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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' => '2028', 'article_category_id' => '140', 'title' => 'Sapkota Urges Poll-opposing Parties Not To Challenge People’s Right', 'sub_title' => '', 'summary' => null, 'content' => '<div> UCPN (Maoist) spokesperson Agni Prasad Sapkota has said that no one has right to obstruct the upcoming Constituent Assembly (CA) polls. </div> <div> </div> <div> At a regular weekly press meet organized at the party headquarters, Paris Danda, Saturday morning, Sapkota said that the nationwide anti-poll activities carried out by the CPN-Maoist were illegal. He also urged the agitating parties not to challenge the people´s right by conducting the anti-poll campaigns.</div> <div> </div> <div> Sapkota said that imposing strikes and thrashing the candidates of the UCPN (Maoist) and other political parties were undemocratic and asked the government to control such activities.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'UCPN (Maoist) spokesperson Agni Prasad Sapkota has said that no one has right to obstruct the upcoming Constituent Assembly (CA) polls.', 'sortorder' => '1877', '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' => '2029', 'article_category_id' => '140', 'title' => 'Weekly Roundup ( 22 - 27 October 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> •The Non-Resident Nepalis (NRNs) announced to establish a deluxe five-star hotel in Nepal and to bring international hotel chain in Nepal. Organizing a press meet on October 26, the newly elected President of the Non-Resident Nepali Association Shesh Ghale announced that there will be collective investment of the NRNs. “We will first carry out a feasibility study, and than we will call for the collective investment from the NRNs, giving equal priority to all of them,” Ghale said. The venue of the proposed hotel is yet to be ascertained. Ghale said many of the international hotel chains have shown interest for establishing international standard hotels in Nepal. </div> <div> </div> <div> •The Company Registrar Office (CRO) has made the registration of new companies through online system mandatory from last week. It said it would no longer entertain files under manual system for registration purpose. The CRO, which started online registration system in February, took a step further recently by fully automating the registration system. It has enabled companies to submit documents required for registration and forward application for dissolution through the internet. Companies can also check their status online.</div> <div> </div> <div> •Customs officials of Nepal and China have signed a 14-point agreement with a commitment to stop smuggling of gold through the Tatopani customs point and promotion of businesses that are beneficial to both countries. As Nepali traders have been using TT and draft for importing most the goods from China, the two sides have also agreed to promote the use of Letters of Credit (LC) as the principle mechanism for imports. The decision of promoting LC was taken to reduce revenue leakages. China has also agreed to support exports from Nepal by giving due recognition to Nepal’s quarantine system at the border. </div> <div> </div> <div> •A high-level team from the European Union (EU) is visiting Nepal soon to identify the potential sectors of investment in Nepal. At a meeting with Finance Minister Shankar Prasad Koirala on October 25, Rensje Teerink, ambassador of EU to Nepal, informed about the visit and asked the Nepal government to finalize the proposed EU-funded projects at the earliest. Teerink also said that EU would focus its support on good governance and development in Nepal. On the occasion, Koirala expressed gratitude to the EU for doubling its assistance to Nepal. He also asked Teerink to increase support in the sectors that are highly prioritized by the Nepal government.</div> <div> </div> <div> •The Ministry of Culture, Tourism and Civil Aviation has said that it will issue a public notice next week ordering the country’s casinos to get their operating licences renewed for this fiscal year. None of the casinos have renewed their permits so far. As per the Casino Regulation 2013 endorsed by the Cabinet on July 11, casinos have less than a month to renew their operating licences. “The new regulation has set Nov 21 as the final date to renew their operating licences,” said Purna Chandra Bhattarai, Joint Secretary at the Industry Division of the ministry. “If they don’t abide by the law, we will be forced to shut them down.” There are 10 casinos in the country, eight in Kathmandu and two in Pokhara. </div> <div> </div> <div> •The Civil Aviation Authority of Nepal (CAAN) has issued type certificate to Chinese-made MA60 aircraft, allowing a China-made plane to fly in Nepali sky for the first time in the nation’s civil aviation history. Although the CAAN is yet to confirm the development, senior officials at the Ministry of Culture, Tourism and Civil Aviation said the authority informed the ministry about the issuance of the certificate on Tuesday evening. According to CAAN sources, it will soon call a press meet to inform about the development. As per the Civil Aviation Rules 2002, the Director General of the CAAN upon receiving the application shall provide aircraft type certificate to the applicant after making necessary inquiry. The issuance of the certificate has opened the doors for ailing Nepal Airlines Corporation (NAC) to procure the 58-seater turboprop planes manufactured by Xi’an Aircraft International Corporation.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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 Non-Resident Nepalis (NRNs) announced to establish a deluxe five-star hotel in Nepal and to bring international hotel chain in Nepal. Organizing a press meet on October 26, the newly elected President of the Non-Resident Nepali Association Shesh Ghale announced that there will be collective investment of the NRNs.', 'sortorder' => '1876', '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' => '2027', 'article_category_id' => '140', 'title' => 'CPN UML To Stand Alone: No Electoral Alliance', 'sub_title' => '', 'summary' => null, 'content' => '<div> CPN-UML has rejected the possibility of forging electoral alliance with other political parties while stating that it has not made any alliance so far.</div> <div> </div> <div> Talking to journalists in Bardiya district on October 26, UML leader Bam Dev Gautam ruled out the possibility of forging alliance with the UCPN (Maoist). He, however, did not say anything whether his party will build an alliance with Nepali Congress. “No electoral alliance has been forged with Nepali Congress (NC) so far,” he added.</div> <div> </div> <div> He described Maoist chairman Pushpa Kamal Dahal as a man who does not keep his word and likely to change his statement anytime. He termed Dahal’s talk about electoral alliance as “pretension”. </div> <div> </div> <div> He further blamed CPN-Maoist has been adopting self-destructive strategy and said that its’ plan to obstruct CA elections will damage the party’s own image. </div> <div> </div> <div> Gautam has started door-to-door programme as part of election campaign for the coming second CA election.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'CPN-UML has rejected the possibility of forging electoral alliance with other political parties while stating that it has not made any alliance so far.', 'sortorder' => '1875', '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' => '2026', 'article_category_id' => '140', 'title' => 'Ultra Left Election Boycott: Confrontations Escalate - People Will Tear New Constitution Into Pieces', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> CPN-Maoist Chairman Mohan Baidya has warned that the new constitution to be drafted without the participation of his party will not be acceptable to the people.</div> <div> </div> <div> “It is totally a wrong step to strive for drafting the new constitution by sideling a major force of the people’s war,” said the CPN-Maoist leader speaking at a programme in the Capital on October 26. “In fact, the upcoming election is not going to help draft a truly people’s constitution, the people will tear it into pieces,” he added.</div> <div> </div> <div> He assertively ruled out the possibility of drafting the new constitution by the second Constituent Assembly (CA) polls. Baidya made such remarks at a time when the major political parties have been intensifying their campaigns for the upcoming CA elections.</div> <div> </div> <div> The CPN-Maoist leader said the CA was being used repeatedly to deceive the people. “In 1950 also, the concept of Constituent Assembly was introduced but the constitution was not drafted,” said Baidya. “It (CA) turned out to be just a slogan to deceive the people.”</div> <div> </div> <div> He went on to say that the pro-parliamentary parties, who never get tired of giving speeches about the principle of power separations, have shown faint-hearted tendency. “Now the parliamentary system has been proved to be defeated,” he said.</div> <div> </div> <div> Chairman Baidya remarked that federalism based on ethnic identity would not be acceptable to a communist party. “This is senseless, and a communist party should raise the issue of class,” he further said.</div> <div> </div> <div> He said that the anti-election campaign launched by his party has been a grand success. The anti-election activities are at a peak and clashes have been reported between the dissident Maoists and the cadres of other political parties.</div> <div> </div> <div> He further said that his party would continue the ongoing election-boycott campaign. “Neither we will go underground nor will wage an armed struggle”, the former rebel leader stated, charging that some forces are disseminating false information about his party.</div> <div> </div> <div> Baidhya accused the parliamentary forces of inviting confrontation in the country notwithstanding their failure. “This has made the people aggressive,” he added, saying the country could not be liberated from the current state of affairs till such (parliamentarian) forces existed.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'CPN-Maoist Chairman Mohan Baidya has warned that the new constitution to be drafted without the participation of his party will not be acceptable to the people.', 'sortorder' => '1874', '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' => '2021', 'article_category_id' => '134', 'title' => '“Ending Energy Crisis In Five Years Is Not An Ambitious Plan”', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <span style="font-size:14px;">Former Deputy Prime Minister and Finance Minister <strong>Bharat Mohan Adhikari</strong> believes that the nation can gain economic prosperity if existing power crisis is solved. His party, CPN UML, recently unveiled its manifesto that equally focuses on national economic development agenda. The Corporate’s <strong>Janardan Baral</strong> recently caught up with him and discussed issues pertaining to party’s plan to materialize the New Nepal dream. <strong>Excerpts: </strong></span></div> <div> </div> <div> <strong>Like other political parties, CPN UML has also unveiled an over-ambitious manifesto. Why?</strong></div> <div> UML has come up with programmes which are necessary for socioeconomic and cultural transformation. Nepal is underdeveloped country and we have envisaged uplifting the country’s economic status in five years which, I think, is very pragmatic plan. We have developed clear plans to achieve targets set by the party. The first condition to develop Nepal is to increase its productivity. </div> <div> </div> <div> Living standards of the people can be elevated by increasing their income through creating more employment opportunities. This requires funneling more investment from both public and private sector and also channeling foreign aid and Foreign Direct Investment (FDI) in productive sectors. Stimulating cooperatives to invest in productive sector is another important aspect to gain substantial results in economic development. The three pillar economy adopted by our party corresponds to these needs. </div> <div> </div> <div> It is worthwhile mentioning here that friends who earlier firmly believed that market operates in itself, have now started talking about the necessity of a regulatory body. This does not mean that CPN UML favors state controlled economy. Country can head towards economic prosperity only if the private sector is allowed to assume lead responsibilities. </div> <div> </div> <div> In our context, the state is still the largest investor. It has to take responsibilities of various sectors such as infrastructure, poverty alleviation and education. Our manifesto has been prepared by considering these actualities and needs. </div> <div> </div> <div> <strong>What are major economic priorities of UML?</strong></div> <div> Agricultural sector is our priority. Rural development through modernization of agriculture is our main target. UML has decided to increase investment and subsidy in agriculture sector. We have decided to enhance irrigation facilities and ensure easy financial access to the farmers. We have plan to diversify agriculture sector and modernize it by introducing scientific methods. We have further decided to earmark Rs 5 million to each Village Development Committee under the programme Develop One’s Own Village. I firmly believe that our manifesto is pragmatic and realistic. </div> <div> </div> <div> <strong>You claim UML’s manifesto is very pragmatic. But doesn’t the vision to transform the country to a developing nation from under-developed nation in five years seem impractical and ambitious?</strong></div> <div> World Bank has predicted a 4.5 per cent economic growth in this year. I think, six per cent is very moderate growth for Nepal’s economy. The economic growth can be achieved if political parties are ready to refrain from strikes. We should let economy to go ahead without hassles. Double digit economic growth is not something we cannot achieve. But we all need to be sincere to economic agenda. </div> <div> </div> <div> We have pledged to work in a manner that the country will be self reliant in food, we will promote export-oriented industries and we will encourage business community to substitute imports. We can reduce import figure by promoting export of agro products. </div> <div> </div> <div> UML has envisaged expanding road connectivity in all districts within five years, generating 5,000 MW electricity and attracting 2 million tourists in a year. These programmes will help increase both productivity and employment opportunities. And, all these programmes are achievable too. </div> <div> </div> <div> <strong>Service sector has been expanding but productive sector has shrunk. On the other hand, energy crisis and labour unrest have been affecting economy. In this scenario, is it possible to achieve double digit economic growth? </strong></div> <div> I agree that the country’s economy has been facing trouble due to energy crisis. Industry sector cannot boom if the problem will continue. This is why we have decided to generate 5,000 MW electricity in five years. Electricity generation will open window for industrialization. Major setback for Nepal’s industrial development is power deficit not labour unrest. We have to end frustration of industrial sector by generating power. We can automatically increase export if we produce goods in our own country by utilizing our own natural resources that we have failed to manage. </div> <div> </div> <div> We are in favour of a balanced industrial and labour relation. There should be social security plans for workforce. Similarly, we should also ensure investment-friendly environment for industrialists. We should create an environment where owners and workers can work together. We are committed to promote production sector. </div> <div> </div> <div> <strong>UML has also pledged to make revenue system scientific and private-sector friendly. Yet, it is not clear if its emphasis is on indirect tax like VAT or direct tax like income tax. What’s your say?</strong></div> <div> It is fact that the awareness about revenue has increased these days. We need to disseminate message that tax is duty of citizens and it is also a matter of pride. We want to expand tax net to make internal resources as a main source of country’s operation. Our principal emphasis is on direct tax. We will formulate revenue policy based on international standards and guidelines. VAT has been doing well in Nepal’s tax regime. UML believes that existing tax policies are fine. So, our effort will be focused on implementing these policies effectively through more competent measures.</div> <div> </div> <div> <strong>Let’s talk about political issues, Political parties are competing in the second CA election with the same agenda which were major bone of contention in the first CA. Don’t you think, the new CA is doomed to share its predecessors’ fate? </strong></div> <div> You are right to some extent. Ethnicity issues were hyped from the beginning of CA election. Foreigners were also involved in exaggerating ethnic issues in the last CA election. Some even tried to make UML weaker. But the fact is we cannot develop provinces based on caste and ethnicity. </div> <div> </div> <div> <strong>What result do you expect from this election?</strong></div> <div> CPN UML will be the largest party from this election. Our research has shown that our popularity has increased in various regions. We will win around 100 seats from first-past-the-post election system and 70 seats under proportional representation system. </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' => 'Former Deputy Prime Minister and Finance Minister Bharat Mohan Adhikari believes that the nation can gain economic prosperity if existing power crisis is solved. His party, CPN UML, recently unveiled its manifesto that equally focuses on national economic development agenda. The Corporate’s Janardan Baral recently caught up with him and discussed issues pertaining to party’s plan to materialize the New Nepal dream.', 'sortorder' => '1873', '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' => '2025', 'article_category_id' => '139', 'title' => 'Nepal And The World News In Brief ( 28 October - 3 November)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:14px;"><strong>UK GDP Growth Fastest For 3 Years</strong></span></div> <div> UK economic output rose by 0.8% between July and September, official GDP figures show. The Office for National Statistics said there had been a “fairly strong” performance across all sectors. The data builds on a 0.7% GDP rise in the April-June period and is the best quarterly performance since 2010. Chancellor of the Exchequer George Osborne tweeted: “This shows that Britain’s hard work is paying off & the country is on the path to prosperity.”</div> <div> </div> <div> <span style="font-size:14px;"><strong>EU Lawmakers Avert Payment Crisis</strong></span></div> <div> The European Parliament approved an additional € 2.7 billion ($3.7 billion) injection into the European Union’s 2013 budget on Thursday, thus preventing the bloc from running out of money in the coming weeks. Most EU money flows back into the bloc’s 28 countries, for instance as agricultural subsidies or support for poorer regions. The European Commission, the bloc’s executive, had warned that it would no longer be able to make payments from November if member states did not provide the extra funding. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Global M&A Deal Volume Hits $2.3 tn </strong></span></div> <div> Global merger and acquisition (M&A) deal volume reached $ 2.3 trillion so far this year, registering an increase of 9 per cent from last year levels, Dealogic said in a report. According to the global deal tracking firm, global M&A volume has reached $ 2.30 trillion in 2013 year-to-date, up 9 per cent from the $ 2.10 trillion in the corresponding period last year. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Nobel Economist Klein Dies at 93</strong></span></div> <div> Nobel Prize-winning economist Lawrence Klein, whose statistical models have been used to analyse and predict global economic trends, has died aged 93. Mr Klein, who died at his home near Philadelphia on 20th October Sunday, was widely regarded as the founder of modern economic forecasting. He famously predicted America’s post World War II boom, which at the time, countered theories of a new recession. This was achieved through computer-based models known as ‘econometrics’.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Australia to Raise Debt Limit by Two-Thirds </strong></span></div> <div> The Australian government has said it plans to raise the country’s debt limit by two-thirds to allay concerns it could face a future fiscal crisis. The newly-elected conservative government is looking to raise the borrowing limit to A$500bn. Australia is forecast to reach its current A$300bn ceiling in December.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'K economic output rose by 0.8% between July and September, official GDP figures show. The Office for National Statistics said there had been a “fairly strong” performance across all sectors. The data builds on a 0.7% GDP rise in the April-June period and is the best quarterly performance since 2010. Chancellor of the Exchequer George Osborne tweeted: “This shows that Britain’s hard work is paying off & the country is on the path to prosperity.”', 'sortorder' => '1872', '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' => '2019', 'article_category_id' => '91', 'title' => 'EPF’s Interest In Hydropower Sector', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> Employees Provident Fund (EPF) has decided to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity. </div> <div> </div> <div> Confirming the investment, Krishna Prasad Acharya, Administrator of the Fund, said that EPF decided to investment in hydropower after apprising the sector secure and productive. "Investment in infrastructure development sector will have a sustainable impact on national economic growth,” he said adding, “Investment is this sector is profitable as well as productive in the long run”.</div> <div> </div> <div> The EPF has decided to invest in Upper Tamakoshi (456 MW), Rasuwa Gadi (111 MW), Bhotekoshi (102 MW), Upper Sanjen (14.8 MW) and Sanjen (42.5 MW) hydro projects, he informed.</div> <div> </div> <div> “Out of the total allocated amount, around Rs 3 billion has been used those four projects,” said Kailash Bhakta Karrananjeet, Chief of the Department of Investment and Treasury Management at the EPF.</div> <div> Informing that the meeting of the board of directors of the fund has approved the projects. </div> <div> </div> <div> EPF has also invested in SL Hydropower Project, through Hydropower Investment and Development Company’s promotional shares and joint-finance process.</div>', 'published' => true, 'created' => '2013-10-27', 'modified' => '2013-10-28', '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' => 'Employees Provident Fund (EPF) has decided to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity.', 'sortorder' => '1871', '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' => '1971', 'article_category_id' => '91', 'title' => 'Foreign Loan In Local Currency', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds. </div> <div> </div> <div> The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank’s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond. </div> <div> </div> <div> The decision follows the budgetary provision of the current fiscal year regarding arrangements for the issuance of rupee bonds by international financial institutions.</div> <div> </div> <div> “The local currency bond supports the efforts of the government and authorities to deepen domestic capital markets in the country,” said an official at the Ministry of Finance. Such markets are an important source of local-currency funding to engage broader private sector in development projects through micro, small and medium enterprises and other essential economic sectors, he added. </div> <div> </div> <div> We envisage that the country will have several international issuers coming to the market who can propel the investment climate, he said. </div> <div> </div> <div> Presence of international issuers will have positive impact in overall investment scenario, said chief economic advisor at the ministry Dr Chiranjibi Nepal. Investors can invest in more secure manner when internationally trusted organizations issue bond, he said. “The implementation of decision will also help to formalize economy since people start to invest in bond instead of hiding currency at home or in banks.” </div> <div> </div> <div> Local currency bonds are issued to attract both local and foreign investment as they help in long-term financing. The money raised by issuing bonds should be spent in big projects like developing the country’s hydropower, agriculture, road and tourism infrastructures, according to the Ministry </div> <div> of Finance. </div> <div> </div> <div> Opening the door to international issuer will also help develop the country’s bond market, which is still in nascent stage, according to the ministry. At present, bonds account for 34 percent of the total debt instruments in the country. Currently, total domestic debt amounts to Rs 207 billion raised from treasury bills and different types of bonds.</div> <div> </div> <div> Potential issuers who want to issue bonds in Nepali rupee must apply to the Finance Ministry specifying the objective of issuing them, potential areas of investment, the main investor, value of the bonds, maturity period, interest rate and timetable, according to spokesperson Ram Sharan Pudasaini.</div> <div> </div> <div> “The ministry will then present the proposal to the cabinet for the final approval on whether or not to allow the issuance of bonds,” he added. </div> <div> </div> <div> As per the 10-point guideline endorsed by the ministry, the bond issuance should be carried out as per the existing legal provisions related to securities.</div> <div> </div> <div> In order to assure investors about the security of their investment, the bond issuer has to publish prospectus of the institution that is issuing the bond. The issuer can make the payment of interest to investors on half yearly basis through their local agent or market makers, the guideline says. It has given income tax exemption to the international institutions issuing the bonds. “But if they issue the bonds through local agents, the agents are subject to tax compliance,” said Pudasaini.</div> <div> </div> <div> The guideline has also the given the bond issuing institutions to repatriate profit as per the country’s existing law. They have also been allowed to take short-term loans from the local banks as bridge funding provided the fund raised from bonds is inadequate for the investment in the project.</div> <div> </div> <div> They have also been allowed to deposit their money in banks for a year to manage their fund. “This provision was made to utilize the fund they have until they invest in certain projects,” said Pudasaini.</div>', 'published' => true, 'created' => '2013-10-20', 'modified' => '2013-10-28', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds. The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank’s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond.', 'sortorder' => '1870', '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' => '1972', 'article_category_id' => '91', 'title' => 'NRNA Global Conference Started', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> The sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year’s conference is 'NRNs and Nepal: Partners in Prosperity'. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function. </div> <div> </div> <div> The four-day global conference is also set to choose a new leadership of the organization for a two-year term. Australian businessman Shesh Ghale and General Secretary Tenzi Sherpa (South Korea) are contesting for the position of NRNA president. The election is scheduled to take place on Sunday. </div> <div> </div> <div> The Sixth NRNA Global Conference will be held on Monday and Tuesday after the conclusion of the convention. The global conference will be inaugurated by the President Dr Ram Baran Yadav. The conference will hold discussions on various subjects like collective investment, foreign employment, continuity of Nepali citizenship of the NRNs, and partnership with the private sector in the country, among other issues.</div> <div> </div> <div> About 1300 NRNs from 50 countries across the world are taking part in the conference. The NRNA has its chapters in 65 different countries.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Two Years of Abroad Stay Must for NRNA Membership</strong></span></div> <div> Similarly, the general assembly of NRNA on Saturday introduced a provision, according to which every Nepali staying in foreign lands for two continuous years will be eligible for NRN status. The amendment will come into effect from October 22.</div> <div> </div> <div> Likewise, the amendment has also paved the way for registration of the organization which was pending for a decade. NRNA was established in 2003. However, due to differences between the NRN Act 2008 and NRNA’s statute, the organisation was not formally registered in the country inspite of several attempts of NRNs. The organisation has now got legal status after registering in Nepal.</div>', 'published' => true, 'created' => '2013-10-20', 'modified' => '2013-10-28', '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 sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year’s conference is 'NRNs and Nepal: Partners in Prosperity'. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function.', 'sortorder' => '1869', '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' => '1974', 'article_category_id' => '134', 'title' => '“Economic And Technical Transparencies Are Key To Success”', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <span style="font-size:14px;"><img alt="Birendra bAHADUR BASNET" src="/userfiles/images/BBB(1).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 250px; height: 268px;" /><span style="font-size:16px;">Birendra Bahadur Basnet is a first generation businessman with his reputation increasing year after year. He entered into the airline business without any prior experience but today he heads a very successful airline company. When he registered his airline, Buddha Air, and started operations in 1996, he had only one aircraft that was purchased with a loan. His journey had begun with a US-made Beechcraft 1900D. Now, Buddha Air has a fleet of nine aircraft - three Beechcraft 1900, three ATR 42-320 and three ATR 72-500. Basnet spoke to Janardan Baral of The Corporate about his company’s strategies and country’s aviation sector. <strong>Excerpt: </strong></span></span></div> <div> </div> <div> <span style="font-size:14px;"><strong>What are main reasons behind massive success of Buddha Air which, as of today, holds 56 percent market share of domestic airlines?</strong></span></div> <div> Buddha Air is a common platform for its 700 employees. We continuously motivate employees to achieve success. We believe that all employees should have feeling of ownership on the company. Buddha Air gives high value to its employees for the growth of company and shares both profit and loss with its employees. I can say that collective work of employees is the main reason for the progress of Buddha Air so far.</div> <div> </div> <div> <span style="font-size:14px;"><strong>How do you motivate your employees?</strong></span></div> <div> All financial transaction should be transparent. Transparency creates environment of trust between employees and company management. Salary increment based on the inflation rate and performance based reward system are some ways to motivate employees in a positive manner. We provide incentives to employees. The company should hike air fare every year to meet administrative cost including salary of employees. Yet, we are committed to provide services at reasonable cost. We have started providing services from big aircraft reducing number of small aircraft. On top of all, the most important thing is economic and technical transparency. Besides, long term vision, strategies, best products and investment are equally important to make a company successful. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Buddha Air could not achieve success in international flights such as Paro, Lucknow and Banaras. What’s your say?</strong></span></div> <div> First, we have not give importance to those destinations compared to domestic destinations. Our team should have put more effort to be successful in internal market. Second, Paro of Bhutan and Lucknow of India could not be the best flight destinations for us. We failed to do good business in these destinations. The reason we decided to stop our Lucknow flight was obvious. People can get there in three hours from Nepalgunj. Passengers opt to fly to Nepalgunj and then go to Lucknow. However, Banaras has been one of the lucrative flight routes to us. We will be continuing our service to Banaras.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Indian airline companies are doing good business from Banaras flight. Can we say Buddha Air could not compete with them?</strong></span></div> <div> We have not reached at the level where we can compete with Indian airline companies. Simiarly, we cannot surpass the market of Indian Airline which has been operating service in that route since decades. Yet, we did not incur loss from the Banaras flights. But, Banaras is seasonal destination due to religious reason. Keeping this fact in mind, we have decided to operate service on this routefor six months only. </div> <div> </div> <div> <span style="font-size:14px;"><strong>It is said that Buddha Air has given less priority to the destinations of the neighbouring countries because it will start its service to other lucrative international destinations. Is it true?</strong></span></div> <div> I do not decline it completely. But we will not take decision in haste. First we should have strong presence in the areas where we have been operating our services at present. We have to be very competitive to start international flights. It seems that airline companies that have been operating service in Nepal are profit oriented than service. In such situation, the possibility of profit is high in this sector. But, Buddha Air has not reached a level where it can compete with renowned international brands such as Thai, Qatar, Etihad and others. So, we will not go to the international market for next four to five years. </div> <div> </div> <div> <span style="font-size:14px;"><strong>There is neck to neck competition in the domestic airline market. What will be your strategies to maintain your market share?</strong></span></div> <div> We have established our brand image as a company which regularly pays tax, which is employees friendly and which serves a million passenger in a year. We will not be adding number of aircraft for the coming few years. Similarly, we have plan to sell a Beechcraft. Currently, we have nine aircraft. We will sell a 18-seater and reduced the number of aircraft to eight. Similarly, we have been trying to enhance our capacity. We have to make profit to keep our employees satisfied. So our goal is to make profit by ethical business practices. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Audit report of ICAO has showed Nepal as a high-risk zone. Private airline companies blame Nepal’s regulator CAAN of trying to introduce an impractical rule based on the audit report. Do you agree?</strong></span></div> <div> We should let regulator work independently. It has right to monitor and regulate the entire sector. But, it is not fair to disregard the flight captains in the name of new regulation. Another issue is that the regulator has made it mandatory to keep a deposit of Rs 50 million. This provision is not acceptable. First, regulatory body should not be politicized. It should not blame ICAO to cover its own incompetency.</div> <div> </div> <div> <span style="font-size:14px;"><strong>So don’t you abide by the provisions of Air Operator Certificate Requirements which the regulator has recently introduced?</strong></span></div> <div> We cannot afford same deposit amount as the international airlines are required to offer. We have already expressed our dissatisfaction over such provision. We will stop all international flights if the government tries to implement it forcefully. We cannot continue our Banaras flight by depositing Rs 50 million. The regulation which is formulated for jet planes should not be forced for small aircraft too.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Nepal’s airline safety situation seems deteriorating every consecutive year. Cannot we say that this is due to airline operators who are not abiding the regulator?</strong></span></div> <div> Nepali sky is obviously more risky compared to European sky. Nepal’s geography is dangerous compared to many other countries in the world. But we have failed to avoid many accidents that could have been easily avoided, such as those were caused by minor human error. Many accidents had taken place due to negligence on the part of airline companies and human resource involved in the operation. Regulator does not have sufficient manpower to monitor effectively. I do not blame this on weak legal provisions. We all should leave our habit of breaching the law. All should be abide by the regulation. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Poor operation technology is also blamed for the frequent air accident in Nepal. Do you feel so?</strong></span></div> <div> Both Instrumental Flight Rule (IFR) and Visual Flight Rule (VFR) have their own procedures and rules. Crew members should follow all the process including maintaining height and distance in all flights. Similarly, some airports have some specific rules. Crew members should follow those rules too. New technology can only facilitate the process. The main question is whether we follow all due processes strictly. I think all should follow international standards while operating airlines services. Buddha Air is very much conscious about this. </div> <div> </div> <div> <span style="font-size:14px;"><strong>In Nepal, there is no stability in the number of airline companies. How to address this problem?</strong></span></div> <div> Yes it is fact. Sustainability of airline companies is a crucial question in Nepal. There were so many good airline companies when Buddha Air started its operation. Most of them have already closed down. Owners should be serious to the problems that may occur in this business for the sustainability of the company. Companies should be updated time and again. Concerned company should give special attention for the capacity building of employees.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Buddha Air is criticized as being focused on profit oriented destinations only. It has not started operation in rural areas so far though it had pledged to do so. What do you say?</strong></span></div> <div> We want to start our operation in remote areas. But we don’t have appropriate aircraft to do so. We have planned to start service in the remote areas after getting hold in the international flights. Buddha Air had tried to buy an aircraft to start service in the remote destinations but the price of aircraft skyrocketed and we could not afford that. It is bitter reality that we cannot operate service in loss. </div> <div> </div> <div> <span style="font-size:14px;"><strong>So what are major preconditions to start service in remote parts?</strong></span></div> <div> The first condition is infrastructure. The government should invest in infrastructure. There should be road connectivity. Then, locals will have options whether to travel by air or by road. The government should be clear also regarding subsidy and other schemes to operate services in the remote parts. </div> <div> </div> <div> <span style="font-size:14px;"><strong>We often hear about syndicate among airline companies to fix air fare? What is the reality?</strong></span></div> <div> The government has fixed the maximum ceiling on the fare. For instance, upper limit of the air fare to Biratnagar is Rs 6,700. Airline companies have been following the ceiling set by the government. I do not think there is similarity in air fare among all airline companies.</div>', 'published' => true, 'created' => '2013-10-21', 'modified' => '2013-10-28', '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' => 'Birendra Bahadur Basnet is a first generation businessman with his reputation increasing year after year. He entered into the airline business without any prior experience but today he heads a very successful airline company.', 'sortorder' => '1868', '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' => '2016', 'article_category_id' => '48', 'title' => 'In Love With The Peg', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <img alt="No Laughin Matter" src="/userfiles/images/NLM.jpg" style="float: right; margin: 0px 0px 0px 10px; width: 300px; height: 451px;" />The ‘peg’ must have been the second most loved word for Englishmen after ‘sex’, but for Nepalis, it (its meaning to be precise) is unquestionably the first. Whether it is expressed or muted, the presence of the peg is ubiquitous in our daily national or economic life. The moment you touch the Nepali Currency (NC), you are bound to remember that it is strictly pegged to the Indian Currency (IC). You may or may not always believe in the value of the NC, but it is this peg that gives you the confidence you need. </div> <div> </div> <div> The recent devaluation of the Nepali currency was not an outcome of a downturn in our economy, but was the effect of the NC-IC peg that has a history of more than six decades. If your business has suffered from this devaluation, you are free to shift the peg to console yourself -- a shift from the currency peg to a whisky peg. Do not complain if more than ninety five percent of Nepali bar-tenders cannot say ‘peg’ and often make do with ‘pack’. When asked, ‘Sir would you like a pack?’ you must have the intelligence to understand that he is actually asking if you would like a peg of some alcohol. If you are a novice drinker, just graduated to whisky to drink in a bar from a ‘pouch’ in a tavern, you may be familiar with the ‘pack’ than the ‘peg.’ It is just a question of civilization, not economics.</div> <div> </div> <div> But in our economic system, unlike you, there are big bosses who are more familiar with the ‘peg’ than the ‘pack’, so that they don’t want to pack the peg at any cost. When it comes to packing-up, or stopping the NC-IC peg, they don’t even want to hear it out. They have good reasons for maintaining this status quo until our currency faces the fate of the Zimbabwean dollar when it was in its last days of existence. In other words, the love for this peg is the simplest strategy to make the Nepali richer in no time. If the present rate of devaluation continues, we Nepalis will soon be so rich that we will be paying ten thousand rupees for a cup of tea, one hundred thousand rupees for a kilogram of rice, a million rupees for a kilogram of mutton or cheese, and so on.</div> <div> </div> <div> If you are in the business of stock price analysis or actual stock trading and brokerage and haven’t heard of the capital ‘PEG’, or price/earnings to growth ratio, you are sure to be doomed and forced to take refuge in the smaller ‘peg’ that is re-christened by Nepali barmen as ‘pack’. There are people in the financial service industry in Nepal who argue that ninety-nine percent of our stock brokers, the licensed ones, never heard of the ‘PEG’, or the ‘peg’, and is managing everything with the replacement of the ‘pack’. The result: many of them are, therefore, helping the trading of many scribs to pack-up within a few days of listing instead of using the PEG tool to analyze.</div> <div> </div> <div> If you ask our policy makers -- the finance minister, the central bank governor, or the prime minister as soon as we get one -- ‘How long will the NC-IC peg continue?’ they all will have very intelligent answers for it: ‘Oh! Peg. Yes, we have. Good question, I mean, not bad at all. It is important. How about having a peg together tonight? Thanks!!’</div> <div> </div> <div> You may ask me how I know that their answer would be exactly like that. It is simple: every generation of our authorities for the last half century have said nothing different than this. Feel like listening to the popular number the ‘Peg’ by Steely Dan? Do it in the bar, that’s the place to admire the real beauty of the ‘peg’! </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-24', 'keywords' => 'new business age no laughing matter news & articles, no laughing matter news & articles from new business age nepal, no laughing matter headlines from nepal, current and latest no laughing matter news from nepal, economic news from nepal, nepali no laughing matter economic news and events, ongoing', 'description' => 'The ‘peg’ must have been the second most loved word for Englishmen after ‘sex’, but for Nepalis, it (its meaning to be precise) is unquestionably the first. Whether it is expressed or muted, the presence of the peg is ubiquitous in our daily national or economic life. The moment you touch the Nepali Currency (NC), you are bound to remember that it is strictly pegged to the Indian Currency (IC).', 'sortorder' => '1867', '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' => '2017', 'article_category_id' => '51', 'title' => 'Biztoon / Voices October 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Biztoon October 2013" src="/userfiles/images/biz.jpg" style="width: 550px; height: 371px; margin-left: 20px; margin-right: 20px;" /></p> <p> </p> <p> </p> <div> <img alt="Shankar Koirala" src="/userfiles/images/sk(3).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 83px;" /><span style="font-size: 16px;"><strong>“Government is obliged to reduce customs on vehicle imports.”</strong></span></div> <div> <strong>Shankar Koirala,</strong> Finance Minister hinting that the tariff on vehicle imports may come down in the next fiscal year to fulfil the commitment made to World Trade Organisation (WTO) and South Asian Free Trade Agreement (SAFTA).</div> <div> </div> <div> </div> <div> <img alt="Lila Mani Paudel" src="/userfiles/images/lp.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 83px;" /><span style="font-size: 16px;"><strong>“Corruption kills entrepreneurship.”</strong></span></div> <div> <strong>Lila Mani Paudel, </strong>Chief Secretary stating that transparency is the basis for successful enterprise. </div> <div> </div> <div> </div> <div> </div> <div> <img alt="Binod Chaudhary" src="/userfiles/images/bc(2).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 84px;" /><span style="font-size: 16px;"><strong>“We have to make public commitment for country’s economic development.”</strong></span></div> <div> <strong>Binod Chaudhary, </strong>Chairman of Chaudhary Group emphasizing the need of public commitment for economic prosperity.</div> <div> </div> <div> </div> <div> <img alt="Chhaya Sharma" src="/userfiles/images/cs.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 83px;" /><span style="font-size: 16px;"><strong>“Role of women must be increased in the GDP to uplift the economic growth rate.”</strong></span></div> <div> <strong>Chhaya Sharma,</strong> Chairperson of Women Entrepreneurs Development Committee at FNCCI recommending the method to achieve seven per cent economic growth.</div> <div> </div> <div> </div> <div> <img alt="Raja Ram Giri" src="/userfiles/images/rg.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 85px;" /><span style="font-size: 16px;"><strong>“Nepal needs urgent reforms, not tourism year gimmick.”</strong></span></div> <div> <strong>Raja Ram Giri, </strong>an NRN based in London and Director of Samsara Nepal Financial Services Ltd stating the need for practical actions for tourism development.</div> <div> </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age biztoon or voices news & articles, biztoon or voices news & articles from new business age nepal, biztoon or voices headlines from nepal, current and latest biztoon or voices news from nepal, economic news from nepal, nepali biztoon or voices economic news and events, ongoing bizt', 'description' => '“Government is obliged to reduce customs on vehicle imports.”', 'sortorder' => '1866', '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' => '2015', 'article_category_id' => '51', 'title' => 'Biztoon / Voices September 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Biztoon September 2013" src="/userfiles/images/Biztoon.jpg" style="width: 550px; height: 372px; margin-left: 20px; margin-right: 20px;" /></p> <p> </p> <hr /> <p> </p> <div> <strong><span style="font-size: 16px;"><img alt="Ratish Chandra Lal Suman, the Director General of Civil Aviation Authority of Nepal (CAAN)" src="/userfiles/images/RCL(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 82px; height: 100px;" />“Airline companies are not behaving as per the requirement of airline services and now they are calling the new AOCR impractical.”</span></strong></div> <div> Ratish Chandra Lal Suman, the Director General of Civil Aviation Authority of Nepal (CAAN) alleging airlines for not following the parameters for Air Operator Certificate Requirements (AOCR).</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Hari Bhakta Sharma, Vice President of Confederation of Nepalese Industries (CNI) " src="/userfiles/images/HBS(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 83px; height: 100px;" />"The low development budget would again lead us to another economic crisis.”</span></strong></div> <div> Hari Bhakta Sharma, Vice President of Confederation of Nepalese Industries (CNI) arguing that the development expenditure of the government for the fiscal year 2013/14 would less likely help to achieve the desired economic growth rate.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Dr Chandra Mani Adhikari, Economist and Chairman of Citizen Investment Trust" src="/userfiles/images/CMA(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 83px; height: 100px;" />“The capital expenditure must be raised to Rs 400 billion from Rs 60 billion at present.”</span></strong></div> <div> Dr Chandra Mani Adhikari, Economist and Chairman of Citizen Investment Trust suggesting to raise the capital investment in the annual government budget to achieve seven per cent economic growth.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Dipak Gyawali, former Minister of Water Resources" src="/userfiles/images/DG(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 82px; height: 100px;" />“The country needs more entrepreneurs than traders.”</span></strong></div> <div> Dipak Gyawali, former Minister of Water Resources expressing his belief that enterprises, entrepreneurs and industries must be developed to achieve seven per cent economic growth.</div> <div> </div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Krishna Prasad Paudel, an Agriculture Expert" src="/userfiles/images/KPP(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 83px; height: 100px;" />“Nepali farmers do not understand the agriculture policy drafted in English.”</span></strong></div> <div> Krishna Prasad Paudel, an Agriculture Expert being sarcastic to dependent mentality of government on preparing agriculture policies in English language despite majority farmer’s inability to comprehend English.</div> <div> </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal, current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal', 'description' => '“Airline companies are not behaving as per the requirement of airline services and now they are calling the new AOCR impractical.”', 'sortorder' => '1865', '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' => '2014', 'article_category_id' => '51', 'title' => 'Biztoon / Voices August 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="BIZTOON AUGUST 2013" src="/userfiles/images/biztoon(3).jpg" style="width: 550px; height: 372px; margin-right: 20px; margin-left: 20px;" /></p> <p> </p> <p> </p> <div> <strong><span style="font-size: 16px;"><img alt="Dr Yuba Raj Khatiwada, Governor of Nepal Rastra Bank" src="/userfiles/images/Dr%20Yuba%20Raj%20Khatiwada.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 90px; height: 110px;" />“Increasing the capital base will favour a better future of banks and financial institutions.” </span></strong></div> <div> Dr Yuba Raj Khatiwada, Governor of Nepal Rastra Bank arguing that the current capital base of banks and financial institutions is not enough for long term financial autonomy and discussions with stakeholders are going on about raising the capital base.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;">“Rent seeking bureaucracy and the private sector in search of protectionism have attacked the Foreign Investment and Technology Transfer Act.” </span></strong></div> <div> Dr Bhola Chalise, former Industry Secretary alleging that the bureaucracy and the private sector are both criticising the act.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;">“Every Nepali must be attached to tourism.” </span></strong></div> <div> Tejendra N Shrestha, President of Restaurant and Bar Association of Nepal pointing out that the general public does not realise that they are directly or indirectly associated with the tourism industry of the country. He says that the tourism sector will help Nepal achieve 7 per cent economic growth.</div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Jiba Lamichhane, President of Non- Resident Nepali (NRN) Association" src="/userfiles/images/Jiba%20Lamichhane.jpg" style="float: right; margin: 0px 0px 0px 10px; width: 90px; height: 107px;" />“One should not expect much from NRN.” </strong></span></div> <div> Jiba Lamichhane, President of Non- Resident Nepali (NRN) Association saying that NRNs are struggling for being established and it would be wrong to have too much of expectations on them for making investments in Nepal.</div> <div> </div> <div> </div> <div> </div> <div> </div> <div> <img alt="Dr Chiranjibi Nepal, Principal Advisor at Ministry of Finance" src="/userfiles/images/Dr%20Chiranjibi.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 90px; height: 108px;" />“<span style="font-size: 16px;"><strong>The target of 7 per cent economic growth by 2015 is possible only if the existing government can change some policies as required to expedite capital expenditure.”</strong></span></div> <div> Dr Chiranjibi Nepal, Principal Advisor at Ministry of Finance arguing that the current government can change the policy to expedite capital investment and propel economic growth.</div> <div> </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal, current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal', 'description' => '“Rent seeking bureaucracy and the private sector in search of protectionism have attacked the Foreign Investment and Technology Transfer Act.”', 'sortorder' => '1864', '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' => '2012', 'article_category_id' => '51', 'title' => 'Biztoon / VOICES JUNE 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Biztoom June 2013" src="/userfiles/images/fdi.jpg" style="width: 550px; height: 371px; margin-left: 20px; margin-right: 20px;" /></p> <p> </p> <div> <span style="font-size: 16px;"><strong>“Entrepreneurs should not be threatened to pay taxes.”</strong></span></div> <div> <strong>Jagdish Prasad Rathi,</strong> Chairperson, Tax and Revenue Committee at Federation of Nepalese Chambers of Commerce and Industry (FNCCI) opines that business people and industrialists should be encouraged not threatened to pay taxes.</div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Radhesh Pant" src="/userfiles/images/rp(2).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 75px; height: 92px;" />“The private sector is not yet ready to invest in mega projects.”</strong></span></div> <div> <strong>Radhesh Pant,</strong> Chief Executive of Investment Board opines that the Nepali private sector is not yet ready for investing in mega projects proposed by the board.</div> <div> </div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong>“We are advocating common standards across South Asia.”</strong></span></div> <div> <strong>Vikramjit Singh Sahaney</strong>, President of SAARC Chamber of Commerce and Industry believes that all the commodities traded in the South Asia region should comply to a common standards and standard certificates honoured by all the countries in the region should be issued.</div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Shankar Prasad Koirala" src="/userfiles/images/spk.jpg" style="float: right; margin: 0px 0px 0px 10px; width: 75px; height: 93px;" />“Private sector support is a must for the full-fledged budget for the next fiscal year.”</strong></span></div> <div> <strong> Shankar Prasad Koirala</strong>, Finance Minister expects the full cooperation from the private sector to the government to bring a full-fledged budget for fiscal year 2013/14.</div> <div> </div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Gyan Chandra Acharya" src="/userfiles/images/gca.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 75px; height: 91px;" />“Nepal’s economic structure must be changed.”</strong></span></div> <div> <strong>Gyan Chandra Acharya,</strong> Under-Secretary-General and High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States at United Nations (UN) believes that the economic structure must be changed to achieve 7 per cent growth.</div> <div> </div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong>“To achieve 7 per cent economic growth, private sector must be ensured with a favourable investment climate.”</strong></span></div> <div> <strong>Bharat Mohan Adhikari,</strong> Former Finance Minister acknowledges the role of the private sector in achieving high economic growth.</div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age biztoon or voices news & articles, biztoon or voices news & articles from new business age nepal, biztoon or voices headlines from nepal, current and latest biztoon or voices news from nepal, economic news from nepal, nepali biztoon or voices economic news and events, ongoing bizt', 'description' => '“To achieve 7 per cent economic growth, private sector must be ensured with a favourable investment climate.”', 'sortorder' => '1863', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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He also urged the agitating parties not to challenge the people´s right by conducting the anti-poll campaigns.</div> <div> </div> <div> Sapkota said that imposing strikes and thrashing the candidates of the UCPN (Maoist) and other political parties were undemocratic and asked the government to control such activities.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'UCPN (Maoist) spokesperson Agni Prasad Sapkota has said that no one has right to obstruct the upcoming Constituent Assembly (CA) polls.', 'sortorder' => '1877', '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' => '2029', 'article_category_id' => '140', 'title' => 'Weekly Roundup ( 22 - 27 October 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> •The Non-Resident Nepalis (NRNs) announced to establish a deluxe five-star hotel in Nepal and to bring international hotel chain in Nepal. Organizing a press meet on October 26, the newly elected President of the Non-Resident Nepali Association Shesh Ghale announced that there will be collective investment of the NRNs. “We will first carry out a feasibility study, and than we will call for the collective investment from the NRNs, giving equal priority to all of them,” Ghale said. The venue of the proposed hotel is yet to be ascertained. Ghale said many of the international hotel chains have shown interest for establishing international standard hotels in Nepal. </div> <div> </div> <div> •The Company Registrar Office (CRO) has made the registration of new companies through online system mandatory from last week. It said it would no longer entertain files under manual system for registration purpose. The CRO, which started online registration system in February, took a step further recently by fully automating the registration system. It has enabled companies to submit documents required for registration and forward application for dissolution through the internet. Companies can also check their status online.</div> <div> </div> <div> •Customs officials of Nepal and China have signed a 14-point agreement with a commitment to stop smuggling of gold through the Tatopani customs point and promotion of businesses that are beneficial to both countries. As Nepali traders have been using TT and draft for importing most the goods from China, the two sides have also agreed to promote the use of Letters of Credit (LC) as the principle mechanism for imports. The decision of promoting LC was taken to reduce revenue leakages. China has also agreed to support exports from Nepal by giving due recognition to Nepal’s quarantine system at the border. </div> <div> </div> <div> •A high-level team from the European Union (EU) is visiting Nepal soon to identify the potential sectors of investment in Nepal. At a meeting with Finance Minister Shankar Prasad Koirala on October 25, Rensje Teerink, ambassador of EU to Nepal, informed about the visit and asked the Nepal government to finalize the proposed EU-funded projects at the earliest. Teerink also said that EU would focus its support on good governance and development in Nepal. On the occasion, Koirala expressed gratitude to the EU for doubling its assistance to Nepal. He also asked Teerink to increase support in the sectors that are highly prioritized by the Nepal government.</div> <div> </div> <div> •The Ministry of Culture, Tourism and Civil Aviation has said that it will issue a public notice next week ordering the country’s casinos to get their operating licences renewed for this fiscal year. None of the casinos have renewed their permits so far. As per the Casino Regulation 2013 endorsed by the Cabinet on July 11, casinos have less than a month to renew their operating licences. “The new regulation has set Nov 21 as the final date to renew their operating licences,” said Purna Chandra Bhattarai, Joint Secretary at the Industry Division of the ministry. “If they don’t abide by the law, we will be forced to shut them down.” There are 10 casinos in the country, eight in Kathmandu and two in Pokhara. </div> <div> </div> <div> •The Civil Aviation Authority of Nepal (CAAN) has issued type certificate to Chinese-made MA60 aircraft, allowing a China-made plane to fly in Nepali sky for the first time in the nation’s civil aviation history. Although the CAAN is yet to confirm the development, senior officials at the Ministry of Culture, Tourism and Civil Aviation said the authority informed the ministry about the issuance of the certificate on Tuesday evening. According to CAAN sources, it will soon call a press meet to inform about the development. As per the Civil Aviation Rules 2002, the Director General of the CAAN upon receiving the application shall provide aircraft type certificate to the applicant after making necessary inquiry. The issuance of the certificate has opened the doors for ailing Nepal Airlines Corporation (NAC) to procure the 58-seater turboprop planes manufactured by Xi’an Aircraft International Corporation.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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 Non-Resident Nepalis (NRNs) announced to establish a deluxe five-star hotel in Nepal and to bring international hotel chain in Nepal. Organizing a press meet on October 26, the newly elected President of the Non-Resident Nepali Association Shesh Ghale announced that there will be collective investment of the NRNs.', 'sortorder' => '1876', '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' => '2027', 'article_category_id' => '140', 'title' => 'CPN UML To Stand Alone: No Electoral Alliance', 'sub_title' => '', 'summary' => null, 'content' => '<div> CPN-UML has rejected the possibility of forging electoral alliance with other political parties while stating that it has not made any alliance so far.</div> <div> </div> <div> Talking to journalists in Bardiya district on October 26, UML leader Bam Dev Gautam ruled out the possibility of forging alliance with the UCPN (Maoist). He, however, did not say anything whether his party will build an alliance with Nepali Congress. “No electoral alliance has been forged with Nepali Congress (NC) so far,” he added.</div> <div> </div> <div> He described Maoist chairman Pushpa Kamal Dahal as a man who does not keep his word and likely to change his statement anytime. He termed Dahal’s talk about electoral alliance as “pretension”. </div> <div> </div> <div> He further blamed CPN-Maoist has been adopting self-destructive strategy and said that its’ plan to obstruct CA elections will damage the party’s own image. </div> <div> </div> <div> Gautam has started door-to-door programme as part of election campaign for the coming second CA election.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'CPN-UML has rejected the possibility of forging electoral alliance with other political parties while stating that it has not made any alliance so far.', 'sortorder' => '1875', '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' => '2026', 'article_category_id' => '140', 'title' => 'Ultra Left Election Boycott: Confrontations Escalate - People Will Tear New Constitution Into Pieces', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> CPN-Maoist Chairman Mohan Baidya has warned that the new constitution to be drafted without the participation of his party will not be acceptable to the people.</div> <div> </div> <div> “It is totally a wrong step to strive for drafting the new constitution by sideling a major force of the people’s war,” said the CPN-Maoist leader speaking at a programme in the Capital on October 26. “In fact, the upcoming election is not going to help draft a truly people’s constitution, the people will tear it into pieces,” he added.</div> <div> </div> <div> He assertively ruled out the possibility of drafting the new constitution by the second Constituent Assembly (CA) polls. Baidya made such remarks at a time when the major political parties have been intensifying their campaigns for the upcoming CA elections.</div> <div> </div> <div> The CPN-Maoist leader said the CA was being used repeatedly to deceive the people. “In 1950 also, the concept of Constituent Assembly was introduced but the constitution was not drafted,” said Baidya. “It (CA) turned out to be just a slogan to deceive the people.”</div> <div> </div> <div> He went on to say that the pro-parliamentary parties, who never get tired of giving speeches about the principle of power separations, have shown faint-hearted tendency. “Now the parliamentary system has been proved to be defeated,” he said.</div> <div> </div> <div> Chairman Baidya remarked that federalism based on ethnic identity would not be acceptable to a communist party. “This is senseless, and a communist party should raise the issue of class,” he further said.</div> <div> </div> <div> He said that the anti-election campaign launched by his party has been a grand success. The anti-election activities are at a peak and clashes have been reported between the dissident Maoists and the cadres of other political parties.</div> <div> </div> <div> He further said that his party would continue the ongoing election-boycott campaign. “Neither we will go underground nor will wage an armed struggle”, the former rebel leader stated, charging that some forces are disseminating false information about his party.</div> <div> </div> <div> Baidhya accused the parliamentary forces of inviting confrontation in the country notwithstanding their failure. “This has made the people aggressive,” he added, saying the country could not be liberated from the current state of affairs till such (parliamentarian) forces existed.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'CPN-Maoist Chairman Mohan Baidya has warned that the new constitution to be drafted without the participation of his party will not be acceptable to the people.', 'sortorder' => '1874', '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' => '2021', 'article_category_id' => '134', 'title' => '“Ending Energy Crisis In Five Years Is Not An Ambitious Plan”', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <span style="font-size:14px;">Former Deputy Prime Minister and Finance Minister <strong>Bharat Mohan Adhikari</strong> believes that the nation can gain economic prosperity if existing power crisis is solved. His party, CPN UML, recently unveiled its manifesto that equally focuses on national economic development agenda. The Corporate’s <strong>Janardan Baral</strong> recently caught up with him and discussed issues pertaining to party’s plan to materialize the New Nepal dream. <strong>Excerpts: </strong></span></div> <div> </div> <div> <strong>Like other political parties, CPN UML has also unveiled an over-ambitious manifesto. Why?</strong></div> <div> UML has come up with programmes which are necessary for socioeconomic and cultural transformation. Nepal is underdeveloped country and we have envisaged uplifting the country’s economic status in five years which, I think, is very pragmatic plan. We have developed clear plans to achieve targets set by the party. The first condition to develop Nepal is to increase its productivity. </div> <div> </div> <div> Living standards of the people can be elevated by increasing their income through creating more employment opportunities. This requires funneling more investment from both public and private sector and also channeling foreign aid and Foreign Direct Investment (FDI) in productive sectors. Stimulating cooperatives to invest in productive sector is another important aspect to gain substantial results in economic development. The three pillar economy adopted by our party corresponds to these needs. </div> <div> </div> <div> It is worthwhile mentioning here that friends who earlier firmly believed that market operates in itself, have now started talking about the necessity of a regulatory body. This does not mean that CPN UML favors state controlled economy. Country can head towards economic prosperity only if the private sector is allowed to assume lead responsibilities. </div> <div> </div> <div> In our context, the state is still the largest investor. It has to take responsibilities of various sectors such as infrastructure, poverty alleviation and education. Our manifesto has been prepared by considering these actualities and needs. </div> <div> </div> <div> <strong>What are major economic priorities of UML?</strong></div> <div> Agricultural sector is our priority. Rural development through modernization of agriculture is our main target. UML has decided to increase investment and subsidy in agriculture sector. We have decided to enhance irrigation facilities and ensure easy financial access to the farmers. We have plan to diversify agriculture sector and modernize it by introducing scientific methods. We have further decided to earmark Rs 5 million to each Village Development Committee under the programme Develop One’s Own Village. I firmly believe that our manifesto is pragmatic and realistic. </div> <div> </div> <div> <strong>You claim UML’s manifesto is very pragmatic. But doesn’t the vision to transform the country to a developing nation from under-developed nation in five years seem impractical and ambitious?</strong></div> <div> World Bank has predicted a 4.5 per cent economic growth in this year. I think, six per cent is very moderate growth for Nepal’s economy. The economic growth can be achieved if political parties are ready to refrain from strikes. We should let economy to go ahead without hassles. Double digit economic growth is not something we cannot achieve. But we all need to be sincere to economic agenda. </div> <div> </div> <div> We have pledged to work in a manner that the country will be self reliant in food, we will promote export-oriented industries and we will encourage business community to substitute imports. We can reduce import figure by promoting export of agro products. </div> <div> </div> <div> UML has envisaged expanding road connectivity in all districts within five years, generating 5,000 MW electricity and attracting 2 million tourists in a year. These programmes will help increase both productivity and employment opportunities. And, all these programmes are achievable too. </div> <div> </div> <div> <strong>Service sector has been expanding but productive sector has shrunk. On the other hand, energy crisis and labour unrest have been affecting economy. In this scenario, is it possible to achieve double digit economic growth? </strong></div> <div> I agree that the country’s economy has been facing trouble due to energy crisis. Industry sector cannot boom if the problem will continue. This is why we have decided to generate 5,000 MW electricity in five years. Electricity generation will open window for industrialization. Major setback for Nepal’s industrial development is power deficit not labour unrest. We have to end frustration of industrial sector by generating power. We can automatically increase export if we produce goods in our own country by utilizing our own natural resources that we have failed to manage. </div> <div> </div> <div> We are in favour of a balanced industrial and labour relation. There should be social security plans for workforce. Similarly, we should also ensure investment-friendly environment for industrialists. We should create an environment where owners and workers can work together. We are committed to promote production sector. </div> <div> </div> <div> <strong>UML has also pledged to make revenue system scientific and private-sector friendly. Yet, it is not clear if its emphasis is on indirect tax like VAT or direct tax like income tax. What’s your say?</strong></div> <div> It is fact that the awareness about revenue has increased these days. We need to disseminate message that tax is duty of citizens and it is also a matter of pride. We want to expand tax net to make internal resources as a main source of country’s operation. Our principal emphasis is on direct tax. We will formulate revenue policy based on international standards and guidelines. VAT has been doing well in Nepal’s tax regime. UML believes that existing tax policies are fine. So, our effort will be focused on implementing these policies effectively through more competent measures.</div> <div> </div> <div> <strong>Let’s talk about political issues, Political parties are competing in the second CA election with the same agenda which were major bone of contention in the first CA. Don’t you think, the new CA is doomed to share its predecessors’ fate? </strong></div> <div> You are right to some extent. Ethnicity issues were hyped from the beginning of CA election. Foreigners were also involved in exaggerating ethnic issues in the last CA election. Some even tried to make UML weaker. But the fact is we cannot develop provinces based on caste and ethnicity. </div> <div> </div> <div> <strong>What result do you expect from this election?</strong></div> <div> CPN UML will be the largest party from this election. Our research has shown that our popularity has increased in various regions. We will win around 100 seats from first-past-the-post election system and 70 seats under proportional representation system. </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' => 'Former Deputy Prime Minister and Finance Minister Bharat Mohan Adhikari believes that the nation can gain economic prosperity if existing power crisis is solved. His party, CPN UML, recently unveiled its manifesto that equally focuses on national economic development agenda. The Corporate’s Janardan Baral recently caught up with him and discussed issues pertaining to party’s plan to materialize the New Nepal dream.', 'sortorder' => '1873', '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' => '2025', 'article_category_id' => '139', 'title' => 'Nepal And The World News In Brief ( 28 October - 3 November)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:14px;"><strong>UK GDP Growth Fastest For 3 Years</strong></span></div> <div> UK economic output rose by 0.8% between July and September, official GDP figures show. The Office for National Statistics said there had been a “fairly strong” performance across all sectors. The data builds on a 0.7% GDP rise in the April-June period and is the best quarterly performance since 2010. Chancellor of the Exchequer George Osborne tweeted: “This shows that Britain’s hard work is paying off & the country is on the path to prosperity.”</div> <div> </div> <div> <span style="font-size:14px;"><strong>EU Lawmakers Avert Payment Crisis</strong></span></div> <div> The European Parliament approved an additional € 2.7 billion ($3.7 billion) injection into the European Union’s 2013 budget on Thursday, thus preventing the bloc from running out of money in the coming weeks. Most EU money flows back into the bloc’s 28 countries, for instance as agricultural subsidies or support for poorer regions. The European Commission, the bloc’s executive, had warned that it would no longer be able to make payments from November if member states did not provide the extra funding. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Global M&A Deal Volume Hits $2.3 tn </strong></span></div> <div> Global merger and acquisition (M&A) deal volume reached $ 2.3 trillion so far this year, registering an increase of 9 per cent from last year levels, Dealogic said in a report. According to the global deal tracking firm, global M&A volume has reached $ 2.30 trillion in 2013 year-to-date, up 9 per cent from the $ 2.10 trillion in the corresponding period last year. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Nobel Economist Klein Dies at 93</strong></span></div> <div> Nobel Prize-winning economist Lawrence Klein, whose statistical models have been used to analyse and predict global economic trends, has died aged 93. Mr Klein, who died at his home near Philadelphia on 20th October Sunday, was widely regarded as the founder of modern economic forecasting. He famously predicted America’s post World War II boom, which at the time, countered theories of a new recession. This was achieved through computer-based models known as ‘econometrics’.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Australia to Raise Debt Limit by Two-Thirds </strong></span></div> <div> The Australian government has said it plans to raise the country’s debt limit by two-thirds to allay concerns it could face a future fiscal crisis. The newly-elected conservative government is looking to raise the borrowing limit to A$500bn. Australia is forecast to reach its current A$300bn ceiling in December.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'K economic output rose by 0.8% between July and September, official GDP figures show. The Office for National Statistics said there had been a “fairly strong” performance across all sectors. The data builds on a 0.7% GDP rise in the April-June period and is the best quarterly performance since 2010. Chancellor of the Exchequer George Osborne tweeted: “This shows that Britain’s hard work is paying off & the country is on the path to prosperity.”', 'sortorder' => '1872', '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' => '2019', 'article_category_id' => '91', 'title' => 'EPF’s Interest In Hydropower Sector', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> Employees Provident Fund (EPF) has decided to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity. </div> <div> </div> <div> Confirming the investment, Krishna Prasad Acharya, Administrator of the Fund, said that EPF decided to investment in hydropower after apprising the sector secure and productive. "Investment in infrastructure development sector will have a sustainable impact on national economic growth,” he said adding, “Investment is this sector is profitable as well as productive in the long run”.</div> <div> </div> <div> The EPF has decided to invest in Upper Tamakoshi (456 MW), Rasuwa Gadi (111 MW), Bhotekoshi (102 MW), Upper Sanjen (14.8 MW) and Sanjen (42.5 MW) hydro projects, he informed.</div> <div> </div> <div> “Out of the total allocated amount, around Rs 3 billion has been used those four projects,” said Kailash Bhakta Karrananjeet, Chief of the Department of Investment and Treasury Management at the EPF.</div> <div> Informing that the meeting of the board of directors of the fund has approved the projects. </div> <div> </div> <div> EPF has also invested in SL Hydropower Project, through Hydropower Investment and Development Company’s promotional shares and joint-finance process.</div>', 'published' => true, 'created' => '2013-10-27', 'modified' => '2013-10-28', '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' => 'Employees Provident Fund (EPF) has decided to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity.', 'sortorder' => '1871', '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' => '1971', 'article_category_id' => '91', 'title' => 'Foreign Loan In Local Currency', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds. </div> <div> </div> <div> The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank’s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond. </div> <div> </div> <div> The decision follows the budgetary provision of the current fiscal year regarding arrangements for the issuance of rupee bonds by international financial institutions.</div> <div> </div> <div> “The local currency bond supports the efforts of the government and authorities to deepen domestic capital markets in the country,” said an official at the Ministry of Finance. Such markets are an important source of local-currency funding to engage broader private sector in development projects through micro, small and medium enterprises and other essential economic sectors, he added. </div> <div> </div> <div> We envisage that the country will have several international issuers coming to the market who can propel the investment climate, he said. </div> <div> </div> <div> Presence of international issuers will have positive impact in overall investment scenario, said chief economic advisor at the ministry Dr Chiranjibi Nepal. Investors can invest in more secure manner when internationally trusted organizations issue bond, he said. “The implementation of decision will also help to formalize economy since people start to invest in bond instead of hiding currency at home or in banks.” </div> <div> </div> <div> Local currency bonds are issued to attract both local and foreign investment as they help in long-term financing. The money raised by issuing bonds should be spent in big projects like developing the country’s hydropower, agriculture, road and tourism infrastructures, according to the Ministry </div> <div> of Finance. </div> <div> </div> <div> Opening the door to international issuer will also help develop the country’s bond market, which is still in nascent stage, according to the ministry. At present, bonds account for 34 percent of the total debt instruments in the country. Currently, total domestic debt amounts to Rs 207 billion raised from treasury bills and different types of bonds.</div> <div> </div> <div> Potential issuers who want to issue bonds in Nepali rupee must apply to the Finance Ministry specifying the objective of issuing them, potential areas of investment, the main investor, value of the bonds, maturity period, interest rate and timetable, according to spokesperson Ram Sharan Pudasaini.</div> <div> </div> <div> “The ministry will then present the proposal to the cabinet for the final approval on whether or not to allow the issuance of bonds,” he added. </div> <div> </div> <div> As per the 10-point guideline endorsed by the ministry, the bond issuance should be carried out as per the existing legal provisions related to securities.</div> <div> </div> <div> In order to assure investors about the security of their investment, the bond issuer has to publish prospectus of the institution that is issuing the bond. The issuer can make the payment of interest to investors on half yearly basis through their local agent or market makers, the guideline says. It has given income tax exemption to the international institutions issuing the bonds. “But if they issue the bonds through local agents, the agents are subject to tax compliance,” said Pudasaini.</div> <div> </div> <div> The guideline has also the given the bond issuing institutions to repatriate profit as per the country’s existing law. They have also been allowed to take short-term loans from the local banks as bridge funding provided the fund raised from bonds is inadequate for the investment in the project.</div> <div> </div> <div> They have also been allowed to deposit their money in banks for a year to manage their fund. “This provision was made to utilize the fund they have until they invest in certain projects,” said Pudasaini.</div>', 'published' => true, 'created' => '2013-10-20', 'modified' => '2013-10-28', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds. The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank’s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond.', 'sortorder' => '1870', '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' => '1972', 'article_category_id' => '91', 'title' => 'NRNA Global Conference Started', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> The sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year’s conference is 'NRNs and Nepal: Partners in Prosperity'. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function. </div> <div> </div> <div> The four-day global conference is also set to choose a new leadership of the organization for a two-year term. Australian businessman Shesh Ghale and General Secretary Tenzi Sherpa (South Korea) are contesting for the position of NRNA president. The election is scheduled to take place on Sunday. </div> <div> </div> <div> The Sixth NRNA Global Conference will be held on Monday and Tuesday after the conclusion of the convention. The global conference will be inaugurated by the President Dr Ram Baran Yadav. The conference will hold discussions on various subjects like collective investment, foreign employment, continuity of Nepali citizenship of the NRNs, and partnership with the private sector in the country, among other issues.</div> <div> </div> <div> About 1300 NRNs from 50 countries across the world are taking part in the conference. The NRNA has its chapters in 65 different countries.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Two Years of Abroad Stay Must for NRNA Membership</strong></span></div> <div> Similarly, the general assembly of NRNA on Saturday introduced a provision, according to which every Nepali staying in foreign lands for two continuous years will be eligible for NRN status. The amendment will come into effect from October 22.</div> <div> </div> <div> Likewise, the amendment has also paved the way for registration of the organization which was pending for a decade. NRNA was established in 2003. However, due to differences between the NRN Act 2008 and NRNA’s statute, the organisation was not formally registered in the country inspite of several attempts of NRNs. The organisation has now got legal status after registering in Nepal.</div>', 'published' => true, 'created' => '2013-10-20', 'modified' => '2013-10-28', '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 sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year’s conference is 'NRNs and Nepal: Partners in Prosperity'. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function.', 'sortorder' => '1869', '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' => '1974', 'article_category_id' => '134', 'title' => '“Economic And Technical Transparencies Are Key To Success”', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <span style="font-size:14px;"><img alt="Birendra bAHADUR BASNET" src="/userfiles/images/BBB(1).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 250px; height: 268px;" /><span style="font-size:16px;">Birendra Bahadur Basnet is a first generation businessman with his reputation increasing year after year. He entered into the airline business without any prior experience but today he heads a very successful airline company. When he registered his airline, Buddha Air, and started operations in 1996, he had only one aircraft that was purchased with a loan. His journey had begun with a US-made Beechcraft 1900D. Now, Buddha Air has a fleet of nine aircraft - three Beechcraft 1900, three ATR 42-320 and three ATR 72-500. Basnet spoke to Janardan Baral of The Corporate about his company’s strategies and country’s aviation sector. <strong>Excerpt: </strong></span></span></div> <div> </div> <div> <span style="font-size:14px;"><strong>What are main reasons behind massive success of Buddha Air which, as of today, holds 56 percent market share of domestic airlines?</strong></span></div> <div> Buddha Air is a common platform for its 700 employees. We continuously motivate employees to achieve success. We believe that all employees should have feeling of ownership on the company. Buddha Air gives high value to its employees for the growth of company and shares both profit and loss with its employees. I can say that collective work of employees is the main reason for the progress of Buddha Air so far.</div> <div> </div> <div> <span style="font-size:14px;"><strong>How do you motivate your employees?</strong></span></div> <div> All financial transaction should be transparent. Transparency creates environment of trust between employees and company management. Salary increment based on the inflation rate and performance based reward system are some ways to motivate employees in a positive manner. We provide incentives to employees. The company should hike air fare every year to meet administrative cost including salary of employees. Yet, we are committed to provide services at reasonable cost. We have started providing services from big aircraft reducing number of small aircraft. On top of all, the most important thing is economic and technical transparency. Besides, long term vision, strategies, best products and investment are equally important to make a company successful. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Buddha Air could not achieve success in international flights such as Paro, Lucknow and Banaras. What’s your say?</strong></span></div> <div> First, we have not give importance to those destinations compared to domestic destinations. Our team should have put more effort to be successful in internal market. Second, Paro of Bhutan and Lucknow of India could not be the best flight destinations for us. We failed to do good business in these destinations. The reason we decided to stop our Lucknow flight was obvious. People can get there in three hours from Nepalgunj. Passengers opt to fly to Nepalgunj and then go to Lucknow. However, Banaras has been one of the lucrative flight routes to us. We will be continuing our service to Banaras.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Indian airline companies are doing good business from Banaras flight. Can we say Buddha Air could not compete with them?</strong></span></div> <div> We have not reached at the level where we can compete with Indian airline companies. Simiarly, we cannot surpass the market of Indian Airline which has been operating service in that route since decades. Yet, we did not incur loss from the Banaras flights. But, Banaras is seasonal destination due to religious reason. Keeping this fact in mind, we have decided to operate service on this routefor six months only. </div> <div> </div> <div> <span style="font-size:14px;"><strong>It is said that Buddha Air has given less priority to the destinations of the neighbouring countries because it will start its service to other lucrative international destinations. Is it true?</strong></span></div> <div> I do not decline it completely. But we will not take decision in haste. First we should have strong presence in the areas where we have been operating our services at present. We have to be very competitive to start international flights. It seems that airline companies that have been operating service in Nepal are profit oriented than service. In such situation, the possibility of profit is high in this sector. But, Buddha Air has not reached a level where it can compete with renowned international brands such as Thai, Qatar, Etihad and others. So, we will not go to the international market for next four to five years. </div> <div> </div> <div> <span style="font-size:14px;"><strong>There is neck to neck competition in the domestic airline market. What will be your strategies to maintain your market share?</strong></span></div> <div> We have established our brand image as a company which regularly pays tax, which is employees friendly and which serves a million passenger in a year. We will not be adding number of aircraft for the coming few years. Similarly, we have plan to sell a Beechcraft. Currently, we have nine aircraft. We will sell a 18-seater and reduced the number of aircraft to eight. Similarly, we have been trying to enhance our capacity. We have to make profit to keep our employees satisfied. So our goal is to make profit by ethical business practices. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Audit report of ICAO has showed Nepal as a high-risk zone. Private airline companies blame Nepal’s regulator CAAN of trying to introduce an impractical rule based on the audit report. Do you agree?</strong></span></div> <div> We should let regulator work independently. It has right to monitor and regulate the entire sector. But, it is not fair to disregard the flight captains in the name of new regulation. Another issue is that the regulator has made it mandatory to keep a deposit of Rs 50 million. This provision is not acceptable. First, regulatory body should not be politicized. It should not blame ICAO to cover its own incompetency.</div> <div> </div> <div> <span style="font-size:14px;"><strong>So don’t you abide by the provisions of Air Operator Certificate Requirements which the regulator has recently introduced?</strong></span></div> <div> We cannot afford same deposit amount as the international airlines are required to offer. We have already expressed our dissatisfaction over such provision. We will stop all international flights if the government tries to implement it forcefully. We cannot continue our Banaras flight by depositing Rs 50 million. The regulation which is formulated for jet planes should not be forced for small aircraft too.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Nepal’s airline safety situation seems deteriorating every consecutive year. Cannot we say that this is due to airline operators who are not abiding the regulator?</strong></span></div> <div> Nepali sky is obviously more risky compared to European sky. Nepal’s geography is dangerous compared to many other countries in the world. But we have failed to avoid many accidents that could have been easily avoided, such as those were caused by minor human error. Many accidents had taken place due to negligence on the part of airline companies and human resource involved in the operation. Regulator does not have sufficient manpower to monitor effectively. I do not blame this on weak legal provisions. We all should leave our habit of breaching the law. All should be abide by the regulation. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Poor operation technology is also blamed for the frequent air accident in Nepal. Do you feel so?</strong></span></div> <div> Both Instrumental Flight Rule (IFR) and Visual Flight Rule (VFR) have their own procedures and rules. Crew members should follow all the process including maintaining height and distance in all flights. Similarly, some airports have some specific rules. Crew members should follow those rules too. New technology can only facilitate the process. The main question is whether we follow all due processes strictly. I think all should follow international standards while operating airlines services. Buddha Air is very much conscious about this. </div> <div> </div> <div> <span style="font-size:14px;"><strong>In Nepal, there is no stability in the number of airline companies. How to address this problem?</strong></span></div> <div> Yes it is fact. Sustainability of airline companies is a crucial question in Nepal. There were so many good airline companies when Buddha Air started its operation. Most of them have already closed down. Owners should be serious to the problems that may occur in this business for the sustainability of the company. Companies should be updated time and again. Concerned company should give special attention for the capacity building of employees.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Buddha Air is criticized as being focused on profit oriented destinations only. It has not started operation in rural areas so far though it had pledged to do so. What do you say?</strong></span></div> <div> We want to start our operation in remote areas. But we don’t have appropriate aircraft to do so. We have planned to start service in the remote areas after getting hold in the international flights. Buddha Air had tried to buy an aircraft to start service in the remote destinations but the price of aircraft skyrocketed and we could not afford that. It is bitter reality that we cannot operate service in loss. </div> <div> </div> <div> <span style="font-size:14px;"><strong>So what are major preconditions to start service in remote parts?</strong></span></div> <div> The first condition is infrastructure. The government should invest in infrastructure. There should be road connectivity. Then, locals will have options whether to travel by air or by road. The government should be clear also regarding subsidy and other schemes to operate services in the remote parts. </div> <div> </div> <div> <span style="font-size:14px;"><strong>We often hear about syndicate among airline companies to fix air fare? What is the reality?</strong></span></div> <div> The government has fixed the maximum ceiling on the fare. For instance, upper limit of the air fare to Biratnagar is Rs 6,700. Airline companies have been following the ceiling set by the government. I do not think there is similarity in air fare among all airline companies.</div>', 'published' => true, 'created' => '2013-10-21', 'modified' => '2013-10-28', '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' => 'Birendra Bahadur Basnet is a first generation businessman with his reputation increasing year after year. He entered into the airline business without any prior experience but today he heads a very successful airline company.', 'sortorder' => '1868', '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' => '2016', 'article_category_id' => '48', 'title' => 'In Love With The Peg', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <img alt="No Laughin Matter" src="/userfiles/images/NLM.jpg" style="float: right; margin: 0px 0px 0px 10px; width: 300px; height: 451px;" />The ‘peg’ must have been the second most loved word for Englishmen after ‘sex’, but for Nepalis, it (its meaning to be precise) is unquestionably the first. Whether it is expressed or muted, the presence of the peg is ubiquitous in our daily national or economic life. The moment you touch the Nepali Currency (NC), you are bound to remember that it is strictly pegged to the Indian Currency (IC). You may or may not always believe in the value of the NC, but it is this peg that gives you the confidence you need. </div> <div> </div> <div> The recent devaluation of the Nepali currency was not an outcome of a downturn in our economy, but was the effect of the NC-IC peg that has a history of more than six decades. If your business has suffered from this devaluation, you are free to shift the peg to console yourself -- a shift from the currency peg to a whisky peg. Do not complain if more than ninety five percent of Nepali bar-tenders cannot say ‘peg’ and often make do with ‘pack’. When asked, ‘Sir would you like a pack?’ you must have the intelligence to understand that he is actually asking if you would like a peg of some alcohol. If you are a novice drinker, just graduated to whisky to drink in a bar from a ‘pouch’ in a tavern, you may be familiar with the ‘pack’ than the ‘peg.’ It is just a question of civilization, not economics.</div> <div> </div> <div> But in our economic system, unlike you, there are big bosses who are more familiar with the ‘peg’ than the ‘pack’, so that they don’t want to pack the peg at any cost. When it comes to packing-up, or stopping the NC-IC peg, they don’t even want to hear it out. They have good reasons for maintaining this status quo until our currency faces the fate of the Zimbabwean dollar when it was in its last days of existence. In other words, the love for this peg is the simplest strategy to make the Nepali richer in no time. If the present rate of devaluation continues, we Nepalis will soon be so rich that we will be paying ten thousand rupees for a cup of tea, one hundred thousand rupees for a kilogram of rice, a million rupees for a kilogram of mutton or cheese, and so on.</div> <div> </div> <div> If you are in the business of stock price analysis or actual stock trading and brokerage and haven’t heard of the capital ‘PEG’, or price/earnings to growth ratio, you are sure to be doomed and forced to take refuge in the smaller ‘peg’ that is re-christened by Nepali barmen as ‘pack’. There are people in the financial service industry in Nepal who argue that ninety-nine percent of our stock brokers, the licensed ones, never heard of the ‘PEG’, or the ‘peg’, and is managing everything with the replacement of the ‘pack’. The result: many of them are, therefore, helping the trading of many scribs to pack-up within a few days of listing instead of using the PEG tool to analyze.</div> <div> </div> <div> If you ask our policy makers -- the finance minister, the central bank governor, or the prime minister as soon as we get one -- ‘How long will the NC-IC peg continue?’ they all will have very intelligent answers for it: ‘Oh! Peg. Yes, we have. Good question, I mean, not bad at all. It is important. How about having a peg together tonight? Thanks!!’</div> <div> </div> <div> You may ask me how I know that their answer would be exactly like that. It is simple: every generation of our authorities for the last half century have said nothing different than this. Feel like listening to the popular number the ‘Peg’ by Steely Dan? Do it in the bar, that’s the place to admire the real beauty of the ‘peg’! </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-24', 'keywords' => 'new business age no laughing matter news & articles, no laughing matter news & articles from new business age nepal, no laughing matter headlines from nepal, current and latest no laughing matter news from nepal, economic news from nepal, nepali no laughing matter economic news and events, ongoing', 'description' => 'The ‘peg’ must have been the second most loved word for Englishmen after ‘sex’, but for Nepalis, it (its meaning to be precise) is unquestionably the first. Whether it is expressed or muted, the presence of the peg is ubiquitous in our daily national or economic life. The moment you touch the Nepali Currency (NC), you are bound to remember that it is strictly pegged to the Indian Currency (IC).', 'sortorder' => '1867', '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' => '2017', 'article_category_id' => '51', 'title' => 'Biztoon / Voices October 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Biztoon October 2013" src="/userfiles/images/biz.jpg" style="width: 550px; height: 371px; margin-left: 20px; margin-right: 20px;" /></p> <p> </p> <p> </p> <div> <img alt="Shankar Koirala" src="/userfiles/images/sk(3).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 83px;" /><span style="font-size: 16px;"><strong>“Government is obliged to reduce customs on vehicle imports.”</strong></span></div> <div> <strong>Shankar Koirala,</strong> Finance Minister hinting that the tariff on vehicle imports may come down in the next fiscal year to fulfil the commitment made to World Trade Organisation (WTO) and South Asian Free Trade Agreement (SAFTA).</div> <div> </div> <div> </div> <div> <img alt="Lila Mani Paudel" src="/userfiles/images/lp.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 83px;" /><span style="font-size: 16px;"><strong>“Corruption kills entrepreneurship.”</strong></span></div> <div> <strong>Lila Mani Paudel, </strong>Chief Secretary stating that transparency is the basis for successful enterprise. </div> <div> </div> <div> </div> <div> </div> <div> <img alt="Binod Chaudhary" src="/userfiles/images/bc(2).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 84px;" /><span style="font-size: 16px;"><strong>“We have to make public commitment for country’s economic development.”</strong></span></div> <div> <strong>Binod Chaudhary, </strong>Chairman of Chaudhary Group emphasizing the need of public commitment for economic prosperity.</div> <div> </div> <div> </div> <div> <img alt="Chhaya Sharma" src="/userfiles/images/cs.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 83px;" /><span style="font-size: 16px;"><strong>“Role of women must be increased in the GDP to uplift the economic growth rate.”</strong></span></div> <div> <strong>Chhaya Sharma,</strong> Chairperson of Women Entrepreneurs Development Committee at FNCCI recommending the method to achieve seven per cent economic growth.</div> <div> </div> <div> </div> <div> <img alt="Raja Ram Giri" src="/userfiles/images/rg.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 85px;" /><span style="font-size: 16px;"><strong>“Nepal needs urgent reforms, not tourism year gimmick.”</strong></span></div> <div> <strong>Raja Ram Giri, </strong>an NRN based in London and Director of Samsara Nepal Financial Services Ltd stating the need for practical actions for tourism development.</div> <div> </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age biztoon or voices news & articles, biztoon or voices news & articles from new business age nepal, biztoon or voices headlines from nepal, current and latest biztoon or voices news from nepal, economic news from nepal, nepali biztoon or voices economic news and events, ongoing bizt', 'description' => '“Government is obliged to reduce customs on vehicle imports.”', 'sortorder' => '1866', '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' => '2015', 'article_category_id' => '51', 'title' => 'Biztoon / Voices September 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Biztoon September 2013" src="/userfiles/images/Biztoon.jpg" style="width: 550px; height: 372px; margin-left: 20px; margin-right: 20px;" /></p> <p> </p> <hr /> <p> </p> <div> <strong><span style="font-size: 16px;"><img alt="Ratish Chandra Lal Suman, the Director General of Civil Aviation Authority of Nepal (CAAN)" src="/userfiles/images/RCL(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 82px; height: 100px;" />“Airline companies are not behaving as per the requirement of airline services and now they are calling the new AOCR impractical.”</span></strong></div> <div> Ratish Chandra Lal Suman, the Director General of Civil Aviation Authority of Nepal (CAAN) alleging airlines for not following the parameters for Air Operator Certificate Requirements (AOCR).</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Hari Bhakta Sharma, Vice President of Confederation of Nepalese Industries (CNI) " src="/userfiles/images/HBS(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 83px; height: 100px;" />"The low development budget would again lead us to another economic crisis.”</span></strong></div> <div> Hari Bhakta Sharma, Vice President of Confederation of Nepalese Industries (CNI) arguing that the development expenditure of the government for the fiscal year 2013/14 would less likely help to achieve the desired economic growth rate.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Dr Chandra Mani Adhikari, Economist and Chairman of Citizen Investment Trust" src="/userfiles/images/CMA(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 83px; height: 100px;" />“The capital expenditure must be raised to Rs 400 billion from Rs 60 billion at present.”</span></strong></div> <div> Dr Chandra Mani Adhikari, Economist and Chairman of Citizen Investment Trust suggesting to raise the capital investment in the annual government budget to achieve seven per cent economic growth.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Dipak Gyawali, former Minister of Water Resources" src="/userfiles/images/DG(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 82px; height: 100px;" />“The country needs more entrepreneurs than traders.”</span></strong></div> <div> Dipak Gyawali, former Minister of Water Resources expressing his belief that enterprises, entrepreneurs and industries must be developed to achieve seven per cent economic growth.</div> <div> </div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Krishna Prasad Paudel, an Agriculture Expert" src="/userfiles/images/KPP(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 83px; height: 100px;" />“Nepali farmers do not understand the agriculture policy drafted in English.”</span></strong></div> <div> Krishna Prasad Paudel, an Agriculture Expert being sarcastic to dependent mentality of government on preparing agriculture policies in English language despite majority farmer’s inability to comprehend English.</div> <div> </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal, current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal', 'description' => '“Airline companies are not behaving as per the requirement of airline services and now they are calling the new AOCR impractical.”', 'sortorder' => '1865', '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' => '2014', 'article_category_id' => '51', 'title' => 'Biztoon / Voices August 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="BIZTOON AUGUST 2013" src="/userfiles/images/biztoon(3).jpg" style="width: 550px; height: 372px; margin-right: 20px; margin-left: 20px;" /></p> <p> </p> <p> </p> <div> <strong><span style="font-size: 16px;"><img alt="Dr Yuba Raj Khatiwada, Governor of Nepal Rastra Bank" src="/userfiles/images/Dr%20Yuba%20Raj%20Khatiwada.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 90px; height: 110px;" />“Increasing the capital base will favour a better future of banks and financial institutions.” </span></strong></div> <div> Dr Yuba Raj Khatiwada, Governor of Nepal Rastra Bank arguing that the current capital base of banks and financial institutions is not enough for long term financial autonomy and discussions with stakeholders are going on about raising the capital base.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;">“Rent seeking bureaucracy and the private sector in search of protectionism have attacked the Foreign Investment and Technology Transfer Act.” </span></strong></div> <div> Dr Bhola Chalise, former Industry Secretary alleging that the bureaucracy and the private sector are both criticising the act.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;">“Every Nepali must be attached to tourism.” </span></strong></div> <div> Tejendra N Shrestha, President of Restaurant and Bar Association of Nepal pointing out that the general public does not realise that they are directly or indirectly associated with the tourism industry of the country. He says that the tourism sector will help Nepal achieve 7 per cent economic growth.</div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Jiba Lamichhane, President of Non- Resident Nepali (NRN) Association" src="/userfiles/images/Jiba%20Lamichhane.jpg" style="float: right; margin: 0px 0px 0px 10px; width: 90px; height: 107px;" />“One should not expect much from NRN.” </strong></span></div> <div> Jiba Lamichhane, President of Non- Resident Nepali (NRN) Association saying that NRNs are struggling for being established and it would be wrong to have too much of expectations on them for making investments in Nepal.</div> <div> </div> <div> </div> <div> </div> <div> </div> <div> <img alt="Dr Chiranjibi Nepal, Principal Advisor at Ministry of Finance" src="/userfiles/images/Dr%20Chiranjibi.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 90px; height: 108px;" />“<span style="font-size: 16px;"><strong>The target of 7 per cent economic growth by 2015 is possible only if the existing government can change some policies as required to expedite capital expenditure.”</strong></span></div> <div> Dr Chiranjibi Nepal, Principal Advisor at Ministry of Finance arguing that the current government can change the policy to expedite capital investment and propel economic growth.</div> <div> </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal, current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal', 'description' => '“Rent seeking bureaucracy and the private sector in search of protectionism have attacked the Foreign Investment and Technology Transfer Act.”', 'sortorder' => '1864', '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' => '2012', 'article_category_id' => '51', 'title' => 'Biztoon / VOICES JUNE 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Biztoom June 2013" src="/userfiles/images/fdi.jpg" style="width: 550px; height: 371px; margin-left: 20px; margin-right: 20px;" /></p> <p> </p> <div> <span style="font-size: 16px;"><strong>“Entrepreneurs should not be threatened to pay taxes.”</strong></span></div> <div> <strong>Jagdish Prasad Rathi,</strong> Chairperson, Tax and Revenue Committee at Federation of Nepalese Chambers of Commerce and Industry (FNCCI) opines that business people and industrialists should be encouraged not threatened to pay taxes.</div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Radhesh Pant" src="/userfiles/images/rp(2).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 75px; height: 92px;" />“The private sector is not yet ready to invest in mega projects.”</strong></span></div> <div> <strong>Radhesh Pant,</strong> Chief Executive of Investment Board opines that the Nepali private sector is not yet ready for investing in mega projects proposed by the board.</div> <div> </div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong>“We are advocating common standards across South Asia.”</strong></span></div> <div> <strong>Vikramjit Singh Sahaney</strong>, President of SAARC Chamber of Commerce and Industry believes that all the commodities traded in the South Asia region should comply to a common standards and standard certificates honoured by all the countries in the region should be issued.</div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Shankar Prasad Koirala" src="/userfiles/images/spk.jpg" style="float: right; margin: 0px 0px 0px 10px; width: 75px; height: 93px;" />“Private sector support is a must for the full-fledged budget for the next fiscal year.”</strong></span></div> <div> <strong> Shankar Prasad Koirala</strong>, Finance Minister expects the full cooperation from the private sector to the government to bring a full-fledged budget for fiscal year 2013/14.</div> <div> </div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Gyan Chandra Acharya" src="/userfiles/images/gca.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 75px; height: 91px;" />“Nepal’s economic structure must be changed.”</strong></span></div> <div> <strong>Gyan Chandra Acharya,</strong> Under-Secretary-General and High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States at United Nations (UN) believes that the economic structure must be changed to achieve 7 per cent growth.</div> <div> </div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong>“To achieve 7 per cent economic growth, private sector must be ensured with a favourable investment climate.”</strong></span></div> <div> <strong>Bharat Mohan Adhikari,</strong> Former Finance Minister acknowledges the role of the private sector in achieving high economic growth.</div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age biztoon or voices news & articles, biztoon or voices news & articles from new business age nepal, biztoon or voices headlines from nepal, current and latest biztoon or voices news from nepal, economic news from nepal, nepali biztoon or voices economic news and events, ongoing bizt', 'description' => '“To achieve 7 per cent economic growth, private sector must be ensured with a favourable investment climate.”', 'sortorder' => '1863', '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' => '2028', 'article_category_id' => '140', 'title' => 'Sapkota Urges Poll-opposing Parties Not To Challenge People’s Right', 'sub_title' => '', 'summary' => null, 'content' => '<div> UCPN (Maoist) spokesperson Agni Prasad Sapkota has said that no one has right to obstruct the upcoming Constituent Assembly (CA) polls. </div> <div> </div> <div> At a regular weekly press meet organized at the party headquarters, Paris Danda, Saturday morning, Sapkota said that the nationwide anti-poll activities carried out by the CPN-Maoist were illegal. He also urged the agitating parties not to challenge the people´s right by conducting the anti-poll campaigns.</div> <div> </div> <div> Sapkota said that imposing strikes and thrashing the candidates of the UCPN (Maoist) and other political parties were undemocratic and asked the government to control such activities.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'UCPN (Maoist) spokesperson Agni Prasad Sapkota has said that no one has right to obstruct the upcoming Constituent Assembly (CA) polls.', 'sortorder' => '1877', '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' => '2029', 'article_category_id' => '140', 'title' => 'Weekly Roundup ( 22 - 27 October 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> •The Non-Resident Nepalis (NRNs) announced to establish a deluxe five-star hotel in Nepal and to bring international hotel chain in Nepal. Organizing a press meet on October 26, the newly elected President of the Non-Resident Nepali Association Shesh Ghale announced that there will be collective investment of the NRNs. “We will first carry out a feasibility study, and than we will call for the collective investment from the NRNs, giving equal priority to all of them,” Ghale said. The venue of the proposed hotel is yet to be ascertained. Ghale said many of the international hotel chains have shown interest for establishing international standard hotels in Nepal. </div> <div> </div> <div> •The Company Registrar Office (CRO) has made the registration of new companies through online system mandatory from last week. It said it would no longer entertain files under manual system for registration purpose. The CRO, which started online registration system in February, took a step further recently by fully automating the registration system. It has enabled companies to submit documents required for registration and forward application for dissolution through the internet. Companies can also check their status online.</div> <div> </div> <div> •Customs officials of Nepal and China have signed a 14-point agreement with a commitment to stop smuggling of gold through the Tatopani customs point and promotion of businesses that are beneficial to both countries. As Nepali traders have been using TT and draft for importing most the goods from China, the two sides have also agreed to promote the use of Letters of Credit (LC) as the principle mechanism for imports. The decision of promoting LC was taken to reduce revenue leakages. China has also agreed to support exports from Nepal by giving due recognition to Nepal’s quarantine system at the border. </div> <div> </div> <div> •A high-level team from the European Union (EU) is visiting Nepal soon to identify the potential sectors of investment in Nepal. At a meeting with Finance Minister Shankar Prasad Koirala on October 25, Rensje Teerink, ambassador of EU to Nepal, informed about the visit and asked the Nepal government to finalize the proposed EU-funded projects at the earliest. Teerink also said that EU would focus its support on good governance and development in Nepal. On the occasion, Koirala expressed gratitude to the EU for doubling its assistance to Nepal. He also asked Teerink to increase support in the sectors that are highly prioritized by the Nepal government.</div> <div> </div> <div> •The Ministry of Culture, Tourism and Civil Aviation has said that it will issue a public notice next week ordering the country’s casinos to get their operating licences renewed for this fiscal year. None of the casinos have renewed their permits so far. As per the Casino Regulation 2013 endorsed by the Cabinet on July 11, casinos have less than a month to renew their operating licences. “The new regulation has set Nov 21 as the final date to renew their operating licences,” said Purna Chandra Bhattarai, Joint Secretary at the Industry Division of the ministry. “If they don’t abide by the law, we will be forced to shut them down.” There are 10 casinos in the country, eight in Kathmandu and two in Pokhara. </div> <div> </div> <div> •The Civil Aviation Authority of Nepal (CAAN) has issued type certificate to Chinese-made MA60 aircraft, allowing a China-made plane to fly in Nepali sky for the first time in the nation’s civil aviation history. Although the CAAN is yet to confirm the development, senior officials at the Ministry of Culture, Tourism and Civil Aviation said the authority informed the ministry about the issuance of the certificate on Tuesday evening. According to CAAN sources, it will soon call a press meet to inform about the development. As per the Civil Aviation Rules 2002, the Director General of the CAAN upon receiving the application shall provide aircraft type certificate to the applicant after making necessary inquiry. The issuance of the certificate has opened the doors for ailing Nepal Airlines Corporation (NAC) to procure the 58-seater turboprop planes manufactured by Xi’an Aircraft International Corporation.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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 Non-Resident Nepalis (NRNs) announced to establish a deluxe five-star hotel in Nepal and to bring international hotel chain in Nepal. Organizing a press meet on October 26, the newly elected President of the Non-Resident Nepali Association Shesh Ghale announced that there will be collective investment of the NRNs.', 'sortorder' => '1876', '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' => '2027', 'article_category_id' => '140', 'title' => 'CPN UML To Stand Alone: No Electoral Alliance', 'sub_title' => '', 'summary' => null, 'content' => '<div> CPN-UML has rejected the possibility of forging electoral alliance with other political parties while stating that it has not made any alliance so far.</div> <div> </div> <div> Talking to journalists in Bardiya district on October 26, UML leader Bam Dev Gautam ruled out the possibility of forging alliance with the UCPN (Maoist). He, however, did not say anything whether his party will build an alliance with Nepali Congress. “No electoral alliance has been forged with Nepali Congress (NC) so far,” he added.</div> <div> </div> <div> He described Maoist chairman Pushpa Kamal Dahal as a man who does not keep his word and likely to change his statement anytime. He termed Dahal’s talk about electoral alliance as “pretension”. </div> <div> </div> <div> He further blamed CPN-Maoist has been adopting self-destructive strategy and said that its’ plan to obstruct CA elections will damage the party’s own image. </div> <div> </div> <div> Gautam has started door-to-door programme as part of election campaign for the coming second CA election.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'CPN-UML has rejected the possibility of forging electoral alliance with other political parties while stating that it has not made any alliance so far.', 'sortorder' => '1875', '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' => '2026', 'article_category_id' => '140', 'title' => 'Ultra Left Election Boycott: Confrontations Escalate - People Will Tear New Constitution Into Pieces', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> CPN-Maoist Chairman Mohan Baidya has warned that the new constitution to be drafted without the participation of his party will not be acceptable to the people.</div> <div> </div> <div> “It is totally a wrong step to strive for drafting the new constitution by sideling a major force of the people’s war,” said the CPN-Maoist leader speaking at a programme in the Capital on October 26. “In fact, the upcoming election is not going to help draft a truly people’s constitution, the people will tear it into pieces,” he added.</div> <div> </div> <div> He assertively ruled out the possibility of drafting the new constitution by the second Constituent Assembly (CA) polls. Baidya made such remarks at a time when the major political parties have been intensifying their campaigns for the upcoming CA elections.</div> <div> </div> <div> The CPN-Maoist leader said the CA was being used repeatedly to deceive the people. “In 1950 also, the concept of Constituent Assembly was introduced but the constitution was not drafted,” said Baidya. “It (CA) turned out to be just a slogan to deceive the people.”</div> <div> </div> <div> He went on to say that the pro-parliamentary parties, who never get tired of giving speeches about the principle of power separations, have shown faint-hearted tendency. “Now the parliamentary system has been proved to be defeated,” he said.</div> <div> </div> <div> Chairman Baidya remarked that federalism based on ethnic identity would not be acceptable to a communist party. “This is senseless, and a communist party should raise the issue of class,” he further said.</div> <div> </div> <div> He said that the anti-election campaign launched by his party has been a grand success. The anti-election activities are at a peak and clashes have been reported between the dissident Maoists and the cadres of other political parties.</div> <div> </div> <div> He further said that his party would continue the ongoing election-boycott campaign. “Neither we will go underground nor will wage an armed struggle”, the former rebel leader stated, charging that some forces are disseminating false information about his party.</div> <div> </div> <div> Baidhya accused the parliamentary forces of inviting confrontation in the country notwithstanding their failure. “This has made the people aggressive,” he added, saying the country could not be liberated from the current state of affairs till such (parliamentarian) forces existed.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'CPN-Maoist Chairman Mohan Baidya has warned that the new constitution to be drafted without the participation of his party will not be acceptable to the people.', 'sortorder' => '1874', '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' => '2021', 'article_category_id' => '134', 'title' => '“Ending Energy Crisis In Five Years Is Not An Ambitious Plan”', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <span style="font-size:14px;">Former Deputy Prime Minister and Finance Minister <strong>Bharat Mohan Adhikari</strong> believes that the nation can gain economic prosperity if existing power crisis is solved. His party, CPN UML, recently unveiled its manifesto that equally focuses on national economic development agenda. The Corporate’s <strong>Janardan Baral</strong> recently caught up with him and discussed issues pertaining to party’s plan to materialize the New Nepal dream. <strong>Excerpts: </strong></span></div> <div> </div> <div> <strong>Like other political parties, CPN UML has also unveiled an over-ambitious manifesto. Why?</strong></div> <div> UML has come up with programmes which are necessary for socioeconomic and cultural transformation. Nepal is underdeveloped country and we have envisaged uplifting the country’s economic status in five years which, I think, is very pragmatic plan. We have developed clear plans to achieve targets set by the party. The first condition to develop Nepal is to increase its productivity. </div> <div> </div> <div> Living standards of the people can be elevated by increasing their income through creating more employment opportunities. This requires funneling more investment from both public and private sector and also channeling foreign aid and Foreign Direct Investment (FDI) in productive sectors. Stimulating cooperatives to invest in productive sector is another important aspect to gain substantial results in economic development. The three pillar economy adopted by our party corresponds to these needs. </div> <div> </div> <div> It is worthwhile mentioning here that friends who earlier firmly believed that market operates in itself, have now started talking about the necessity of a regulatory body. This does not mean that CPN UML favors state controlled economy. Country can head towards economic prosperity only if the private sector is allowed to assume lead responsibilities. </div> <div> </div> <div> In our context, the state is still the largest investor. It has to take responsibilities of various sectors such as infrastructure, poverty alleviation and education. Our manifesto has been prepared by considering these actualities and needs. </div> <div> </div> <div> <strong>What are major economic priorities of UML?</strong></div> <div> Agricultural sector is our priority. Rural development through modernization of agriculture is our main target. UML has decided to increase investment and subsidy in agriculture sector. We have decided to enhance irrigation facilities and ensure easy financial access to the farmers. We have plan to diversify agriculture sector and modernize it by introducing scientific methods. We have further decided to earmark Rs 5 million to each Village Development Committee under the programme Develop One’s Own Village. I firmly believe that our manifesto is pragmatic and realistic. </div> <div> </div> <div> <strong>You claim UML’s manifesto is very pragmatic. But doesn’t the vision to transform the country to a developing nation from under-developed nation in five years seem impractical and ambitious?</strong></div> <div> World Bank has predicted a 4.5 per cent economic growth in this year. I think, six per cent is very moderate growth for Nepal’s economy. The economic growth can be achieved if political parties are ready to refrain from strikes. We should let economy to go ahead without hassles. Double digit economic growth is not something we cannot achieve. But we all need to be sincere to economic agenda. </div> <div> </div> <div> We have pledged to work in a manner that the country will be self reliant in food, we will promote export-oriented industries and we will encourage business community to substitute imports. We can reduce import figure by promoting export of agro products. </div> <div> </div> <div> UML has envisaged expanding road connectivity in all districts within five years, generating 5,000 MW electricity and attracting 2 million tourists in a year. These programmes will help increase both productivity and employment opportunities. And, all these programmes are achievable too. </div> <div> </div> <div> <strong>Service sector has been expanding but productive sector has shrunk. On the other hand, energy crisis and labour unrest have been affecting economy. In this scenario, is it possible to achieve double digit economic growth? </strong></div> <div> I agree that the country’s economy has been facing trouble due to energy crisis. Industry sector cannot boom if the problem will continue. This is why we have decided to generate 5,000 MW electricity in five years. Electricity generation will open window for industrialization. Major setback for Nepal’s industrial development is power deficit not labour unrest. We have to end frustration of industrial sector by generating power. We can automatically increase export if we produce goods in our own country by utilizing our own natural resources that we have failed to manage. </div> <div> </div> <div> We are in favour of a balanced industrial and labour relation. There should be social security plans for workforce. Similarly, we should also ensure investment-friendly environment for industrialists. We should create an environment where owners and workers can work together. We are committed to promote production sector. </div> <div> </div> <div> <strong>UML has also pledged to make revenue system scientific and private-sector friendly. Yet, it is not clear if its emphasis is on indirect tax like VAT or direct tax like income tax. What’s your say?</strong></div> <div> It is fact that the awareness about revenue has increased these days. We need to disseminate message that tax is duty of citizens and it is also a matter of pride. We want to expand tax net to make internal resources as a main source of country’s operation. Our principal emphasis is on direct tax. We will formulate revenue policy based on international standards and guidelines. VAT has been doing well in Nepal’s tax regime. UML believes that existing tax policies are fine. So, our effort will be focused on implementing these policies effectively through more competent measures.</div> <div> </div> <div> <strong>Let’s talk about political issues, Political parties are competing in the second CA election with the same agenda which were major bone of contention in the first CA. Don’t you think, the new CA is doomed to share its predecessors’ fate? </strong></div> <div> You are right to some extent. Ethnicity issues were hyped from the beginning of CA election. Foreigners were also involved in exaggerating ethnic issues in the last CA election. Some even tried to make UML weaker. But the fact is we cannot develop provinces based on caste and ethnicity. </div> <div> </div> <div> <strong>What result do you expect from this election?</strong></div> <div> CPN UML will be the largest party from this election. Our research has shown that our popularity has increased in various regions. We will win around 100 seats from first-past-the-post election system and 70 seats under proportional representation system. </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' => 'Former Deputy Prime Minister and Finance Minister Bharat Mohan Adhikari believes that the nation can gain economic prosperity if existing power crisis is solved. His party, CPN UML, recently unveiled its manifesto that equally focuses on national economic development agenda. The Corporate’s Janardan Baral recently caught up with him and discussed issues pertaining to party’s plan to materialize the New Nepal dream.', 'sortorder' => '1873', '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' => '2025', 'article_category_id' => '139', 'title' => 'Nepal And The World News In Brief ( 28 October - 3 November)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:14px;"><strong>UK GDP Growth Fastest For 3 Years</strong></span></div> <div> UK economic output rose by 0.8% between July and September, official GDP figures show. The Office for National Statistics said there had been a “fairly strong” performance across all sectors. The data builds on a 0.7% GDP rise in the April-June period and is the best quarterly performance since 2010. Chancellor of the Exchequer George Osborne tweeted: “This shows that Britain’s hard work is paying off & the country is on the path to prosperity.”</div> <div> </div> <div> <span style="font-size:14px;"><strong>EU Lawmakers Avert Payment Crisis</strong></span></div> <div> The European Parliament approved an additional € 2.7 billion ($3.7 billion) injection into the European Union’s 2013 budget on Thursday, thus preventing the bloc from running out of money in the coming weeks. Most EU money flows back into the bloc’s 28 countries, for instance as agricultural subsidies or support for poorer regions. The European Commission, the bloc’s executive, had warned that it would no longer be able to make payments from November if member states did not provide the extra funding. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Global M&A Deal Volume Hits $2.3 tn </strong></span></div> <div> Global merger and acquisition (M&A) deal volume reached $ 2.3 trillion so far this year, registering an increase of 9 per cent from last year levels, Dealogic said in a report. According to the global deal tracking firm, global M&A volume has reached $ 2.30 trillion in 2013 year-to-date, up 9 per cent from the $ 2.10 trillion in the corresponding period last year. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Nobel Economist Klein Dies at 93</strong></span></div> <div> Nobel Prize-winning economist Lawrence Klein, whose statistical models have been used to analyse and predict global economic trends, has died aged 93. Mr Klein, who died at his home near Philadelphia on 20th October Sunday, was widely regarded as the founder of modern economic forecasting. He famously predicted America’s post World War II boom, which at the time, countered theories of a new recession. This was achieved through computer-based models known as ‘econometrics’.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Australia to Raise Debt Limit by Two-Thirds </strong></span></div> <div> The Australian government has said it plans to raise the country’s debt limit by two-thirds to allay concerns it could face a future fiscal crisis. The newly-elected conservative government is looking to raise the borrowing limit to A$500bn. Australia is forecast to reach its current A$300bn ceiling in December.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'K economic output rose by 0.8% between July and September, official GDP figures show. The Office for National Statistics said there had been a “fairly strong” performance across all sectors. The data builds on a 0.7% GDP rise in the April-June period and is the best quarterly performance since 2010. Chancellor of the Exchequer George Osborne tweeted: “This shows that Britain’s hard work is paying off & the country is on the path to prosperity.”', 'sortorder' => '1872', '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' => '2019', 'article_category_id' => '91', 'title' => 'EPF’s Interest In Hydropower Sector', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> Employees Provident Fund (EPF) has decided to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity. </div> <div> </div> <div> Confirming the investment, Krishna Prasad Acharya, Administrator of the Fund, said that EPF decided to investment in hydropower after apprising the sector secure and productive. "Investment in infrastructure development sector will have a sustainable impact on national economic growth,” he said adding, “Investment is this sector is profitable as well as productive in the long run”.</div> <div> </div> <div> The EPF has decided to invest in Upper Tamakoshi (456 MW), Rasuwa Gadi (111 MW), Bhotekoshi (102 MW), Upper Sanjen (14.8 MW) and Sanjen (42.5 MW) hydro projects, he informed.</div> <div> </div> <div> “Out of the total allocated amount, around Rs 3 billion has been used those four projects,” said Kailash Bhakta Karrananjeet, Chief of the Department of Investment and Treasury Management at the EPF.</div> <div> Informing that the meeting of the board of directors of the fund has approved the projects. </div> <div> </div> <div> EPF has also invested in SL Hydropower Project, through Hydropower Investment and Development Company’s promotional shares and joint-finance process.</div>', 'published' => true, 'created' => '2013-10-27', 'modified' => '2013-10-28', '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' => 'Employees Provident Fund (EPF) has decided to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity.', 'sortorder' => '1871', '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' => '1971', 'article_category_id' => '91', 'title' => 'Foreign Loan In Local Currency', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds. </div> <div> </div> <div> The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank’s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond. </div> <div> </div> <div> The decision follows the budgetary provision of the current fiscal year regarding arrangements for the issuance of rupee bonds by international financial institutions.</div> <div> </div> <div> “The local currency bond supports the efforts of the government and authorities to deepen domestic capital markets in the country,” said an official at the Ministry of Finance. Such markets are an important source of local-currency funding to engage broader private sector in development projects through micro, small and medium enterprises and other essential economic sectors, he added. </div> <div> </div> <div> We envisage that the country will have several international issuers coming to the market who can propel the investment climate, he said. </div> <div> </div> <div> Presence of international issuers will have positive impact in overall investment scenario, said chief economic advisor at the ministry Dr Chiranjibi Nepal. Investors can invest in more secure manner when internationally trusted organizations issue bond, he said. “The implementation of decision will also help to formalize economy since people start to invest in bond instead of hiding currency at home or in banks.” </div> <div> </div> <div> Local currency bonds are issued to attract both local and foreign investment as they help in long-term financing. The money raised by issuing bonds should be spent in big projects like developing the country’s hydropower, agriculture, road and tourism infrastructures, according to the Ministry </div> <div> of Finance. </div> <div> </div> <div> Opening the door to international issuer will also help develop the country’s bond market, which is still in nascent stage, according to the ministry. At present, bonds account for 34 percent of the total debt instruments in the country. Currently, total domestic debt amounts to Rs 207 billion raised from treasury bills and different types of bonds.</div> <div> </div> <div> Potential issuers who want to issue bonds in Nepali rupee must apply to the Finance Ministry specifying the objective of issuing them, potential areas of investment, the main investor, value of the bonds, maturity period, interest rate and timetable, according to spokesperson Ram Sharan Pudasaini.</div> <div> </div> <div> “The ministry will then present the proposal to the cabinet for the final approval on whether or not to allow the issuance of bonds,” he added. </div> <div> </div> <div> As per the 10-point guideline endorsed by the ministry, the bond issuance should be carried out as per the existing legal provisions related to securities.</div> <div> </div> <div> In order to assure investors about the security of their investment, the bond issuer has to publish prospectus of the institution that is issuing the bond. The issuer can make the payment of interest to investors on half yearly basis through their local agent or market makers, the guideline says. It has given income tax exemption to the international institutions issuing the bonds. “But if they issue the bonds through local agents, the agents are subject to tax compliance,” said Pudasaini.</div> <div> </div> <div> The guideline has also the given the bond issuing institutions to repatriate profit as per the country’s existing law. They have also been allowed to take short-term loans from the local banks as bridge funding provided the fund raised from bonds is inadequate for the investment in the project.</div> <div> </div> <div> They have also been allowed to deposit their money in banks for a year to manage their fund. “This provision was made to utilize the fund they have until they invest in certain projects,” said Pudasaini.</div>', 'published' => true, 'created' => '2013-10-20', 'modified' => '2013-10-28', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds. The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank’s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond.', 'sortorder' => '1870', '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' => '1972', 'article_category_id' => '91', 'title' => 'NRNA Global Conference Started', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> The sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year’s conference is 'NRNs and Nepal: Partners in Prosperity'. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function. </div> <div> </div> <div> The four-day global conference is also set to choose a new leadership of the organization for a two-year term. Australian businessman Shesh Ghale and General Secretary Tenzi Sherpa (South Korea) are contesting for the position of NRNA president. The election is scheduled to take place on Sunday. </div> <div> </div> <div> The Sixth NRNA Global Conference will be held on Monday and Tuesday after the conclusion of the convention. The global conference will be inaugurated by the President Dr Ram Baran Yadav. The conference will hold discussions on various subjects like collective investment, foreign employment, continuity of Nepali citizenship of the NRNs, and partnership with the private sector in the country, among other issues.</div> <div> </div> <div> About 1300 NRNs from 50 countries across the world are taking part in the conference. The NRNA has its chapters in 65 different countries.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Two Years of Abroad Stay Must for NRNA Membership</strong></span></div> <div> Similarly, the general assembly of NRNA on Saturday introduced a provision, according to which every Nepali staying in foreign lands for two continuous years will be eligible for NRN status. The amendment will come into effect from October 22.</div> <div> </div> <div> Likewise, the amendment has also paved the way for registration of the organization which was pending for a decade. NRNA was established in 2003. However, due to differences between the NRN Act 2008 and NRNA’s statute, the organisation was not formally registered in the country inspite of several attempts of NRNs. The organisation has now got legal status after registering in Nepal.</div>', 'published' => true, 'created' => '2013-10-20', 'modified' => '2013-10-28', '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 sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year’s conference is 'NRNs and Nepal: Partners in Prosperity'. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function.', 'sortorder' => '1869', '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' => '1974', 'article_category_id' => '134', 'title' => '“Economic And Technical Transparencies Are Key To Success”', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <span style="font-size:14px;"><img alt="Birendra bAHADUR BASNET" src="/userfiles/images/BBB(1).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 250px; height: 268px;" /><span style="font-size:16px;">Birendra Bahadur Basnet is a first generation businessman with his reputation increasing year after year. He entered into the airline business without any prior experience but today he heads a very successful airline company. When he registered his airline, Buddha Air, and started operations in 1996, he had only one aircraft that was purchased with a loan. His journey had begun with a US-made Beechcraft 1900D. Now, Buddha Air has a fleet of nine aircraft - three Beechcraft 1900, three ATR 42-320 and three ATR 72-500. Basnet spoke to Janardan Baral of The Corporate about his company’s strategies and country’s aviation sector. <strong>Excerpt: </strong></span></span></div> <div> </div> <div> <span style="font-size:14px;"><strong>What are main reasons behind massive success of Buddha Air which, as of today, holds 56 percent market share of domestic airlines?</strong></span></div> <div> Buddha Air is a common platform for its 700 employees. We continuously motivate employees to achieve success. We believe that all employees should have feeling of ownership on the company. Buddha Air gives high value to its employees for the growth of company and shares both profit and loss with its employees. I can say that collective work of employees is the main reason for the progress of Buddha Air so far.</div> <div> </div> <div> <span style="font-size:14px;"><strong>How do you motivate your employees?</strong></span></div> <div> All financial transaction should be transparent. Transparency creates environment of trust between employees and company management. Salary increment based on the inflation rate and performance based reward system are some ways to motivate employees in a positive manner. We provide incentives to employees. The company should hike air fare every year to meet administrative cost including salary of employees. Yet, we are committed to provide services at reasonable cost. We have started providing services from big aircraft reducing number of small aircraft. On top of all, the most important thing is economic and technical transparency. Besides, long term vision, strategies, best products and investment are equally important to make a company successful. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Buddha Air could not achieve success in international flights such as Paro, Lucknow and Banaras. What’s your say?</strong></span></div> <div> First, we have not give importance to those destinations compared to domestic destinations. Our team should have put more effort to be successful in internal market. Second, Paro of Bhutan and Lucknow of India could not be the best flight destinations for us. We failed to do good business in these destinations. The reason we decided to stop our Lucknow flight was obvious. People can get there in three hours from Nepalgunj. Passengers opt to fly to Nepalgunj and then go to Lucknow. However, Banaras has been one of the lucrative flight routes to us. We will be continuing our service to Banaras.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Indian airline companies are doing good business from Banaras flight. Can we say Buddha Air could not compete with them?</strong></span></div> <div> We have not reached at the level where we can compete with Indian airline companies. Simiarly, we cannot surpass the market of Indian Airline which has been operating service in that route since decades. Yet, we did not incur loss from the Banaras flights. But, Banaras is seasonal destination due to religious reason. Keeping this fact in mind, we have decided to operate service on this routefor six months only. </div> <div> </div> <div> <span style="font-size:14px;"><strong>It is said that Buddha Air has given less priority to the destinations of the neighbouring countries because it will start its service to other lucrative international destinations. Is it true?</strong></span></div> <div> I do not decline it completely. But we will not take decision in haste. First we should have strong presence in the areas where we have been operating our services at present. We have to be very competitive to start international flights. It seems that airline companies that have been operating service in Nepal are profit oriented than service. In such situation, the possibility of profit is high in this sector. But, Buddha Air has not reached a level where it can compete with renowned international brands such as Thai, Qatar, Etihad and others. So, we will not go to the international market for next four to five years. </div> <div> </div> <div> <span style="font-size:14px;"><strong>There is neck to neck competition in the domestic airline market. What will be your strategies to maintain your market share?</strong></span></div> <div> We have established our brand image as a company which regularly pays tax, which is employees friendly and which serves a million passenger in a year. We will not be adding number of aircraft for the coming few years. Similarly, we have plan to sell a Beechcraft. Currently, we have nine aircraft. We will sell a 18-seater and reduced the number of aircraft to eight. Similarly, we have been trying to enhance our capacity. We have to make profit to keep our employees satisfied. So our goal is to make profit by ethical business practices. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Audit report of ICAO has showed Nepal as a high-risk zone. Private airline companies blame Nepal’s regulator CAAN of trying to introduce an impractical rule based on the audit report. Do you agree?</strong></span></div> <div> We should let regulator work independently. It has right to monitor and regulate the entire sector. But, it is not fair to disregard the flight captains in the name of new regulation. Another issue is that the regulator has made it mandatory to keep a deposit of Rs 50 million. This provision is not acceptable. First, regulatory body should not be politicized. It should not blame ICAO to cover its own incompetency.</div> <div> </div> <div> <span style="font-size:14px;"><strong>So don’t you abide by the provisions of Air Operator Certificate Requirements which the regulator has recently introduced?</strong></span></div> <div> We cannot afford same deposit amount as the international airlines are required to offer. We have already expressed our dissatisfaction over such provision. We will stop all international flights if the government tries to implement it forcefully. We cannot continue our Banaras flight by depositing Rs 50 million. The regulation which is formulated for jet planes should not be forced for small aircraft too.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Nepal’s airline safety situation seems deteriorating every consecutive year. Cannot we say that this is due to airline operators who are not abiding the regulator?</strong></span></div> <div> Nepali sky is obviously more risky compared to European sky. Nepal’s geography is dangerous compared to many other countries in the world. But we have failed to avoid many accidents that could have been easily avoided, such as those were caused by minor human error. Many accidents had taken place due to negligence on the part of airline companies and human resource involved in the operation. Regulator does not have sufficient manpower to monitor effectively. I do not blame this on weak legal provisions. We all should leave our habit of breaching the law. All should be abide by the regulation. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Poor operation technology is also blamed for the frequent air accident in Nepal. Do you feel so?</strong></span></div> <div> Both Instrumental Flight Rule (IFR) and Visual Flight Rule (VFR) have their own procedures and rules. Crew members should follow all the process including maintaining height and distance in all flights. Similarly, some airports have some specific rules. Crew members should follow those rules too. New technology can only facilitate the process. The main question is whether we follow all due processes strictly. I think all should follow international standards while operating airlines services. Buddha Air is very much conscious about this. </div> <div> </div> <div> <span style="font-size:14px;"><strong>In Nepal, there is no stability in the number of airline companies. How to address this problem?</strong></span></div> <div> Yes it is fact. Sustainability of airline companies is a crucial question in Nepal. There were so many good airline companies when Buddha Air started its operation. Most of them have already closed down. Owners should be serious to the problems that may occur in this business for the sustainability of the company. Companies should be updated time and again. Concerned company should give special attention for the capacity building of employees.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Buddha Air is criticized as being focused on profit oriented destinations only. It has not started operation in rural areas so far though it had pledged to do so. What do you say?</strong></span></div> <div> We want to start our operation in remote areas. But we don’t have appropriate aircraft to do so. We have planned to start service in the remote areas after getting hold in the international flights. Buddha Air had tried to buy an aircraft to start service in the remote destinations but the price of aircraft skyrocketed and we could not afford that. It is bitter reality that we cannot operate service in loss. </div> <div> </div> <div> <span style="font-size:14px;"><strong>So what are major preconditions to start service in remote parts?</strong></span></div> <div> The first condition is infrastructure. The government should invest in infrastructure. There should be road connectivity. Then, locals will have options whether to travel by air or by road. The government should be clear also regarding subsidy and other schemes to operate services in the remote parts. </div> <div> </div> <div> <span style="font-size:14px;"><strong>We often hear about syndicate among airline companies to fix air fare? What is the reality?</strong></span></div> <div> The government has fixed the maximum ceiling on the fare. For instance, upper limit of the air fare to Biratnagar is Rs 6,700. Airline companies have been following the ceiling set by the government. I do not think there is similarity in air fare among all airline companies.</div>', 'published' => true, 'created' => '2013-10-21', 'modified' => '2013-10-28', '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' => 'Birendra Bahadur Basnet is a first generation businessman with his reputation increasing year after year. He entered into the airline business without any prior experience but today he heads a very successful airline company.', 'sortorder' => '1868', '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' => '2016', 'article_category_id' => '48', 'title' => 'In Love With The Peg', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <img alt="No Laughin Matter" src="/userfiles/images/NLM.jpg" style="float: right; margin: 0px 0px 0px 10px; width: 300px; height: 451px;" />The ‘peg’ must have been the second most loved word for Englishmen after ‘sex’, but for Nepalis, it (its meaning to be precise) is unquestionably the first. Whether it is expressed or muted, the presence of the peg is ubiquitous in our daily national or economic life. The moment you touch the Nepali Currency (NC), you are bound to remember that it is strictly pegged to the Indian Currency (IC). You may or may not always believe in the value of the NC, but it is this peg that gives you the confidence you need. </div> <div> </div> <div> The recent devaluation of the Nepali currency was not an outcome of a downturn in our economy, but was the effect of the NC-IC peg that has a history of more than six decades. If your business has suffered from this devaluation, you are free to shift the peg to console yourself -- a shift from the currency peg to a whisky peg. Do not complain if more than ninety five percent of Nepali bar-tenders cannot say ‘peg’ and often make do with ‘pack’. When asked, ‘Sir would you like a pack?’ you must have the intelligence to understand that he is actually asking if you would like a peg of some alcohol. If you are a novice drinker, just graduated to whisky to drink in a bar from a ‘pouch’ in a tavern, you may be familiar with the ‘pack’ than the ‘peg.’ It is just a question of civilization, not economics.</div> <div> </div> <div> But in our economic system, unlike you, there are big bosses who are more familiar with the ‘peg’ than the ‘pack’, so that they don’t want to pack the peg at any cost. When it comes to packing-up, or stopping the NC-IC peg, they don’t even want to hear it out. They have good reasons for maintaining this status quo until our currency faces the fate of the Zimbabwean dollar when it was in its last days of existence. In other words, the love for this peg is the simplest strategy to make the Nepali richer in no time. If the present rate of devaluation continues, we Nepalis will soon be so rich that we will be paying ten thousand rupees for a cup of tea, one hundred thousand rupees for a kilogram of rice, a million rupees for a kilogram of mutton or cheese, and so on.</div> <div> </div> <div> If you are in the business of stock price analysis or actual stock trading and brokerage and haven’t heard of the capital ‘PEG’, or price/earnings to growth ratio, you are sure to be doomed and forced to take refuge in the smaller ‘peg’ that is re-christened by Nepali barmen as ‘pack’. There are people in the financial service industry in Nepal who argue that ninety-nine percent of our stock brokers, the licensed ones, never heard of the ‘PEG’, or the ‘peg’, and is managing everything with the replacement of the ‘pack’. The result: many of them are, therefore, helping the trading of many scribs to pack-up within a few days of listing instead of using the PEG tool to analyze.</div> <div> </div> <div> If you ask our policy makers -- the finance minister, the central bank governor, or the prime minister as soon as we get one -- ‘How long will the NC-IC peg continue?’ they all will have very intelligent answers for it: ‘Oh! Peg. Yes, we have. Good question, I mean, not bad at all. It is important. How about having a peg together tonight? Thanks!!’</div> <div> </div> <div> You may ask me how I know that their answer would be exactly like that. It is simple: every generation of our authorities for the last half century have said nothing different than this. Feel like listening to the popular number the ‘Peg’ by Steely Dan? Do it in the bar, that’s the place to admire the real beauty of the ‘peg’! </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-24', 'keywords' => 'new business age no laughing matter news & articles, no laughing matter news & articles from new business age nepal, no laughing matter headlines from nepal, current and latest no laughing matter news from nepal, economic news from nepal, nepali no laughing matter economic news and events, ongoing', 'description' => 'The ‘peg’ must have been the second most loved word for Englishmen after ‘sex’, but for Nepalis, it (its meaning to be precise) is unquestionably the first. Whether it is expressed or muted, the presence of the peg is ubiquitous in our daily national or economic life. The moment you touch the Nepali Currency (NC), you are bound to remember that it is strictly pegged to the Indian Currency (IC).', 'sortorder' => '1867', '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' => '2017', 'article_category_id' => '51', 'title' => 'Biztoon / Voices October 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Biztoon October 2013" src="/userfiles/images/biz.jpg" style="width: 550px; height: 371px; margin-left: 20px; margin-right: 20px;" /></p> <p> </p> <p> </p> <div> <img alt="Shankar Koirala" src="/userfiles/images/sk(3).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 83px;" /><span style="font-size: 16px;"><strong>“Government is obliged to reduce customs on vehicle imports.”</strong></span></div> <div> <strong>Shankar Koirala,</strong> Finance Minister hinting that the tariff on vehicle imports may come down in the next fiscal year to fulfil the commitment made to World Trade Organisation (WTO) and South Asian Free Trade Agreement (SAFTA).</div> <div> </div> <div> </div> <div> <img alt="Lila Mani Paudel" src="/userfiles/images/lp.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 83px;" /><span style="font-size: 16px;"><strong>“Corruption kills entrepreneurship.”</strong></span></div> <div> <strong>Lila Mani Paudel, </strong>Chief Secretary stating that transparency is the basis for successful enterprise. </div> <div> </div> <div> </div> <div> </div> <div> <img alt="Binod Chaudhary" src="/userfiles/images/bc(2).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 84px;" /><span style="font-size: 16px;"><strong>“We have to make public commitment for country’s economic development.”</strong></span></div> <div> <strong>Binod Chaudhary, </strong>Chairman of Chaudhary Group emphasizing the need of public commitment for economic prosperity.</div> <div> </div> <div> </div> <div> <img alt="Chhaya Sharma" src="/userfiles/images/cs.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 83px;" /><span style="font-size: 16px;"><strong>“Role of women must be increased in the GDP to uplift the economic growth rate.”</strong></span></div> <div> <strong>Chhaya Sharma,</strong> Chairperson of Women Entrepreneurs Development Committee at FNCCI recommending the method to achieve seven per cent economic growth.</div> <div> </div> <div> </div> <div> <img alt="Raja Ram Giri" src="/userfiles/images/rg.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 85px;" /><span style="font-size: 16px;"><strong>“Nepal needs urgent reforms, not tourism year gimmick.”</strong></span></div> <div> <strong>Raja Ram Giri, </strong>an NRN based in London and Director of Samsara Nepal Financial Services Ltd stating the need for practical actions for tourism development.</div> <div> </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age biztoon or voices news & articles, biztoon or voices news & articles from new business age nepal, biztoon or voices headlines from nepal, current and latest biztoon or voices news from nepal, economic news from nepal, nepali biztoon or voices economic news and events, ongoing bizt', 'description' => '“Government is obliged to reduce customs on vehicle imports.”', 'sortorder' => '1866', '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' => '2015', 'article_category_id' => '51', 'title' => 'Biztoon / Voices September 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Biztoon September 2013" src="/userfiles/images/Biztoon.jpg" style="width: 550px; height: 372px; margin-left: 20px; margin-right: 20px;" /></p> <p> </p> <hr /> <p> </p> <div> <strong><span style="font-size: 16px;"><img alt="Ratish Chandra Lal Suman, the Director General of Civil Aviation Authority of Nepal (CAAN)" src="/userfiles/images/RCL(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 82px; height: 100px;" />“Airline companies are not behaving as per the requirement of airline services and now they are calling the new AOCR impractical.”</span></strong></div> <div> Ratish Chandra Lal Suman, the Director General of Civil Aviation Authority of Nepal (CAAN) alleging airlines for not following the parameters for Air Operator Certificate Requirements (AOCR).</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Hari Bhakta Sharma, Vice President of Confederation of Nepalese Industries (CNI) " src="/userfiles/images/HBS(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 83px; height: 100px;" />"The low development budget would again lead us to another economic crisis.”</span></strong></div> <div> Hari Bhakta Sharma, Vice President of Confederation of Nepalese Industries (CNI) arguing that the development expenditure of the government for the fiscal year 2013/14 would less likely help to achieve the desired economic growth rate.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Dr Chandra Mani Adhikari, Economist and Chairman of Citizen Investment Trust" src="/userfiles/images/CMA(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 83px; height: 100px;" />“The capital expenditure must be raised to Rs 400 billion from Rs 60 billion at present.”</span></strong></div> <div> Dr Chandra Mani Adhikari, Economist and Chairman of Citizen Investment Trust suggesting to raise the capital investment in the annual government budget to achieve seven per cent economic growth.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Dipak Gyawali, former Minister of Water Resources" src="/userfiles/images/DG(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 82px; height: 100px;" />“The country needs more entrepreneurs than traders.”</span></strong></div> <div> Dipak Gyawali, former Minister of Water Resources expressing his belief that enterprises, entrepreneurs and industries must be developed to achieve seven per cent economic growth.</div> <div> </div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Krishna Prasad Paudel, an Agriculture Expert" src="/userfiles/images/KPP(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 83px; height: 100px;" />“Nepali farmers do not understand the agriculture policy drafted in English.”</span></strong></div> <div> Krishna Prasad Paudel, an Agriculture Expert being sarcastic to dependent mentality of government on preparing agriculture policies in English language despite majority farmer’s inability to comprehend English.</div> <div> </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal, current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal', 'description' => '“Airline companies are not behaving as per the requirement of airline services and now they are calling the new AOCR impractical.”', 'sortorder' => '1865', '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' => '2014', 'article_category_id' => '51', 'title' => 'Biztoon / Voices August 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="BIZTOON AUGUST 2013" src="/userfiles/images/biztoon(3).jpg" style="width: 550px; height: 372px; margin-right: 20px; margin-left: 20px;" /></p> <p> </p> <p> </p> <div> <strong><span style="font-size: 16px;"><img alt="Dr Yuba Raj Khatiwada, Governor of Nepal Rastra Bank" src="/userfiles/images/Dr%20Yuba%20Raj%20Khatiwada.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 90px; height: 110px;" />“Increasing the capital base will favour a better future of banks and financial institutions.” </span></strong></div> <div> Dr Yuba Raj Khatiwada, Governor of Nepal Rastra Bank arguing that the current capital base of banks and financial institutions is not enough for long term financial autonomy and discussions with stakeholders are going on about raising the capital base.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;">“Rent seeking bureaucracy and the private sector in search of protectionism have attacked the Foreign Investment and Technology Transfer Act.” </span></strong></div> <div> Dr Bhola Chalise, former Industry Secretary alleging that the bureaucracy and the private sector are both criticising the act.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;">“Every Nepali must be attached to tourism.” </span></strong></div> <div> Tejendra N Shrestha, President of Restaurant and Bar Association of Nepal pointing out that the general public does not realise that they are directly or indirectly associated with the tourism industry of the country. He says that the tourism sector will help Nepal achieve 7 per cent economic growth.</div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Jiba Lamichhane, President of Non- Resident Nepali (NRN) Association" src="/userfiles/images/Jiba%20Lamichhane.jpg" style="float: right; margin: 0px 0px 0px 10px; width: 90px; height: 107px;" />“One should not expect much from NRN.” </strong></span></div> <div> Jiba Lamichhane, President of Non- Resident Nepali (NRN) Association saying that NRNs are struggling for being established and it would be wrong to have too much of expectations on them for making investments in Nepal.</div> <div> </div> <div> </div> <div> </div> <div> </div> <div> <img alt="Dr Chiranjibi Nepal, Principal Advisor at Ministry of Finance" src="/userfiles/images/Dr%20Chiranjibi.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 90px; height: 108px;" />“<span style="font-size: 16px;"><strong>The target of 7 per cent economic growth by 2015 is possible only if the existing government can change some policies as required to expedite capital expenditure.”</strong></span></div> <div> Dr Chiranjibi Nepal, Principal Advisor at Ministry of Finance arguing that the current government can change the policy to expedite capital investment and propel economic growth.</div> <div> </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal, current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal', 'description' => '“Rent seeking bureaucracy and the private sector in search of protectionism have attacked the Foreign Investment and Technology Transfer Act.”', 'sortorder' => '1864', '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' => '2012', 'article_category_id' => '51', 'title' => 'Biztoon / VOICES JUNE 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Biztoom June 2013" src="/userfiles/images/fdi.jpg" style="width: 550px; height: 371px; margin-left: 20px; margin-right: 20px;" /></p> <p> </p> <div> <span style="font-size: 16px;"><strong>“Entrepreneurs should not be threatened to pay taxes.”</strong></span></div> <div> <strong>Jagdish Prasad Rathi,</strong> Chairperson, Tax and Revenue Committee at Federation of Nepalese Chambers of Commerce and Industry (FNCCI) opines that business people and industrialists should be encouraged not threatened to pay taxes.</div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Radhesh Pant" src="/userfiles/images/rp(2).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 75px; height: 92px;" />“The private sector is not yet ready to invest in mega projects.”</strong></span></div> <div> <strong>Radhesh Pant,</strong> Chief Executive of Investment Board opines that the Nepali private sector is not yet ready for investing in mega projects proposed by the board.</div> <div> </div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong>“We are advocating common standards across South Asia.”</strong></span></div> <div> <strong>Vikramjit Singh Sahaney</strong>, President of SAARC Chamber of Commerce and Industry believes that all the commodities traded in the South Asia region should comply to a common standards and standard certificates honoured by all the countries in the region should be issued.</div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Shankar Prasad Koirala" src="/userfiles/images/spk.jpg" style="float: right; margin: 0px 0px 0px 10px; width: 75px; height: 93px;" />“Private sector support is a must for the full-fledged budget for the next fiscal year.”</strong></span></div> <div> <strong> Shankar Prasad Koirala</strong>, Finance Minister expects the full cooperation from the private sector to the government to bring a full-fledged budget for fiscal year 2013/14.</div> <div> </div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Gyan Chandra Acharya" src="/userfiles/images/gca.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 75px; height: 91px;" />“Nepal’s economic structure must be changed.”</strong></span></div> <div> <strong>Gyan Chandra Acharya,</strong> Under-Secretary-General and High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States at United Nations (UN) believes that the economic structure must be changed to achieve 7 per cent growth.</div> <div> </div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong>“To achieve 7 per cent economic growth, private sector must be ensured with a favourable investment climate.”</strong></span></div> <div> <strong>Bharat Mohan Adhikari,</strong> Former Finance Minister acknowledges the role of the private sector in achieving high economic growth.</div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age biztoon or voices news & articles, biztoon or voices news & articles from new business age nepal, biztoon or voices headlines from nepal, current and latest biztoon or voices news from nepal, economic news from nepal, nepali biztoon or voices economic news and events, ongoing bizt', 'description' => '“To achieve 7 per cent economic growth, private sector must be ensured with a favourable investment climate.”', 'sortorder' => '1863', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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He also urged the agitating parties not to challenge the people´s right by conducting the anti-poll campaigns.</div> <div> </div> <div> Sapkota said that imposing strikes and thrashing the candidates of the UCPN (Maoist) and other political parties were undemocratic and asked the government to control such activities.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'UCPN (Maoist) spokesperson Agni Prasad Sapkota has said that no one has right to obstruct the upcoming Constituent Assembly (CA) polls.', 'sortorder' => '1877', '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' => '2029', 'article_category_id' => '140', 'title' => 'Weekly Roundup ( 22 - 27 October 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> •The Non-Resident Nepalis (NRNs) announced to establish a deluxe five-star hotel in Nepal and to bring international hotel chain in Nepal. Organizing a press meet on October 26, the newly elected President of the Non-Resident Nepali Association Shesh Ghale announced that there will be collective investment of the NRNs. “We will first carry out a feasibility study, and than we will call for the collective investment from the NRNs, giving equal priority to all of them,” Ghale said. The venue of the proposed hotel is yet to be ascertained. Ghale said many of the international hotel chains have shown interest for establishing international standard hotels in Nepal. </div> <div> </div> <div> •The Company Registrar Office (CRO) has made the registration of new companies through online system mandatory from last week. It said it would no longer entertain files under manual system for registration purpose. The CRO, which started online registration system in February, took a step further recently by fully automating the registration system. It has enabled companies to submit documents required for registration and forward application for dissolution through the internet. Companies can also check their status online.</div> <div> </div> <div> •Customs officials of Nepal and China have signed a 14-point agreement with a commitment to stop smuggling of gold through the Tatopani customs point and promotion of businesses that are beneficial to both countries. As Nepali traders have been using TT and draft for importing most the goods from China, the two sides have also agreed to promote the use of Letters of Credit (LC) as the principle mechanism for imports. The decision of promoting LC was taken to reduce revenue leakages. China has also agreed to support exports from Nepal by giving due recognition to Nepal’s quarantine system at the border. </div> <div> </div> <div> •A high-level team from the European Union (EU) is visiting Nepal soon to identify the potential sectors of investment in Nepal. At a meeting with Finance Minister Shankar Prasad Koirala on October 25, Rensje Teerink, ambassador of EU to Nepal, informed about the visit and asked the Nepal government to finalize the proposed EU-funded projects at the earliest. Teerink also said that EU would focus its support on good governance and development in Nepal. On the occasion, Koirala expressed gratitude to the EU for doubling its assistance to Nepal. He also asked Teerink to increase support in the sectors that are highly prioritized by the Nepal government.</div> <div> </div> <div> •The Ministry of Culture, Tourism and Civil Aviation has said that it will issue a public notice next week ordering the country’s casinos to get their operating licences renewed for this fiscal year. None of the casinos have renewed their permits so far. As per the Casino Regulation 2013 endorsed by the Cabinet on July 11, casinos have less than a month to renew their operating licences. “The new regulation has set Nov 21 as the final date to renew their operating licences,” said Purna Chandra Bhattarai, Joint Secretary at the Industry Division of the ministry. “If they don’t abide by the law, we will be forced to shut them down.” There are 10 casinos in the country, eight in Kathmandu and two in Pokhara. </div> <div> </div> <div> •The Civil Aviation Authority of Nepal (CAAN) has issued type certificate to Chinese-made MA60 aircraft, allowing a China-made plane to fly in Nepali sky for the first time in the nation’s civil aviation history. Although the CAAN is yet to confirm the development, senior officials at the Ministry of Culture, Tourism and Civil Aviation said the authority informed the ministry about the issuance of the certificate on Tuesday evening. According to CAAN sources, it will soon call a press meet to inform about the development. As per the Civil Aviation Rules 2002, the Director General of the CAAN upon receiving the application shall provide aircraft type certificate to the applicant after making necessary inquiry. The issuance of the certificate has opened the doors for ailing Nepal Airlines Corporation (NAC) to procure the 58-seater turboprop planes manufactured by Xi’an Aircraft International Corporation.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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 Non-Resident Nepalis (NRNs) announced to establish a deluxe five-star hotel in Nepal and to bring international hotel chain in Nepal. Organizing a press meet on October 26, the newly elected President of the Non-Resident Nepali Association Shesh Ghale announced that there will be collective investment of the NRNs.', 'sortorder' => '1876', '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' => '2027', 'article_category_id' => '140', 'title' => 'CPN UML To Stand Alone: No Electoral Alliance', 'sub_title' => '', 'summary' => null, 'content' => '<div> CPN-UML has rejected the possibility of forging electoral alliance with other political parties while stating that it has not made any alliance so far.</div> <div> </div> <div> Talking to journalists in Bardiya district on October 26, UML leader Bam Dev Gautam ruled out the possibility of forging alliance with the UCPN (Maoist). He, however, did not say anything whether his party will build an alliance with Nepali Congress. “No electoral alliance has been forged with Nepali Congress (NC) so far,” he added.</div> <div> </div> <div> He described Maoist chairman Pushpa Kamal Dahal as a man who does not keep his word and likely to change his statement anytime. He termed Dahal’s talk about electoral alliance as “pretension”. </div> <div> </div> <div> He further blamed CPN-Maoist has been adopting self-destructive strategy and said that its’ plan to obstruct CA elections will damage the party’s own image. </div> <div> </div> <div> Gautam has started door-to-door programme as part of election campaign for the coming second CA election.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'CPN-UML has rejected the possibility of forging electoral alliance with other political parties while stating that it has not made any alliance so far.', 'sortorder' => '1875', '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' => '2026', 'article_category_id' => '140', 'title' => 'Ultra Left Election Boycott: Confrontations Escalate - People Will Tear New Constitution Into Pieces', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> CPN-Maoist Chairman Mohan Baidya has warned that the new constitution to be drafted without the participation of his party will not be acceptable to the people.</div> <div> </div> <div> “It is totally a wrong step to strive for drafting the new constitution by sideling a major force of the people’s war,” said the CPN-Maoist leader speaking at a programme in the Capital on October 26. “In fact, the upcoming election is not going to help draft a truly people’s constitution, the people will tear it into pieces,” he added.</div> <div> </div> <div> He assertively ruled out the possibility of drafting the new constitution by the second Constituent Assembly (CA) polls. Baidya made such remarks at a time when the major political parties have been intensifying their campaigns for the upcoming CA elections.</div> <div> </div> <div> The CPN-Maoist leader said the CA was being used repeatedly to deceive the people. “In 1950 also, the concept of Constituent Assembly was introduced but the constitution was not drafted,” said Baidya. “It (CA) turned out to be just a slogan to deceive the people.”</div> <div> </div> <div> He went on to say that the pro-parliamentary parties, who never get tired of giving speeches about the principle of power separations, have shown faint-hearted tendency. “Now the parliamentary system has been proved to be defeated,” he said.</div> <div> </div> <div> Chairman Baidya remarked that federalism based on ethnic identity would not be acceptable to a communist party. “This is senseless, and a communist party should raise the issue of class,” he further said.</div> <div> </div> <div> He said that the anti-election campaign launched by his party has been a grand success. The anti-election activities are at a peak and clashes have been reported between the dissident Maoists and the cadres of other political parties.</div> <div> </div> <div> He further said that his party would continue the ongoing election-boycott campaign. “Neither we will go underground nor will wage an armed struggle”, the former rebel leader stated, charging that some forces are disseminating false information about his party.</div> <div> </div> <div> Baidhya accused the parliamentary forces of inviting confrontation in the country notwithstanding their failure. “This has made the people aggressive,” he added, saying the country could not be liberated from the current state of affairs till such (parliamentarian) forces existed.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'CPN-Maoist Chairman Mohan Baidya has warned that the new constitution to be drafted without the participation of his party will not be acceptable to the people.', 'sortorder' => '1874', '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' => '2021', 'article_category_id' => '134', 'title' => '“Ending Energy Crisis In Five Years Is Not An Ambitious Plan”', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <span style="font-size:14px;">Former Deputy Prime Minister and Finance Minister <strong>Bharat Mohan Adhikari</strong> believes that the nation can gain economic prosperity if existing power crisis is solved. His party, CPN UML, recently unveiled its manifesto that equally focuses on national economic development agenda. The Corporate’s <strong>Janardan Baral</strong> recently caught up with him and discussed issues pertaining to party’s plan to materialize the New Nepal dream. <strong>Excerpts: </strong></span></div> <div> </div> <div> <strong>Like other political parties, CPN UML has also unveiled an over-ambitious manifesto. Why?</strong></div> <div> UML has come up with programmes which are necessary for socioeconomic and cultural transformation. Nepal is underdeveloped country and we have envisaged uplifting the country’s economic status in five years which, I think, is very pragmatic plan. We have developed clear plans to achieve targets set by the party. The first condition to develop Nepal is to increase its productivity. </div> <div> </div> <div> Living standards of the people can be elevated by increasing their income through creating more employment opportunities. This requires funneling more investment from both public and private sector and also channeling foreign aid and Foreign Direct Investment (FDI) in productive sectors. Stimulating cooperatives to invest in productive sector is another important aspect to gain substantial results in economic development. The three pillar economy adopted by our party corresponds to these needs. </div> <div> </div> <div> It is worthwhile mentioning here that friends who earlier firmly believed that market operates in itself, have now started talking about the necessity of a regulatory body. This does not mean that CPN UML favors state controlled economy. Country can head towards economic prosperity only if the private sector is allowed to assume lead responsibilities. </div> <div> </div> <div> In our context, the state is still the largest investor. It has to take responsibilities of various sectors such as infrastructure, poverty alleviation and education. Our manifesto has been prepared by considering these actualities and needs. </div> <div> </div> <div> <strong>What are major economic priorities of UML?</strong></div> <div> Agricultural sector is our priority. Rural development through modernization of agriculture is our main target. UML has decided to increase investment and subsidy in agriculture sector. We have decided to enhance irrigation facilities and ensure easy financial access to the farmers. We have plan to diversify agriculture sector and modernize it by introducing scientific methods. We have further decided to earmark Rs 5 million to each Village Development Committee under the programme Develop One’s Own Village. I firmly believe that our manifesto is pragmatic and realistic. </div> <div> </div> <div> <strong>You claim UML’s manifesto is very pragmatic. But doesn’t the vision to transform the country to a developing nation from under-developed nation in five years seem impractical and ambitious?</strong></div> <div> World Bank has predicted a 4.5 per cent economic growth in this year. I think, six per cent is very moderate growth for Nepal’s economy. The economic growth can be achieved if political parties are ready to refrain from strikes. We should let economy to go ahead without hassles. Double digit economic growth is not something we cannot achieve. But we all need to be sincere to economic agenda. </div> <div> </div> <div> We have pledged to work in a manner that the country will be self reliant in food, we will promote export-oriented industries and we will encourage business community to substitute imports. We can reduce import figure by promoting export of agro products. </div> <div> </div> <div> UML has envisaged expanding road connectivity in all districts within five years, generating 5,000 MW electricity and attracting 2 million tourists in a year. These programmes will help increase both productivity and employment opportunities. And, all these programmes are achievable too. </div> <div> </div> <div> <strong>Service sector has been expanding but productive sector has shrunk. On the other hand, energy crisis and labour unrest have been affecting economy. In this scenario, is it possible to achieve double digit economic growth? </strong></div> <div> I agree that the country’s economy has been facing trouble due to energy crisis. Industry sector cannot boom if the problem will continue. This is why we have decided to generate 5,000 MW electricity in five years. Electricity generation will open window for industrialization. Major setback for Nepal’s industrial development is power deficit not labour unrest. We have to end frustration of industrial sector by generating power. We can automatically increase export if we produce goods in our own country by utilizing our own natural resources that we have failed to manage. </div> <div> </div> <div> We are in favour of a balanced industrial and labour relation. There should be social security plans for workforce. Similarly, we should also ensure investment-friendly environment for industrialists. We should create an environment where owners and workers can work together. We are committed to promote production sector. </div> <div> </div> <div> <strong>UML has also pledged to make revenue system scientific and private-sector friendly. Yet, it is not clear if its emphasis is on indirect tax like VAT or direct tax like income tax. What’s your say?</strong></div> <div> It is fact that the awareness about revenue has increased these days. We need to disseminate message that tax is duty of citizens and it is also a matter of pride. We want to expand tax net to make internal resources as a main source of country’s operation. Our principal emphasis is on direct tax. We will formulate revenue policy based on international standards and guidelines. VAT has been doing well in Nepal’s tax regime. UML believes that existing tax policies are fine. So, our effort will be focused on implementing these policies effectively through more competent measures.</div> <div> </div> <div> <strong>Let’s talk about political issues, Political parties are competing in the second CA election with the same agenda which were major bone of contention in the first CA. Don’t you think, the new CA is doomed to share its predecessors’ fate? </strong></div> <div> You are right to some extent. Ethnicity issues were hyped from the beginning of CA election. Foreigners were also involved in exaggerating ethnic issues in the last CA election. Some even tried to make UML weaker. But the fact is we cannot develop provinces based on caste and ethnicity. </div> <div> </div> <div> <strong>What result do you expect from this election?</strong></div> <div> CPN UML will be the largest party from this election. Our research has shown that our popularity has increased in various regions. We will win around 100 seats from first-past-the-post election system and 70 seats under proportional representation system. </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' => 'Former Deputy Prime Minister and Finance Minister Bharat Mohan Adhikari believes that the nation can gain economic prosperity if existing power crisis is solved. His party, CPN UML, recently unveiled its manifesto that equally focuses on national economic development agenda. The Corporate’s Janardan Baral recently caught up with him and discussed issues pertaining to party’s plan to materialize the New Nepal dream.', 'sortorder' => '1873', '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' => '2025', 'article_category_id' => '139', 'title' => 'Nepal And The World News In Brief ( 28 October - 3 November)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:14px;"><strong>UK GDP Growth Fastest For 3 Years</strong></span></div> <div> UK economic output rose by 0.8% between July and September, official GDP figures show. The Office for National Statistics said there had been a “fairly strong” performance across all sectors. The data builds on a 0.7% GDP rise in the April-June period and is the best quarterly performance since 2010. Chancellor of the Exchequer George Osborne tweeted: “This shows that Britain’s hard work is paying off & the country is on the path to prosperity.”</div> <div> </div> <div> <span style="font-size:14px;"><strong>EU Lawmakers Avert Payment Crisis</strong></span></div> <div> The European Parliament approved an additional € 2.7 billion ($3.7 billion) injection into the European Union’s 2013 budget on Thursday, thus preventing the bloc from running out of money in the coming weeks. Most EU money flows back into the bloc’s 28 countries, for instance as agricultural subsidies or support for poorer regions. The European Commission, the bloc’s executive, had warned that it would no longer be able to make payments from November if member states did not provide the extra funding. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Global M&A Deal Volume Hits $2.3 tn </strong></span></div> <div> Global merger and acquisition (M&A) deal volume reached $ 2.3 trillion so far this year, registering an increase of 9 per cent from last year levels, Dealogic said in a report. According to the global deal tracking firm, global M&A volume has reached $ 2.30 trillion in 2013 year-to-date, up 9 per cent from the $ 2.10 trillion in the corresponding period last year. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Nobel Economist Klein Dies at 93</strong></span></div> <div> Nobel Prize-winning economist Lawrence Klein, whose statistical models have been used to analyse and predict global economic trends, has died aged 93. Mr Klein, who died at his home near Philadelphia on 20th October Sunday, was widely regarded as the founder of modern economic forecasting. He famously predicted America’s post World War II boom, which at the time, countered theories of a new recession. This was achieved through computer-based models known as ‘econometrics’.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Australia to Raise Debt Limit by Two-Thirds </strong></span></div> <div> The Australian government has said it plans to raise the country’s debt limit by two-thirds to allay concerns it could face a future fiscal crisis. The newly-elected conservative government is looking to raise the borrowing limit to A$500bn. Australia is forecast to reach its current A$300bn ceiling in December.</div>', 'published' => true, 'created' => '2013-10-28', 'modified' => '2013-10-28', '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' => 'K economic output rose by 0.8% between July and September, official GDP figures show. The Office for National Statistics said there had been a “fairly strong” performance across all sectors. The data builds on a 0.7% GDP rise in the April-June period and is the best quarterly performance since 2010. Chancellor of the Exchequer George Osborne tweeted: “This shows that Britain’s hard work is paying off & the country is on the path to prosperity.”', 'sortorder' => '1872', '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' => '2019', 'article_category_id' => '91', 'title' => 'EPF’s Interest In Hydropower Sector', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> Employees Provident Fund (EPF) has decided to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity. </div> <div> </div> <div> Confirming the investment, Krishna Prasad Acharya, Administrator of the Fund, said that EPF decided to investment in hydropower after apprising the sector secure and productive. "Investment in infrastructure development sector will have a sustainable impact on national economic growth,” he said adding, “Investment is this sector is profitable as well as productive in the long run”.</div> <div> </div> <div> The EPF has decided to invest in Upper Tamakoshi (456 MW), Rasuwa Gadi (111 MW), Bhotekoshi (102 MW), Upper Sanjen (14.8 MW) and Sanjen (42.5 MW) hydro projects, he informed.</div> <div> </div> <div> “Out of the total allocated amount, around Rs 3 billion has been used those four projects,” said Kailash Bhakta Karrananjeet, Chief of the Department of Investment and Treasury Management at the EPF.</div> <div> Informing that the meeting of the board of directors of the fund has approved the projects. </div> <div> </div> <div> EPF has also invested in SL Hydropower Project, through Hydropower Investment and Development Company’s promotional shares and joint-finance process.</div>', 'published' => true, 'created' => '2013-10-27', 'modified' => '2013-10-28', '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' => 'Employees Provident Fund (EPF) has decided to invest Rs 26 billion in five different hydropower projects that will jointly generate a total of 726.3 MW electricity.', 'sortorder' => '1871', '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' => '1971', 'article_category_id' => '91', 'title' => 'Foreign Loan In Local Currency', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds. </div> <div> </div> <div> The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank’s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond. </div> <div> </div> <div> The decision follows the budgetary provision of the current fiscal year regarding arrangements for the issuance of rupee bonds by international financial institutions.</div> <div> </div> <div> “The local currency bond supports the efforts of the government and authorities to deepen domestic capital markets in the country,” said an official at the Ministry of Finance. Such markets are an important source of local-currency funding to engage broader private sector in development projects through micro, small and medium enterprises and other essential economic sectors, he added. </div> <div> </div> <div> We envisage that the country will have several international issuers coming to the market who can propel the investment climate, he said. </div> <div> </div> <div> Presence of international issuers will have positive impact in overall investment scenario, said chief economic advisor at the ministry Dr Chiranjibi Nepal. Investors can invest in more secure manner when internationally trusted organizations issue bond, he said. “The implementation of decision will also help to formalize economy since people start to invest in bond instead of hiding currency at home or in banks.” </div> <div> </div> <div> Local currency bonds are issued to attract both local and foreign investment as they help in long-term financing. The money raised by issuing bonds should be spent in big projects like developing the country’s hydropower, agriculture, road and tourism infrastructures, according to the Ministry </div> <div> of Finance. </div> <div> </div> <div> Opening the door to international issuer will also help develop the country’s bond market, which is still in nascent stage, according to the ministry. At present, bonds account for 34 percent of the total debt instruments in the country. Currently, total domestic debt amounts to Rs 207 billion raised from treasury bills and different types of bonds.</div> <div> </div> <div> Potential issuers who want to issue bonds in Nepali rupee must apply to the Finance Ministry specifying the objective of issuing them, potential areas of investment, the main investor, value of the bonds, maturity period, interest rate and timetable, according to spokesperson Ram Sharan Pudasaini.</div> <div> </div> <div> “The ministry will then present the proposal to the cabinet for the final approval on whether or not to allow the issuance of bonds,” he added. </div> <div> </div> <div> As per the 10-point guideline endorsed by the ministry, the bond issuance should be carried out as per the existing legal provisions related to securities.</div> <div> </div> <div> In order to assure investors about the security of their investment, the bond issuer has to publish prospectus of the institution that is issuing the bond. The issuer can make the payment of interest to investors on half yearly basis through their local agent or market makers, the guideline says. It has given income tax exemption to the international institutions issuing the bonds. “But if they issue the bonds through local agents, the agents are subject to tax compliance,” said Pudasaini.</div> <div> </div> <div> The guideline has also the given the bond issuing institutions to repatriate profit as per the country’s existing law. They have also been allowed to take short-term loans from the local banks as bridge funding provided the fund raised from bonds is inadequate for the investment in the project.</div> <div> </div> <div> They have also been allowed to deposit their money in banks for a year to manage their fund. “This provision was made to utilize the fund they have until they invest in certain projects,” said Pudasaini.</div>', 'published' => true, 'created' => '2013-10-20', 'modified' => '2013-10-28', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Nepal government has paved the way to international institutions with triple-A credit rating to issue local currency bonds. The Finance Ministry recently decided to allow institutions with reliable international credit rating to issue local currency bonds. The World Bank’s private sector arm IFC and Asian Development Bank (ADB) have shown interest in issuing local currency bond.', 'sortorder' => '1870', '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' => '1972', 'article_category_id' => '91', 'title' => 'NRNA Global Conference Started', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> </div> <div> <strong>--By TC Correspondent </strong></div> <div> </div> <div> The sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year’s conference is 'NRNs and Nepal: Partners in Prosperity'. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function. </div> <div> </div> <div> The four-day global conference is also set to choose a new leadership of the organization for a two-year term. Australian businessman Shesh Ghale and General Secretary Tenzi Sherpa (South Korea) are contesting for the position of NRNA president. The election is scheduled to take place on Sunday. </div> <div> </div> <div> The Sixth NRNA Global Conference will be held on Monday and Tuesday after the conclusion of the convention. The global conference will be inaugurated by the President Dr Ram Baran Yadav. The conference will hold discussions on various subjects like collective investment, foreign employment, continuity of Nepali citizenship of the NRNs, and partnership with the private sector in the country, among other issues.</div> <div> </div> <div> About 1300 NRNs from 50 countries across the world are taking part in the conference. The NRNA has its chapters in 65 different countries.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Two Years of Abroad Stay Must for NRNA Membership</strong></span></div> <div> Similarly, the general assembly of NRNA on Saturday introduced a provision, according to which every Nepali staying in foreign lands for two continuous years will be eligible for NRN status. The amendment will come into effect from October 22.</div> <div> </div> <div> Likewise, the amendment has also paved the way for registration of the organization which was pending for a decade. NRNA was established in 2003. However, due to differences between the NRN Act 2008 and NRNA’s statute, the organisation was not formally registered in the country inspite of several attempts of NRNs. The organisation has now got legal status after registering in Nepal.</div>', 'published' => true, 'created' => '2013-10-20', 'modified' => '2013-10-28', '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 sixth Non-Resident Nepalis Association (NRNA) Global Conference and Convention started Saturday at Soaltee Crowne Plaza, Kathmandu. The theme of this year’s conference is 'NRNs and Nepal: Partners in Prosperity'. Upendra Mahato, the Founding Chairman of the NRNA, former Chairman Dev Man Hirachan and Chairman Jiba Lamichhane jointly inaugurated the convention amidst a function.', 'sortorder' => '1869', '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' => '1974', 'article_category_id' => '134', 'title' => '“Economic And Technical Transparencies Are Key To Success”', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <span style="font-size:14px;"><img alt="Birendra bAHADUR BASNET" src="/userfiles/images/BBB(1).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 250px; height: 268px;" /><span style="font-size:16px;">Birendra Bahadur Basnet is a first generation businessman with his reputation increasing year after year. He entered into the airline business without any prior experience but today he heads a very successful airline company. When he registered his airline, Buddha Air, and started operations in 1996, he had only one aircraft that was purchased with a loan. His journey had begun with a US-made Beechcraft 1900D. Now, Buddha Air has a fleet of nine aircraft - three Beechcraft 1900, three ATR 42-320 and three ATR 72-500. Basnet spoke to Janardan Baral of The Corporate about his company’s strategies and country’s aviation sector. <strong>Excerpt: </strong></span></span></div> <div> </div> <div> <span style="font-size:14px;"><strong>What are main reasons behind massive success of Buddha Air which, as of today, holds 56 percent market share of domestic airlines?</strong></span></div> <div> Buddha Air is a common platform for its 700 employees. We continuously motivate employees to achieve success. We believe that all employees should have feeling of ownership on the company. Buddha Air gives high value to its employees for the growth of company and shares both profit and loss with its employees. I can say that collective work of employees is the main reason for the progress of Buddha Air so far.</div> <div> </div> <div> <span style="font-size:14px;"><strong>How do you motivate your employees?</strong></span></div> <div> All financial transaction should be transparent. Transparency creates environment of trust between employees and company management. Salary increment based on the inflation rate and performance based reward system are some ways to motivate employees in a positive manner. We provide incentives to employees. The company should hike air fare every year to meet administrative cost including salary of employees. Yet, we are committed to provide services at reasonable cost. We have started providing services from big aircraft reducing number of small aircraft. On top of all, the most important thing is economic and technical transparency. Besides, long term vision, strategies, best products and investment are equally important to make a company successful. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Buddha Air could not achieve success in international flights such as Paro, Lucknow and Banaras. What’s your say?</strong></span></div> <div> First, we have not give importance to those destinations compared to domestic destinations. Our team should have put more effort to be successful in internal market. Second, Paro of Bhutan and Lucknow of India could not be the best flight destinations for us. We failed to do good business in these destinations. The reason we decided to stop our Lucknow flight was obvious. People can get there in three hours from Nepalgunj. Passengers opt to fly to Nepalgunj and then go to Lucknow. However, Banaras has been one of the lucrative flight routes to us. We will be continuing our service to Banaras.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Indian airline companies are doing good business from Banaras flight. Can we say Buddha Air could not compete with them?</strong></span></div> <div> We have not reached at the level where we can compete with Indian airline companies. Simiarly, we cannot surpass the market of Indian Airline which has been operating service in that route since decades. Yet, we did not incur loss from the Banaras flights. But, Banaras is seasonal destination due to religious reason. Keeping this fact in mind, we have decided to operate service on this routefor six months only. </div> <div> </div> <div> <span style="font-size:14px;"><strong>It is said that Buddha Air has given less priority to the destinations of the neighbouring countries because it will start its service to other lucrative international destinations. Is it true?</strong></span></div> <div> I do not decline it completely. But we will not take decision in haste. First we should have strong presence in the areas where we have been operating our services at present. We have to be very competitive to start international flights. It seems that airline companies that have been operating service in Nepal are profit oriented than service. In such situation, the possibility of profit is high in this sector. But, Buddha Air has not reached a level where it can compete with renowned international brands such as Thai, Qatar, Etihad and others. So, we will not go to the international market for next four to five years. </div> <div> </div> <div> <span style="font-size:14px;"><strong>There is neck to neck competition in the domestic airline market. What will be your strategies to maintain your market share?</strong></span></div> <div> We have established our brand image as a company which regularly pays tax, which is employees friendly and which serves a million passenger in a year. We will not be adding number of aircraft for the coming few years. Similarly, we have plan to sell a Beechcraft. Currently, we have nine aircraft. We will sell a 18-seater and reduced the number of aircraft to eight. Similarly, we have been trying to enhance our capacity. We have to make profit to keep our employees satisfied. So our goal is to make profit by ethical business practices. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Audit report of ICAO has showed Nepal as a high-risk zone. Private airline companies blame Nepal’s regulator CAAN of trying to introduce an impractical rule based on the audit report. Do you agree?</strong></span></div> <div> We should let regulator work independently. It has right to monitor and regulate the entire sector. But, it is not fair to disregard the flight captains in the name of new regulation. Another issue is that the regulator has made it mandatory to keep a deposit of Rs 50 million. This provision is not acceptable. First, regulatory body should not be politicized. It should not blame ICAO to cover its own incompetency.</div> <div> </div> <div> <span style="font-size:14px;"><strong>So don’t you abide by the provisions of Air Operator Certificate Requirements which the regulator has recently introduced?</strong></span></div> <div> We cannot afford same deposit amount as the international airlines are required to offer. We have already expressed our dissatisfaction over such provision. We will stop all international flights if the government tries to implement it forcefully. We cannot continue our Banaras flight by depositing Rs 50 million. The regulation which is formulated for jet planes should not be forced for small aircraft too.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Nepal’s airline safety situation seems deteriorating every consecutive year. Cannot we say that this is due to airline operators who are not abiding the regulator?</strong></span></div> <div> Nepali sky is obviously more risky compared to European sky. Nepal’s geography is dangerous compared to many other countries in the world. But we have failed to avoid many accidents that could have been easily avoided, such as those were caused by minor human error. Many accidents had taken place due to negligence on the part of airline companies and human resource involved in the operation. Regulator does not have sufficient manpower to monitor effectively. I do not blame this on weak legal provisions. We all should leave our habit of breaching the law. All should be abide by the regulation. </div> <div> </div> <div> <span style="font-size:14px;"><strong>Poor operation technology is also blamed for the frequent air accident in Nepal. Do you feel so?</strong></span></div> <div> Both Instrumental Flight Rule (IFR) and Visual Flight Rule (VFR) have their own procedures and rules. Crew members should follow all the process including maintaining height and distance in all flights. Similarly, some airports have some specific rules. Crew members should follow those rules too. New technology can only facilitate the process. The main question is whether we follow all due processes strictly. I think all should follow international standards while operating airlines services. Buddha Air is very much conscious about this. </div> <div> </div> <div> <span style="font-size:14px;"><strong>In Nepal, there is no stability in the number of airline companies. How to address this problem?</strong></span></div> <div> Yes it is fact. Sustainability of airline companies is a crucial question in Nepal. There were so many good airline companies when Buddha Air started its operation. Most of them have already closed down. Owners should be serious to the problems that may occur in this business for the sustainability of the company. Companies should be updated time and again. Concerned company should give special attention for the capacity building of employees.</div> <div> </div> <div> <span style="font-size:14px;"><strong>Buddha Air is criticized as being focused on profit oriented destinations only. It has not started operation in rural areas so far though it had pledged to do so. What do you say?</strong></span></div> <div> We want to start our operation in remote areas. But we don’t have appropriate aircraft to do so. We have planned to start service in the remote areas after getting hold in the international flights. Buddha Air had tried to buy an aircraft to start service in the remote destinations but the price of aircraft skyrocketed and we could not afford that. It is bitter reality that we cannot operate service in loss. </div> <div> </div> <div> <span style="font-size:14px;"><strong>So what are major preconditions to start service in remote parts?</strong></span></div> <div> The first condition is infrastructure. The government should invest in infrastructure. There should be road connectivity. Then, locals will have options whether to travel by air or by road. The government should be clear also regarding subsidy and other schemes to operate services in the remote parts. </div> <div> </div> <div> <span style="font-size:14px;"><strong>We often hear about syndicate among airline companies to fix air fare? What is the reality?</strong></span></div> <div> The government has fixed the maximum ceiling on the fare. For instance, upper limit of the air fare to Biratnagar is Rs 6,700. Airline companies have been following the ceiling set by the government. I do not think there is similarity in air fare among all airline companies.</div>', 'published' => true, 'created' => '2013-10-21', 'modified' => '2013-10-28', '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' => 'Birendra Bahadur Basnet is a first generation businessman with his reputation increasing year after year. He entered into the airline business without any prior experience but today he heads a very successful airline company.', 'sortorder' => '1868', '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' => '2016', 'article_category_id' => '48', 'title' => 'In Love With The Peg', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <img alt="No Laughin Matter" src="/userfiles/images/NLM.jpg" style="float: right; margin: 0px 0px 0px 10px; width: 300px; height: 451px;" />The ‘peg’ must have been the second most loved word for Englishmen after ‘sex’, but for Nepalis, it (its meaning to be precise) is unquestionably the first. Whether it is expressed or muted, the presence of the peg is ubiquitous in our daily national or economic life. The moment you touch the Nepali Currency (NC), you are bound to remember that it is strictly pegged to the Indian Currency (IC). You may or may not always believe in the value of the NC, but it is this peg that gives you the confidence you need. </div> <div> </div> <div> The recent devaluation of the Nepali currency was not an outcome of a downturn in our economy, but was the effect of the NC-IC peg that has a history of more than six decades. If your business has suffered from this devaluation, you are free to shift the peg to console yourself -- a shift from the currency peg to a whisky peg. Do not complain if more than ninety five percent of Nepali bar-tenders cannot say ‘peg’ and often make do with ‘pack’. When asked, ‘Sir would you like a pack?’ you must have the intelligence to understand that he is actually asking if you would like a peg of some alcohol. If you are a novice drinker, just graduated to whisky to drink in a bar from a ‘pouch’ in a tavern, you may be familiar with the ‘pack’ than the ‘peg.’ It is just a question of civilization, not economics.</div> <div> </div> <div> But in our economic system, unlike you, there are big bosses who are more familiar with the ‘peg’ than the ‘pack’, so that they don’t want to pack the peg at any cost. When it comes to packing-up, or stopping the NC-IC peg, they don’t even want to hear it out. They have good reasons for maintaining this status quo until our currency faces the fate of the Zimbabwean dollar when it was in its last days of existence. In other words, the love for this peg is the simplest strategy to make the Nepali richer in no time. If the present rate of devaluation continues, we Nepalis will soon be so rich that we will be paying ten thousand rupees for a cup of tea, one hundred thousand rupees for a kilogram of rice, a million rupees for a kilogram of mutton or cheese, and so on.</div> <div> </div> <div> If you are in the business of stock price analysis or actual stock trading and brokerage and haven’t heard of the capital ‘PEG’, or price/earnings to growth ratio, you are sure to be doomed and forced to take refuge in the smaller ‘peg’ that is re-christened by Nepali barmen as ‘pack’. There are people in the financial service industry in Nepal who argue that ninety-nine percent of our stock brokers, the licensed ones, never heard of the ‘PEG’, or the ‘peg’, and is managing everything with the replacement of the ‘pack’. The result: many of them are, therefore, helping the trading of many scribs to pack-up within a few days of listing instead of using the PEG tool to analyze.</div> <div> </div> <div> If you ask our policy makers -- the finance minister, the central bank governor, or the prime minister as soon as we get one -- ‘How long will the NC-IC peg continue?’ they all will have very intelligent answers for it: ‘Oh! Peg. Yes, we have. Good question, I mean, not bad at all. It is important. How about having a peg together tonight? Thanks!!’</div> <div> </div> <div> You may ask me how I know that their answer would be exactly like that. It is simple: every generation of our authorities for the last half century have said nothing different than this. Feel like listening to the popular number the ‘Peg’ by Steely Dan? Do it in the bar, that’s the place to admire the real beauty of the ‘peg’! </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-24', 'keywords' => 'new business age no laughing matter news & articles, no laughing matter news & articles from new business age nepal, no laughing matter headlines from nepal, current and latest no laughing matter news from nepal, economic news from nepal, nepali no laughing matter economic news and events, ongoing', 'description' => 'The ‘peg’ must have been the second most loved word for Englishmen after ‘sex’, but for Nepalis, it (its meaning to be precise) is unquestionably the first. Whether it is expressed or muted, the presence of the peg is ubiquitous in our daily national or economic life. The moment you touch the Nepali Currency (NC), you are bound to remember that it is strictly pegged to the Indian Currency (IC).', 'sortorder' => '1867', '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' => '2017', 'article_category_id' => '51', 'title' => 'Biztoon / Voices October 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Biztoon October 2013" src="/userfiles/images/biz.jpg" style="width: 550px; height: 371px; margin-left: 20px; margin-right: 20px;" /></p> <p> </p> <p> </p> <div> <img alt="Shankar Koirala" src="/userfiles/images/sk(3).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 83px;" /><span style="font-size: 16px;"><strong>“Government is obliged to reduce customs on vehicle imports.”</strong></span></div> <div> <strong>Shankar Koirala,</strong> Finance Minister hinting that the tariff on vehicle imports may come down in the next fiscal year to fulfil the commitment made to World Trade Organisation (WTO) and South Asian Free Trade Agreement (SAFTA).</div> <div> </div> <div> </div> <div> <img alt="Lila Mani Paudel" src="/userfiles/images/lp.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 83px;" /><span style="font-size: 16px;"><strong>“Corruption kills entrepreneurship.”</strong></span></div> <div> <strong>Lila Mani Paudel, </strong>Chief Secretary stating that transparency is the basis for successful enterprise. </div> <div> </div> <div> </div> <div> </div> <div> <img alt="Binod Chaudhary" src="/userfiles/images/bc(2).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 84px;" /><span style="font-size: 16px;"><strong>“We have to make public commitment for country’s economic development.”</strong></span></div> <div> <strong>Binod Chaudhary, </strong>Chairman of Chaudhary Group emphasizing the need of public commitment for economic prosperity.</div> <div> </div> <div> </div> <div> <img alt="Chhaya Sharma" src="/userfiles/images/cs.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 83px;" /><span style="font-size: 16px;"><strong>“Role of women must be increased in the GDP to uplift the economic growth rate.”</strong></span></div> <div> <strong>Chhaya Sharma,</strong> Chairperson of Women Entrepreneurs Development Committee at FNCCI recommending the method to achieve seven per cent economic growth.</div> <div> </div> <div> </div> <div> <img alt="Raja Ram Giri" src="/userfiles/images/rg.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 70px; height: 85px;" /><span style="font-size: 16px;"><strong>“Nepal needs urgent reforms, not tourism year gimmick.”</strong></span></div> <div> <strong>Raja Ram Giri, </strong>an NRN based in London and Director of Samsara Nepal Financial Services Ltd stating the need for practical actions for tourism development.</div> <div> </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age biztoon or voices news & articles, biztoon or voices news & articles from new business age nepal, biztoon or voices headlines from nepal, current and latest biztoon or voices news from nepal, economic news from nepal, nepali biztoon or voices economic news and events, ongoing bizt', 'description' => '“Government is obliged to reduce customs on vehicle imports.”', 'sortorder' => '1866', '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' => '2015', 'article_category_id' => '51', 'title' => 'Biztoon / Voices September 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Biztoon September 2013" src="/userfiles/images/Biztoon.jpg" style="width: 550px; height: 372px; margin-left: 20px; margin-right: 20px;" /></p> <p> </p> <hr /> <p> </p> <div> <strong><span style="font-size: 16px;"><img alt="Ratish Chandra Lal Suman, the Director General of Civil Aviation Authority of Nepal (CAAN)" src="/userfiles/images/RCL(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 82px; height: 100px;" />“Airline companies are not behaving as per the requirement of airline services and now they are calling the new AOCR impractical.”</span></strong></div> <div> Ratish Chandra Lal Suman, the Director General of Civil Aviation Authority of Nepal (CAAN) alleging airlines for not following the parameters for Air Operator Certificate Requirements (AOCR).</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Hari Bhakta Sharma, Vice President of Confederation of Nepalese Industries (CNI) " src="/userfiles/images/HBS(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 83px; height: 100px;" />"The low development budget would again lead us to another economic crisis.”</span></strong></div> <div> Hari Bhakta Sharma, Vice President of Confederation of Nepalese Industries (CNI) arguing that the development expenditure of the government for the fiscal year 2013/14 would less likely help to achieve the desired economic growth rate.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Dr Chandra Mani Adhikari, Economist and Chairman of Citizen Investment Trust" src="/userfiles/images/CMA(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 83px; height: 100px;" />“The capital expenditure must be raised to Rs 400 billion from Rs 60 billion at present.”</span></strong></div> <div> Dr Chandra Mani Adhikari, Economist and Chairman of Citizen Investment Trust suggesting to raise the capital investment in the annual government budget to achieve seven per cent economic growth.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Dipak Gyawali, former Minister of Water Resources" src="/userfiles/images/DG(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 82px; height: 100px;" />“The country needs more entrepreneurs than traders.”</span></strong></div> <div> Dipak Gyawali, former Minister of Water Resources expressing his belief that enterprises, entrepreneurs and industries must be developed to achieve seven per cent economic growth.</div> <div> </div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;"><img alt="Krishna Prasad Paudel, an Agriculture Expert" src="/userfiles/images/KPP(1).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 83px; height: 100px;" />“Nepali farmers do not understand the agriculture policy drafted in English.”</span></strong></div> <div> Krishna Prasad Paudel, an Agriculture Expert being sarcastic to dependent mentality of government on preparing agriculture policies in English language despite majority farmer’s inability to comprehend English.</div> <div> </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal, current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal', 'description' => '“Airline companies are not behaving as per the requirement of airline services and now they are calling the new AOCR impractical.”', 'sortorder' => '1865', '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' => '2014', 'article_category_id' => '51', 'title' => 'Biztoon / Voices August 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="BIZTOON AUGUST 2013" src="/userfiles/images/biztoon(3).jpg" style="width: 550px; height: 372px; margin-right: 20px; margin-left: 20px;" /></p> <p> </p> <p> </p> <div> <strong><span style="font-size: 16px;"><img alt="Dr Yuba Raj Khatiwada, Governor of Nepal Rastra Bank" src="/userfiles/images/Dr%20Yuba%20Raj%20Khatiwada.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 90px; height: 110px;" />“Increasing the capital base will favour a better future of banks and financial institutions.” </span></strong></div> <div> Dr Yuba Raj Khatiwada, Governor of Nepal Rastra Bank arguing that the current capital base of banks and financial institutions is not enough for long term financial autonomy and discussions with stakeholders are going on about raising the capital base.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;">“Rent seeking bureaucracy and the private sector in search of protectionism have attacked the Foreign Investment and Technology Transfer Act.” </span></strong></div> <div> Dr Bhola Chalise, former Industry Secretary alleging that the bureaucracy and the private sector are both criticising the act.</div> <div> </div> <div> </div> <div> <strong><span style="font-size: 16px;">“Every Nepali must be attached to tourism.” </span></strong></div> <div> Tejendra N Shrestha, President of Restaurant and Bar Association of Nepal pointing out that the general public does not realise that they are directly or indirectly associated with the tourism industry of the country. He says that the tourism sector will help Nepal achieve 7 per cent economic growth.</div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Jiba Lamichhane, President of Non- Resident Nepali (NRN) Association" src="/userfiles/images/Jiba%20Lamichhane.jpg" style="float: right; margin: 0px 0px 0px 10px; width: 90px; height: 107px;" />“One should not expect much from NRN.” </strong></span></div> <div> Jiba Lamichhane, President of Non- Resident Nepali (NRN) Association saying that NRNs are struggling for being established and it would be wrong to have too much of expectations on them for making investments in Nepal.</div> <div> </div> <div> </div> <div> </div> <div> </div> <div> <img alt="Dr Chiranjibi Nepal, Principal Advisor at Ministry of Finance" src="/userfiles/images/Dr%20Chiranjibi.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 90px; height: 108px;" />“<span style="font-size: 16px;"><strong>The target of 7 per cent economic growth by 2015 is possible only if the existing government can change some policies as required to expedite capital expenditure.”</strong></span></div> <div> Dr Chiranjibi Nepal, Principal Advisor at Ministry of Finance arguing that the current government can change the policy to expedite capital investment and propel economic growth.</div> <div> </div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal, current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal', 'description' => '“Rent seeking bureaucracy and the private sector in search of protectionism have attacked the Foreign Investment and Technology Transfer Act.”', 'sortorder' => '1864', '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' => '2012', 'article_category_id' => '51', 'title' => 'Biztoon / VOICES JUNE 2013', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Biztoom June 2013" src="/userfiles/images/fdi.jpg" style="width: 550px; height: 371px; margin-left: 20px; margin-right: 20px;" /></p> <p> </p> <div> <span style="font-size: 16px;"><strong>“Entrepreneurs should not be threatened to pay taxes.”</strong></span></div> <div> <strong>Jagdish Prasad Rathi,</strong> Chairperson, Tax and Revenue Committee at Federation of Nepalese Chambers of Commerce and Industry (FNCCI) opines that business people and industrialists should be encouraged not threatened to pay taxes.</div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Radhesh Pant" src="/userfiles/images/rp(2).jpg" style="float: left; margin: 0px 10px 0px 0px; width: 75px; height: 92px;" />“The private sector is not yet ready to invest in mega projects.”</strong></span></div> <div> <strong>Radhesh Pant,</strong> Chief Executive of Investment Board opines that the Nepali private sector is not yet ready for investing in mega projects proposed by the board.</div> <div> </div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong>“We are advocating common standards across South Asia.”</strong></span></div> <div> <strong>Vikramjit Singh Sahaney</strong>, President of SAARC Chamber of Commerce and Industry believes that all the commodities traded in the South Asia region should comply to a common standards and standard certificates honoured by all the countries in the region should be issued.</div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Shankar Prasad Koirala" src="/userfiles/images/spk.jpg" style="float: right; margin: 0px 0px 0px 10px; width: 75px; height: 93px;" />“Private sector support is a must for the full-fledged budget for the next fiscal year.”</strong></span></div> <div> <strong> Shankar Prasad Koirala</strong>, Finance Minister expects the full cooperation from the private sector to the government to bring a full-fledged budget for fiscal year 2013/14.</div> <div> </div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong><img alt="Gyan Chandra Acharya" src="/userfiles/images/gca.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 75px; height: 91px;" />“Nepal’s economic structure must be changed.”</strong></span></div> <div> <strong>Gyan Chandra Acharya,</strong> Under-Secretary-General and High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States at United Nations (UN) believes that the economic structure must be changed to achieve 7 per cent growth.</div> <div> </div> <div> </div> <div> </div> <div> <span style="font-size: 16px;"><strong>“To achieve 7 per cent economic growth, private sector must be ensured with a favourable investment climate.”</strong></span></div> <div> <strong>Bharat Mohan Adhikari,</strong> Former Finance Minister acknowledges the role of the private sector in achieving high economic growth.</div>', 'published' => true, 'created' => '2013-10-23', 'modified' => '2013-10-23', 'keywords' => 'new business age biztoon or voices news & articles, biztoon or voices news & articles from new business age nepal, biztoon or voices headlines from nepal, current and latest biztoon or voices news from nepal, economic news from nepal, nepali biztoon or voices economic news and events, ongoing bizt', 'description' => '“To achieve 7 per cent economic growth, private sector must be ensured with a favourable investment climate.”', 'sortorder' => '1863', '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
