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Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '2314', 'article_category_id' => '91', 'title' => 'Private-Public Initiatives Can Revolutionise The Dairy Sector', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Siromani Dhungana</strong></div> <div> </div> <div> The dairy industry, according to entrepreneurs, will become the most-sought after business if the government ensures policies favourable for investment from the corporate sector.</div> <div> </div> <div> There is a huge demand for milk in the domestic market, says president of the Dairy Industries Association, Pradeep Maharjan, adding that domestic market has been witnessing a shortfall of around half a million litres of milk every day.</div> <div> </div> <div> Investment from the corporate sector is a must to end the existing gap between demand and supply of dairy products, he opined adding that the government should facilitate the entire process from cow farming to marketing of dairy products. </div> <div> </div> <div> Currently, corporate sector is engaged only in production phase, he informed. “Around 30 dairy industries are involved in milk business and most of them sell pasteurized pack in the market. The need is, however, that milk production should be increased and government should lure massive investment from the big investors.”</div> <div> </div> <div> He indicated two areas where the government should immediately take action to invite corporate sector in the entire milk production business. First, the government should introduce policy for contract farming whereby big corporations can invest in cow farming to run their own dairy industry. On the other, the government should facilitate the land leasing process for big corporate houses.</div> <div> </div> <div> Corporate investment is not possible unless the government can ensure security of investment, he added. </div> <div> </div> <div> Director at Nepal Dairy Development Board, Dr Balak Chaudhary blamed the government’s dillydally in regulation of the dairy industry. “The Dairy Development Corporation, a government entity which is a competitor in the dairy industry, is also playing the role of a regulator at present,” he said, adding that the government should dare to establish a separate and powerful regulatory body to attract more investment in this sector. </div> <div> </div> <div> There has not been a scientific study on the demand for milk and milk products, he revealed. </div> <div> </div> <div> Around 800 diary manufacturing units have been operating in the domestic market at present. Of them, very few have given their products corporate form.</div> <div> </div> <div> <div> <span style="font-size:14px;"><strong>Some Dairy Facts</strong></span></div> <div> •Large share of milk (around 75%) goes to the consumers through informal channels where quality is a big concern</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Sometimes quality is an issue in the formal channel of milk distribution as well</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Very little competition from cooperatives due to dominance of government-owned Dairy Development Corporation</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Farmers do not share the benefits of high demand due to lack of infrastructure </div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Milk production is scattered over a large number of farmers producing miniscule quantities</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Milk distribution is limited largely to urban and semi-urban areas</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Lack of policy focus on strengthening indigenous breeds of cows</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Because of low access to credit and risk-taking ability, farmers cannot increase their herd size</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Weak regulatory mechanism</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Lack of very essential laws</div> </div>', 'published' => true, 'created' => '2013-12-23', 'modified' => '2013-12-30', '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 dairy industry, according to entrepreneurs, will become the most-sought after business if the government ensures policies favourable for investment from the corporate sector.', 'sortorder' => '2200', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 1 => array( 'Article' => array( 'id' => '2315', 'article_category_id' => '91', 'title' => 'IFC To Invest In Upper Marshyangdi II', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> GMR Energy Limited, the energy arm of the GMR Group of India signed a Joint Development Agreement (JDA) with the International Finance Corporation (IFC), a member of the World Bank Group, to jointly develop the Upper Marsyangdi-2 hydropower project (600 MW) in Nepal. </div> <div> </div> <div> The 600 MW Upper Marsyangdi-2 Project is located on the Marsyangdi River, in the Manang and Lamjung districts of Nepal, which is already in an advanced stage of development. The Project is being currently undertaken through a Nepalese subsidiary of GMR Energy Limited, Himtal Hydropower Company Pvt Ltd, according to the press release issued by the company.</div> <div> </div> <div> GBS Raju, Chairman of Energy Business said, “We are pleased to have IFC as our partners in the Upper Marsyangdi-2 Hydropower project. Apart from investing in the company, IFC will also bring its vast experience in financing similar large and complex Infrastructure Projects, which will add value to the Project. </div> <div> We believe that with the continuous support of IBN, both GMR and IFC shall be able to implement this Project in an accelerated manner.” </div> <div> </div> <div> Cross-country Transmission line </div> <div> A contract has been signed between Power Transmission Company Nepal (PTCN) and TATA Project Limited, India to construct Dhalkebar-Muzaffarpur cross-country transmission line of 400 kb. “The construction work will be completed within 16 months of the mobilization of contractors,” said Badri Narayan Shah, Project Manager of PTCN. </div> <div> </div> <div> The company will construct transmission line of 39.5 kilometers from Dhalkebar to Birtamod. With the construction of this transmission line the hydro business between Nepal and India is expected to develop as it would create easy import-export environment between both the countries.</div>', 'published' => true, 'created' => '2013-12-23', 'modified' => '2013-12-23', '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' => 'GMR Energy Limited, the energy arm of the GMR Group of India signed a Joint Development Agreement (JDA) with the International Finance Corporation (IFC), a member of the World Bank Group, to jointly develop the Upper Marsyangdi-2 hydropower project (600 MW) in Nepal.', 'sortorder' => '2164', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 2 => array( 'Article' => array( 'id' => '2267', 'article_category_id' => '91', 'title' => 'Lack Of Directive Puts Rs 28 Billion Housing Investment At Risk', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sujan Oli</strong></div> <div> </div> <div> The three-year old plan to allow foreigners to buy apartments in Nepal has not materialized yet because of the government’s inability to issue a directive for the same. This has put nearly Rs 28 billion of investment in the housing sector at risk, according to Ichchha Raj Tamang, president of Nepal Land and Housing Developers’ Association (NLHDA). “The lack of the directive has put a huge investment in the realty sector at risk,” Tamang told The Corporate.</div> <div> </div> <div> As a measure to address the woes of the realty sector, the government had announced, through the budget of FY 2010/11, to allow foreigners – both individuals and companies - to purchase flats and apartments in Nepal. However this announcement has not been implemented because of the lack of a directive. According to the announcement, foreigners can purchase flats and apartments costing USD 200,000 or more.</div> <div> </div> <div> “It is because of the lack of the directive that hundreds of foreigners and non-resident Nepalis (NRNs) have been deprived of the opportunity to buy flats and apartments in Nepal,” Tamang explains, “This is the reason why there has not been the expected improvement in the realty sector.”</div> <div> </div> <div> Realty sector entrepreneurs reveal that more that 50 per cent of the apartments and housing units built so far are yet to find buyers. Tamang claims that at least a hundred foreigners will buy apartments and housing units a year once the directive is issued. </div> <div> </div> <div> According to Bhesh Raj Lohani, NLHDA secretary, there are 6000 housing units in the apartment buildings constructed so far and that nearly 3,500 units are yet to find buyers. The cost of these units ranges fron Rs 5 million to 20 million. If the average cost of one housing unit is considered to be Rs 7 million, then a whopping Rs 42 billion has already been invested in the housing sector. </div> <div> </div> <div> “Out of this huge investment, housing units worth Rs 28 billion are yet to be sold,” said Tamang, “Even if a hundred foreigners bought apartments and housing units a year, Rs 1.96 billion of foreign money would come to Nepal annually.” He further said that scores of foreigners working in big projects of foreign investment are willing to buy flats and apartments in Nepal. “Many NRNs, too, are keen about purchasing apartments and housing units in Nepal,” he added. </div> <div> </div> <div> Most of the developed countries in the world have allowed foreigners to buy apartments, according to Tamang. </div> <div> </div> <div> <span style="font-size:14px;"><strong>‘Draft of directive ready’</strong></span></div> <div> Meanwhile, Spokesperson for the Ministry of Land Reform and Management, Krishna Raj BC claimed that a draft of the directive is ready. “However, the home, foreign and law ministries have advised us to allow foreigners to buy apartments in Nepal only after formulating a relevant Act,” he said, “We don’t have a situation where such an Act could be enacted immediately.” The government, however, is positive about allowing foreigners to purchase apartments in the country, he added. </div>', 'published' => true, 'created' => '2013-12-15', 'modified' => '2013-12-23', '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-year old plan to allow foreigners to buy apartments in Nepal has not materialized yet because of the government’s inability to issue a directive for the same. This has put nearly Rs 28 billion of investment in the housing sector at risk, according to Ichchha Raj Tamang, president of Nepal Land and Housing Developers’ Association (NLHDA). “The lack of the directive has put a huge investment in the realty sector at risk,” Tamang told The Corporate.', 'sortorder' => '2163', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 3 => array( 'Article' => array( 'id' => '2268', 'article_category_id' => '91', 'title' => 'USD 805 Mln Drained From Nepal Annually: Study', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Corespondent</strong></div> <div> </div> <div> Illicit financial flow from Nepal between 2002 and 2011 has reached an average of USD 805 million per year, a latest international report revealed. According to the US-based Global Financial Integrity (GIF), crime, corruption and tax evasion are the main reason for the illegal transfer of money from the country. </div> <div> </div> <div> The report entitled, “Illicit Financial Flows from Developing Countries: 2002-2011” has ranked Nepal in the 66th position out of 144 countries. The latest publication is the third reportfrom the global watchdog regarding the illegal capital outflow from the developing nations. This year’s report marked the worsening situation of illegal outflow of money from the country. In 2008 and 2012, Nepal ranked 60th and 58th respectively. Nepal lost highest amount of money in 2009 and 2010 from crime, corruption, tax evasion and other dodgy businesses. In those two consecutive years, USD 1,552 million and USD 1885 million was taken out from the country illegally. However, in 2011, the amount dropped to USD 651 million, the report says. </div> <div> </div> <div> GFI evaluated and estimated the illicit financial flow across the international borders under two broad categories - Hot Money Narrow (HMN) and Gross Excluding Reversals (GER).” The first, HMN, looks at money that has disappeared from the balance of payments which is likely to represent kickbacks, bribery, and other forms of unrecorded wire transactions. HMN accounts for about 20.3% of estimated illicit financial flows,” informed the report adding,” The second, GER, looks at trade misinvoicing, a common method used by commercial entities for the cross-border movement of illegal money.” The report finds that developing countries lost USD 946.7 billion in illicit outflows in 2011, an increase of 13.7% over the USD 832.4 billion that flowed out of developing countries in 2010. The 2011 outflows are the highest on record over the decade. </div> <div> </div> <div> Similarly, developing countries lost USD 590.0 billion per annum on average through illicit outflows over the decade ending 2011.</div> <div> </div> <div> Cumulatively, developing nations lost staggering USD 5.9 trillion worth of money to illicit outflows between 2002 and 2011. Asia accounted for 39.6% of total illicit flows from the developing world followed by developing Europe (21.5%), the Western Hemisphere (19.6%), the Middle East and North Africa (11.2%), and Sub-Saharan Africa (7.7%). “Illicit outflows averaged roughly 4.0% of GDP per year from all developing countries over the decade,” says the report. </div> <div> </div> <div> According to the report, China continued to lead the world in illicit outflows over the decade—losing USD 1.08 trillion from 2002-2011.Meanwhile, Russia ranked 2nd in the report,leading the world in 2011 with USD 191.1 billion in illegal capital flight. Similarly, India ranked 5th, losing USD 344 billion over the past decade. Mexico and Saudi Arabia were ranked 3rd and 4th respectively. In South Asia, Bhutan was the lowest ranking country (138th). After India, Bangladesh (47th) was the second country in the region facing the worsening situation of illicit financial flow. Afghanistan (86th), Sri Lanka (102nd), Pakistan (117th) and Maldives (123rd), meanwhile, performed relatively better in the region.</div>', 'published' => true, 'created' => '2013-12-16', 'modified' => '2013-12-17', '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' => 'Illicit financial flow from Nepal between 2002 and 2011 has reached an average of USD 805 million per year, a latest international report revealed. According to the US-based Global Financial Integrity (GIF), crime, corruption and tax evasion are the main reason for the illegal transfer of money from the country.', 'sortorder' => '2144', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 4 => array( 'Article' => array( 'id' => '2223', 'article_category_id' => '91', 'title' => 'Full Reservoir Promises Steady Power-cut Hours', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--BY TC Correspondent</strong></div> <div> </div> <div> The reservoir of the Kulekhani I Hydropower Project has been filled. With the fill-up of this reservoir, considered as a ‘power back-up’ of Nepal Electricity Authority (NEA), load-shedding hours are not expected to increase this winter. </div> <div> </div> <div> Project Chief Ram Kumar Yadav informed TC that the reservoir’s water level was 1530.30 meter on last Sunday. “There is adequate amount of water in the reservoir,” he said. </div> <div> </div> <div> Though the reservoir’s maximum holding capacity is 1530 meter, reservoirs height has been increased by 30cm by piling up sand sacks along its brim, a project official said. </div> <div> </div> <div> Stating that additional water has been collected in the reservoir, the NEA said that it does not need to increase the load-shedding hours time this year. Bhuwan Chhetri, Chief of Load Dispatch Center at NEA, confirmed the report. </div> <div> </div> <div> The project that generally operates from 5 pm to 10 pm every day, was started from 3 pm last Sunday due to the excessive rise of water level in the reservoir. </div> <div> </div> <div> Project’s Chief Yadav said that water is collected in the reservoir during day and night times and can be operated on requirement basis. He attributed the excessive rise of water level in the reservoir to adequate rainfall during the monsoon season. </div> <div> </div> <div> The reservoir water is collected from around three-dozen of small and big rivers of the water basin. The project office has informed that the water level of the reservoir has not gone down below 1505 meter this year as the rainfall started from </div> <div> mid-May. </div> <div> </div> <div> Meanwhile, the construction work of 14 MW Kulekhani III hydropower project also has completed by 71 per cent. Indra Bir Ghimire, Deputy Manager of the project, said that if the project does not face any disruptions, it will start generating electricity within nine months. </div> <div> </div> <div> “We are working in full swing to complete the remaining 29 per cent of work within a nine-month period,” Ghimire said. </div> <div> </div> <div> The project is scheduled to complete by September 13, 2014. Ghimire informed that four kms of tunnel drilling and about 90 per cent reservoir construction has been completed. </div> <div> </div> <div> The project was started on April 27, 2008 with an aim to complete it by 2012. Project officials blamed obstruction from the locals, delay by the contractors and NEA’s sluggishness as reasons for not meeting the construction deadline. </div>', 'published' => true, 'created' => '2013-12-08', 'modified' => '2013-12-16', '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 reservoir of the Kulekhani I Hydropower Project has been filled. With the fill-up of this reservoir, considered as a ‘power back-up’ of Nepal Electricity Authority (NEA), load-shedding hours are not expected to increase this winter.', 'sortorder' => '2112', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 5 => array( 'Article' => array( 'id' => '2224', 'article_category_id' => '91', 'title' => 'Tourism: Promoting Nepal’s Visibility In The Global Arena', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Corespondent</strong></div> <div> </div> <div> Last week Nepal saw two major international rankings with the country achieving top spots in travel and tourism destinations. On Wednesday, 4th December, the World Expeditions of the CNW Group, a subsidiary of US-based PR Newswire Company, declared The Great Himalayan Trail (GHT) as the top adventurous trekking route in the world for 2014. </div> <div> </div> <div> The GHT is the longest and highest alpine walking track in the world winding 4,500 kilometers through the tallest mountain ranges and most isolated communities from Tibet to Pakistan. The 1,700 kilometers long Nepal section of the GHT is often termed as “a kaleidoscope of experiences”, commercial treks of which starts in</div> <div> the beginning of March every year. </div> <div> </div> <div> The trail, which can be undertaken in one continuous trek of 152 days, traverses the country from east to west. The ranking placed Great Patagonian Transverse of the South Americas and Bhutan Snowman Trek in the 2nd and 3rd most adventurous route for 2014. Similarly, Dominica Trek of the Caribbean and John Muir Trek of the US were placed at 4th and 5th spots in the list respectively. </div> <div> </div> <div> Likewise, TripAdvisor.com, a world renowned travel website ranked Kathmandu as the top rising tourist destination in Asia.The travel search-engine declared Kathmanduas the 3rd most rising travel destination in the world. The website published the top ten most favoured tourist spots of the world - Traveler’s Choice 2013 list. The listing of the destinations is generally based on reviews and votes of travelers. According to Trip Advisor, Kathmandu is the only destination that managed to achieve position in the list. Meanwhile, Australian travelers, named Kathmandu as the best backpack destination on the website. Jerusalem (Israel) and Sapporo (Japan) were the other destinations from the Asia region on the list. </div>', 'published' => true, 'created' => '2013-12-08', 'modified' => '2013-12-16', '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' => 'Last week Nepal saw two major international rankings with the country achieving top spots in travel and tourism destinations. On Wednesday, 4th December, the World Expeditions of the CNW Group, a subsidiary of US-based PR Newswire Company, declared The Great Himalayan Trail (GHT) as the top adventurous trekking route in the world for 2014.', 'sortorder' => '2111', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 6 => array( 'Article' => array( 'id' => '2225', 'article_category_id' => '91', 'title' => 'WTO Members Agree On Historic Trade Pact', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> Since the formation of the World Trade Organisation (WTO) in 1995, member nations of the global trade body on Saturday reached the first ever trade deal. </div> <div> </div> <div> WTO’s Bali Ministerial Conference held in Bali, Indonesia, approved the “historic” ‘Bali Package’ after Cuba dropped its threat to veto the package of measures that primarily aims at facilitating commerce between member nations by reducing trade barriers. </div> <div> </div> <div> The agreement aims to boost the global commerce by adding USD 1 trillion into the world economyover the coming years and add 21 million jobs in the global labour market. </div> <div> </div> <div> The agreement simplifies trade procedures for the poorest countries to sell their goods in international market.It is expected to lessen barriers for the least developed countries (LDCs) in exporting their products in international market. Similarly, the agreement aims to establish a global system to make agricultural sector more competitive. </div> <div> </div> <div> The agreement came at a moment when the WTO was standing on the brink of failure following more than a decade of fruitless negotiations to enact the Doha Round (2002) plans. </div> <div> </div> <div> Many experts had warned that failure in Bali would leave regional and bilateral trade arrangements as the only platform for trade reform, dividing the world and jeopardising the goal of globalisation of the WTO.</div> <div> </div> <div> “For the first time in our history, the WTO has truly delivered,” said WTO Chief Roberto Azevêdo, while closing the conference.” All members, developed or developing, have the ownership of the Bali deal. We have put the “world” back into the World Trade Organisation. We’re back in business...Bali is just the beginning.”</div> <div> </div> <div> In his closing remarks former Chief Trade Negotiator of Brazilechoed the quote of late South African leader, Nelson Mandela, “It always seems impossible until it’s done,” to sum up the achievement of the conference.</div> <div> </div> <div> The Bali meeting which opened on 3rd December, Tuesday, was overshadowed by disagreements between India and a group of developed nations led by the United States. Because of its massive programme for stockpiling food to feed its poor, India had insisted that it would only back an agreement if there is a compromise on food subsidies. </div> <div> </div> <div> On the other hand, US and some industrialised nations urged India to end the food security policy as it breaches and contradicted the subsidy policies of the WTO. The differences narrowed as the opposing sides clinched towards a provision to give developing nations more scope to use subsidies for safeguarding food supplies. Similarly, Cuba also later agreed on a compromise with the US. During the negotiations, the Caribbean Island nation had refused to accept the deal if the US did not end its long-time economic embargo.</div>', 'published' => true, 'created' => '2013-12-08', 'modified' => '2013-12-13', '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' => 'WTO’s Bali Ministerial Conference held in Bali, Indonesia, approved the “historic” ‘Bali Package’ after Cuba dropped its threat to veto the package of measures that primarily aims at facilitating commerce between member nations by reducing trade barriers.', 'sortorder' => '2109', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 7 => array( 'Article' => array( 'id' => '2184', 'article_category_id' => '91', 'title' => 'TRADE DEFICIT How Long Will My Nation Bleed?', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Siromani Dhungana</strong></div> <div> </div> <div> T<span style="font-size: 12px;">he country is likely to witness a terrible trade deficit reports- one after another- unless the government takes concrete and bold decisions to overcome it.</span></div> <div> </div> <div> What could be the concrete and bold decision to narrow down the ballooning trade deficit?</div> <div> </div> <div> “It is nothing other than accelerating the hydropower projects,” said former finance secretary Rameshore Khanal.</div> <div> </div> <div> According to the data released by Nepal Rastra Bank (NRB), the trade deficit has increased by 11.3 per cent to Rs 128.79 billion in the first quarter of the current fiscal year 2013-14 as compared to the corresponding period of the last fiscal year.</div> <div> </div> <div> Informing that the country imports petroleum products worth Rs 110 billion in a year, Khanal argued that the trade deficit will continue widening unless we significantly reduce the import of petroleum products.</div> <div> </div> <div> “Industries are running through thermal plants and households are compelled to buy Liquefied Petroleum Gas (LPG), resulting in the surge of petroleum products demand,” said Khanal. Consumption of petroleum product worth Rs 60 billion can be reduced by generating hydroelectricity in the country, he added.</div> <div> </div> <div> Trade deficit has a multiple effects since it drains money from country’s economy, lowers wages and forces the country to witness lower standard of living, he noted.</div> <div> </div> <div> The production has stagnated, while the demands of sophisticated goods such as computers, automobiles, micro-oven and televisions have propelled imports to a record high, according to him.</div> <div> </div> <div> “Except any miracles, we cannot increase productivity in the near future as the country still lacks preconditions that spur productivity,” economist and chief finance advisor Dr Chiranjivi Nepal argued.</div> <div> </div> <div> It is time policymakers and businesses made concerted and coordinated attempts to tackle country’s trade imbalances before we are faced with a serious crisis, he further said, adding that it is right time to address the issue as the country is all set to get a moderate and liberal government led by parties which possess liberal views about economy. </div> <div> </div> <div> In the first quarter, the trade deficit with India – with which the country has above 65 per cent trade – surged by 14.2 per cent, whereas with third countries increased by 5.9 per cent only. The data released by NRB further stated that the country exported Rs 23.07 billion worth merchandise only, while imported Rs 151.86 billion worth in the first three months of the current fiscal year. However, the central bank has reported Rs 52.74 billion surplus Balance of Payment (BoP) in the first quarter against the surplus of Rs 2.05 billion in the period last fiscal year.</div> <div> </div> <div> The macroeconomic indicator has also revealed that the foreign exchange reserve has increased by 13.8 per cent to Rs 606.82 billion in mid-October up from Rs 533.3 billion from mid-July.</div> <div> </div> <div> Likewise, the inflow of remittances, a lifeline of Nepal’s economy, has also posted an increment by 38.2 per cent to Rs 135.03 billion in the first quarter.</div>', 'published' => true, 'created' => '2013-12-01', 'modified' => '2013-12-09', '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 country is likely to witness a terrible trade deficit reports- one after another- unless the government takes concrete and bold decisions to overcome it. What could be the concrete and bold decision to narrow down the ballooning trade deficit?', 'sortorder' => '2070', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 8 => array( 'Article' => array( 'id' => '2185', 'article_category_id' => '91', 'title' => '43 Companies Preparing For Share Issuance', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Within few months some companies are set to add their shares of 100 million units worth Rs 10.52 billion in the share market. 43 companies from different sectors have already submitted application for share issuance in Securities Board of </span><span style="font-size: 12px;">Nepal (SEBON). According to a SEBON source, the companies will issue their shares only after the approval from the stock market regulator. </span></div> <div> </div> <div> Among them 66.12 million are right shares whereas and 39 million units are to be allotted fromInitial Public offering (IPO) of the companies. The total number of listed shares in NEPSE till the end of September of the current fiscal year is around 1.37 billion. The shares have increased by 2.33 per cent than the previous fiscal year,according to NEPSE. The applicants of IPO include 14 companies among which one is commercial bank, four are development banks, three are hydro power companies, two are finance companies and four others are from other industries. Similarly 29 companies are issuing right share which include two hydro power companies, six insurance companies, eight development banks, eleven development banks and two others from other sectors. </div>', 'published' => true, 'created' => '2013-12-01', 'modified' => '2013-12-02', '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' => 'Within few months some companies are set to add their shares of 100 million units worth Rs 10.52 billion in the share market. 43 companies from different sectors have already submitted application for share issuance in Securities Board of Nepal (SEBON).', 'sortorder' => '2031', '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' => '2143', 'article_category_id' => '91', 'title' => 'BPCL To Increase Power Production Capacity', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> Butwal Power Company Limited (BPCL) is gearing up to increase its power production capacity to 94 MW. According to Ratna Shakya, BPCL’s Head of Corporate Division, the company is preparing to produce an additional 67.6 MW power from Kabeli ‘A’ and Nyadi Hydropower projects. “We have planned to start commercial production from these two projects within three years,” he said. The company has already produced electricity from Jhimruk, Aandhikhola and Khudi hydropower projects. Kabeli Energy Limited is the developer of Kabeli ‘A’ hydropower project. BPCL holds the majority shares of the company. The Run-of-the-river (ROR) 37.6 MW project is being constructed at the Kabeli River located at Taplejung and Panchthar. </div> <div> </div> <div> The total cost of the project is estimated at USD 970 million. The project which is aimed to be completed by 2016 will be producing 201 Giga Watt (GW) of electricity. The project will be constructed in BOOT (Build, Operation, Own and Transfer) model. The government and the developers have already signed the Project Development Agreement (PDA). According to Shakya, national and international finance organizations including the International Finance Corporation (IFC) of The World Bank Group are investing in the project. “The World Bank and IFC are investing in the project as loan”, he informed adding, “We have already managed necessary financial close for the project’s construction.” </div> <div> </div> <div> BPCL has majority of shares investment in Nyadi Hydropower project too. The 30 MW project is also designed under the BOOT model. </div> <div> </div> <div> According to the company, Power Purchase Agreement (PPA) with the government for the construction of the project is underway. </div> <div> </div> <div> BPCL already has 12 MW Jhimruk, 9.4 MW Andhikhola and 4 MW Khudi project. The company has been producing 5.5 million units annually from Jhimruk Hydro Project. Similarly, Aandhikhola will be producing more power as it is being upgraded to 9.4 MW which previously was three million units. “The project has been stopped for the power upgradation process”, Shakya said, “It will be resumed with the upgraded power (9.4 MW) within five months.” </div> <div> </div> <div> BPCL has been distributing power directly through transmission lines to districts in western region such as Pyuthan, Argakhanchi, Rolpa, Syangja and Palpa. The company is selling the remaining power to Nepal Electricity Authority.</div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-12-02', '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' => 'Butwal Power Company Limited (BPCL) is gearing up to increase its power production capacity to 94 MW. According to Ratna Shakya, BPCL’s Head of Corporate Division, the company is preparing to produce an additional 67.6 MW power from Kabeli ‘A’ and Nyadi Hydropower projects.', 'sortorder' => '2030', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 10 => array( 'Article' => array( 'id' => '2142', 'article_category_id' => '91', 'title' => 'CA POLLS Where Does The Economy Go Next?', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Siromani Dhungana</strong></div> <div> </div> <div> Election fever will be over in the next few days but its impact will remain until the next election. People expressed their aspirations and exercised their power during this election so as to set the progressive course for issues that matter them the most. </div> <div> </div> <div> An estimated 70 percent of Nepalis went to polls on 19 November to elect a new constituent assembly assigned with the responsibility to write a new constitution and pave way for the foundation of a peaceful and prosperous Nepal. </div> <div> </div> <div> People filtered those parties who often take to the street to fulfill their demands but fail to deliver when they lead the government, Rameshore Khanal, former Finance Secretary, said while analyzing the election result. </div> <div> </div> <div> The victory of Nepali Congress in the urban areas clearly indicates that urban voters favoured liberal economy, Khanal said. “The fact that majority of votes were secured by Nepali Congress reflects people’s will to be led by a political party which is in favour of social harmony and cohesion.”</div> <div> </div> <div> Business community was terrorized due to federal agenda put forth by UCPN Maoist, he said, adding that the recent poll results might have relieved the entire business community.</div> <div> </div> <div> More than 90 per cent businessmen do not want federalism based on ethnicity, he claimed. “The entire business environment would be more volatile if political parties that favour regional and ethnic agenda had won the election.”</div> <div> </div> <div> In business and economy, policy stability and consistency is more important than caste and region, he opined. “A businessman from Madhesh has to do business in Pahad and vice versa,” he said, adding that political parties now should raise the issue of ‘economic nationalism’ instead of creating tensions among various castes and classes. </div> <div> </div> <div> Sociologist Chaitanya Mishra said, “The defeat of UCPN Maoist and regional parties shows that people approved less number of federal states.” The trend of votes clearly show that even Madhesi voters do not want ‘One Madhesh-One Province’, he claimed. </div> <div> </div> <div> Professor Lok Raj Baral said that the Constituent Assembly should carve out federal structure based on economic and other feasibility issues. Popular mandate is completely against the ethnic federalism, he said. “Political parties should consider economic and other aspect while carving out federal structure now.”</div> <div> </div> <div> Dr Chiranjivi Nepal, Chief Financial Advisor at the Ministry of Finance, stressed on the challenges that lie ahead for boosting the economy. “The country will not get rid of stagnation if Maoist and other fringe parties show rigidity in their agenda,” he said.</div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-11-27', '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' => 'Election fever will be over in the next few days but its impact will remain until the next election. People expressed their aspirations and exercised their power during this election so as to set the progressive course for issues that matter them the most.', 'sortorder' => '2022', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 11 => array( 'Article' => array( 'id' => '2136', 'article_category_id' => '91', 'title' => 'CA Polls: The Expense For Peace And Constitution', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sanjeev Sharma</strong></div> <div> </div> <div> W<span style="font-size: 12px;">ith the election process preparations, canvassing and campaigning finally over, Nepali voters are all set to cast their votes on Tuesday for choosing a new Constituent Assembly (CA). </span></div> <div> </div> <div> Political parties and their candidates have made hefty commitments on new constitution drafting and made lofty promises of development to lure voters. </div> <div> </div> <div> Despite the failure of the first CA to draft a new constitution, stakes of politicos are looking pretty high this time. This election has the potential to change the current political equation. The change may come in the form of emergence of new political powers along with the obliteration of some. Whereas, voters are looking much confused haunted by the memories of first CA’s unfortunate demise. </div> <div> </div> <div> After the first CA election, Nepal witnessed a tense period of rising disputes among the major political parties that slashed the hopes of ordinary citizens leaving the country into a state of uncertainty and political disarray. According to official documents, more than Rs 15 billion, was spend within 4 years on constitution drafting process including the first CA election held in 2008 April.</div> <div> </div> <div> The estimated amount does not include the funds allocated for peace process (integration of former Maoists combatants) which reached over Rs 3 billion. Though, the size of total spending is disputed, various figures claim that the expenditures can be counted in tens of billions of rupees.</div> <div> </div> <div> However, after the CA was dissolved last year by the Dr Babu Ram Bhattarai-led government, the huge investment made in drafting a new constitution was seen as sheer waste of money. Skepticism about the new CA to complete its task remains high in the air. In this context question are being raised strongly on new CA’s ability to deliver a new constitution and whether the huge spending was worthwhile.</div> <div> </div> <div> “The constitution drafting process of Nepal has become the most expensive one in the world. The country would have witnessed dramatic development and prosperity if that money was invested in productive sectors,” said Suraj Vaidya, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).</div> <div> </div> <div> Vaidya was speaking to reporters last week in an ‘open press meet’ held at Durbarmarg, Kathmandu to inform about the FNCCI’s protest programme against the general strike and transportation shutdown organised by the poll opposing alliance. Economists are also cautioning the political players to become more responsible as the rising election expenditure is likely hold back the economic growth of the country if the new CA fails to draft a new constitution. “The election expenditure will easily reach Rs 30 billion this time which was initially allocated at Rs 16 billion in the budget of the current fiscal year 2013/14,” opined Prof Dr Bishwambher Pyakuryal. According to him, the rise in expenditure will reach 6 per cent of the total budget.</div> <div> </div> <div> “The spending can be taken as gainful investment only if a new constitution is drafted and if the country achieves political and economic stability,” said Pyakuryal adding, “If that does not happen then we need serious discussions about the possible impacts of election expenditures on Nepal’s economy.”</div> <div> </div> <div> Apart from the government’s expenditure, the mammoth size of spending of political parties and candidates is also making the election more expensive. According to the Election Commission, 6,128 candidates are contesting for 240 constituencies across the country in the first-past-the-post or FPTP electoral process. Similarly, 10,400 candidates are listed as candidates for the proportional representation (PR) seats.</div> <div> </div> <div> In this regard the total spending of candidates (both FPTP and PR) can be counted at Rs 6.90 billion, assuming that they will spend as per the EC’s directive. According to EC’s directive, a FPTP candidate can spend a maximum of Rs 1 million in his/her constituency whereas the spending ceiling of a PR contender is maxed at Rs 75,000. </div> <div> </div> <div> However, Election Commission does not have effective monitoring mechanism to control election fraud and excessive expenditure by candidates. EC spokesperson Bir Bahadur Rai said that there is no formal complaint against candidate pertaining to their expenses so far. He suggested to ask EC Chief Commissioner to ask about frauds by candidate and denied to comment on the issue.</div>', 'published' => true, 'created' => '2013-11-20', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'With the election process preparations, canvassing and campaigning finally over, Nepali voters are all set to cast their votes on Tuesday for choosing a new Constituent Assembly (CA).', 'sortorder' => '1991', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 12 => array( 'Article' => array( 'id' => '2091', 'article_category_id' => '91', 'title' => 'Election Boosting National Economy', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sanjeev Sharma</strong></div> <div> </div> <div> N<span style="font-size: 12px;">epal is preparing to elect Constituent Assembly (CA) members for the second time. Though political analysts are skeptic about the ability of this CA to deliver new constitution, economists have claimed that this CA election will boost the national economy. </span></div> <div> </div> <div> Financial experts have claimed that CA election will spur the national economy. Government and non-government officials have claimed that the national economy will benefit from the expenditure made by the government, political and non-political organizations and electoral candidates.</div> <div> </div> <div> “The expenditures in election can be taken as investment in the country’s economy,” says Finance Minister Shanker Prasad Koirala. He said that the upcoming election will boost economic activities of political parties and help to flow their savings in the market.</div> <div> </div> <div> “The money being used in the election process will ultimately go to the private sector,” said Koirala adding, “The election process is also likely to increase the recurrent expenditure and that will positively impact Nepal’s economy.” </div> <div> </div> <div> However Koirala noted that the election process is unlikely to boost the capital expenditure citing that most of the government funded projects are halted for the time being. </div> <div> </div> <div> Dr Chiranjivi Nepal, Economic Advisor at the Ministry of Finance, also expressed similar views. “Injecting extra money into the market, increase in demand and supply of goods and services will lead to increase in domestic production,” he said. However, Dr Nepal also cautioned of rise in inflation as more money is being poured into the market. </div> <div> </div> <div> Election campaign expenditures of election candidates is another contributor in spurring the local economy. Aggressive electoral campaign of CA candidates have shown significant activities in the service sector that includes businesses such as hotels/restaurants, airlines and transport services. The campaigns have also considerably raised the print business in the recent days along with the increase in the supply of paper, utensils and printing materials. The Election Commission (EC) has capped the campaigning expenditure of a candidate in each constituency at Rs 1 million. With 240 constituencies, the total campaigning expenses is estimated to be around Rs 240 million, even if it is assumed that only a single candidate is contending. </div> <div> </div> <div> Expenditures are high also on the government’s end. The government has allocated Rs 16 billion budget for entire CA election process in the current fiscal budget. The first CA election held on April 10, 2008 saw a disbursement of Rs 6 billion from the government fund. According to the Election Commission of Nepal (EC), the expenditure also includes hiring of temporary security personnel to assist in the elections. On October 22, the government recruited 45,000 temporary police personnel for a 45-day time period. This temporary employment will also boost the domestic economy. </div>', 'published' => true, 'created' => '2013-11-10', 'modified' => '2013-11-24', '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' => 'Nepal is preparing to elect Constituent Assembly (CA) members for the second time. Though political analysts are skeptic about the ability of this CA to deliver new constitution, economists have claimed that this CA election will boost the national economy.', 'sortorder' => '1985', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 13 => array( 'Article' => array( 'id' => '2092', 'article_category_id' => '91', 'title' => 'Net Worth Requirement Fro DP Being Revised', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By Yagya Banjade</span></strong></div> <div> </div> <div> Securities Board Of Nepal (SEBON) is setting afoot plans to amend the mandatory net worth requirement for acquiring Depository Participants (DP) license under the Central Depository System Clearing (CDSC). </div> <div> </div> <div> SEBON Chairman Baburam Shrestha said that preparation to review existing minimum net worth requirement for essential infrastructures is underway. Once new net worth requirement is decided, necessary amendments to existing regulations will be made and DP membership will be provided, </div> <div> he added. </div> <div> </div> <div> Presently companies must have a net worth requirement of Rs 10 million for acquiring a DP membership. Sources have claimed that SEBON is preparing to cut down the current net worth requirement after broker companies expressed reluctance to acquire DP membership citing infeasible net worth requirement. </div> <div> </div> <div> “SEBON is eager to provide DP membership at the earliest by reviewing the net worth requirement,” Shrestha said. “To secure the interest of the investors and to ease off the process for entrepreneurs, we are making preparations to amend existing bylaws,” he said. </div> <div> </div> <div> It is mandatory for any company to have separate infrastructure for providing DP services. Therefore SEBON is planning to provide DP membership by deciding the minimum net worth requirement for infrastructure development and business operation. </div> <div> </div> <div> CDS has already conducted a feasibility study and presented its report to CDS. The report has recommended providing DP membership to any firm having a minimum net worth requirement of Rs 2 million and has added that such firms must be adding Rs 2 million net worth every year, until it reaches Rs 1 billion, source claimed. </div> <div> </div> <div> However, this recommendation does not seem to satisfy SEBON. “The feasible study focuses on mandatory net worth requirement rather than meeting the requirement within certain period,” Shretha said. SEBON is preparing to make such amendments to ensure the participation of the entire securities broker companies that will activate the CDS in an effective way. </div> <div> </div> <div> The report will acquire legal status after being approved by SEBON’s management committee and the Finance Ministry. The process is assumed to take a while for being actualized. </div> <div> </div> <div> Experts opine that the procedure for amending the provision will take longer time and pointed that broker companies who have not acquired DP membership, citing higher net worth requirement, will have to wait a while to acquire it. </div> <div> </div> <div> Share brokers have requested SEBON to amend the existing regulations to pave way for companies to meet the net worth requirement within a certain time frame. Following indications of approval from the concerned authorities, brokers had conceded to acquire Clearing Membership (CM). Accordingly 49 share broker companies had applied for the membership. Out of them, 22 companies have acquired the CM membership.</div>', 'published' => true, 'created' => '2013-11-10', 'modified' => '2013-11-12', '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' => 'Securities Board Of Nepal (SEBON) is setting afoot plans to amend the mandatory net worth requirement for acquiring Depository Participants (DP) license under the Central Depository System Clearing (CDSC).', 'sortorder' => '1968', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 14 => array( 'Article' => array( 'id' => '2018', 'article_category_id' => '91', 'title' => 'IFC To Invest $3m In Upper Trishuli-1 Hydel', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> International Finance Corporation (IFC) has subscribed $ 3 Million to Nepal Water & Energy Development Company (NWEDC) for development of Upper Trishuli Hydropower project. With this, IFC has officially become a shareholder of NWEDC, states a press release from NWDEC. This amount translates into 15 per cent equity in the company NWEDC Pvt Ltd is the special purpose vehicle company established for the development and generation of 216 MW Upper Trishuli-I Hydroelectricity project.</div> <div> </div> <div> The World Bank Group member IFC is one of the largest global development institutions that focus exclusively on the private sector in developing countries. </div> <div> </div> <div> IFC subscription will cover the cost to be incurred for lender’s engineer, Cumulative Impact Assessment (CIA), panel of expert along with others, the press release mentions. IFC will invest a total of 15 percent of the total equity for Upper Trishuli-I Hydropower project that will be utilised to enhance and expedite its development works, NWEDC said.</div> <div> </div> <div> K-Construction, a Consortium of three Korean Companies: Korea South East Power Company (KOSEP); Daelim Industrial Company Ltd and Kyeryong Construction Industrial Company Ltd, holds 75 per cent of the equity investment. The consortium has already started injecting in equity portion, stated the press release. </div> <div> </div> <div> The Upper Trishuli-1 project is expected to complete by 2019. After completion it will generate and supply around 10 per cent of total electricity of the country. </div> <div> </div> <div> The project access road construction has been intiated and the company has already acquired private land required for developing the project. Along with that the company has leased necessary land from the government too, for the project license period. </div> <div> </div> <div> The project is making preparations to acquire Guthi land and has already signed leasehold agreement with Department of Forest for cutting and removing necessary trees from the leased government property. </div> <div> </div> <div> Presently, construction of camp facilities and access road bridge over the Mailung river are underway, a press release issued by NWEDC said on Sunday. </div> <div> </div> <div> Along with that the project has initiated process to procure and use explosive materials in the project area. </div> <div> </div> <div> The project aims to employ around 500 people during the UT-I project construction stage and will hire around 50 operations and maintenance staff after the project construction is completed. </div> <div> </div> <div> Presently the company has been working on concluding PPA, PDA and other paper work so that it could commence the project construction. </div> <div> </div> <div> Established in 1956, IFC is the largest multilateral source of loan and equity financing for private sector projects in the developing world. </div>', 'published' => true, 'created' => '2013-10-27', 'modified' => '2013-11-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'International Finance Corporation (IFC) has subscribed $ 3 Million to Nepal Water & Energy Development Company (NWEDC) for development of Upper Trishuli Hydropower project. With this, IFC has officially become a shareholder of NWEDC, states a press release from NWDEC. This amount translates into 15 per cent equity in the company NWEDC Pvt Ltd is the special purpose vehicle company established for the development and generation of 216 MW Upper Trishuli-I Hydroelectricity project.', 'sortorder' => '1953', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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The need is, however, that milk production should be increased and government should lure massive investment from the big investors.”</div> <div> </div> <div> He indicated two areas where the government should immediately take action to invite corporate sector in the entire milk production business. First, the government should introduce policy for contract farming whereby big corporations can invest in cow farming to run their own dairy industry. On the other, the government should facilitate the land leasing process for big corporate houses.</div> <div> </div> <div> Corporate investment is not possible unless the government can ensure security of investment, he added. </div> <div> </div> <div> Director at Nepal Dairy Development Board, Dr Balak Chaudhary blamed the government’s dillydally in regulation of the dairy industry. “The Dairy Development Corporation, a government entity which is a competitor in the dairy industry, is also playing the role of a regulator at present,” he said, adding that the government should dare to establish a separate and powerful regulatory body to attract more investment in this sector. </div> <div> </div> <div> There has not been a scientific study on the demand for milk and milk products, he revealed. </div> <div> </div> <div> Around 800 diary manufacturing units have been operating in the domestic market at present. Of them, very few have given their products corporate form.</div> <div> </div> <div> <div> <span style="font-size:14px;"><strong>Some Dairy Facts</strong></span></div> <div> •Large share of milk (around 75%) goes to the consumers through informal channels where quality is a big concern</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Sometimes quality is an issue in the formal channel of milk distribution as well</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Very little competition from cooperatives due to dominance of government-owned Dairy Development Corporation</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Farmers do not share the benefits of high demand due to lack of infrastructure </div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Milk production is scattered over a large number of farmers producing miniscule quantities</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Milk distribution is limited largely to urban and semi-urban areas</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Lack of policy focus on strengthening indigenous breeds of cows</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Because of low access to credit and risk-taking ability, farmers cannot increase their herd size</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Weak regulatory mechanism</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Lack of very essential laws</div> </div>', 'published' => true, 'created' => '2013-12-23', 'modified' => '2013-12-30', '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 dairy industry, according to entrepreneurs, will become the most-sought after business if the government ensures policies favourable for investment from the corporate sector.', 'sortorder' => '2200', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 1 => array( 'Article' => array( 'id' => '2315', 'article_category_id' => '91', 'title' => 'IFC To Invest In Upper Marshyangdi II', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> GMR Energy Limited, the energy arm of the GMR Group of India signed a Joint Development Agreement (JDA) with the International Finance Corporation (IFC), a member of the World Bank Group, to jointly develop the Upper Marsyangdi-2 hydropower project (600 MW) in Nepal. </div> <div> </div> <div> The 600 MW Upper Marsyangdi-2 Project is located on the Marsyangdi River, in the Manang and Lamjung districts of Nepal, which is already in an advanced stage of development. The Project is being currently undertaken through a Nepalese subsidiary of GMR Energy Limited, Himtal Hydropower Company Pvt Ltd, according to the press release issued by the company.</div> <div> </div> <div> GBS Raju, Chairman of Energy Business said, “We are pleased to have IFC as our partners in the Upper Marsyangdi-2 Hydropower project. Apart from investing in the company, IFC will also bring its vast experience in financing similar large and complex Infrastructure Projects, which will add value to the Project. </div> <div> We believe that with the continuous support of IBN, both GMR and IFC shall be able to implement this Project in an accelerated manner.” </div> <div> </div> <div> Cross-country Transmission line </div> <div> A contract has been signed between Power Transmission Company Nepal (PTCN) and TATA Project Limited, India to construct Dhalkebar-Muzaffarpur cross-country transmission line of 400 kb. “The construction work will be completed within 16 months of the mobilization of contractors,” said Badri Narayan Shah, Project Manager of PTCN. </div> <div> </div> <div> The company will construct transmission line of 39.5 kilometers from Dhalkebar to Birtamod. With the construction of this transmission line the hydro business between Nepal and India is expected to develop as it would create easy import-export environment between both the countries.</div>', 'published' => true, 'created' => '2013-12-23', 'modified' => '2013-12-23', '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' => 'GMR Energy Limited, the energy arm of the GMR Group of India signed a Joint Development Agreement (JDA) with the International Finance Corporation (IFC), a member of the World Bank Group, to jointly develop the Upper Marsyangdi-2 hydropower project (600 MW) in Nepal.', 'sortorder' => '2164', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 2 => array( 'Article' => array( 'id' => '2267', 'article_category_id' => '91', 'title' => 'Lack Of Directive Puts Rs 28 Billion Housing Investment At Risk', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sujan Oli</strong></div> <div> </div> <div> The three-year old plan to allow foreigners to buy apartments in Nepal has not materialized yet because of the government’s inability to issue a directive for the same. This has put nearly Rs 28 billion of investment in the housing sector at risk, according to Ichchha Raj Tamang, president of Nepal Land and Housing Developers’ Association (NLHDA). “The lack of the directive has put a huge investment in the realty sector at risk,” Tamang told The Corporate.</div> <div> </div> <div> As a measure to address the woes of the realty sector, the government had announced, through the budget of FY 2010/11, to allow foreigners – both individuals and companies - to purchase flats and apartments in Nepal. However this announcement has not been implemented because of the lack of a directive. According to the announcement, foreigners can purchase flats and apartments costing USD 200,000 or more.</div> <div> </div> <div> “It is because of the lack of the directive that hundreds of foreigners and non-resident Nepalis (NRNs) have been deprived of the opportunity to buy flats and apartments in Nepal,” Tamang explains, “This is the reason why there has not been the expected improvement in the realty sector.”</div> <div> </div> <div> Realty sector entrepreneurs reveal that more that 50 per cent of the apartments and housing units built so far are yet to find buyers. Tamang claims that at least a hundred foreigners will buy apartments and housing units a year once the directive is issued. </div> <div> </div> <div> According to Bhesh Raj Lohani, NLHDA secretary, there are 6000 housing units in the apartment buildings constructed so far and that nearly 3,500 units are yet to find buyers. The cost of these units ranges fron Rs 5 million to 20 million. If the average cost of one housing unit is considered to be Rs 7 million, then a whopping Rs 42 billion has already been invested in the housing sector. </div> <div> </div> <div> “Out of this huge investment, housing units worth Rs 28 billion are yet to be sold,” said Tamang, “Even if a hundred foreigners bought apartments and housing units a year, Rs 1.96 billion of foreign money would come to Nepal annually.” He further said that scores of foreigners working in big projects of foreign investment are willing to buy flats and apartments in Nepal. “Many NRNs, too, are keen about purchasing apartments and housing units in Nepal,” he added. </div> <div> </div> <div> Most of the developed countries in the world have allowed foreigners to buy apartments, according to Tamang. </div> <div> </div> <div> <span style="font-size:14px;"><strong>‘Draft of directive ready’</strong></span></div> <div> Meanwhile, Spokesperson for the Ministry of Land Reform and Management, Krishna Raj BC claimed that a draft of the directive is ready. “However, the home, foreign and law ministries have advised us to allow foreigners to buy apartments in Nepal only after formulating a relevant Act,” he said, “We don’t have a situation where such an Act could be enacted immediately.” The government, however, is positive about allowing foreigners to purchase apartments in the country, he added. </div>', 'published' => true, 'created' => '2013-12-15', 'modified' => '2013-12-23', '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-year old plan to allow foreigners to buy apartments in Nepal has not materialized yet because of the government’s inability to issue a directive for the same. This has put nearly Rs 28 billion of investment in the housing sector at risk, according to Ichchha Raj Tamang, president of Nepal Land and Housing Developers’ Association (NLHDA). “The lack of the directive has put a huge investment in the realty sector at risk,” Tamang told The Corporate.', 'sortorder' => '2163', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 3 => array( 'Article' => array( 'id' => '2268', 'article_category_id' => '91', 'title' => 'USD 805 Mln Drained From Nepal Annually: Study', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Corespondent</strong></div> <div> </div> <div> Illicit financial flow from Nepal between 2002 and 2011 has reached an average of USD 805 million per year, a latest international report revealed. According to the US-based Global Financial Integrity (GIF), crime, corruption and tax evasion are the main reason for the illegal transfer of money from the country. </div> <div> </div> <div> The report entitled, “Illicit Financial Flows from Developing Countries: 2002-2011” has ranked Nepal in the 66th position out of 144 countries. The latest publication is the third reportfrom the global watchdog regarding the illegal capital outflow from the developing nations. This year’s report marked the worsening situation of illegal outflow of money from the country. In 2008 and 2012, Nepal ranked 60th and 58th respectively. Nepal lost highest amount of money in 2009 and 2010 from crime, corruption, tax evasion and other dodgy businesses. In those two consecutive years, USD 1,552 million and USD 1885 million was taken out from the country illegally. However, in 2011, the amount dropped to USD 651 million, the report says. </div> <div> </div> <div> GFI evaluated and estimated the illicit financial flow across the international borders under two broad categories - Hot Money Narrow (HMN) and Gross Excluding Reversals (GER).” The first, HMN, looks at money that has disappeared from the balance of payments which is likely to represent kickbacks, bribery, and other forms of unrecorded wire transactions. HMN accounts for about 20.3% of estimated illicit financial flows,” informed the report adding,” The second, GER, looks at trade misinvoicing, a common method used by commercial entities for the cross-border movement of illegal money.” The report finds that developing countries lost USD 946.7 billion in illicit outflows in 2011, an increase of 13.7% over the USD 832.4 billion that flowed out of developing countries in 2010. The 2011 outflows are the highest on record over the decade. </div> <div> </div> <div> Similarly, developing countries lost USD 590.0 billion per annum on average through illicit outflows over the decade ending 2011.</div> <div> </div> <div> Cumulatively, developing nations lost staggering USD 5.9 trillion worth of money to illicit outflows between 2002 and 2011. Asia accounted for 39.6% of total illicit flows from the developing world followed by developing Europe (21.5%), the Western Hemisphere (19.6%), the Middle East and North Africa (11.2%), and Sub-Saharan Africa (7.7%). “Illicit outflows averaged roughly 4.0% of GDP per year from all developing countries over the decade,” says the report. </div> <div> </div> <div> According to the report, China continued to lead the world in illicit outflows over the decade—losing USD 1.08 trillion from 2002-2011.Meanwhile, Russia ranked 2nd in the report,leading the world in 2011 with USD 191.1 billion in illegal capital flight. Similarly, India ranked 5th, losing USD 344 billion over the past decade. Mexico and Saudi Arabia were ranked 3rd and 4th respectively. In South Asia, Bhutan was the lowest ranking country (138th). After India, Bangladesh (47th) was the second country in the region facing the worsening situation of illicit financial flow. Afghanistan (86th), Sri Lanka (102nd), Pakistan (117th) and Maldives (123rd), meanwhile, performed relatively better in the region.</div>', 'published' => true, 'created' => '2013-12-16', 'modified' => '2013-12-17', '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' => 'Illicit financial flow from Nepal between 2002 and 2011 has reached an average of USD 805 million per year, a latest international report revealed. According to the US-based Global Financial Integrity (GIF), crime, corruption and tax evasion are the main reason for the illegal transfer of money from the country.', 'sortorder' => '2144', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 4 => array( 'Article' => array( 'id' => '2223', 'article_category_id' => '91', 'title' => 'Full Reservoir Promises Steady Power-cut Hours', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--BY TC Correspondent</strong></div> <div> </div> <div> The reservoir of the Kulekhani I Hydropower Project has been filled. With the fill-up of this reservoir, considered as a ‘power back-up’ of Nepal Electricity Authority (NEA), load-shedding hours are not expected to increase this winter. </div> <div> </div> <div> Project Chief Ram Kumar Yadav informed TC that the reservoir’s water level was 1530.30 meter on last Sunday. “There is adequate amount of water in the reservoir,” he said. </div> <div> </div> <div> Though the reservoir’s maximum holding capacity is 1530 meter, reservoirs height has been increased by 30cm by piling up sand sacks along its brim, a project official said. </div> <div> </div> <div> Stating that additional water has been collected in the reservoir, the NEA said that it does not need to increase the load-shedding hours time this year. Bhuwan Chhetri, Chief of Load Dispatch Center at NEA, confirmed the report. </div> <div> </div> <div> The project that generally operates from 5 pm to 10 pm every day, was started from 3 pm last Sunday due to the excessive rise of water level in the reservoir. </div> <div> </div> <div> Project’s Chief Yadav said that water is collected in the reservoir during day and night times and can be operated on requirement basis. He attributed the excessive rise of water level in the reservoir to adequate rainfall during the monsoon season. </div> <div> </div> <div> The reservoir water is collected from around three-dozen of small and big rivers of the water basin. The project office has informed that the water level of the reservoir has not gone down below 1505 meter this year as the rainfall started from </div> <div> mid-May. </div> <div> </div> <div> Meanwhile, the construction work of 14 MW Kulekhani III hydropower project also has completed by 71 per cent. Indra Bir Ghimire, Deputy Manager of the project, said that if the project does not face any disruptions, it will start generating electricity within nine months. </div> <div> </div> <div> “We are working in full swing to complete the remaining 29 per cent of work within a nine-month period,” Ghimire said. </div> <div> </div> <div> The project is scheduled to complete by September 13, 2014. Ghimire informed that four kms of tunnel drilling and about 90 per cent reservoir construction has been completed. </div> <div> </div> <div> The project was started on April 27, 2008 with an aim to complete it by 2012. Project officials blamed obstruction from the locals, delay by the contractors and NEA’s sluggishness as reasons for not meeting the construction deadline. </div>', 'published' => true, 'created' => '2013-12-08', 'modified' => '2013-12-16', '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 reservoir of the Kulekhani I Hydropower Project has been filled. With the fill-up of this reservoir, considered as a ‘power back-up’ of Nepal Electricity Authority (NEA), load-shedding hours are not expected to increase this winter.', 'sortorder' => '2112', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 5 => array( 'Article' => array( 'id' => '2224', 'article_category_id' => '91', 'title' => 'Tourism: Promoting Nepal’s Visibility In The Global Arena', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Corespondent</strong></div> <div> </div> <div> Last week Nepal saw two major international rankings with the country achieving top spots in travel and tourism destinations. On Wednesday, 4th December, the World Expeditions of the CNW Group, a subsidiary of US-based PR Newswire Company, declared The Great Himalayan Trail (GHT) as the top adventurous trekking route in the world for 2014. </div> <div> </div> <div> The GHT is the longest and highest alpine walking track in the world winding 4,500 kilometers through the tallest mountain ranges and most isolated communities from Tibet to Pakistan. The 1,700 kilometers long Nepal section of the GHT is often termed as “a kaleidoscope of experiences”, commercial treks of which starts in</div> <div> the beginning of March every year. </div> <div> </div> <div> The trail, which can be undertaken in one continuous trek of 152 days, traverses the country from east to west. The ranking placed Great Patagonian Transverse of the South Americas and Bhutan Snowman Trek in the 2nd and 3rd most adventurous route for 2014. Similarly, Dominica Trek of the Caribbean and John Muir Trek of the US were placed at 4th and 5th spots in the list respectively. </div> <div> </div> <div> Likewise, TripAdvisor.com, a world renowned travel website ranked Kathmandu as the top rising tourist destination in Asia.The travel search-engine declared Kathmanduas the 3rd most rising travel destination in the world. The website published the top ten most favoured tourist spots of the world - Traveler’s Choice 2013 list. The listing of the destinations is generally based on reviews and votes of travelers. According to Trip Advisor, Kathmandu is the only destination that managed to achieve position in the list. Meanwhile, Australian travelers, named Kathmandu as the best backpack destination on the website. Jerusalem (Israel) and Sapporo (Japan) were the other destinations from the Asia region on the list. </div>', 'published' => true, 'created' => '2013-12-08', 'modified' => '2013-12-16', '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' => 'Last week Nepal saw two major international rankings with the country achieving top spots in travel and tourism destinations. On Wednesday, 4th December, the World Expeditions of the CNW Group, a subsidiary of US-based PR Newswire Company, declared The Great Himalayan Trail (GHT) as the top adventurous trekking route in the world for 2014.', 'sortorder' => '2111', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 6 => array( 'Article' => array( 'id' => '2225', 'article_category_id' => '91', 'title' => 'WTO Members Agree On Historic Trade Pact', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> Since the formation of the World Trade Organisation (WTO) in 1995, member nations of the global trade body on Saturday reached the first ever trade deal. </div> <div> </div> <div> WTO’s Bali Ministerial Conference held in Bali, Indonesia, approved the “historic” ‘Bali Package’ after Cuba dropped its threat to veto the package of measures that primarily aims at facilitating commerce between member nations by reducing trade barriers. </div> <div> </div> <div> The agreement aims to boost the global commerce by adding USD 1 trillion into the world economyover the coming years and add 21 million jobs in the global labour market. </div> <div> </div> <div> The agreement simplifies trade procedures for the poorest countries to sell their goods in international market.It is expected to lessen barriers for the least developed countries (LDCs) in exporting their products in international market. Similarly, the agreement aims to establish a global system to make agricultural sector more competitive. </div> <div> </div> <div> The agreement came at a moment when the WTO was standing on the brink of failure following more than a decade of fruitless negotiations to enact the Doha Round (2002) plans. </div> <div> </div> <div> Many experts had warned that failure in Bali would leave regional and bilateral trade arrangements as the only platform for trade reform, dividing the world and jeopardising the goal of globalisation of the WTO.</div> <div> </div> <div> “For the first time in our history, the WTO has truly delivered,” said WTO Chief Roberto Azevêdo, while closing the conference.” All members, developed or developing, have the ownership of the Bali deal. We have put the “world” back into the World Trade Organisation. We’re back in business...Bali is just the beginning.”</div> <div> </div> <div> In his closing remarks former Chief Trade Negotiator of Brazilechoed the quote of late South African leader, Nelson Mandela, “It always seems impossible until it’s done,” to sum up the achievement of the conference.</div> <div> </div> <div> The Bali meeting which opened on 3rd December, Tuesday, was overshadowed by disagreements between India and a group of developed nations led by the United States. Because of its massive programme for stockpiling food to feed its poor, India had insisted that it would only back an agreement if there is a compromise on food subsidies. </div> <div> </div> <div> On the other hand, US and some industrialised nations urged India to end the food security policy as it breaches and contradicted the subsidy policies of the WTO. The differences narrowed as the opposing sides clinched towards a provision to give developing nations more scope to use subsidies for safeguarding food supplies. Similarly, Cuba also later agreed on a compromise with the US. During the negotiations, the Caribbean Island nation had refused to accept the deal if the US did not end its long-time economic embargo.</div>', 'published' => true, 'created' => '2013-12-08', 'modified' => '2013-12-13', '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' => 'WTO’s Bali Ministerial Conference held in Bali, Indonesia, approved the “historic” ‘Bali Package’ after Cuba dropped its threat to veto the package of measures that primarily aims at facilitating commerce between member nations by reducing trade barriers.', 'sortorder' => '2109', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 7 => array( 'Article' => array( 'id' => '2184', 'article_category_id' => '91', 'title' => 'TRADE DEFICIT How Long Will My Nation Bleed?', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Siromani Dhungana</strong></div> <div> </div> <div> T<span style="font-size: 12px;">he country is likely to witness a terrible trade deficit reports- one after another- unless the government takes concrete and bold decisions to overcome it.</span></div> <div> </div> <div> What could be the concrete and bold decision to narrow down the ballooning trade deficit?</div> <div> </div> <div> “It is nothing other than accelerating the hydropower projects,” said former finance secretary Rameshore Khanal.</div> <div> </div> <div> According to the data released by Nepal Rastra Bank (NRB), the trade deficit has increased by 11.3 per cent to Rs 128.79 billion in the first quarter of the current fiscal year 2013-14 as compared to the corresponding period of the last fiscal year.</div> <div> </div> <div> Informing that the country imports petroleum products worth Rs 110 billion in a year, Khanal argued that the trade deficit will continue widening unless we significantly reduce the import of petroleum products.</div> <div> </div> <div> “Industries are running through thermal plants and households are compelled to buy Liquefied Petroleum Gas (LPG), resulting in the surge of petroleum products demand,” said Khanal. Consumption of petroleum product worth Rs 60 billion can be reduced by generating hydroelectricity in the country, he added.</div> <div> </div> <div> Trade deficit has a multiple effects since it drains money from country’s economy, lowers wages and forces the country to witness lower standard of living, he noted.</div> <div> </div> <div> The production has stagnated, while the demands of sophisticated goods such as computers, automobiles, micro-oven and televisions have propelled imports to a record high, according to him.</div> <div> </div> <div> “Except any miracles, we cannot increase productivity in the near future as the country still lacks preconditions that spur productivity,” economist and chief finance advisor Dr Chiranjivi Nepal argued.</div> <div> </div> <div> It is time policymakers and businesses made concerted and coordinated attempts to tackle country’s trade imbalances before we are faced with a serious crisis, he further said, adding that it is right time to address the issue as the country is all set to get a moderate and liberal government led by parties which possess liberal views about economy. </div> <div> </div> <div> In the first quarter, the trade deficit with India – with which the country has above 65 per cent trade – surged by 14.2 per cent, whereas with third countries increased by 5.9 per cent only. The data released by NRB further stated that the country exported Rs 23.07 billion worth merchandise only, while imported Rs 151.86 billion worth in the first three months of the current fiscal year. However, the central bank has reported Rs 52.74 billion surplus Balance of Payment (BoP) in the first quarter against the surplus of Rs 2.05 billion in the period last fiscal year.</div> <div> </div> <div> The macroeconomic indicator has also revealed that the foreign exchange reserve has increased by 13.8 per cent to Rs 606.82 billion in mid-October up from Rs 533.3 billion from mid-July.</div> <div> </div> <div> Likewise, the inflow of remittances, a lifeline of Nepal’s economy, has also posted an increment by 38.2 per cent to Rs 135.03 billion in the first quarter.</div>', 'published' => true, 'created' => '2013-12-01', 'modified' => '2013-12-09', '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 country is likely to witness a terrible trade deficit reports- one after another- unless the government takes concrete and bold decisions to overcome it. What could be the concrete and bold decision to narrow down the ballooning trade deficit?', 'sortorder' => '2070', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 8 => array( 'Article' => array( 'id' => '2185', 'article_category_id' => '91', 'title' => '43 Companies Preparing For Share Issuance', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Within few months some companies are set to add their shares of 100 million units worth Rs 10.52 billion in the share market. 43 companies from different sectors have already submitted application for share issuance in Securities Board of </span><span style="font-size: 12px;">Nepal (SEBON). According to a SEBON source, the companies will issue their shares only after the approval from the stock market regulator. </span></div> <div> </div> <div> Among them 66.12 million are right shares whereas and 39 million units are to be allotted fromInitial Public offering (IPO) of the companies. The total number of listed shares in NEPSE till the end of September of the current fiscal year is around 1.37 billion. The shares have increased by 2.33 per cent than the previous fiscal year,according to NEPSE. The applicants of IPO include 14 companies among which one is commercial bank, four are development banks, three are hydro power companies, two are finance companies and four others are from other industries. Similarly 29 companies are issuing right share which include two hydro power companies, six insurance companies, eight development banks, eleven development banks and two others from other sectors. </div>', 'published' => true, 'created' => '2013-12-01', 'modified' => '2013-12-02', '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' => 'Within few months some companies are set to add their shares of 100 million units worth Rs 10.52 billion in the share market. 43 companies from different sectors have already submitted application for share issuance in Securities Board of Nepal (SEBON).', 'sortorder' => '2031', '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' => '2143', 'article_category_id' => '91', 'title' => 'BPCL To Increase Power Production Capacity', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> Butwal Power Company Limited (BPCL) is gearing up to increase its power production capacity to 94 MW. According to Ratna Shakya, BPCL’s Head of Corporate Division, the company is preparing to produce an additional 67.6 MW power from Kabeli ‘A’ and Nyadi Hydropower projects. “We have planned to start commercial production from these two projects within three years,” he said. The company has already produced electricity from Jhimruk, Aandhikhola and Khudi hydropower projects. Kabeli Energy Limited is the developer of Kabeli ‘A’ hydropower project. BPCL holds the majority shares of the company. The Run-of-the-river (ROR) 37.6 MW project is being constructed at the Kabeli River located at Taplejung and Panchthar. </div> <div> </div> <div> The total cost of the project is estimated at USD 970 million. The project which is aimed to be completed by 2016 will be producing 201 Giga Watt (GW) of electricity. The project will be constructed in BOOT (Build, Operation, Own and Transfer) model. The government and the developers have already signed the Project Development Agreement (PDA). According to Shakya, national and international finance organizations including the International Finance Corporation (IFC) of The World Bank Group are investing in the project. “The World Bank and IFC are investing in the project as loan”, he informed adding, “We have already managed necessary financial close for the project’s construction.” </div> <div> </div> <div> BPCL has majority of shares investment in Nyadi Hydropower project too. The 30 MW project is also designed under the BOOT model. </div> <div> </div> <div> According to the company, Power Purchase Agreement (PPA) with the government for the construction of the project is underway. </div> <div> </div> <div> BPCL already has 12 MW Jhimruk, 9.4 MW Andhikhola and 4 MW Khudi project. The company has been producing 5.5 million units annually from Jhimruk Hydro Project. Similarly, Aandhikhola will be producing more power as it is being upgraded to 9.4 MW which previously was three million units. “The project has been stopped for the power upgradation process”, Shakya said, “It will be resumed with the upgraded power (9.4 MW) within five months.” </div> <div> </div> <div> BPCL has been distributing power directly through transmission lines to districts in western region such as Pyuthan, Argakhanchi, Rolpa, Syangja and Palpa. The company is selling the remaining power to Nepal Electricity Authority.</div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-12-02', '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' => 'Butwal Power Company Limited (BPCL) is gearing up to increase its power production capacity to 94 MW. According to Ratna Shakya, BPCL’s Head of Corporate Division, the company is preparing to produce an additional 67.6 MW power from Kabeli ‘A’ and Nyadi Hydropower projects.', 'sortorder' => '2030', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 10 => array( 'Article' => array( 'id' => '2142', 'article_category_id' => '91', 'title' => 'CA POLLS Where Does The Economy Go Next?', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Siromani Dhungana</strong></div> <div> </div> <div> Election fever will be over in the next few days but its impact will remain until the next election. People expressed their aspirations and exercised their power during this election so as to set the progressive course for issues that matter them the most. </div> <div> </div> <div> An estimated 70 percent of Nepalis went to polls on 19 November to elect a new constituent assembly assigned with the responsibility to write a new constitution and pave way for the foundation of a peaceful and prosperous Nepal. </div> <div> </div> <div> People filtered those parties who often take to the street to fulfill their demands but fail to deliver when they lead the government, Rameshore Khanal, former Finance Secretary, said while analyzing the election result. </div> <div> </div> <div> The victory of Nepali Congress in the urban areas clearly indicates that urban voters favoured liberal economy, Khanal said. “The fact that majority of votes were secured by Nepali Congress reflects people’s will to be led by a political party which is in favour of social harmony and cohesion.”</div> <div> </div> <div> Business community was terrorized due to federal agenda put forth by UCPN Maoist, he said, adding that the recent poll results might have relieved the entire business community.</div> <div> </div> <div> More than 90 per cent businessmen do not want federalism based on ethnicity, he claimed. “The entire business environment would be more volatile if political parties that favour regional and ethnic agenda had won the election.”</div> <div> </div> <div> In business and economy, policy stability and consistency is more important than caste and region, he opined. “A businessman from Madhesh has to do business in Pahad and vice versa,” he said, adding that political parties now should raise the issue of ‘economic nationalism’ instead of creating tensions among various castes and classes. </div> <div> </div> <div> Sociologist Chaitanya Mishra said, “The defeat of UCPN Maoist and regional parties shows that people approved less number of federal states.” The trend of votes clearly show that even Madhesi voters do not want ‘One Madhesh-One Province’, he claimed. </div> <div> </div> <div> Professor Lok Raj Baral said that the Constituent Assembly should carve out federal structure based on economic and other feasibility issues. Popular mandate is completely against the ethnic federalism, he said. “Political parties should consider economic and other aspect while carving out federal structure now.”</div> <div> </div> <div> Dr Chiranjivi Nepal, Chief Financial Advisor at the Ministry of Finance, stressed on the challenges that lie ahead for boosting the economy. “The country will not get rid of stagnation if Maoist and other fringe parties show rigidity in their agenda,” he said.</div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-11-27', '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' => 'Election fever will be over in the next few days but its impact will remain until the next election. People expressed their aspirations and exercised their power during this election so as to set the progressive course for issues that matter them the most.', 'sortorder' => '2022', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 11 => array( 'Article' => array( 'id' => '2136', 'article_category_id' => '91', 'title' => 'CA Polls: The Expense For Peace And Constitution', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sanjeev Sharma</strong></div> <div> </div> <div> W<span style="font-size: 12px;">ith the election process preparations, canvassing and campaigning finally over, Nepali voters are all set to cast their votes on Tuesday for choosing a new Constituent Assembly (CA). </span></div> <div> </div> <div> Political parties and their candidates have made hefty commitments on new constitution drafting and made lofty promises of development to lure voters. </div> <div> </div> <div> Despite the failure of the first CA to draft a new constitution, stakes of politicos are looking pretty high this time. This election has the potential to change the current political equation. The change may come in the form of emergence of new political powers along with the obliteration of some. Whereas, voters are looking much confused haunted by the memories of first CA’s unfortunate demise. </div> <div> </div> <div> After the first CA election, Nepal witnessed a tense period of rising disputes among the major political parties that slashed the hopes of ordinary citizens leaving the country into a state of uncertainty and political disarray. According to official documents, more than Rs 15 billion, was spend within 4 years on constitution drafting process including the first CA election held in 2008 April.</div> <div> </div> <div> The estimated amount does not include the funds allocated for peace process (integration of former Maoists combatants) which reached over Rs 3 billion. Though, the size of total spending is disputed, various figures claim that the expenditures can be counted in tens of billions of rupees.</div> <div> </div> <div> However, after the CA was dissolved last year by the Dr Babu Ram Bhattarai-led government, the huge investment made in drafting a new constitution was seen as sheer waste of money. Skepticism about the new CA to complete its task remains high in the air. In this context question are being raised strongly on new CA’s ability to deliver a new constitution and whether the huge spending was worthwhile.</div> <div> </div> <div> “The constitution drafting process of Nepal has become the most expensive one in the world. The country would have witnessed dramatic development and prosperity if that money was invested in productive sectors,” said Suraj Vaidya, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).</div> <div> </div> <div> Vaidya was speaking to reporters last week in an ‘open press meet’ held at Durbarmarg, Kathmandu to inform about the FNCCI’s protest programme against the general strike and transportation shutdown organised by the poll opposing alliance. Economists are also cautioning the political players to become more responsible as the rising election expenditure is likely hold back the economic growth of the country if the new CA fails to draft a new constitution. “The election expenditure will easily reach Rs 30 billion this time which was initially allocated at Rs 16 billion in the budget of the current fiscal year 2013/14,” opined Prof Dr Bishwambher Pyakuryal. According to him, the rise in expenditure will reach 6 per cent of the total budget.</div> <div> </div> <div> “The spending can be taken as gainful investment only if a new constitution is drafted and if the country achieves political and economic stability,” said Pyakuryal adding, “If that does not happen then we need serious discussions about the possible impacts of election expenditures on Nepal’s economy.”</div> <div> </div> <div> Apart from the government’s expenditure, the mammoth size of spending of political parties and candidates is also making the election more expensive. According to the Election Commission, 6,128 candidates are contesting for 240 constituencies across the country in the first-past-the-post or FPTP electoral process. Similarly, 10,400 candidates are listed as candidates for the proportional representation (PR) seats.</div> <div> </div> <div> In this regard the total spending of candidates (both FPTP and PR) can be counted at Rs 6.90 billion, assuming that they will spend as per the EC’s directive. According to EC’s directive, a FPTP candidate can spend a maximum of Rs 1 million in his/her constituency whereas the spending ceiling of a PR contender is maxed at Rs 75,000. </div> <div> </div> <div> However, Election Commission does not have effective monitoring mechanism to control election fraud and excessive expenditure by candidates. EC spokesperson Bir Bahadur Rai said that there is no formal complaint against candidate pertaining to their expenses so far. He suggested to ask EC Chief Commissioner to ask about frauds by candidate and denied to comment on the issue.</div>', 'published' => true, 'created' => '2013-11-20', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'With the election process preparations, canvassing and campaigning finally over, Nepali voters are all set to cast their votes on Tuesday for choosing a new Constituent Assembly (CA).', 'sortorder' => '1991', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 12 => array( 'Article' => array( 'id' => '2091', 'article_category_id' => '91', 'title' => 'Election Boosting National Economy', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sanjeev Sharma</strong></div> <div> </div> <div> N<span style="font-size: 12px;">epal is preparing to elect Constituent Assembly (CA) members for the second time. Though political analysts are skeptic about the ability of this CA to deliver new constitution, economists have claimed that this CA election will boost the national economy. </span></div> <div> </div> <div> Financial experts have claimed that CA election will spur the national economy. Government and non-government officials have claimed that the national economy will benefit from the expenditure made by the government, political and non-political organizations and electoral candidates.</div> <div> </div> <div> “The expenditures in election can be taken as investment in the country’s economy,” says Finance Minister Shanker Prasad Koirala. He said that the upcoming election will boost economic activities of political parties and help to flow their savings in the market.</div> <div> </div> <div> “The money being used in the election process will ultimately go to the private sector,” said Koirala adding, “The election process is also likely to increase the recurrent expenditure and that will positively impact Nepal’s economy.” </div> <div> </div> <div> However Koirala noted that the election process is unlikely to boost the capital expenditure citing that most of the government funded projects are halted for the time being. </div> <div> </div> <div> Dr Chiranjivi Nepal, Economic Advisor at the Ministry of Finance, also expressed similar views. “Injecting extra money into the market, increase in demand and supply of goods and services will lead to increase in domestic production,” he said. However, Dr Nepal also cautioned of rise in inflation as more money is being poured into the market. </div> <div> </div> <div> Election campaign expenditures of election candidates is another contributor in spurring the local economy. Aggressive electoral campaign of CA candidates have shown significant activities in the service sector that includes businesses such as hotels/restaurants, airlines and transport services. The campaigns have also considerably raised the print business in the recent days along with the increase in the supply of paper, utensils and printing materials. The Election Commission (EC) has capped the campaigning expenditure of a candidate in each constituency at Rs 1 million. With 240 constituencies, the total campaigning expenses is estimated to be around Rs 240 million, even if it is assumed that only a single candidate is contending. </div> <div> </div> <div> Expenditures are high also on the government’s end. The government has allocated Rs 16 billion budget for entire CA election process in the current fiscal budget. The first CA election held on April 10, 2008 saw a disbursement of Rs 6 billion from the government fund. According to the Election Commission of Nepal (EC), the expenditure also includes hiring of temporary security personnel to assist in the elections. On October 22, the government recruited 45,000 temporary police personnel for a 45-day time period. This temporary employment will also boost the domestic economy. </div>', 'published' => true, 'created' => '2013-11-10', 'modified' => '2013-11-24', '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' => 'Nepal is preparing to elect Constituent Assembly (CA) members for the second time. Though political analysts are skeptic about the ability of this CA to deliver new constitution, economists have claimed that this CA election will boost the national economy.', 'sortorder' => '1985', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 13 => array( 'Article' => array( 'id' => '2092', 'article_category_id' => '91', 'title' => 'Net Worth Requirement Fro DP Being Revised', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By Yagya Banjade</span></strong></div> <div> </div> <div> Securities Board Of Nepal (SEBON) is setting afoot plans to amend the mandatory net worth requirement for acquiring Depository Participants (DP) license under the Central Depository System Clearing (CDSC). </div> <div> </div> <div> SEBON Chairman Baburam Shrestha said that preparation to review existing minimum net worth requirement for essential infrastructures is underway. Once new net worth requirement is decided, necessary amendments to existing regulations will be made and DP membership will be provided, </div> <div> he added. </div> <div> </div> <div> Presently companies must have a net worth requirement of Rs 10 million for acquiring a DP membership. Sources have claimed that SEBON is preparing to cut down the current net worth requirement after broker companies expressed reluctance to acquire DP membership citing infeasible net worth requirement. </div> <div> </div> <div> “SEBON is eager to provide DP membership at the earliest by reviewing the net worth requirement,” Shrestha said. “To secure the interest of the investors and to ease off the process for entrepreneurs, we are making preparations to amend existing bylaws,” he said. </div> <div> </div> <div> It is mandatory for any company to have separate infrastructure for providing DP services. Therefore SEBON is planning to provide DP membership by deciding the minimum net worth requirement for infrastructure development and business operation. </div> <div> </div> <div> CDS has already conducted a feasibility study and presented its report to CDS. The report has recommended providing DP membership to any firm having a minimum net worth requirement of Rs 2 million and has added that such firms must be adding Rs 2 million net worth every year, until it reaches Rs 1 billion, source claimed. </div> <div> </div> <div> However, this recommendation does not seem to satisfy SEBON. “The feasible study focuses on mandatory net worth requirement rather than meeting the requirement within certain period,” Shretha said. SEBON is preparing to make such amendments to ensure the participation of the entire securities broker companies that will activate the CDS in an effective way. </div> <div> </div> <div> The report will acquire legal status after being approved by SEBON’s management committee and the Finance Ministry. The process is assumed to take a while for being actualized. </div> <div> </div> <div> Experts opine that the procedure for amending the provision will take longer time and pointed that broker companies who have not acquired DP membership, citing higher net worth requirement, will have to wait a while to acquire it. </div> <div> </div> <div> Share brokers have requested SEBON to amend the existing regulations to pave way for companies to meet the net worth requirement within a certain time frame. Following indications of approval from the concerned authorities, brokers had conceded to acquire Clearing Membership (CM). Accordingly 49 share broker companies had applied for the membership. Out of them, 22 companies have acquired the CM membership.</div>', 'published' => true, 'created' => '2013-11-10', 'modified' => '2013-11-12', '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' => 'Securities Board Of Nepal (SEBON) is setting afoot plans to amend the mandatory net worth requirement for acquiring Depository Participants (DP) license under the Central Depository System Clearing (CDSC).', 'sortorder' => '1968', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 14 => array( 'Article' => array( 'id' => '2018', 'article_category_id' => '91', 'title' => 'IFC To Invest $3m In Upper Trishuli-1 Hydel', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> International Finance Corporation (IFC) has subscribed $ 3 Million to Nepal Water & Energy Development Company (NWEDC) for development of Upper Trishuli Hydropower project. With this, IFC has officially become a shareholder of NWEDC, states a press release from NWDEC. This amount translates into 15 per cent equity in the company NWEDC Pvt Ltd is the special purpose vehicle company established for the development and generation of 216 MW Upper Trishuli-I Hydroelectricity project.</div> <div> </div> <div> The World Bank Group member IFC is one of the largest global development institutions that focus exclusively on the private sector in developing countries. </div> <div> </div> <div> IFC subscription will cover the cost to be incurred for lender’s engineer, Cumulative Impact Assessment (CIA), panel of expert along with others, the press release mentions. IFC will invest a total of 15 percent of the total equity for Upper Trishuli-I Hydropower project that will be utilised to enhance and expedite its development works, NWEDC said.</div> <div> </div> <div> K-Construction, a Consortium of three Korean Companies: Korea South East Power Company (KOSEP); Daelim Industrial Company Ltd and Kyeryong Construction Industrial Company Ltd, holds 75 per cent of the equity investment. The consortium has already started injecting in equity portion, stated the press release. </div> <div> </div> <div> The Upper Trishuli-1 project is expected to complete by 2019. After completion it will generate and supply around 10 per cent of total electricity of the country. </div> <div> </div> <div> The project access road construction has been intiated and the company has already acquired private land required for developing the project. Along with that the company has leased necessary land from the government too, for the project license period. </div> <div> </div> <div> The project is making preparations to acquire Guthi land and has already signed leasehold agreement with Department of Forest for cutting and removing necessary trees from the leased government property. </div> <div> </div> <div> Presently, construction of camp facilities and access road bridge over the Mailung river are underway, a press release issued by NWEDC said on Sunday. </div> <div> </div> <div> Along with that the project has initiated process to procure and use explosive materials in the project area. </div> <div> </div> <div> The project aims to employ around 500 people during the UT-I project construction stage and will hire around 50 operations and maintenance staff after the project construction is completed. </div> <div> </div> <div> Presently the company has been working on concluding PPA, PDA and other paper work so that it could commence the project construction. </div> <div> </div> <div> Established in 1956, IFC is the largest multilateral source of loan and equity financing for private sector projects in the developing world. </div>', 'published' => true, 'created' => '2013-10-27', 'modified' => '2013-11-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'International Finance Corporation (IFC) has subscribed $ 3 Million to Nepal Water & Energy Development Company (NWEDC) for development of Upper Trishuli Hydropower project. With this, IFC has officially become a shareholder of NWEDC, states a press release from NWDEC. This amount translates into 15 per cent equity in the company NWEDC Pvt Ltd is the special purpose vehicle company established for the development and generation of 216 MW Upper Trishuli-I Hydroelectricity project.', 'sortorder' => '1953', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '2314', 'article_category_id' => '91', 'title' => 'Private-Public Initiatives Can Revolutionise The Dairy Sector', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Siromani Dhungana</strong></div> <div> </div> <div> The dairy industry, according to entrepreneurs, will become the most-sought after business if the government ensures policies favourable for investment from the corporate sector.</div> <div> </div> <div> There is a huge demand for milk in the domestic market, says president of the Dairy Industries Association, Pradeep Maharjan, adding that domestic market has been witnessing a shortfall of around half a million litres of milk every day.</div> <div> </div> <div> Investment from the corporate sector is a must to end the existing gap between demand and supply of dairy products, he opined adding that the government should facilitate the entire process from cow farming to marketing of dairy products. </div> <div> </div> <div> Currently, corporate sector is engaged only in production phase, he informed. “Around 30 dairy industries are involved in milk business and most of them sell pasteurized pack in the market. The need is, however, that milk production should be increased and government should lure massive investment from the big investors.”</div> <div> </div> <div> He indicated two areas where the government should immediately take action to invite corporate sector in the entire milk production business. First, the government should introduce policy for contract farming whereby big corporations can invest in cow farming to run their own dairy industry. On the other, the government should facilitate the land leasing process for big corporate houses.</div> <div> </div> <div> Corporate investment is not possible unless the government can ensure security of investment, he added. </div> <div> </div> <div> Director at Nepal Dairy Development Board, Dr Balak Chaudhary blamed the government’s dillydally in regulation of the dairy industry. “The Dairy Development Corporation, a government entity which is a competitor in the dairy industry, is also playing the role of a regulator at present,” he said, adding that the government should dare to establish a separate and powerful regulatory body to attract more investment in this sector. </div> <div> </div> <div> There has not been a scientific study on the demand for milk and milk products, he revealed. </div> <div> </div> <div> Around 800 diary manufacturing units have been operating in the domestic market at present. Of them, very few have given their products corporate form.</div> <div> </div> <div> <div> <span style="font-size:14px;"><strong>Some Dairy Facts</strong></span></div> <div> •Large share of milk (around 75%) goes to the consumers through informal channels where quality is a big concern</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Sometimes quality is an issue in the formal channel of milk distribution as well</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Very little competition from cooperatives due to dominance of government-owned Dairy Development Corporation</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Farmers do not share the benefits of high demand due to lack of infrastructure </div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Milk production is scattered over a large number of farmers producing miniscule quantities</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Milk distribution is limited largely to urban and semi-urban areas</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Lack of policy focus on strengthening indigenous breeds of cows</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Because of low access to credit and risk-taking ability, farmers cannot increase their herd size</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Weak regulatory mechanism</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Lack of very essential laws</div> </div>', 'published' => true, 'created' => '2013-12-23', 'modified' => '2013-12-30', '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 dairy industry, according to entrepreneurs, will become the most-sought after business if the government ensures policies favourable for investment from the corporate sector.', 'sortorder' => '2200', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 1 => array( 'Article' => array( 'id' => '2315', 'article_category_id' => '91', 'title' => 'IFC To Invest In Upper Marshyangdi II', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> GMR Energy Limited, the energy arm of the GMR Group of India signed a Joint Development Agreement (JDA) with the International Finance Corporation (IFC), a member of the World Bank Group, to jointly develop the Upper Marsyangdi-2 hydropower project (600 MW) in Nepal. </div> <div> </div> <div> The 600 MW Upper Marsyangdi-2 Project is located on the Marsyangdi River, in the Manang and Lamjung districts of Nepal, which is already in an advanced stage of development. The Project is being currently undertaken through a Nepalese subsidiary of GMR Energy Limited, Himtal Hydropower Company Pvt Ltd, according to the press release issued by the company.</div> <div> </div> <div> GBS Raju, Chairman of Energy Business said, “We are pleased to have IFC as our partners in the Upper Marsyangdi-2 Hydropower project. Apart from investing in the company, IFC will also bring its vast experience in financing similar large and complex Infrastructure Projects, which will add value to the Project. </div> <div> We believe that with the continuous support of IBN, both GMR and IFC shall be able to implement this Project in an accelerated manner.” </div> <div> </div> <div> Cross-country Transmission line </div> <div> A contract has been signed between Power Transmission Company Nepal (PTCN) and TATA Project Limited, India to construct Dhalkebar-Muzaffarpur cross-country transmission line of 400 kb. “The construction work will be completed within 16 months of the mobilization of contractors,” said Badri Narayan Shah, Project Manager of PTCN. </div> <div> </div> <div> The company will construct transmission line of 39.5 kilometers from Dhalkebar to Birtamod. With the construction of this transmission line the hydro business between Nepal and India is expected to develop as it would create easy import-export environment between both the countries.</div>', 'published' => true, 'created' => '2013-12-23', 'modified' => '2013-12-23', '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' => 'GMR Energy Limited, the energy arm of the GMR Group of India signed a Joint Development Agreement (JDA) with the International Finance Corporation (IFC), a member of the World Bank Group, to jointly develop the Upper Marsyangdi-2 hydropower project (600 MW) in Nepal.', 'sortorder' => '2164', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 2 => array( 'Article' => array( 'id' => '2267', 'article_category_id' => '91', 'title' => 'Lack Of Directive Puts Rs 28 Billion Housing Investment At Risk', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sujan Oli</strong></div> <div> </div> <div> The three-year old plan to allow foreigners to buy apartments in Nepal has not materialized yet because of the government’s inability to issue a directive for the same. This has put nearly Rs 28 billion of investment in the housing sector at risk, according to Ichchha Raj Tamang, president of Nepal Land and Housing Developers’ Association (NLHDA). “The lack of the directive has put a huge investment in the realty sector at risk,” Tamang told The Corporate.</div> <div> </div> <div> As a measure to address the woes of the realty sector, the government had announced, through the budget of FY 2010/11, to allow foreigners – both individuals and companies - to purchase flats and apartments in Nepal. However this announcement has not been implemented because of the lack of a directive. According to the announcement, foreigners can purchase flats and apartments costing USD 200,000 or more.</div> <div> </div> <div> “It is because of the lack of the directive that hundreds of foreigners and non-resident Nepalis (NRNs) have been deprived of the opportunity to buy flats and apartments in Nepal,” Tamang explains, “This is the reason why there has not been the expected improvement in the realty sector.”</div> <div> </div> <div> Realty sector entrepreneurs reveal that more that 50 per cent of the apartments and housing units built so far are yet to find buyers. Tamang claims that at least a hundred foreigners will buy apartments and housing units a year once the directive is issued. </div> <div> </div> <div> According to Bhesh Raj Lohani, NLHDA secretary, there are 6000 housing units in the apartment buildings constructed so far and that nearly 3,500 units are yet to find buyers. The cost of these units ranges fron Rs 5 million to 20 million. If the average cost of one housing unit is considered to be Rs 7 million, then a whopping Rs 42 billion has already been invested in the housing sector. </div> <div> </div> <div> “Out of this huge investment, housing units worth Rs 28 billion are yet to be sold,” said Tamang, “Even if a hundred foreigners bought apartments and housing units a year, Rs 1.96 billion of foreign money would come to Nepal annually.” He further said that scores of foreigners working in big projects of foreign investment are willing to buy flats and apartments in Nepal. “Many NRNs, too, are keen about purchasing apartments and housing units in Nepal,” he added. </div> <div> </div> <div> Most of the developed countries in the world have allowed foreigners to buy apartments, according to Tamang. </div> <div> </div> <div> <span style="font-size:14px;"><strong>‘Draft of directive ready’</strong></span></div> <div> Meanwhile, Spokesperson for the Ministry of Land Reform and Management, Krishna Raj BC claimed that a draft of the directive is ready. “However, the home, foreign and law ministries have advised us to allow foreigners to buy apartments in Nepal only after formulating a relevant Act,” he said, “We don’t have a situation where such an Act could be enacted immediately.” The government, however, is positive about allowing foreigners to purchase apartments in the country, he added. </div>', 'published' => true, 'created' => '2013-12-15', 'modified' => '2013-12-23', '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-year old plan to allow foreigners to buy apartments in Nepal has not materialized yet because of the government’s inability to issue a directive for the same. This has put nearly Rs 28 billion of investment in the housing sector at risk, according to Ichchha Raj Tamang, president of Nepal Land and Housing Developers’ Association (NLHDA). “The lack of the directive has put a huge investment in the realty sector at risk,” Tamang told The Corporate.', 'sortorder' => '2163', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 3 => array( 'Article' => array( 'id' => '2268', 'article_category_id' => '91', 'title' => 'USD 805 Mln Drained From Nepal Annually: Study', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Corespondent</strong></div> <div> </div> <div> Illicit financial flow from Nepal between 2002 and 2011 has reached an average of USD 805 million per year, a latest international report revealed. According to the US-based Global Financial Integrity (GIF), crime, corruption and tax evasion are the main reason for the illegal transfer of money from the country. </div> <div> </div> <div> The report entitled, “Illicit Financial Flows from Developing Countries: 2002-2011” has ranked Nepal in the 66th position out of 144 countries. The latest publication is the third reportfrom the global watchdog regarding the illegal capital outflow from the developing nations. This year’s report marked the worsening situation of illegal outflow of money from the country. In 2008 and 2012, Nepal ranked 60th and 58th respectively. Nepal lost highest amount of money in 2009 and 2010 from crime, corruption, tax evasion and other dodgy businesses. In those two consecutive years, USD 1,552 million and USD 1885 million was taken out from the country illegally. However, in 2011, the amount dropped to USD 651 million, the report says. </div> <div> </div> <div> GFI evaluated and estimated the illicit financial flow across the international borders under two broad categories - Hot Money Narrow (HMN) and Gross Excluding Reversals (GER).” The first, HMN, looks at money that has disappeared from the balance of payments which is likely to represent kickbacks, bribery, and other forms of unrecorded wire transactions. HMN accounts for about 20.3% of estimated illicit financial flows,” informed the report adding,” The second, GER, looks at trade misinvoicing, a common method used by commercial entities for the cross-border movement of illegal money.” The report finds that developing countries lost USD 946.7 billion in illicit outflows in 2011, an increase of 13.7% over the USD 832.4 billion that flowed out of developing countries in 2010. The 2011 outflows are the highest on record over the decade. </div> <div> </div> <div> Similarly, developing countries lost USD 590.0 billion per annum on average through illicit outflows over the decade ending 2011.</div> <div> </div> <div> Cumulatively, developing nations lost staggering USD 5.9 trillion worth of money to illicit outflows between 2002 and 2011. Asia accounted for 39.6% of total illicit flows from the developing world followed by developing Europe (21.5%), the Western Hemisphere (19.6%), the Middle East and North Africa (11.2%), and Sub-Saharan Africa (7.7%). “Illicit outflows averaged roughly 4.0% of GDP per year from all developing countries over the decade,” says the report. </div> <div> </div> <div> According to the report, China continued to lead the world in illicit outflows over the decade—losing USD 1.08 trillion from 2002-2011.Meanwhile, Russia ranked 2nd in the report,leading the world in 2011 with USD 191.1 billion in illegal capital flight. Similarly, India ranked 5th, losing USD 344 billion over the past decade. Mexico and Saudi Arabia were ranked 3rd and 4th respectively. In South Asia, Bhutan was the lowest ranking country (138th). After India, Bangladesh (47th) was the second country in the region facing the worsening situation of illicit financial flow. Afghanistan (86th), Sri Lanka (102nd), Pakistan (117th) and Maldives (123rd), meanwhile, performed relatively better in the region.</div>', 'published' => true, 'created' => '2013-12-16', 'modified' => '2013-12-17', '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' => 'Illicit financial flow from Nepal between 2002 and 2011 has reached an average of USD 805 million per year, a latest international report revealed. According to the US-based Global Financial Integrity (GIF), crime, corruption and tax evasion are the main reason for the illegal transfer of money from the country.', 'sortorder' => '2144', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 4 => array( 'Article' => array( 'id' => '2223', 'article_category_id' => '91', 'title' => 'Full Reservoir Promises Steady Power-cut Hours', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--BY TC Correspondent</strong></div> <div> </div> <div> The reservoir of the Kulekhani I Hydropower Project has been filled. With the fill-up of this reservoir, considered as a ‘power back-up’ of Nepal Electricity Authority (NEA), load-shedding hours are not expected to increase this winter. </div> <div> </div> <div> Project Chief Ram Kumar Yadav informed TC that the reservoir’s water level was 1530.30 meter on last Sunday. “There is adequate amount of water in the reservoir,” he said. </div> <div> </div> <div> Though the reservoir’s maximum holding capacity is 1530 meter, reservoirs height has been increased by 30cm by piling up sand sacks along its brim, a project official said. </div> <div> </div> <div> Stating that additional water has been collected in the reservoir, the NEA said that it does not need to increase the load-shedding hours time this year. Bhuwan Chhetri, Chief of Load Dispatch Center at NEA, confirmed the report. </div> <div> </div> <div> The project that generally operates from 5 pm to 10 pm every day, was started from 3 pm last Sunday due to the excessive rise of water level in the reservoir. </div> <div> </div> <div> Project’s Chief Yadav said that water is collected in the reservoir during day and night times and can be operated on requirement basis. He attributed the excessive rise of water level in the reservoir to adequate rainfall during the monsoon season. </div> <div> </div> <div> The reservoir water is collected from around three-dozen of small and big rivers of the water basin. The project office has informed that the water level of the reservoir has not gone down below 1505 meter this year as the rainfall started from </div> <div> mid-May. </div> <div> </div> <div> Meanwhile, the construction work of 14 MW Kulekhani III hydropower project also has completed by 71 per cent. Indra Bir Ghimire, Deputy Manager of the project, said that if the project does not face any disruptions, it will start generating electricity within nine months. </div> <div> </div> <div> “We are working in full swing to complete the remaining 29 per cent of work within a nine-month period,” Ghimire said. </div> <div> </div> <div> The project is scheduled to complete by September 13, 2014. Ghimire informed that four kms of tunnel drilling and about 90 per cent reservoir construction has been completed. </div> <div> </div> <div> The project was started on April 27, 2008 with an aim to complete it by 2012. Project officials blamed obstruction from the locals, delay by the contractors and NEA’s sluggishness as reasons for not meeting the construction deadline. </div>', 'published' => true, 'created' => '2013-12-08', 'modified' => '2013-12-16', '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 reservoir of the Kulekhani I Hydropower Project has been filled. With the fill-up of this reservoir, considered as a ‘power back-up’ of Nepal Electricity Authority (NEA), load-shedding hours are not expected to increase this winter.', 'sortorder' => '2112', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 5 => array( 'Article' => array( 'id' => '2224', 'article_category_id' => '91', 'title' => 'Tourism: Promoting Nepal’s Visibility In The Global Arena', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Corespondent</strong></div> <div> </div> <div> Last week Nepal saw two major international rankings with the country achieving top spots in travel and tourism destinations. On Wednesday, 4th December, the World Expeditions of the CNW Group, a subsidiary of US-based PR Newswire Company, declared The Great Himalayan Trail (GHT) as the top adventurous trekking route in the world for 2014. </div> <div> </div> <div> The GHT is the longest and highest alpine walking track in the world winding 4,500 kilometers through the tallest mountain ranges and most isolated communities from Tibet to Pakistan. The 1,700 kilometers long Nepal section of the GHT is often termed as “a kaleidoscope of experiences”, commercial treks of which starts in</div> <div> the beginning of March every year. </div> <div> </div> <div> The trail, which can be undertaken in one continuous trek of 152 days, traverses the country from east to west. The ranking placed Great Patagonian Transverse of the South Americas and Bhutan Snowman Trek in the 2nd and 3rd most adventurous route for 2014. Similarly, Dominica Trek of the Caribbean and John Muir Trek of the US were placed at 4th and 5th spots in the list respectively. </div> <div> </div> <div> Likewise, TripAdvisor.com, a world renowned travel website ranked Kathmandu as the top rising tourist destination in Asia.The travel search-engine declared Kathmanduas the 3rd most rising travel destination in the world. The website published the top ten most favoured tourist spots of the world - Traveler’s Choice 2013 list. The listing of the destinations is generally based on reviews and votes of travelers. According to Trip Advisor, Kathmandu is the only destination that managed to achieve position in the list. Meanwhile, Australian travelers, named Kathmandu as the best backpack destination on the website. Jerusalem (Israel) and Sapporo (Japan) were the other destinations from the Asia region on the list. </div>', 'published' => true, 'created' => '2013-12-08', 'modified' => '2013-12-16', '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' => 'Last week Nepal saw two major international rankings with the country achieving top spots in travel and tourism destinations. On Wednesday, 4th December, the World Expeditions of the CNW Group, a subsidiary of US-based PR Newswire Company, declared The Great Himalayan Trail (GHT) as the top adventurous trekking route in the world for 2014.', 'sortorder' => '2111', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 6 => array( 'Article' => array( 'id' => '2225', 'article_category_id' => '91', 'title' => 'WTO Members Agree On Historic Trade Pact', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> Since the formation of the World Trade Organisation (WTO) in 1995, member nations of the global trade body on Saturday reached the first ever trade deal. </div> <div> </div> <div> WTO’s Bali Ministerial Conference held in Bali, Indonesia, approved the “historic” ‘Bali Package’ after Cuba dropped its threat to veto the package of measures that primarily aims at facilitating commerce between member nations by reducing trade barriers. </div> <div> </div> <div> The agreement aims to boost the global commerce by adding USD 1 trillion into the world economyover the coming years and add 21 million jobs in the global labour market. </div> <div> </div> <div> The agreement simplifies trade procedures for the poorest countries to sell their goods in international market.It is expected to lessen barriers for the least developed countries (LDCs) in exporting their products in international market. Similarly, the agreement aims to establish a global system to make agricultural sector more competitive. </div> <div> </div> <div> The agreement came at a moment when the WTO was standing on the brink of failure following more than a decade of fruitless negotiations to enact the Doha Round (2002) plans. </div> <div> </div> <div> Many experts had warned that failure in Bali would leave regional and bilateral trade arrangements as the only platform for trade reform, dividing the world and jeopardising the goal of globalisation of the WTO.</div> <div> </div> <div> “For the first time in our history, the WTO has truly delivered,” said WTO Chief Roberto Azevêdo, while closing the conference.” All members, developed or developing, have the ownership of the Bali deal. We have put the “world” back into the World Trade Organisation. We’re back in business...Bali is just the beginning.”</div> <div> </div> <div> In his closing remarks former Chief Trade Negotiator of Brazilechoed the quote of late South African leader, Nelson Mandela, “It always seems impossible until it’s done,” to sum up the achievement of the conference.</div> <div> </div> <div> The Bali meeting which opened on 3rd December, Tuesday, was overshadowed by disagreements between India and a group of developed nations led by the United States. Because of its massive programme for stockpiling food to feed its poor, India had insisted that it would only back an agreement if there is a compromise on food subsidies. </div> <div> </div> <div> On the other hand, US and some industrialised nations urged India to end the food security policy as it breaches and contradicted the subsidy policies of the WTO. The differences narrowed as the opposing sides clinched towards a provision to give developing nations more scope to use subsidies for safeguarding food supplies. Similarly, Cuba also later agreed on a compromise with the US. During the negotiations, the Caribbean Island nation had refused to accept the deal if the US did not end its long-time economic embargo.</div>', 'published' => true, 'created' => '2013-12-08', 'modified' => '2013-12-13', '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' => 'WTO’s Bali Ministerial Conference held in Bali, Indonesia, approved the “historic” ‘Bali Package’ after Cuba dropped its threat to veto the package of measures that primarily aims at facilitating commerce between member nations by reducing trade barriers.', 'sortorder' => '2109', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 7 => array( 'Article' => array( 'id' => '2184', 'article_category_id' => '91', 'title' => 'TRADE DEFICIT How Long Will My Nation Bleed?', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Siromani Dhungana</strong></div> <div> </div> <div> T<span style="font-size: 12px;">he country is likely to witness a terrible trade deficit reports- one after another- unless the government takes concrete and bold decisions to overcome it.</span></div> <div> </div> <div> What could be the concrete and bold decision to narrow down the ballooning trade deficit?</div> <div> </div> <div> “It is nothing other than accelerating the hydropower projects,” said former finance secretary Rameshore Khanal.</div> <div> </div> <div> According to the data released by Nepal Rastra Bank (NRB), the trade deficit has increased by 11.3 per cent to Rs 128.79 billion in the first quarter of the current fiscal year 2013-14 as compared to the corresponding period of the last fiscal year.</div> <div> </div> <div> Informing that the country imports petroleum products worth Rs 110 billion in a year, Khanal argued that the trade deficit will continue widening unless we significantly reduce the import of petroleum products.</div> <div> </div> <div> “Industries are running through thermal plants and households are compelled to buy Liquefied Petroleum Gas (LPG), resulting in the surge of petroleum products demand,” said Khanal. Consumption of petroleum product worth Rs 60 billion can be reduced by generating hydroelectricity in the country, he added.</div> <div> </div> <div> Trade deficit has a multiple effects since it drains money from country’s economy, lowers wages and forces the country to witness lower standard of living, he noted.</div> <div> </div> <div> The production has stagnated, while the demands of sophisticated goods such as computers, automobiles, micro-oven and televisions have propelled imports to a record high, according to him.</div> <div> </div> <div> “Except any miracles, we cannot increase productivity in the near future as the country still lacks preconditions that spur productivity,” economist and chief finance advisor Dr Chiranjivi Nepal argued.</div> <div> </div> <div> It is time policymakers and businesses made concerted and coordinated attempts to tackle country’s trade imbalances before we are faced with a serious crisis, he further said, adding that it is right time to address the issue as the country is all set to get a moderate and liberal government led by parties which possess liberal views about economy. </div> <div> </div> <div> In the first quarter, the trade deficit with India – with which the country has above 65 per cent trade – surged by 14.2 per cent, whereas with third countries increased by 5.9 per cent only. The data released by NRB further stated that the country exported Rs 23.07 billion worth merchandise only, while imported Rs 151.86 billion worth in the first three months of the current fiscal year. However, the central bank has reported Rs 52.74 billion surplus Balance of Payment (BoP) in the first quarter against the surplus of Rs 2.05 billion in the period last fiscal year.</div> <div> </div> <div> The macroeconomic indicator has also revealed that the foreign exchange reserve has increased by 13.8 per cent to Rs 606.82 billion in mid-October up from Rs 533.3 billion from mid-July.</div> <div> </div> <div> Likewise, the inflow of remittances, a lifeline of Nepal’s economy, has also posted an increment by 38.2 per cent to Rs 135.03 billion in the first quarter.</div>', 'published' => true, 'created' => '2013-12-01', 'modified' => '2013-12-09', '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 country is likely to witness a terrible trade deficit reports- one after another- unless the government takes concrete and bold decisions to overcome it. What could be the concrete and bold decision to narrow down the ballooning trade deficit?', 'sortorder' => '2070', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 8 => array( 'Article' => array( 'id' => '2185', 'article_category_id' => '91', 'title' => '43 Companies Preparing For Share Issuance', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Within few months some companies are set to add their shares of 100 million units worth Rs 10.52 billion in the share market. 43 companies from different sectors have already submitted application for share issuance in Securities Board of </span><span style="font-size: 12px;">Nepal (SEBON). According to a SEBON source, the companies will issue their shares only after the approval from the stock market regulator. </span></div> <div> </div> <div> Among them 66.12 million are right shares whereas and 39 million units are to be allotted fromInitial Public offering (IPO) of the companies. The total number of listed shares in NEPSE till the end of September of the current fiscal year is around 1.37 billion. The shares have increased by 2.33 per cent than the previous fiscal year,according to NEPSE. The applicants of IPO include 14 companies among which one is commercial bank, four are development banks, three are hydro power companies, two are finance companies and four others are from other industries. Similarly 29 companies are issuing right share which include two hydro power companies, six insurance companies, eight development banks, eleven development banks and two others from other sectors. </div>', 'published' => true, 'created' => '2013-12-01', 'modified' => '2013-12-02', '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' => 'Within few months some companies are set to add their shares of 100 million units worth Rs 10.52 billion in the share market. 43 companies from different sectors have already submitted application for share issuance in Securities Board of Nepal (SEBON).', 'sortorder' => '2031', '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' => '2143', 'article_category_id' => '91', 'title' => 'BPCL To Increase Power Production Capacity', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> Butwal Power Company Limited (BPCL) is gearing up to increase its power production capacity to 94 MW. According to Ratna Shakya, BPCL’s Head of Corporate Division, the company is preparing to produce an additional 67.6 MW power from Kabeli ‘A’ and Nyadi Hydropower projects. “We have planned to start commercial production from these two projects within three years,” he said. The company has already produced electricity from Jhimruk, Aandhikhola and Khudi hydropower projects. Kabeli Energy Limited is the developer of Kabeli ‘A’ hydropower project. BPCL holds the majority shares of the company. The Run-of-the-river (ROR) 37.6 MW project is being constructed at the Kabeli River located at Taplejung and Panchthar. </div> <div> </div> <div> The total cost of the project is estimated at USD 970 million. The project which is aimed to be completed by 2016 will be producing 201 Giga Watt (GW) of electricity. The project will be constructed in BOOT (Build, Operation, Own and Transfer) model. The government and the developers have already signed the Project Development Agreement (PDA). According to Shakya, national and international finance organizations including the International Finance Corporation (IFC) of The World Bank Group are investing in the project. “The World Bank and IFC are investing in the project as loan”, he informed adding, “We have already managed necessary financial close for the project’s construction.” </div> <div> </div> <div> BPCL has majority of shares investment in Nyadi Hydropower project too. The 30 MW project is also designed under the BOOT model. </div> <div> </div> <div> According to the company, Power Purchase Agreement (PPA) with the government for the construction of the project is underway. </div> <div> </div> <div> BPCL already has 12 MW Jhimruk, 9.4 MW Andhikhola and 4 MW Khudi project. The company has been producing 5.5 million units annually from Jhimruk Hydro Project. Similarly, Aandhikhola will be producing more power as it is being upgraded to 9.4 MW which previously was three million units. “The project has been stopped for the power upgradation process”, Shakya said, “It will be resumed with the upgraded power (9.4 MW) within five months.” </div> <div> </div> <div> BPCL has been distributing power directly through transmission lines to districts in western region such as Pyuthan, Argakhanchi, Rolpa, Syangja and Palpa. The company is selling the remaining power to Nepal Electricity Authority.</div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-12-02', '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' => 'Butwal Power Company Limited (BPCL) is gearing up to increase its power production capacity to 94 MW. According to Ratna Shakya, BPCL’s Head of Corporate Division, the company is preparing to produce an additional 67.6 MW power from Kabeli ‘A’ and Nyadi Hydropower projects.', 'sortorder' => '2030', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 10 => array( 'Article' => array( 'id' => '2142', 'article_category_id' => '91', 'title' => 'CA POLLS Where Does The Economy Go Next?', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Siromani Dhungana</strong></div> <div> </div> <div> Election fever will be over in the next few days but its impact will remain until the next election. People expressed their aspirations and exercised their power during this election so as to set the progressive course for issues that matter them the most. </div> <div> </div> <div> An estimated 70 percent of Nepalis went to polls on 19 November to elect a new constituent assembly assigned with the responsibility to write a new constitution and pave way for the foundation of a peaceful and prosperous Nepal. </div> <div> </div> <div> People filtered those parties who often take to the street to fulfill their demands but fail to deliver when they lead the government, Rameshore Khanal, former Finance Secretary, said while analyzing the election result. </div> <div> </div> <div> The victory of Nepali Congress in the urban areas clearly indicates that urban voters favoured liberal economy, Khanal said. “The fact that majority of votes were secured by Nepali Congress reflects people’s will to be led by a political party which is in favour of social harmony and cohesion.”</div> <div> </div> <div> Business community was terrorized due to federal agenda put forth by UCPN Maoist, he said, adding that the recent poll results might have relieved the entire business community.</div> <div> </div> <div> More than 90 per cent businessmen do not want federalism based on ethnicity, he claimed. “The entire business environment would be more volatile if political parties that favour regional and ethnic agenda had won the election.”</div> <div> </div> <div> In business and economy, policy stability and consistency is more important than caste and region, he opined. “A businessman from Madhesh has to do business in Pahad and vice versa,” he said, adding that political parties now should raise the issue of ‘economic nationalism’ instead of creating tensions among various castes and classes. </div> <div> </div> <div> Sociologist Chaitanya Mishra said, “The defeat of UCPN Maoist and regional parties shows that people approved less number of federal states.” The trend of votes clearly show that even Madhesi voters do not want ‘One Madhesh-One Province’, he claimed. </div> <div> </div> <div> Professor Lok Raj Baral said that the Constituent Assembly should carve out federal structure based on economic and other feasibility issues. Popular mandate is completely against the ethnic federalism, he said. “Political parties should consider economic and other aspect while carving out federal structure now.”</div> <div> </div> <div> Dr Chiranjivi Nepal, Chief Financial Advisor at the Ministry of Finance, stressed on the challenges that lie ahead for boosting the economy. “The country will not get rid of stagnation if Maoist and other fringe parties show rigidity in their agenda,” he said.</div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-11-27', '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' => 'Election fever will be over in the next few days but its impact will remain until the next election. People expressed their aspirations and exercised their power during this election so as to set the progressive course for issues that matter them the most.', 'sortorder' => '2022', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 11 => array( 'Article' => array( 'id' => '2136', 'article_category_id' => '91', 'title' => 'CA Polls: The Expense For Peace And Constitution', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sanjeev Sharma</strong></div> <div> </div> <div> W<span style="font-size: 12px;">ith the election process preparations, canvassing and campaigning finally over, Nepali voters are all set to cast their votes on Tuesday for choosing a new Constituent Assembly (CA). </span></div> <div> </div> <div> Political parties and their candidates have made hefty commitments on new constitution drafting and made lofty promises of development to lure voters. </div> <div> </div> <div> Despite the failure of the first CA to draft a new constitution, stakes of politicos are looking pretty high this time. This election has the potential to change the current political equation. The change may come in the form of emergence of new political powers along with the obliteration of some. Whereas, voters are looking much confused haunted by the memories of first CA’s unfortunate demise. </div> <div> </div> <div> After the first CA election, Nepal witnessed a tense period of rising disputes among the major political parties that slashed the hopes of ordinary citizens leaving the country into a state of uncertainty and political disarray. According to official documents, more than Rs 15 billion, was spend within 4 years on constitution drafting process including the first CA election held in 2008 April.</div> <div> </div> <div> The estimated amount does not include the funds allocated for peace process (integration of former Maoists combatants) which reached over Rs 3 billion. Though, the size of total spending is disputed, various figures claim that the expenditures can be counted in tens of billions of rupees.</div> <div> </div> <div> However, after the CA was dissolved last year by the Dr Babu Ram Bhattarai-led government, the huge investment made in drafting a new constitution was seen as sheer waste of money. Skepticism about the new CA to complete its task remains high in the air. In this context question are being raised strongly on new CA’s ability to deliver a new constitution and whether the huge spending was worthwhile.</div> <div> </div> <div> “The constitution drafting process of Nepal has become the most expensive one in the world. The country would have witnessed dramatic development and prosperity if that money was invested in productive sectors,” said Suraj Vaidya, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).</div> <div> </div> <div> Vaidya was speaking to reporters last week in an ‘open press meet’ held at Durbarmarg, Kathmandu to inform about the FNCCI’s protest programme against the general strike and transportation shutdown organised by the poll opposing alliance. Economists are also cautioning the political players to become more responsible as the rising election expenditure is likely hold back the economic growth of the country if the new CA fails to draft a new constitution. “The election expenditure will easily reach Rs 30 billion this time which was initially allocated at Rs 16 billion in the budget of the current fiscal year 2013/14,” opined Prof Dr Bishwambher Pyakuryal. According to him, the rise in expenditure will reach 6 per cent of the total budget.</div> <div> </div> <div> “The spending can be taken as gainful investment only if a new constitution is drafted and if the country achieves political and economic stability,” said Pyakuryal adding, “If that does not happen then we need serious discussions about the possible impacts of election expenditures on Nepal’s economy.”</div> <div> </div> <div> Apart from the government’s expenditure, the mammoth size of spending of political parties and candidates is also making the election more expensive. According to the Election Commission, 6,128 candidates are contesting for 240 constituencies across the country in the first-past-the-post or FPTP electoral process. Similarly, 10,400 candidates are listed as candidates for the proportional representation (PR) seats.</div> <div> </div> <div> In this regard the total spending of candidates (both FPTP and PR) can be counted at Rs 6.90 billion, assuming that they will spend as per the EC’s directive. According to EC’s directive, a FPTP candidate can spend a maximum of Rs 1 million in his/her constituency whereas the spending ceiling of a PR contender is maxed at Rs 75,000. </div> <div> </div> <div> However, Election Commission does not have effective monitoring mechanism to control election fraud and excessive expenditure by candidates. EC spokesperson Bir Bahadur Rai said that there is no formal complaint against candidate pertaining to their expenses so far. He suggested to ask EC Chief Commissioner to ask about frauds by candidate and denied to comment on the issue.</div>', 'published' => true, 'created' => '2013-11-20', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'With the election process preparations, canvassing and campaigning finally over, Nepali voters are all set to cast their votes on Tuesday for choosing a new Constituent Assembly (CA).', 'sortorder' => '1991', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 12 => array( 'Article' => array( 'id' => '2091', 'article_category_id' => '91', 'title' => 'Election Boosting National Economy', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sanjeev Sharma</strong></div> <div> </div> <div> N<span style="font-size: 12px;">epal is preparing to elect Constituent Assembly (CA) members for the second time. Though political analysts are skeptic about the ability of this CA to deliver new constitution, economists have claimed that this CA election will boost the national economy. </span></div> <div> </div> <div> Financial experts have claimed that CA election will spur the national economy. Government and non-government officials have claimed that the national economy will benefit from the expenditure made by the government, political and non-political organizations and electoral candidates.</div> <div> </div> <div> “The expenditures in election can be taken as investment in the country’s economy,” says Finance Minister Shanker Prasad Koirala. He said that the upcoming election will boost economic activities of political parties and help to flow their savings in the market.</div> <div> </div> <div> “The money being used in the election process will ultimately go to the private sector,” said Koirala adding, “The election process is also likely to increase the recurrent expenditure and that will positively impact Nepal’s economy.” </div> <div> </div> <div> However Koirala noted that the election process is unlikely to boost the capital expenditure citing that most of the government funded projects are halted for the time being. </div> <div> </div> <div> Dr Chiranjivi Nepal, Economic Advisor at the Ministry of Finance, also expressed similar views. “Injecting extra money into the market, increase in demand and supply of goods and services will lead to increase in domestic production,” he said. However, Dr Nepal also cautioned of rise in inflation as more money is being poured into the market. </div> <div> </div> <div> Election campaign expenditures of election candidates is another contributor in spurring the local economy. Aggressive electoral campaign of CA candidates have shown significant activities in the service sector that includes businesses such as hotels/restaurants, airlines and transport services. The campaigns have also considerably raised the print business in the recent days along with the increase in the supply of paper, utensils and printing materials. The Election Commission (EC) has capped the campaigning expenditure of a candidate in each constituency at Rs 1 million. With 240 constituencies, the total campaigning expenses is estimated to be around Rs 240 million, even if it is assumed that only a single candidate is contending. </div> <div> </div> <div> Expenditures are high also on the government’s end. The government has allocated Rs 16 billion budget for entire CA election process in the current fiscal budget. The first CA election held on April 10, 2008 saw a disbursement of Rs 6 billion from the government fund. According to the Election Commission of Nepal (EC), the expenditure also includes hiring of temporary security personnel to assist in the elections. On October 22, the government recruited 45,000 temporary police personnel for a 45-day time period. This temporary employment will also boost the domestic economy. </div>', 'published' => true, 'created' => '2013-11-10', 'modified' => '2013-11-24', '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' => 'Nepal is preparing to elect Constituent Assembly (CA) members for the second time. Though political analysts are skeptic about the ability of this CA to deliver new constitution, economists have claimed that this CA election will boost the national economy.', 'sortorder' => '1985', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 13 => array( 'Article' => array( 'id' => '2092', 'article_category_id' => '91', 'title' => 'Net Worth Requirement Fro DP Being Revised', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By Yagya Banjade</span></strong></div> <div> </div> <div> Securities Board Of Nepal (SEBON) is setting afoot plans to amend the mandatory net worth requirement for acquiring Depository Participants (DP) license under the Central Depository System Clearing (CDSC). </div> <div> </div> <div> SEBON Chairman Baburam Shrestha said that preparation to review existing minimum net worth requirement for essential infrastructures is underway. Once new net worth requirement is decided, necessary amendments to existing regulations will be made and DP membership will be provided, </div> <div> he added. </div> <div> </div> <div> Presently companies must have a net worth requirement of Rs 10 million for acquiring a DP membership. Sources have claimed that SEBON is preparing to cut down the current net worth requirement after broker companies expressed reluctance to acquire DP membership citing infeasible net worth requirement. </div> <div> </div> <div> “SEBON is eager to provide DP membership at the earliest by reviewing the net worth requirement,” Shrestha said. “To secure the interest of the investors and to ease off the process for entrepreneurs, we are making preparations to amend existing bylaws,” he said. </div> <div> </div> <div> It is mandatory for any company to have separate infrastructure for providing DP services. Therefore SEBON is planning to provide DP membership by deciding the minimum net worth requirement for infrastructure development and business operation. </div> <div> </div> <div> CDS has already conducted a feasibility study and presented its report to CDS. The report has recommended providing DP membership to any firm having a minimum net worth requirement of Rs 2 million and has added that such firms must be adding Rs 2 million net worth every year, until it reaches Rs 1 billion, source claimed. </div> <div> </div> <div> However, this recommendation does not seem to satisfy SEBON. “The feasible study focuses on mandatory net worth requirement rather than meeting the requirement within certain period,” Shretha said. SEBON is preparing to make such amendments to ensure the participation of the entire securities broker companies that will activate the CDS in an effective way. </div> <div> </div> <div> The report will acquire legal status after being approved by SEBON’s management committee and the Finance Ministry. The process is assumed to take a while for being actualized. </div> <div> </div> <div> Experts opine that the procedure for amending the provision will take longer time and pointed that broker companies who have not acquired DP membership, citing higher net worth requirement, will have to wait a while to acquire it. </div> <div> </div> <div> Share brokers have requested SEBON to amend the existing regulations to pave way for companies to meet the net worth requirement within a certain time frame. Following indications of approval from the concerned authorities, brokers had conceded to acquire Clearing Membership (CM). Accordingly 49 share broker companies had applied for the membership. Out of them, 22 companies have acquired the CM membership.</div>', 'published' => true, 'created' => '2013-11-10', 'modified' => '2013-11-12', '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' => 'Securities Board Of Nepal (SEBON) is setting afoot plans to amend the mandatory net worth requirement for acquiring Depository Participants (DP) license under the Central Depository System Clearing (CDSC).', 'sortorder' => '1968', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 14 => array( 'Article' => array( 'id' => '2018', 'article_category_id' => '91', 'title' => 'IFC To Invest $3m In Upper Trishuli-1 Hydel', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> International Finance Corporation (IFC) has subscribed $ 3 Million to Nepal Water & Energy Development Company (NWEDC) for development of Upper Trishuli Hydropower project. With this, IFC has officially become a shareholder of NWEDC, states a press release from NWDEC. This amount translates into 15 per cent equity in the company NWEDC Pvt Ltd is the special purpose vehicle company established for the development and generation of 216 MW Upper Trishuli-I Hydroelectricity project.</div> <div> </div> <div> The World Bank Group member IFC is one of the largest global development institutions that focus exclusively on the private sector in developing countries. </div> <div> </div> <div> IFC subscription will cover the cost to be incurred for lender’s engineer, Cumulative Impact Assessment (CIA), panel of expert along with others, the press release mentions. IFC will invest a total of 15 percent of the total equity for Upper Trishuli-I Hydropower project that will be utilised to enhance and expedite its development works, NWEDC said.</div> <div> </div> <div> K-Construction, a Consortium of three Korean Companies: Korea South East Power Company (KOSEP); Daelim Industrial Company Ltd and Kyeryong Construction Industrial Company Ltd, holds 75 per cent of the equity investment. The consortium has already started injecting in equity portion, stated the press release. </div> <div> </div> <div> The Upper Trishuli-1 project is expected to complete by 2019. After completion it will generate and supply around 10 per cent of total electricity of the country. </div> <div> </div> <div> The project access road construction has been intiated and the company has already acquired private land required for developing the project. Along with that the company has leased necessary land from the government too, for the project license period. </div> <div> </div> <div> The project is making preparations to acquire Guthi land and has already signed leasehold agreement with Department of Forest for cutting and removing necessary trees from the leased government property. </div> <div> </div> <div> Presently, construction of camp facilities and access road bridge over the Mailung river are underway, a press release issued by NWEDC said on Sunday. </div> <div> </div> <div> Along with that the project has initiated process to procure and use explosive materials in the project area. </div> <div> </div> <div> The project aims to employ around 500 people during the UT-I project construction stage and will hire around 50 operations and maintenance staff after the project construction is completed. </div> <div> </div> <div> Presently the company has been working on concluding PPA, PDA and other paper work so that it could commence the project construction. </div> <div> </div> <div> Established in 1956, IFC is the largest multilateral source of loan and equity financing for private sector projects in the developing world. </div>', 'published' => true, 'created' => '2013-10-27', 'modified' => '2013-11-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'International Finance Corporation (IFC) has subscribed $ 3 Million to Nepal Water & Energy Development Company (NWEDC) for development of Upper Trishuli Hydropower project. With this, IFC has officially become a shareholder of NWEDC, states a press release from NWDEC. This amount translates into 15 per cent equity in the company NWEDC Pvt Ltd is the special purpose vehicle company established for the development and generation of 216 MW Upper Trishuli-I Hydroelectricity project.', 'sortorder' => '1953', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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The need is, however, that milk production should be increased and government should lure massive investment from the big investors.”</div> <div> </div> <div> He indicated two areas where the government should immediately take action to invite corporate sector in the entire milk production business. First, the government should introduce policy for contract farming whereby big corporations can invest in cow farming to run their own dairy industry. On the other, the government should facilitate the land leasing process for big corporate houses.</div> <div> </div> <div> Corporate investment is not possible unless the government can ensure security of investment, he added. </div> <div> </div> <div> Director at Nepal Dairy Development Board, Dr Balak Chaudhary blamed the government’s dillydally in regulation of the dairy industry. “The Dairy Development Corporation, a government entity which is a competitor in the dairy industry, is also playing the role of a regulator at present,” he said, adding that the government should dare to establish a separate and powerful regulatory body to attract more investment in this sector. </div> <div> </div> <div> There has not been a scientific study on the demand for milk and milk products, he revealed. </div> <div> </div> <div> Around 800 diary manufacturing units have been operating in the domestic market at present. Of them, very few have given their products corporate form.</div> <div> </div> <div> <div> <span style="font-size:14px;"><strong>Some Dairy Facts</strong></span></div> <div> •Large share of milk (around 75%) goes to the consumers through informal channels where quality is a big concern</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Sometimes quality is an issue in the formal channel of milk distribution as well</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Very little competition from cooperatives due to dominance of government-owned Dairy Development Corporation</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Farmers do not share the benefits of high demand due to lack of infrastructure </div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Milk production is scattered over a large number of farmers producing miniscule quantities</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Milk distribution is limited largely to urban and semi-urban areas</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Lack of policy focus on strengthening indigenous breeds of cows</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Because of low access to credit and risk-taking ability, farmers cannot increase their herd size</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Weak regulatory mechanism</div> <div> •<span class="Apple-tab-span" style="white-space:pre"> </span>Lack of very essential laws</div> </div>', 'published' => true, 'created' => '2013-12-23', 'modified' => '2013-12-30', '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 dairy industry, according to entrepreneurs, will become the most-sought after business if the government ensures policies favourable for investment from the corporate sector.', 'sortorder' => '2200', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 1 => array( 'Article' => array( 'id' => '2315', 'article_category_id' => '91', 'title' => 'IFC To Invest In Upper Marshyangdi II', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> GMR Energy Limited, the energy arm of the GMR Group of India signed a Joint Development Agreement (JDA) with the International Finance Corporation (IFC), a member of the World Bank Group, to jointly develop the Upper Marsyangdi-2 hydropower project (600 MW) in Nepal. </div> <div> </div> <div> The 600 MW Upper Marsyangdi-2 Project is located on the Marsyangdi River, in the Manang and Lamjung districts of Nepal, which is already in an advanced stage of development. The Project is being currently undertaken through a Nepalese subsidiary of GMR Energy Limited, Himtal Hydropower Company Pvt Ltd, according to the press release issued by the company.</div> <div> </div> <div> GBS Raju, Chairman of Energy Business said, “We are pleased to have IFC as our partners in the Upper Marsyangdi-2 Hydropower project. Apart from investing in the company, IFC will also bring its vast experience in financing similar large and complex Infrastructure Projects, which will add value to the Project. </div> <div> We believe that with the continuous support of IBN, both GMR and IFC shall be able to implement this Project in an accelerated manner.” </div> <div> </div> <div> Cross-country Transmission line </div> <div> A contract has been signed between Power Transmission Company Nepal (PTCN) and TATA Project Limited, India to construct Dhalkebar-Muzaffarpur cross-country transmission line of 400 kb. “The construction work will be completed within 16 months of the mobilization of contractors,” said Badri Narayan Shah, Project Manager of PTCN. </div> <div> </div> <div> The company will construct transmission line of 39.5 kilometers from Dhalkebar to Birtamod. With the construction of this transmission line the hydro business between Nepal and India is expected to develop as it would create easy import-export environment between both the countries.</div>', 'published' => true, 'created' => '2013-12-23', 'modified' => '2013-12-23', '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' => 'GMR Energy Limited, the energy arm of the GMR Group of India signed a Joint Development Agreement (JDA) with the International Finance Corporation (IFC), a member of the World Bank Group, to jointly develop the Upper Marsyangdi-2 hydropower project (600 MW) in Nepal.', 'sortorder' => '2164', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 2 => array( 'Article' => array( 'id' => '2267', 'article_category_id' => '91', 'title' => 'Lack Of Directive Puts Rs 28 Billion Housing Investment At Risk', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sujan Oli</strong></div> <div> </div> <div> The three-year old plan to allow foreigners to buy apartments in Nepal has not materialized yet because of the government’s inability to issue a directive for the same. This has put nearly Rs 28 billion of investment in the housing sector at risk, according to Ichchha Raj Tamang, president of Nepal Land and Housing Developers’ Association (NLHDA). “The lack of the directive has put a huge investment in the realty sector at risk,” Tamang told The Corporate.</div> <div> </div> <div> As a measure to address the woes of the realty sector, the government had announced, through the budget of FY 2010/11, to allow foreigners – both individuals and companies - to purchase flats and apartments in Nepal. However this announcement has not been implemented because of the lack of a directive. According to the announcement, foreigners can purchase flats and apartments costing USD 200,000 or more.</div> <div> </div> <div> “It is because of the lack of the directive that hundreds of foreigners and non-resident Nepalis (NRNs) have been deprived of the opportunity to buy flats and apartments in Nepal,” Tamang explains, “This is the reason why there has not been the expected improvement in the realty sector.”</div> <div> </div> <div> Realty sector entrepreneurs reveal that more that 50 per cent of the apartments and housing units built so far are yet to find buyers. Tamang claims that at least a hundred foreigners will buy apartments and housing units a year once the directive is issued. </div> <div> </div> <div> According to Bhesh Raj Lohani, NLHDA secretary, there are 6000 housing units in the apartment buildings constructed so far and that nearly 3,500 units are yet to find buyers. The cost of these units ranges fron Rs 5 million to 20 million. If the average cost of one housing unit is considered to be Rs 7 million, then a whopping Rs 42 billion has already been invested in the housing sector. </div> <div> </div> <div> “Out of this huge investment, housing units worth Rs 28 billion are yet to be sold,” said Tamang, “Even if a hundred foreigners bought apartments and housing units a year, Rs 1.96 billion of foreign money would come to Nepal annually.” He further said that scores of foreigners working in big projects of foreign investment are willing to buy flats and apartments in Nepal. “Many NRNs, too, are keen about purchasing apartments and housing units in Nepal,” he added. </div> <div> </div> <div> Most of the developed countries in the world have allowed foreigners to buy apartments, according to Tamang. </div> <div> </div> <div> <span style="font-size:14px;"><strong>‘Draft of directive ready’</strong></span></div> <div> Meanwhile, Spokesperson for the Ministry of Land Reform and Management, Krishna Raj BC claimed that a draft of the directive is ready. “However, the home, foreign and law ministries have advised us to allow foreigners to buy apartments in Nepal only after formulating a relevant Act,” he said, “We don’t have a situation where such an Act could be enacted immediately.” The government, however, is positive about allowing foreigners to purchase apartments in the country, he added. </div>', 'published' => true, 'created' => '2013-12-15', 'modified' => '2013-12-23', '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-year old plan to allow foreigners to buy apartments in Nepal has not materialized yet because of the government’s inability to issue a directive for the same. This has put nearly Rs 28 billion of investment in the housing sector at risk, according to Ichchha Raj Tamang, president of Nepal Land and Housing Developers’ Association (NLHDA). “The lack of the directive has put a huge investment in the realty sector at risk,” Tamang told The Corporate.', 'sortorder' => '2163', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 3 => array( 'Article' => array( 'id' => '2268', 'article_category_id' => '91', 'title' => 'USD 805 Mln Drained From Nepal Annually: Study', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Corespondent</strong></div> <div> </div> <div> Illicit financial flow from Nepal between 2002 and 2011 has reached an average of USD 805 million per year, a latest international report revealed. According to the US-based Global Financial Integrity (GIF), crime, corruption and tax evasion are the main reason for the illegal transfer of money from the country. </div> <div> </div> <div> The report entitled, “Illicit Financial Flows from Developing Countries: 2002-2011” has ranked Nepal in the 66th position out of 144 countries. The latest publication is the third reportfrom the global watchdog regarding the illegal capital outflow from the developing nations. This year’s report marked the worsening situation of illegal outflow of money from the country. In 2008 and 2012, Nepal ranked 60th and 58th respectively. Nepal lost highest amount of money in 2009 and 2010 from crime, corruption, tax evasion and other dodgy businesses. In those two consecutive years, USD 1,552 million and USD 1885 million was taken out from the country illegally. However, in 2011, the amount dropped to USD 651 million, the report says. </div> <div> </div> <div> GFI evaluated and estimated the illicit financial flow across the international borders under two broad categories - Hot Money Narrow (HMN) and Gross Excluding Reversals (GER).” The first, HMN, looks at money that has disappeared from the balance of payments which is likely to represent kickbacks, bribery, and other forms of unrecorded wire transactions. HMN accounts for about 20.3% of estimated illicit financial flows,” informed the report adding,” The second, GER, looks at trade misinvoicing, a common method used by commercial entities for the cross-border movement of illegal money.” The report finds that developing countries lost USD 946.7 billion in illicit outflows in 2011, an increase of 13.7% over the USD 832.4 billion that flowed out of developing countries in 2010. The 2011 outflows are the highest on record over the decade. </div> <div> </div> <div> Similarly, developing countries lost USD 590.0 billion per annum on average through illicit outflows over the decade ending 2011.</div> <div> </div> <div> Cumulatively, developing nations lost staggering USD 5.9 trillion worth of money to illicit outflows between 2002 and 2011. Asia accounted for 39.6% of total illicit flows from the developing world followed by developing Europe (21.5%), the Western Hemisphere (19.6%), the Middle East and North Africa (11.2%), and Sub-Saharan Africa (7.7%). “Illicit outflows averaged roughly 4.0% of GDP per year from all developing countries over the decade,” says the report. </div> <div> </div> <div> According to the report, China continued to lead the world in illicit outflows over the decade—losing USD 1.08 trillion from 2002-2011.Meanwhile, Russia ranked 2nd in the report,leading the world in 2011 with USD 191.1 billion in illegal capital flight. Similarly, India ranked 5th, losing USD 344 billion over the past decade. Mexico and Saudi Arabia were ranked 3rd and 4th respectively. In South Asia, Bhutan was the lowest ranking country (138th). After India, Bangladesh (47th) was the second country in the region facing the worsening situation of illicit financial flow. Afghanistan (86th), Sri Lanka (102nd), Pakistan (117th) and Maldives (123rd), meanwhile, performed relatively better in the region.</div>', 'published' => true, 'created' => '2013-12-16', 'modified' => '2013-12-17', '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' => 'Illicit financial flow from Nepal between 2002 and 2011 has reached an average of USD 805 million per year, a latest international report revealed. According to the US-based Global Financial Integrity (GIF), crime, corruption and tax evasion are the main reason for the illegal transfer of money from the country.', 'sortorder' => '2144', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 4 => array( 'Article' => array( 'id' => '2223', 'article_category_id' => '91', 'title' => 'Full Reservoir Promises Steady Power-cut Hours', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--BY TC Correspondent</strong></div> <div> </div> <div> The reservoir of the Kulekhani I Hydropower Project has been filled. With the fill-up of this reservoir, considered as a ‘power back-up’ of Nepal Electricity Authority (NEA), load-shedding hours are not expected to increase this winter. </div> <div> </div> <div> Project Chief Ram Kumar Yadav informed TC that the reservoir’s water level was 1530.30 meter on last Sunday. “There is adequate amount of water in the reservoir,” he said. </div> <div> </div> <div> Though the reservoir’s maximum holding capacity is 1530 meter, reservoirs height has been increased by 30cm by piling up sand sacks along its brim, a project official said. </div> <div> </div> <div> Stating that additional water has been collected in the reservoir, the NEA said that it does not need to increase the load-shedding hours time this year. Bhuwan Chhetri, Chief of Load Dispatch Center at NEA, confirmed the report. </div> <div> </div> <div> The project that generally operates from 5 pm to 10 pm every day, was started from 3 pm last Sunday due to the excessive rise of water level in the reservoir. </div> <div> </div> <div> Project’s Chief Yadav said that water is collected in the reservoir during day and night times and can be operated on requirement basis. He attributed the excessive rise of water level in the reservoir to adequate rainfall during the monsoon season. </div> <div> </div> <div> The reservoir water is collected from around three-dozen of small and big rivers of the water basin. The project office has informed that the water level of the reservoir has not gone down below 1505 meter this year as the rainfall started from </div> <div> mid-May. </div> <div> </div> <div> Meanwhile, the construction work of 14 MW Kulekhani III hydropower project also has completed by 71 per cent. Indra Bir Ghimire, Deputy Manager of the project, said that if the project does not face any disruptions, it will start generating electricity within nine months. </div> <div> </div> <div> “We are working in full swing to complete the remaining 29 per cent of work within a nine-month period,” Ghimire said. </div> <div> </div> <div> The project is scheduled to complete by September 13, 2014. Ghimire informed that four kms of tunnel drilling and about 90 per cent reservoir construction has been completed. </div> <div> </div> <div> The project was started on April 27, 2008 with an aim to complete it by 2012. Project officials blamed obstruction from the locals, delay by the contractors and NEA’s sluggishness as reasons for not meeting the construction deadline. </div>', 'published' => true, 'created' => '2013-12-08', 'modified' => '2013-12-16', '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 reservoir of the Kulekhani I Hydropower Project has been filled. With the fill-up of this reservoir, considered as a ‘power back-up’ of Nepal Electricity Authority (NEA), load-shedding hours are not expected to increase this winter.', 'sortorder' => '2112', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 5 => array( 'Article' => array( 'id' => '2224', 'article_category_id' => '91', 'title' => 'Tourism: Promoting Nepal’s Visibility In The Global Arena', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Corespondent</strong></div> <div> </div> <div> Last week Nepal saw two major international rankings with the country achieving top spots in travel and tourism destinations. On Wednesday, 4th December, the World Expeditions of the CNW Group, a subsidiary of US-based PR Newswire Company, declared The Great Himalayan Trail (GHT) as the top adventurous trekking route in the world for 2014. </div> <div> </div> <div> The GHT is the longest and highest alpine walking track in the world winding 4,500 kilometers through the tallest mountain ranges and most isolated communities from Tibet to Pakistan. The 1,700 kilometers long Nepal section of the GHT is often termed as “a kaleidoscope of experiences”, commercial treks of which starts in</div> <div> the beginning of March every year. </div> <div> </div> <div> The trail, which can be undertaken in one continuous trek of 152 days, traverses the country from east to west. The ranking placed Great Patagonian Transverse of the South Americas and Bhutan Snowman Trek in the 2nd and 3rd most adventurous route for 2014. Similarly, Dominica Trek of the Caribbean and John Muir Trek of the US were placed at 4th and 5th spots in the list respectively. </div> <div> </div> <div> Likewise, TripAdvisor.com, a world renowned travel website ranked Kathmandu as the top rising tourist destination in Asia.The travel search-engine declared Kathmanduas the 3rd most rising travel destination in the world. The website published the top ten most favoured tourist spots of the world - Traveler’s Choice 2013 list. The listing of the destinations is generally based on reviews and votes of travelers. According to Trip Advisor, Kathmandu is the only destination that managed to achieve position in the list. Meanwhile, Australian travelers, named Kathmandu as the best backpack destination on the website. Jerusalem (Israel) and Sapporo (Japan) were the other destinations from the Asia region on the list. </div>', 'published' => true, 'created' => '2013-12-08', 'modified' => '2013-12-16', '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' => 'Last week Nepal saw two major international rankings with the country achieving top spots in travel and tourism destinations. On Wednesday, 4th December, the World Expeditions of the CNW Group, a subsidiary of US-based PR Newswire Company, declared The Great Himalayan Trail (GHT) as the top adventurous trekking route in the world for 2014.', 'sortorder' => '2111', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 6 => array( 'Article' => array( 'id' => '2225', 'article_category_id' => '91', 'title' => 'WTO Members Agree On Historic Trade Pact', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> Since the formation of the World Trade Organisation (WTO) in 1995, member nations of the global trade body on Saturday reached the first ever trade deal. </div> <div> </div> <div> WTO’s Bali Ministerial Conference held in Bali, Indonesia, approved the “historic” ‘Bali Package’ after Cuba dropped its threat to veto the package of measures that primarily aims at facilitating commerce between member nations by reducing trade barriers. </div> <div> </div> <div> The agreement aims to boost the global commerce by adding USD 1 trillion into the world economyover the coming years and add 21 million jobs in the global labour market. </div> <div> </div> <div> The agreement simplifies trade procedures for the poorest countries to sell their goods in international market.It is expected to lessen barriers for the least developed countries (LDCs) in exporting their products in international market. Similarly, the agreement aims to establish a global system to make agricultural sector more competitive. </div> <div> </div> <div> The agreement came at a moment when the WTO was standing on the brink of failure following more than a decade of fruitless negotiations to enact the Doha Round (2002) plans. </div> <div> </div> <div> Many experts had warned that failure in Bali would leave regional and bilateral trade arrangements as the only platform for trade reform, dividing the world and jeopardising the goal of globalisation of the WTO.</div> <div> </div> <div> “For the first time in our history, the WTO has truly delivered,” said WTO Chief Roberto Azevêdo, while closing the conference.” All members, developed or developing, have the ownership of the Bali deal. We have put the “world” back into the World Trade Organisation. We’re back in business...Bali is just the beginning.”</div> <div> </div> <div> In his closing remarks former Chief Trade Negotiator of Brazilechoed the quote of late South African leader, Nelson Mandela, “It always seems impossible until it’s done,” to sum up the achievement of the conference.</div> <div> </div> <div> The Bali meeting which opened on 3rd December, Tuesday, was overshadowed by disagreements between India and a group of developed nations led by the United States. Because of its massive programme for stockpiling food to feed its poor, India had insisted that it would only back an agreement if there is a compromise on food subsidies. </div> <div> </div> <div> On the other hand, US and some industrialised nations urged India to end the food security policy as it breaches and contradicted the subsidy policies of the WTO. The differences narrowed as the opposing sides clinched towards a provision to give developing nations more scope to use subsidies for safeguarding food supplies. Similarly, Cuba also later agreed on a compromise with the US. During the negotiations, the Caribbean Island nation had refused to accept the deal if the US did not end its long-time economic embargo.</div>', 'published' => true, 'created' => '2013-12-08', 'modified' => '2013-12-13', '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' => 'WTO’s Bali Ministerial Conference held in Bali, Indonesia, approved the “historic” ‘Bali Package’ after Cuba dropped its threat to veto the package of measures that primarily aims at facilitating commerce between member nations by reducing trade barriers.', 'sortorder' => '2109', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 7 => array( 'Article' => array( 'id' => '2184', 'article_category_id' => '91', 'title' => 'TRADE DEFICIT How Long Will My Nation Bleed?', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Siromani Dhungana</strong></div> <div> </div> <div> T<span style="font-size: 12px;">he country is likely to witness a terrible trade deficit reports- one after another- unless the government takes concrete and bold decisions to overcome it.</span></div> <div> </div> <div> What could be the concrete and bold decision to narrow down the ballooning trade deficit?</div> <div> </div> <div> “It is nothing other than accelerating the hydropower projects,” said former finance secretary Rameshore Khanal.</div> <div> </div> <div> According to the data released by Nepal Rastra Bank (NRB), the trade deficit has increased by 11.3 per cent to Rs 128.79 billion in the first quarter of the current fiscal year 2013-14 as compared to the corresponding period of the last fiscal year.</div> <div> </div> <div> Informing that the country imports petroleum products worth Rs 110 billion in a year, Khanal argued that the trade deficit will continue widening unless we significantly reduce the import of petroleum products.</div> <div> </div> <div> “Industries are running through thermal plants and households are compelled to buy Liquefied Petroleum Gas (LPG), resulting in the surge of petroleum products demand,” said Khanal. Consumption of petroleum product worth Rs 60 billion can be reduced by generating hydroelectricity in the country, he added.</div> <div> </div> <div> Trade deficit has a multiple effects since it drains money from country’s economy, lowers wages and forces the country to witness lower standard of living, he noted.</div> <div> </div> <div> The production has stagnated, while the demands of sophisticated goods such as computers, automobiles, micro-oven and televisions have propelled imports to a record high, according to him.</div> <div> </div> <div> “Except any miracles, we cannot increase productivity in the near future as the country still lacks preconditions that spur productivity,” economist and chief finance advisor Dr Chiranjivi Nepal argued.</div> <div> </div> <div> It is time policymakers and businesses made concerted and coordinated attempts to tackle country’s trade imbalances before we are faced with a serious crisis, he further said, adding that it is right time to address the issue as the country is all set to get a moderate and liberal government led by parties which possess liberal views about economy. </div> <div> </div> <div> In the first quarter, the trade deficit with India – with which the country has above 65 per cent trade – surged by 14.2 per cent, whereas with third countries increased by 5.9 per cent only. The data released by NRB further stated that the country exported Rs 23.07 billion worth merchandise only, while imported Rs 151.86 billion worth in the first three months of the current fiscal year. However, the central bank has reported Rs 52.74 billion surplus Balance of Payment (BoP) in the first quarter against the surplus of Rs 2.05 billion in the period last fiscal year.</div> <div> </div> <div> The macroeconomic indicator has also revealed that the foreign exchange reserve has increased by 13.8 per cent to Rs 606.82 billion in mid-October up from Rs 533.3 billion from mid-July.</div> <div> </div> <div> Likewise, the inflow of remittances, a lifeline of Nepal’s economy, has also posted an increment by 38.2 per cent to Rs 135.03 billion in the first quarter.</div>', 'published' => true, 'created' => '2013-12-01', 'modified' => '2013-12-09', '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 country is likely to witness a terrible trade deficit reports- one after another- unless the government takes concrete and bold decisions to overcome it. What could be the concrete and bold decision to narrow down the ballooning trade deficit?', 'sortorder' => '2070', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 8 => array( 'Article' => array( 'id' => '2185', 'article_category_id' => '91', 'title' => '43 Companies Preparing For Share Issuance', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Within few months some companies are set to add their shares of 100 million units worth Rs 10.52 billion in the share market. 43 companies from different sectors have already submitted application for share issuance in Securities Board of </span><span style="font-size: 12px;">Nepal (SEBON). According to a SEBON source, the companies will issue their shares only after the approval from the stock market regulator. </span></div> <div> </div> <div> Among them 66.12 million are right shares whereas and 39 million units are to be allotted fromInitial Public offering (IPO) of the companies. The total number of listed shares in NEPSE till the end of September of the current fiscal year is around 1.37 billion. The shares have increased by 2.33 per cent than the previous fiscal year,according to NEPSE. The applicants of IPO include 14 companies among which one is commercial bank, four are development banks, three are hydro power companies, two are finance companies and four others are from other industries. Similarly 29 companies are issuing right share which include two hydro power companies, six insurance companies, eight development banks, eleven development banks and two others from other sectors. </div>', 'published' => true, 'created' => '2013-12-01', 'modified' => '2013-12-02', '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' => 'Within few months some companies are set to add their shares of 100 million units worth Rs 10.52 billion in the share market. 43 companies from different sectors have already submitted application for share issuance in Securities Board of Nepal (SEBON).', 'sortorder' => '2031', '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' => '2143', 'article_category_id' => '91', 'title' => 'BPCL To Increase Power Production Capacity', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> Butwal Power Company Limited (BPCL) is gearing up to increase its power production capacity to 94 MW. According to Ratna Shakya, BPCL’s Head of Corporate Division, the company is preparing to produce an additional 67.6 MW power from Kabeli ‘A’ and Nyadi Hydropower projects. “We have planned to start commercial production from these two projects within three years,” he said. The company has already produced electricity from Jhimruk, Aandhikhola and Khudi hydropower projects. Kabeli Energy Limited is the developer of Kabeli ‘A’ hydropower project. BPCL holds the majority shares of the company. The Run-of-the-river (ROR) 37.6 MW project is being constructed at the Kabeli River located at Taplejung and Panchthar. </div> <div> </div> <div> The total cost of the project is estimated at USD 970 million. The project which is aimed to be completed by 2016 will be producing 201 Giga Watt (GW) of electricity. The project will be constructed in BOOT (Build, Operation, Own and Transfer) model. The government and the developers have already signed the Project Development Agreement (PDA). According to Shakya, national and international finance organizations including the International Finance Corporation (IFC) of The World Bank Group are investing in the project. “The World Bank and IFC are investing in the project as loan”, he informed adding, “We have already managed necessary financial close for the project’s construction.” </div> <div> </div> <div> BPCL has majority of shares investment in Nyadi Hydropower project too. The 30 MW project is also designed under the BOOT model. </div> <div> </div> <div> According to the company, Power Purchase Agreement (PPA) with the government for the construction of the project is underway. </div> <div> </div> <div> BPCL already has 12 MW Jhimruk, 9.4 MW Andhikhola and 4 MW Khudi project. The company has been producing 5.5 million units annually from Jhimruk Hydro Project. Similarly, Aandhikhola will be producing more power as it is being upgraded to 9.4 MW which previously was three million units. “The project has been stopped for the power upgradation process”, Shakya said, “It will be resumed with the upgraded power (9.4 MW) within five months.” </div> <div> </div> <div> BPCL has been distributing power directly through transmission lines to districts in western region such as Pyuthan, Argakhanchi, Rolpa, Syangja and Palpa. The company is selling the remaining power to Nepal Electricity Authority.</div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-12-02', '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' => 'Butwal Power Company Limited (BPCL) is gearing up to increase its power production capacity to 94 MW. According to Ratna Shakya, BPCL’s Head of Corporate Division, the company is preparing to produce an additional 67.6 MW power from Kabeli ‘A’ and Nyadi Hydropower projects.', 'sortorder' => '2030', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 10 => array( 'Article' => array( 'id' => '2142', 'article_category_id' => '91', 'title' => 'CA POLLS Where Does The Economy Go Next?', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Siromani Dhungana</strong></div> <div> </div> <div> Election fever will be over in the next few days but its impact will remain until the next election. People expressed their aspirations and exercised their power during this election so as to set the progressive course for issues that matter them the most. </div> <div> </div> <div> An estimated 70 percent of Nepalis went to polls on 19 November to elect a new constituent assembly assigned with the responsibility to write a new constitution and pave way for the foundation of a peaceful and prosperous Nepal. </div> <div> </div> <div> People filtered those parties who often take to the street to fulfill their demands but fail to deliver when they lead the government, Rameshore Khanal, former Finance Secretary, said while analyzing the election result. </div> <div> </div> <div> The victory of Nepali Congress in the urban areas clearly indicates that urban voters favoured liberal economy, Khanal said. “The fact that majority of votes were secured by Nepali Congress reflects people’s will to be led by a political party which is in favour of social harmony and cohesion.”</div> <div> </div> <div> Business community was terrorized due to federal agenda put forth by UCPN Maoist, he said, adding that the recent poll results might have relieved the entire business community.</div> <div> </div> <div> More than 90 per cent businessmen do not want federalism based on ethnicity, he claimed. “The entire business environment would be more volatile if political parties that favour regional and ethnic agenda had won the election.”</div> <div> </div> <div> In business and economy, policy stability and consistency is more important than caste and region, he opined. “A businessman from Madhesh has to do business in Pahad and vice versa,” he said, adding that political parties now should raise the issue of ‘economic nationalism’ instead of creating tensions among various castes and classes. </div> <div> </div> <div> Sociologist Chaitanya Mishra said, “The defeat of UCPN Maoist and regional parties shows that people approved less number of federal states.” The trend of votes clearly show that even Madhesi voters do not want ‘One Madhesh-One Province’, he claimed. </div> <div> </div> <div> Professor Lok Raj Baral said that the Constituent Assembly should carve out federal structure based on economic and other feasibility issues. Popular mandate is completely against the ethnic federalism, he said. “Political parties should consider economic and other aspect while carving out federal structure now.”</div> <div> </div> <div> Dr Chiranjivi Nepal, Chief Financial Advisor at the Ministry of Finance, stressed on the challenges that lie ahead for boosting the economy. “The country will not get rid of stagnation if Maoist and other fringe parties show rigidity in their agenda,” he said.</div>', 'published' => true, 'created' => '2013-11-25', 'modified' => '2013-11-27', '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' => 'Election fever will be over in the next few days but its impact will remain until the next election. People expressed their aspirations and exercised their power during this election so as to set the progressive course for issues that matter them the most.', 'sortorder' => '2022', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 11 => array( 'Article' => array( 'id' => '2136', 'article_category_id' => '91', 'title' => 'CA Polls: The Expense For Peace And Constitution', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sanjeev Sharma</strong></div> <div> </div> <div> W<span style="font-size: 12px;">ith the election process preparations, canvassing and campaigning finally over, Nepali voters are all set to cast their votes on Tuesday for choosing a new Constituent Assembly (CA). </span></div> <div> </div> <div> Political parties and their candidates have made hefty commitments on new constitution drafting and made lofty promises of development to lure voters. </div> <div> </div> <div> Despite the failure of the first CA to draft a new constitution, stakes of politicos are looking pretty high this time. This election has the potential to change the current political equation. The change may come in the form of emergence of new political powers along with the obliteration of some. Whereas, voters are looking much confused haunted by the memories of first CA’s unfortunate demise. </div> <div> </div> <div> After the first CA election, Nepal witnessed a tense period of rising disputes among the major political parties that slashed the hopes of ordinary citizens leaving the country into a state of uncertainty and political disarray. According to official documents, more than Rs 15 billion, was spend within 4 years on constitution drafting process including the first CA election held in 2008 April.</div> <div> </div> <div> The estimated amount does not include the funds allocated for peace process (integration of former Maoists combatants) which reached over Rs 3 billion. Though, the size of total spending is disputed, various figures claim that the expenditures can be counted in tens of billions of rupees.</div> <div> </div> <div> However, after the CA was dissolved last year by the Dr Babu Ram Bhattarai-led government, the huge investment made in drafting a new constitution was seen as sheer waste of money. Skepticism about the new CA to complete its task remains high in the air. In this context question are being raised strongly on new CA’s ability to deliver a new constitution and whether the huge spending was worthwhile.</div> <div> </div> <div> “The constitution drafting process of Nepal has become the most expensive one in the world. The country would have witnessed dramatic development and prosperity if that money was invested in productive sectors,” said Suraj Vaidya, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).</div> <div> </div> <div> Vaidya was speaking to reporters last week in an ‘open press meet’ held at Durbarmarg, Kathmandu to inform about the FNCCI’s protest programme against the general strike and transportation shutdown organised by the poll opposing alliance. Economists are also cautioning the political players to become more responsible as the rising election expenditure is likely hold back the economic growth of the country if the new CA fails to draft a new constitution. “The election expenditure will easily reach Rs 30 billion this time which was initially allocated at Rs 16 billion in the budget of the current fiscal year 2013/14,” opined Prof Dr Bishwambher Pyakuryal. According to him, the rise in expenditure will reach 6 per cent of the total budget.</div> <div> </div> <div> “The spending can be taken as gainful investment only if a new constitution is drafted and if the country achieves political and economic stability,” said Pyakuryal adding, “If that does not happen then we need serious discussions about the possible impacts of election expenditures on Nepal’s economy.”</div> <div> </div> <div> Apart from the government’s expenditure, the mammoth size of spending of political parties and candidates is also making the election more expensive. According to the Election Commission, 6,128 candidates are contesting for 240 constituencies across the country in the first-past-the-post or FPTP electoral process. Similarly, 10,400 candidates are listed as candidates for the proportional representation (PR) seats.</div> <div> </div> <div> In this regard the total spending of candidates (both FPTP and PR) can be counted at Rs 6.90 billion, assuming that they will spend as per the EC’s directive. According to EC’s directive, a FPTP candidate can spend a maximum of Rs 1 million in his/her constituency whereas the spending ceiling of a PR contender is maxed at Rs 75,000. </div> <div> </div> <div> However, Election Commission does not have effective monitoring mechanism to control election fraud and excessive expenditure by candidates. EC spokesperson Bir Bahadur Rai said that there is no formal complaint against candidate pertaining to their expenses so far. He suggested to ask EC Chief Commissioner to ask about frauds by candidate and denied to comment on the issue.</div>', 'published' => true, 'created' => '2013-11-20', 'modified' => '2013-11-25', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'With the election process preparations, canvassing and campaigning finally over, Nepali voters are all set to cast their votes on Tuesday for choosing a new Constituent Assembly (CA).', 'sortorder' => '1991', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 12 => array( 'Article' => array( 'id' => '2091', 'article_category_id' => '91', 'title' => 'Election Boosting National Economy', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sanjeev Sharma</strong></div> <div> </div> <div> N<span style="font-size: 12px;">epal is preparing to elect Constituent Assembly (CA) members for the second time. Though political analysts are skeptic about the ability of this CA to deliver new constitution, economists have claimed that this CA election will boost the national economy. </span></div> <div> </div> <div> Financial experts have claimed that CA election will spur the national economy. Government and non-government officials have claimed that the national economy will benefit from the expenditure made by the government, political and non-political organizations and electoral candidates.</div> <div> </div> <div> “The expenditures in election can be taken as investment in the country’s economy,” says Finance Minister Shanker Prasad Koirala. He said that the upcoming election will boost economic activities of political parties and help to flow their savings in the market.</div> <div> </div> <div> “The money being used in the election process will ultimately go to the private sector,” said Koirala adding, “The election process is also likely to increase the recurrent expenditure and that will positively impact Nepal’s economy.” </div> <div> </div> <div> However Koirala noted that the election process is unlikely to boost the capital expenditure citing that most of the government funded projects are halted for the time being. </div> <div> </div> <div> Dr Chiranjivi Nepal, Economic Advisor at the Ministry of Finance, also expressed similar views. “Injecting extra money into the market, increase in demand and supply of goods and services will lead to increase in domestic production,” he said. However, Dr Nepal also cautioned of rise in inflation as more money is being poured into the market. </div> <div> </div> <div> Election campaign expenditures of election candidates is another contributor in spurring the local economy. Aggressive electoral campaign of CA candidates have shown significant activities in the service sector that includes businesses such as hotels/restaurants, airlines and transport services. The campaigns have also considerably raised the print business in the recent days along with the increase in the supply of paper, utensils and printing materials. The Election Commission (EC) has capped the campaigning expenditure of a candidate in each constituency at Rs 1 million. With 240 constituencies, the total campaigning expenses is estimated to be around Rs 240 million, even if it is assumed that only a single candidate is contending. </div> <div> </div> <div> Expenditures are high also on the government’s end. The government has allocated Rs 16 billion budget for entire CA election process in the current fiscal budget. The first CA election held on April 10, 2008 saw a disbursement of Rs 6 billion from the government fund. According to the Election Commission of Nepal (EC), the expenditure also includes hiring of temporary security personnel to assist in the elections. On October 22, the government recruited 45,000 temporary police personnel for a 45-day time period. This temporary employment will also boost the domestic economy. </div>', 'published' => true, 'created' => '2013-11-10', 'modified' => '2013-11-24', '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' => 'Nepal is preparing to elect Constituent Assembly (CA) members for the second time. Though political analysts are skeptic about the ability of this CA to deliver new constitution, economists have claimed that this CA election will boost the national economy.', 'sortorder' => '1985', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 13 => array( 'Article' => array( 'id' => '2092', 'article_category_id' => '91', 'title' => 'Net Worth Requirement Fro DP Being Revised', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By Yagya Banjade</span></strong></div> <div> </div> <div> Securities Board Of Nepal (SEBON) is setting afoot plans to amend the mandatory net worth requirement for acquiring Depository Participants (DP) license under the Central Depository System Clearing (CDSC). </div> <div> </div> <div> SEBON Chairman Baburam Shrestha said that preparation to review existing minimum net worth requirement for essential infrastructures is underway. Once new net worth requirement is decided, necessary amendments to existing regulations will be made and DP membership will be provided, </div> <div> he added. </div> <div> </div> <div> Presently companies must have a net worth requirement of Rs 10 million for acquiring a DP membership. Sources have claimed that SEBON is preparing to cut down the current net worth requirement after broker companies expressed reluctance to acquire DP membership citing infeasible net worth requirement. </div> <div> </div> <div> “SEBON is eager to provide DP membership at the earliest by reviewing the net worth requirement,” Shrestha said. “To secure the interest of the investors and to ease off the process for entrepreneurs, we are making preparations to amend existing bylaws,” he said. </div> <div> </div> <div> It is mandatory for any company to have separate infrastructure for providing DP services. Therefore SEBON is planning to provide DP membership by deciding the minimum net worth requirement for infrastructure development and business operation. </div> <div> </div> <div> CDS has already conducted a feasibility study and presented its report to CDS. The report has recommended providing DP membership to any firm having a minimum net worth requirement of Rs 2 million and has added that such firms must be adding Rs 2 million net worth every year, until it reaches Rs 1 billion, source claimed. </div> <div> </div> <div> However, this recommendation does not seem to satisfy SEBON. “The feasible study focuses on mandatory net worth requirement rather than meeting the requirement within certain period,” Shretha said. SEBON is preparing to make such amendments to ensure the participation of the entire securities broker companies that will activate the CDS in an effective way. </div> <div> </div> <div> The report will acquire legal status after being approved by SEBON’s management committee and the Finance Ministry. The process is assumed to take a while for being actualized. </div> <div> </div> <div> Experts opine that the procedure for amending the provision will take longer time and pointed that broker companies who have not acquired DP membership, citing higher net worth requirement, will have to wait a while to acquire it. </div> <div> </div> <div> Share brokers have requested SEBON to amend the existing regulations to pave way for companies to meet the net worth requirement within a certain time frame. Following indications of approval from the concerned authorities, brokers had conceded to acquire Clearing Membership (CM). Accordingly 49 share broker companies had applied for the membership. Out of them, 22 companies have acquired the CM membership.</div>', 'published' => true, 'created' => '2013-11-10', 'modified' => '2013-11-12', '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' => 'Securities Board Of Nepal (SEBON) is setting afoot plans to amend the mandatory net worth requirement for acquiring Depository Participants (DP) license under the Central Depository System Clearing (CDSC).', 'sortorder' => '1968', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 14 => array( 'Article' => array( 'id' => '2018', 'article_category_id' => '91', 'title' => 'IFC To Invest $3m In Upper Trishuli-1 Hydel', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> International Finance Corporation (IFC) has subscribed $ 3 Million to Nepal Water & Energy Development Company (NWEDC) for development of Upper Trishuli Hydropower project. With this, IFC has officially become a shareholder of NWEDC, states a press release from NWDEC. This amount translates into 15 per cent equity in the company NWEDC Pvt Ltd is the special purpose vehicle company established for the development and generation of 216 MW Upper Trishuli-I Hydroelectricity project.</div> <div> </div> <div> The World Bank Group member IFC is one of the largest global development institutions that focus exclusively on the private sector in developing countries. </div> <div> </div> <div> IFC subscription will cover the cost to be incurred for lender’s engineer, Cumulative Impact Assessment (CIA), panel of expert along with others, the press release mentions. IFC will invest a total of 15 percent of the total equity for Upper Trishuli-I Hydropower project that will be utilised to enhance and expedite its development works, NWEDC said.</div> <div> </div> <div> K-Construction, a Consortium of three Korean Companies: Korea South East Power Company (KOSEP); Daelim Industrial Company Ltd and Kyeryong Construction Industrial Company Ltd, holds 75 per cent of the equity investment. The consortium has already started injecting in equity portion, stated the press release. </div> <div> </div> <div> The Upper Trishuli-1 project is expected to complete by 2019. After completion it will generate and supply around 10 per cent of total electricity of the country. </div> <div> </div> <div> The project access road construction has been intiated and the company has already acquired private land required for developing the project. Along with that the company has leased necessary land from the government too, for the project license period. </div> <div> </div> <div> The project is making preparations to acquire Guthi land and has already signed leasehold agreement with Department of Forest for cutting and removing necessary trees from the leased government property. </div> <div> </div> <div> Presently, construction of camp facilities and access road bridge over the Mailung river are underway, a press release issued by NWEDC said on Sunday. </div> <div> </div> <div> Along with that the project has initiated process to procure and use explosive materials in the project area. </div> <div> </div> <div> The project aims to employ around 500 people during the UT-I project construction stage and will hire around 50 operations and maintenance staff after the project construction is completed. </div> <div> </div> <div> Presently the company has been working on concluding PPA, PDA and other paper work so that it could commence the project construction. </div> <div> </div> <div> Established in 1956, IFC is the largest multilateral source of loan and equity financing for private sector projects in the developing world. </div>', 'published' => true, 'created' => '2013-10-27', 'modified' => '2013-11-11', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'International Finance Corporation (IFC) has subscribed $ 3 Million to Nepal Water & Energy Development Company (NWEDC) for development of Upper Trishuli Hydropower project. With this, IFC has officially become a shareholder of NWEDC, states a press release from NWDEC. This amount translates into 15 per cent equity in the company NWEDC Pvt Ltd is the special purpose vehicle company established for the development and generation of 216 MW Upper Trishuli-I Hydroelectricity project.', 'sortorder' => '1953', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
