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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' => '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' ) ), (int) 1 => array( 'Article' => array( 'id' => '2107', 'article_category_id' => '160', 'title' => 'Corptoon Vol 3 Issue 37', 'sub_title' => '', 'summary' => null, 'content' => '', 'published' => true, 'created' => '2013-11-11', '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' => 'Corptoon Vol 3 Issue 37', 'sortorder' => '1952', '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' => '2105', 'article_category_id' => '105', 'title' => 'Sinless City', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">After arriving in Nepal a tourist asked his guide if there was a red-light area at least in places like Thamel of Kathmandu. The guide replied. ‘No unfortunately, there is no prostitution in Nepal since 1991 – not even in Thamel or Jhamel.’</span></div> <div> </div> <div> The tourist again asks: ‘What do your errant young men and the rich do for their pleasure?’</div> <div> </div> <div> The guide replies: ‘They go to Thailand, Europe or India.’ <strong> -ML</strong></div>', 'published' => true, 'created' => '2013-11-11', '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' => 'After arriving in Nepal a tourist asked his guide if there was a red-light area at least in places like Thamel of Kathmandu. The guide replied. ‘No unfortunately, there is no prostitution in Nepal since 1991 – not even in Thamel or Jhamel.’', 'sortorder' => '1951', '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' => '2102', 'article_category_id' => '145', 'title' => 'Microfinance For Rural Financing', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 12px;">--By Krishna Pradhan</strong></div> <div> </div> <div> M<span style="font-size: 12px;">icrofinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance. </span></div> <div> </div> <div> It is, however, ridiculous that the government is yet to realize achievement of this sector. A provision in this year’s budget, expresses government’s commitment to utilize microfinance as an effective means to provide finance in rural parts of the nation. The provision brings to light the government’s ignorance about the development of microfinance sector in Nepal over the last two decades.</div> <div> </div> <div> The budgetary provision is very much ambiguous in itself. For instance, it has mentioned the provision of propelling expansion of microfinance sector but it has not included any concrete measures. The rhetorical budget does not make any sense. </div> <div> </div> <div> In my opinion, we need to expand microfinance in the urban areas now. Central Bank has been doing good to promote microfinance throughout the country. However, we cannot take microfinance sector to the next level unless the government extends support. It is time that the government takes some concrete measures to accelerate the expansion of microfinance across the country. </div> <div> </div> <div> There are some obvious reasons why the government should be involved in expansion of microfinance. Poverty eradication is, in principle, government’s obligation. Poverty reduction is not concerned only to data comparison. The overall poverty situation across the nation has not improved significantly. People below absolute poverty line still remain crushed despite pumping billions worth budget every year. Around 25 percent population is still living below the national poverty line. </div> <div> </div> <div> It is worthwhile to mention here that around 1.5 million people have been directly benefited from microfinance over the last two decades. Similarly, around 7 million people have indirectly benefited from the microfinance. </div> <div> </div> <div> Despite some wrong practices in the sector, microfinance has contributed much to bring the rural economy in formal channel and in developing banking habit in remote villages. Poor people in the village have been involved in various income generation activities after establishment of microfinance institution in the villages. This has contributed in reducing poverty. Microfinance institutions are especially useful for those who cannot afford collateral while borrowing money from banks. </div> <div> </div> <div> </div> <div> Microfinance can substantially improve living standards of rural and urban poor if the government can propel its growth in a positive way through the introduction of appropriate policies. The government should take both direct and indirect measures to promote microfinance. Subsidy in corporate tax and certain percent tax exemption in the profit are some tangible measures that the government can adopt to promote microfinance sector. Similarly, the government should provide facilities to employees of microfinance institutions since they work in the rural areas. Tax exemption in the income of employees of microfinance institutions can stimulate them to work in the rural areas. The government can give tax exemption to microfinance employees whose yearly income is less than Rs 0.5 million. </div> <div> </div> <div> The government should also facilitate in the treasury management sector of microfinance. The government can deposit certain percent of collected revenue amount to the Grameen Swabalamban Kosh (GSK) and can convert it into the National Microfinance Fund. The money collected in the fund should be used in the welfare of microfinance institutions. Similarly, the government should also ensure health insurance of the employees working for microfinance institutions. </div> <div> </div> <div> The government should utilize microfinance institutions to generate employment opportunities in the country since microfinance has been very effective in launching income-generation activities at the grassroots level. The government should come up with a clear vision rather than rhetorical phrases in the development of microfinance. </div> <div> </div> <div> <em>(Writer is former executive director at Nepal Rastra Bank )</em></div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Microfinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance.', 'sortorder' => '1950', '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' => '2104', 'article_category_id' => '144', 'title' => 'Qatar Labour Issue: A National Shame', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">I</span><span style="font-size: 12px;">t is a national shame that neither Nepal government nor human right activists came up with strong voices against inhuman treatment for Nepali workers in Qatar. </span></div> <div> </div> <div> A recent report by The Guardian on the Nepali migrant labour’s inhuman condition in Qatar, created hue and cry in the international arena. The report brought to fore how Qatar has been mistreating Nepali migrant workers by disregarding its commitment to international human and labour laws. The report portrayed how Nepali migrant workers were treated as modern-day slaves by Qatar. Maya Kumari Sharma, the Nepali ambassador to Qatar was right when she termed Qatar as an “open jail” for Nepali labourers. Though she was castigated for that remark, the new revelation has vindicated her. </div> <div> </div> <div> In spite of condemning mistreatment to Nepali migrant workers in Qatar, Nepal government tried to protect the Qatar government. </div> <div> </div> <div> The government did not even dare to write to Qatar government formally asking it to end inhuman behaviour against Nepali workers. In a sense, the government proved itself to be inefficient, submissive and coward that failed to speak up against injustice faced by its citizens. Even the Non-Resident Nepali Association (NRNA) that recently set up a fund to help Nepalis who fall in trouble in foreign land, has not uttered a single word in response to this report.</div> <div> </div> <div> Labour exploitation has been considered as modern day human slavery. All nations that import human resources from second countries should respect and abide by international labour laws. Qatar should immediately take actions to translate its commitment to international labour rights into practice and treat Nepali labourers with due respect and provide them working conditions that will enable them to contribute to its development in a dignified manner. </div> <div> </div> <div> Guardian’s report did initiate discussion about Qatar’s treatment of migrant workers in the international arena. International community took up the issue with the Qatari authorities. But unfortunately, Nepal government lagged behind in this. This report should also prompt Nepal to review its policy related to labour export and Nepalis living abroad. Every country with some self-respect deals in a very serious manner when its citizens living abroad face some trouble. Such countries do not shy away from spending a lot of national resources to rescue their citizens when they are in trouble in a foreign land. And they take up the issue seriously to provide justice to those mistreated in the foreign land. </div> <div> </div> <div> Equally important for Nepal is to stop basking on the foreign exchange earning that the migrant Nepali labourers send home. Rather it should reflect why the Nepalis are going abroad for employment. They go abroad because the employment opportunities in Nepal are shrinking, not increasing, thanks to the anarchy that is ruling the country for about two decades. Due to this lawlessness, investment is not increasing in Nepal and without increased investment there will be no additional employment opportunities created. </div> <div> </div> <div> Nepal should also think of the situation when there will be mass return of the Nepali migrant workers fed up with the mistreatment in the foreign land or deported by the countries where they are working now. Such deportation has already started from countries like Saudi Arabia and Malaysia. </div> <div> </div> <div> Nepal authorities should bear in mind that the social unrest in Nepal is muted till now because most of the able-bodied unemployed youth go out of the country in search of jobs. When such migrants return in mass, and find that they cannot get job here, the country will get into another round of similar (or even bigger scale) bloodbath that it saw just a decade ago.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'It is a national shame that neither Nepal government nor human right activists came up with strong voices against inhuman treatment for Nepali workers in Qatar.', 'sortorder' => '1949', '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' => '2103', 'article_category_id' => '145', 'title' => 'Job Losses: Shipping Out', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">T</span><span style="font-size: 12px;">he first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.</span></div> <div> </div> <div> It's a decision that owes something to the politics of the United Kingdombut more to the needs of BAE, which is building the carriers. All future construction work will be done in Scotland, in the yards at Govan and Scotstoun. They will get the orders for type 26 frigates and three patrol boats to keep the yards ticking over until the new contracts are ready. As a result, a thousand of Portsmouth's 12,000 shipyard jobs will go – and since, according to the city's university, each 100 jobs in the dockyards supports another 66 beyond, the knock-on effects will be grim for the whole city. Almost as many jobs again will go on the Clyde. That's what happens when a whole political generation fails to develop an industrial strategy. It's another blow to the coalition promise to rebalance the economy.</div> <div> </div> <div> The defence secretary, Philip Hammond, did not try to hide the relevance of next year's Scottish independence referendum when he briefed MPs. No United Kingdom, no new shipbuilding contracts, which won't be ready until after the vote. In theory, Portsmouth can still hope – except the odds are heavily against the Scots voting "yes". But there's a logic to concentrating building in the north that's been recognised for at least three years: the political advantage, if there is one, of being able to threaten nationalist sympathisers with job losses is more of a bonus ball than a cynical calculation. Nor has the news taken Portsmouth by surprise. Councillors and employers have been working since 2010 on an innovative £1bn regeneration scheme, combining investment in infrastructure with new links between schools and the city's big employers aimed at getting key-sector growth in areas such as aerospace and environmental technology.</div> <div> </div> <div> It might not have been such a haul if, 30 years ago, politicians had considered a private-sector response to the consequences of shrinking the navy that Margaret Thatcher's first defence review precipitated. Some niche yacht-building did grow to take up a little of the slack, but this year Sunseeker, the last British-owned yard, based in Dorset, was bought out by the Chinese. And what was really needed was a focus on what has turned out to be the growth area in shipbuilding: the luxury cruise liner business. Instead they are built in Korea, Norway, Finland, France, Germany and Italy. Anywhere except the UK.</div> <div> <em> (Source: theguardian.com)</em></div>', 'published' => true, 'created' => '2013-11-11', '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' => 'The first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.', 'sortorder' => '1948', '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' => '2101', 'article_category_id' => '141', 'title' => 'Nepal Political Economic News In Brief ( 11 - 17 November 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:14px;"><strong>Kharel’s Promotion Challenged </strong></span></div> <div> Deputy Inspector General (DIG) Parbati Thapa filed a writ petition last Thursday at the Supreme Court challenging the promotion of DIG Upendra Kanta Aryal to the post of Additional Inspector General (AIG). DIG Thapa, in her writ petition, has demanded the revocation of the government decision to promote Aryal to the post of AIG arguing that this promotion was a violation of the seniority provision in the Nepal Police. She has made Office of Council of Ministers, Ministry of Home and Nepal Police hadquarters as the defendants in her writ petitions. </div> <div> </div> <div> <span style="font-size:14px;"><strong>NRNA Former Vice-president Shah Joins Congress</strong></span></div> <div> Former vice-president of Non Nepal Resident Association (NRNA), Rameshwar Shah, joined Nepali Congress (NC) last Wednesday. NC president Sushil Koirala provided party’s general membership to Shah amid a programme held at Koirala’s residence, Maharajgunj. Shah, a businessman in Middle East, was an aspirant for the president of the NRNA, who later withdrew his candidacy to lend his support to Shesh Ghale, who won the election. Speaking at a programme to welcome his entry, Shah claimed that the economic prosperity in the nation was only possible through the principle, policy and ideology of the NC. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Singh Rejects 26 Seats Offer to CPN-Maoist </strong></span></div> <div> Nepali Congress (NC) general secretary Prakashman Singh has taken exception towards the remarks by some top leaders that 26 seats could be provided to the poll opposing party CPN-Maoist to bring it in the Constituent Assembly. Speaking at a programme in capital last Thursday, Singh said,“Nobody has a right to distribute the seats of Constituent Assembly that are to be filled by cabinet appointment.” </div> <div> </div> <div> <span style="font-size:14px;"><strong>“Local bodies’ election soon after CA polls”</strong></span></div> <div> Nepali Congress president Sushil Koirala has said that the election of the local bodies will be held immediately after the Constituent Assembly (CA) polls. Stating that the development works have been badly affected due to the absence of elected representatives at VDC and municipalities for a long period of time, he said the polls of the local bodies will be held soon after the CA polls. Speaking at a programme in capital last Wednesday, he said that there were no doubts of Constituent Assembly polls being held on the scheduled date of November 19. </div> <div> </div> <div> <span style="font-size:14px;"><strong>“Hindu kingdom support not an intervention”</strong></span></div> <div> Rastriya Prajatantra Party Nepal (RPP Nepal) chairman Kamal Thapa has argued that the foreign supports for the movement to restore hindu kingdom in Nepal cannot be called as an intervention. Speaking at a programme in capital last Wednesday, he claimed that more than one billion Hindu followers thorough out the world have expressed their solidarity and support towards the movement for reviving hindu kingdom in Nepal. He said that the movement has won the accolades not only from hindus of India but all over the world.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Dahal Hopeful of Garnering Majority </strong></span></div> <div> UCPN (Maoist) Chairman Pushpa Kamal Dahal has claimed that people across the country will make the UCPN (Maoist) victorious with majority in the Constituent Assembly (CA) polls.Addressing a mass meeting in Simara last Friday as a part of party’s Mechi-Mahakali Awareness Campaign, Dahal said that a stable government would be formed from the new CA.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Deputy Inspector General (DIG) Parbati Thapa filed a writ petition last Thursday at the Supreme Court challenging the promotion of DIG Upendra Kanta Aryal to the post of Additional Inspector General (AIG). DIG Thapa, in her writ petition, has demanded the revocation of the government decision to promote Aryal to the post of AIG arguing that this promotion was a violation of the seniority provision in the Nepal Police.', 'sortorder' => '1947', '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' => '2100', 'article_category_id' => '140', 'title' => 'Weekly Round Up (04 - 10 November 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> •As the election is round the corner, the poll-opposing CPN-Maoist –led 33-party alliance has vowed to enforce the 10-day long banda that it has announced as part of the protest programmes in a bid to foil the CA polls. The Banda has drawn criticisms from various quarters. The international community led by the UN has issued a press release last week condemning the banda by the CPN-Maoist. The international community has said that such programme will violate the political rights of the people and is against the law of Nepal. It has also urged the CPN-Maoist-led alliance to withdraw the banda programme immediately. Likewise, Federation of Nepal Chambers of Commerce and Industry (FNCCI) and Confederation of Nepalese Industries (CNI) have also urged the CPN-Maoist to withdraw the banda. FNCCI president Suraj Baidya has even warned to defy the banda if CPN-Maoist does not withdraw it immediately. </div> <div> </div> <div> •Though the peak tourism season is approaching, entrepreneurs have predicted that the number of tourist arrival may go down this year as the political uncertainty looms ahead due to the CA polls. As the country is likely to observe disturbances, violence and protests before and after the polls, the US has issued a travel alert to its citizens while travelling to Nepal. The US is the fourth largest tourist market source to Nepal. The hotel entrepreneurs have also said that the tourists have started cancelling their reservations at the hotels. Tourism entrepreneurs have lamented that the political uncertainty in Nepal has painted a negative picture of the country in the international front resulting adverse impact to their business. </div> <div> </div> <div> •Malaysia has hiked its visa fee by six folds. Malaysia, which is one of the most sought destinations for the Nepali workers, has increased its visa fee to Rs 4,200 from Rs 700. The hike of the visa fee will add on the burden to the aspiring Nepali workers for the Malaysia. Though the government has set a ceiling of Rs 80,000 for the manpower company to charge the aspiring worker, the manpower agencies have been opposing the ceiling amount complaining that such amount was not practical as that does not include the commission amount to be paid in Malaysia. The manpower companies are charging more than that ceiling amount. With the rise of the visa fees, the ceiling amount set by the government will be more impractical.</div> <div> </div> <div> •Nepal Rastra Bank (NRB) has called proposals from the commercial banks to deposit the amount worth Rs 2.26 billion that the central bank has in different funds. The NRB has asked the interested commercial banks to submit the proposals by Monday. The interested banks can apply with the proposed interest rate. The NRB has also set some criteria for the commercial banks who can apply for such fixed deposit amounts. According to the NRB, only those commercial banks are eligible to apply that are operating for at least two years and have issued shares to the public.</div> <div> </div> <div> •The Nepali currency has once again slumped past the Rs 100 mark per dollar last week. Nepal Rastra Bank, the central monetary authority, fixed an exchange rate of Rs 100.32 per US dollar last Saturday. Nepali currency had continued to weaken for last 3 months and had hit the lowest of Rs 109.03 on September 4. The last time the Nepali currency had dropped past Rs 100 mark was on August 20. </div> <div> </div> <div> •As the Tihar festival concludes, the gold price has also started falling. According to the Federation of Gold and Silver Dealers’ Association (NEGOSIDA), the gold was traded at Rs 56,400 per tola on November 1, the eve of the Tihar festival. However, it decreased by Rs 400 on per tola last Friday. The precious yellow metal was traded at Rs 56,000 per tola on the day. A trader attributed the price fall to the decrease of demands in the market as well as the fluctuation of the bullion price at the international market.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'As the election is round the corner, the poll-opposing CPN-Maoist –led 33-party alliance has vowed to enforce the 10-day long banda that it has announced as part of the protest programmes in a bid to foil the CA polls. The Banda has drawn criticisms from various quarters. The international community led by the UN has issued a press release last week condemning the banda by the CPN-Maoist.', 'sortorder' => '1946', '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' => '2099', 'article_category_id' => '140', 'title' => 'Amid Sporadic Cases Of Violence, Election Euphoria Grips The Country', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 12px;">--By Sagar Ghimire</strong></div> <div> </div> <div> W<span style="font-size: 12px;">ith the Constituent Assembly polls just a week away, the election fever has gripped the whole country. Political parties and their candidates are making their last ditch efforts to coax the voters to bring them to their favour with pledges of constitution as well as lofty promises of development works. The Election Commission has said that it has intensified its preparation for the polls in a war-footing level, while the government is trying its best to assure the people that it can adequately provide security to them. However, the poll opposing CPN-Maoist-led 33-party alliance has also rolled up its sleeves to foil the election plans. Mohan Baidya-led CPN-Maoist has announced a 10-day nationwide banda (general shutdown) to begin from November 11. Amid the election campaigns of the parties, cases of attacks upon the candidates, arson, vandalism and bomb plantation are reported across the country. </span></div> <div> </div> <div> While asked by The Corporate about the involvement of the CPN-Maoist on those cases, a CPN-Maoist leader denied its hand, but ambiguously said that ‘people have boycotted the polls’. </div> <div> </div> <div> Despite sporadic cases, the election, till this scribe went to press on Sunday, has remained largely peaceful throughout the country.</div> <div> </div> <div> The guessing games, claims, counter claims, prediction and analysis about the election results even before voting starts indicates the growing election euphoria across the country. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Govt strategy towards poll detractors: Arrest on the spot</strong></span></div> <div> The government has said that it will take stern action against those trying to enforce the banda. Home Minister, Madhav Prashad Ghimire, said that the government will not leave anybody who breaks the law. Minister Ghimire said, “I have ordered the security force to arrest and prosecute immediately anybody who comes to the street to impose the banda.” According to the Home Ministry, 62,000 army personnel, 1 hundred and 10 thousand police, 32 thousand armed police and 45 thousand temporary police have been deployed for the security of the polls. </div> <div> </div> <div> Likewise, the government has also urged the people to contact the local administration in case their free mobility is obstructed, properties damaged, public properties damaged and acts of arson and forceful deeds committed. </div> <div> </div> <div> The government has also said that it will provide the compensation up to 90 per cent to the public vehicles if they are damaged or destroyed while plying in the street during the polls. Chief District Officer has been authorised to provide up to Rs 25 thousand reliefs to the affected person during the course of polls.</div> <div> </div> <div> <span style="font-size:14px;"><strong>EC distributing temporary voter cards</strong></span></div> <div> The Election Commission has said it has completed printing temporary voter identity cards and will distribute them in all the 75 districts by November 17. According to the EC, it will use 15,000 volunteers and government staffers for the distribution of the cards. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Dhungel, Fakir Candidacy Scrapped</strong></span></div> <div> Election Commission has cancelled the candidacy of two UCPN (Maoist) candidates, Bal Krishna Dhungel and Usha Shah Fakir, stating that those candidates were ineligible to contest the CA polls. The EC has annulled the candidacy of Dhungel based on the complaint lodged by Ram Kumari Jhakri of CPN (UML). Dhungel was sentenced for life imprisonment by the Supreme Court in 2010 on murder charges. </div> <div> </div> <div> Similarly, EC has annulled the candidacy of Fakir based on the complaint that she is the commissioner of National Muslim Commission. A person is not eligible to contest the polls if (s)he holds any public post and entertains facilities provided by the state.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Victory not a cakewalk for top guns</strong></span></div> <div> This election is going to be an uphill battle for some of the top leaders of the major political parties. UCPN (Maoist) chairman Pushpa Kamal Dahal is contesting from Kathmandu Constituency 10 and Siraha 5. Dahal, who won the last CA polls from Kathmandu 10 with a huge margin of votes, is facing a hard time this time due to the party split and strong candidates challenging him. </div> <div> </div> <div> Another leader of the UCPN (Maoist) Baburam Bhattarai is in the race from Rupandehi-4 and and Gorkha-1. In Rupandehi-4, CPN (UML) leader Bishnu Poudel will pose a big challenge to Bhattarai to win the election. Given to the Poudel’s stronghold in Butwal, a city under the Rupandehi-4, due to his contribution for the development works, it will be a tough for Dr Bhattarai to win from this constituency.</div> <div> </div> <div> Nepali Congress president Sushil Koirala is in the fray from Chitwan-4 and Banke-3. Though Banke-3 is his home constituency, from Chitwan it would be tough fight for him as his own partyman Bikash Koirala (former Chitwan district president) has fielded his candidacy. Popular among the Chitwan locals, Bikash will be a big trouble for NC boss Sushil Koirala to ensure the victory. Similarly, NC vice-president Ram Chandra Poudel is also facing his own party’s dissident candidate-Purna Bahadur Gurung- in Tanahu-2. </div> <div> </div> <div> UML chairman Jhalanath Khanal is also facing a big challenge in Ilam-1. As the leaders supporting the ethnicity-based federalism deserted the UML to form their own party, their influence in the ethnic dominated Ilam-1 will be a bed of thorns for Khanal to win the elections like in those of previous polls.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'With the Constituent Assembly polls just a week away, the election fever has gripped the whole country. Political parties and their candidates are making their last ditch efforts to coax the voters to bring them to their favour with pledges of constitution as well as lofty promises of development works. The Election Commission has said that it has intensified its preparation for the polls in a war-footing level, while the government is trying its best to assure the people that it can adequately provide security to them.', 'sortorder' => '1945', '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' => '2096', 'article_category_id' => '138', 'title' => 'Starting A Business In Nepal Becoming Faster And Easier: IFC', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> O<span style="font-size: 12px;">ver the past year, Nepal made rules and provisions that has made it much easier to start a new business, says a World Bank Group report. According to the report published by the International Finance Corporation (IFC) on 29th October, the administrative and processing time hassles at the Office of the Company Registrar (OCR) have been reduced significantly. “This was achieved by reducing administrative processing times at the company registrar and establishing data links between agencies involved in the incorporation process,” states the report. </span></div> <div> </div> <div> The report entitled ‘Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises’ ranks Nepal 105th out of 189 global economies. Nepal ranked 108th last year. In terms of helping create a better environment for local entrepreneurs, Nepal ranks third in the eight South Asian economies surveyed, surpassed only by Sri Lanka and Maldives. The country’s rank in Starting a Business topic is 97, compared to 103 in 2013. “A congenial business environment is important for Nepal’s economic growth”, said Val S. Bagatsing, IFC Resident Representative in Nepal. “We are encouraged by the rapid pace of reform in Nepal which will attract more investment and create jobs in the country.” The report benchmarks performance of economies in ten indicators: starting a business, availability of electricity, availability of credit, dealing with construction permits, property registration, protection of investors, tax provisions, trans-border trading, contract enforcements and resolving insolvency. </div> <div> </div> <div> The IFC report finds that South Asia leads the world in implementing business regulatory reforms in 2012/13. Six of eight economies in the region completed 11 reforms simplifying the process of starting a business, strengthening access to credit, or easing the process for paying taxes. Sri Lanka was the best performing economy in the South Asia region securing 85th position whereas India ranked 134th in the index followed by Bhutan (141) and Afghanistan (164). Similarly, Maldives, Pakistan and Bangladesh secured 95th, 110th and 130th positions respectively. </div> <div> </div> <div> Singapore tops the global ranking on the ease of doing business. Similarly, Hong Kong, China, New Zealand, United States, Denmark, Malaysia, Republic of Korea, Georgia, Norway, and the United Kingdom secured the top 10 spot of economies with the most business-friendly regulations. Meanwhile, Libya (187), Central African Republic (188) and Chad (189) were lowest ranking economies in the index. </div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Over the past year, Nepal made rules and provisions that has made it much easier to start a new business, says a World Bank Group report. According to the report published by the International Finance Corporation (IFC) on 29th October, the administrative and processing time hassles at the Office of the Company Registrar (OCR) have been reduced significantly.', 'sortorder' => '1944', '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' => '2098', 'article_category_id' => '139', 'title' => 'Nepal And The World News In Brief ( 11 - 17 November 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:14px;"><strong>Gold Falls to 1 Month Low</strong></span></div> <div> Gold dropped 1.7 percent on Friday, notching its biggest one-day fall in more than a month, as surprisingly strong US jobs data raised the prospect of Federal Reserve’s tapering of the quantitative easing (QE) . Spot gold was down 1.7 percent at $1,285.06 an ounce. US Comex gold futures for December settled down $23.90 at $1,284.60 an ounce. </div> <div> </div> <div> <span style="font-size:14px;"><strong>France’s Credit Rating Downgraded</strong></span></div> <div> Ratings agency Standard and Poor’s cut France’s sovereign credit rating to AA from AA+ on Friday, citing lack of progress in government reforms of the country’s economy. The agency revised the country’s sovereign credit outlook up to stable from negative, however.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Growth Pick Up in US Economy</strong></span></div> <div> The US economy grew at an annual pace of 2.8% in the third quarter of the year, latest figures have shown.The growth rate was faster than expected, and was an improvement on the 2.5% pace seen in the previous quarter. Growth was lifted by rising exports, businesses restocking shelves and a pick-up in home construction.</div> <div> </div> <div> <span style="font-size:14px;"><strong>India Eases Rules for Foreign Banks</strong></span></div> <div> India’s central bank has unveiled new rules that will allow foreign banks to expand their presence in the country. Foreign banks will now be allowed to set up “wholly owned subsidiaries” in India, which will enable them to open branches anywhere in the country. The subsidiaries will need a minimum capital of 5bn rupees ($80m). The changes are a part of the push by the central bank’s new governor, Raghuram Rajan, to liberalise the sector as he looks to boost growth.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Financial Crisis Hits Happiness Levels</strong></span></div> <div> Countries worst hit by the global financial crisis saw their happiness levels fall as a result, a survey has suggested. According to the Organisation for Economic Co-operation and Development (OECD), levels of “life satisfaction” fell sharply between 2007 and 2012 in countries like Greece and Spain. Trust in governments also deteriorated over that time. The OECD said the findings showed the far-reaching impact of the crisis.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Gold dropped 1.7 percent on Friday, notching its biggest one-day fall in more than a month, as surprisingly strong US jobs data raised the prospect of Federal Reserve’s tapering of the quantitative easing (QE) . Spot gold was down 1.7 percent at $1,285.06 an ounce. US Comex gold futures for December settled down $23.90 at $1,284.60 an ounce.', 'sortorder' => '1943', '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' => '2023', 'article_category_id' => '138', 'title' => 'Nepal To Achieve Mid-Range Economic Growth: WB', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> The World Bank has forecasted that Nepal is heading for a mid-range economic growth of 4 - 4.5 per cent in the fiscal year 2014. The major international lender said that with improvements in some macroeconomic indicators, Nepal's economy will continue to recover from last FY's meager 3.6 per cent growth. "Remittance will continue to support services sector growth and aggregate demand," the bank's latest Nepal Development Update report mentioned. Similarly, the bank projected that public spending will pick up sharply in FY 2014, boosting the overall economy. </div> <div> </div> <div> The bank noted political instability as the major obstacle to achieve higher growth trajectory. "Political instability clouded the outlook in FY 2013 and remains the principal source of vulnerability going forward," states the report. "It is time for Nepal to shift its focus from politics to economics," said Johannes Zutt, World Bank Country Director for Nepal and Bangladesh in an interaction programme with journalists during the launch of the report on Thursday, “While the political process continues, it is important to focus on economic and development prospects." He mentioned that Nepal's current economic growth is not high enough to reduce poverty. "Nepal should achieve GDP growth of 7 - 9 per cent for sustainable economic growth," Zutt stressed. </div> <div> </div> <div> Despite the mid-range growth rate, the bank pointed out bottlenecks in access to modern energy, transportation and financial sector as hindrances to achieve higher growth trajectory. Regarding the recent foreign exchange rate volatility, the bank expressed that the depreciation of rupee should be taken as a cause for concern not as panic. "Fears of serious negative economic consequences are mostly exaggerated, although some specific groups and sectors of the economy might lose out," states the report. The bank suggested that Nepal should maintain the existing currency rate peg between Nepali rupee (NPR) and Indian rupee (INR). "Given the significant integration of the Nepali and Indian economies, the peg makes a lot of sense, any adjustment to the peg would sharply disturb the flow of goods and capital between the two countries by adding significant uncertainty to trans-border transaction," the report adds. </div> <div> </div> <div> Presenting the report, Aureilien Kruse, the Senior Country Economist at the World Bank's Nepal office termed rupee depreciation as an 'alignment' as it had appreciated above target levels. Kruse said that while the currency depreciation has pushed up Nepal's import bills and led to a rise in inflation rate, there are other benefitting factors too. "A depreciated rupee can be translated into stronger incomes from remittances and exports," he said. Though the bank didn't present any exact figure, Kruse projected the inflation in Nepal to remain at 'high single-digit' in coming FY as increasing fiscal expenditures and the upcoming elections will further push up the consumer price levels. </div>', 'published' => true, 'created' => '2013-10-28', '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' => 'The World Bank has forecasted that Nepal is heading for a mid-range economic growth of 4 - 4.5 per cent in the fiscal year 2014. The major international lender said that with improvements in some macroeconomic indicators, Nepal's economy will continue to recover from last FY's meager 3.6 per cent growth. "Remittance will continue to support services sector growth and aggregate demand," the bank's latest Nepal Development Update report mentioned.', 'sortorder' => '1942', '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' => '2094', 'article_category_id' => '134', 'title' => '“This Budget Will Be Fully Accepted By The Coming Government”', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 14px;">Shanker Prasad Koirala</strong><span style="font-size: 14px;"> is Minister of Finance, Industry, and Commerce and Supplies since 18 March 2013. With more than 25 years of experience in bureaucracy, he believes that Nepal can achieve double digit economic growth if there is political stability in the country. In an interview with The Corporate’s <strong>Janardan Baral</strong>, he explains government’s plan of conducting second Constituent Assembly Election and his prospects for an economically prosperous Nepal. <strong>Excerpt: </strong></span></div> <div> </div> <div> <strong>How is the final preparation for the second constituent assembly going on?</strong></div> <div> This particular government has been formed for carrying out the election successfully and as such the main agenda is election. The required technical, legal and political resources have been met. Similarly, in the latter phase, the government has fully dedicated itself for holding elections peacefully. To achieve its objective it has adopted strict security measures so that citizens can freely go to the election booths and cast their votes.</div> <div> </div> <div> <strong>What is the progress on status of this year’s budget’s objectives? Especially those related to the objective of gaining ecomomic growth and stability. </strong></div> <div> The government had introduced the budget with the aim of strengthening the country’s economy. Since the initiation of the budget of the current fiscal year, we have been aiming to remove the tag “under developed” from Nepal and declare it a ‘developing’ nation by 2022. We have also introduced the concept paper for the three year action plan and we are balancing long term projects with budget and moving on. In the previous years, our economy’s highlight had always suffered from low economic growth hovering around 2-4 per cent. Since the whole of the economy is focusing on the upcoming CA elections, the development works are likely to be affected. However, due to improvement in certain economic variables, we have planned to raise our economic growth to 5.5 per cent. The International Monetary Fund has projected economic growth to be of 4.5 per cent. I strongly believe that the government is aiming towards the achievement of the stated economic growth. As such, the budget’s main priorities are to focus on making Nepal a load-shedding free country, connecting all 75 districts to road networks and to bring about substantial change in infrastructure development. </div> <div> </div> <div> <strong>Don’t you think there is a high probability of inflation in the economy as you brought an expansionary budget when the CA elections too are being held? </strong></div> <div> That is a very relevant question. In comparison to the previous years, the government has not compromised with the investment. As the budget was brought out in time, public expenditure has been carried out since the very beginning of the fiscal year. In the year of elections past savings are brought out and spent. We are well aware of inflation rate and we are trying to minimize it to single digit. According to the statistics provided by NRB, our inflation rate is around 8% and so, I don’t think it will have much effect in the strength of the currency. The country maybe under the pressure of elections and strikes, but it will not weaken the currency.</div> <div> </div> <div> <strong>Probably you say on the basis of the third month’s statistics provided by NRB. But, the impact of election expenditure as well as government expenditure can be seen only in the coming months. In such circumstances, what ways do you suggest to control inflation?</strong></div> <div> We have tried to control inflation through market monitoring. Concentrating on increasing domestic production may be the solution for the long run. On the other hand, as the exchange rate has stabilized, import should not lead to a rise in the price level.</div> <div> </div> <div> <strong>How are the activities of the current fiscal year being implemented?</strong></div> <div> This year the budget was announced on time and we expect the same in the coming year. We initiated the budget related work on the first of Shrawan itself. Out of the proposed programmes, only nine are pending approval from the National Planning Commission. We had planned to sign performance based management contract in projects of national pride. Such contracts are signed in all projects except three. Overall, I am satisfied with the progress in development projects. </div> <div> </div> <div> <strong>So, is the progress in programmes of national pride, such as black coating of mid-hill highway, initiation of east-west railway construction, Nijgadh airport and Melamchi project as per <span style="font-size: 12px;">the plan?</span></strong></div> <div> Yes, they are are not being carried out as planned. However, in case of West Seti Hydropower Project, construction of second international airport and some other projects, they are still in the study phase.</div> <div> </div> <div> <strong>What will be the consequences of CA elections in the country’s economy?</strong></div> <div> CA elections will have a positive impact on the country’s economy. It will kick-start the economic activities in the country. The current expenditure from government is enough to boom the economy. Similarly, the expenditure carried out by the government in elections will be utilized in the country itself in activities like- advertisements, awareness, printing etc. In one way, it is investment in the economy. Similarly, the economy will speed up as the past savings of the citizens and the political parties will flow out in the market. </div> <div> </div> <div> <strong>What kind of economy are you bequething to the upcoming government?</strong></div> <div> This is a very important subject. As the government was fully oriented towards CA elections, the budget was also independent of idealogies and impartial. The budget incorporated general development programmes of all the parties. Populist and distribution oriented programmes are not included. As such, it is the foundation for the country’s economic uplifting. I firmly believe that this budget will be fully accepted by the upcoming government and its finance minister.</div> <div> </div> <div> On the other hand, the economic indicators are also satisfactory. Banking sector is also steadily operating. The condition of share market is also strong, as per NEPSE’s indicators. The foreign currency reserve is also comfortable till date. The collection of revenue is also impressive. Though we had predicted the revenue increment to be 19.5% in the current fiscal year, it has reached almost 27% in the first four months. Overall, the economic indicators are positive.</div>', 'published' => true, 'created' => '2013-11-11', 'modified' => '2013-11-21', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Shanker Prasad Koirala is Minister of Finance, Industry, and Commerce and Supplies since 18 March 2013. With more than 25 years of experience in bureaucracy, he believes that Nepal can achieve double digit economic growth if there is political stability in the country. In an interview with The Corporate’s Janardan Baral, he explains government’s plan of conducting second Constituent Assembly Election and his prospects for an economically prosperous Nepal.', 'sortorder' => '1941', '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' => '2055', 'article_category_id' => '99', 'title' => 'Lunch And Dinner Specials At Hotel Annapurna', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> Arniko Room at Hotel Annapurna has come up with a new promotional offer for lunch and dinner. With this offer, customers can enjoy lunch with two meals for the price of one, which is available at Rs 1,800 for a couple. The lunch consists of a three course set meal. Also, guests can enjoy a four course set meal for four or more persons at Rs 1,000 per person. In addition to this, during the Arniko Hour (1-3pm), insurance companies, airlines and travel agencies are offered a discount of 25 per cent on all dishes for parties of four or more. Also, a mocktail is offered for free. </div> <div> </div> <div> The Dinner Specials offers a four course set meal for Rs 4,999 for a couple. The dinner is made more special with a complimentary bottle of Baccorasa Zonin Sparkling Rose Champaign. Another offer is a four course set meal at Rs 3,999 for a couple complimented with a bottle of Micheal Schneider Riesling or Bordeaux Chateau La Borie wine. All the prices are exclusive of taxes. The Arniko Room also offers take away between 2-3 pm with a 20 per cent discount on all dishes.</div>', 'published' => true, 'created' => '2013-10-29', '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' => 'Arniko Room at Hotel Annapurna has come up with a new promotional offer for lunch and dinner. With this offer, customers can enjoy lunch with two meals for the price of one, which is available at Rs 1,800 for a couple. The lunch consists of a three course set meal. Also, guests can enjoy a four course set meal for four or more persons at Rs 1,000 per person.', 'sortorder' => '1940', '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' => '2024', 'article_category_id' => '138', 'title' => 'US Issues Redesigned $100 Note', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> The United States Federal Reserve has begun supplying financial institutions with a redesigned $100 note that incorporates new security features to deter counterfeiters. According to a press statement by the US Embassy in Kathmandu, the redesigned $100 note includes two new security features: a blue 3-D security ribbon with images of bells and 100s, and a color-changing bell in an inkwell that will help businesses and consumers in figuring out the authenticity of the note. </div> <div> </div> <div> “The new features, and additional features retained from the previous design, such as a watermark, offer the public a simple way to visually authenticate the redesigned $100 note,” says the statement. The Federal Reserve, US Department of the Treasury, US Bureau of Engraving and Printing, and the US Secret Service partnered to redesign Federal Reserve notes to stay ahead of counterfeiting threats.</div> <div> </div> <div> The statement advised consumers worldwide that it is not necessary to trade in older-design $100 notes for new ones. “It is US government policy that all designs of US currency remain legal tender, regardless of when they were issued,” informed the embassy statement. The embassy suggested visiting the US government’s </div> <div> website - www.newmoney.gov to obtain more information about the new banknote.</div>', 'published' => true, 'created' => '2013-10-28', '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' => 'The United States Federal Reserve has begun supplying financial institutions with a redesigned $100 note that incorporates new security features to deter counterfeiters. According to a press statement by the US Embassy in Kathmandu, the redesigned $100 note includes two new security features: a blue 3-D security ribbon with images of bells and 100s, and a color-changing bell in an inkwell that will help businesses and consumers in figuring out the authenticity of the note.', 'sortorder' => '1939', '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
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!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' => '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' ) ), (int) 1 => array( 'Article' => array( 'id' => '2107', 'article_category_id' => '160', 'title' => 'Corptoon Vol 3 Issue 37', 'sub_title' => '', 'summary' => null, 'content' => '', 'published' => true, 'created' => '2013-11-11', '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' => 'Corptoon Vol 3 Issue 37', 'sortorder' => '1952', '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' => '2105', 'article_category_id' => '105', 'title' => 'Sinless City', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">After arriving in Nepal a tourist asked his guide if there was a red-light area at least in places like Thamel of Kathmandu. The guide replied. ‘No unfortunately, there is no prostitution in Nepal since 1991 – not even in Thamel or Jhamel.’</span></div> <div> </div> <div> The tourist again asks: ‘What do your errant young men and the rich do for their pleasure?’</div> <div> </div> <div> The guide replies: ‘They go to Thailand, Europe or India.’ <strong> -ML</strong></div>', 'published' => true, 'created' => '2013-11-11', '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' => 'After arriving in Nepal a tourist asked his guide if there was a red-light area at least in places like Thamel of Kathmandu. The guide replied. ‘No unfortunately, there is no prostitution in Nepal since 1991 – not even in Thamel or Jhamel.’', 'sortorder' => '1951', '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' => '2102', 'article_category_id' => '145', 'title' => 'Microfinance For Rural Financing', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 12px;">--By Krishna Pradhan</strong></div> <div> </div> <div> M<span style="font-size: 12px;">icrofinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance. </span></div> <div> </div> <div> It is, however, ridiculous that the government is yet to realize achievement of this sector. A provision in this year’s budget, expresses government’s commitment to utilize microfinance as an effective means to provide finance in rural parts of the nation. The provision brings to light the government’s ignorance about the development of microfinance sector in Nepal over the last two decades.</div> <div> </div> <div> The budgetary provision is very much ambiguous in itself. For instance, it has mentioned the provision of propelling expansion of microfinance sector but it has not included any concrete measures. The rhetorical budget does not make any sense. </div> <div> </div> <div> In my opinion, we need to expand microfinance in the urban areas now. Central Bank has been doing good to promote microfinance throughout the country. However, we cannot take microfinance sector to the next level unless the government extends support. It is time that the government takes some concrete measures to accelerate the expansion of microfinance across the country. </div> <div> </div> <div> There are some obvious reasons why the government should be involved in expansion of microfinance. Poverty eradication is, in principle, government’s obligation. Poverty reduction is not concerned only to data comparison. The overall poverty situation across the nation has not improved significantly. People below absolute poverty line still remain crushed despite pumping billions worth budget every year. Around 25 percent population is still living below the national poverty line. </div> <div> </div> <div> It is worthwhile to mention here that around 1.5 million people have been directly benefited from microfinance over the last two decades. Similarly, around 7 million people have indirectly benefited from the microfinance. </div> <div> </div> <div> Despite some wrong practices in the sector, microfinance has contributed much to bring the rural economy in formal channel and in developing banking habit in remote villages. Poor people in the village have been involved in various income generation activities after establishment of microfinance institution in the villages. This has contributed in reducing poverty. Microfinance institutions are especially useful for those who cannot afford collateral while borrowing money from banks. </div> <div> </div> <div> </div> <div> Microfinance can substantially improve living standards of rural and urban poor if the government can propel its growth in a positive way through the introduction of appropriate policies. The government should take both direct and indirect measures to promote microfinance. Subsidy in corporate tax and certain percent tax exemption in the profit are some tangible measures that the government can adopt to promote microfinance sector. Similarly, the government should provide facilities to employees of microfinance institutions since they work in the rural areas. Tax exemption in the income of employees of microfinance institutions can stimulate them to work in the rural areas. The government can give tax exemption to microfinance employees whose yearly income is less than Rs 0.5 million. </div> <div> </div> <div> The government should also facilitate in the treasury management sector of microfinance. The government can deposit certain percent of collected revenue amount to the Grameen Swabalamban Kosh (GSK) and can convert it into the National Microfinance Fund. The money collected in the fund should be used in the welfare of microfinance institutions. Similarly, the government should also ensure health insurance of the employees working for microfinance institutions. </div> <div> </div> <div> The government should utilize microfinance institutions to generate employment opportunities in the country since microfinance has been very effective in launching income-generation activities at the grassroots level. The government should come up with a clear vision rather than rhetorical phrases in the development of microfinance. </div> <div> </div> <div> <em>(Writer is former executive director at Nepal Rastra Bank )</em></div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Microfinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance.', 'sortorder' => '1950', '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' => '2104', 'article_category_id' => '144', 'title' => 'Qatar Labour Issue: A National Shame', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">I</span><span style="font-size: 12px;">t is a national shame that neither Nepal government nor human right activists came up with strong voices against inhuman treatment for Nepali workers in Qatar. </span></div> <div> </div> <div> A recent report by The Guardian on the Nepali migrant labour’s inhuman condition in Qatar, created hue and cry in the international arena. The report brought to fore how Qatar has been mistreating Nepali migrant workers by disregarding its commitment to international human and labour laws. The report portrayed how Nepali migrant workers were treated as modern-day slaves by Qatar. Maya Kumari Sharma, the Nepali ambassador to Qatar was right when she termed Qatar as an “open jail” for Nepali labourers. Though she was castigated for that remark, the new revelation has vindicated her. </div> <div> </div> <div> In spite of condemning mistreatment to Nepali migrant workers in Qatar, Nepal government tried to protect the Qatar government. </div> <div> </div> <div> The government did not even dare to write to Qatar government formally asking it to end inhuman behaviour against Nepali workers. In a sense, the government proved itself to be inefficient, submissive and coward that failed to speak up against injustice faced by its citizens. Even the Non-Resident Nepali Association (NRNA) that recently set up a fund to help Nepalis who fall in trouble in foreign land, has not uttered a single word in response to this report.</div> <div> </div> <div> Labour exploitation has been considered as modern day human slavery. All nations that import human resources from second countries should respect and abide by international labour laws. Qatar should immediately take actions to translate its commitment to international labour rights into practice and treat Nepali labourers with due respect and provide them working conditions that will enable them to contribute to its development in a dignified manner. </div> <div> </div> <div> Guardian’s report did initiate discussion about Qatar’s treatment of migrant workers in the international arena. International community took up the issue with the Qatari authorities. But unfortunately, Nepal government lagged behind in this. This report should also prompt Nepal to review its policy related to labour export and Nepalis living abroad. Every country with some self-respect deals in a very serious manner when its citizens living abroad face some trouble. Such countries do not shy away from spending a lot of national resources to rescue their citizens when they are in trouble in a foreign land. And they take up the issue seriously to provide justice to those mistreated in the foreign land. </div> <div> </div> <div> Equally important for Nepal is to stop basking on the foreign exchange earning that the migrant Nepali labourers send home. Rather it should reflect why the Nepalis are going abroad for employment. They go abroad because the employment opportunities in Nepal are shrinking, not increasing, thanks to the anarchy that is ruling the country for about two decades. Due to this lawlessness, investment is not increasing in Nepal and without increased investment there will be no additional employment opportunities created. </div> <div> </div> <div> Nepal should also think of the situation when there will be mass return of the Nepali migrant workers fed up with the mistreatment in the foreign land or deported by the countries where they are working now. Such deportation has already started from countries like Saudi Arabia and Malaysia. </div> <div> </div> <div> Nepal authorities should bear in mind that the social unrest in Nepal is muted till now because most of the able-bodied unemployed youth go out of the country in search of jobs. When such migrants return in mass, and find that they cannot get job here, the country will get into another round of similar (or even bigger scale) bloodbath that it saw just a decade ago.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'It is a national shame that neither Nepal government nor human right activists came up with strong voices against inhuman treatment for Nepali workers in Qatar.', 'sortorder' => '1949', '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' => '2103', 'article_category_id' => '145', 'title' => 'Job Losses: Shipping Out', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">T</span><span style="font-size: 12px;">he first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.</span></div> <div> </div> <div> It's a decision that owes something to the politics of the United Kingdombut more to the needs of BAE, which is building the carriers. All future construction work will be done in Scotland, in the yards at Govan and Scotstoun. They will get the orders for type 26 frigates and three patrol boats to keep the yards ticking over until the new contracts are ready. As a result, a thousand of Portsmouth's 12,000 shipyard jobs will go – and since, according to the city's university, each 100 jobs in the dockyards supports another 66 beyond, the knock-on effects will be grim for the whole city. Almost as many jobs again will go on the Clyde. That's what happens when a whole political generation fails to develop an industrial strategy. It's another blow to the coalition promise to rebalance the economy.</div> <div> </div> <div> The defence secretary, Philip Hammond, did not try to hide the relevance of next year's Scottish independence referendum when he briefed MPs. No United Kingdom, no new shipbuilding contracts, which won't be ready until after the vote. In theory, Portsmouth can still hope – except the odds are heavily against the Scots voting "yes". But there's a logic to concentrating building in the north that's been recognised for at least three years: the political advantage, if there is one, of being able to threaten nationalist sympathisers with job losses is more of a bonus ball than a cynical calculation. Nor has the news taken Portsmouth by surprise. Councillors and employers have been working since 2010 on an innovative £1bn regeneration scheme, combining investment in infrastructure with new links between schools and the city's big employers aimed at getting key-sector growth in areas such as aerospace and environmental technology.</div> <div> </div> <div> It might not have been such a haul if, 30 years ago, politicians had considered a private-sector response to the consequences of shrinking the navy that Margaret Thatcher's first defence review precipitated. Some niche yacht-building did grow to take up a little of the slack, but this year Sunseeker, the last British-owned yard, based in Dorset, was bought out by the Chinese. And what was really needed was a focus on what has turned out to be the growth area in shipbuilding: the luxury cruise liner business. Instead they are built in Korea, Norway, Finland, France, Germany and Italy. Anywhere except the UK.</div> <div> <em> (Source: theguardian.com)</em></div>', 'published' => true, 'created' => '2013-11-11', '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' => 'The first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.', 'sortorder' => '1948', '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' => '2101', 'article_category_id' => '141', 'title' => 'Nepal Political Economic News In Brief ( 11 - 17 November 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:14px;"><strong>Kharel’s Promotion Challenged </strong></span></div> <div> Deputy Inspector General (DIG) Parbati Thapa filed a writ petition last Thursday at the Supreme Court challenging the promotion of DIG Upendra Kanta Aryal to the post of Additional Inspector General (AIG). DIG Thapa, in her writ petition, has demanded the revocation of the government decision to promote Aryal to the post of AIG arguing that this promotion was a violation of the seniority provision in the Nepal Police. She has made Office of Council of Ministers, Ministry of Home and Nepal Police hadquarters as the defendants in her writ petitions. </div> <div> </div> <div> <span style="font-size:14px;"><strong>NRNA Former Vice-president Shah Joins Congress</strong></span></div> <div> Former vice-president of Non Nepal Resident Association (NRNA), Rameshwar Shah, joined Nepali Congress (NC) last Wednesday. NC president Sushil Koirala provided party’s general membership to Shah amid a programme held at Koirala’s residence, Maharajgunj. Shah, a businessman in Middle East, was an aspirant for the president of the NRNA, who later withdrew his candidacy to lend his support to Shesh Ghale, who won the election. Speaking at a programme to welcome his entry, Shah claimed that the economic prosperity in the nation was only possible through the principle, policy and ideology of the NC. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Singh Rejects 26 Seats Offer to CPN-Maoist </strong></span></div> <div> Nepali Congress (NC) general secretary Prakashman Singh has taken exception towards the remarks by some top leaders that 26 seats could be provided to the poll opposing party CPN-Maoist to bring it in the Constituent Assembly. Speaking at a programme in capital last Thursday, Singh said,“Nobody has a right to distribute the seats of Constituent Assembly that are to be filled by cabinet appointment.” </div> <div> </div> <div> <span style="font-size:14px;"><strong>“Local bodies’ election soon after CA polls”</strong></span></div> <div> Nepali Congress president Sushil Koirala has said that the election of the local bodies will be held immediately after the Constituent Assembly (CA) polls. Stating that the development works have been badly affected due to the absence of elected representatives at VDC and municipalities for a long period of time, he said the polls of the local bodies will be held soon after the CA polls. Speaking at a programme in capital last Wednesday, he said that there were no doubts of Constituent Assembly polls being held on the scheduled date of November 19. </div> <div> </div> <div> <span style="font-size:14px;"><strong>“Hindu kingdom support not an intervention”</strong></span></div> <div> Rastriya Prajatantra Party Nepal (RPP Nepal) chairman Kamal Thapa has argued that the foreign supports for the movement to restore hindu kingdom in Nepal cannot be called as an intervention. Speaking at a programme in capital last Wednesday, he claimed that more than one billion Hindu followers thorough out the world have expressed their solidarity and support towards the movement for reviving hindu kingdom in Nepal. He said that the movement has won the accolades not only from hindus of India but all over the world.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Dahal Hopeful of Garnering Majority </strong></span></div> <div> UCPN (Maoist) Chairman Pushpa Kamal Dahal has claimed that people across the country will make the UCPN (Maoist) victorious with majority in the Constituent Assembly (CA) polls.Addressing a mass meeting in Simara last Friday as a part of party’s Mechi-Mahakali Awareness Campaign, Dahal said that a stable government would be formed from the new CA.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Deputy Inspector General (DIG) Parbati Thapa filed a writ petition last Thursday at the Supreme Court challenging the promotion of DIG Upendra Kanta Aryal to the post of Additional Inspector General (AIG). DIG Thapa, in her writ petition, has demanded the revocation of the government decision to promote Aryal to the post of AIG arguing that this promotion was a violation of the seniority provision in the Nepal Police.', 'sortorder' => '1947', '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' => '2100', 'article_category_id' => '140', 'title' => 'Weekly Round Up (04 - 10 November 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> •As the election is round the corner, the poll-opposing CPN-Maoist –led 33-party alliance has vowed to enforce the 10-day long banda that it has announced as part of the protest programmes in a bid to foil the CA polls. The Banda has drawn criticisms from various quarters. The international community led by the UN has issued a press release last week condemning the banda by the CPN-Maoist. The international community has said that such programme will violate the political rights of the people and is against the law of Nepal. It has also urged the CPN-Maoist-led alliance to withdraw the banda programme immediately. Likewise, Federation of Nepal Chambers of Commerce and Industry (FNCCI) and Confederation of Nepalese Industries (CNI) have also urged the CPN-Maoist to withdraw the banda. FNCCI president Suraj Baidya has even warned to defy the banda if CPN-Maoist does not withdraw it immediately. </div> <div> </div> <div> •Though the peak tourism season is approaching, entrepreneurs have predicted that the number of tourist arrival may go down this year as the political uncertainty looms ahead due to the CA polls. As the country is likely to observe disturbances, violence and protests before and after the polls, the US has issued a travel alert to its citizens while travelling to Nepal. The US is the fourth largest tourist market source to Nepal. The hotel entrepreneurs have also said that the tourists have started cancelling their reservations at the hotels. Tourism entrepreneurs have lamented that the political uncertainty in Nepal has painted a negative picture of the country in the international front resulting adverse impact to their business. </div> <div> </div> <div> •Malaysia has hiked its visa fee by six folds. Malaysia, which is one of the most sought destinations for the Nepali workers, has increased its visa fee to Rs 4,200 from Rs 700. The hike of the visa fee will add on the burden to the aspiring Nepali workers for the Malaysia. Though the government has set a ceiling of Rs 80,000 for the manpower company to charge the aspiring worker, the manpower agencies have been opposing the ceiling amount complaining that such amount was not practical as that does not include the commission amount to be paid in Malaysia. The manpower companies are charging more than that ceiling amount. With the rise of the visa fees, the ceiling amount set by the government will be more impractical.</div> <div> </div> <div> •Nepal Rastra Bank (NRB) has called proposals from the commercial banks to deposit the amount worth Rs 2.26 billion that the central bank has in different funds. The NRB has asked the interested commercial banks to submit the proposals by Monday. The interested banks can apply with the proposed interest rate. The NRB has also set some criteria for the commercial banks who can apply for such fixed deposit amounts. According to the NRB, only those commercial banks are eligible to apply that are operating for at least two years and have issued shares to the public.</div> <div> </div> <div> •The Nepali currency has once again slumped past the Rs 100 mark per dollar last week. Nepal Rastra Bank, the central monetary authority, fixed an exchange rate of Rs 100.32 per US dollar last Saturday. Nepali currency had continued to weaken for last 3 months and had hit the lowest of Rs 109.03 on September 4. The last time the Nepali currency had dropped past Rs 100 mark was on August 20. </div> <div> </div> <div> •As the Tihar festival concludes, the gold price has also started falling. According to the Federation of Gold and Silver Dealers’ Association (NEGOSIDA), the gold was traded at Rs 56,400 per tola on November 1, the eve of the Tihar festival. However, it decreased by Rs 400 on per tola last Friday. The precious yellow metal was traded at Rs 56,000 per tola on the day. A trader attributed the price fall to the decrease of demands in the market as well as the fluctuation of the bullion price at the international market.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'As the election is round the corner, the poll-opposing CPN-Maoist –led 33-party alliance has vowed to enforce the 10-day long banda that it has announced as part of the protest programmes in a bid to foil the CA polls. The Banda has drawn criticisms from various quarters. The international community led by the UN has issued a press release last week condemning the banda by the CPN-Maoist.', 'sortorder' => '1946', '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' => '2099', 'article_category_id' => '140', 'title' => 'Amid Sporadic Cases Of Violence, Election Euphoria Grips The Country', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 12px;">--By Sagar Ghimire</strong></div> <div> </div> <div> W<span style="font-size: 12px;">ith the Constituent Assembly polls just a week away, the election fever has gripped the whole country. Political parties and their candidates are making their last ditch efforts to coax the voters to bring them to their favour with pledges of constitution as well as lofty promises of development works. The Election Commission has said that it has intensified its preparation for the polls in a war-footing level, while the government is trying its best to assure the people that it can adequately provide security to them. However, the poll opposing CPN-Maoist-led 33-party alliance has also rolled up its sleeves to foil the election plans. Mohan Baidya-led CPN-Maoist has announced a 10-day nationwide banda (general shutdown) to begin from November 11. Amid the election campaigns of the parties, cases of attacks upon the candidates, arson, vandalism and bomb plantation are reported across the country. </span></div> <div> </div> <div> While asked by The Corporate about the involvement of the CPN-Maoist on those cases, a CPN-Maoist leader denied its hand, but ambiguously said that ‘people have boycotted the polls’. </div> <div> </div> <div> Despite sporadic cases, the election, till this scribe went to press on Sunday, has remained largely peaceful throughout the country.</div> <div> </div> <div> The guessing games, claims, counter claims, prediction and analysis about the election results even before voting starts indicates the growing election euphoria across the country. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Govt strategy towards poll detractors: Arrest on the spot</strong></span></div> <div> The government has said that it will take stern action against those trying to enforce the banda. Home Minister, Madhav Prashad Ghimire, said that the government will not leave anybody who breaks the law. Minister Ghimire said, “I have ordered the security force to arrest and prosecute immediately anybody who comes to the street to impose the banda.” According to the Home Ministry, 62,000 army personnel, 1 hundred and 10 thousand police, 32 thousand armed police and 45 thousand temporary police have been deployed for the security of the polls. </div> <div> </div> <div> Likewise, the government has also urged the people to contact the local administration in case their free mobility is obstructed, properties damaged, public properties damaged and acts of arson and forceful deeds committed. </div> <div> </div> <div> The government has also said that it will provide the compensation up to 90 per cent to the public vehicles if they are damaged or destroyed while plying in the street during the polls. Chief District Officer has been authorised to provide up to Rs 25 thousand reliefs to the affected person during the course of polls.</div> <div> </div> <div> <span style="font-size:14px;"><strong>EC distributing temporary voter cards</strong></span></div> <div> The Election Commission has said it has completed printing temporary voter identity cards and will distribute them in all the 75 districts by November 17. According to the EC, it will use 15,000 volunteers and government staffers for the distribution of the cards. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Dhungel, Fakir Candidacy Scrapped</strong></span></div> <div> Election Commission has cancelled the candidacy of two UCPN (Maoist) candidates, Bal Krishna Dhungel and Usha Shah Fakir, stating that those candidates were ineligible to contest the CA polls. The EC has annulled the candidacy of Dhungel based on the complaint lodged by Ram Kumari Jhakri of CPN (UML). Dhungel was sentenced for life imprisonment by the Supreme Court in 2010 on murder charges. </div> <div> </div> <div> Similarly, EC has annulled the candidacy of Fakir based on the complaint that she is the commissioner of National Muslim Commission. A person is not eligible to contest the polls if (s)he holds any public post and entertains facilities provided by the state.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Victory not a cakewalk for top guns</strong></span></div> <div> This election is going to be an uphill battle for some of the top leaders of the major political parties. UCPN (Maoist) chairman Pushpa Kamal Dahal is contesting from Kathmandu Constituency 10 and Siraha 5. Dahal, who won the last CA polls from Kathmandu 10 with a huge margin of votes, is facing a hard time this time due to the party split and strong candidates challenging him. </div> <div> </div> <div> Another leader of the UCPN (Maoist) Baburam Bhattarai is in the race from Rupandehi-4 and and Gorkha-1. In Rupandehi-4, CPN (UML) leader Bishnu Poudel will pose a big challenge to Bhattarai to win the election. Given to the Poudel’s stronghold in Butwal, a city under the Rupandehi-4, due to his contribution for the development works, it will be a tough for Dr Bhattarai to win from this constituency.</div> <div> </div> <div> Nepali Congress president Sushil Koirala is in the fray from Chitwan-4 and Banke-3. Though Banke-3 is his home constituency, from Chitwan it would be tough fight for him as his own partyman Bikash Koirala (former Chitwan district president) has fielded his candidacy. Popular among the Chitwan locals, Bikash will be a big trouble for NC boss Sushil Koirala to ensure the victory. Similarly, NC vice-president Ram Chandra Poudel is also facing his own party’s dissident candidate-Purna Bahadur Gurung- in Tanahu-2. </div> <div> </div> <div> UML chairman Jhalanath Khanal is also facing a big challenge in Ilam-1. As the leaders supporting the ethnicity-based federalism deserted the UML to form their own party, their influence in the ethnic dominated Ilam-1 will be a bed of thorns for Khanal to win the elections like in those of previous polls.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'With the Constituent Assembly polls just a week away, the election fever has gripped the whole country. Political parties and their candidates are making their last ditch efforts to coax the voters to bring them to their favour with pledges of constitution as well as lofty promises of development works. The Election Commission has said that it has intensified its preparation for the polls in a war-footing level, while the government is trying its best to assure the people that it can adequately provide security to them.', 'sortorder' => '1945', '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' => '2096', 'article_category_id' => '138', 'title' => 'Starting A Business In Nepal Becoming Faster And Easier: IFC', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> O<span style="font-size: 12px;">ver the past year, Nepal made rules and provisions that has made it much easier to start a new business, says a World Bank Group report. According to the report published by the International Finance Corporation (IFC) on 29th October, the administrative and processing time hassles at the Office of the Company Registrar (OCR) have been reduced significantly. “This was achieved by reducing administrative processing times at the company registrar and establishing data links between agencies involved in the incorporation process,” states the report. </span></div> <div> </div> <div> The report entitled ‘Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises’ ranks Nepal 105th out of 189 global economies. Nepal ranked 108th last year. In terms of helping create a better environment for local entrepreneurs, Nepal ranks third in the eight South Asian economies surveyed, surpassed only by Sri Lanka and Maldives. The country’s rank in Starting a Business topic is 97, compared to 103 in 2013. “A congenial business environment is important for Nepal’s economic growth”, said Val S. Bagatsing, IFC Resident Representative in Nepal. “We are encouraged by the rapid pace of reform in Nepal which will attract more investment and create jobs in the country.” The report benchmarks performance of economies in ten indicators: starting a business, availability of electricity, availability of credit, dealing with construction permits, property registration, protection of investors, tax provisions, trans-border trading, contract enforcements and resolving insolvency. </div> <div> </div> <div> The IFC report finds that South Asia leads the world in implementing business regulatory reforms in 2012/13. Six of eight economies in the region completed 11 reforms simplifying the process of starting a business, strengthening access to credit, or easing the process for paying taxes. Sri Lanka was the best performing economy in the South Asia region securing 85th position whereas India ranked 134th in the index followed by Bhutan (141) and Afghanistan (164). Similarly, Maldives, Pakistan and Bangladesh secured 95th, 110th and 130th positions respectively. </div> <div> </div> <div> Singapore tops the global ranking on the ease of doing business. Similarly, Hong Kong, China, New Zealand, United States, Denmark, Malaysia, Republic of Korea, Georgia, Norway, and the United Kingdom secured the top 10 spot of economies with the most business-friendly regulations. Meanwhile, Libya (187), Central African Republic (188) and Chad (189) were lowest ranking economies in the index. </div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Over the past year, Nepal made rules and provisions that has made it much easier to start a new business, says a World Bank Group report. According to the report published by the International Finance Corporation (IFC) on 29th October, the administrative and processing time hassles at the Office of the Company Registrar (OCR) have been reduced significantly.', 'sortorder' => '1944', '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' => '2098', 'article_category_id' => '139', 'title' => 'Nepal And The World News In Brief ( 11 - 17 November 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:14px;"><strong>Gold Falls to 1 Month Low</strong></span></div> <div> Gold dropped 1.7 percent on Friday, notching its biggest one-day fall in more than a month, as surprisingly strong US jobs data raised the prospect of Federal Reserve’s tapering of the quantitative easing (QE) . Spot gold was down 1.7 percent at $1,285.06 an ounce. US Comex gold futures for December settled down $23.90 at $1,284.60 an ounce. </div> <div> </div> <div> <span style="font-size:14px;"><strong>France’s Credit Rating Downgraded</strong></span></div> <div> Ratings agency Standard and Poor’s cut France’s sovereign credit rating to AA from AA+ on Friday, citing lack of progress in government reforms of the country’s economy. The agency revised the country’s sovereign credit outlook up to stable from negative, however.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Growth Pick Up in US Economy</strong></span></div> <div> The US economy grew at an annual pace of 2.8% in the third quarter of the year, latest figures have shown.The growth rate was faster than expected, and was an improvement on the 2.5% pace seen in the previous quarter. Growth was lifted by rising exports, businesses restocking shelves and a pick-up in home construction.</div> <div> </div> <div> <span style="font-size:14px;"><strong>India Eases Rules for Foreign Banks</strong></span></div> <div> India’s central bank has unveiled new rules that will allow foreign banks to expand their presence in the country. Foreign banks will now be allowed to set up “wholly owned subsidiaries” in India, which will enable them to open branches anywhere in the country. The subsidiaries will need a minimum capital of 5bn rupees ($80m). The changes are a part of the push by the central bank’s new governor, Raghuram Rajan, to liberalise the sector as he looks to boost growth.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Financial Crisis Hits Happiness Levels</strong></span></div> <div> Countries worst hit by the global financial crisis saw their happiness levels fall as a result, a survey has suggested. According to the Organisation for Economic Co-operation and Development (OECD), levels of “life satisfaction” fell sharply between 2007 and 2012 in countries like Greece and Spain. Trust in governments also deteriorated over that time. The OECD said the findings showed the far-reaching impact of the crisis.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Gold dropped 1.7 percent on Friday, notching its biggest one-day fall in more than a month, as surprisingly strong US jobs data raised the prospect of Federal Reserve’s tapering of the quantitative easing (QE) . Spot gold was down 1.7 percent at $1,285.06 an ounce. US Comex gold futures for December settled down $23.90 at $1,284.60 an ounce.', 'sortorder' => '1943', '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' => '2023', 'article_category_id' => '138', 'title' => 'Nepal To Achieve Mid-Range Economic Growth: WB', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> The World Bank has forecasted that Nepal is heading for a mid-range economic growth of 4 - 4.5 per cent in the fiscal year 2014. The major international lender said that with improvements in some macroeconomic indicators, Nepal's economy will continue to recover from last FY's meager 3.6 per cent growth. "Remittance will continue to support services sector growth and aggregate demand," the bank's latest Nepal Development Update report mentioned. Similarly, the bank projected that public spending will pick up sharply in FY 2014, boosting the overall economy. </div> <div> </div> <div> The bank noted political instability as the major obstacle to achieve higher growth trajectory. "Political instability clouded the outlook in FY 2013 and remains the principal source of vulnerability going forward," states the report. "It is time for Nepal to shift its focus from politics to economics," said Johannes Zutt, World Bank Country Director for Nepal and Bangladesh in an interaction programme with journalists during the launch of the report on Thursday, “While the political process continues, it is important to focus on economic and development prospects." He mentioned that Nepal's current economic growth is not high enough to reduce poverty. "Nepal should achieve GDP growth of 7 - 9 per cent for sustainable economic growth," Zutt stressed. </div> <div> </div> <div> Despite the mid-range growth rate, the bank pointed out bottlenecks in access to modern energy, transportation and financial sector as hindrances to achieve higher growth trajectory. Regarding the recent foreign exchange rate volatility, the bank expressed that the depreciation of rupee should be taken as a cause for concern not as panic. "Fears of serious negative economic consequences are mostly exaggerated, although some specific groups and sectors of the economy might lose out," states the report. The bank suggested that Nepal should maintain the existing currency rate peg between Nepali rupee (NPR) and Indian rupee (INR). "Given the significant integration of the Nepali and Indian economies, the peg makes a lot of sense, any adjustment to the peg would sharply disturb the flow of goods and capital between the two countries by adding significant uncertainty to trans-border transaction," the report adds. </div> <div> </div> <div> Presenting the report, Aureilien Kruse, the Senior Country Economist at the World Bank's Nepal office termed rupee depreciation as an 'alignment' as it had appreciated above target levels. Kruse said that while the currency depreciation has pushed up Nepal's import bills and led to a rise in inflation rate, there are other benefitting factors too. "A depreciated rupee can be translated into stronger incomes from remittances and exports," he said. Though the bank didn't present any exact figure, Kruse projected the inflation in Nepal to remain at 'high single-digit' in coming FY as increasing fiscal expenditures and the upcoming elections will further push up the consumer price levels. </div>', 'published' => true, 'created' => '2013-10-28', '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' => 'The World Bank has forecasted that Nepal is heading for a mid-range economic growth of 4 - 4.5 per cent in the fiscal year 2014. The major international lender said that with improvements in some macroeconomic indicators, Nepal's economy will continue to recover from last FY's meager 3.6 per cent growth. "Remittance will continue to support services sector growth and aggregate demand," the bank's latest Nepal Development Update report mentioned.', 'sortorder' => '1942', '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' => '2094', 'article_category_id' => '134', 'title' => '“This Budget Will Be Fully Accepted By The Coming Government”', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 14px;">Shanker Prasad Koirala</strong><span style="font-size: 14px;"> is Minister of Finance, Industry, and Commerce and Supplies since 18 March 2013. With more than 25 years of experience in bureaucracy, he believes that Nepal can achieve double digit economic growth if there is political stability in the country. In an interview with The Corporate’s <strong>Janardan Baral</strong>, he explains government’s plan of conducting second Constituent Assembly Election and his prospects for an economically prosperous Nepal. <strong>Excerpt: </strong></span></div> <div> </div> <div> <strong>How is the final preparation for the second constituent assembly going on?</strong></div> <div> This particular government has been formed for carrying out the election successfully and as such the main agenda is election. The required technical, legal and political resources have been met. Similarly, in the latter phase, the government has fully dedicated itself for holding elections peacefully. To achieve its objective it has adopted strict security measures so that citizens can freely go to the election booths and cast their votes.</div> <div> </div> <div> <strong>What is the progress on status of this year’s budget’s objectives? Especially those related to the objective of gaining ecomomic growth and stability. </strong></div> <div> The government had introduced the budget with the aim of strengthening the country’s economy. Since the initiation of the budget of the current fiscal year, we have been aiming to remove the tag “under developed” from Nepal and declare it a ‘developing’ nation by 2022. We have also introduced the concept paper for the three year action plan and we are balancing long term projects with budget and moving on. In the previous years, our economy’s highlight had always suffered from low economic growth hovering around 2-4 per cent. Since the whole of the economy is focusing on the upcoming CA elections, the development works are likely to be affected. However, due to improvement in certain economic variables, we have planned to raise our economic growth to 5.5 per cent. The International Monetary Fund has projected economic growth to be of 4.5 per cent. I strongly believe that the government is aiming towards the achievement of the stated economic growth. As such, the budget’s main priorities are to focus on making Nepal a load-shedding free country, connecting all 75 districts to road networks and to bring about substantial change in infrastructure development. </div> <div> </div> <div> <strong>Don’t you think there is a high probability of inflation in the economy as you brought an expansionary budget when the CA elections too are being held? </strong></div> <div> That is a very relevant question. In comparison to the previous years, the government has not compromised with the investment. As the budget was brought out in time, public expenditure has been carried out since the very beginning of the fiscal year. In the year of elections past savings are brought out and spent. We are well aware of inflation rate and we are trying to minimize it to single digit. According to the statistics provided by NRB, our inflation rate is around 8% and so, I don’t think it will have much effect in the strength of the currency. The country maybe under the pressure of elections and strikes, but it will not weaken the currency.</div> <div> </div> <div> <strong>Probably you say on the basis of the third month’s statistics provided by NRB. But, the impact of election expenditure as well as government expenditure can be seen only in the coming months. In such circumstances, what ways do you suggest to control inflation?</strong></div> <div> We have tried to control inflation through market monitoring. Concentrating on increasing domestic production may be the solution for the long run. On the other hand, as the exchange rate has stabilized, import should not lead to a rise in the price level.</div> <div> </div> <div> <strong>How are the activities of the current fiscal year being implemented?</strong></div> <div> This year the budget was announced on time and we expect the same in the coming year. We initiated the budget related work on the first of Shrawan itself. Out of the proposed programmes, only nine are pending approval from the National Planning Commission. We had planned to sign performance based management contract in projects of national pride. Such contracts are signed in all projects except three. Overall, I am satisfied with the progress in development projects. </div> <div> </div> <div> <strong>So, is the progress in programmes of national pride, such as black coating of mid-hill highway, initiation of east-west railway construction, Nijgadh airport and Melamchi project as per <span style="font-size: 12px;">the plan?</span></strong></div> <div> Yes, they are are not being carried out as planned. However, in case of West Seti Hydropower Project, construction of second international airport and some other projects, they are still in the study phase.</div> <div> </div> <div> <strong>What will be the consequences of CA elections in the country’s economy?</strong></div> <div> CA elections will have a positive impact on the country’s economy. It will kick-start the economic activities in the country. The current expenditure from government is enough to boom the economy. Similarly, the expenditure carried out by the government in elections will be utilized in the country itself in activities like- advertisements, awareness, printing etc. In one way, it is investment in the economy. Similarly, the economy will speed up as the past savings of the citizens and the political parties will flow out in the market. </div> <div> </div> <div> <strong>What kind of economy are you bequething to the upcoming government?</strong></div> <div> This is a very important subject. As the government was fully oriented towards CA elections, the budget was also independent of idealogies and impartial. The budget incorporated general development programmes of all the parties. Populist and distribution oriented programmes are not included. As such, it is the foundation for the country’s economic uplifting. I firmly believe that this budget will be fully accepted by the upcoming government and its finance minister.</div> <div> </div> <div> On the other hand, the economic indicators are also satisfactory. Banking sector is also steadily operating. The condition of share market is also strong, as per NEPSE’s indicators. The foreign currency reserve is also comfortable till date. The collection of revenue is also impressive. Though we had predicted the revenue increment to be 19.5% in the current fiscal year, it has reached almost 27% in the first four months. Overall, the economic indicators are positive.</div>', 'published' => true, 'created' => '2013-11-11', 'modified' => '2013-11-21', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Shanker Prasad Koirala is Minister of Finance, Industry, and Commerce and Supplies since 18 March 2013. With more than 25 years of experience in bureaucracy, he believes that Nepal can achieve double digit economic growth if there is political stability in the country. In an interview with The Corporate’s Janardan Baral, he explains government’s plan of conducting second Constituent Assembly Election and his prospects for an economically prosperous Nepal.', 'sortorder' => '1941', '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' => '2055', 'article_category_id' => '99', 'title' => 'Lunch And Dinner Specials At Hotel Annapurna', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> Arniko Room at Hotel Annapurna has come up with a new promotional offer for lunch and dinner. With this offer, customers can enjoy lunch with two meals for the price of one, which is available at Rs 1,800 for a couple. The lunch consists of a three course set meal. Also, guests can enjoy a four course set meal for four or more persons at Rs 1,000 per person. In addition to this, during the Arniko Hour (1-3pm), insurance companies, airlines and travel agencies are offered a discount of 25 per cent on all dishes for parties of four or more. Also, a mocktail is offered for free. </div> <div> </div> <div> The Dinner Specials offers a four course set meal for Rs 4,999 for a couple. The dinner is made more special with a complimentary bottle of Baccorasa Zonin Sparkling Rose Champaign. Another offer is a four course set meal at Rs 3,999 for a couple complimented with a bottle of Micheal Schneider Riesling or Bordeaux Chateau La Borie wine. All the prices are exclusive of taxes. The Arniko Room also offers take away between 2-3 pm with a 20 per cent discount on all dishes.</div>', 'published' => true, 'created' => '2013-10-29', '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' => 'Arniko Room at Hotel Annapurna has come up with a new promotional offer for lunch and dinner. With this offer, customers can enjoy lunch with two meals for the price of one, which is available at Rs 1,800 for a couple. The lunch consists of a three course set meal. Also, guests can enjoy a four course set meal for four or more persons at Rs 1,000 per person.', 'sortorder' => '1940', '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' => '2024', 'article_category_id' => '138', 'title' => 'US Issues Redesigned $100 Note', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> The United States Federal Reserve has begun supplying financial institutions with a redesigned $100 note that incorporates new security features to deter counterfeiters. According to a press statement by the US Embassy in Kathmandu, the redesigned $100 note includes two new security features: a blue 3-D security ribbon with images of bells and 100s, and a color-changing bell in an inkwell that will help businesses and consumers in figuring out the authenticity of the note. </div> <div> </div> <div> “The new features, and additional features retained from the previous design, such as a watermark, offer the public a simple way to visually authenticate the redesigned $100 note,” says the statement. The Federal Reserve, US Department of the Treasury, US Bureau of Engraving and Printing, and the US Secret Service partnered to redesign Federal Reserve notes to stay ahead of counterfeiting threats.</div> <div> </div> <div> The statement advised consumers worldwide that it is not necessary to trade in older-design $100 notes for new ones. “It is US government policy that all designs of US currency remain legal tender, regardless of when they were issued,” informed the embassy statement. The embassy suggested visiting the US government’s </div> <div> website - www.newmoney.gov to obtain more information about the new banknote.</div>', 'published' => true, 'created' => '2013-10-28', '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' => 'The United States Federal Reserve has begun supplying financial institutions with a redesigned $100 note that incorporates new security features to deter counterfeiters. According to a press statement by the US Embassy in Kathmandu, the redesigned $100 note includes two new security features: a blue 3-D security ribbon with images of bells and 100s, and a color-changing bell in an inkwell that will help businesses and consumers in figuring out the authenticity of the note.', 'sortorder' => '1939', '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' => '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' ) ), (int) 1 => array( 'Article' => array( 'id' => '2107', 'article_category_id' => '160', 'title' => 'Corptoon Vol 3 Issue 37', 'sub_title' => '', 'summary' => null, 'content' => '', 'published' => true, 'created' => '2013-11-11', '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' => 'Corptoon Vol 3 Issue 37', 'sortorder' => '1952', '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' => '2105', 'article_category_id' => '105', 'title' => 'Sinless City', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">After arriving in Nepal a tourist asked his guide if there was a red-light area at least in places like Thamel of Kathmandu. The guide replied. ‘No unfortunately, there is no prostitution in Nepal since 1991 – not even in Thamel or Jhamel.’</span></div> <div> </div> <div> The tourist again asks: ‘What do your errant young men and the rich do for their pleasure?’</div> <div> </div> <div> The guide replies: ‘They go to Thailand, Europe or India.’ <strong> -ML</strong></div>', 'published' => true, 'created' => '2013-11-11', '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' => 'After arriving in Nepal a tourist asked his guide if there was a red-light area at least in places like Thamel of Kathmandu. The guide replied. ‘No unfortunately, there is no prostitution in Nepal since 1991 – not even in Thamel or Jhamel.’', 'sortorder' => '1951', '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' => '2102', 'article_category_id' => '145', 'title' => 'Microfinance For Rural Financing', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 12px;">--By Krishna Pradhan</strong></div> <div> </div> <div> M<span style="font-size: 12px;">icrofinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance. </span></div> <div> </div> <div> It is, however, ridiculous that the government is yet to realize achievement of this sector. A provision in this year’s budget, expresses government’s commitment to utilize microfinance as an effective means to provide finance in rural parts of the nation. The provision brings to light the government’s ignorance about the development of microfinance sector in Nepal over the last two decades.</div> <div> </div> <div> The budgetary provision is very much ambiguous in itself. For instance, it has mentioned the provision of propelling expansion of microfinance sector but it has not included any concrete measures. The rhetorical budget does not make any sense. </div> <div> </div> <div> In my opinion, we need to expand microfinance in the urban areas now. Central Bank has been doing good to promote microfinance throughout the country. However, we cannot take microfinance sector to the next level unless the government extends support. It is time that the government takes some concrete measures to accelerate the expansion of microfinance across the country. </div> <div> </div> <div> There are some obvious reasons why the government should be involved in expansion of microfinance. Poverty eradication is, in principle, government’s obligation. Poverty reduction is not concerned only to data comparison. The overall poverty situation across the nation has not improved significantly. People below absolute poverty line still remain crushed despite pumping billions worth budget every year. Around 25 percent population is still living below the national poverty line. </div> <div> </div> <div> It is worthwhile to mention here that around 1.5 million people have been directly benefited from microfinance over the last two decades. Similarly, around 7 million people have indirectly benefited from the microfinance. </div> <div> </div> <div> Despite some wrong practices in the sector, microfinance has contributed much to bring the rural economy in formal channel and in developing banking habit in remote villages. Poor people in the village have been involved in various income generation activities after establishment of microfinance institution in the villages. This has contributed in reducing poverty. Microfinance institutions are especially useful for those who cannot afford collateral while borrowing money from banks. </div> <div> </div> <div> </div> <div> Microfinance can substantially improve living standards of rural and urban poor if the government can propel its growth in a positive way through the introduction of appropriate policies. The government should take both direct and indirect measures to promote microfinance. Subsidy in corporate tax and certain percent tax exemption in the profit are some tangible measures that the government can adopt to promote microfinance sector. Similarly, the government should provide facilities to employees of microfinance institutions since they work in the rural areas. Tax exemption in the income of employees of microfinance institutions can stimulate them to work in the rural areas. The government can give tax exemption to microfinance employees whose yearly income is less than Rs 0.5 million. </div> <div> </div> <div> The government should also facilitate in the treasury management sector of microfinance. The government can deposit certain percent of collected revenue amount to the Grameen Swabalamban Kosh (GSK) and can convert it into the National Microfinance Fund. The money collected in the fund should be used in the welfare of microfinance institutions. Similarly, the government should also ensure health insurance of the employees working for microfinance institutions. </div> <div> </div> <div> The government should utilize microfinance institutions to generate employment opportunities in the country since microfinance has been very effective in launching income-generation activities at the grassroots level. The government should come up with a clear vision rather than rhetorical phrases in the development of microfinance. </div> <div> </div> <div> <em>(Writer is former executive director at Nepal Rastra Bank )</em></div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Microfinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance.', 'sortorder' => '1950', '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' => '2104', 'article_category_id' => '144', 'title' => 'Qatar Labour Issue: A National Shame', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">I</span><span style="font-size: 12px;">t is a national shame that neither Nepal government nor human right activists came up with strong voices against inhuman treatment for Nepali workers in Qatar. </span></div> <div> </div> <div> A recent report by The Guardian on the Nepali migrant labour’s inhuman condition in Qatar, created hue and cry in the international arena. The report brought to fore how Qatar has been mistreating Nepali migrant workers by disregarding its commitment to international human and labour laws. The report portrayed how Nepali migrant workers were treated as modern-day slaves by Qatar. Maya Kumari Sharma, the Nepali ambassador to Qatar was right when she termed Qatar as an “open jail” for Nepali labourers. Though she was castigated for that remark, the new revelation has vindicated her. </div> <div> </div> <div> In spite of condemning mistreatment to Nepali migrant workers in Qatar, Nepal government tried to protect the Qatar government. </div> <div> </div> <div> The government did not even dare to write to Qatar government formally asking it to end inhuman behaviour against Nepali workers. In a sense, the government proved itself to be inefficient, submissive and coward that failed to speak up against injustice faced by its citizens. Even the Non-Resident Nepali Association (NRNA) that recently set up a fund to help Nepalis who fall in trouble in foreign land, has not uttered a single word in response to this report.</div> <div> </div> <div> Labour exploitation has been considered as modern day human slavery. All nations that import human resources from second countries should respect and abide by international labour laws. Qatar should immediately take actions to translate its commitment to international labour rights into practice and treat Nepali labourers with due respect and provide them working conditions that will enable them to contribute to its development in a dignified manner. </div> <div> </div> <div> Guardian’s report did initiate discussion about Qatar’s treatment of migrant workers in the international arena. International community took up the issue with the Qatari authorities. But unfortunately, Nepal government lagged behind in this. This report should also prompt Nepal to review its policy related to labour export and Nepalis living abroad. Every country with some self-respect deals in a very serious manner when its citizens living abroad face some trouble. Such countries do not shy away from spending a lot of national resources to rescue their citizens when they are in trouble in a foreign land. And they take up the issue seriously to provide justice to those mistreated in the foreign land. </div> <div> </div> <div> Equally important for Nepal is to stop basking on the foreign exchange earning that the migrant Nepali labourers send home. Rather it should reflect why the Nepalis are going abroad for employment. They go abroad because the employment opportunities in Nepal are shrinking, not increasing, thanks to the anarchy that is ruling the country for about two decades. Due to this lawlessness, investment is not increasing in Nepal and without increased investment there will be no additional employment opportunities created. </div> <div> </div> <div> Nepal should also think of the situation when there will be mass return of the Nepali migrant workers fed up with the mistreatment in the foreign land or deported by the countries where they are working now. Such deportation has already started from countries like Saudi Arabia and Malaysia. </div> <div> </div> <div> Nepal authorities should bear in mind that the social unrest in Nepal is muted till now because most of the able-bodied unemployed youth go out of the country in search of jobs. When such migrants return in mass, and find that they cannot get job here, the country will get into another round of similar (or even bigger scale) bloodbath that it saw just a decade ago.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'It is a national shame that neither Nepal government nor human right activists came up with strong voices against inhuman treatment for Nepali workers in Qatar.', 'sortorder' => '1949', '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' => '2103', 'article_category_id' => '145', 'title' => 'Job Losses: Shipping Out', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">T</span><span style="font-size: 12px;">he first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.</span></div> <div> </div> <div> It's a decision that owes something to the politics of the United Kingdombut more to the needs of BAE, which is building the carriers. All future construction work will be done in Scotland, in the yards at Govan and Scotstoun. They will get the orders for type 26 frigates and three patrol boats to keep the yards ticking over until the new contracts are ready. As a result, a thousand of Portsmouth's 12,000 shipyard jobs will go – and since, according to the city's university, each 100 jobs in the dockyards supports another 66 beyond, the knock-on effects will be grim for the whole city. Almost as many jobs again will go on the Clyde. That's what happens when a whole political generation fails to develop an industrial strategy. It's another blow to the coalition promise to rebalance the economy.</div> <div> </div> <div> The defence secretary, Philip Hammond, did not try to hide the relevance of next year's Scottish independence referendum when he briefed MPs. No United Kingdom, no new shipbuilding contracts, which won't be ready until after the vote. In theory, Portsmouth can still hope – except the odds are heavily against the Scots voting "yes". But there's a logic to concentrating building in the north that's been recognised for at least three years: the political advantage, if there is one, of being able to threaten nationalist sympathisers with job losses is more of a bonus ball than a cynical calculation. Nor has the news taken Portsmouth by surprise. Councillors and employers have been working since 2010 on an innovative £1bn regeneration scheme, combining investment in infrastructure with new links between schools and the city's big employers aimed at getting key-sector growth in areas such as aerospace and environmental technology.</div> <div> </div> <div> It might not have been such a haul if, 30 years ago, politicians had considered a private-sector response to the consequences of shrinking the navy that Margaret Thatcher's first defence review precipitated. Some niche yacht-building did grow to take up a little of the slack, but this year Sunseeker, the last British-owned yard, based in Dorset, was bought out by the Chinese. And what was really needed was a focus on what has turned out to be the growth area in shipbuilding: the luxury cruise liner business. Instead they are built in Korea, Norway, Finland, France, Germany and Italy. Anywhere except the UK.</div> <div> <em> (Source: theguardian.com)</em></div>', 'published' => true, 'created' => '2013-11-11', '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' => 'The first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.', 'sortorder' => '1948', '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' => '2101', 'article_category_id' => '141', 'title' => 'Nepal Political Economic News In Brief ( 11 - 17 November 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:14px;"><strong>Kharel’s Promotion Challenged </strong></span></div> <div> Deputy Inspector General (DIG) Parbati Thapa filed a writ petition last Thursday at the Supreme Court challenging the promotion of DIG Upendra Kanta Aryal to the post of Additional Inspector General (AIG). DIG Thapa, in her writ petition, has demanded the revocation of the government decision to promote Aryal to the post of AIG arguing that this promotion was a violation of the seniority provision in the Nepal Police. She has made Office of Council of Ministers, Ministry of Home and Nepal Police hadquarters as the defendants in her writ petitions. </div> <div> </div> <div> <span style="font-size:14px;"><strong>NRNA Former Vice-president Shah Joins Congress</strong></span></div> <div> Former vice-president of Non Nepal Resident Association (NRNA), Rameshwar Shah, joined Nepali Congress (NC) last Wednesday. NC president Sushil Koirala provided party’s general membership to Shah amid a programme held at Koirala’s residence, Maharajgunj. Shah, a businessman in Middle East, was an aspirant for the president of the NRNA, who later withdrew his candidacy to lend his support to Shesh Ghale, who won the election. Speaking at a programme to welcome his entry, Shah claimed that the economic prosperity in the nation was only possible through the principle, policy and ideology of the NC. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Singh Rejects 26 Seats Offer to CPN-Maoist </strong></span></div> <div> Nepali Congress (NC) general secretary Prakashman Singh has taken exception towards the remarks by some top leaders that 26 seats could be provided to the poll opposing party CPN-Maoist to bring it in the Constituent Assembly. Speaking at a programme in capital last Thursday, Singh said,“Nobody has a right to distribute the seats of Constituent Assembly that are to be filled by cabinet appointment.” </div> <div> </div> <div> <span style="font-size:14px;"><strong>“Local bodies’ election soon after CA polls”</strong></span></div> <div> Nepali Congress president Sushil Koirala has said that the election of the local bodies will be held immediately after the Constituent Assembly (CA) polls. Stating that the development works have been badly affected due to the absence of elected representatives at VDC and municipalities for a long period of time, he said the polls of the local bodies will be held soon after the CA polls. Speaking at a programme in capital last Wednesday, he said that there were no doubts of Constituent Assembly polls being held on the scheduled date of November 19. </div> <div> </div> <div> <span style="font-size:14px;"><strong>“Hindu kingdom support not an intervention”</strong></span></div> <div> Rastriya Prajatantra Party Nepal (RPP Nepal) chairman Kamal Thapa has argued that the foreign supports for the movement to restore hindu kingdom in Nepal cannot be called as an intervention. Speaking at a programme in capital last Wednesday, he claimed that more than one billion Hindu followers thorough out the world have expressed their solidarity and support towards the movement for reviving hindu kingdom in Nepal. He said that the movement has won the accolades not only from hindus of India but all over the world.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Dahal Hopeful of Garnering Majority </strong></span></div> <div> UCPN (Maoist) Chairman Pushpa Kamal Dahal has claimed that people across the country will make the UCPN (Maoist) victorious with majority in the Constituent Assembly (CA) polls.Addressing a mass meeting in Simara last Friday as a part of party’s Mechi-Mahakali Awareness Campaign, Dahal said that a stable government would be formed from the new CA.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Deputy Inspector General (DIG) Parbati Thapa filed a writ petition last Thursday at the Supreme Court challenging the promotion of DIG Upendra Kanta Aryal to the post of Additional Inspector General (AIG). DIG Thapa, in her writ petition, has demanded the revocation of the government decision to promote Aryal to the post of AIG arguing that this promotion was a violation of the seniority provision in the Nepal Police.', 'sortorder' => '1947', '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' => '2100', 'article_category_id' => '140', 'title' => 'Weekly Round Up (04 - 10 November 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> •As the election is round the corner, the poll-opposing CPN-Maoist –led 33-party alliance has vowed to enforce the 10-day long banda that it has announced as part of the protest programmes in a bid to foil the CA polls. The Banda has drawn criticisms from various quarters. The international community led by the UN has issued a press release last week condemning the banda by the CPN-Maoist. The international community has said that such programme will violate the political rights of the people and is against the law of Nepal. It has also urged the CPN-Maoist-led alliance to withdraw the banda programme immediately. Likewise, Federation of Nepal Chambers of Commerce and Industry (FNCCI) and Confederation of Nepalese Industries (CNI) have also urged the CPN-Maoist to withdraw the banda. FNCCI president Suraj Baidya has even warned to defy the banda if CPN-Maoist does not withdraw it immediately. </div> <div> </div> <div> •Though the peak tourism season is approaching, entrepreneurs have predicted that the number of tourist arrival may go down this year as the political uncertainty looms ahead due to the CA polls. As the country is likely to observe disturbances, violence and protests before and after the polls, the US has issued a travel alert to its citizens while travelling to Nepal. The US is the fourth largest tourist market source to Nepal. The hotel entrepreneurs have also said that the tourists have started cancelling their reservations at the hotels. Tourism entrepreneurs have lamented that the political uncertainty in Nepal has painted a negative picture of the country in the international front resulting adverse impact to their business. </div> <div> </div> <div> •Malaysia has hiked its visa fee by six folds. Malaysia, which is one of the most sought destinations for the Nepali workers, has increased its visa fee to Rs 4,200 from Rs 700. The hike of the visa fee will add on the burden to the aspiring Nepali workers for the Malaysia. Though the government has set a ceiling of Rs 80,000 for the manpower company to charge the aspiring worker, the manpower agencies have been opposing the ceiling amount complaining that such amount was not practical as that does not include the commission amount to be paid in Malaysia. The manpower companies are charging more than that ceiling amount. With the rise of the visa fees, the ceiling amount set by the government will be more impractical.</div> <div> </div> <div> •Nepal Rastra Bank (NRB) has called proposals from the commercial banks to deposit the amount worth Rs 2.26 billion that the central bank has in different funds. The NRB has asked the interested commercial banks to submit the proposals by Monday. The interested banks can apply with the proposed interest rate. The NRB has also set some criteria for the commercial banks who can apply for such fixed deposit amounts. According to the NRB, only those commercial banks are eligible to apply that are operating for at least two years and have issued shares to the public.</div> <div> </div> <div> •The Nepali currency has once again slumped past the Rs 100 mark per dollar last week. Nepal Rastra Bank, the central monetary authority, fixed an exchange rate of Rs 100.32 per US dollar last Saturday. Nepali currency had continued to weaken for last 3 months and had hit the lowest of Rs 109.03 on September 4. The last time the Nepali currency had dropped past Rs 100 mark was on August 20. </div> <div> </div> <div> •As the Tihar festival concludes, the gold price has also started falling. According to the Federation of Gold and Silver Dealers’ Association (NEGOSIDA), the gold was traded at Rs 56,400 per tola on November 1, the eve of the Tihar festival. However, it decreased by Rs 400 on per tola last Friday. The precious yellow metal was traded at Rs 56,000 per tola on the day. A trader attributed the price fall to the decrease of demands in the market as well as the fluctuation of the bullion price at the international market.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'As the election is round the corner, the poll-opposing CPN-Maoist –led 33-party alliance has vowed to enforce the 10-day long banda that it has announced as part of the protest programmes in a bid to foil the CA polls. The Banda has drawn criticisms from various quarters. The international community led by the UN has issued a press release last week condemning the banda by the CPN-Maoist.', 'sortorder' => '1946', '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' => '2099', 'article_category_id' => '140', 'title' => 'Amid Sporadic Cases Of Violence, Election Euphoria Grips The Country', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 12px;">--By Sagar Ghimire</strong></div> <div> </div> <div> W<span style="font-size: 12px;">ith the Constituent Assembly polls just a week away, the election fever has gripped the whole country. Political parties and their candidates are making their last ditch efforts to coax the voters to bring them to their favour with pledges of constitution as well as lofty promises of development works. The Election Commission has said that it has intensified its preparation for the polls in a war-footing level, while the government is trying its best to assure the people that it can adequately provide security to them. However, the poll opposing CPN-Maoist-led 33-party alliance has also rolled up its sleeves to foil the election plans. Mohan Baidya-led CPN-Maoist has announced a 10-day nationwide banda (general shutdown) to begin from November 11. Amid the election campaigns of the parties, cases of attacks upon the candidates, arson, vandalism and bomb plantation are reported across the country. </span></div> <div> </div> <div> While asked by The Corporate about the involvement of the CPN-Maoist on those cases, a CPN-Maoist leader denied its hand, but ambiguously said that ‘people have boycotted the polls’. </div> <div> </div> <div> Despite sporadic cases, the election, till this scribe went to press on Sunday, has remained largely peaceful throughout the country.</div> <div> </div> <div> The guessing games, claims, counter claims, prediction and analysis about the election results even before voting starts indicates the growing election euphoria across the country. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Govt strategy towards poll detractors: Arrest on the spot</strong></span></div> <div> The government has said that it will take stern action against those trying to enforce the banda. Home Minister, Madhav Prashad Ghimire, said that the government will not leave anybody who breaks the law. Minister Ghimire said, “I have ordered the security force to arrest and prosecute immediately anybody who comes to the street to impose the banda.” According to the Home Ministry, 62,000 army personnel, 1 hundred and 10 thousand police, 32 thousand armed police and 45 thousand temporary police have been deployed for the security of the polls. </div> <div> </div> <div> Likewise, the government has also urged the people to contact the local administration in case their free mobility is obstructed, properties damaged, public properties damaged and acts of arson and forceful deeds committed. </div> <div> </div> <div> The government has also said that it will provide the compensation up to 90 per cent to the public vehicles if they are damaged or destroyed while plying in the street during the polls. Chief District Officer has been authorised to provide up to Rs 25 thousand reliefs to the affected person during the course of polls.</div> <div> </div> <div> <span style="font-size:14px;"><strong>EC distributing temporary voter cards</strong></span></div> <div> The Election Commission has said it has completed printing temporary voter identity cards and will distribute them in all the 75 districts by November 17. According to the EC, it will use 15,000 volunteers and government staffers for the distribution of the cards. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Dhungel, Fakir Candidacy Scrapped</strong></span></div> <div> Election Commission has cancelled the candidacy of two UCPN (Maoist) candidates, Bal Krishna Dhungel and Usha Shah Fakir, stating that those candidates were ineligible to contest the CA polls. The EC has annulled the candidacy of Dhungel based on the complaint lodged by Ram Kumari Jhakri of CPN (UML). Dhungel was sentenced for life imprisonment by the Supreme Court in 2010 on murder charges. </div> <div> </div> <div> Similarly, EC has annulled the candidacy of Fakir based on the complaint that she is the commissioner of National Muslim Commission. A person is not eligible to contest the polls if (s)he holds any public post and entertains facilities provided by the state.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Victory not a cakewalk for top guns</strong></span></div> <div> This election is going to be an uphill battle for some of the top leaders of the major political parties. UCPN (Maoist) chairman Pushpa Kamal Dahal is contesting from Kathmandu Constituency 10 and Siraha 5. Dahal, who won the last CA polls from Kathmandu 10 with a huge margin of votes, is facing a hard time this time due to the party split and strong candidates challenging him. </div> <div> </div> <div> Another leader of the UCPN (Maoist) Baburam Bhattarai is in the race from Rupandehi-4 and and Gorkha-1. In Rupandehi-4, CPN (UML) leader Bishnu Poudel will pose a big challenge to Bhattarai to win the election. Given to the Poudel’s stronghold in Butwal, a city under the Rupandehi-4, due to his contribution for the development works, it will be a tough for Dr Bhattarai to win from this constituency.</div> <div> </div> <div> Nepali Congress president Sushil Koirala is in the fray from Chitwan-4 and Banke-3. Though Banke-3 is his home constituency, from Chitwan it would be tough fight for him as his own partyman Bikash Koirala (former Chitwan district president) has fielded his candidacy. Popular among the Chitwan locals, Bikash will be a big trouble for NC boss Sushil Koirala to ensure the victory. Similarly, NC vice-president Ram Chandra Poudel is also facing his own party’s dissident candidate-Purna Bahadur Gurung- in Tanahu-2. </div> <div> </div> <div> UML chairman Jhalanath Khanal is also facing a big challenge in Ilam-1. As the leaders supporting the ethnicity-based federalism deserted the UML to form their own party, their influence in the ethnic dominated Ilam-1 will be a bed of thorns for Khanal to win the elections like in those of previous polls.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'With the Constituent Assembly polls just a week away, the election fever has gripped the whole country. Political parties and their candidates are making their last ditch efforts to coax the voters to bring them to their favour with pledges of constitution as well as lofty promises of development works. The Election Commission has said that it has intensified its preparation for the polls in a war-footing level, while the government is trying its best to assure the people that it can adequately provide security to them.', 'sortorder' => '1945', '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' => '2096', 'article_category_id' => '138', 'title' => 'Starting A Business In Nepal Becoming Faster And Easier: IFC', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> O<span style="font-size: 12px;">ver the past year, Nepal made rules and provisions that has made it much easier to start a new business, says a World Bank Group report. According to the report published by the International Finance Corporation (IFC) on 29th October, the administrative and processing time hassles at the Office of the Company Registrar (OCR) have been reduced significantly. “This was achieved by reducing administrative processing times at the company registrar and establishing data links between agencies involved in the incorporation process,” states the report. </span></div> <div> </div> <div> The report entitled ‘Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises’ ranks Nepal 105th out of 189 global economies. Nepal ranked 108th last year. In terms of helping create a better environment for local entrepreneurs, Nepal ranks third in the eight South Asian economies surveyed, surpassed only by Sri Lanka and Maldives. The country’s rank in Starting a Business topic is 97, compared to 103 in 2013. “A congenial business environment is important for Nepal’s economic growth”, said Val S. Bagatsing, IFC Resident Representative in Nepal. “We are encouraged by the rapid pace of reform in Nepal which will attract more investment and create jobs in the country.” The report benchmarks performance of economies in ten indicators: starting a business, availability of electricity, availability of credit, dealing with construction permits, property registration, protection of investors, tax provisions, trans-border trading, contract enforcements and resolving insolvency. </div> <div> </div> <div> The IFC report finds that South Asia leads the world in implementing business regulatory reforms in 2012/13. Six of eight economies in the region completed 11 reforms simplifying the process of starting a business, strengthening access to credit, or easing the process for paying taxes. Sri Lanka was the best performing economy in the South Asia region securing 85th position whereas India ranked 134th in the index followed by Bhutan (141) and Afghanistan (164). Similarly, Maldives, Pakistan and Bangladesh secured 95th, 110th and 130th positions respectively. </div> <div> </div> <div> Singapore tops the global ranking on the ease of doing business. Similarly, Hong Kong, China, New Zealand, United States, Denmark, Malaysia, Republic of Korea, Georgia, Norway, and the United Kingdom secured the top 10 spot of economies with the most business-friendly regulations. Meanwhile, Libya (187), Central African Republic (188) and Chad (189) were lowest ranking economies in the index. </div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Over the past year, Nepal made rules and provisions that has made it much easier to start a new business, says a World Bank Group report. According to the report published by the International Finance Corporation (IFC) on 29th October, the administrative and processing time hassles at the Office of the Company Registrar (OCR) have been reduced significantly.', 'sortorder' => '1944', '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' => '2098', 'article_category_id' => '139', 'title' => 'Nepal And The World News In Brief ( 11 - 17 November 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:14px;"><strong>Gold Falls to 1 Month Low</strong></span></div> <div> Gold dropped 1.7 percent on Friday, notching its biggest one-day fall in more than a month, as surprisingly strong US jobs data raised the prospect of Federal Reserve’s tapering of the quantitative easing (QE) . Spot gold was down 1.7 percent at $1,285.06 an ounce. US Comex gold futures for December settled down $23.90 at $1,284.60 an ounce. </div> <div> </div> <div> <span style="font-size:14px;"><strong>France’s Credit Rating Downgraded</strong></span></div> <div> Ratings agency Standard and Poor’s cut France’s sovereign credit rating to AA from AA+ on Friday, citing lack of progress in government reforms of the country’s economy. The agency revised the country’s sovereign credit outlook up to stable from negative, however.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Growth Pick Up in US Economy</strong></span></div> <div> The US economy grew at an annual pace of 2.8% in the third quarter of the year, latest figures have shown.The growth rate was faster than expected, and was an improvement on the 2.5% pace seen in the previous quarter. Growth was lifted by rising exports, businesses restocking shelves and a pick-up in home construction.</div> <div> </div> <div> <span style="font-size:14px;"><strong>India Eases Rules for Foreign Banks</strong></span></div> <div> India’s central bank has unveiled new rules that will allow foreign banks to expand their presence in the country. Foreign banks will now be allowed to set up “wholly owned subsidiaries” in India, which will enable them to open branches anywhere in the country. The subsidiaries will need a minimum capital of 5bn rupees ($80m). The changes are a part of the push by the central bank’s new governor, Raghuram Rajan, to liberalise the sector as he looks to boost growth.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Financial Crisis Hits Happiness Levels</strong></span></div> <div> Countries worst hit by the global financial crisis saw their happiness levels fall as a result, a survey has suggested. According to the Organisation for Economic Co-operation and Development (OECD), levels of “life satisfaction” fell sharply between 2007 and 2012 in countries like Greece and Spain. Trust in governments also deteriorated over that time. The OECD said the findings showed the far-reaching impact of the crisis.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Gold dropped 1.7 percent on Friday, notching its biggest one-day fall in more than a month, as surprisingly strong US jobs data raised the prospect of Federal Reserve’s tapering of the quantitative easing (QE) . Spot gold was down 1.7 percent at $1,285.06 an ounce. US Comex gold futures for December settled down $23.90 at $1,284.60 an ounce.', 'sortorder' => '1943', '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' => '2023', 'article_category_id' => '138', 'title' => 'Nepal To Achieve Mid-Range Economic Growth: WB', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> The World Bank has forecasted that Nepal is heading for a mid-range economic growth of 4 - 4.5 per cent in the fiscal year 2014. The major international lender said that with improvements in some macroeconomic indicators, Nepal's economy will continue to recover from last FY's meager 3.6 per cent growth. "Remittance will continue to support services sector growth and aggregate demand," the bank's latest Nepal Development Update report mentioned. Similarly, the bank projected that public spending will pick up sharply in FY 2014, boosting the overall economy. </div> <div> </div> <div> The bank noted political instability as the major obstacle to achieve higher growth trajectory. "Political instability clouded the outlook in FY 2013 and remains the principal source of vulnerability going forward," states the report. "It is time for Nepal to shift its focus from politics to economics," said Johannes Zutt, World Bank Country Director for Nepal and Bangladesh in an interaction programme with journalists during the launch of the report on Thursday, “While the political process continues, it is important to focus on economic and development prospects." He mentioned that Nepal's current economic growth is not high enough to reduce poverty. "Nepal should achieve GDP growth of 7 - 9 per cent for sustainable economic growth," Zutt stressed. </div> <div> </div> <div> Despite the mid-range growth rate, the bank pointed out bottlenecks in access to modern energy, transportation and financial sector as hindrances to achieve higher growth trajectory. Regarding the recent foreign exchange rate volatility, the bank expressed that the depreciation of rupee should be taken as a cause for concern not as panic. "Fears of serious negative economic consequences are mostly exaggerated, although some specific groups and sectors of the economy might lose out," states the report. The bank suggested that Nepal should maintain the existing currency rate peg between Nepali rupee (NPR) and Indian rupee (INR). "Given the significant integration of the Nepali and Indian economies, the peg makes a lot of sense, any adjustment to the peg would sharply disturb the flow of goods and capital between the two countries by adding significant uncertainty to trans-border transaction," the report adds. </div> <div> </div> <div> Presenting the report, Aureilien Kruse, the Senior Country Economist at the World Bank's Nepal office termed rupee depreciation as an 'alignment' as it had appreciated above target levels. Kruse said that while the currency depreciation has pushed up Nepal's import bills and led to a rise in inflation rate, there are other benefitting factors too. "A depreciated rupee can be translated into stronger incomes from remittances and exports," he said. Though the bank didn't present any exact figure, Kruse projected the inflation in Nepal to remain at 'high single-digit' in coming FY as increasing fiscal expenditures and the upcoming elections will further push up the consumer price levels. </div>', 'published' => true, 'created' => '2013-10-28', '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' => 'The World Bank has forecasted that Nepal is heading for a mid-range economic growth of 4 - 4.5 per cent in the fiscal year 2014. The major international lender said that with improvements in some macroeconomic indicators, Nepal's economy will continue to recover from last FY's meager 3.6 per cent growth. "Remittance will continue to support services sector growth and aggregate demand," the bank's latest Nepal Development Update report mentioned.', 'sortorder' => '1942', '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' => '2094', 'article_category_id' => '134', 'title' => '“This Budget Will Be Fully Accepted By The Coming Government”', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 14px;">Shanker Prasad Koirala</strong><span style="font-size: 14px;"> is Minister of Finance, Industry, and Commerce and Supplies since 18 March 2013. With more than 25 years of experience in bureaucracy, he believes that Nepal can achieve double digit economic growth if there is political stability in the country. In an interview with The Corporate’s <strong>Janardan Baral</strong>, he explains government’s plan of conducting second Constituent Assembly Election and his prospects for an economically prosperous Nepal. <strong>Excerpt: </strong></span></div> <div> </div> <div> <strong>How is the final preparation for the second constituent assembly going on?</strong></div> <div> This particular government has been formed for carrying out the election successfully and as such the main agenda is election. The required technical, legal and political resources have been met. Similarly, in the latter phase, the government has fully dedicated itself for holding elections peacefully. To achieve its objective it has adopted strict security measures so that citizens can freely go to the election booths and cast their votes.</div> <div> </div> <div> <strong>What is the progress on status of this year’s budget’s objectives? Especially those related to the objective of gaining ecomomic growth and stability. </strong></div> <div> The government had introduced the budget with the aim of strengthening the country’s economy. Since the initiation of the budget of the current fiscal year, we have been aiming to remove the tag “under developed” from Nepal and declare it a ‘developing’ nation by 2022. We have also introduced the concept paper for the three year action plan and we are balancing long term projects with budget and moving on. In the previous years, our economy’s highlight had always suffered from low economic growth hovering around 2-4 per cent. Since the whole of the economy is focusing on the upcoming CA elections, the development works are likely to be affected. However, due to improvement in certain economic variables, we have planned to raise our economic growth to 5.5 per cent. The International Monetary Fund has projected economic growth to be of 4.5 per cent. I strongly believe that the government is aiming towards the achievement of the stated economic growth. As such, the budget’s main priorities are to focus on making Nepal a load-shedding free country, connecting all 75 districts to road networks and to bring about substantial change in infrastructure development. </div> <div> </div> <div> <strong>Don’t you think there is a high probability of inflation in the economy as you brought an expansionary budget when the CA elections too are being held? </strong></div> <div> That is a very relevant question. In comparison to the previous years, the government has not compromised with the investment. As the budget was brought out in time, public expenditure has been carried out since the very beginning of the fiscal year. In the year of elections past savings are brought out and spent. We are well aware of inflation rate and we are trying to minimize it to single digit. According to the statistics provided by NRB, our inflation rate is around 8% and so, I don’t think it will have much effect in the strength of the currency. The country maybe under the pressure of elections and strikes, but it will not weaken the currency.</div> <div> </div> <div> <strong>Probably you say on the basis of the third month’s statistics provided by NRB. But, the impact of election expenditure as well as government expenditure can be seen only in the coming months. In such circumstances, what ways do you suggest to control inflation?</strong></div> <div> We have tried to control inflation through market monitoring. Concentrating on increasing domestic production may be the solution for the long run. On the other hand, as the exchange rate has stabilized, import should not lead to a rise in the price level.</div> <div> </div> <div> <strong>How are the activities of the current fiscal year being implemented?</strong></div> <div> This year the budget was announced on time and we expect the same in the coming year. We initiated the budget related work on the first of Shrawan itself. Out of the proposed programmes, only nine are pending approval from the National Planning Commission. We had planned to sign performance based management contract in projects of national pride. Such contracts are signed in all projects except three. Overall, I am satisfied with the progress in development projects. </div> <div> </div> <div> <strong>So, is the progress in programmes of national pride, such as black coating of mid-hill highway, initiation of east-west railway construction, Nijgadh airport and Melamchi project as per <span style="font-size: 12px;">the plan?</span></strong></div> <div> Yes, they are are not being carried out as planned. However, in case of West Seti Hydropower Project, construction of second international airport and some other projects, they are still in the study phase.</div> <div> </div> <div> <strong>What will be the consequences of CA elections in the country’s economy?</strong></div> <div> CA elections will have a positive impact on the country’s economy. It will kick-start the economic activities in the country. The current expenditure from government is enough to boom the economy. Similarly, the expenditure carried out by the government in elections will be utilized in the country itself in activities like- advertisements, awareness, printing etc. In one way, it is investment in the economy. Similarly, the economy will speed up as the past savings of the citizens and the political parties will flow out in the market. </div> <div> </div> <div> <strong>What kind of economy are you bequething to the upcoming government?</strong></div> <div> This is a very important subject. As the government was fully oriented towards CA elections, the budget was also independent of idealogies and impartial. The budget incorporated general development programmes of all the parties. Populist and distribution oriented programmes are not included. As such, it is the foundation for the country’s economic uplifting. I firmly believe that this budget will be fully accepted by the upcoming government and its finance minister.</div> <div> </div> <div> On the other hand, the economic indicators are also satisfactory. Banking sector is also steadily operating. The condition of share market is also strong, as per NEPSE’s indicators. The foreign currency reserve is also comfortable till date. The collection of revenue is also impressive. Though we had predicted the revenue increment to be 19.5% in the current fiscal year, it has reached almost 27% in the first four months. Overall, the economic indicators are positive.</div>', 'published' => true, 'created' => '2013-11-11', 'modified' => '2013-11-21', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Shanker Prasad Koirala is Minister of Finance, Industry, and Commerce and Supplies since 18 March 2013. With more than 25 years of experience in bureaucracy, he believes that Nepal can achieve double digit economic growth if there is political stability in the country. In an interview with The Corporate’s Janardan Baral, he explains government’s plan of conducting second Constituent Assembly Election and his prospects for an economically prosperous Nepal.', 'sortorder' => '1941', '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' => '2055', 'article_category_id' => '99', 'title' => 'Lunch And Dinner Specials At Hotel Annapurna', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> Arniko Room at Hotel Annapurna has come up with a new promotional offer for lunch and dinner. With this offer, customers can enjoy lunch with two meals for the price of one, which is available at Rs 1,800 for a couple. The lunch consists of a three course set meal. Also, guests can enjoy a four course set meal for four or more persons at Rs 1,000 per person. In addition to this, during the Arniko Hour (1-3pm), insurance companies, airlines and travel agencies are offered a discount of 25 per cent on all dishes for parties of four or more. Also, a mocktail is offered for free. </div> <div> </div> <div> The Dinner Specials offers a four course set meal for Rs 4,999 for a couple. The dinner is made more special with a complimentary bottle of Baccorasa Zonin Sparkling Rose Champaign. Another offer is a four course set meal at Rs 3,999 for a couple complimented with a bottle of Micheal Schneider Riesling or Bordeaux Chateau La Borie wine. All the prices are exclusive of taxes. The Arniko Room also offers take away between 2-3 pm with a 20 per cent discount on all dishes.</div>', 'published' => true, 'created' => '2013-10-29', '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' => 'Arniko Room at Hotel Annapurna has come up with a new promotional offer for lunch and dinner. With this offer, customers can enjoy lunch with two meals for the price of one, which is available at Rs 1,800 for a couple. The lunch consists of a three course set meal. Also, guests can enjoy a four course set meal for four or more persons at Rs 1,000 per person.', 'sortorder' => '1940', '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' => '2024', 'article_category_id' => '138', 'title' => 'US Issues Redesigned $100 Note', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> The United States Federal Reserve has begun supplying financial institutions with a redesigned $100 note that incorporates new security features to deter counterfeiters. According to a press statement by the US Embassy in Kathmandu, the redesigned $100 note includes two new security features: a blue 3-D security ribbon with images of bells and 100s, and a color-changing bell in an inkwell that will help businesses and consumers in figuring out the authenticity of the note. </div> <div> </div> <div> “The new features, and additional features retained from the previous design, such as a watermark, offer the public a simple way to visually authenticate the redesigned $100 note,” says the statement. The Federal Reserve, US Department of the Treasury, US Bureau of Engraving and Printing, and the US Secret Service partnered to redesign Federal Reserve notes to stay ahead of counterfeiting threats.</div> <div> </div> <div> The statement advised consumers worldwide that it is not necessary to trade in older-design $100 notes for new ones. “It is US government policy that all designs of US currency remain legal tender, regardless of when they were issued,” informed the embassy statement. The embassy suggested visiting the US government’s </div> <div> website - www.newmoney.gov to obtain more information about the new banknote.</div>', 'published' => true, 'created' => '2013-10-28', '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' => 'The United States Federal Reserve has begun supplying financial institutions with a redesigned $100 note that incorporates new security features to deter counterfeiters. According to a press statement by the US Embassy in Kathmandu, the redesigned $100 note includes two new security features: a blue 3-D security ribbon with images of bells and 100s, and a color-changing bell in an inkwell that will help businesses and consumers in figuring out the authenticity of the note.', 'sortorder' => '1939', '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
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!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' => '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' ) ), (int) 1 => array( 'Article' => array( 'id' => '2107', 'article_category_id' => '160', 'title' => 'Corptoon Vol 3 Issue 37', 'sub_title' => '', 'summary' => null, 'content' => '', 'published' => true, 'created' => '2013-11-11', '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' => 'Corptoon Vol 3 Issue 37', 'sortorder' => '1952', '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' => '2105', 'article_category_id' => '105', 'title' => 'Sinless City', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">After arriving in Nepal a tourist asked his guide if there was a red-light area at least in places like Thamel of Kathmandu. The guide replied. ‘No unfortunately, there is no prostitution in Nepal since 1991 – not even in Thamel or Jhamel.’</span></div> <div> </div> <div> The tourist again asks: ‘What do your errant young men and the rich do for their pleasure?’</div> <div> </div> <div> The guide replies: ‘They go to Thailand, Europe or India.’ <strong> -ML</strong></div>', 'published' => true, 'created' => '2013-11-11', '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' => 'After arriving in Nepal a tourist asked his guide if there was a red-light area at least in places like Thamel of Kathmandu. The guide replied. ‘No unfortunately, there is no prostitution in Nepal since 1991 – not even in Thamel or Jhamel.’', 'sortorder' => '1951', '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' => '2102', 'article_category_id' => '145', 'title' => 'Microfinance For Rural Financing', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 12px;">--By Krishna Pradhan</strong></div> <div> </div> <div> M<span style="font-size: 12px;">icrofinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance. </span></div> <div> </div> <div> It is, however, ridiculous that the government is yet to realize achievement of this sector. A provision in this year’s budget, expresses government’s commitment to utilize microfinance as an effective means to provide finance in rural parts of the nation. The provision brings to light the government’s ignorance about the development of microfinance sector in Nepal over the last two decades.</div> <div> </div> <div> The budgetary provision is very much ambiguous in itself. For instance, it has mentioned the provision of propelling expansion of microfinance sector but it has not included any concrete measures. The rhetorical budget does not make any sense. </div> <div> </div> <div> In my opinion, we need to expand microfinance in the urban areas now. Central Bank has been doing good to promote microfinance throughout the country. However, we cannot take microfinance sector to the next level unless the government extends support. It is time that the government takes some concrete measures to accelerate the expansion of microfinance across the country. </div> <div> </div> <div> There are some obvious reasons why the government should be involved in expansion of microfinance. Poverty eradication is, in principle, government’s obligation. Poverty reduction is not concerned only to data comparison. The overall poverty situation across the nation has not improved significantly. People below absolute poverty line still remain crushed despite pumping billions worth budget every year. Around 25 percent population is still living below the national poverty line. </div> <div> </div> <div> It is worthwhile to mention here that around 1.5 million people have been directly benefited from microfinance over the last two decades. Similarly, around 7 million people have indirectly benefited from the microfinance. </div> <div> </div> <div> Despite some wrong practices in the sector, microfinance has contributed much to bring the rural economy in formal channel and in developing banking habit in remote villages. Poor people in the village have been involved in various income generation activities after establishment of microfinance institution in the villages. This has contributed in reducing poverty. Microfinance institutions are especially useful for those who cannot afford collateral while borrowing money from banks. </div> <div> </div> <div> </div> <div> Microfinance can substantially improve living standards of rural and urban poor if the government can propel its growth in a positive way through the introduction of appropriate policies. The government should take both direct and indirect measures to promote microfinance. Subsidy in corporate tax and certain percent tax exemption in the profit are some tangible measures that the government can adopt to promote microfinance sector. Similarly, the government should provide facilities to employees of microfinance institutions since they work in the rural areas. Tax exemption in the income of employees of microfinance institutions can stimulate them to work in the rural areas. The government can give tax exemption to microfinance employees whose yearly income is less than Rs 0.5 million. </div> <div> </div> <div> The government should also facilitate in the treasury management sector of microfinance. The government can deposit certain percent of collected revenue amount to the Grameen Swabalamban Kosh (GSK) and can convert it into the National Microfinance Fund. The money collected in the fund should be used in the welfare of microfinance institutions. Similarly, the government should also ensure health insurance of the employees working for microfinance institutions. </div> <div> </div> <div> The government should utilize microfinance institutions to generate employment opportunities in the country since microfinance has been very effective in launching income-generation activities at the grassroots level. The government should come up with a clear vision rather than rhetorical phrases in the development of microfinance. </div> <div> </div> <div> <em>(Writer is former executive director at Nepal Rastra Bank )</em></div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Microfinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance.', 'sortorder' => '1950', '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' => '2104', 'article_category_id' => '144', 'title' => 'Qatar Labour Issue: A National Shame', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">I</span><span style="font-size: 12px;">t is a national shame that neither Nepal government nor human right activists came up with strong voices against inhuman treatment for Nepali workers in Qatar. </span></div> <div> </div> <div> A recent report by The Guardian on the Nepali migrant labour’s inhuman condition in Qatar, created hue and cry in the international arena. The report brought to fore how Qatar has been mistreating Nepali migrant workers by disregarding its commitment to international human and labour laws. The report portrayed how Nepali migrant workers were treated as modern-day slaves by Qatar. Maya Kumari Sharma, the Nepali ambassador to Qatar was right when she termed Qatar as an “open jail” for Nepali labourers. Though she was castigated for that remark, the new revelation has vindicated her. </div> <div> </div> <div> In spite of condemning mistreatment to Nepali migrant workers in Qatar, Nepal government tried to protect the Qatar government. </div> <div> </div> <div> The government did not even dare to write to Qatar government formally asking it to end inhuman behaviour against Nepali workers. In a sense, the government proved itself to be inefficient, submissive and coward that failed to speak up against injustice faced by its citizens. Even the Non-Resident Nepali Association (NRNA) that recently set up a fund to help Nepalis who fall in trouble in foreign land, has not uttered a single word in response to this report.</div> <div> </div> <div> Labour exploitation has been considered as modern day human slavery. All nations that import human resources from second countries should respect and abide by international labour laws. Qatar should immediately take actions to translate its commitment to international labour rights into practice and treat Nepali labourers with due respect and provide them working conditions that will enable them to contribute to its development in a dignified manner. </div> <div> </div> <div> Guardian’s report did initiate discussion about Qatar’s treatment of migrant workers in the international arena. International community took up the issue with the Qatari authorities. But unfortunately, Nepal government lagged behind in this. This report should also prompt Nepal to review its policy related to labour export and Nepalis living abroad. Every country with some self-respect deals in a very serious manner when its citizens living abroad face some trouble. Such countries do not shy away from spending a lot of national resources to rescue their citizens when they are in trouble in a foreign land. And they take up the issue seriously to provide justice to those mistreated in the foreign land. </div> <div> </div> <div> Equally important for Nepal is to stop basking on the foreign exchange earning that the migrant Nepali labourers send home. Rather it should reflect why the Nepalis are going abroad for employment. They go abroad because the employment opportunities in Nepal are shrinking, not increasing, thanks to the anarchy that is ruling the country for about two decades. Due to this lawlessness, investment is not increasing in Nepal and without increased investment there will be no additional employment opportunities created. </div> <div> </div> <div> Nepal should also think of the situation when there will be mass return of the Nepali migrant workers fed up with the mistreatment in the foreign land or deported by the countries where they are working now. Such deportation has already started from countries like Saudi Arabia and Malaysia. </div> <div> </div> <div> Nepal authorities should bear in mind that the social unrest in Nepal is muted till now because most of the able-bodied unemployed youth go out of the country in search of jobs. When such migrants return in mass, and find that they cannot get job here, the country will get into another round of similar (or even bigger scale) bloodbath that it saw just a decade ago.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'It is a national shame that neither Nepal government nor human right activists came up with strong voices against inhuman treatment for Nepali workers in Qatar.', 'sortorder' => '1949', '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' => '2103', 'article_category_id' => '145', 'title' => 'Job Losses: Shipping Out', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">T</span><span style="font-size: 12px;">he first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.</span></div> <div> </div> <div> It's a decision that owes something to the politics of the United Kingdombut more to the needs of BAE, which is building the carriers. All future construction work will be done in Scotland, in the yards at Govan and Scotstoun. They will get the orders for type 26 frigates and three patrol boats to keep the yards ticking over until the new contracts are ready. As a result, a thousand of Portsmouth's 12,000 shipyard jobs will go – and since, according to the city's university, each 100 jobs in the dockyards supports another 66 beyond, the knock-on effects will be grim for the whole city. Almost as many jobs again will go on the Clyde. That's what happens when a whole political generation fails to develop an industrial strategy. It's another blow to the coalition promise to rebalance the economy.</div> <div> </div> <div> The defence secretary, Philip Hammond, did not try to hide the relevance of next year's Scottish independence referendum when he briefed MPs. No United Kingdom, no new shipbuilding contracts, which won't be ready until after the vote. In theory, Portsmouth can still hope – except the odds are heavily against the Scots voting "yes". But there's a logic to concentrating building in the north that's been recognised for at least three years: the political advantage, if there is one, of being able to threaten nationalist sympathisers with job losses is more of a bonus ball than a cynical calculation. Nor has the news taken Portsmouth by surprise. Councillors and employers have been working since 2010 on an innovative £1bn regeneration scheme, combining investment in infrastructure with new links between schools and the city's big employers aimed at getting key-sector growth in areas such as aerospace and environmental technology.</div> <div> </div> <div> It might not have been such a haul if, 30 years ago, politicians had considered a private-sector response to the consequences of shrinking the navy that Margaret Thatcher's first defence review precipitated. Some niche yacht-building did grow to take up a little of the slack, but this year Sunseeker, the last British-owned yard, based in Dorset, was bought out by the Chinese. And what was really needed was a focus on what has turned out to be the growth area in shipbuilding: the luxury cruise liner business. Instead they are built in Korea, Norway, Finland, France, Germany and Italy. Anywhere except the UK.</div> <div> <em> (Source: theguardian.com)</em></div>', 'published' => true, 'created' => '2013-11-11', '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' => 'The first dockyard in Portsmouth was built on the orders of Richard I more than 800 years ago and the city has built ships for the Royal Navy almost ever since. But the city's hopes that its role in building the two new aircraft carriers, the Queen Elizabeth and the Prince of Wales, would revitalise shipbuilding at this most historic of sites are now dashed. On schedule but, at more than £6bn, shockingly over budget, they will instead be the last.', 'sortorder' => '1948', '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' => '2101', 'article_category_id' => '141', 'title' => 'Nepal Political Economic News In Brief ( 11 - 17 November 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:14px;"><strong>Kharel’s Promotion Challenged </strong></span></div> <div> Deputy Inspector General (DIG) Parbati Thapa filed a writ petition last Thursday at the Supreme Court challenging the promotion of DIG Upendra Kanta Aryal to the post of Additional Inspector General (AIG). DIG Thapa, in her writ petition, has demanded the revocation of the government decision to promote Aryal to the post of AIG arguing that this promotion was a violation of the seniority provision in the Nepal Police. She has made Office of Council of Ministers, Ministry of Home and Nepal Police hadquarters as the defendants in her writ petitions. </div> <div> </div> <div> <span style="font-size:14px;"><strong>NRNA Former Vice-president Shah Joins Congress</strong></span></div> <div> Former vice-president of Non Nepal Resident Association (NRNA), Rameshwar Shah, joined Nepali Congress (NC) last Wednesday. NC president Sushil Koirala provided party’s general membership to Shah amid a programme held at Koirala’s residence, Maharajgunj. Shah, a businessman in Middle East, was an aspirant for the president of the NRNA, who later withdrew his candidacy to lend his support to Shesh Ghale, who won the election. Speaking at a programme to welcome his entry, Shah claimed that the economic prosperity in the nation was only possible through the principle, policy and ideology of the NC. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Singh Rejects 26 Seats Offer to CPN-Maoist </strong></span></div> <div> Nepali Congress (NC) general secretary Prakashman Singh has taken exception towards the remarks by some top leaders that 26 seats could be provided to the poll opposing party CPN-Maoist to bring it in the Constituent Assembly. Speaking at a programme in capital last Thursday, Singh said,“Nobody has a right to distribute the seats of Constituent Assembly that are to be filled by cabinet appointment.” </div> <div> </div> <div> <span style="font-size:14px;"><strong>“Local bodies’ election soon after CA polls”</strong></span></div> <div> Nepali Congress president Sushil Koirala has said that the election of the local bodies will be held immediately after the Constituent Assembly (CA) polls. Stating that the development works have been badly affected due to the absence of elected representatives at VDC and municipalities for a long period of time, he said the polls of the local bodies will be held soon after the CA polls. Speaking at a programme in capital last Wednesday, he said that there were no doubts of Constituent Assembly polls being held on the scheduled date of November 19. </div> <div> </div> <div> <span style="font-size:14px;"><strong>“Hindu kingdom support not an intervention”</strong></span></div> <div> Rastriya Prajatantra Party Nepal (RPP Nepal) chairman Kamal Thapa has argued that the foreign supports for the movement to restore hindu kingdom in Nepal cannot be called as an intervention. Speaking at a programme in capital last Wednesday, he claimed that more than one billion Hindu followers thorough out the world have expressed their solidarity and support towards the movement for reviving hindu kingdom in Nepal. He said that the movement has won the accolades not only from hindus of India but all over the world.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Dahal Hopeful of Garnering Majority </strong></span></div> <div> UCPN (Maoist) Chairman Pushpa Kamal Dahal has claimed that people across the country will make the UCPN (Maoist) victorious with majority in the Constituent Assembly (CA) polls.Addressing a mass meeting in Simara last Friday as a part of party’s Mechi-Mahakali Awareness Campaign, Dahal said that a stable government would be formed from the new CA.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Deputy Inspector General (DIG) Parbati Thapa filed a writ petition last Thursday at the Supreme Court challenging the promotion of DIG Upendra Kanta Aryal to the post of Additional Inspector General (AIG). DIG Thapa, in her writ petition, has demanded the revocation of the government decision to promote Aryal to the post of AIG arguing that this promotion was a violation of the seniority provision in the Nepal Police.', 'sortorder' => '1947', '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' => '2100', 'article_category_id' => '140', 'title' => 'Weekly Round Up (04 - 10 November 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> •As the election is round the corner, the poll-opposing CPN-Maoist –led 33-party alliance has vowed to enforce the 10-day long banda that it has announced as part of the protest programmes in a bid to foil the CA polls. The Banda has drawn criticisms from various quarters. The international community led by the UN has issued a press release last week condemning the banda by the CPN-Maoist. The international community has said that such programme will violate the political rights of the people and is against the law of Nepal. It has also urged the CPN-Maoist-led alliance to withdraw the banda programme immediately. Likewise, Federation of Nepal Chambers of Commerce and Industry (FNCCI) and Confederation of Nepalese Industries (CNI) have also urged the CPN-Maoist to withdraw the banda. FNCCI president Suraj Baidya has even warned to defy the banda if CPN-Maoist does not withdraw it immediately. </div> <div> </div> <div> •Though the peak tourism season is approaching, entrepreneurs have predicted that the number of tourist arrival may go down this year as the political uncertainty looms ahead due to the CA polls. As the country is likely to observe disturbances, violence and protests before and after the polls, the US has issued a travel alert to its citizens while travelling to Nepal. The US is the fourth largest tourist market source to Nepal. The hotel entrepreneurs have also said that the tourists have started cancelling their reservations at the hotels. Tourism entrepreneurs have lamented that the political uncertainty in Nepal has painted a negative picture of the country in the international front resulting adverse impact to their business. </div> <div> </div> <div> •Malaysia has hiked its visa fee by six folds. Malaysia, which is one of the most sought destinations for the Nepali workers, has increased its visa fee to Rs 4,200 from Rs 700. The hike of the visa fee will add on the burden to the aspiring Nepali workers for the Malaysia. Though the government has set a ceiling of Rs 80,000 for the manpower company to charge the aspiring worker, the manpower agencies have been opposing the ceiling amount complaining that such amount was not practical as that does not include the commission amount to be paid in Malaysia. The manpower companies are charging more than that ceiling amount. With the rise of the visa fees, the ceiling amount set by the government will be more impractical.</div> <div> </div> <div> •Nepal Rastra Bank (NRB) has called proposals from the commercial banks to deposit the amount worth Rs 2.26 billion that the central bank has in different funds. The NRB has asked the interested commercial banks to submit the proposals by Monday. The interested banks can apply with the proposed interest rate. The NRB has also set some criteria for the commercial banks who can apply for such fixed deposit amounts. According to the NRB, only those commercial banks are eligible to apply that are operating for at least two years and have issued shares to the public.</div> <div> </div> <div> •The Nepali currency has once again slumped past the Rs 100 mark per dollar last week. Nepal Rastra Bank, the central monetary authority, fixed an exchange rate of Rs 100.32 per US dollar last Saturday. Nepali currency had continued to weaken for last 3 months and had hit the lowest of Rs 109.03 on September 4. The last time the Nepali currency had dropped past Rs 100 mark was on August 20. </div> <div> </div> <div> •As the Tihar festival concludes, the gold price has also started falling. According to the Federation of Gold and Silver Dealers’ Association (NEGOSIDA), the gold was traded at Rs 56,400 per tola on November 1, the eve of the Tihar festival. However, it decreased by Rs 400 on per tola last Friday. The precious yellow metal was traded at Rs 56,000 per tola on the day. A trader attributed the price fall to the decrease of demands in the market as well as the fluctuation of the bullion price at the international market.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'As the election is round the corner, the poll-opposing CPN-Maoist –led 33-party alliance has vowed to enforce the 10-day long banda that it has announced as part of the protest programmes in a bid to foil the CA polls. The Banda has drawn criticisms from various quarters. The international community led by the UN has issued a press release last week condemning the banda by the CPN-Maoist.', 'sortorder' => '1946', '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' => '2099', 'article_category_id' => '140', 'title' => 'Amid Sporadic Cases Of Violence, Election Euphoria Grips The Country', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 12px;">--By Sagar Ghimire</strong></div> <div> </div> <div> W<span style="font-size: 12px;">ith the Constituent Assembly polls just a week away, the election fever has gripped the whole country. Political parties and their candidates are making their last ditch efforts to coax the voters to bring them to their favour with pledges of constitution as well as lofty promises of development works. The Election Commission has said that it has intensified its preparation for the polls in a war-footing level, while the government is trying its best to assure the people that it can adequately provide security to them. However, the poll opposing CPN-Maoist-led 33-party alliance has also rolled up its sleeves to foil the election plans. Mohan Baidya-led CPN-Maoist has announced a 10-day nationwide banda (general shutdown) to begin from November 11. Amid the election campaigns of the parties, cases of attacks upon the candidates, arson, vandalism and bomb plantation are reported across the country. </span></div> <div> </div> <div> While asked by The Corporate about the involvement of the CPN-Maoist on those cases, a CPN-Maoist leader denied its hand, but ambiguously said that ‘people have boycotted the polls’. </div> <div> </div> <div> Despite sporadic cases, the election, till this scribe went to press on Sunday, has remained largely peaceful throughout the country.</div> <div> </div> <div> The guessing games, claims, counter claims, prediction and analysis about the election results even before voting starts indicates the growing election euphoria across the country. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Govt strategy towards poll detractors: Arrest on the spot</strong></span></div> <div> The government has said that it will take stern action against those trying to enforce the banda. Home Minister, Madhav Prashad Ghimire, said that the government will not leave anybody who breaks the law. Minister Ghimire said, “I have ordered the security force to arrest and prosecute immediately anybody who comes to the street to impose the banda.” According to the Home Ministry, 62,000 army personnel, 1 hundred and 10 thousand police, 32 thousand armed police and 45 thousand temporary police have been deployed for the security of the polls. </div> <div> </div> <div> Likewise, the government has also urged the people to contact the local administration in case their free mobility is obstructed, properties damaged, public properties damaged and acts of arson and forceful deeds committed. </div> <div> </div> <div> The government has also said that it will provide the compensation up to 90 per cent to the public vehicles if they are damaged or destroyed while plying in the street during the polls. Chief District Officer has been authorised to provide up to Rs 25 thousand reliefs to the affected person during the course of polls.</div> <div> </div> <div> <span style="font-size:14px;"><strong>EC distributing temporary voter cards</strong></span></div> <div> The Election Commission has said it has completed printing temporary voter identity cards and will distribute them in all the 75 districts by November 17. According to the EC, it will use 15,000 volunteers and government staffers for the distribution of the cards. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Dhungel, Fakir Candidacy Scrapped</strong></span></div> <div> Election Commission has cancelled the candidacy of two UCPN (Maoist) candidates, Bal Krishna Dhungel and Usha Shah Fakir, stating that those candidates were ineligible to contest the CA polls. The EC has annulled the candidacy of Dhungel based on the complaint lodged by Ram Kumari Jhakri of CPN (UML). Dhungel was sentenced for life imprisonment by the Supreme Court in 2010 on murder charges. </div> <div> </div> <div> Similarly, EC has annulled the candidacy of Fakir based on the complaint that she is the commissioner of National Muslim Commission. A person is not eligible to contest the polls if (s)he holds any public post and entertains facilities provided by the state.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Victory not a cakewalk for top guns</strong></span></div> <div> This election is going to be an uphill battle for some of the top leaders of the major political parties. UCPN (Maoist) chairman Pushpa Kamal Dahal is contesting from Kathmandu Constituency 10 and Siraha 5. Dahal, who won the last CA polls from Kathmandu 10 with a huge margin of votes, is facing a hard time this time due to the party split and strong candidates challenging him. </div> <div> </div> <div> Another leader of the UCPN (Maoist) Baburam Bhattarai is in the race from Rupandehi-4 and and Gorkha-1. In Rupandehi-4, CPN (UML) leader Bishnu Poudel will pose a big challenge to Bhattarai to win the election. Given to the Poudel’s stronghold in Butwal, a city under the Rupandehi-4, due to his contribution for the development works, it will be a tough for Dr Bhattarai to win from this constituency.</div> <div> </div> <div> Nepali Congress president Sushil Koirala is in the fray from Chitwan-4 and Banke-3. Though Banke-3 is his home constituency, from Chitwan it would be tough fight for him as his own partyman Bikash Koirala (former Chitwan district president) has fielded his candidacy. Popular among the Chitwan locals, Bikash will be a big trouble for NC boss Sushil Koirala to ensure the victory. Similarly, NC vice-president Ram Chandra Poudel is also facing his own party’s dissident candidate-Purna Bahadur Gurung- in Tanahu-2. </div> <div> </div> <div> UML chairman Jhalanath Khanal is also facing a big challenge in Ilam-1. As the leaders supporting the ethnicity-based federalism deserted the UML to form their own party, their influence in the ethnic dominated Ilam-1 will be a bed of thorns for Khanal to win the elections like in those of previous polls.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'With the Constituent Assembly polls just a week away, the election fever has gripped the whole country. Political parties and their candidates are making their last ditch efforts to coax the voters to bring them to their favour with pledges of constitution as well as lofty promises of development works. The Election Commission has said that it has intensified its preparation for the polls in a war-footing level, while the government is trying its best to assure the people that it can adequately provide security to them.', 'sortorder' => '1945', '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' => '2096', 'article_category_id' => '138', 'title' => 'Starting A Business In Nepal Becoming Faster And Easier: IFC', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> O<span style="font-size: 12px;">ver the past year, Nepal made rules and provisions that has made it much easier to start a new business, says a World Bank Group report. According to the report published by the International Finance Corporation (IFC) on 29th October, the administrative and processing time hassles at the Office of the Company Registrar (OCR) have been reduced significantly. “This was achieved by reducing administrative processing times at the company registrar and establishing data links between agencies involved in the incorporation process,” states the report. </span></div> <div> </div> <div> The report entitled ‘Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises’ ranks Nepal 105th out of 189 global economies. Nepal ranked 108th last year. In terms of helping create a better environment for local entrepreneurs, Nepal ranks third in the eight South Asian economies surveyed, surpassed only by Sri Lanka and Maldives. The country’s rank in Starting a Business topic is 97, compared to 103 in 2013. “A congenial business environment is important for Nepal’s economic growth”, said Val S. Bagatsing, IFC Resident Representative in Nepal. “We are encouraged by the rapid pace of reform in Nepal which will attract more investment and create jobs in the country.” The report benchmarks performance of economies in ten indicators: starting a business, availability of electricity, availability of credit, dealing with construction permits, property registration, protection of investors, tax provisions, trans-border trading, contract enforcements and resolving insolvency. </div> <div> </div> <div> The IFC report finds that South Asia leads the world in implementing business regulatory reforms in 2012/13. Six of eight economies in the region completed 11 reforms simplifying the process of starting a business, strengthening access to credit, or easing the process for paying taxes. Sri Lanka was the best performing economy in the South Asia region securing 85th position whereas India ranked 134th in the index followed by Bhutan (141) and Afghanistan (164). Similarly, Maldives, Pakistan and Bangladesh secured 95th, 110th and 130th positions respectively. </div> <div> </div> <div> Singapore tops the global ranking on the ease of doing business. Similarly, Hong Kong, China, New Zealand, United States, Denmark, Malaysia, Republic of Korea, Georgia, Norway, and the United Kingdom secured the top 10 spot of economies with the most business-friendly regulations. Meanwhile, Libya (187), Central African Republic (188) and Chad (189) were lowest ranking economies in the index. </div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Over the past year, Nepal made rules and provisions that has made it much easier to start a new business, says a World Bank Group report. According to the report published by the International Finance Corporation (IFC) on 29th October, the administrative and processing time hassles at the Office of the Company Registrar (OCR) have been reduced significantly.', 'sortorder' => '1944', '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' => '2098', 'article_category_id' => '139', 'title' => 'Nepal And The World News In Brief ( 11 - 17 November 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:14px;"><strong>Gold Falls to 1 Month Low</strong></span></div> <div> Gold dropped 1.7 percent on Friday, notching its biggest one-day fall in more than a month, as surprisingly strong US jobs data raised the prospect of Federal Reserve’s tapering of the quantitative easing (QE) . Spot gold was down 1.7 percent at $1,285.06 an ounce. US Comex gold futures for December settled down $23.90 at $1,284.60 an ounce. </div> <div> </div> <div> <span style="font-size:14px;"><strong>France’s Credit Rating Downgraded</strong></span></div> <div> Ratings agency Standard and Poor’s cut France’s sovereign credit rating to AA from AA+ on Friday, citing lack of progress in government reforms of the country’s economy. The agency revised the country’s sovereign credit outlook up to stable from negative, however.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Growth Pick Up in US Economy</strong></span></div> <div> The US economy grew at an annual pace of 2.8% in the third quarter of the year, latest figures have shown.The growth rate was faster than expected, and was an improvement on the 2.5% pace seen in the previous quarter. Growth was lifted by rising exports, businesses restocking shelves and a pick-up in home construction.</div> <div> </div> <div> <span style="font-size:14px;"><strong>India Eases Rules for Foreign Banks</strong></span></div> <div> India’s central bank has unveiled new rules that will allow foreign banks to expand their presence in the country. Foreign banks will now be allowed to set up “wholly owned subsidiaries” in India, which will enable them to open branches anywhere in the country. The subsidiaries will need a minimum capital of 5bn rupees ($80m). The changes are a part of the push by the central bank’s new governor, Raghuram Rajan, to liberalise the sector as he looks to boost growth.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Financial Crisis Hits Happiness Levels</strong></span></div> <div> Countries worst hit by the global financial crisis saw their happiness levels fall as a result, a survey has suggested. According to the Organisation for Economic Co-operation and Development (OECD), levels of “life satisfaction” fell sharply between 2007 and 2012 in countries like Greece and Spain. Trust in governments also deteriorated over that time. The OECD said the findings showed the far-reaching impact of the crisis.</div>', 'published' => true, 'created' => '2013-11-11', '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' => 'Gold dropped 1.7 percent on Friday, notching its biggest one-day fall in more than a month, as surprisingly strong US jobs data raised the prospect of Federal Reserve’s tapering of the quantitative easing (QE) . Spot gold was down 1.7 percent at $1,285.06 an ounce. US Comex gold futures for December settled down $23.90 at $1,284.60 an ounce.', 'sortorder' => '1943', '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' => '2023', 'article_category_id' => '138', 'title' => 'Nepal To Achieve Mid-Range Economic Growth: WB', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> The World Bank has forecasted that Nepal is heading for a mid-range economic growth of 4 - 4.5 per cent in the fiscal year 2014. The major international lender said that with improvements in some macroeconomic indicators, Nepal's economy will continue to recover from last FY's meager 3.6 per cent growth. "Remittance will continue to support services sector growth and aggregate demand," the bank's latest Nepal Development Update report mentioned. Similarly, the bank projected that public spending will pick up sharply in FY 2014, boosting the overall economy. </div> <div> </div> <div> The bank noted political instability as the major obstacle to achieve higher growth trajectory. "Political instability clouded the outlook in FY 2013 and remains the principal source of vulnerability going forward," states the report. "It is time for Nepal to shift its focus from politics to economics," said Johannes Zutt, World Bank Country Director for Nepal and Bangladesh in an interaction programme with journalists during the launch of the report on Thursday, “While the political process continues, it is important to focus on economic and development prospects." He mentioned that Nepal's current economic growth is not high enough to reduce poverty. "Nepal should achieve GDP growth of 7 - 9 per cent for sustainable economic growth," Zutt stressed. </div> <div> </div> <div> Despite the mid-range growth rate, the bank pointed out bottlenecks in access to modern energy, transportation and financial sector as hindrances to achieve higher growth trajectory. Regarding the recent foreign exchange rate volatility, the bank expressed that the depreciation of rupee should be taken as a cause for concern not as panic. "Fears of serious negative economic consequences are mostly exaggerated, although some specific groups and sectors of the economy might lose out," states the report. The bank suggested that Nepal should maintain the existing currency rate peg between Nepali rupee (NPR) and Indian rupee (INR). "Given the significant integration of the Nepali and Indian economies, the peg makes a lot of sense, any adjustment to the peg would sharply disturb the flow of goods and capital between the two countries by adding significant uncertainty to trans-border transaction," the report adds. </div> <div> </div> <div> Presenting the report, Aureilien Kruse, the Senior Country Economist at the World Bank's Nepal office termed rupee depreciation as an 'alignment' as it had appreciated above target levels. Kruse said that while the currency depreciation has pushed up Nepal's import bills and led to a rise in inflation rate, there are other benefitting factors too. "A depreciated rupee can be translated into stronger incomes from remittances and exports," he said. Though the bank didn't present any exact figure, Kruse projected the inflation in Nepal to remain at 'high single-digit' in coming FY as increasing fiscal expenditures and the upcoming elections will further push up the consumer price levels. </div>', 'published' => true, 'created' => '2013-10-28', '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' => 'The World Bank has forecasted that Nepal is heading for a mid-range economic growth of 4 - 4.5 per cent in the fiscal year 2014. The major international lender said that with improvements in some macroeconomic indicators, Nepal's economy will continue to recover from last FY's meager 3.6 per cent growth. "Remittance will continue to support services sector growth and aggregate demand," the bank's latest Nepal Development Update report mentioned.', 'sortorder' => '1942', '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' => '2094', 'article_category_id' => '134', 'title' => '“This Budget Will Be Fully Accepted By The Coming Government”', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong style="font-size: 14px;">Shanker Prasad Koirala</strong><span style="font-size: 14px;"> is Minister of Finance, Industry, and Commerce and Supplies since 18 March 2013. With more than 25 years of experience in bureaucracy, he believes that Nepal can achieve double digit economic growth if there is political stability in the country. In an interview with The Corporate’s <strong>Janardan Baral</strong>, he explains government’s plan of conducting second Constituent Assembly Election and his prospects for an economically prosperous Nepal. <strong>Excerpt: </strong></span></div> <div> </div> <div> <strong>How is the final preparation for the second constituent assembly going on?</strong></div> <div> This particular government has been formed for carrying out the election successfully and as such the main agenda is election. The required technical, legal and political resources have been met. Similarly, in the latter phase, the government has fully dedicated itself for holding elections peacefully. To achieve its objective it has adopted strict security measures so that citizens can freely go to the election booths and cast their votes.</div> <div> </div> <div> <strong>What is the progress on status of this year’s budget’s objectives? Especially those related to the objective of gaining ecomomic growth and stability. </strong></div> <div> The government had introduced the budget with the aim of strengthening the country’s economy. Since the initiation of the budget of the current fiscal year, we have been aiming to remove the tag “under developed” from Nepal and declare it a ‘developing’ nation by 2022. We have also introduced the concept paper for the three year action plan and we are balancing long term projects with budget and moving on. In the previous years, our economy’s highlight had always suffered from low economic growth hovering around 2-4 per cent. Since the whole of the economy is focusing on the upcoming CA elections, the development works are likely to be affected. However, due to improvement in certain economic variables, we have planned to raise our economic growth to 5.5 per cent. The International Monetary Fund has projected economic growth to be of 4.5 per cent. I strongly believe that the government is aiming towards the achievement of the stated economic growth. As such, the budget’s main priorities are to focus on making Nepal a load-shedding free country, connecting all 75 districts to road networks and to bring about substantial change in infrastructure development. </div> <div> </div> <div> <strong>Don’t you think there is a high probability of inflation in the economy as you brought an expansionary budget when the CA elections too are being held? </strong></div> <div> That is a very relevant question. In comparison to the previous years, the government has not compromised with the investment. As the budget was brought out in time, public expenditure has been carried out since the very beginning of the fiscal year. In the year of elections past savings are brought out and spent. We are well aware of inflation rate and we are trying to minimize it to single digit. According to the statistics provided by NRB, our inflation rate is around 8% and so, I don’t think it will have much effect in the strength of the currency. The country maybe under the pressure of elections and strikes, but it will not weaken the currency.</div> <div> </div> <div> <strong>Probably you say on the basis of the third month’s statistics provided by NRB. But, the impact of election expenditure as well as government expenditure can be seen only in the coming months. In such circumstances, what ways do you suggest to control inflation?</strong></div> <div> We have tried to control inflation through market monitoring. Concentrating on increasing domestic production may be the solution for the long run. On the other hand, as the exchange rate has stabilized, import should not lead to a rise in the price level.</div> <div> </div> <div> <strong>How are the activities of the current fiscal year being implemented?</strong></div> <div> This year the budget was announced on time and we expect the same in the coming year. We initiated the budget related work on the first of Shrawan itself. Out of the proposed programmes, only nine are pending approval from the National Planning Commission. We had planned to sign performance based management contract in projects of national pride. Such contracts are signed in all projects except three. Overall, I am satisfied with the progress in development projects. </div> <div> </div> <div> <strong>So, is the progress in programmes of national pride, such as black coating of mid-hill highway, initiation of east-west railway construction, Nijgadh airport and Melamchi project as per <span style="font-size: 12px;">the plan?</span></strong></div> <div> Yes, they are are not being carried out as planned. However, in case of West Seti Hydropower Project, construction of second international airport and some other projects, they are still in the study phase.</div> <div> </div> <div> <strong>What will be the consequences of CA elections in the country’s economy?</strong></div> <div> CA elections will have a positive impact on the country’s economy. It will kick-start the economic activities in the country. The current expenditure from government is enough to boom the economy. Similarly, the expenditure carried out by the government in elections will be utilized in the country itself in activities like- advertisements, awareness, printing etc. In one way, it is investment in the economy. Similarly, the economy will speed up as the past savings of the citizens and the political parties will flow out in the market. </div> <div> </div> <div> <strong>What kind of economy are you bequething to the upcoming government?</strong></div> <div> This is a very important subject. As the government was fully oriented towards CA elections, the budget was also independent of idealogies and impartial. The budget incorporated general development programmes of all the parties. Populist and distribution oriented programmes are not included. As such, it is the foundation for the country’s economic uplifting. I firmly believe that this budget will be fully accepted by the upcoming government and its finance minister.</div> <div> </div> <div> On the other hand, the economic indicators are also satisfactory. Banking sector is also steadily operating. The condition of share market is also strong, as per NEPSE’s indicators. The foreign currency reserve is also comfortable till date. The collection of revenue is also impressive. Though we had predicted the revenue increment to be 19.5% in the current fiscal year, it has reached almost 27% in the first four months. Overall, the economic indicators are positive.</div>', 'published' => true, 'created' => '2013-11-11', 'modified' => '2013-11-21', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Shanker Prasad Koirala is Minister of Finance, Industry, and Commerce and Supplies since 18 March 2013. With more than 25 years of experience in bureaucracy, he believes that Nepal can achieve double digit economic growth if there is political stability in the country. In an interview with The Corporate’s Janardan Baral, he explains government’s plan of conducting second Constituent Assembly Election and his prospects for an economically prosperous Nepal.', 'sortorder' => '1941', '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' => '2055', 'article_category_id' => '99', 'title' => 'Lunch And Dinner Specials At Hotel Annapurna', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> Arniko Room at Hotel Annapurna has come up with a new promotional offer for lunch and dinner. With this offer, customers can enjoy lunch with two meals for the price of one, which is available at Rs 1,800 for a couple. The lunch consists of a three course set meal. Also, guests can enjoy a four course set meal for four or more persons at Rs 1,000 per person. In addition to this, during the Arniko Hour (1-3pm), insurance companies, airlines and travel agencies are offered a discount of 25 per cent on all dishes for parties of four or more. Also, a mocktail is offered for free. </div> <div> </div> <div> The Dinner Specials offers a four course set meal for Rs 4,999 for a couple. The dinner is made more special with a complimentary bottle of Baccorasa Zonin Sparkling Rose Champaign. Another offer is a four course set meal at Rs 3,999 for a couple complimented with a bottle of Micheal Schneider Riesling or Bordeaux Chateau La Borie wine. All the prices are exclusive of taxes. The Arniko Room also offers take away between 2-3 pm with a 20 per cent discount on all dishes.</div>', 'published' => true, 'created' => '2013-10-29', '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' => 'Arniko Room at Hotel Annapurna has come up with a new promotional offer for lunch and dinner. With this offer, customers can enjoy lunch with two meals for the price of one, which is available at Rs 1,800 for a couple. The lunch consists of a three course set meal. Also, guests can enjoy a four course set meal for four or more persons at Rs 1,000 per person.', 'sortorder' => '1940', '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' => '2024', 'article_category_id' => '138', 'title' => 'US Issues Redesigned $100 Note', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> The United States Federal Reserve has begun supplying financial institutions with a redesigned $100 note that incorporates new security features to deter counterfeiters. According to a press statement by the US Embassy in Kathmandu, the redesigned $100 note includes two new security features: a blue 3-D security ribbon with images of bells and 100s, and a color-changing bell in an inkwell that will help businesses and consumers in figuring out the authenticity of the note. </div> <div> </div> <div> “The new features, and additional features retained from the previous design, such as a watermark, offer the public a simple way to visually authenticate the redesigned $100 note,” says the statement. The Federal Reserve, US Department of the Treasury, US Bureau of Engraving and Printing, and the US Secret Service partnered to redesign Federal Reserve notes to stay ahead of counterfeiting threats.</div> <div> </div> <div> The statement advised consumers worldwide that it is not necessary to trade in older-design $100 notes for new ones. “It is US government policy that all designs of US currency remain legal tender, regardless of when they were issued,” informed the embassy statement. The embassy suggested visiting the US government’s </div> <div> website - www.newmoney.gov to obtain more information about the new banknote.</div>', 'published' => true, 'created' => '2013-10-28', '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' => 'The United States Federal Reserve has begun supplying financial institutions with a redesigned $100 note that incorporates new security features to deter counterfeiters. According to a press statement by the US Embassy in Kathmandu, the redesigned $100 note includes two new security features: a blue 3-D security ribbon with images of bells and 100s, and a color-changing bell in an inkwell that will help businesses and consumers in figuring out the authenticity of the note.', 'sortorder' => '1939', '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
