the last FY compared to the year before.</p>

<p>The banks had reported a 5 percent growth in net interest income in FY 2013/14. During the last FY (2014/15), the annual growth rate increased by 7.25 percentage points to reach 12.25 percent.</p>

<p>According to figures released by the country&rsquo;s 30 commercial banks, their net interest income for FY 2014/15 stood at Rs 52.27 billion.</p>

<p>The increment in the interest income has also helped increase profit for the banks. Compared to the previous year, the banks&rsquo; profit registered a growth of 32.46 percent to reach Rs 26.52 billion.</p>

<p>The year-end figures show that although deposits have expanded, credit has not expanded at the same rate. During the last FY it could be seen that even while maintaining the statutory C/D ratio, banks still had the money to invest Rs 300 billion. To address the situation, the central bank, from the last FY, has started taking deposits from commercial banks&mdash;this is the first time NRB started do so.</p>
',
			'published' => true,
			'created' => '2015-08-24',
			'modified' => '2015-08-24',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2680',
			'image' => null,
			'article_date' => '2015-08-24 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '2835',
			'article_category_id' => '91',
			'title' => 'Nepse breaks all-time record',
			'sub_title' => '',
			'summary' => 'August 19: Nepse closed at an all-time high of 1,191.92 on Wednesday. ',
			'content' => '<p>August 19: Nepse closed at an all-time high of 1,191.92 on Wednesday.&nbsp;</p>

<p>On Monday, the second day of the trading week, Nepse registered a 45 point increase from the previous trading day, and closed at 1157.6. Market watchers had said the index was likely to cross the 1175 point mark on Tuesday itself. However, it had closed at 1158.86 on Tuesday.</p>

<p>The highest, the index ever reached until today was on August 31,2008, when it closed at 1175.38.</p>

<p>According to analysts, the recent announcement by the central bank to make it mandatory for BFIs to increase their paid-up capital has encouraged new investors. Similarly, the news of insurance companies increasing their capital, and the publication of quarterly profit reports of listed companies has helped the index record a new high.</p>

<p>To add to that, the demand for shares of commercial banks has exceeded its supply, following the implementation of DEMAT trading. Ranabhat said not all shares of commercial banks have been de-materialised, and that is the reason why the supply has become low.</p>
',
			'published' => true,
			'created' => '2015-08-19',
			'modified' => '2015-08-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2679',
			'image' => '20150819033057_Nepal Stock Exchange Ltd..jpeg',
			'article_date' => '2015-08-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
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	),
	(int) 5 => array(
		'Article' => array(
			'id' => '2834',
			'article_category_id' => '91',
			'title' => ' Nepal’s Households continue to consume more electricity than industries',
			'sub_title' => '',
			'summary' => 'August 19: Nepal’s households continue to consume more electricity that the industrial sector, a trend that has remained unchanged for the last six years.',
			'content' => '<p>August 19: Nepal&rsquo;s households continue to consume more electricity that the industrial sector, a trend that has remained unchanged for the last six years.</p>

<p>Although electricity consumption by the industrial sector has grown over the last few years, It has only done so marginally when compared to the growth among households.</p>

<p>Recent figures from Nepal Electricity Authority show that the industrial sector consumed 36.30 percent (1,359.34 Gwh) of the electricity supplied by the state utility in FY 2014/15. The figure for households stood at 44.77 percent (1,673 Gwh).</p>

<p>This trend has remained largely unaltered for the last decade, except for 2009, when industrial consumption exceeded household consumption.</p>

<p>Since manufacturing plants require electricity to run, the consumption data gives an indication of things are faring in the manufacturing sector.</p>

<table align="center" border="1" cellpadding="1" cellspacing="1" style="width:500px">
	<tbody>
		<tr>
			<td><strong>Sector</strong></td>
			<td><strong>2013</strong></td>
			<td><strong>2014</strong></td>
			<td><strong>2015</strong></td>
		</tr>
		<tr>
			<td>
			<p>Household</p>
			</td>
			<td>1401.64</td>
			<td>1571.39</td>
			<td>1676.38</td>
		</tr>
		<tr>
			<td>Industrial</td>
			<td>1141.07</td>
			<td>1251.69</td>
			<td>1359.34</td>
		</tr>
		<tr>
			<td>Commercial</td>
			<td>256.82</td>
			<td>285.42</td>
			<td>302.10</td>
		</tr>
		<tr>
			<td>Community use</td>
			<td>77.04</td>
			<td>86.08</td>
			<td>96.85</td>
		</tr>
		<tr>
			<td>Irrigation, drinking water</td>
			<td>72.55</td>
			<td>82.52</td>
			<td>84.26</td>
		</tr>
		<tr>
			<td>Street light</td>
			<td>76.24</td>
			<td>76.44</td>
			<td>78.06</td>
		</tr>
		<tr>
			<td>Transportation</td>
			<td>6.26</td>
			<td>6.22</td>
			<td>6.55</td>
		</tr>
	</tbody>
</table>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2015-08-19',
			'modified' => '2015-08-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2678',
			'image' => null,
			'article_date' => '2015-08-19 00:00:00',
			'homepage' => false,
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			'main_news' => true,
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	),
	(int) 6 => array(
		'Article' => array(
			'id' => '2832',
			'article_category_id' => '91',
			'title' => 'Pokharel appointed CEO of post-quake reconstruction authority ',
			'sub_title' => '',
			'summary' => 'August 14: The government has appointed Govinda Raj Pokharel as CEO of the reconstruction authority.',
			'content' => '<p>August 14: The government has appointed Govinda Raj Pokharel as CEO of the reconstruction authority.</p>

<p>Pokharel is also the Vice-chairman of National Planning Commission. The authority, which is to be headed by the Prime Minister, will have home minister Bamdev Gautam, urban development minister Narayan Khadka and tourism minister Kripasur Sherpa as members.</p>

<p>The authority, which will oversee post-earthquake reconstruction work, will have tenure of five years.</p>
',
			'published' => true,
			'created' => '2015-08-14',
			'modified' => '2015-08-14',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2676',
			'image' => '20150814105127_2.jpg',
			'article_date' => '2015-08-14 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '2831',
			'article_category_id' => '91',
			'title' => 'Nepse registers seven-year high',
			'sub_title' => '',
			'summary' => 'August 14: Nepal Stock Exchange (Nepse) index closed at a seven-year high of 1088 points on Thursday',
			'content' => '<p>August 14: Nepal Stock Exchange (Nepse) index closed at a seven-year&nbsp;high of 1088 points on Thursday</p>

<p>The index crossed 1083 points, the previous high this month, to close at 1088.42.The highest the index ever reached was on August 31,2008, when it closed at 1175.38.</p>

<p>According to analysts, The recent announcement by the central bank to make it mandatory for BFIs to increase their paid-up capital has encouraged new investors. Similarly, the news of insurance companies increasing their capital, and the publication of quarterly profit reports of listed companies has helped the index record a new high.</p>
',
			'published' => true,
			'created' => '2015-08-14',
			'modified' => '2015-08-14',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2675',
			'image' => null,
			'article_date' => '2015-08-14 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '2793',
			'article_category_id' => '91',
			'title' => '2nd NewBiz Business Conclave And Awards 2014',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:16px;">Please visit to <a href="http://www.abhiyan.com.np">http://www.abhiyan.com.np</a> for details.</span></p>',
			'published' => true,
			'created' => '2014-09-12',
			'modified' => '2014-10-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2637',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '2724',
			'article_category_id' => '91',
			'title' => 'A Donor-Dependent Private Sector',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Siromani Dhungana and Hom Nath Gaire&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Aid orientation has been evident among Nepal&rsquo;s private sector organizations as they are hell bent on bagging projects from donor agencies to carry out activities for their own welfare and day to day activities. Sometimes, their race for getting projects appears to be &lsquo;unhealthy&rsquo;.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Here are some examples:&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>USAID Nepal Economic, Agriculture and Trade (NEAT) activity provided grant to the Confederation of Nepalese Industries (CNI) to conduct Public Private Dialogue (PPD) on draft of Foreign Investment and Technology Transfer Act (FITTA) last year. The draft was prepared by the Institute of Policy Research and Development (IPRAD). CNI&rsquo;s rival, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), started to criticize the activities under that project. The dispute became visible when the FNCCI formally organized a programme to challenge some provisions of the draft such as allowing Nepali investors to invest abroad, and accused that the draft was totally in favour of some businessmen affiliated to CNI. Due to the controversy, the Ministry of Industry could not table the draft at the Cabinet meeting. Government officials say that the reason behind the conflict between FNCCI and CNI was nothing more than the grant from USAID NEAT, which phased out last year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>European Union had tentatively agreed, according to a FNCCI source, to provide a grant of five-million euro to FNCCI for the promotion of products listed in the Nepal Trade Integration Strategy in the European market. Later, the project was bagged by CNI in the name of &ldquo;Go International&rdquo;. In informal discussions, FNCCI officials still blame CNI for using all kinds of tricks to get the project. In this case, even employees at EU were dragged into controversy. Now, the project is being handled by CNI instead of FNCCI.</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Similar is the case of the SAARC Trade Promotion Network (SAARC TPN), a regional trade facilitation project supported by German International Cooperation (GIZ). There was a big hue and cry on which organization should represent Nepal&rsquo;s private sector in this project as the project seeks participation from all SAARC countries. Both FNCCI and CNI were at loggerheads over the participation. Later, the GIZ decided to include all umbrella organization creating different sub committees to settle the dispute. The third organization, Federation of Nepal Cottage and Small Industries (FNCSI), also became a part of the project due to dispute between two big organizations, FNCCI and CNI.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Businessmen affiliated with Nepal Chamber of Commerce (NCC) started a new initiative, National Business Initiatives (NBI) with grants from International Alert and GIZ. Many consider it as NCC&rsquo;s attempt to get projects from donor agencies.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Foreign Aid: A Meeting Agenda</strong></span></div>
<div>
	According to some members of CNI and FNCCI, members of both umbrella organizations get engaged in heated debates over foreign aid during their board meetings.</div>
<div>
	&nbsp;</div>
<div>
	Some members directly accuse the leadership of inefficiency if the rival organization gets a donor-funded project, a member of FNCCI told The Corporate on the condition of anonymity.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;It&rsquo;s a shame that our businessmen openly ask for projects during talks with representatives of the donor agencies,&rdquo; a CNI member said, &ldquo;They should be rather talking about bilateral trade or expanding Nepali business abroad or even inviting foreign investors.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Making Umbrella Organizations a Begging Bowl&nbsp;</strong></span></div>
<div>
	Why is our private sector making the umbrella organizations a begging bowl? It is tough question. It is no surprise as our private sector has &lsquo;feudal mindset&rsquo; and they are hell bent on amassing profit, ethically or unethically, says Deependra Bahadur Kshetry, former vice-chairman at National Planning Commission.</div>
<div>
	&nbsp;</div>
<div>
	It is shameful that they are also dependent on the government to carry out their activities. But they scold the government whenever they get the chance just to cover their own weaknesses, he claimed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s private sector lacks innovative approach, he opined. &ldquo;They utilize their creativity just to make profit from the policy lapses. For instance, they amassed billions from the multi-billion VAT scam. Problems such as under and over-invoicing, income splitting and transfer pricing are rampant,&rdquo; said Kshetry.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Instead of making the umbrella organizations a begging bowl, the private sector should utilize their income source to become self-reliant, he said.</div>
<div>
	&nbsp;</div>
<div>
	Major umbrella organizations &ndash; FNCCI, CNI and NCC &ndash; are member-based organizations and they should run from their members&rsquo; contributions, a businessman suggested. Besides, FNCCI, CNI and NCC earned millions by issuing Certificate of Origin. But the problem is they are never transparent, according to him.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Dependency to what Extent?</strong></span></div>
<div>
	It may sound ridiculous but it is a fact that Nepal&rsquo;s private sector seeks help from the government not only for promotional activities but also to get opportunities for foreign trips and organizing events such as seminars, summits and conferences. For example, some umbrella organizations wrote to the government demanding that the government bear their travel costs to participate in the Ministerial Meet of WTO held in Bali, Indonesia. But the government refused the proposal.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Representatives of the umbrella organisations promote their businesses abroad but ask the government to provide air-fare and other essential cost, an official said. This suggests that Nepal&rsquo;s private sector is completely dependent and inefficient, Kshetry claimed. &ldquo;Many evidences show that, apart from some genuine firms, we can categorize our private sector just as household businesses.&rdquo;</div>
<div>
	&nbsp;</div>
<table border="0" cellpadding="10" width="99%">
	<tbody>
		<tr>
			<td bgcolor="#E5E4E2">
				<div>
					<div>
						<div style="text-align: center;">
							<span style="font-size:16px;"><strong>They Get Aid From</strong></span></div>
						<div style="text-align: center;">
							&nbsp;</div>
						<div>
							<span style="font-size:14px;"><strong>FNCCI:</strong></span> FNCCI has been actively cooperating with various foreign / international organizations such as UNDP, USAID, DFID, UNIDO, UNCTAD/GATT/ITC, THE WORLD BANK, ILO, PPPUE, SEQUA-GTZ Private Sector Promotion Project, UNFPA, Asia-Invest, JICA, IOE, NIKKEIREN, APO, JETRO, SAARC Secretariat, ICIMOD, AOTS etc in carrying out various activities for the promotion of business and industry. (Source: FNCCI)</div>
						<div>
							&nbsp;</div>
						<div>
							<span style="font-size:14px;"><strong>CNI:</strong></span> USAID, European Union, GIZ, DFID, IFC, Association for Overseas Technical Scholarship etc.</div>
						<div>
							&nbsp;</div>
						<div>
							<span style="font-size:14px;"><strong>Nepal Chamber of Commerce:</strong></span> Nepal Chamber of Commerce is representing Nepal as a national focal point for Regional Investment Information and Promotion Services (RIIPS) of UN\ESCAP. The Chamber has been conducting seminar and training, related to business and economy, with the help of International organizations, such as International Trade Centre &ndash; ITC (UNCTAD &ndash; WTO) and the Asian Pacific Centre for Transfer of Technology (APCTT). (Source: NCC)</div>
					</div>
				</div>
			</td>
		</tr>
	</tbody>
</table>',
			'published' => true,
			'created' => '2014-03-09',
			'modified' => '2014-04-10',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The umbrella organisations of the Nepali private sector are vying with each other to lure foreign grants. This is damaging their public image.',
			'sortorder' => '2614',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	(int) 10 => array(
		'Article' => array(
			'id' => '2734',
			'article_category_id' => '91',
			'title' => 'World Bank Stresses On Bankable PDA',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The World Bank Group has suggested that the Nepali government should focus on infrastructure sector, including hydropower, to achieve economic prosperity.</div>
<div>
	&nbsp;</div>
<div>
	Wrapping up a six-day visit to Nepal on Saturday, board members underlined the need of developing hydropower and better connectivity. They emphasized the need to sign a bankable PDA.&rdquo;Nepal urgently needs to improve connectivity and power sectors,&rdquo; Jorg Frieden, executive director of the World Bank Group said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;We need private sector to take lead in hydropower. And, we&rsquo;re working on to have a bankable PDA signed. Once that is done then we can bring full weight of the IFC,&rdquo; said Kyle F Kelhofer, IFC country manager for Nepal,&nbsp;</div>
<div>
	Bangladesh and Bhutan.</div>
<div>
	&nbsp;</div>
<div>
	He further said that IFC may be interested in equity investment on Upper Karnali Hydro Project. &nbsp;&ldquo;Any reasonable proposal that is technically and economically sound would be considered positively,&rdquo; Frieden added.</div>
<div>
	&nbsp;</div>
<div>
	They also suggested improving road connectivity to ensure road safety. On possible World Bank assistance to Kathmandu-Tarai Fast Track, World Bank Country Director for Nepal Johannes Zutt said the bank is in discussion with the Nepali government on the issue.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The board members said that they see Nepal as a country that needs more resources and the bank will try its best to facilitate better resource mobilisation. However, the members cautioned that mobilisation of the resources would make sense only if it is combined with high quality policy and projects.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The attention on political transition we know is certainly the priority, but it is not enough,&rdquo; said Frieden adding &ldquo;Economic growth is crucial to support transition. You cannot get stability if the economic performance does not improve. Thus attention on economy is necessary to facilitate the transition.&rdquo; He further added that the government should focus on creating jobs.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The team also emphasized spending in the public sector for the high economic growth. The emphasis comes a week after this fiscal year&rsquo;s mid-term budget review pointed that the capital expenditure stood at 30 percent, while only 19 percent of the allocated budget was spent on national pride projects. With World Bank country office in Nepal currently working on new country assistance strategy, the board members assured that they would recommend to the country teams&mdash;World Bank and IFC&mdash;to listen to the new government, new political leaders and society at large to understand what can be achieved and what really is expected.</div>',
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			'description' => 'The World Bank Group has suggested that the Nepali government should focus on infrastructure sector, including hydropower, to achieve economic prosperity.',
			'sortorder' => '2604',
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	(int) 11 => array(
		'Article' => array(
			'id' => '2733',
			'article_category_id' => '91',
			'title' => 'Kathmandu: World’s 5th Most Cheapest City',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: center;">
	<span style="font-size:10px;"><em>Photo Source :&nbsp;https://500px.com/photo/26501817/kathmandu-city-by-helminadia-ranford</em></span></div>
<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent</strong></div>
<div>
	&nbsp;</div>
<div>
	Costs of living in Kathmandu may be frightening for Nepalis with average income. A latest report by the Economist Intelligence Unit (EIU), however, has shown different finding. According to the EIU&rsquo;s Worldwide Cost of Living (WCOL) 2014 index, Kathmandu is among the least expensive cities in the world. The metropolis is placed 5th in the list of 10 least expensive cities. The index measures cost of living in 131 cities across 93 countries. This year, Kathmandu moved up one place to 127th spot, scoring 44 points.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Last year, the city scored 50 points and was ranked 128th position in the WCOL index. India&rsquo;s financial hub Mumbai (ranked 131st) grabbed the top spot of least expensive city of the world followed by Pakistan&rsquo;s Karachi (130th) and Indian capital New Delhi (129th).&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	EIU prepared the index after an extensive survey on four factors - average USD prices of one kg loaf of bread, one bottle table wine, 20 branded cigarettes and one litre unleaded petrol. &nbsp;The survey, which has been carried out for more than 30 years, allows city-to-city comparisons, which is based on the city of New York that has an index set at 100 points.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The report finds that purchasing one kg loaf of bread in Kathmandu in current prices would cost USD 1.26 against USD 0.91 in Mumbai. The WCOL index informs that average price of one bottle table wine in Kathmandu is USD 18.98, cheaper by USD 1.61 compared to Mumbai where it costs USD 20.59. Similarly, the index puts average price of 20 branded cigarettes in Kathmandu at USD 1.53. Despite the price hike in the local market, the city saw price of a pack of branded cigarettes declining by 0.16 cents against last year&rsquo;s USD 1.69, the report states. Likewise, average price of one litre of unleaded petrol is USD 1.24 in Kathmandu, which is averaged at USD 1.21 in Mumbai.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Other least expensive cities in the list include Algiers (Algeria), Damascus (Syria), Bucharest (Romania), Panama City (Panama) and Saudi Arabian cities- Jeddah and Riyadh. The report also highlights some major issues in the cheapest cities. &ldquo;Outside India bargain hunters may be put off by the security risk in many of the countries in which the world&rsquo;s cheapest cities are found. Pakistan, Nepal, Syria and Algeria all feature in the bottom ten, but have had well documented security issues or domestic unrest,&rdquo; it says. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Singapore topped the index as the most expensive city in the world followed by Paris (France), Oslo (Norway), Zurich (Switzerland), Sydney (Australia), Caracas (Venezuela) Geneva (Switzerland), Melbourne (Australia), Tokyo (Japan) and Copenhagen (Denmark). According to the report, Tokyo fell down from the top spot due to the weaker Yen despite growing consumer confidence and price inflation.</div>',
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			'created' => '2014-03-10',
			'modified' => '2015-02-26',
			'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' => 'Costs of living in Kathmandu may be frightening for Nepalis with average income. A latest report by the Economist Intelligence Unit (EIU), however, has shown different finding. According to the EIU’s Worldwide Cost of Living (WCOL) 2014 index, Kathmandu is among the least expensive cities in the world. The metropolis is placed 5th in the list of 10 least expensive cities. The index measures cost of living in 131 cities across 93 countries. This year, Kathmandu moved up one place to 127th spot, scoring 44 points.',
			'sortorder' => '2577',
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	(int) 12 => array(
		'Article' => array(
			'id' => '2685',
			'article_category_id' => '91',
			'title' => 'Contradictory Budget Review',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Siromani Dhungana</strong></div>
<div>
	&nbsp;</div>
<table align="right" style="margin: 0px 0px 0px 10px;" width="25">
	<tbody>
		<tr>
			<td>
				<img alt="Finance Minister Dr Ram Sharan Mahat" src="/userfiles/images/rsm.jpg" style="border-width: 0px; border-style: solid; width: 200px; height: 217px;" /></td>
		</tr>
		<tr>
			<td bgcolor="#FFFFFF">
				<div align="center">
					<div style="text-align: center;">
						<div>
							<strong>Dr Ram Sharan Mahat</strong></div>
						<div>
							Finance Minister</div>
					</div>
				</div>
			</td>
		</tr>
	</tbody>
</table>
<div>
	The government has made &nbsp;a Mid-term Review of the Budget public with an ambitious hope of achieving the targeted 5.5 percent growth rate. Revealing contradictory figures, newly appointed Finance Minister Dr Ram Sharan Mahat has claimed that the targeted growth rate of 5.5 per cent will be realized this year despite extremely low (19 percent of what was budgeted) capital expenditure.</div>
<div>
	&nbsp;</div>
<div>
	The government&rsquo;s projection is based on favourable weather for agricultural products, thanks to timely monsoon and winter rains. &nbsp;Though the weather might prove our finance minister lucky, &nbsp;it is not time to rejoice. There are myriad problems ahead for Dr Mahat to bring the economy back on track.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	A huge amount has remained idle in the government treasury and low credit off-take from the private sector has resulted in excess liquidity in banks. Similarly, there&rsquo;s no tangible progress in investment in the productive sector.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The government has Rs 65 billion lying unspent in its treasury at the moment, while banks have excess liquidity of Rs 50 billion, according to the Nepal Rastra Bank (NRB). As of Feb 27, capital expenditure has reached only 19.72 per cent of the budget.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Mid-term Review of the Budget also revealed that the food prices jumped 13 percent despite increase in the production of agricultural products. &nbsp;Dr Mahat blamed middlemen (intermediaries) as those mainly responsible for the sharp price rise. Though this indicates that the finance minister will &nbsp;be tightening the middlemen that indulge in cartels and syndicates, the power to do so lies mostly with the Home Minister who is from CPN-UML that has a quite different political ideology</div>
<div>
	&nbsp;</div>
<div>
	Food prices are expected to stabilize or go lower when there is increase in agriculture products, said former commerce secretary Purushottam Ojha. &ldquo;Food prices go up if there are frequent obstacles in transportation, but that too cannot be an excuse this year as there were not such obstacles sice the last year.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	Another reason for increment in food prices is export of food items. &ldquo;Export increases demand of products resulting in price hike in the domestic market,&rdquo; Ojha opined. But the data shows there has not been much export of agro-products this year. The government should study whether there is really increased export of agro products from Nepal, he suggested. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The report has estimated that paddy and maize production grew 12 per cent and 10 per cent respectively. &ldquo;As livestock production also grew and winter crops are also expected to perform well, the agriculture sector&rsquo;s overall performance will be much better,&rdquo; the&nbsp;</div>
<div>
	report stated.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Leaving the price rise in food items apart, the overall economic indicators are positive in the first half of the current fiscal year.</div>
<div>
	&nbsp;</div>
<div>
	The Mid-Term Review document of the Budget for the current fiscal year 2013-14 states that positive political developments and their possible positive impact on investment in industry and service sectors will help achieve the targeted growth rate.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Meanwhile, the service sector is expected to post a six percent growth this year, according to the Finance Ministry. Services account for more than 50 per cent of the economy while the farm sector contributes 35 per cent and industry 15 percent, according to the Economic Survey 2012-13.</div>
<div>
	&nbsp;</div>',
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			'description' => 'The government has made  a Mid-term Review of the Budget public with an ambitious hope of achieving the targeted 5.5 percent growth rate. Revealing contradictory figures, newly appointed Finance Minister Dr Ram Sharan Mahat has claimed that the targeted growth rate of 5.5 per cent will be realized this year despite extremely low (19 percent of what was budgeted) capital expenditure.',
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			'id' => '2689',
			'article_category_id' => '91',
			'title' => 'The Fifth Nepal Pharma Expo Concludes',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The three days fifth Nepal Pharma Expo concluded today. The three day expo was organized by the Association of Pharmaceutical Producers&rsquo; of Nepal (APPON). The expo was organized to create awareness about the present condition of the pharmaceutical industry and the latest technology in the domestic industry. The Pharma expo had a participation of around 46 national and 45 foreign medicine industries. This year during the trade fair there were around 106 stalls from the national and international medicine industries. The main objective of the expo was to showcase the national and international science and technology in the medicine production. According to the organizers the expo was successful to attract quality number of people who were related to the medicine industry. The fifth Nepal Pharma Expo was organized from February 28 &ndash; March 2. The expo is organized in every two years interval since 2005, said the organizers.&nbsp;</div>',
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			'created' => '2014-03-03',
			'modified' => '2014-03-10',
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			'description' => 'The three days fifth Nepal Pharma Expo concluded today. The three day expo was organized by the Association of Pharmaceutical Producers’ of Nepal (APPON). The expo was organized to create awareness about the present condition of the pharmaceutical industry and the latest technology in the domestic industry.',
			'sortorder' => '2567',
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		'Article' => array(
			'id' => '2690',
			'article_category_id' => '91',
			'title' => 'Chinese Traders Prefer Hundi To Formal Channels',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Hundi, the money transfer business through informal channels, has been a dominant mode of payment in trade between Nepal and China.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Chinese traders have adopted Hundi as a mode of payment because it helps reduce cost in comparison with trade in dollar, experts say. The Tibet Autonomous Region of China has not made it mandatory to trade through formal channels, providing freedom to traders to adopt Hundi as a mode of payment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Chinese businessmen directly contact Nepali firms and import goods to their country, according to traders. The trade volume with China has been expanding but the official figure suggests extremely low export from Nepal. Traders say the reason behind static export figure is the use of Hundi as a mode of payment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Anup Bahadur Malla, chairman of Export Promotion Committee, Federation of Nepalese Chambers of Commerce and Industry (FNCCI), estimates that Nepal&rsquo;s trade with China through the informal channel is more than ten folds than that through the formal channel. Nepal&rsquo;s&nbsp;</div>
<div>
	export to China stood at Rs 2.53 billion in the last fiscal year.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Trade of goods worth Rs 20 billion took place via illegal channels,&rdquo; Malla claims. Nepal exports around 40 per cent carpet to China, he said. &ldquo;But the official data is very low than this figure.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	Nepal exports carpet, handicrafts, agro products, metal, Thanka and Yarchagumba to China. Tibetans want trade in RMB (Tibetan currency) rather than in dollar, Malla said. &ldquo;Now the solution to end Hundi is the Nepal Rastra Bank should allow traders to open bank accounts in RMB.&rdquo; China has been providing zero-tariff facility while exporting 7,787 goods to China from Nepal.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	According to experts, the government should take immediate measures to control Hundi. Hundi has emerged as a serious threat to national economy after fake Value Added Tax (VAT) bill and fake customs declaration form scam, a Finance Ministry source said. Hundi &mdash; an underground banking system that allows money transfer without leaving any paper record because there is no contract, bank statements or transaction record &mdash; is posing serious threat to the formal economy, the source added.</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:18px;"><strong>Hundi hits economy because:</strong></span></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It is an illegal underground banking channel</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It increases capital flight</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It is main channel for terrorist financing&nbsp;</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It poses threats to formalise national economy</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It encourage the import of under-invoiced goods&nbsp;</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It increases chances of foreign currency misappropriation</strong></div>',
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			'description' => 'Hundi, the money transfer business through informal channels, has been a dominant mode of payment in trade between Nepal and China.',
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		'Article' => array(
			'id' => '2839',
			'article_category_id' => '91',
			'title' => 'Nepal’s big ticket infrastructure bank ',
			'sub_title' => ' Will it be NIDC, HIDCL or will the private sector beat the government entities to it?',
			'summary' => ' Will it be NIDC, HIDCL or will the private sector beat the government entities to it?',
			'content' => '<p>Although the government&rsquo;s annual budget talked about transforming two government-run entities into the country&rsquo;s first infrastructure, development bank, the central bank is not convinced that this will materialise.</p>

<p>According to this year&rsquo;s budget speech, two government-owned entities, NIDC (development bank) and Hydroelectricity Investment and Development Company Ltd, are to be transformed into an infrastructure development bank.</p>

<blockquote>
<p>&ldquo;We are going to allow the private sector to obtain a special license to start an infrastructure bank,&rdquo; says Nepal Rastra Bank&rsquo;s Deputy Governor Gopal Kaphle. He said that the central bank was not convinced that the government would be able to invest in these two entities anytime soon.</p>
</blockquote>

<p>Governor Dr Chiranjibi Nepal says the new BAFIA (Banking and Financial Institutions Act) will have provisions related to the new infrastructure development bank. &ldquo;BAFIA is going to say that the central bank will regulate and supervise the infrastructure bank,&rdquo; says Dr Nepal.</p>

<p><br />
During his monetary policy speech for this fiscal year, DR Nepal had said that the central bank, which placed a moratorium on opening of new banks in 2007, will allow an infrastructure bank to come into operation. But such a bank would have to have a minimum paid-up capital of Rs 20 billion.<br />
NRB officials say that the new bank would not be allowed to run retail businesses. &ldquo;We can consider any proposal that is backed by at least Rs 20 billion and a sound business plan,&rdquo; says Deputy Governor Kaphle.</p>

<p>The concept of an infrastructure bank has been figuring in the budget speech for the last few years, but the government has not taken any concrete step towards establishing such a bank. However, after the government specifically mentioned that HIDCL and NIDC would be transformed into an infrastructure bank, NIDC has started preparing a draft proposal for a merger with HIDCL. The government is yet to say whether it wants NIDC and HIDCL to be transformed into two separate infrastructure banks or merge to establish a single bank.</p>

<blockquote>
<p>&ldquo;Both the companies are working on a merger plan. If we enter into a merger, our paid-up capital will exceed Rs 20 billion,&rdquo; says NIDC Deputy Director Rabiraj Pant. He said the draft proposal has already been presented before the board.</p>
</blockquote>
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			'id' => '2838',
			'article_category_id' => '91',
			'title' => 'Within two months, Thamel will open 24 hrs ',
			'sub_title' => '',
			'summary' => 'August 26: Kathmandu’s tourist hub Thamel will remain open twenty-four-seven within two months, Thamel Tourism Development Council has said.',
			'content' => '<p>August 26: Kathmandu&rsquo;s tourist hub Thamel will remain open twenty-four-seven within two months, Thamel Tourism Development Council has said.</p>

<p>To prepare for this, the council has decided to invest Rs 10 million in solar lighting, Rs 5 millionin improving surveillance and another Rs 5 million in establishing an information centre. The council&rsquo;s chair Ramsharan Thapaliya said police personnel and ex-army men will patrol the streets of Thamel from 10 pm to 5 am.&nbsp;</p>

<p>The council&rsquo;s decision comes as Nepal gears up for the tourist season, and businesses prepare to get back on track after the earthquake.</p>
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			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '2837',
			'article_category_id' => '91',
			'title' => 'Foreign investors interested in problematic banks: Governor Nepal',
			'sub_title' => '',
			'summary' => 'August 25: Foreign investors have shown interest in banks deemed problematic by the central bank, the central bank has said.',
			'content' => '<p>August 25: Foreign investors have shown interest in banks deemed problematic by the central bank, the central bank has said.</p>

<p>Talking to <em>New Business Age</em>, central bank Governor Dr Chiranjibi Nepal said that two groups (one from Japan and other from Europe) have shown interest in investing in problematic banks. &ldquo;The investment process has already started, and the details will be made public soon,&rdquo; said the governor.</p>

<p>Governor Nepal said foreign banks&rsquo; interest in problematic BFIs in Nepal shows that international investors see opportunities in Nepal, and Nepali banks can approach them to raise their paid-up capital, as required by the monetary policy.</p>

<p>If they are interested in investing in problematic banks, they would definitely be interested in investing in banks that are doing well, said Dr Nepal.</p>

<p style="text-align: right;"><em>(Read Governor Dr Nepal&rsquo;s interview in the September issue of New Business Age)</em></p>
',
			'published' => true,
			'created' => '2015-08-25',
			'modified' => '2015-08-25',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2681',
			'image' => '20150825011956_121.jpg',
			'article_date' => '2015-08-25 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '2836',
			'article_category_id' => '91',
			'title' => 'Commercial banks’ business growth up by 7% points',
			'sub_title' => '',
			'summary' => 'August 24: Commercial banks have reported an increment of seven percentage points in the growth their business (net interest income) in the last FY compared to the year before.',
			'content' => '<p>August 24: Commercial banks have reported an increment of seven percentage points in the growth their business (net interest income) in the last FY compared to the year before.</p>

<p>The banks had reported a 5 percent growth in net interest income in FY 2013/14. During the last FY (2014/15), the annual growth rate increased by 7.25 percentage points to reach 12.25 percent.</p>

<p>According to figures released by the country&rsquo;s 30 commercial banks, their net interest income for FY 2014/15 stood at Rs 52.27 billion.</p>

<p>The increment in the interest income has also helped increase profit for the banks. Compared to the previous year, the banks&rsquo; profit registered a growth of 32.46 percent to reach Rs 26.52 billion.</p>

<p>The year-end figures show that although deposits have expanded, credit has not expanded at the same rate. During the last FY it could be seen that even while maintaining the statutory C/D ratio, banks still had the money to invest Rs 300 billion. To address the situation, the central bank, from the last FY, has started taking deposits from commercial banks&mdash;this is the first time NRB started do so.</p>
',
			'published' => true,
			'created' => '2015-08-24',
			'modified' => '2015-08-24',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2680',
			'image' => null,
			'article_date' => '2015-08-24 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '2835',
			'article_category_id' => '91',
			'title' => 'Nepse breaks all-time record',
			'sub_title' => '',
			'summary' => 'August 19: Nepse closed at an all-time high of 1,191.92 on Wednesday. ',
			'content' => '<p>August 19: Nepse closed at an all-time high of 1,191.92 on Wednesday.&nbsp;</p>

<p>On Monday, the second day of the trading week, Nepse registered a 45 point increase from the previous trading day, and closed at 1157.6. Market watchers had said the index was likely to cross the 1175 point mark on Tuesday itself. However, it had closed at 1158.86 on Tuesday.</p>

<p>The highest, the index ever reached until today was on August 31,2008, when it closed at 1175.38.</p>

<p>According to analysts, the recent announcement by the central bank to make it mandatory for BFIs to increase their paid-up capital has encouraged new investors. Similarly, the news of insurance companies increasing their capital, and the publication of quarterly profit reports of listed companies has helped the index record a new high.</p>

<p>To add to that, the demand for shares of commercial banks has exceeded its supply, following the implementation of DEMAT trading. Ranabhat said not all shares of commercial banks have been de-materialised, and that is the reason why the supply has become low.</p>
',
			'published' => true,
			'created' => '2015-08-19',
			'modified' => '2015-08-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2679',
			'image' => '20150819033057_Nepal Stock Exchange Ltd..jpeg',
			'article_date' => '2015-08-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '2834',
			'article_category_id' => '91',
			'title' => ' Nepal’s Households continue to consume more electricity than industries',
			'sub_title' => '',
			'summary' => 'August 19: Nepal’s households continue to consume more electricity that the industrial sector, a trend that has remained unchanged for the last six years.',
			'content' => '<p>August 19: Nepal&rsquo;s households continue to consume more electricity that the industrial sector, a trend that has remained unchanged for the last six years.</p>

<p>Although electricity consumption by the industrial sector has grown over the last few years, It has only done so marginally when compared to the growth among households.</p>

<p>Recent figures from Nepal Electricity Authority show that the industrial sector consumed 36.30 percent (1,359.34 Gwh) of the electricity supplied by the state utility in FY 2014/15. The figure for households stood at 44.77 percent (1,673 Gwh).</p>

<p>This trend has remained largely unaltered for the last decade, except for 2009, when industrial consumption exceeded household consumption.</p>

<p>Since manufacturing plants require electricity to run, the consumption data gives an indication of things are faring in the manufacturing sector.</p>

<table align="center" border="1" cellpadding="1" cellspacing="1" style="width:500px">
	<tbody>
		<tr>
			<td><strong>Sector</strong></td>
			<td><strong>2013</strong></td>
			<td><strong>2014</strong></td>
			<td><strong>2015</strong></td>
		</tr>
		<tr>
			<td>
			<p>Household</p>
			</td>
			<td>1401.64</td>
			<td>1571.39</td>
			<td>1676.38</td>
		</tr>
		<tr>
			<td>Industrial</td>
			<td>1141.07</td>
			<td>1251.69</td>
			<td>1359.34</td>
		</tr>
		<tr>
			<td>Commercial</td>
			<td>256.82</td>
			<td>285.42</td>
			<td>302.10</td>
		</tr>
		<tr>
			<td>Community use</td>
			<td>77.04</td>
			<td>86.08</td>
			<td>96.85</td>
		</tr>
		<tr>
			<td>Irrigation, drinking water</td>
			<td>72.55</td>
			<td>82.52</td>
			<td>84.26</td>
		</tr>
		<tr>
			<td>Street light</td>
			<td>76.24</td>
			<td>76.44</td>
			<td>78.06</td>
		</tr>
		<tr>
			<td>Transportation</td>
			<td>6.26</td>
			<td>6.22</td>
			<td>6.55</td>
		</tr>
	</tbody>
</table>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2015-08-19',
			'modified' => '2015-08-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2678',
			'image' => null,
			'article_date' => '2015-08-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '2832',
			'article_category_id' => '91',
			'title' => 'Pokharel appointed CEO of post-quake reconstruction authority ',
			'sub_title' => '',
			'summary' => 'August 14: The government has appointed Govinda Raj Pokharel as CEO of the reconstruction authority.',
			'content' => '<p>August 14: The government has appointed Govinda Raj Pokharel as CEO of the reconstruction authority.</p>

<p>Pokharel is also the Vice-chairman of National Planning Commission. The authority, which is to be headed by the Prime Minister, will have home minister Bamdev Gautam, urban development minister Narayan Khadka and tourism minister Kripasur Sherpa as members.</p>

<p>The authority, which will oversee post-earthquake reconstruction work, will have tenure of five years.</p>
',
			'published' => true,
			'created' => '2015-08-14',
			'modified' => '2015-08-14',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2676',
			'image' => '20150814105127_2.jpg',
			'article_date' => '2015-08-14 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '2831',
			'article_category_id' => '91',
			'title' => 'Nepse registers seven-year high',
			'sub_title' => '',
			'summary' => 'August 14: Nepal Stock Exchange (Nepse) index closed at a seven-year high of 1088 points on Thursday',
			'content' => '<p>August 14: Nepal Stock Exchange (Nepse) index closed at a seven-year&nbsp;high of 1088 points on Thursday</p>

<p>The index crossed 1083 points, the previous high this month, to close at 1088.42.The highest the index ever reached was on August 31,2008, when it closed at 1175.38.</p>

<p>According to analysts, The recent announcement by the central bank to make it mandatory for BFIs to increase their paid-up capital has encouraged new investors. Similarly, the news of insurance companies increasing their capital, and the publication of quarterly profit reports of listed companies has helped the index record a new high.</p>
',
			'published' => true,
			'created' => '2015-08-14',
			'modified' => '2015-08-14',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2675',
			'image' => null,
			'article_date' => '2015-08-14 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '11'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '2793',
			'article_category_id' => '91',
			'title' => '2nd NewBiz Business Conclave And Awards 2014',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:16px;">Please visit to <a href="http://www.abhiyan.com.np">http://www.abhiyan.com.np</a> for details.</span></p>',
			'published' => true,
			'created' => '2014-09-12',
			'modified' => '2014-10-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '2637',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '2724',
			'article_category_id' => '91',
			'title' => 'A Donor-Dependent Private Sector',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Siromani Dhungana and Hom Nath Gaire&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Aid orientation has been evident among Nepal&rsquo;s private sector organizations as they are hell bent on bagging projects from donor agencies to carry out activities for their own welfare and day to day activities. Sometimes, their race for getting projects appears to be &lsquo;unhealthy&rsquo;.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Here are some examples:&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>USAID Nepal Economic, Agriculture and Trade (NEAT) activity provided grant to the Confederation of Nepalese Industries (CNI) to conduct Public Private Dialogue (PPD) on draft of Foreign Investment and Technology Transfer Act (FITTA) last year. The draft was prepared by the Institute of Policy Research and Development (IPRAD). CNI&rsquo;s rival, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), started to criticize the activities under that project. The dispute became visible when the FNCCI formally organized a programme to challenge some provisions of the draft such as allowing Nepali investors to invest abroad, and accused that the draft was totally in favour of some businessmen affiliated to CNI. Due to the controversy, the Ministry of Industry could not table the draft at the Cabinet meeting. Government officials say that the reason behind the conflict between FNCCI and CNI was nothing more than the grant from USAID NEAT, which phased out last year.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>European Union had tentatively agreed, according to a FNCCI source, to provide a grant of five-million euro to FNCCI for the promotion of products listed in the Nepal Trade Integration Strategy in the European market. Later, the project was bagged by CNI in the name of &ldquo;Go International&rdquo;. In informal discussions, FNCCI officials still blame CNI for using all kinds of tricks to get the project. In this case, even employees at EU were dragged into controversy. Now, the project is being handled by CNI instead of FNCCI.</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Similar is the case of the SAARC Trade Promotion Network (SAARC TPN), a regional trade facilitation project supported by German International Cooperation (GIZ). There was a big hue and cry on which organization should represent Nepal&rsquo;s private sector in this project as the project seeks participation from all SAARC countries. Both FNCCI and CNI were at loggerheads over the participation. Later, the GIZ decided to include all umbrella organization creating different sub committees to settle the dispute. The third organization, Federation of Nepal Cottage and Small Industries (FNCSI), also became a part of the project due to dispute between two big organizations, FNCCI and CNI.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Businessmen affiliated with Nepal Chamber of Commerce (NCC) started a new initiative, National Business Initiatives (NBI) with grants from International Alert and GIZ. Many consider it as NCC&rsquo;s attempt to get projects from donor agencies.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Foreign Aid: A Meeting Agenda</strong></span></div>
<div>
	According to some members of CNI and FNCCI, members of both umbrella organizations get engaged in heated debates over foreign aid during their board meetings.</div>
<div>
	&nbsp;</div>
<div>
	Some members directly accuse the leadership of inefficiency if the rival organization gets a donor-funded project, a member of FNCCI told The Corporate on the condition of anonymity.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;It&rsquo;s a shame that our businessmen openly ask for projects during talks with representatives of the donor agencies,&rdquo; a CNI member said, &ldquo;They should be rather talking about bilateral trade or expanding Nepali business abroad or even inviting foreign investors.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Making Umbrella Organizations a Begging Bowl&nbsp;</strong></span></div>
<div>
	Why is our private sector making the umbrella organizations a begging bowl? It is tough question. It is no surprise as our private sector has &lsquo;feudal mindset&rsquo; and they are hell bent on amassing profit, ethically or unethically, says Deependra Bahadur Kshetry, former vice-chairman at National Planning Commission.</div>
<div>
	&nbsp;</div>
<div>
	It is shameful that they are also dependent on the government to carry out their activities. But they scold the government whenever they get the chance just to cover their own weaknesses, he claimed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Nepal&rsquo;s private sector lacks innovative approach, he opined. &ldquo;They utilize their creativity just to make profit from the policy lapses. For instance, they amassed billions from the multi-billion VAT scam. Problems such as under and over-invoicing, income splitting and transfer pricing are rampant,&rdquo; said Kshetry.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Instead of making the umbrella organizations a begging bowl, the private sector should utilize their income source to become self-reliant, he said.</div>
<div>
	&nbsp;</div>
<div>
	Major umbrella organizations &ndash; FNCCI, CNI and NCC &ndash; are member-based organizations and they should run from their members&rsquo; contributions, a businessman suggested. Besides, FNCCI, CNI and NCC earned millions by issuing Certificate of Origin. But the problem is they are never transparent, according to him.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Dependency to what Extent?</strong></span></div>
<div>
	It may sound ridiculous but it is a fact that Nepal&rsquo;s private sector seeks help from the government not only for promotional activities but also to get opportunities for foreign trips and organizing events such as seminars, summits and conferences. For example, some umbrella organizations wrote to the government demanding that the government bear their travel costs to participate in the Ministerial Meet of WTO held in Bali, Indonesia. But the government refused the proposal.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Representatives of the umbrella organisations promote their businesses abroad but ask the government to provide air-fare and other essential cost, an official said. This suggests that Nepal&rsquo;s private sector is completely dependent and inefficient, Kshetry claimed. &ldquo;Many evidences show that, apart from some genuine firms, we can categorize our private sector just as household businesses.&rdquo;</div>
<div>
	&nbsp;</div>
<table border="0" cellpadding="10" width="99%">
	<tbody>
		<tr>
			<td bgcolor="#E5E4E2">
				<div>
					<div>
						<div style="text-align: center;">
							<span style="font-size:16px;"><strong>They Get Aid From</strong></span></div>
						<div style="text-align: center;">
							&nbsp;</div>
						<div>
							<span style="font-size:14px;"><strong>FNCCI:</strong></span> FNCCI has been actively cooperating with various foreign / international organizations such as UNDP, USAID, DFID, UNIDO, UNCTAD/GATT/ITC, THE WORLD BANK, ILO, PPPUE, SEQUA-GTZ Private Sector Promotion Project, UNFPA, Asia-Invest, JICA, IOE, NIKKEIREN, APO, JETRO, SAARC Secretariat, ICIMOD, AOTS etc in carrying out various activities for the promotion of business and industry. (Source: FNCCI)</div>
						<div>
							&nbsp;</div>
						<div>
							<span style="font-size:14px;"><strong>CNI:</strong></span> USAID, European Union, GIZ, DFID, IFC, Association for Overseas Technical Scholarship etc.</div>
						<div>
							&nbsp;</div>
						<div>
							<span style="font-size:14px;"><strong>Nepal Chamber of Commerce:</strong></span> Nepal Chamber of Commerce is representing Nepal as a national focal point for Regional Investment Information and Promotion Services (RIIPS) of UN\ESCAP. The Chamber has been conducting seminar and training, related to business and economy, with the help of International organizations, such as International Trade Centre &ndash; ITC (UNCTAD &ndash; WTO) and the Asian Pacific Centre for Transfer of Technology (APCTT). (Source: NCC)</div>
					</div>
				</div>
			</td>
		</tr>
	</tbody>
</table>',
			'published' => true,
			'created' => '2014-03-09',
			'modified' => '2014-04-10',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The umbrella organisations of the Nepali private sector are vying with each other to lure foreign grants. This is damaging their public image.',
			'sortorder' => '2614',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
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	(int) 10 => array(
		'Article' => array(
			'id' => '2734',
			'article_category_id' => '91',
			'title' => 'World Bank Stresses On Bankable PDA',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The World Bank Group has suggested that the Nepali government should focus on infrastructure sector, including hydropower, to achieve economic prosperity.</div>
<div>
	&nbsp;</div>
<div>
	Wrapping up a six-day visit to Nepal on Saturday, board members underlined the need of developing hydropower and better connectivity. They emphasized the need to sign a bankable PDA.&rdquo;Nepal urgently needs to improve connectivity and power sectors,&rdquo; Jorg Frieden, executive director of the World Bank Group said.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;We need private sector to take lead in hydropower. And, we&rsquo;re working on to have a bankable PDA signed. Once that is done then we can bring full weight of the IFC,&rdquo; said Kyle F Kelhofer, IFC country manager for Nepal,&nbsp;</div>
<div>
	Bangladesh and Bhutan.</div>
<div>
	&nbsp;</div>
<div>
	He further said that IFC may be interested in equity investment on Upper Karnali Hydro Project. &nbsp;&ldquo;Any reasonable proposal that is technically and economically sound would be considered positively,&rdquo; Frieden added.</div>
<div>
	&nbsp;</div>
<div>
	They also suggested improving road connectivity to ensure road safety. On possible World Bank assistance to Kathmandu-Tarai Fast Track, World Bank Country Director for Nepal Johannes Zutt said the bank is in discussion with the Nepali government on the issue.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The board members said that they see Nepal as a country that needs more resources and the bank will try its best to facilitate better resource mobilisation. However, the members cautioned that mobilisation of the resources would make sense only if it is combined with high quality policy and projects.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;The attention on political transition we know is certainly the priority, but it is not enough,&rdquo; said Frieden adding &ldquo;Economic growth is crucial to support transition. You cannot get stability if the economic performance does not improve. Thus attention on economy is necessary to facilitate the transition.&rdquo; He further added that the government should focus on creating jobs.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The team also emphasized spending in the public sector for the high economic growth. The emphasis comes a week after this fiscal year&rsquo;s mid-term budget review pointed that the capital expenditure stood at 30 percent, while only 19 percent of the allocated budget was spent on national pride projects. With World Bank country office in Nepal currently working on new country assistance strategy, the board members assured that they would recommend to the country teams&mdash;World Bank and IFC&mdash;to listen to the new government, new political leaders and society at large to understand what can be achieved and what really is expected.</div>',
			'published' => true,
			'created' => '2014-03-10',
			'modified' => '2014-03-24',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The World Bank Group has suggested that the Nepali government should focus on infrastructure sector, including hydropower, to achieve economic prosperity.',
			'sortorder' => '2604',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
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	(int) 11 => array(
		'Article' => array(
			'id' => '2733',
			'article_category_id' => '91',
			'title' => 'Kathmandu: World’s 5th Most Cheapest City',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: center;">
	<span style="font-size:10px;"><em>Photo Source :&nbsp;https://500px.com/photo/26501817/kathmandu-city-by-helminadia-ranford</em></span></div>
<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent</strong></div>
<div>
	&nbsp;</div>
<div>
	Costs of living in Kathmandu may be frightening for Nepalis with average income. A latest report by the Economist Intelligence Unit (EIU), however, has shown different finding. According to the EIU&rsquo;s Worldwide Cost of Living (WCOL) 2014 index, Kathmandu is among the least expensive cities in the world. The metropolis is placed 5th in the list of 10 least expensive cities. The index measures cost of living in 131 cities across 93 countries. This year, Kathmandu moved up one place to 127th spot, scoring 44 points.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Last year, the city scored 50 points and was ranked 128th position in the WCOL index. India&rsquo;s financial hub Mumbai (ranked 131st) grabbed the top spot of least expensive city of the world followed by Pakistan&rsquo;s Karachi (130th) and Indian capital New Delhi (129th).&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	EIU prepared the index after an extensive survey on four factors - average USD prices of one kg loaf of bread, one bottle table wine, 20 branded cigarettes and one litre unleaded petrol. &nbsp;The survey, which has been carried out for more than 30 years, allows city-to-city comparisons, which is based on the city of New York that has an index set at 100 points.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The report finds that purchasing one kg loaf of bread in Kathmandu in current prices would cost USD 1.26 against USD 0.91 in Mumbai. The WCOL index informs that average price of one bottle table wine in Kathmandu is USD 18.98, cheaper by USD 1.61 compared to Mumbai where it costs USD 20.59. Similarly, the index puts average price of 20 branded cigarettes in Kathmandu at USD 1.53. Despite the price hike in the local market, the city saw price of a pack of branded cigarettes declining by 0.16 cents against last year&rsquo;s USD 1.69, the report states. Likewise, average price of one litre of unleaded petrol is USD 1.24 in Kathmandu, which is averaged at USD 1.21 in Mumbai.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Other least expensive cities in the list include Algiers (Algeria), Damascus (Syria), Bucharest (Romania), Panama City (Panama) and Saudi Arabian cities- Jeddah and Riyadh. The report also highlights some major issues in the cheapest cities. &ldquo;Outside India bargain hunters may be put off by the security risk in many of the countries in which the world&rsquo;s cheapest cities are found. Pakistan, Nepal, Syria and Algeria all feature in the bottom ten, but have had well documented security issues or domestic unrest,&rdquo; it says. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Singapore topped the index as the most expensive city in the world followed by Paris (France), Oslo (Norway), Zurich (Switzerland), Sydney (Australia), Caracas (Venezuela) Geneva (Switzerland), Melbourne (Australia), Tokyo (Japan) and Copenhagen (Denmark). According to the report, Tokyo fell down from the top spot due to the weaker Yen despite growing consumer confidence and price inflation.</div>',
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			'created' => '2014-03-10',
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			'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' => 'Costs of living in Kathmandu may be frightening for Nepalis with average income. A latest report by the Economist Intelligence Unit (EIU), however, has shown different finding. According to the EIU’s Worldwide Cost of Living (WCOL) 2014 index, Kathmandu is among the least expensive cities in the world. The metropolis is placed 5th in the list of 10 least expensive cities. The index measures cost of living in 131 cities across 93 countries. This year, Kathmandu moved up one place to 127th spot, scoring 44 points.',
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	(int) 12 => array(
		'Article' => array(
			'id' => '2685',
			'article_category_id' => '91',
			'title' => 'Contradictory Budget Review',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By Siromani Dhungana</strong></div>
<div>
	&nbsp;</div>
<table align="right" style="margin: 0px 0px 0px 10px;" width="25">
	<tbody>
		<tr>
			<td>
				<img alt="Finance Minister Dr Ram Sharan Mahat" src="/userfiles/images/rsm.jpg" style="border-width: 0px; border-style: solid; width: 200px; height: 217px;" /></td>
		</tr>
		<tr>
			<td bgcolor="#FFFFFF">
				<div align="center">
					<div style="text-align: center;">
						<div>
							<strong>Dr Ram Sharan Mahat</strong></div>
						<div>
							Finance Minister</div>
					</div>
				</div>
			</td>
		</tr>
	</tbody>
</table>
<div>
	The government has made &nbsp;a Mid-term Review of the Budget public with an ambitious hope of achieving the targeted 5.5 percent growth rate. Revealing contradictory figures, newly appointed Finance Minister Dr Ram Sharan Mahat has claimed that the targeted growth rate of 5.5 per cent will be realized this year despite extremely low (19 percent of what was budgeted) capital expenditure.</div>
<div>
	&nbsp;</div>
<div>
	The government&rsquo;s projection is based on favourable weather for agricultural products, thanks to timely monsoon and winter rains. &nbsp;Though the weather might prove our finance minister lucky, &nbsp;it is not time to rejoice. There are myriad problems ahead for Dr Mahat to bring the economy back on track.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	A huge amount has remained idle in the government treasury and low credit off-take from the private sector has resulted in excess liquidity in banks. Similarly, there&rsquo;s no tangible progress in investment in the productive sector.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The government has Rs 65 billion lying unspent in its treasury at the moment, while banks have excess liquidity of Rs 50 billion, according to the Nepal Rastra Bank (NRB). As of Feb 27, capital expenditure has reached only 19.72 per cent of the budget.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Mid-term Review of the Budget also revealed that the food prices jumped 13 percent despite increase in the production of agricultural products. &nbsp;Dr Mahat blamed middlemen (intermediaries) as those mainly responsible for the sharp price rise. Though this indicates that the finance minister will &nbsp;be tightening the middlemen that indulge in cartels and syndicates, the power to do so lies mostly with the Home Minister who is from CPN-UML that has a quite different political ideology</div>
<div>
	&nbsp;</div>
<div>
	Food prices are expected to stabilize or go lower when there is increase in agriculture products, said former commerce secretary Purushottam Ojha. &ldquo;Food prices go up if there are frequent obstacles in transportation, but that too cannot be an excuse this year as there were not such obstacles sice the last year.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	Another reason for increment in food prices is export of food items. &ldquo;Export increases demand of products resulting in price hike in the domestic market,&rdquo; Ojha opined. But the data shows there has not been much export of agro-products this year. The government should study whether there is really increased export of agro products from Nepal, he suggested. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The report has estimated that paddy and maize production grew 12 per cent and 10 per cent respectively. &ldquo;As livestock production also grew and winter crops are also expected to perform well, the agriculture sector&rsquo;s overall performance will be much better,&rdquo; the&nbsp;</div>
<div>
	report stated.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Leaving the price rise in food items apart, the overall economic indicators are positive in the first half of the current fiscal year.</div>
<div>
	&nbsp;</div>
<div>
	The Mid-Term Review document of the Budget for the current fiscal year 2013-14 states that positive political developments and their possible positive impact on investment in industry and service sectors will help achieve the targeted growth rate.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Meanwhile, the service sector is expected to post a six percent growth this year, according to the Finance Ministry. Services account for more than 50 per cent of the economy while the farm sector contributes 35 per cent and industry 15 percent, according to the Economic Survey 2012-13.</div>
<div>
	&nbsp;</div>',
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			'created' => '2014-03-02',
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			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The government has made  a Mid-term Review of the Budget public with an ambitious hope of achieving the targeted 5.5 percent growth rate. Revealing contradictory figures, newly appointed Finance Minister Dr Ram Sharan Mahat has claimed that the targeted growth rate of 5.5 per cent will be realized this year despite extremely low (19 percent of what was budgeted) capital expenditure.',
			'sortorder' => '2571',
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	(int) 13 => array(
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			'id' => '2689',
			'article_category_id' => '91',
			'title' => 'The Fifth Nepal Pharma Expo Concludes',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	The three days fifth Nepal Pharma Expo concluded today. The three day expo was organized by the Association of Pharmaceutical Producers&rsquo; of Nepal (APPON). The expo was organized to create awareness about the present condition of the pharmaceutical industry and the latest technology in the domestic industry. The Pharma expo had a participation of around 46 national and 45 foreign medicine industries. This year during the trade fair there were around 106 stalls from the national and international medicine industries. The main objective of the expo was to showcase the national and international science and technology in the medicine production. According to the organizers the expo was successful to attract quality number of people who were related to the medicine industry. The fifth Nepal Pharma Expo was organized from February 28 &ndash; March 2. The expo is organized in every two years interval since 2005, said the organizers.&nbsp;</div>',
			'published' => true,
			'created' => '2014-03-03',
			'modified' => '2014-03-10',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'The three days fifth Nepal Pharma Expo concluded today. The three day expo was organized by the Association of Pharmaceutical Producers’ of Nepal (APPON). The expo was organized to create awareness about the present condition of the pharmaceutical industry and the latest technology in the domestic industry.',
			'sortorder' => '2567',
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		'Article' => array(
			'id' => '2690',
			'article_category_id' => '91',
			'title' => 'Chinese Traders Prefer Hundi To Formal Channels',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By TC Correspondent&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Hundi, the money transfer business through informal channels, has been a dominant mode of payment in trade between Nepal and China.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Chinese traders have adopted Hundi as a mode of payment because it helps reduce cost in comparison with trade in dollar, experts say. The Tibet Autonomous Region of China has not made it mandatory to trade through formal channels, providing freedom to traders to adopt Hundi as a mode of payment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Chinese businessmen directly contact Nepali firms and import goods to their country, according to traders. The trade volume with China has been expanding but the official figure suggests extremely low export from Nepal. Traders say the reason behind static export figure is the use of Hundi as a mode of payment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Anup Bahadur Malla, chairman of Export Promotion Committee, Federation of Nepalese Chambers of Commerce and Industry (FNCCI), estimates that Nepal&rsquo;s trade with China through the informal channel is more than ten folds than that through the formal channel. Nepal&rsquo;s&nbsp;</div>
<div>
	export to China stood at Rs 2.53 billion in the last fiscal year.</div>
<div>
	&nbsp;</div>
<div>
	&ldquo;Trade of goods worth Rs 20 billion took place via illegal channels,&rdquo; Malla claims. Nepal exports around 40 per cent carpet to China, he said. &ldquo;But the official data is very low than this figure.&rdquo;</div>
<div>
	&nbsp;</div>
<div>
	Nepal exports carpet, handicrafts, agro products, metal, Thanka and Yarchagumba to China. Tibetans want trade in RMB (Tibetan currency) rather than in dollar, Malla said. &ldquo;Now the solution to end Hundi is the Nepal Rastra Bank should allow traders to open bank accounts in RMB.&rdquo; China has been providing zero-tariff facility while exporting 7,787 goods to China from Nepal.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	According to experts, the government should take immediate measures to control Hundi. Hundi has emerged as a serious threat to national economy after fake Value Added Tax (VAT) bill and fake customs declaration form scam, a Finance Ministry source said. Hundi &mdash; an underground banking system that allows money transfer without leaving any paper record because there is no contract, bank statements or transaction record &mdash; is posing serious threat to the formal economy, the source added.</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:18px;"><strong>Hundi hits economy because:</strong></span></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It is an illegal underground banking channel</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It increases capital flight</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It is main channel for terrorist financing&nbsp;</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It poses threats to formalise national economy</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It encourage the import of under-invoiced goods&nbsp;</strong></div>
<div>
	<strong>&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>It increases chances of foreign currency misappropriation</strong></div>',
			'published' => true,
			'created' => '2014-03-03',
			'modified' => '2014-03-03',
			'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' => 'Hundi, the money transfer business through informal channels, has been a dominant mode of payment in trade between Nepal and China.',
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FOREX

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

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

Bullion

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

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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