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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' => '1549', 'article_category_id' => '139', 'title' => 'Nepal And The World News In Brief (5-11 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><img alt="Australia Unveils Levy on Bank Deposits" src="/userfiles/images/Australia%20Unveils.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 67px;" />Australia Unveils Levy on Bank Deposits </strong></div> <div> Australia has unveiled a levy on some bank deposits to raise money towards a fund aimed at safeguarding against a banking collapse. Deposits up to A$250,000 will have to pay a levy of 0.05% from January 2016. It will be imposed on banks and not account holders. (BBC) </div> <div> </div> <div> </div> <div> <strong><img alt="EADS to be Rebranded as Airbus " src="/userfiles/images/EADS.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 51px;" />EADS to be Rebranded as Airbus </strong></div> <div> EADS, the parent company of Airbus, says it is to rename itself after its commercial plane-making subsidiary. It will be called Airbus Group and have three divisions; commercial aircraft, defence and space, and helicopters. Implementation of the change will start in January and is set to be completed in the second half of 2014. (Agency) </div> <div> </div> <div> <strong><img alt="India Eases FDI Rules in Retail Sector " src="/userfiles/images/India%20Eases%20FDI%20Rules.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 62px;" />India Eases FDI Rules in Retail Sector </strong></div> <div> India has eased key rules on foreign direct investment in multi-brand retail in an attempt to attract foreign firms as it looks to boost economic growth. Rules governing sourcing of products, infrastructure investment and selection of cities have been relaxed. (Agency) </div> <div> </div> <div> </div> <div> <strong><img alt="Americans Favor Cash " src="/userfiles/images/Americans%20Favor%20Cash.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 58px;" />Americans Favor Cash for Long-Term Investments </strong></div> <div> 26 per cent of Americans prefer cash for their long-term investments, edging out stocks, bonds, gold and real estate, according to a new Bankrate survey of more than 1,000 US adults. Whether it’s in a savings account or a money-market fund, sheltering cash would barely yield any growth given the current low interest rates. A $10,000 investment in a money-market fund today would just gain $110 over a decade, according to Bankrate. (CNN) </div> <div> </div> <div> <strong><img alt="Nawaz Sharif" src="/userfiles/images/Nawaz%20Sharif.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 90px;" />‘We will promote trade, business with India ’ </strong></div> <div> Relations between India and Pakistan should be like that of two neighbours, with the focus being on trade and business, Prime Minister Nawaz Sharif said on Thursday. Sharif made the remarks while interacting with reporters during a rare visit to Karachi, Pakistan’s financial hub. Asked by a journalist about the state of ties with India, he said relations “should be like how relations are between two neighbours”. (Agency)</div> <div> </div>', 'published' => true, 'created' => '2013-08-05', 'modified' => '0000-00-00', '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' => 'Australia has unveiled a levy on some bank deposits to raise money towards a fund aimed at safeguarding against a banking collapse.', 'sortorder' => '1410', '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' => '1548', 'article_category_id' => '161', 'title' => '‘We Try To Create An Atmosphere For The Media To Focus On Issues That Demand Coverage’', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><img alt="Damakant Jayshi,Nepal’s Country Representative,PANOS South Asia" src="/userfiles/images/Damakant%20Jayshi.jpg" style="float: right; margin: 0px 0px 0px 10px;width: 175px; height: 197px;" />PANOS South Asia, the regional media center of PANOS Institutes worldwide, has been working to encourage public discourse and to ensure the right to information in multiple ways since 1997. This week, Nepal’s Country Representative <strong>Damakant Jayshi </strong>spoke to <strong>Sanjeev Sharma</strong> of The Corporate about the institute’s journey thus far. <strong>Excerpts:</strong> </span></div> <div> </div> <div> <strong>What is Panos South Asia doing in the South Asian region? </strong></div> <div> Our main focus is media development and supporting the media in various ways. We work on four broad subjects - the environment, public health, conflict and globalisation – and engage the media with issues in these topics. We also design relevant training and project designing programmes with thematic and journalism experts. The trainings include short term or long term fellowships. We take feedback from trainees in our various programmes for capacity enhancement of the media and journalists. </div> <div> </div> <div> <strong>Do you work directly with governments, development partners or do you work independently? </strong></div> <div> We do not have any long term partnerships so far. Panos, founded in 1997 is in its 16th year and we have had many partnerships during this period. Our partnership is based according to our projects and but some donors use to give institutional funding to boost our capacity. Currently, we are engaged in rolling partnerships which are based under our themes. For now, we are working with Climate and Development Knowledge Network (CDKN) of the United Kingdom for two years. But we usually try to partner with local NGOs. We are now thinking of trying to re-orient ourselves towards new media and multimedia. We hopefully will have enough foundation to enhance the capacity of Nepali journalists (in both Nepali and English languages) to help them become multimedia journalists. </div> <div> </div> <div> <strong>What are your major achievements so far? </strong></div> <div> Panos has a long history. We had a Panos Radio South Asia Project which ran for five years that came out with quality programmes that were broadcast by local radio stations. We worked as a partner with Caravan Magazine where we promoted long-form journalism. We count various trainings, workshops and fellowships as our key achievements. In the climate change blog section of our website, ex-trainees keep updating their comments and feedback which is also a part of our success. We have trained 89 people in various themes from Nepal and South Asia in both long and short term fellowship programmes thus far. </div> <div> </div> <div> <strong>Do you have any specific strategies to support development? </strong></div> <div> We try to create an atmosphere for the media to focus on issues that demand coverage. We focus on particular issues that engage national or local media with the motive of bringing positive change. </div> <div> </div> <div> <strong>Nowadays the news media in South Asia seems to use to a lot of negativity. What is your take on this? </strong></div> <div> Negative news coverage is an old practice and a long standing debate in the media sector. Earlier, the media could not differentiate between what was worth publishing and what was not, and thus the practice of negative news was frequent. However, we can see change these days where the media is inclined to analysing both sides of an issue. The practice of negativity and making sensational news can be improved by persons from the media themselves. </div> <div> </div> <div> <strong>Has Panos South Asia helped to make media strategies for the government and other development partners? </strong></div> <div> We have not made any media strategies for the government or any political party. We do not want to engage in the politics of this field. </div> <div> </div> <div> <strong>What problems have you seen in investigative journalism in the context of Nepal? </strong></div> <div> Investigative journalism is very important for Nepal. None of the Nepali media houses have formed a unit dedicated to investigative reporting. Limited resources for investigation is seen as a major hurdle. It is costly and takes time to conduct investigations on various issues. In the context of Nepal, lack of skills needed to dig out data for investigative reporting is also seen as another hindrance. If we do not have enough data and proof then insufficient information for an investigative story will lead to nothing. </div> <div> </div> <div> <strong>Would you like to share what Panos’ future plans are? </strong></div> <div> We would like to revive our radio project and to run it in the long term. We want to organise radio discussion programmes with people’s participation at the grass roots level. We are also looking to organise multimedia workshops to enhance the capacity and skills of Nepali journalists.</div> <div> </div>', 'published' => true, 'created' => '2013-08-05', 'modified' => '0000-00-00', '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' => 'PANOS South Asia, the regional media center of PANOS Institutes worldwide, has been working to encourage public discourse and to ensure the right to information in multiple ways since 1997.', 'sortorder' => '1409', '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' => '1547', 'article_category_id' => '137', 'title' => 'Global Economy Gains Steam', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan. </div> <div> </div> <div> A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div> <div> </div> <div> Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria. </div> <div> </div> <div> The company’s flash composite PMI, based on surveys of thousands of companies across the region, jumped to an 18-month high of 50.4, from 48.7. Readings above 50 signify growth. In China, the official factory PMI was a bit stronger than expected last month, although growth remained modest. The biggest surprise came from the UK, where Markit’s UK manufacturing PMI jumped to 54.6, trumping even the most optimistic forecast in a Reuters poll of economists and triggering a rise in sterling. </div> <div> </div> <div> Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div> <div> <em>(Agencies)</em></div> <div> </div> <div> <hr /> <div> <strong>‘Nepal likely to benefit from global economic recovery’</strong></div> <div> </div> <div> Nepal has thus far been relatively aloof from the global financial crisis and economic meltdown in the West. The Nepali economy is insulated against such external shocks as risks from inflow of toxic assets remains zero. This is mainly due to the country's financial market not integrated with international market. However, there are signs of strain contributed by indirect impact through trade (reduction of export earnings, and especially contraction of merchandise exports) and spillover effects from India. The steady decline in foreign aid funding is also seen as another impact of the global meltdown. </div> <div> </div> <div> Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation. </div> <div> </div> <div> But with the global economic recovery gathering pace, experts are hoping that external headwinds faced by the Nepali economy are likely to fade away in the coming days. "Economic revival in the United States and Europe is positive for South Asia, it will eventually create demand in the region," says Dr Chiranjibi Nepal, Ecomomic Advisor to the Nepali Ministry of Finance. According to him, the rise in demand for manufactured goods along with other materials will boost the manufacturing sector, thus generating employment. "Nepal's major exports to Europe and US, such as garments, carpets and handicrafts can benefit from the recovery," he adds. Dr Nepal also mentioned the prospect for rise in tourist arrivals from developed nations as disposable income in western nations is bound to increase following the economic recovery.</div> <div> </div> </div> <p> </p>', 'published' => true, 'created' => '2013-08-05', 'modified' => '2013-08-05', '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' => 'In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July.', 'sortorder' => '1408', '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' => '1546', 'article_category_id' => '135', 'title' => 'New Monetary Policy To Be Directive', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">The Nepal Rastra Bank (NRB) recently introduced new monetary policy which is encouraging for termed by some as expansionary. The Corporate weekly spoke to concerned people regarding the new policy and collected their opinion. <strong>Excerpts: </strong></span></div> <div> </div> <div> <img alt="" src="/userfiles/images/Rajan%20Singh%20Bhandari.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 116px;" /><strong>Rajan Singh Bhandari </strong></div> <div> <em>President, Bankers’ Association </em></div> <div> Banks have suffered not just due to their own fault but also due to those of the NRB. It is like chiding children for not placing a water pot at the right place when the parents bump into it. The NRB only blames the banks. At one point the monetary policy asks the banks to go for project financing in some sectors. This is impractical. We have a different culture. So trying to implement such practice of developed countries here will not work. The issue of reducing the CRR while keeping the credit to deposit and resources rate stable will not boost investment. Also the plan to fix the spread rate is impractical. Fixing the spread rate will result in similar interest rates across all banks and financial institutions and it will lead to another set of problems. </div> <div> </div> <div> <img alt="Anal Raj Bhattarai CEO, Commerce and Trust Bank" src="/userfiles/images/Anal%20Raj%20Bhattarai.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 116px;" /><strong>Anal Raj Bhattarai</strong></div> <div> <em>CEO, Commerce and Trust Bank </em></div> <div> A lot of issues are addressed in the new monetary policy which aims at mobilising banks and financial institutions to expand lending by 18 percent in order to meet the economic growth rate target of 5.5 percent set for the current fiscal year. The policy has addressed various issues and NRB has declared a Act that is related to financial institutions but do not come under the direct preview of the central bank itself. The budget of the current fiscal year is not as directive as the monetary policy has become. Though there are not many significant changes in the monetary policy from that of the previous fiscal year, it seems to be more liberal. </div> <div> </div> <div> </div> <div> <img alt="Hari Bhakta Sharma Vice President, Confederation of Nepalese Industries (CNI) " src="/userfiles/images/Hari%20Bhakta%20Sharma(1).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 116px;" /><strong>Hari Bhakta Sharma</strong></div> <div> <em>Vice President, Confederation of Nepalese Industries (CNI) </em></div> <div> The question is not about what should be included in the monetary policy. The government introduced a full-fledged budget after six long years and this cannot be undermined. What is crucial is the implementation of the new policies and programmes, which is a big challenge for the government as for now. Proper monitoring is a must for the smooth implementation of policies. The inflation rate has been fluctuating a lot and in this regard, achieving a 5.5 per cent economic growth is doubtful. The government has emphasised on investment in manufacturing, agriculture, and energy which is appreciable. The government should have considered the potential of increase in general level of price while increasing government servents’ salaries. The development budget is low too, making it less likely to achieve the desired economic growth rate. This again would lead us to another economy crisis.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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 Nepal Rastra Bank (NRB) recently introduced new monetary policy which is encouraging for termed by some as expansionary.', 'sortorder' => '1407', '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' => '1545', 'article_category_id' => '134', 'title' => '‘This Budget Supports A Liberal Economy’', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><strong><img alt="Dr Chiranjibi Nepal,Chief Economic Advisor at the Ministry of Finance." src="/userfiles/images/Dr%20Chiranjibi%20Nepal.jpg" style="float: right; margin: 0px 0px 0px 10px;width: 150px; height: 188px;" />Dr Chiranjibi Nepal </strong>is Chief Economic Advisor at the Ministry of Finance. In an interview with Sweta Sharma of The Corporate weekly, he shed light on the nature of the budget for FY 2013-2014. <strong>Excerpts: </strong></span></div> <div> </div> <div> <strong>To what extent do you think the current budget will boost the economy of Nepal? </strong></div> <div> The country’s economy has suffered badly whenever the budget was presented late. After six long years, the government came up with a full-fledged and timely budget concentrating on core areas such as energy, agriculture, infrastructure, education and health. I believe that the timely announcement of the budget is a very positive sign for development and can boost the economy largely. The government has also aimed for a growth rate of 5.5 per cent which is certainly going to be achieved with the budget of the current fiscal year. </div> <div> </div> <div> <strong>Given that the growth rate recorded for the past 10 years has been 3.7 per cent in average, how realistic is this year’s target of 5.5 per cent? </strong></div> <div> Late budgets in the past have affected capital expenditure to a large extent. The current budget has taken initiatives which could stimulate the flow of capital expenditure and improve economic activities. The current budget has also addressed important social and economic issues and is advocating for a stronger role of the private sector to spur the economy. In this regard, we can say that, with proper implementation of the budget, 5.5 per cent growth target is achievable. </div> <div> </div> <div> <strong>What major policy changes did the government miss to address in this year’s budget and why? </strong></div> <div> I don’t think the budget has missed addressing any important issue. The budget as a whole is inclusive as it has considered every sector - social, economic, infrastructure and business. This budget supports a liberal economy. It also encourages the private sector to take the lead. Considering these things, there are not many changes that have to be made for now. </div> <div> </div> <div> <strong>This budget has brought a number of populist programmes to serve certain political parties. What is your comment on this? </strong></div> <div> I disagree with the statement that the government has brought populist programmes. It has brought programmes that are for everyone. Unlike previous years, the current budget has been least criticised. At the macro level, the budget has brought a long term programmes which is a must to boost the economy. Similarly, the budget focuses more on the private sector. Therefore, the budget is not controversial. </div> <div> </div> <div> <strong>In hydropower, the budget allocation for transmission lines is largely from donors. The government did not set aside anything for land acquisition. Why this lapse? </strong></div> <div> Yes, to some extent there have been lapses but it is being corrected. The budget allocation for land acquisition is still being processed and the government is contributing to this purpose. The budget has emphasised energy sector with belief in its importance to uplift the economy. The government is concerned about the land acquisition issue and is on the move to provide maximum support. The government plans to eliminate the chronic problem of power outage within the next three years. </div> <div> </div> <div> <strong>Private sector hydropower developers have expressed dissatisfaction since the budget has not provided incentive for private power producers. What are your comments on this? </strong></div> <div> We have to understand that the environment being created for hydropower is itself an incentive. The budget has allocated a huge sum for the energy sector which is also a form of incentive. This has initiated an environment for investment in energy which can later bring profit to the private sector. But merely arranging a budget cannot bring about desired results if not backed by effective implementation. Thus, the government is committed towards effective implementation of programmes that have been put forward. </div> <div> </div> <div> <strong>The budget has Rs 300 million allocated for export incentives which the private sector says is peanuts. What do you think? </strong></div> <div> Export depends on competition with other countries. To present Nepal as a competitor, the amount allocated for exports is sufficient and very convenient in our context. The private sector has expressed satisfaction in the budget stating that it has attempted to address most of the concerns raised by the business community. </div> <div> </div> <div> <strong>While the budget speech mentions a deficit of Rs 87.7 billion, budget documents prepared by the Ministry of Finance caps deficit at Rs 40.5 billion. Why such a huge discrepancy? </strong></div> <div> There has been a misunderstanding about the budget deficit. The exact figure for deficit is Rs 87.7 billion. To balance it, the new budget attempted to incorporate limited number of new programmes that are necessary to encourage exports, generate energy and boost the morale of the private sector. In order to improve Nepal’s export performance, various issues on the domestic and international fronts have to be addressed. </div> <div> </div> <div> <strong>A lot of money is allocated clandestinely for financing the losses of public enterprises (PEs). Why can't the government allocate funds openly for PEs? </strong></div> <div> Public enterprises are incurring losses. To overcome this problem, we are trying to search for partners in Nepal Telecom and Agricultural Development Bank. For other public enterprises, we are preparing to change their structure and to take them towards privatisation. There is a policy to carry out such activities. We are also closing down some enterprises which cannot earn profit and cannot sustain for long.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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' => 'Dr Chiranjibi Nepal,Chief Economic Advisor at the Ministry of Finance shed light on the nature of the budget for FY 2013-2014.', 'sortorder' => '1406', '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' => '1544', 'article_category_id' => '122', 'title' => 'Mudbhary And Joshi Construction - Distributing Energy', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Gaurav Aryal</strong></div> <div> </div> <table align="right" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img alt="Ajay Kumar Mudbhary, Executive Chairman, Mudbhary and Joshi Construction (MJC) Pvt Ltd" src="/userfiles/images/Ajay%20Kumar%20Mudbhary.jpg" style="width: 175px; height: 192px;" /></td> </tr> <tr> <td style="text-align: center;"> <div> <strong>Ajay Kumar Mudbhary</strong></div> <div> Executive Chairman</div> <div> Mudbhary and Joshi</div> <div> Construction (MJC) Pvt Ltd</div> </td> </tr> </tbody> </table> <div> Mudbhary and Joshi Construction (MJC) Pvt Ltd, one of the leading companies in power line industry of Nepal plans to venture into the power production and tourism industry too. Ajay Kumar Mudbhary, Executive Chairman of the company who believes that hydropower and tourism are two major sectors that can push Nepal towards prosperity, however, did not reveal the details of the plans. But, he promised to venture into these sectors soon and the company is working towards it. </div> <div> </div> <div> Mudbhary said, “We do not dive into any new venture without plans. Power generation is a capital intensive activity, so, to move into it, we need to make sure that the current business is not affected.” </div> <div> </div> <div> MJC is a part of three companies involved in the energy sector including Nepal Ekarat Engineering Co Pvt Ltd (NEEK) and a wooden pole manufacturer inside the Hetauda Industrial District in Hetauda. </div> <div> </div> <div> According to Mudbhary, the group of companies is specialised on construction of transmission line, substation and manufacturing of transformers. He said that the company has been involved in this sector since the establishment of the company in 1982. </div> <div> </div> <div> <strong>Expanding the Horizon </strong></div> <div> Although the company does not have plans to go into a particular sector at the moment, it has been constantly involved in expanding the construction business within the energy sector. Mudbhary says, “There are few companies involved in the transmission line development. So, there are enough opportunities and we are concentrating on enhancing capacity needed for expansion in this particular area.” </div> <div> </div> <div> Mudbhary says that his company wants to tap the opportunities in the transmission line and grid expansion of the country that is growing with the number of new hydropower plants entering the construction phase. “We prioritise what we have in front of us at the moment. We have realised that the country needs a company like us in the power distribution channel. So, we will continue working either as a prime contractor or as a sub contractor for an international contractor.” To, materialise this goal the company is involved in producing a capable work force. </div> <div> </div> <div> He says that there is a soaring demand of human resources not only in Nepal but also in the entire South Asia, South East Asia and the Middle East regions. He explains, because of the high demand in these areas, we have to face shortage of human resource, which is a challenge of working in the power sector. </div> <div> </div> <div> Mudbhary further says that the company does not want to supply human resource to other countries but would go as a contractor there if the resources would remain in favour of his company. “There were invitations from India, Cambodia and Myanmar, but, we are busy in Nepal. And, we do not want to overtrade works beyond our capacity and size as we must complete the assigned tasks within the stipulated time. So, we want to wait for a while and emerge strongly within the country before looking beyond the borders” he says. </div> <div> </div> <div> <strong>Grabbing Opportunities </strong></div> <div> The company is involved in developing transmission lines and substation across the country. Mudbhary shares that the company is currently involved in 10 different projects including Khimti-Dhalkebar 220 kV transmission line, Kusaha- Kattaiya 132 kV cross border transmission line, Butwol- Kohalpur, Dumre-Damauli, and other power grids in Dang, Hetauda, Damak and Dhulabari. Mudbhary believes that there are ample opportunities within the country because of the new power plants in the development stage. </div> <div> </div> <div> He says that his company has always believed in capacity building and proving with quality works. “In the power sector, competitiveness comes only through experience. The competency we have developed is a result of hard work for almost two decades. Now, we are known as a competitive company that holds a leading position in Nepal with a market share of roughly 35 per cent,” he says. He also says that around five companies in the market are working in the similar field. </div> <div> </div> <div> <strong><img alt="Mudbhary and Joshi Construction" src="/userfiles/images/mjc1.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 239px;" />Power Specialisation </strong></div> <div> Along with the MJC, two other companies are also involved in production of power equipment. The company’s journey towards the energy sector was guided by Mudbhary’s knowledge gained as a student of electrical engineering at Pulchowk Engineering Campus. He is the first generation business person in his family and started business that matches his knowledge and interest. The determined and gradual move in this sector has made him and his company, one of the established names in the power transmission industry of Nepal. </div> <div> </div> <div> The MJC had started with road construction project in Rupandehi almost three decades back. However, the company did not stick to just road construction. Mudbhary says that his company gradually moved into power distribution works and then to development of substations and transmission lines. The company through its sister concerns also manufactures transformers and electricity poles. </div> <div> </div> <div> NEEK produces 3000 transformers in a year and certain portion of the production is exported to Bhutan. Mudbhary says that NEEK products capture 75 per cent market share in the Nepali market. </div> <div> </div> <div> <strong>Managing Human Resources </strong></div> <div> As the company works on various projects, Mudbhary says that up to 1000 employees have worked with the company at a point of time. But, at the moment around 600 employees are working in 10 different projects. He says that majority of staff are temporary employees. </div> <div> </div> <div> However, Mudbhary says employee retention high in his business. There are employees working with the company for more than two decades - since the beginning days of the company, he adds. He also says that those who left the company when a project came to an end returned back when another project began. </div> <div> </div> <div> A team of professionals assigned for a particular project looks after all the managerial tasks including the human resource management. He says that the projects are supervised by the top management on a regular basis. “The project manager is provided with all the managerial responsibilities under our close supervision. We facilitate as and when required,” he shares his management style. </div> <div> </div> <div> <strong>Project Management </strong></div> <div> MJC acquires projects through both national and international competitive bidding process and executes according to the mentioned norms and requirements of the project. Mudbhary says that various factors are taken into account before bidding, such as proximity of new project to the current area of works. </div> <div> </div> <div> Similar to the human resource management, Mudhbary says that the projects are also managed by a team of professionals under the supervision of the top level management. He further explains that the team of technicians and employees consists of only Nepali staff. </div> <div> </div> <div> When it comes to developing projects, most of the construction materials are local products while other equipment like conductors, tower materials and others are imported from Germany, India, China, USA or any other country if Nepali products are not approved in the contract provision.</div> <div> </div> <table border="0" cellpadding="10" width="99%"> <tbody> <tr> <td bgcolor="#FFFFFF"> <p> <strong><span style="font-size:14px;">Company’s Involvement </span></strong></p> <div> <div> MJC was incorporated by a team of young entrepreneurs in 1982 with the objective of establishing a professionally managed and well equipped construction company. The company was registered as “A” class contractor in 1993 by Ministry of Works and Transport. With three decades of construction experience, MJC has been helping its customers to move energy where it is needed from power plant to the user through Transmission and Distribution lines. MJC has constructed Transmission Line ranging from 11 kV to 400 kV with Optical Fibre Overhead Ground Wire (OPGW) and Substation raging from 33 kV to 132 kV with Power Transformer raging from 1 MVA to 63 MVA. MJC has also constructed some national road projects and has also completed Oil Storage Project with its own design. </div> <div> </div> <div> <strong>Some Projects of MCJ </strong></div> <div> • Hetauda 132kV Substation and Transmission Line Project </div> <div> • Kusum-Hapure 132kV T/L Project </div> <div> • Kabeli Corridor 132kV T/L Project </div> <div> • Supply and construction of Dhulabari (Jhapa) 33/11kV Substation </div> <div> • Middle Marsyangdi Hydroelectric Power P. 132kV Transmission Line Project </div> <div> • Khimti-Dhalkebar 220kV T/L Project </div> <div> • Erection of 400kV Dhauliganga- Barreilley Transmission Line Tanakpur, India (5 km) </div> <div> • 400kV DC Vishnuprayag- Muzaffarnagar Transmission Line, India (3 km) </div> <div> • Supply, delivery and installation, testing and commissioning of two numbers of 33/11kV, 16.6 MVA PT at Duhabi S/S with overhauling and shifting of existing transformers to Anarmani </div> <div> • Supply, delivery and commissioning of 132/33kV transformer at Lahan Subsation </div> <div> • Supply, delivery, stringing and testing of optical fiber with ground wire in Hetauda - Pathlaiya and Lahan - Duhabi 132kV T/L project </div> <div> • Supply, delivery, installation, testing and commissioning of 33/11kV 2x10/13.3/16. 6 MVA new substation at Tankisinuwari, Morang, Nepal </div> <div> • Erection of 400km of 11kV overhead lines and distribution line for Kailali - Kanchanpur Rural Electrification Project </div> <div> • Rural electrification of various districts </div> <div> • Thankot-Chapagaon-Bhaktapur 132kV Transmission Line Project </div> <div> • Re-routing work of Chilime-Trishuli 66kV transmission line at Thade in Rasuwa </div> <div> • Supply, relocation and commissioning of power transformer (3 nos. 15 MVA, 1No. 30 MVA, Circuit Breakers, Control and Relay Panels) </div> <div> • Supply and delivery of three phase whole current energy meter </div> <div> • Stringing of OPGW in 11kV line from dam site to power house in Kali- Gankadi “A” hydroelectric power project (9km) </div> <div> • Supply and installation of 11kV vacuum circuit breaker panel board at sub-station in Hetauda Industrial District </div> <div> • Shifting, erection and commissioning of power transformer from Anarmani to Lamahi substation </div> <div> </div> <div> <strong>CSR Activities </strong></div> <div> Mudbhary has been carrying out philanthropic activities through rotary clubs at a personal level but he says that his company has not officially carried out any such activities as of now. But, he understands the importance of CSR activities and promises to gradually involve in it.</div> <div> </div> </div> </td> </tr> </tbody> </table> <p> </p>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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' => 'Mudbhary and Joshi Construction Pvt Ltd is one of the pioneer and leading companies involved in development of power grids. The company plans to diversify its portfolio by investing in hydropower generation and also in the tourism industry.', 'sortorder' => '1405', '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' => '1543', 'article_category_id' => '160', 'title' => 'Corptoon Issue 25', 'sub_title' => '', 'summary' => null, 'content' => '', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Corptoon', 'sortorder' => '1404', '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' => '1542', 'article_category_id' => '91', 'title' => 'ADEX Launches E-GOLD', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><img alt="ADX E-GOLD" src="/userfiles/images/ADX.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 150px; height: 128px;" /> Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3. The company has introduced the product to Nepali derivative investors for professional investment in gold, stated President and managing director of ADEX, Bijesh Shrestha.</span></div> <div> This will also be a great opportunity for gold investors who want to manage investments with good returns, according to Shrestha. </div> <div> </div> <div> According to the company, an investor can invest a minimum of 10gm of gold to a maximum of 500gm. Similarly, while investing in this product, an investor will have to make a down payment of 50 per cent of the market price for trading. </div> <div> </div> <div> The market price of gold traded will be as per the price quoted by Nepal Gold and Silver Dealers’ Association. The association has been fixing the price of gold once a day every morning 10 a.m. according to the international market rate. </div> <div> </div> <div> According to the company, after investing in ‘e-GOLD’, an investor cannot buy or sell at least for a year. And if an investor wants to trade before the locking period, s/he will have to pay a penalty of 1 per cent. </div> <div> </div> <div> The company is targeting to sell 3kg of gold in the first phase of the launch. The brokerage commission for 10gm to 150gm of gold is 0.80 per cent; 0.65 per cent for 151gm to 300gm and 0.50 per cent for 301gm to 500gm, as stated by company. ADEX had started the practice of future trading since July 2013.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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' => 'Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3.', 'sortorder' => '1403', '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' => '1541', 'article_category_id' => '91', 'title' => 'Private Sector Investment In Hydropower Reaches Rs 55 Billion', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> The private sector has increased its investment in the hydro power sector. According to the Independent Power Producers Association, Nepal (IPPAN), the private sector has invested Rs 55 billion in 25 hydro projects till the date since the first private power plant was established in 2000. “With this investment, 300 MW of hydroelectricity will be generated within 4 years,” said President of IPPAN, Dr Subarnadas Shrestha. The investment from the private sector can provide a positive message to the government, persuading an increase in investment from its side too, he added.</div> <div> </div> <div> The promoters of Hewa Khola hydro project are hoping to produce 15 MW of electricity within the current fiscal year. Approximately Rs 2.25 billion is expected to be invested for the completion of the project and Panchthar Power Company Pvt. Ltd. has been officially established for its construction. Twelve banks under the leadership of Sanima Bank will be investing Rs 1.67 billion for the project. </div> <div> </div> <div> Similarly, Robust Energy Pvt Ltd is investing in the Mistri Khola hydro project to produce 42 MW of hydro-electricity. The estimated amount for investment is Rs six billion and it is expected to be completed within the next fiscal year. The lower Modi Khola Hydro project with a capacity of 20 MW is also likely to be completed within the next fiscal year. The estimated cost of the project is Rs 3.60 billion. This project is being financed by 11 private banks under the leadership of Nepal Investment Bank Pvt Ltd. </div> <div> </div> <div> The private sector’s investment in these hydro power projects does not only show their involvement in the energy sector but also their concern for the private sector towards the development of the country.</div> <div> This shows that the private sector can make a significant change in the hydro power sector. Beyond various challenges, the private sector has invested 30 per cent of the total cost as equity and 70 per cent by taking loans from different banks. </div> <div> </div> <div> Hydro power promoters opine that an additional Rs 50 billion can be invested from banks and financial institutions in the hydro power sector in the present context. According to data from Nepal Rastra Bank (NRB), banks and financial institutions have invested around Rs 17 billion till the end of the previous fiscal year. </div> <div> </div> <div> The investment of banks and financial institutions has increased in this sector because of the provision by the regulatory body Nepal Rastra Bank that the banks must have 10 per cent of total investment in agricultural and hydro-power. “This will benefit promoters of private hydro projects also,” spokesperson of NRB, Bhaskarmani Gyanwali said. </div> <div> </div> <div> The private sector has been investing in hydro power projects since B.S. 2052 (1995), has generated 230 MW of electricity till the end of the previous fiscal year and contributes to 30 per cent of the total energy generated in Nepal. </div> <div> </div> <div> The business community argues that though the government ought to support the private sector that has been making a significant change in the development sector, it has been discouraging the private sector instead. “The government should provide VAT discount on materials of civil construction, and devise a new PPA rate. But we are not getting any such support,” said former President of IPPAN, Dr Sandip Shah said.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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 private sector has increased its investment in the hydro power sector.', 'sortorder' => '1402', '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' => '1540', 'article_category_id' => '91', 'title' => 'Business Ethics: Challenges In Implementation', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By Sagar Ghimire</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Though over 100 business companies have made a commitment towards the Business Code of Conduct (CoC) which was introduced by the National Business Initiative (NBI) last week in the Capital, implementation of such a self-abiding code will not be an easy task. </span></div> <div> </div> <div> The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Birjung Chamber of Commerce and Industry (BCCI), Hotel Association Nepal (HAN), Nepal Gas Dealers’ Association (NGDA), and Nepal Association of Foreign Employment Agencies (NAFEA) are some of the leading business associations that have endorsed the CoC. A recently conducted survey of Kathmandu-based companies entitled ‘Ethical Business Practice in Nepal’ by NBI has found only 7 per cent of the companies following business ethics, while 41 per cent of the sample were found weak in this. Likewise, 52 per cent of the sample was found to have attempted to implement the CoC and partially following it. </div> <div> </div> <div> Jyoti Baniya, general secretary of Forum for Protection of Consumer Rights, expressed doubt regarding the sincere implementation of the CoC by the business community. “Some tangible differences in behaviour should have been discerned these past few days,” Baniya told The Corporate. “They (business houses) did not even think it necessary to place a framed copy of the CoC on their walls.” He, however, welcomes the initiative of the business community to come up with the CoC.</div> <div> This finding of the survey indicates that the implementation of CoC is fraught with challenges.</div> <div> </div> <div> There are doubts as to whether companies will duly follow the provisions stated in the CoC at a time when there are allegations upon some of them that they are flouting the business laws of the country.Some member companies of the associations that endorsed the CoC have come under the government’s scanner for their unscrupulous deeds.</div> <div> </div> <div> Gas dealers, transport entrepreneurs, gold merchants, are alleged of carteling, syndicates, adulteration, tax evasion and other malpractices. </div> <div> </div> <div> However, Saroj Prasad Pandey, coordinator of the CoC campaign at the NBI, claims that he was very hopeful for its implementation. “The endorsement by over 100 business associations and an overwhelming support from the government, political parties, labour unions, the media and people within a week showed that the CoC can be implemented,” he said. Pandey informed that they will soon form a joint committee comprising representatives from various business sectors to supervise and evaluate the implementation of the CoC. </div> <div> </div> <div> Although bringing the CoC is a positive step towards winning the trust of consumers, consumer right advocates, however, say that its implementation will fully depend on the will-power of business firms and the support from political parties and the government.</div> <div> </div> <div> <hr /> <div> <span style="font-size:14px;"><strong>Some Provisions in the Business CoC</strong></span></div> <div> </div> <div> <strong>Consumer Rights:</strong></div> <div> <span style="font-size: 12px;">-Commitment to consumers rights</span></div> <div> -Products and services to address the security and satisfaction of consumers </div> <div> </div> <div> <strong>Competitive Market:</strong></div> <div> -Advocate for open and market-oriented economy</div> <div> -Believe in healthy, fair competition and will support implementation of related laws</div> <div> </div> <div> <strong>Taxation:</strong></div> <div> -Express commitment for timely payment of taxes</div> <div> -Make accounts transparent</div> <div> </div> <div> <strong>Labour Management:</strong></div> <div> -Respect legitimate demands of labour but no support to acts that harm the business</div> <div> -Believe labour disputes can be sorted through tripartite dialogue between government, labour representatives and business owners</div> <div> </div> <div> <strong>Environment Protection</strong>:</div> <div> -Strive for sustainable business development </div> <div> -Strive for promotion of environment-friendly business</div> <div> </div> <div> <strong>Corruption Control: </strong></div> <div> -Neither support nor oppose political parties; will not give donation, presents, services or facilities to any political party or person for future gain</div> <div> -Will not bribe, gift, donate directly or indirectly for business and financial advantage</div> <div> </div> </div> <p> </p>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'With some endorsees of shady repute, consumer rights advocates doubt implementation of Business Code of Conduct', 'sortorder' => '1401', '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' => '1539', 'article_category_id' => '34', 'title' => 'Exciting Prizes At Qatar Duty Free', 'sub_title' => '', 'summary' => null, 'content' => '<p> <strong>Enthusiastic Travellers shopping at Qatar Duty Free</strong><br /> <br /> <br /> Doha, Qatar, 31 July 2013<br /> <br /> Qatar Duty Free (QDF), the second largest Duty Free operator in the Middle East has announced an exciting summer promotion until August 31 for passengers departing from, or transiting through, Doha International Airport (DIA).<br /> <br /> Having witnessed fantastic success year on year, this next edition of the Summer Surprises Promotion offers passengers who spend QR 550 (US$150) or more on duty free purchases will be given a Scratch & Win coupon to win instant assured prizes. Those with a Scratch & Win coupon will – on the spot – win prizes that include Gold coins, Canon cameras, Samsonite travel accessories, QDF Luxury Car Draw and Motorbike Draw raffle tickets, LG mobiles, Apple iPads, watches, QDF gift vouchers, QDF discount coupons, and many others.<br /> <br /> Double Scratch & Win Coupons will be extended to MasterCard members who will make purchases with their credit card. Qatar Duty Free offers a wide assortment of the latest products across various categories, including cosmetics, electronics, clothing, jewellery, confectionary and much more.<br /> <br /> Qatar Airways Chief Executive Officer Akbar Al Baker commended the efforts of Qatar Duty Free in providing travellers with exciting promotions and memorable shopping experiences at Doha International Airport. “We are constantly striving to augment the travel retail experience for our passengers and are confident of making Qatar Duty Free the preferred shopping destination for all travellers,” he said.<br /> <br /> Qatar Duty Free was recently named Travel Retailer of The Year at the Duty Free News International (DFNI) Global Awards for Travel-Retail Excellence that took place in London.''The tremendous response received from customers in the past years for the summer promotion has encouraged us to bring back this exciting promotion once again.” said Qatar Duty Free Senior Vice-President, Keith Hunter.<br /> <br /> Qatar Duty Free operates within the Departures, Arrivals, VIP terminals and Premium Terminal of Doha International Airport. It also operates an outlet at Doha Port for a growing number of passengers arriving and departing the State of Qatar by sea.<br /> <br /> The award-winning Duty Free operator has enjoyed consistent double digit growth year on year and is now the second largest Duty Free operator in the Middle East. With the New Doha International Airport set to open in 2013, the Qatar Duty Free team is already working on creating over 25,000sqm of world class retail space, which will include exclusive branded boutiques and products to cater to passengers from all walks of life.<br /> </p>', 'published' => true, 'created' => '2013-08-02', 'modified' => '0000-00-00', 'keywords' => 'new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal', 'description' => 'Qatar Duty Free (QDF), the second largest Duty Free operator in the Middle East has announced an exciting summer promotion until August 31 for passengers departing from, or transiting through, Doha International Airport (DIA).', 'sortorder' => '1400', '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' => '1538', 'article_category_id' => '34', 'title' => 'Tuborg Stage – Let’s Get Loud!', 'sub_title' => '', 'summary' => null, 'content' => '<p> By creating a strong association with music and by promoting many musical events across the country, Tuborg reaches all music lovers spread throughout the county through a fun musical platform – Tuborg Stage.Continuing the spirit of music and fun, Tuborg Stage presented Tuborg Stage - Let's Get Loud! Nepal's Loudest Concert! With the aim to deliver music to all, this nationwide concert will bring music lovers, famous Nepali Artists and bands all together under one big celebrationof music. Through the event, Tuborg offers pure music, fun and celebration as a treat to all.<br /> <br /> Tuborg has entertained music lovers in the past by hosting music events and concerts like: Bryan Adams - Live in Nepal, TUBORG Annual Image Awards, Tuborg Dohori- Pratiyogita;national level musical events like:TuborgStage International Musikfilm Festival,Tuborg Stage Fete de 'la Musique and Tuborg Stage Kutumba Playing for Heritageand many more.<br /> <br /> Nepal’s Loudest Concert – Let’s Get Loud, spread over two months will reach out to the greatest mass of Tuborg fans in phases. In the first phase, Tuborg musical trucks will travel to nearby cities and various districts where local artists and few national artists will perform popular songs and the songs of artists who will be performing in the final concerts.<br /> <br /> In the following phases, Tuborg buses will travel to various nearby towns where the concerts will be held to give continuity to the musical celebration, engage with the event and deliver the fun feel of the upcoming ‘Let’s Get Loud’ concert.The third phase will be the grand concert, the loudest concert ever where popular Nepali artists like1974 AD, Mukti & Revival, Robin & the New Revolution, Abhaya & the Steam Injuns, Sabin Rai & Elektrix, Nima Rumba & The Legend Band and The Shadows will perform live across six major cities namely Nepalgunj, Butwal, Narayanghat, Dharan, Pokhara and Kathmandu to a crowd of music lovers.<br /> <br /> Paul Olivier Claudepierre, Director of Marketing at Gorkha Brewery, said, “Music has always been an integral part of Tuborg and we are constantly looking to create and innovate new ways to bring the best of fun and music to our audience and consumers.” <br /> <br /> </p>', 'published' => true, 'created' => '2013-07-30', 'modified' => '0000-00-00', 'keywords' => 'new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal', 'description' => 'By creating a strong association with music and by promoting many musical events across the country, Tuborg reaches all music lovers spread throughout the county through a fun musical platform – Tuborg Stage.Continuing the spirit of music and fun,', 'sortorder' => '1399', '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' => '1537', 'article_category_id' => '150', 'title' => 'Business Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>LG’s 84 inch TV Launched </strong></div> <div> <img alt="LG’s 84 inch TV Launched" src="/userfiles/images/lg%2084%20inch.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 58px;" />LG has launched the world’s first 84 inch Ultra Definition HD TV in the market. The TV has features like eight million pixels per frame and 3840x2160 resolution which is four times more than the HD TVs available in the market. Other features include embedded 2D to 3D conversion, Cinema 3D technology, and a 2.2 speaker system. The TV comes with a price tag of 2.2 million rupees. </div> <div> </div> <div> </div> <div> <strong>Carlsberg 330ml Bottle Launched </strong></div> <div> <img alt="Carlsberg 330ml Bottle Launched" src="/userfiles/images/carlsberg.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 60px;" />On 26th July, Friday, Gorkha Brewery has launched Carlsberg 330 ml bottle in the market as an extension to the existing Carlsberg 650ml bottle. Carlsberg 330ml comes in a unique embossed green bottle and guarantees to deliver the same quality and taste of the brand, says a press release. The beer is available in 24 pack size cartons. </div> <div> </div> <div> </div> <div> <strong>Alpine Air Partners with Net Airways </strong></div> <div> <img alt="" src="/userfiles/images/alpine.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 55px;" />Alpine Air and Net Airways have signed an agreement to operate international flights from Nepal. Surendra Malla, Chairman of Alpine Air and Bikram Joshi, Founding Director of Net Airways signed the agreement on 25 July. Net Airways is a London based company, incorporated with investments from British Nationals of mainly Nepali origin and Non-Resident Nepalis living in the UK. Alpine Air announced its plan to begin its operation with an A 320-200 Airbus aircraft and add second aircraft within three months of operation. </div> <div> </div> <div> </div> <div> <strong>SG Global Opens Booking for Mahindra Centuro </strong></div> <div> <img alt="Mahindra Centuro" src="/userfiles/images/centuro.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 70px;" />SG Global Pvt Ltd, sole authorized distributor for Mahindra two-wheelers in Nepal, has added Centuro, a 110cc bike to its stable of 125 cc scooters. The company has officially announced the booking for the bike. The bike is offered at an introductory price of Rs 157,900 for a limited period and comes with a warranty of two years or 30,000 Kms. </div> <div> </div> <div> </div> <div> <strong>New TVS Dealership in Bhairahawa </strong></div> <div> <img alt="New TVS Dealership in Bhairahawa" src="/userfiles/images/tvs.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 62px;" />CG Automobiles, the authorized distributor of TVS two-wheelers in Nepal has opened a new dealership in Bairahawa under the name Sapana TVS. Sapana TVS is the 40th TVS dealership under CG Automobiles offering its customers with Sales Outlet, Service Centre and Spare Parts under the same roof.</div> <div> </div>', 'published' => true, 'created' => '2013-07-30', 'modified' => '2013-07-30', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'LG has launched the world’s first 84 inch Ultra Definition HD TV in the market.', 'sortorder' => '1398', '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' => '1536', 'article_category_id' => '149', 'title' => 'Over 1000 Nepal Made Vehicles On The Road', 'sub_title' => '', 'summary' => null, 'content' => '<div> <img alt="Hulas Motors" src="/userfiles/images/hulas.jpg" style="width: 500px; height: 100px; margin: 5px;" /></div> <div> </div> <div> <strong>--By Shruti Sonthalia</strong></div> <div> </div> <table align="right" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img alt="Surendra Golchha Director, Golchha Organisation" src="/userfiles/images/Surendra%20Golchha.jpg" style="width: 160px; height: 157px;" /></td> </tr> <tr> <td style="text-align: center;"> <div> <strong>Surendra Golchha</strong></div> <div> Director, Golchha Organisation</div> </td> </tr> </tbody> </table> <div> Hulas Motors was established in the year 1996, as a sister concern of Golchha Organisation. “We started this unit to produce a multi-utility vehicle,” said Surendra Golchha, Director, Golchha Organisation. Farmers, the major customers of Hulas Agro, would use bullock carts to transport pump sets to and from their field. Producing a vehicle that could be powered by the pump set engine itself was thought of. It would double as motor engine for transporting itself to the field where it would do the pumping job and would again be used as motor engine on the way back. </div> <div> </div> <div> “Hulas Bhaye Aru Kina Khojne,” is the tagline of the sole motor producers of Nepal. The essence of the tagline is ‘an end to your search’ and is a universal tagline for all the products manufactured by the group. </div> <div> </div> <div> The vehicles are designed in two categories, passenger and cargo vehicles. The company manufactures mini utility vehicle (MUV) and light commercial vehicle (LCV). Mustang and Sherpa are major products of the company. ‘Bhudeo Khadya Udyog’, another unit of the organization manufacturing rice, aata, pulses with the brand name of Hulas, which is also used in steel utensils, corrugated iron-sheets, etc. “We are actively working on bringing electrical vehicles,” Golchha said about the product in pipeline. </div> <div> </div> <div> Speaking of the challenges, Golchha says, ” The concept of getting into this venture was in itself a challenge.” He stated that, producing a vehicle which can move with minimum safety requirement is another challenge. Similarly, it is also a problem to get the Made-in-Nepal vehicle registered in Nepal as the system here is still such that as if the vehicles can only be imported. So, the authorities insist for import documents even for a Made-in-Nepal vehicle. “To meet the demands of the customers and to maintain the cost of the vehicle,” were some of the hurdles the brand faced. The Director states that the product’s major competition is from India. Golchha observes that over the years there has been a tremendous growth in the quality, finish and comfort level of the vehicles from Hulas Motors. </div> <div> </div> <div> The factory of Hulas Motors is situated in Biratnagar employing 110 skilled workers. Maximum work is done manually. The factory produces 100 vehicles per year at present. “We aim to produce at least 400 vehicles a year,” projects Golchha. </div> <div> </div> <div> About the marketing activities, Hulas believe in person-to-person and point-of-sales marketing instead of using mass media. The reason for the same being that the customer segment of the brand is not suitable for mass media. The market share of Hulas Motors, according to Golchha is 10-15 percent with an annual turnover of approx Rs 7-8 crores. The products are distributed through 9 dealers nationwide. </div> <div> </div> <div> Hulas Motors as a company does not indulge in any kind of CSR activities, but it adds to the contributions of the Golchha Organisation. The organization broadly practices CSR, providing scholarship, support in the times of disasters i.e. as relief funds. They have opened ‘Ramlal Golchha Eye Hospital Foundation’ in Biratnagar. Group renders help to construct school buildings. The organization also gives medical aid to the local people of the places where their units are placed. </div> <div> </div> <div> “Nepal is an amazing country with lots of scope and opportunities,” Golcha said. The government’s vision for industrialization is lacking and the company is trying to push the government for this. The company is known for the after sale service with centers present almost everywhere the Hulas Motors units are present. This helps the company to maintain the image and acceptability.</div> <div> <img alt="Mustang" src="/userfiles/images/mustang.jpg" style="width: 250px; height: 218px; margin: 5px;" /> <img alt="Mustang" src="/userfiles/images/mustang1.jpg" style="width: 250px; height: 218px; margin: 5px;" /></div>', 'published' => true, 'created' => '2013-07-30', 'modified' => '2013-07-30', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Hulas Motors was established in the year 1996, as a sister concern of Golchha Organisation.', 'sortorder' => '1397', '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' => '1535', 'article_category_id' => '115', 'title' => 'Tech Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><img alt="Samsung Reveals New Exynos Chip" src="/userfiles/images/samsung(3).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 93px;" />Samsung Reveals New Exynos Chip </strong></div> <div> Samsung has unveiled its latest top-of-the-range smart device processor saying it offers more than twice the 3D graphics power of its predecessor. The Exynos 5 Octa is the first production-ready chip to include ARM Holding’s latest GPU (graphics processing unit) architecture. Samsung’s move to license the tech marks a reversal of its decision to use a GPU design by rival British chip firm Imagination in the last version. It enters mass production next month. <em>(BBC) </em></div> <div> </div> <div> </div> <div> <strong><img alt="Siemens Boss to go After Poor Results" src="/userfiles/images/siemens.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 75px;" />Siemens Boss to go After Poor Results </strong></div> <div> German engineering giant Siemens announced that chief executive Peter Loescher was to be fired after failing to get the company back on track. In a brief statement , the company said it would “decide on the early departure of the President and CEO” and the appointment of his replacement at a meeting Wednesday. The company is due to report its third-quarter results next Thursday. Loescher, 55, has led the company since 2007, but his pending departure comes just a few days after the surprise announcement of a profit warning. Last Thursday, it said it no longer expected to reach a profit margin of at least 12 per cent by the 2014 business year. Already in May, it trimmed its full-year targets as it posted mixed second-quarter numbers, with a boost in orders but problems in the areas of revenues and profit. After Thursday’s news, Loescher was still insisting he wanted to finish the job he had started.<em> (Agency) </em></div> <div> </div> <div> </div> <div> <strong><img alt="Google Launches low-Cost TV Dongle" src="/userfiles/images/google.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 100px;" />Google Launches low-Cost TV Dongle </strong></div> <div> Google has announced a low-cost competitor to Apple TV - a “dongle” device called Chromecast. The dongle is plugged into a television’s HDMI port, and allows users to stream media from smartphones, tablets and computers. Launching immediately in the US, the device will cost $35 (£23). There is as yet no word on international launches. Google also announced an upgraded Nexus 7 tablet, the first to run the new version of the Android system. Chromecast is Google’s latest attempt to gain ground in the television industry. In 2012, Google faltered in its attempts to make a move into the living room, considered by many experts to be ripe ground for making large profits through advertising. <em>(Agency) </em></div> <div> </div> <div> </div> <div> <strong><img alt="" src="/userfiles/images/android.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 75px;" />Hackers Use Android ‘Master Key’ </strong></div> <div> A security firm says it has identified the first known malicious use of Android’s “master key” vulnerability. The bug - which was first publicised earlier this month - allows attackers to install code on to phones running Google’s mobile operating system and then take control of them. Symantec said its researchers had found two apps distributed in China that had been infected using the exploit. Google has already taken moves to tackle the problem. A fortnight ago it released a patch to manufacturers, but it will not have been sent to all handset owners yet.Google also scans its own Play marketplace for the exploit, but this will not protect consumers who download software from other stores.The vulnerability was first reported by security research firm BlueBoxon 3 July. </div> <div> </div> <div> </div> <div> <strong><img alt="Sony confirms PS Gran Turismo Film in Production" src="/userfiles/images/psgran.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 71px;" />Sony confirms PS Gran Turismo Film in Production </strong></div> <div> Sony has confirmed that a film based on the Gran Turismo PlayStation game is in development. The company said it could not provide any further details about the movie or when it would be made. The Social Network and Fifty Shades of Grey producers Michael De Luca and Dana Brunetti have been linked to the project. Gran Turismo is one of Sony’s most popular franchises, selling 70 million copies worldwide. The newest game in the series, Gran Turismo 6, is expected to be released later this year.<em> (Agency)</em></div> <div> </div>', 'published' => true, 'created' => '2013-07-30', 'modified' => '0000-00-00', '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' => 'Samsung has unveiled its latest top-of-the-range smart device processor saying it offers more than twice the 3D graphics power of its predecessor.', 'sortorder' => '1396', '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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Deposits up to A$250,000 will have to pay a levy of 0.05% from January 2016. It will be imposed on banks and not account holders. (BBC) </div> <div> </div> <div> </div> <div> <strong><img alt="EADS to be Rebranded as Airbus " src="/userfiles/images/EADS.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 51px;" />EADS to be Rebranded as Airbus </strong></div> <div> EADS, the parent company of Airbus, says it is to rename itself after its commercial plane-making subsidiary. It will be called Airbus Group and have three divisions; commercial aircraft, defence and space, and helicopters. Implementation of the change will start in January and is set to be completed in the second half of 2014. (Agency) </div> <div> </div> <div> <strong><img alt="India Eases FDI Rules in Retail Sector " src="/userfiles/images/India%20Eases%20FDI%20Rules.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 62px;" />India Eases FDI Rules in Retail Sector </strong></div> <div> India has eased key rules on foreign direct investment in multi-brand retail in an attempt to attract foreign firms as it looks to boost economic growth. Rules governing sourcing of products, infrastructure investment and selection of cities have been relaxed. (Agency) </div> <div> </div> <div> </div> <div> <strong><img alt="Americans Favor Cash " src="/userfiles/images/Americans%20Favor%20Cash.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 58px;" />Americans Favor Cash for Long-Term Investments </strong></div> <div> 26 per cent of Americans prefer cash for their long-term investments, edging out stocks, bonds, gold and real estate, according to a new Bankrate survey of more than 1,000 US adults. Whether it’s in a savings account or a money-market fund, sheltering cash would barely yield any growth given the current low interest rates. A $10,000 investment in a money-market fund today would just gain $110 over a decade, according to Bankrate. (CNN) </div> <div> </div> <div> <strong><img alt="Nawaz Sharif" src="/userfiles/images/Nawaz%20Sharif.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 90px;" />‘We will promote trade, business with India ’ </strong></div> <div> Relations between India and Pakistan should be like that of two neighbours, with the focus being on trade and business, Prime Minister Nawaz Sharif said on Thursday. Sharif made the remarks while interacting with reporters during a rare visit to Karachi, Pakistan’s financial hub. Asked by a journalist about the state of ties with India, he said relations “should be like how relations are between two neighbours”. (Agency)</div> <div> </div>', 'published' => true, 'created' => '2013-08-05', 'modified' => '0000-00-00', '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' => 'Australia has unveiled a levy on some bank deposits to raise money towards a fund aimed at safeguarding against a banking collapse.', 'sortorder' => '1410', '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' => '1548', 'article_category_id' => '161', 'title' => '‘We Try To Create An Atmosphere For The Media To Focus On Issues That Demand Coverage’', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><img alt="Damakant Jayshi,Nepal’s Country Representative,PANOS South Asia" src="/userfiles/images/Damakant%20Jayshi.jpg" style="float: right; margin: 0px 0px 0px 10px;width: 175px; height: 197px;" />PANOS South Asia, the regional media center of PANOS Institutes worldwide, has been working to encourage public discourse and to ensure the right to information in multiple ways since 1997. This week, Nepal’s Country Representative <strong>Damakant Jayshi </strong>spoke to <strong>Sanjeev Sharma</strong> of The Corporate about the institute’s journey thus far. <strong>Excerpts:</strong> </span></div> <div> </div> <div> <strong>What is Panos South Asia doing in the South Asian region? </strong></div> <div> Our main focus is media development and supporting the media in various ways. We work on four broad subjects - the environment, public health, conflict and globalisation – and engage the media with issues in these topics. We also design relevant training and project designing programmes with thematic and journalism experts. The trainings include short term or long term fellowships. We take feedback from trainees in our various programmes for capacity enhancement of the media and journalists. </div> <div> </div> <div> <strong>Do you work directly with governments, development partners or do you work independently? </strong></div> <div> We do not have any long term partnerships so far. Panos, founded in 1997 is in its 16th year and we have had many partnerships during this period. Our partnership is based according to our projects and but some donors use to give institutional funding to boost our capacity. Currently, we are engaged in rolling partnerships which are based under our themes. For now, we are working with Climate and Development Knowledge Network (CDKN) of the United Kingdom for two years. But we usually try to partner with local NGOs. We are now thinking of trying to re-orient ourselves towards new media and multimedia. We hopefully will have enough foundation to enhance the capacity of Nepali journalists (in both Nepali and English languages) to help them become multimedia journalists. </div> <div> </div> <div> <strong>What are your major achievements so far? </strong></div> <div> Panos has a long history. We had a Panos Radio South Asia Project which ran for five years that came out with quality programmes that were broadcast by local radio stations. We worked as a partner with Caravan Magazine where we promoted long-form journalism. We count various trainings, workshops and fellowships as our key achievements. In the climate change blog section of our website, ex-trainees keep updating their comments and feedback which is also a part of our success. We have trained 89 people in various themes from Nepal and South Asia in both long and short term fellowship programmes thus far. </div> <div> </div> <div> <strong>Do you have any specific strategies to support development? </strong></div> <div> We try to create an atmosphere for the media to focus on issues that demand coverage. We focus on particular issues that engage national or local media with the motive of bringing positive change. </div> <div> </div> <div> <strong>Nowadays the news media in South Asia seems to use to a lot of negativity. What is your take on this? </strong></div> <div> Negative news coverage is an old practice and a long standing debate in the media sector. Earlier, the media could not differentiate between what was worth publishing and what was not, and thus the practice of negative news was frequent. However, we can see change these days where the media is inclined to analysing both sides of an issue. The practice of negativity and making sensational news can be improved by persons from the media themselves. </div> <div> </div> <div> <strong>Has Panos South Asia helped to make media strategies for the government and other development partners? </strong></div> <div> We have not made any media strategies for the government or any political party. We do not want to engage in the politics of this field. </div> <div> </div> <div> <strong>What problems have you seen in investigative journalism in the context of Nepal? </strong></div> <div> Investigative journalism is very important for Nepal. None of the Nepali media houses have formed a unit dedicated to investigative reporting. Limited resources for investigation is seen as a major hurdle. It is costly and takes time to conduct investigations on various issues. In the context of Nepal, lack of skills needed to dig out data for investigative reporting is also seen as another hindrance. If we do not have enough data and proof then insufficient information for an investigative story will lead to nothing. </div> <div> </div> <div> <strong>Would you like to share what Panos’ future plans are? </strong></div> <div> We would like to revive our radio project and to run it in the long term. We want to organise radio discussion programmes with people’s participation at the grass roots level. We are also looking to organise multimedia workshops to enhance the capacity and skills of Nepali journalists.</div> <div> </div>', 'published' => true, 'created' => '2013-08-05', 'modified' => '0000-00-00', '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' => 'PANOS South Asia, the regional media center of PANOS Institutes worldwide, has been working to encourage public discourse and to ensure the right to information in multiple ways since 1997.', 'sortorder' => '1409', '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' => '1547', 'article_category_id' => '137', 'title' => 'Global Economy Gains Steam', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan. </div> <div> </div> <div> A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div> <div> </div> <div> Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria. </div> <div> </div> <div> The company’s flash composite PMI, based on surveys of thousands of companies across the region, jumped to an 18-month high of 50.4, from 48.7. Readings above 50 signify growth. In China, the official factory PMI was a bit stronger than expected last month, although growth remained modest. The biggest surprise came from the UK, where Markit’s UK manufacturing PMI jumped to 54.6, trumping even the most optimistic forecast in a Reuters poll of economists and triggering a rise in sterling. </div> <div> </div> <div> Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div> <div> <em>(Agencies)</em></div> <div> </div> <div> <hr /> <div> <strong>‘Nepal likely to benefit from global economic recovery’</strong></div> <div> </div> <div> Nepal has thus far been relatively aloof from the global financial crisis and economic meltdown in the West. The Nepali economy is insulated against such external shocks as risks from inflow of toxic assets remains zero. This is mainly due to the country's financial market not integrated with international market. However, there are signs of strain contributed by indirect impact through trade (reduction of export earnings, and especially contraction of merchandise exports) and spillover effects from India. The steady decline in foreign aid funding is also seen as another impact of the global meltdown. </div> <div> </div> <div> Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation. </div> <div> </div> <div> But with the global economic recovery gathering pace, experts are hoping that external headwinds faced by the Nepali economy are likely to fade away in the coming days. "Economic revival in the United States and Europe is positive for South Asia, it will eventually create demand in the region," says Dr Chiranjibi Nepal, Ecomomic Advisor to the Nepali Ministry of Finance. According to him, the rise in demand for manufactured goods along with other materials will boost the manufacturing sector, thus generating employment. "Nepal's major exports to Europe and US, such as garments, carpets and handicrafts can benefit from the recovery," he adds. Dr Nepal also mentioned the prospect for rise in tourist arrivals from developed nations as disposable income in western nations is bound to increase following the economic recovery.</div> <div> </div> </div> <p> </p>', 'published' => true, 'created' => '2013-08-05', 'modified' => '2013-08-05', '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' => 'In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July.', 'sortorder' => '1408', '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' => '1546', 'article_category_id' => '135', 'title' => 'New Monetary Policy To Be Directive', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">The Nepal Rastra Bank (NRB) recently introduced new monetary policy which is encouraging for termed by some as expansionary. The Corporate weekly spoke to concerned people regarding the new policy and collected their opinion. <strong>Excerpts: </strong></span></div> <div> </div> <div> <img alt="" src="/userfiles/images/Rajan%20Singh%20Bhandari.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 116px;" /><strong>Rajan Singh Bhandari </strong></div> <div> <em>President, Bankers’ Association </em></div> <div> Banks have suffered not just due to their own fault but also due to those of the NRB. It is like chiding children for not placing a water pot at the right place when the parents bump into it. The NRB only blames the banks. At one point the monetary policy asks the banks to go for project financing in some sectors. This is impractical. We have a different culture. So trying to implement such practice of developed countries here will not work. The issue of reducing the CRR while keeping the credit to deposit and resources rate stable will not boost investment. Also the plan to fix the spread rate is impractical. Fixing the spread rate will result in similar interest rates across all banks and financial institutions and it will lead to another set of problems. </div> <div> </div> <div> <img alt="Anal Raj Bhattarai CEO, Commerce and Trust Bank" src="/userfiles/images/Anal%20Raj%20Bhattarai.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 116px;" /><strong>Anal Raj Bhattarai</strong></div> <div> <em>CEO, Commerce and Trust Bank </em></div> <div> A lot of issues are addressed in the new monetary policy which aims at mobilising banks and financial institutions to expand lending by 18 percent in order to meet the economic growth rate target of 5.5 percent set for the current fiscal year. The policy has addressed various issues and NRB has declared a Act that is related to financial institutions but do not come under the direct preview of the central bank itself. The budget of the current fiscal year is not as directive as the monetary policy has become. Though there are not many significant changes in the monetary policy from that of the previous fiscal year, it seems to be more liberal. </div> <div> </div> <div> </div> <div> <img alt="Hari Bhakta Sharma Vice President, Confederation of Nepalese Industries (CNI) " src="/userfiles/images/Hari%20Bhakta%20Sharma(1).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 116px;" /><strong>Hari Bhakta Sharma</strong></div> <div> <em>Vice President, Confederation of Nepalese Industries (CNI) </em></div> <div> The question is not about what should be included in the monetary policy. The government introduced a full-fledged budget after six long years and this cannot be undermined. What is crucial is the implementation of the new policies and programmes, which is a big challenge for the government as for now. Proper monitoring is a must for the smooth implementation of policies. The inflation rate has been fluctuating a lot and in this regard, achieving a 5.5 per cent economic growth is doubtful. The government has emphasised on investment in manufacturing, agriculture, and energy which is appreciable. The government should have considered the potential of increase in general level of price while increasing government servents’ salaries. The development budget is low too, making it less likely to achieve the desired economic growth rate. This again would lead us to another economy crisis.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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 Nepal Rastra Bank (NRB) recently introduced new monetary policy which is encouraging for termed by some as expansionary.', 'sortorder' => '1407', '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' => '1545', 'article_category_id' => '134', 'title' => '‘This Budget Supports A Liberal Economy’', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><strong><img alt="Dr Chiranjibi Nepal,Chief Economic Advisor at the Ministry of Finance." src="/userfiles/images/Dr%20Chiranjibi%20Nepal.jpg" style="float: right; margin: 0px 0px 0px 10px;width: 150px; height: 188px;" />Dr Chiranjibi Nepal </strong>is Chief Economic Advisor at the Ministry of Finance. In an interview with Sweta Sharma of The Corporate weekly, he shed light on the nature of the budget for FY 2013-2014. <strong>Excerpts: </strong></span></div> <div> </div> <div> <strong>To what extent do you think the current budget will boost the economy of Nepal? </strong></div> <div> The country’s economy has suffered badly whenever the budget was presented late. After six long years, the government came up with a full-fledged and timely budget concentrating on core areas such as energy, agriculture, infrastructure, education and health. I believe that the timely announcement of the budget is a very positive sign for development and can boost the economy largely. The government has also aimed for a growth rate of 5.5 per cent which is certainly going to be achieved with the budget of the current fiscal year. </div> <div> </div> <div> <strong>Given that the growth rate recorded for the past 10 years has been 3.7 per cent in average, how realistic is this year’s target of 5.5 per cent? </strong></div> <div> Late budgets in the past have affected capital expenditure to a large extent. The current budget has taken initiatives which could stimulate the flow of capital expenditure and improve economic activities. The current budget has also addressed important social and economic issues and is advocating for a stronger role of the private sector to spur the economy. In this regard, we can say that, with proper implementation of the budget, 5.5 per cent growth target is achievable. </div> <div> </div> <div> <strong>What major policy changes did the government miss to address in this year’s budget and why? </strong></div> <div> I don’t think the budget has missed addressing any important issue. The budget as a whole is inclusive as it has considered every sector - social, economic, infrastructure and business. This budget supports a liberal economy. It also encourages the private sector to take the lead. Considering these things, there are not many changes that have to be made for now. </div> <div> </div> <div> <strong>This budget has brought a number of populist programmes to serve certain political parties. What is your comment on this? </strong></div> <div> I disagree with the statement that the government has brought populist programmes. It has brought programmes that are for everyone. Unlike previous years, the current budget has been least criticised. At the macro level, the budget has brought a long term programmes which is a must to boost the economy. Similarly, the budget focuses more on the private sector. Therefore, the budget is not controversial. </div> <div> </div> <div> <strong>In hydropower, the budget allocation for transmission lines is largely from donors. The government did not set aside anything for land acquisition. Why this lapse? </strong></div> <div> Yes, to some extent there have been lapses but it is being corrected. The budget allocation for land acquisition is still being processed and the government is contributing to this purpose. The budget has emphasised energy sector with belief in its importance to uplift the economy. The government is concerned about the land acquisition issue and is on the move to provide maximum support. The government plans to eliminate the chronic problem of power outage within the next three years. </div> <div> </div> <div> <strong>Private sector hydropower developers have expressed dissatisfaction since the budget has not provided incentive for private power producers. What are your comments on this? </strong></div> <div> We have to understand that the environment being created for hydropower is itself an incentive. The budget has allocated a huge sum for the energy sector which is also a form of incentive. This has initiated an environment for investment in energy which can later bring profit to the private sector. But merely arranging a budget cannot bring about desired results if not backed by effective implementation. Thus, the government is committed towards effective implementation of programmes that have been put forward. </div> <div> </div> <div> <strong>The budget has Rs 300 million allocated for export incentives which the private sector says is peanuts. What do you think? </strong></div> <div> Export depends on competition with other countries. To present Nepal as a competitor, the amount allocated for exports is sufficient and very convenient in our context. The private sector has expressed satisfaction in the budget stating that it has attempted to address most of the concerns raised by the business community. </div> <div> </div> <div> <strong>While the budget speech mentions a deficit of Rs 87.7 billion, budget documents prepared by the Ministry of Finance caps deficit at Rs 40.5 billion. Why such a huge discrepancy? </strong></div> <div> There has been a misunderstanding about the budget deficit. The exact figure for deficit is Rs 87.7 billion. To balance it, the new budget attempted to incorporate limited number of new programmes that are necessary to encourage exports, generate energy and boost the morale of the private sector. In order to improve Nepal’s export performance, various issues on the domestic and international fronts have to be addressed. </div> <div> </div> <div> <strong>A lot of money is allocated clandestinely for financing the losses of public enterprises (PEs). Why can't the government allocate funds openly for PEs? </strong></div> <div> Public enterprises are incurring losses. To overcome this problem, we are trying to search for partners in Nepal Telecom and Agricultural Development Bank. For other public enterprises, we are preparing to change their structure and to take them towards privatisation. There is a policy to carry out such activities. We are also closing down some enterprises which cannot earn profit and cannot sustain for long.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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' => 'Dr Chiranjibi Nepal,Chief Economic Advisor at the Ministry of Finance shed light on the nature of the budget for FY 2013-2014.', 'sortorder' => '1406', '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' => '1544', 'article_category_id' => '122', 'title' => 'Mudbhary And Joshi Construction - Distributing Energy', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Gaurav Aryal</strong></div> <div> </div> <table align="right" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img alt="Ajay Kumar Mudbhary, Executive Chairman, Mudbhary and Joshi Construction (MJC) Pvt Ltd" src="/userfiles/images/Ajay%20Kumar%20Mudbhary.jpg" style="width: 175px; height: 192px;" /></td> </tr> <tr> <td style="text-align: center;"> <div> <strong>Ajay Kumar Mudbhary</strong></div> <div> Executive Chairman</div> <div> Mudbhary and Joshi</div> <div> Construction (MJC) Pvt Ltd</div> </td> </tr> </tbody> </table> <div> Mudbhary and Joshi Construction (MJC) Pvt Ltd, one of the leading companies in power line industry of Nepal plans to venture into the power production and tourism industry too. Ajay Kumar Mudbhary, Executive Chairman of the company who believes that hydropower and tourism are two major sectors that can push Nepal towards prosperity, however, did not reveal the details of the plans. But, he promised to venture into these sectors soon and the company is working towards it. </div> <div> </div> <div> Mudbhary said, “We do not dive into any new venture without plans. Power generation is a capital intensive activity, so, to move into it, we need to make sure that the current business is not affected.” </div> <div> </div> <div> MJC is a part of three companies involved in the energy sector including Nepal Ekarat Engineering Co Pvt Ltd (NEEK) and a wooden pole manufacturer inside the Hetauda Industrial District in Hetauda. </div> <div> </div> <div> According to Mudbhary, the group of companies is specialised on construction of transmission line, substation and manufacturing of transformers. He said that the company has been involved in this sector since the establishment of the company in 1982. </div> <div> </div> <div> <strong>Expanding the Horizon </strong></div> <div> Although the company does not have plans to go into a particular sector at the moment, it has been constantly involved in expanding the construction business within the energy sector. Mudbhary says, “There are few companies involved in the transmission line development. So, there are enough opportunities and we are concentrating on enhancing capacity needed for expansion in this particular area.” </div> <div> </div> <div> Mudbhary says that his company wants to tap the opportunities in the transmission line and grid expansion of the country that is growing with the number of new hydropower plants entering the construction phase. “We prioritise what we have in front of us at the moment. We have realised that the country needs a company like us in the power distribution channel. So, we will continue working either as a prime contractor or as a sub contractor for an international contractor.” To, materialise this goal the company is involved in producing a capable work force. </div> <div> </div> <div> He says that there is a soaring demand of human resources not only in Nepal but also in the entire South Asia, South East Asia and the Middle East regions. He explains, because of the high demand in these areas, we have to face shortage of human resource, which is a challenge of working in the power sector. </div> <div> </div> <div> Mudbhary further says that the company does not want to supply human resource to other countries but would go as a contractor there if the resources would remain in favour of his company. “There were invitations from India, Cambodia and Myanmar, but, we are busy in Nepal. And, we do not want to overtrade works beyond our capacity and size as we must complete the assigned tasks within the stipulated time. So, we want to wait for a while and emerge strongly within the country before looking beyond the borders” he says. </div> <div> </div> <div> <strong>Grabbing Opportunities </strong></div> <div> The company is involved in developing transmission lines and substation across the country. Mudbhary shares that the company is currently involved in 10 different projects including Khimti-Dhalkebar 220 kV transmission line, Kusaha- Kattaiya 132 kV cross border transmission line, Butwol- Kohalpur, Dumre-Damauli, and other power grids in Dang, Hetauda, Damak and Dhulabari. Mudbhary believes that there are ample opportunities within the country because of the new power plants in the development stage. </div> <div> </div> <div> He says that his company has always believed in capacity building and proving with quality works. “In the power sector, competitiveness comes only through experience. The competency we have developed is a result of hard work for almost two decades. Now, we are known as a competitive company that holds a leading position in Nepal with a market share of roughly 35 per cent,” he says. He also says that around five companies in the market are working in the similar field. </div> <div> </div> <div> <strong><img alt="Mudbhary and Joshi Construction" src="/userfiles/images/mjc1.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 239px;" />Power Specialisation </strong></div> <div> Along with the MJC, two other companies are also involved in production of power equipment. The company’s journey towards the energy sector was guided by Mudbhary’s knowledge gained as a student of electrical engineering at Pulchowk Engineering Campus. He is the first generation business person in his family and started business that matches his knowledge and interest. The determined and gradual move in this sector has made him and his company, one of the established names in the power transmission industry of Nepal. </div> <div> </div> <div> The MJC had started with road construction project in Rupandehi almost three decades back. However, the company did not stick to just road construction. Mudbhary says that his company gradually moved into power distribution works and then to development of substations and transmission lines. The company through its sister concerns also manufactures transformers and electricity poles. </div> <div> </div> <div> NEEK produces 3000 transformers in a year and certain portion of the production is exported to Bhutan. Mudbhary says that NEEK products capture 75 per cent market share in the Nepali market. </div> <div> </div> <div> <strong>Managing Human Resources </strong></div> <div> As the company works on various projects, Mudbhary says that up to 1000 employees have worked with the company at a point of time. But, at the moment around 600 employees are working in 10 different projects. He says that majority of staff are temporary employees. </div> <div> </div> <div> However, Mudbhary says employee retention high in his business. There are employees working with the company for more than two decades - since the beginning days of the company, he adds. He also says that those who left the company when a project came to an end returned back when another project began. </div> <div> </div> <div> A team of professionals assigned for a particular project looks after all the managerial tasks including the human resource management. He says that the projects are supervised by the top management on a regular basis. “The project manager is provided with all the managerial responsibilities under our close supervision. We facilitate as and when required,” he shares his management style. </div> <div> </div> <div> <strong>Project Management </strong></div> <div> MJC acquires projects through both national and international competitive bidding process and executes according to the mentioned norms and requirements of the project. Mudbhary says that various factors are taken into account before bidding, such as proximity of new project to the current area of works. </div> <div> </div> <div> Similar to the human resource management, Mudhbary says that the projects are also managed by a team of professionals under the supervision of the top level management. He further explains that the team of technicians and employees consists of only Nepali staff. </div> <div> </div> <div> When it comes to developing projects, most of the construction materials are local products while other equipment like conductors, tower materials and others are imported from Germany, India, China, USA or any other country if Nepali products are not approved in the contract provision.</div> <div> </div> <table border="0" cellpadding="10" width="99%"> <tbody> <tr> <td bgcolor="#FFFFFF"> <p> <strong><span style="font-size:14px;">Company’s Involvement </span></strong></p> <div> <div> MJC was incorporated by a team of young entrepreneurs in 1982 with the objective of establishing a professionally managed and well equipped construction company. The company was registered as “A” class contractor in 1993 by Ministry of Works and Transport. With three decades of construction experience, MJC has been helping its customers to move energy where it is needed from power plant to the user through Transmission and Distribution lines. MJC has constructed Transmission Line ranging from 11 kV to 400 kV with Optical Fibre Overhead Ground Wire (OPGW) and Substation raging from 33 kV to 132 kV with Power Transformer raging from 1 MVA to 63 MVA. MJC has also constructed some national road projects and has also completed Oil Storage Project with its own design. </div> <div> </div> <div> <strong>Some Projects of MCJ </strong></div> <div> • Hetauda 132kV Substation and Transmission Line Project </div> <div> • Kusum-Hapure 132kV T/L Project </div> <div> • Kabeli Corridor 132kV T/L Project </div> <div> • Supply and construction of Dhulabari (Jhapa) 33/11kV Substation </div> <div> • Middle Marsyangdi Hydroelectric Power P. 132kV Transmission Line Project </div> <div> • Khimti-Dhalkebar 220kV T/L Project </div> <div> • Erection of 400kV Dhauliganga- Barreilley Transmission Line Tanakpur, India (5 km) </div> <div> • 400kV DC Vishnuprayag- Muzaffarnagar Transmission Line, India (3 km) </div> <div> • Supply, delivery and installation, testing and commissioning of two numbers of 33/11kV, 16.6 MVA PT at Duhabi S/S with overhauling and shifting of existing transformers to Anarmani </div> <div> • Supply, delivery and commissioning of 132/33kV transformer at Lahan Subsation </div> <div> • Supply, delivery, stringing and testing of optical fiber with ground wire in Hetauda - Pathlaiya and Lahan - Duhabi 132kV T/L project </div> <div> • Supply, delivery, installation, testing and commissioning of 33/11kV 2x10/13.3/16. 6 MVA new substation at Tankisinuwari, Morang, Nepal </div> <div> • Erection of 400km of 11kV overhead lines and distribution line for Kailali - Kanchanpur Rural Electrification Project </div> <div> • Rural electrification of various districts </div> <div> • Thankot-Chapagaon-Bhaktapur 132kV Transmission Line Project </div> <div> • Re-routing work of Chilime-Trishuli 66kV transmission line at Thade in Rasuwa </div> <div> • Supply, relocation and commissioning of power transformer (3 nos. 15 MVA, 1No. 30 MVA, Circuit Breakers, Control and Relay Panels) </div> <div> • Supply and delivery of three phase whole current energy meter </div> <div> • Stringing of OPGW in 11kV line from dam site to power house in Kali- Gankadi “A” hydroelectric power project (9km) </div> <div> • Supply and installation of 11kV vacuum circuit breaker panel board at sub-station in Hetauda Industrial District </div> <div> • Shifting, erection and commissioning of power transformer from Anarmani to Lamahi substation </div> <div> </div> <div> <strong>CSR Activities </strong></div> <div> Mudbhary has been carrying out philanthropic activities through rotary clubs at a personal level but he says that his company has not officially carried out any such activities as of now. But, he understands the importance of CSR activities and promises to gradually involve in it.</div> <div> </div> </div> </td> </tr> </tbody> </table> <p> </p>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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' => 'Mudbhary and Joshi Construction Pvt Ltd is one of the pioneer and leading companies involved in development of power grids. The company plans to diversify its portfolio by investing in hydropower generation and also in the tourism industry.', 'sortorder' => '1405', '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' => '1543', 'article_category_id' => '160', 'title' => 'Corptoon Issue 25', 'sub_title' => '', 'summary' => null, 'content' => '', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Corptoon', 'sortorder' => '1404', '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' => '1542', 'article_category_id' => '91', 'title' => 'ADEX Launches E-GOLD', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><img alt="ADX E-GOLD" src="/userfiles/images/ADX.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 150px; height: 128px;" /> Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3. The company has introduced the product to Nepali derivative investors for professional investment in gold, stated President and managing director of ADEX, Bijesh Shrestha.</span></div> <div> This will also be a great opportunity for gold investors who want to manage investments with good returns, according to Shrestha. </div> <div> </div> <div> According to the company, an investor can invest a minimum of 10gm of gold to a maximum of 500gm. Similarly, while investing in this product, an investor will have to make a down payment of 50 per cent of the market price for trading. </div> <div> </div> <div> The market price of gold traded will be as per the price quoted by Nepal Gold and Silver Dealers’ Association. The association has been fixing the price of gold once a day every morning 10 a.m. according to the international market rate. </div> <div> </div> <div> According to the company, after investing in ‘e-GOLD’, an investor cannot buy or sell at least for a year. And if an investor wants to trade before the locking period, s/he will have to pay a penalty of 1 per cent. </div> <div> </div> <div> The company is targeting to sell 3kg of gold in the first phase of the launch. The brokerage commission for 10gm to 150gm of gold is 0.80 per cent; 0.65 per cent for 151gm to 300gm and 0.50 per cent for 301gm to 500gm, as stated by company. ADEX had started the practice of future trading since July 2013.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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' => 'Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3.', 'sortorder' => '1403', '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' => '1541', 'article_category_id' => '91', 'title' => 'Private Sector Investment In Hydropower Reaches Rs 55 Billion', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> The private sector has increased its investment in the hydro power sector. According to the Independent Power Producers Association, Nepal (IPPAN), the private sector has invested Rs 55 billion in 25 hydro projects till the date since the first private power plant was established in 2000. “With this investment, 300 MW of hydroelectricity will be generated within 4 years,” said President of IPPAN, Dr Subarnadas Shrestha. The investment from the private sector can provide a positive message to the government, persuading an increase in investment from its side too, he added.</div> <div> </div> <div> The promoters of Hewa Khola hydro project are hoping to produce 15 MW of electricity within the current fiscal year. Approximately Rs 2.25 billion is expected to be invested for the completion of the project and Panchthar Power Company Pvt. Ltd. has been officially established for its construction. Twelve banks under the leadership of Sanima Bank will be investing Rs 1.67 billion for the project. </div> <div> </div> <div> Similarly, Robust Energy Pvt Ltd is investing in the Mistri Khola hydro project to produce 42 MW of hydro-electricity. The estimated amount for investment is Rs six billion and it is expected to be completed within the next fiscal year. The lower Modi Khola Hydro project with a capacity of 20 MW is also likely to be completed within the next fiscal year. The estimated cost of the project is Rs 3.60 billion. This project is being financed by 11 private banks under the leadership of Nepal Investment Bank Pvt Ltd. </div> <div> </div> <div> The private sector’s investment in these hydro power projects does not only show their involvement in the energy sector but also their concern for the private sector towards the development of the country.</div> <div> This shows that the private sector can make a significant change in the hydro power sector. Beyond various challenges, the private sector has invested 30 per cent of the total cost as equity and 70 per cent by taking loans from different banks. </div> <div> </div> <div> Hydro power promoters opine that an additional Rs 50 billion can be invested from banks and financial institutions in the hydro power sector in the present context. According to data from Nepal Rastra Bank (NRB), banks and financial institutions have invested around Rs 17 billion till the end of the previous fiscal year. </div> <div> </div> <div> The investment of banks and financial institutions has increased in this sector because of the provision by the regulatory body Nepal Rastra Bank that the banks must have 10 per cent of total investment in agricultural and hydro-power. “This will benefit promoters of private hydro projects also,” spokesperson of NRB, Bhaskarmani Gyanwali said. </div> <div> </div> <div> The private sector has been investing in hydro power projects since B.S. 2052 (1995), has generated 230 MW of electricity till the end of the previous fiscal year and contributes to 30 per cent of the total energy generated in Nepal. </div> <div> </div> <div> The business community argues that though the government ought to support the private sector that has been making a significant change in the development sector, it has been discouraging the private sector instead. “The government should provide VAT discount on materials of civil construction, and devise a new PPA rate. But we are not getting any such support,” said former President of IPPAN, Dr Sandip Shah said.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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 private sector has increased its investment in the hydro power sector.', 'sortorder' => '1402', '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' => '1540', 'article_category_id' => '91', 'title' => 'Business Ethics: Challenges In Implementation', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By Sagar Ghimire</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Though over 100 business companies have made a commitment towards the Business Code of Conduct (CoC) which was introduced by the National Business Initiative (NBI) last week in the Capital, implementation of such a self-abiding code will not be an easy task. </span></div> <div> </div> <div> The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Birjung Chamber of Commerce and Industry (BCCI), Hotel Association Nepal (HAN), Nepal Gas Dealers’ Association (NGDA), and Nepal Association of Foreign Employment Agencies (NAFEA) are some of the leading business associations that have endorsed the CoC. A recently conducted survey of Kathmandu-based companies entitled ‘Ethical Business Practice in Nepal’ by NBI has found only 7 per cent of the companies following business ethics, while 41 per cent of the sample were found weak in this. Likewise, 52 per cent of the sample was found to have attempted to implement the CoC and partially following it. </div> <div> </div> <div> Jyoti Baniya, general secretary of Forum for Protection of Consumer Rights, expressed doubt regarding the sincere implementation of the CoC by the business community. “Some tangible differences in behaviour should have been discerned these past few days,” Baniya told The Corporate. “They (business houses) did not even think it necessary to place a framed copy of the CoC on their walls.” He, however, welcomes the initiative of the business community to come up with the CoC.</div> <div> This finding of the survey indicates that the implementation of CoC is fraught with challenges.</div> <div> </div> <div> There are doubts as to whether companies will duly follow the provisions stated in the CoC at a time when there are allegations upon some of them that they are flouting the business laws of the country.Some member companies of the associations that endorsed the CoC have come under the government’s scanner for their unscrupulous deeds.</div> <div> </div> <div> Gas dealers, transport entrepreneurs, gold merchants, are alleged of carteling, syndicates, adulteration, tax evasion and other malpractices. </div> <div> </div> <div> However, Saroj Prasad Pandey, coordinator of the CoC campaign at the NBI, claims that he was very hopeful for its implementation. “The endorsement by over 100 business associations and an overwhelming support from the government, political parties, labour unions, the media and people within a week showed that the CoC can be implemented,” he said. Pandey informed that they will soon form a joint committee comprising representatives from various business sectors to supervise and evaluate the implementation of the CoC. </div> <div> </div> <div> Although bringing the CoC is a positive step towards winning the trust of consumers, consumer right advocates, however, say that its implementation will fully depend on the will-power of business firms and the support from political parties and the government.</div> <div> </div> <div> <hr /> <div> <span style="font-size:14px;"><strong>Some Provisions in the Business CoC</strong></span></div> <div> </div> <div> <strong>Consumer Rights:</strong></div> <div> <span style="font-size: 12px;">-Commitment to consumers rights</span></div> <div> -Products and services to address the security and satisfaction of consumers </div> <div> </div> <div> <strong>Competitive Market:</strong></div> <div> -Advocate for open and market-oriented economy</div> <div> -Believe in healthy, fair competition and will support implementation of related laws</div> <div> </div> <div> <strong>Taxation:</strong></div> <div> -Express commitment for timely payment of taxes</div> <div> -Make accounts transparent</div> <div> </div> <div> <strong>Labour Management:</strong></div> <div> -Respect legitimate demands of labour but no support to acts that harm the business</div> <div> -Believe labour disputes can be sorted through tripartite dialogue between government, labour representatives and business owners</div> <div> </div> <div> <strong>Environment Protection</strong>:</div> <div> -Strive for sustainable business development </div> <div> -Strive for promotion of environment-friendly business</div> <div> </div> <div> <strong>Corruption Control: </strong></div> <div> -Neither support nor oppose political parties; will not give donation, presents, services or facilities to any political party or person for future gain</div> <div> -Will not bribe, gift, donate directly or indirectly for business and financial advantage</div> <div> </div> </div> <p> </p>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'With some endorsees of shady repute, consumer rights advocates doubt implementation of Business Code of Conduct', 'sortorder' => '1401', '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' => '1539', 'article_category_id' => '34', 'title' => 'Exciting Prizes At Qatar Duty Free', 'sub_title' => '', 'summary' => null, 'content' => '<p> <strong>Enthusiastic Travellers shopping at Qatar Duty Free</strong><br /> <br /> <br /> Doha, Qatar, 31 July 2013<br /> <br /> Qatar Duty Free (QDF), the second largest Duty Free operator in the Middle East has announced an exciting summer promotion until August 31 for passengers departing from, or transiting through, Doha International Airport (DIA).<br /> <br /> Having witnessed fantastic success year on year, this next edition of the Summer Surprises Promotion offers passengers who spend QR 550 (US$150) or more on duty free purchases will be given a Scratch & Win coupon to win instant assured prizes. Those with a Scratch & Win coupon will – on the spot – win prizes that include Gold coins, Canon cameras, Samsonite travel accessories, QDF Luxury Car Draw and Motorbike Draw raffle tickets, LG mobiles, Apple iPads, watches, QDF gift vouchers, QDF discount coupons, and many others.<br /> <br /> Double Scratch & Win Coupons will be extended to MasterCard members who will make purchases with their credit card. Qatar Duty Free offers a wide assortment of the latest products across various categories, including cosmetics, electronics, clothing, jewellery, confectionary and much more.<br /> <br /> Qatar Airways Chief Executive Officer Akbar Al Baker commended the efforts of Qatar Duty Free in providing travellers with exciting promotions and memorable shopping experiences at Doha International Airport. “We are constantly striving to augment the travel retail experience for our passengers and are confident of making Qatar Duty Free the preferred shopping destination for all travellers,” he said.<br /> <br /> Qatar Duty Free was recently named Travel Retailer of The Year at the Duty Free News International (DFNI) Global Awards for Travel-Retail Excellence that took place in London.''The tremendous response received from customers in the past years for the summer promotion has encouraged us to bring back this exciting promotion once again.” said Qatar Duty Free Senior Vice-President, Keith Hunter.<br /> <br /> Qatar Duty Free operates within the Departures, Arrivals, VIP terminals and Premium Terminal of Doha International Airport. It also operates an outlet at Doha Port for a growing number of passengers arriving and departing the State of Qatar by sea.<br /> <br /> The award-winning Duty Free operator has enjoyed consistent double digit growth year on year and is now the second largest Duty Free operator in the Middle East. With the New Doha International Airport set to open in 2013, the Qatar Duty Free team is already working on creating over 25,000sqm of world class retail space, which will include exclusive branded boutiques and products to cater to passengers from all walks of life.<br /> </p>', 'published' => true, 'created' => '2013-08-02', 'modified' => '0000-00-00', 'keywords' => 'new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal', 'description' => 'Qatar Duty Free (QDF), the second largest Duty Free operator in the Middle East has announced an exciting summer promotion until August 31 for passengers departing from, or transiting through, Doha International Airport (DIA).', 'sortorder' => '1400', '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' => '1538', 'article_category_id' => '34', 'title' => 'Tuborg Stage – Let’s Get Loud!', 'sub_title' => '', 'summary' => null, 'content' => '<p> By creating a strong association with music and by promoting many musical events across the country, Tuborg reaches all music lovers spread throughout the county through a fun musical platform – Tuborg Stage.Continuing the spirit of music and fun, Tuborg Stage presented Tuborg Stage - Let's Get Loud! Nepal's Loudest Concert! With the aim to deliver music to all, this nationwide concert will bring music lovers, famous Nepali Artists and bands all together under one big celebrationof music. Through the event, Tuborg offers pure music, fun and celebration as a treat to all.<br /> <br /> Tuborg has entertained music lovers in the past by hosting music events and concerts like: Bryan Adams - Live in Nepal, TUBORG Annual Image Awards, Tuborg Dohori- Pratiyogita;national level musical events like:TuborgStage International Musikfilm Festival,Tuborg Stage Fete de 'la Musique and Tuborg Stage Kutumba Playing for Heritageand many more.<br /> <br /> Nepal’s Loudest Concert – Let’s Get Loud, spread over two months will reach out to the greatest mass of Tuborg fans in phases. In the first phase, Tuborg musical trucks will travel to nearby cities and various districts where local artists and few national artists will perform popular songs and the songs of artists who will be performing in the final concerts.<br /> <br /> In the following phases, Tuborg buses will travel to various nearby towns where the concerts will be held to give continuity to the musical celebration, engage with the event and deliver the fun feel of the upcoming ‘Let’s Get Loud’ concert.The third phase will be the grand concert, the loudest concert ever where popular Nepali artists like1974 AD, Mukti & Revival, Robin & the New Revolution, Abhaya & the Steam Injuns, Sabin Rai & Elektrix, Nima Rumba & The Legend Band and The Shadows will perform live across six major cities namely Nepalgunj, Butwal, Narayanghat, Dharan, Pokhara and Kathmandu to a crowd of music lovers.<br /> <br /> Paul Olivier Claudepierre, Director of Marketing at Gorkha Brewery, said, “Music has always been an integral part of Tuborg and we are constantly looking to create and innovate new ways to bring the best of fun and music to our audience and consumers.” <br /> <br /> </p>', 'published' => true, 'created' => '2013-07-30', 'modified' => '0000-00-00', 'keywords' => 'new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal', 'description' => 'By creating a strong association with music and by promoting many musical events across the country, Tuborg reaches all music lovers spread throughout the county through a fun musical platform – Tuborg Stage.Continuing the spirit of music and fun,', 'sortorder' => '1399', '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' => '1537', 'article_category_id' => '150', 'title' => 'Business Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>LG’s 84 inch TV Launched </strong></div> <div> <img alt="LG’s 84 inch TV Launched" src="/userfiles/images/lg%2084%20inch.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 58px;" />LG has launched the world’s first 84 inch Ultra Definition HD TV in the market. The TV has features like eight million pixels per frame and 3840x2160 resolution which is four times more than the HD TVs available in the market. Other features include embedded 2D to 3D conversion, Cinema 3D technology, and a 2.2 speaker system. The TV comes with a price tag of 2.2 million rupees. </div> <div> </div> <div> </div> <div> <strong>Carlsberg 330ml Bottle Launched </strong></div> <div> <img alt="Carlsberg 330ml Bottle Launched" src="/userfiles/images/carlsberg.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 60px;" />On 26th July, Friday, Gorkha Brewery has launched Carlsberg 330 ml bottle in the market as an extension to the existing Carlsberg 650ml bottle. Carlsberg 330ml comes in a unique embossed green bottle and guarantees to deliver the same quality and taste of the brand, says a press release. The beer is available in 24 pack size cartons. </div> <div> </div> <div> </div> <div> <strong>Alpine Air Partners with Net Airways </strong></div> <div> <img alt="" src="/userfiles/images/alpine.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 55px;" />Alpine Air and Net Airways have signed an agreement to operate international flights from Nepal. Surendra Malla, Chairman of Alpine Air and Bikram Joshi, Founding Director of Net Airways signed the agreement on 25 July. Net Airways is a London based company, incorporated with investments from British Nationals of mainly Nepali origin and Non-Resident Nepalis living in the UK. Alpine Air announced its plan to begin its operation with an A 320-200 Airbus aircraft and add second aircraft within three months of operation. </div> <div> </div> <div> </div> <div> <strong>SG Global Opens Booking for Mahindra Centuro </strong></div> <div> <img alt="Mahindra Centuro" src="/userfiles/images/centuro.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 70px;" />SG Global Pvt Ltd, sole authorized distributor for Mahindra two-wheelers in Nepal, has added Centuro, a 110cc bike to its stable of 125 cc scooters. The company has officially announced the booking for the bike. The bike is offered at an introductory price of Rs 157,900 for a limited period and comes with a warranty of two years or 30,000 Kms. </div> <div> </div> <div> </div> <div> <strong>New TVS Dealership in Bhairahawa </strong></div> <div> <img alt="New TVS Dealership in Bhairahawa" src="/userfiles/images/tvs.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 62px;" />CG Automobiles, the authorized distributor of TVS two-wheelers in Nepal has opened a new dealership in Bairahawa under the name Sapana TVS. Sapana TVS is the 40th TVS dealership under CG Automobiles offering its customers with Sales Outlet, Service Centre and Spare Parts under the same roof.</div> <div> </div>', 'published' => true, 'created' => '2013-07-30', 'modified' => '2013-07-30', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'LG has launched the world’s first 84 inch Ultra Definition HD TV in the market.', 'sortorder' => '1398', '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' => '1536', 'article_category_id' => '149', 'title' => 'Over 1000 Nepal Made Vehicles On The Road', 'sub_title' => '', 'summary' => null, 'content' => '<div> <img alt="Hulas Motors" src="/userfiles/images/hulas.jpg" style="width: 500px; height: 100px; margin: 5px;" /></div> <div> </div> <div> <strong>--By Shruti Sonthalia</strong></div> <div> </div> <table align="right" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img alt="Surendra Golchha Director, Golchha Organisation" src="/userfiles/images/Surendra%20Golchha.jpg" style="width: 160px; height: 157px;" /></td> </tr> <tr> <td style="text-align: center;"> <div> <strong>Surendra Golchha</strong></div> <div> Director, Golchha Organisation</div> </td> </tr> </tbody> </table> <div> Hulas Motors was established in the year 1996, as a sister concern of Golchha Organisation. “We started this unit to produce a multi-utility vehicle,” said Surendra Golchha, Director, Golchha Organisation. Farmers, the major customers of Hulas Agro, would use bullock carts to transport pump sets to and from their field. Producing a vehicle that could be powered by the pump set engine itself was thought of. It would double as motor engine for transporting itself to the field where it would do the pumping job and would again be used as motor engine on the way back. </div> <div> </div> <div> “Hulas Bhaye Aru Kina Khojne,” is the tagline of the sole motor producers of Nepal. The essence of the tagline is ‘an end to your search’ and is a universal tagline for all the products manufactured by the group. </div> <div> </div> <div> The vehicles are designed in two categories, passenger and cargo vehicles. The company manufactures mini utility vehicle (MUV) and light commercial vehicle (LCV). Mustang and Sherpa are major products of the company. ‘Bhudeo Khadya Udyog’, another unit of the organization manufacturing rice, aata, pulses with the brand name of Hulas, which is also used in steel utensils, corrugated iron-sheets, etc. “We are actively working on bringing electrical vehicles,” Golchha said about the product in pipeline. </div> <div> </div> <div> Speaking of the challenges, Golchha says, ” The concept of getting into this venture was in itself a challenge.” He stated that, producing a vehicle which can move with minimum safety requirement is another challenge. Similarly, it is also a problem to get the Made-in-Nepal vehicle registered in Nepal as the system here is still such that as if the vehicles can only be imported. So, the authorities insist for import documents even for a Made-in-Nepal vehicle. “To meet the demands of the customers and to maintain the cost of the vehicle,” were some of the hurdles the brand faced. The Director states that the product’s major competition is from India. Golchha observes that over the years there has been a tremendous growth in the quality, finish and comfort level of the vehicles from Hulas Motors. </div> <div> </div> <div> The factory of Hulas Motors is situated in Biratnagar employing 110 skilled workers. Maximum work is done manually. The factory produces 100 vehicles per year at present. “We aim to produce at least 400 vehicles a year,” projects Golchha. </div> <div> </div> <div> About the marketing activities, Hulas believe in person-to-person and point-of-sales marketing instead of using mass media. The reason for the same being that the customer segment of the brand is not suitable for mass media. The market share of Hulas Motors, according to Golchha is 10-15 percent with an annual turnover of approx Rs 7-8 crores. The products are distributed through 9 dealers nationwide. </div> <div> </div> <div> Hulas Motors as a company does not indulge in any kind of CSR activities, but it adds to the contributions of the Golchha Organisation. The organization broadly practices CSR, providing scholarship, support in the times of disasters i.e. as relief funds. They have opened ‘Ramlal Golchha Eye Hospital Foundation’ in Biratnagar. Group renders help to construct school buildings. The organization also gives medical aid to the local people of the places where their units are placed. </div> <div> </div> <div> “Nepal is an amazing country with lots of scope and opportunities,” Golcha said. The government’s vision for industrialization is lacking and the company is trying to push the government for this. The company is known for the after sale service with centers present almost everywhere the Hulas Motors units are present. This helps the company to maintain the image and acceptability.</div> <div> <img alt="Mustang" src="/userfiles/images/mustang.jpg" style="width: 250px; height: 218px; margin: 5px;" /> <img alt="Mustang" src="/userfiles/images/mustang1.jpg" style="width: 250px; height: 218px; margin: 5px;" /></div>', 'published' => true, 'created' => '2013-07-30', 'modified' => '2013-07-30', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Hulas Motors was established in the year 1996, as a sister concern of Golchha Organisation.', 'sortorder' => '1397', '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' => '1535', 'article_category_id' => '115', 'title' => 'Tech Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><img alt="Samsung Reveals New Exynos Chip" src="/userfiles/images/samsung(3).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 93px;" />Samsung Reveals New Exynos Chip </strong></div> <div> Samsung has unveiled its latest top-of-the-range smart device processor saying it offers more than twice the 3D graphics power of its predecessor. The Exynos 5 Octa is the first production-ready chip to include ARM Holding’s latest GPU (graphics processing unit) architecture. Samsung’s move to license the tech marks a reversal of its decision to use a GPU design by rival British chip firm Imagination in the last version. It enters mass production next month. <em>(BBC) </em></div> <div> </div> <div> </div> <div> <strong><img alt="Siemens Boss to go After Poor Results" src="/userfiles/images/siemens.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 75px;" />Siemens Boss to go After Poor Results </strong></div> <div> German engineering giant Siemens announced that chief executive Peter Loescher was to be fired after failing to get the company back on track. In a brief statement , the company said it would “decide on the early departure of the President and CEO” and the appointment of his replacement at a meeting Wednesday. The company is due to report its third-quarter results next Thursday. Loescher, 55, has led the company since 2007, but his pending departure comes just a few days after the surprise announcement of a profit warning. Last Thursday, it said it no longer expected to reach a profit margin of at least 12 per cent by the 2014 business year. Already in May, it trimmed its full-year targets as it posted mixed second-quarter numbers, with a boost in orders but problems in the areas of revenues and profit. After Thursday’s news, Loescher was still insisting he wanted to finish the job he had started.<em> (Agency) </em></div> <div> </div> <div> </div> <div> <strong><img alt="Google Launches low-Cost TV Dongle" src="/userfiles/images/google.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 100px;" />Google Launches low-Cost TV Dongle </strong></div> <div> Google has announced a low-cost competitor to Apple TV - a “dongle” device called Chromecast. The dongle is plugged into a television’s HDMI port, and allows users to stream media from smartphones, tablets and computers. Launching immediately in the US, the device will cost $35 (£23). There is as yet no word on international launches. Google also announced an upgraded Nexus 7 tablet, the first to run the new version of the Android system. Chromecast is Google’s latest attempt to gain ground in the television industry. In 2012, Google faltered in its attempts to make a move into the living room, considered by many experts to be ripe ground for making large profits through advertising. <em>(Agency) </em></div> <div> </div> <div> </div> <div> <strong><img alt="" src="/userfiles/images/android.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 75px;" />Hackers Use Android ‘Master Key’ </strong></div> <div> A security firm says it has identified the first known malicious use of Android’s “master key” vulnerability. The bug - which was first publicised earlier this month - allows attackers to install code on to phones running Google’s mobile operating system and then take control of them. Symantec said its researchers had found two apps distributed in China that had been infected using the exploit. Google has already taken moves to tackle the problem. A fortnight ago it released a patch to manufacturers, but it will not have been sent to all handset owners yet.Google also scans its own Play marketplace for the exploit, but this will not protect consumers who download software from other stores.The vulnerability was first reported by security research firm BlueBoxon 3 July. </div> <div> </div> <div> </div> <div> <strong><img alt="Sony confirms PS Gran Turismo Film in Production" src="/userfiles/images/psgran.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 71px;" />Sony confirms PS Gran Turismo Film in Production </strong></div> <div> Sony has confirmed that a film based on the Gran Turismo PlayStation game is in development. The company said it could not provide any further details about the movie or when it would be made. The Social Network and Fifty Shades of Grey producers Michael De Luca and Dana Brunetti have been linked to the project. Gran Turismo is one of Sony’s most popular franchises, selling 70 million copies worldwide. The newest game in the series, Gran Turismo 6, is expected to be released later this year.<em> (Agency)</em></div> <div> </div>', 'published' => true, 'created' => '2013-07-30', 'modified' => '0000-00-00', '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' => 'Samsung has unveiled its latest top-of-the-range smart device processor saying it offers more than twice the 3D graphics power of its predecessor.', 'sortorder' => '1396', '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
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Deposits up to A$250,000 will have to pay a levy of 0.05% from January 2016. It will be imposed on banks and not account holders. (BBC) </div> <div> </div> <div> </div> <div> <strong><img alt="EADS to be Rebranded as Airbus " src="/userfiles/images/EADS.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 51px;" />EADS to be Rebranded as Airbus </strong></div> <div> EADS, the parent company of Airbus, says it is to rename itself after its commercial plane-making subsidiary. It will be called Airbus Group and have three divisions; commercial aircraft, defence and space, and helicopters. Implementation of the change will start in January and is set to be completed in the second half of 2014. (Agency) </div> <div> </div> <div> <strong><img alt="India Eases FDI Rules in Retail Sector " src="/userfiles/images/India%20Eases%20FDI%20Rules.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 62px;" />India Eases FDI Rules in Retail Sector </strong></div> <div> India has eased key rules on foreign direct investment in multi-brand retail in an attempt to attract foreign firms as it looks to boost economic growth. Rules governing sourcing of products, infrastructure investment and selection of cities have been relaxed. (Agency) </div> <div> </div> <div> </div> <div> <strong><img alt="Americans Favor Cash " src="/userfiles/images/Americans%20Favor%20Cash.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 58px;" />Americans Favor Cash for Long-Term Investments </strong></div> <div> 26 per cent of Americans prefer cash for their long-term investments, edging out stocks, bonds, gold and real estate, according to a new Bankrate survey of more than 1,000 US adults. Whether it’s in a savings account or a money-market fund, sheltering cash would barely yield any growth given the current low interest rates. A $10,000 investment in a money-market fund today would just gain $110 over a decade, according to Bankrate. (CNN) </div> <div> </div> <div> <strong><img alt="Nawaz Sharif" src="/userfiles/images/Nawaz%20Sharif.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 90px;" />‘We will promote trade, business with India ’ </strong></div> <div> Relations between India and Pakistan should be like that of two neighbours, with the focus being on trade and business, Prime Minister Nawaz Sharif said on Thursday. Sharif made the remarks while interacting with reporters during a rare visit to Karachi, Pakistan’s financial hub. Asked by a journalist about the state of ties with India, he said relations “should be like how relations are between two neighbours”. (Agency)</div> <div> </div>', 'published' => true, 'created' => '2013-08-05', 'modified' => '0000-00-00', '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' => 'Australia has unveiled a levy on some bank deposits to raise money towards a fund aimed at safeguarding against a banking collapse.', 'sortorder' => '1410', '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' => '1548', 'article_category_id' => '161', 'title' => '‘We Try To Create An Atmosphere For The Media To Focus On Issues That Demand Coverage’', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><img alt="Damakant Jayshi,Nepal’s Country Representative,PANOS South Asia" src="/userfiles/images/Damakant%20Jayshi.jpg" style="float: right; margin: 0px 0px 0px 10px;width: 175px; height: 197px;" />PANOS South Asia, the regional media center of PANOS Institutes worldwide, has been working to encourage public discourse and to ensure the right to information in multiple ways since 1997. This week, Nepal’s Country Representative <strong>Damakant Jayshi </strong>spoke to <strong>Sanjeev Sharma</strong> of The Corporate about the institute’s journey thus far. <strong>Excerpts:</strong> </span></div> <div> </div> <div> <strong>What is Panos South Asia doing in the South Asian region? </strong></div> <div> Our main focus is media development and supporting the media in various ways. We work on four broad subjects - the environment, public health, conflict and globalisation – and engage the media with issues in these topics. We also design relevant training and project designing programmes with thematic and journalism experts. The trainings include short term or long term fellowships. We take feedback from trainees in our various programmes for capacity enhancement of the media and journalists. </div> <div> </div> <div> <strong>Do you work directly with governments, development partners or do you work independently? </strong></div> <div> We do not have any long term partnerships so far. Panos, founded in 1997 is in its 16th year and we have had many partnerships during this period. Our partnership is based according to our projects and but some donors use to give institutional funding to boost our capacity. Currently, we are engaged in rolling partnerships which are based under our themes. For now, we are working with Climate and Development Knowledge Network (CDKN) of the United Kingdom for two years. But we usually try to partner with local NGOs. We are now thinking of trying to re-orient ourselves towards new media and multimedia. We hopefully will have enough foundation to enhance the capacity of Nepali journalists (in both Nepali and English languages) to help them become multimedia journalists. </div> <div> </div> <div> <strong>What are your major achievements so far? </strong></div> <div> Panos has a long history. We had a Panos Radio South Asia Project which ran for five years that came out with quality programmes that were broadcast by local radio stations. We worked as a partner with Caravan Magazine where we promoted long-form journalism. We count various trainings, workshops and fellowships as our key achievements. In the climate change blog section of our website, ex-trainees keep updating their comments and feedback which is also a part of our success. We have trained 89 people in various themes from Nepal and South Asia in both long and short term fellowship programmes thus far. </div> <div> </div> <div> <strong>Do you have any specific strategies to support development? </strong></div> <div> We try to create an atmosphere for the media to focus on issues that demand coverage. We focus on particular issues that engage national or local media with the motive of bringing positive change. </div> <div> </div> <div> <strong>Nowadays the news media in South Asia seems to use to a lot of negativity. What is your take on this? </strong></div> <div> Negative news coverage is an old practice and a long standing debate in the media sector. Earlier, the media could not differentiate between what was worth publishing and what was not, and thus the practice of negative news was frequent. However, we can see change these days where the media is inclined to analysing both sides of an issue. The practice of negativity and making sensational news can be improved by persons from the media themselves. </div> <div> </div> <div> <strong>Has Panos South Asia helped to make media strategies for the government and other development partners? </strong></div> <div> We have not made any media strategies for the government or any political party. We do not want to engage in the politics of this field. </div> <div> </div> <div> <strong>What problems have you seen in investigative journalism in the context of Nepal? </strong></div> <div> Investigative journalism is very important for Nepal. None of the Nepali media houses have formed a unit dedicated to investigative reporting. Limited resources for investigation is seen as a major hurdle. It is costly and takes time to conduct investigations on various issues. In the context of Nepal, lack of skills needed to dig out data for investigative reporting is also seen as another hindrance. If we do not have enough data and proof then insufficient information for an investigative story will lead to nothing. </div> <div> </div> <div> <strong>Would you like to share what Panos’ future plans are? </strong></div> <div> We would like to revive our radio project and to run it in the long term. We want to organise radio discussion programmes with people’s participation at the grass roots level. We are also looking to organise multimedia workshops to enhance the capacity and skills of Nepali journalists.</div> <div> </div>', 'published' => true, 'created' => '2013-08-05', 'modified' => '0000-00-00', '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' => 'PANOS South Asia, the regional media center of PANOS Institutes worldwide, has been working to encourage public discourse and to ensure the right to information in multiple ways since 1997.', 'sortorder' => '1409', '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' => '1547', 'article_category_id' => '137', 'title' => 'Global Economy Gains Steam', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan. </div> <div> </div> <div> A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div> <div> </div> <div> Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria. </div> <div> </div> <div> The company’s flash composite PMI, based on surveys of thousands of companies across the region, jumped to an 18-month high of 50.4, from 48.7. Readings above 50 signify growth. In China, the official factory PMI was a bit stronger than expected last month, although growth remained modest. The biggest surprise came from the UK, where Markit’s UK manufacturing PMI jumped to 54.6, trumping even the most optimistic forecast in a Reuters poll of economists and triggering a rise in sterling. </div> <div> </div> <div> Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div> <div> <em>(Agencies)</em></div> <div> </div> <div> <hr /> <div> <strong>‘Nepal likely to benefit from global economic recovery’</strong></div> <div> </div> <div> Nepal has thus far been relatively aloof from the global financial crisis and economic meltdown in the West. The Nepali economy is insulated against such external shocks as risks from inflow of toxic assets remains zero. This is mainly due to the country's financial market not integrated with international market. However, there are signs of strain contributed by indirect impact through trade (reduction of export earnings, and especially contraction of merchandise exports) and spillover effects from India. The steady decline in foreign aid funding is also seen as another impact of the global meltdown. </div> <div> </div> <div> Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation. </div> <div> </div> <div> But with the global economic recovery gathering pace, experts are hoping that external headwinds faced by the Nepali economy are likely to fade away in the coming days. "Economic revival in the United States and Europe is positive for South Asia, it will eventually create demand in the region," says Dr Chiranjibi Nepal, Ecomomic Advisor to the Nepali Ministry of Finance. According to him, the rise in demand for manufactured goods along with other materials will boost the manufacturing sector, thus generating employment. "Nepal's major exports to Europe and US, such as garments, carpets and handicrafts can benefit from the recovery," he adds. Dr Nepal also mentioned the prospect for rise in tourist arrivals from developed nations as disposable income in western nations is bound to increase following the economic recovery.</div> <div> </div> </div> <p> </p>', 'published' => true, 'created' => '2013-08-05', 'modified' => '2013-08-05', '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' => 'In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July.', 'sortorder' => '1408', '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' => '1546', 'article_category_id' => '135', 'title' => 'New Monetary Policy To Be Directive', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">The Nepal Rastra Bank (NRB) recently introduced new monetary policy which is encouraging for termed by some as expansionary. The Corporate weekly spoke to concerned people regarding the new policy and collected their opinion. <strong>Excerpts: </strong></span></div> <div> </div> <div> <img alt="" src="/userfiles/images/Rajan%20Singh%20Bhandari.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 116px;" /><strong>Rajan Singh Bhandari </strong></div> <div> <em>President, Bankers’ Association </em></div> <div> Banks have suffered not just due to their own fault but also due to those of the NRB. It is like chiding children for not placing a water pot at the right place when the parents bump into it. The NRB only blames the banks. At one point the monetary policy asks the banks to go for project financing in some sectors. This is impractical. We have a different culture. So trying to implement such practice of developed countries here will not work. The issue of reducing the CRR while keeping the credit to deposit and resources rate stable will not boost investment. Also the plan to fix the spread rate is impractical. Fixing the spread rate will result in similar interest rates across all banks and financial institutions and it will lead to another set of problems. </div> <div> </div> <div> <img alt="Anal Raj Bhattarai CEO, Commerce and Trust Bank" src="/userfiles/images/Anal%20Raj%20Bhattarai.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 116px;" /><strong>Anal Raj Bhattarai</strong></div> <div> <em>CEO, Commerce and Trust Bank </em></div> <div> A lot of issues are addressed in the new monetary policy which aims at mobilising banks and financial institutions to expand lending by 18 percent in order to meet the economic growth rate target of 5.5 percent set for the current fiscal year. The policy has addressed various issues and NRB has declared a Act that is related to financial institutions but do not come under the direct preview of the central bank itself. The budget of the current fiscal year is not as directive as the monetary policy has become. Though there are not many significant changes in the monetary policy from that of the previous fiscal year, it seems to be more liberal. </div> <div> </div> <div> </div> <div> <img alt="Hari Bhakta Sharma Vice President, Confederation of Nepalese Industries (CNI) " src="/userfiles/images/Hari%20Bhakta%20Sharma(1).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 116px;" /><strong>Hari Bhakta Sharma</strong></div> <div> <em>Vice President, Confederation of Nepalese Industries (CNI) </em></div> <div> The question is not about what should be included in the monetary policy. The government introduced a full-fledged budget after six long years and this cannot be undermined. What is crucial is the implementation of the new policies and programmes, which is a big challenge for the government as for now. Proper monitoring is a must for the smooth implementation of policies. The inflation rate has been fluctuating a lot and in this regard, achieving a 5.5 per cent economic growth is doubtful. The government has emphasised on investment in manufacturing, agriculture, and energy which is appreciable. The government should have considered the potential of increase in general level of price while increasing government servents’ salaries. The development budget is low too, making it less likely to achieve the desired economic growth rate. This again would lead us to another economy crisis.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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 Nepal Rastra Bank (NRB) recently introduced new monetary policy which is encouraging for termed by some as expansionary.', 'sortorder' => '1407', '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' => '1545', 'article_category_id' => '134', 'title' => '‘This Budget Supports A Liberal Economy’', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><strong><img alt="Dr Chiranjibi Nepal,Chief Economic Advisor at the Ministry of Finance." src="/userfiles/images/Dr%20Chiranjibi%20Nepal.jpg" style="float: right; margin: 0px 0px 0px 10px;width: 150px; height: 188px;" />Dr Chiranjibi Nepal </strong>is Chief Economic Advisor at the Ministry of Finance. In an interview with Sweta Sharma of The Corporate weekly, he shed light on the nature of the budget for FY 2013-2014. <strong>Excerpts: </strong></span></div> <div> </div> <div> <strong>To what extent do you think the current budget will boost the economy of Nepal? </strong></div> <div> The country’s economy has suffered badly whenever the budget was presented late. After six long years, the government came up with a full-fledged and timely budget concentrating on core areas such as energy, agriculture, infrastructure, education and health. I believe that the timely announcement of the budget is a very positive sign for development and can boost the economy largely. The government has also aimed for a growth rate of 5.5 per cent which is certainly going to be achieved with the budget of the current fiscal year. </div> <div> </div> <div> <strong>Given that the growth rate recorded for the past 10 years has been 3.7 per cent in average, how realistic is this year’s target of 5.5 per cent? </strong></div> <div> Late budgets in the past have affected capital expenditure to a large extent. The current budget has taken initiatives which could stimulate the flow of capital expenditure and improve economic activities. The current budget has also addressed important social and economic issues and is advocating for a stronger role of the private sector to spur the economy. In this regard, we can say that, with proper implementation of the budget, 5.5 per cent growth target is achievable. </div> <div> </div> <div> <strong>What major policy changes did the government miss to address in this year’s budget and why? </strong></div> <div> I don’t think the budget has missed addressing any important issue. The budget as a whole is inclusive as it has considered every sector - social, economic, infrastructure and business. This budget supports a liberal economy. It also encourages the private sector to take the lead. Considering these things, there are not many changes that have to be made for now. </div> <div> </div> <div> <strong>This budget has brought a number of populist programmes to serve certain political parties. What is your comment on this? </strong></div> <div> I disagree with the statement that the government has brought populist programmes. It has brought programmes that are for everyone. Unlike previous years, the current budget has been least criticised. At the macro level, the budget has brought a long term programmes which is a must to boost the economy. Similarly, the budget focuses more on the private sector. Therefore, the budget is not controversial. </div> <div> </div> <div> <strong>In hydropower, the budget allocation for transmission lines is largely from donors. The government did not set aside anything for land acquisition. Why this lapse? </strong></div> <div> Yes, to some extent there have been lapses but it is being corrected. The budget allocation for land acquisition is still being processed and the government is contributing to this purpose. The budget has emphasised energy sector with belief in its importance to uplift the economy. The government is concerned about the land acquisition issue and is on the move to provide maximum support. The government plans to eliminate the chronic problem of power outage within the next three years. </div> <div> </div> <div> <strong>Private sector hydropower developers have expressed dissatisfaction since the budget has not provided incentive for private power producers. What are your comments on this? </strong></div> <div> We have to understand that the environment being created for hydropower is itself an incentive. The budget has allocated a huge sum for the energy sector which is also a form of incentive. This has initiated an environment for investment in energy which can later bring profit to the private sector. But merely arranging a budget cannot bring about desired results if not backed by effective implementation. Thus, the government is committed towards effective implementation of programmes that have been put forward. </div> <div> </div> <div> <strong>The budget has Rs 300 million allocated for export incentives which the private sector says is peanuts. What do you think? </strong></div> <div> Export depends on competition with other countries. To present Nepal as a competitor, the amount allocated for exports is sufficient and very convenient in our context. The private sector has expressed satisfaction in the budget stating that it has attempted to address most of the concerns raised by the business community. </div> <div> </div> <div> <strong>While the budget speech mentions a deficit of Rs 87.7 billion, budget documents prepared by the Ministry of Finance caps deficit at Rs 40.5 billion. Why such a huge discrepancy? </strong></div> <div> There has been a misunderstanding about the budget deficit. The exact figure for deficit is Rs 87.7 billion. To balance it, the new budget attempted to incorporate limited number of new programmes that are necessary to encourage exports, generate energy and boost the morale of the private sector. In order to improve Nepal’s export performance, various issues on the domestic and international fronts have to be addressed. </div> <div> </div> <div> <strong>A lot of money is allocated clandestinely for financing the losses of public enterprises (PEs). Why can't the government allocate funds openly for PEs? </strong></div> <div> Public enterprises are incurring losses. To overcome this problem, we are trying to search for partners in Nepal Telecom and Agricultural Development Bank. For other public enterprises, we are preparing to change their structure and to take them towards privatisation. There is a policy to carry out such activities. We are also closing down some enterprises which cannot earn profit and cannot sustain for long.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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' => 'Dr Chiranjibi Nepal,Chief Economic Advisor at the Ministry of Finance shed light on the nature of the budget for FY 2013-2014.', 'sortorder' => '1406', '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' => '1544', 'article_category_id' => '122', 'title' => 'Mudbhary And Joshi Construction - Distributing Energy', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Gaurav Aryal</strong></div> <div> </div> <table align="right" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img alt="Ajay Kumar Mudbhary, Executive Chairman, Mudbhary and Joshi Construction (MJC) Pvt Ltd" src="/userfiles/images/Ajay%20Kumar%20Mudbhary.jpg" style="width: 175px; height: 192px;" /></td> </tr> <tr> <td style="text-align: center;"> <div> <strong>Ajay Kumar Mudbhary</strong></div> <div> Executive Chairman</div> <div> Mudbhary and Joshi</div> <div> Construction (MJC) Pvt Ltd</div> </td> </tr> </tbody> </table> <div> Mudbhary and Joshi Construction (MJC) Pvt Ltd, one of the leading companies in power line industry of Nepal plans to venture into the power production and tourism industry too. Ajay Kumar Mudbhary, Executive Chairman of the company who believes that hydropower and tourism are two major sectors that can push Nepal towards prosperity, however, did not reveal the details of the plans. But, he promised to venture into these sectors soon and the company is working towards it. </div> <div> </div> <div> Mudbhary said, “We do not dive into any new venture without plans. Power generation is a capital intensive activity, so, to move into it, we need to make sure that the current business is not affected.” </div> <div> </div> <div> MJC is a part of three companies involved in the energy sector including Nepal Ekarat Engineering Co Pvt Ltd (NEEK) and a wooden pole manufacturer inside the Hetauda Industrial District in Hetauda. </div> <div> </div> <div> According to Mudbhary, the group of companies is specialised on construction of transmission line, substation and manufacturing of transformers. He said that the company has been involved in this sector since the establishment of the company in 1982. </div> <div> </div> <div> <strong>Expanding the Horizon </strong></div> <div> Although the company does not have plans to go into a particular sector at the moment, it has been constantly involved in expanding the construction business within the energy sector. Mudbhary says, “There are few companies involved in the transmission line development. So, there are enough opportunities and we are concentrating on enhancing capacity needed for expansion in this particular area.” </div> <div> </div> <div> Mudbhary says that his company wants to tap the opportunities in the transmission line and grid expansion of the country that is growing with the number of new hydropower plants entering the construction phase. “We prioritise what we have in front of us at the moment. We have realised that the country needs a company like us in the power distribution channel. So, we will continue working either as a prime contractor or as a sub contractor for an international contractor.” To, materialise this goal the company is involved in producing a capable work force. </div> <div> </div> <div> He says that there is a soaring demand of human resources not only in Nepal but also in the entire South Asia, South East Asia and the Middle East regions. He explains, because of the high demand in these areas, we have to face shortage of human resource, which is a challenge of working in the power sector. </div> <div> </div> <div> Mudbhary further says that the company does not want to supply human resource to other countries but would go as a contractor there if the resources would remain in favour of his company. “There were invitations from India, Cambodia and Myanmar, but, we are busy in Nepal. And, we do not want to overtrade works beyond our capacity and size as we must complete the assigned tasks within the stipulated time. So, we want to wait for a while and emerge strongly within the country before looking beyond the borders” he says. </div> <div> </div> <div> <strong>Grabbing Opportunities </strong></div> <div> The company is involved in developing transmission lines and substation across the country. Mudbhary shares that the company is currently involved in 10 different projects including Khimti-Dhalkebar 220 kV transmission line, Kusaha- Kattaiya 132 kV cross border transmission line, Butwol- Kohalpur, Dumre-Damauli, and other power grids in Dang, Hetauda, Damak and Dhulabari. Mudbhary believes that there are ample opportunities within the country because of the new power plants in the development stage. </div> <div> </div> <div> He says that his company has always believed in capacity building and proving with quality works. “In the power sector, competitiveness comes only through experience. The competency we have developed is a result of hard work for almost two decades. Now, we are known as a competitive company that holds a leading position in Nepal with a market share of roughly 35 per cent,” he says. He also says that around five companies in the market are working in the similar field. </div> <div> </div> <div> <strong><img alt="Mudbhary and Joshi Construction" src="/userfiles/images/mjc1.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 239px;" />Power Specialisation </strong></div> <div> Along with the MJC, two other companies are also involved in production of power equipment. The company’s journey towards the energy sector was guided by Mudbhary’s knowledge gained as a student of electrical engineering at Pulchowk Engineering Campus. He is the first generation business person in his family and started business that matches his knowledge and interest. The determined and gradual move in this sector has made him and his company, one of the established names in the power transmission industry of Nepal. </div> <div> </div> <div> The MJC had started with road construction project in Rupandehi almost three decades back. However, the company did not stick to just road construction. Mudbhary says that his company gradually moved into power distribution works and then to development of substations and transmission lines. The company through its sister concerns also manufactures transformers and electricity poles. </div> <div> </div> <div> NEEK produces 3000 transformers in a year and certain portion of the production is exported to Bhutan. Mudbhary says that NEEK products capture 75 per cent market share in the Nepali market. </div> <div> </div> <div> <strong>Managing Human Resources </strong></div> <div> As the company works on various projects, Mudbhary says that up to 1000 employees have worked with the company at a point of time. But, at the moment around 600 employees are working in 10 different projects. He says that majority of staff are temporary employees. </div> <div> </div> <div> However, Mudbhary says employee retention high in his business. There are employees working with the company for more than two decades - since the beginning days of the company, he adds. He also says that those who left the company when a project came to an end returned back when another project began. </div> <div> </div> <div> A team of professionals assigned for a particular project looks after all the managerial tasks including the human resource management. He says that the projects are supervised by the top management on a regular basis. “The project manager is provided with all the managerial responsibilities under our close supervision. We facilitate as and when required,” he shares his management style. </div> <div> </div> <div> <strong>Project Management </strong></div> <div> MJC acquires projects through both national and international competitive bidding process and executes according to the mentioned norms and requirements of the project. Mudbhary says that various factors are taken into account before bidding, such as proximity of new project to the current area of works. </div> <div> </div> <div> Similar to the human resource management, Mudhbary says that the projects are also managed by a team of professionals under the supervision of the top level management. He further explains that the team of technicians and employees consists of only Nepali staff. </div> <div> </div> <div> When it comes to developing projects, most of the construction materials are local products while other equipment like conductors, tower materials and others are imported from Germany, India, China, USA or any other country if Nepali products are not approved in the contract provision.</div> <div> </div> <table border="0" cellpadding="10" width="99%"> <tbody> <tr> <td bgcolor="#FFFFFF"> <p> <strong><span style="font-size:14px;">Company’s Involvement </span></strong></p> <div> <div> MJC was incorporated by a team of young entrepreneurs in 1982 with the objective of establishing a professionally managed and well equipped construction company. The company was registered as “A” class contractor in 1993 by Ministry of Works and Transport. With three decades of construction experience, MJC has been helping its customers to move energy where it is needed from power plant to the user through Transmission and Distribution lines. MJC has constructed Transmission Line ranging from 11 kV to 400 kV with Optical Fibre Overhead Ground Wire (OPGW) and Substation raging from 33 kV to 132 kV with Power Transformer raging from 1 MVA to 63 MVA. MJC has also constructed some national road projects and has also completed Oil Storage Project with its own design. </div> <div> </div> <div> <strong>Some Projects of MCJ </strong></div> <div> • Hetauda 132kV Substation and Transmission Line Project </div> <div> • Kusum-Hapure 132kV T/L Project </div> <div> • Kabeli Corridor 132kV T/L Project </div> <div> • Supply and construction of Dhulabari (Jhapa) 33/11kV Substation </div> <div> • Middle Marsyangdi Hydroelectric Power P. 132kV Transmission Line Project </div> <div> • Khimti-Dhalkebar 220kV T/L Project </div> <div> • Erection of 400kV Dhauliganga- Barreilley Transmission Line Tanakpur, India (5 km) </div> <div> • 400kV DC Vishnuprayag- Muzaffarnagar Transmission Line, India (3 km) </div> <div> • Supply, delivery and installation, testing and commissioning of two numbers of 33/11kV, 16.6 MVA PT at Duhabi S/S with overhauling and shifting of existing transformers to Anarmani </div> <div> • Supply, delivery and commissioning of 132/33kV transformer at Lahan Subsation </div> <div> • Supply, delivery, stringing and testing of optical fiber with ground wire in Hetauda - Pathlaiya and Lahan - Duhabi 132kV T/L project </div> <div> • Supply, delivery, installation, testing and commissioning of 33/11kV 2x10/13.3/16. 6 MVA new substation at Tankisinuwari, Morang, Nepal </div> <div> • Erection of 400km of 11kV overhead lines and distribution line for Kailali - Kanchanpur Rural Electrification Project </div> <div> • Rural electrification of various districts </div> <div> • Thankot-Chapagaon-Bhaktapur 132kV Transmission Line Project </div> <div> • Re-routing work of Chilime-Trishuli 66kV transmission line at Thade in Rasuwa </div> <div> • Supply, relocation and commissioning of power transformer (3 nos. 15 MVA, 1No. 30 MVA, Circuit Breakers, Control and Relay Panels) </div> <div> • Supply and delivery of three phase whole current energy meter </div> <div> • Stringing of OPGW in 11kV line from dam site to power house in Kali- Gankadi “A” hydroelectric power project (9km) </div> <div> • Supply and installation of 11kV vacuum circuit breaker panel board at sub-station in Hetauda Industrial District </div> <div> • Shifting, erection and commissioning of power transformer from Anarmani to Lamahi substation </div> <div> </div> <div> <strong>CSR Activities </strong></div> <div> Mudbhary has been carrying out philanthropic activities through rotary clubs at a personal level but he says that his company has not officially carried out any such activities as of now. But, he understands the importance of CSR activities and promises to gradually involve in it.</div> <div> </div> </div> </td> </tr> </tbody> </table> <p> </p>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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' => 'Mudbhary and Joshi Construction Pvt Ltd is one of the pioneer and leading companies involved in development of power grids. The company plans to diversify its portfolio by investing in hydropower generation and also in the tourism industry.', 'sortorder' => '1405', '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' => '1543', 'article_category_id' => '160', 'title' => 'Corptoon Issue 25', 'sub_title' => '', 'summary' => null, 'content' => '', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Corptoon', 'sortorder' => '1404', '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' => '1542', 'article_category_id' => '91', 'title' => 'ADEX Launches E-GOLD', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><img alt="ADX E-GOLD" src="/userfiles/images/ADX.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 150px; height: 128px;" /> Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3. The company has introduced the product to Nepali derivative investors for professional investment in gold, stated President and managing director of ADEX, Bijesh Shrestha.</span></div> <div> This will also be a great opportunity for gold investors who want to manage investments with good returns, according to Shrestha. </div> <div> </div> <div> According to the company, an investor can invest a minimum of 10gm of gold to a maximum of 500gm. Similarly, while investing in this product, an investor will have to make a down payment of 50 per cent of the market price for trading. </div> <div> </div> <div> The market price of gold traded will be as per the price quoted by Nepal Gold and Silver Dealers’ Association. The association has been fixing the price of gold once a day every morning 10 a.m. according to the international market rate. </div> <div> </div> <div> According to the company, after investing in ‘e-GOLD’, an investor cannot buy or sell at least for a year. And if an investor wants to trade before the locking period, s/he will have to pay a penalty of 1 per cent. </div> <div> </div> <div> The company is targeting to sell 3kg of gold in the first phase of the launch. The brokerage commission for 10gm to 150gm of gold is 0.80 per cent; 0.65 per cent for 151gm to 300gm and 0.50 per cent for 301gm to 500gm, as stated by company. ADEX had started the practice of future trading since July 2013.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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' => 'Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3.', 'sortorder' => '1403', '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' => '1541', 'article_category_id' => '91', 'title' => 'Private Sector Investment In Hydropower Reaches Rs 55 Billion', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> The private sector has increased its investment in the hydro power sector. According to the Independent Power Producers Association, Nepal (IPPAN), the private sector has invested Rs 55 billion in 25 hydro projects till the date since the first private power plant was established in 2000. “With this investment, 300 MW of hydroelectricity will be generated within 4 years,” said President of IPPAN, Dr Subarnadas Shrestha. The investment from the private sector can provide a positive message to the government, persuading an increase in investment from its side too, he added.</div> <div> </div> <div> The promoters of Hewa Khola hydro project are hoping to produce 15 MW of electricity within the current fiscal year. Approximately Rs 2.25 billion is expected to be invested for the completion of the project and Panchthar Power Company Pvt. Ltd. has been officially established for its construction. Twelve banks under the leadership of Sanima Bank will be investing Rs 1.67 billion for the project. </div> <div> </div> <div> Similarly, Robust Energy Pvt Ltd is investing in the Mistri Khola hydro project to produce 42 MW of hydro-electricity. The estimated amount for investment is Rs six billion and it is expected to be completed within the next fiscal year. The lower Modi Khola Hydro project with a capacity of 20 MW is also likely to be completed within the next fiscal year. The estimated cost of the project is Rs 3.60 billion. This project is being financed by 11 private banks under the leadership of Nepal Investment Bank Pvt Ltd. </div> <div> </div> <div> The private sector’s investment in these hydro power projects does not only show their involvement in the energy sector but also their concern for the private sector towards the development of the country.</div> <div> This shows that the private sector can make a significant change in the hydro power sector. Beyond various challenges, the private sector has invested 30 per cent of the total cost as equity and 70 per cent by taking loans from different banks. </div> <div> </div> <div> Hydro power promoters opine that an additional Rs 50 billion can be invested from banks and financial institutions in the hydro power sector in the present context. According to data from Nepal Rastra Bank (NRB), banks and financial institutions have invested around Rs 17 billion till the end of the previous fiscal year. </div> <div> </div> <div> The investment of banks and financial institutions has increased in this sector because of the provision by the regulatory body Nepal Rastra Bank that the banks must have 10 per cent of total investment in agricultural and hydro-power. “This will benefit promoters of private hydro projects also,” spokesperson of NRB, Bhaskarmani Gyanwali said. </div> <div> </div> <div> The private sector has been investing in hydro power projects since B.S. 2052 (1995), has generated 230 MW of electricity till the end of the previous fiscal year and contributes to 30 per cent of the total energy generated in Nepal. </div> <div> </div> <div> The business community argues that though the government ought to support the private sector that has been making a significant change in the development sector, it has been discouraging the private sector instead. “The government should provide VAT discount on materials of civil construction, and devise a new PPA rate. But we are not getting any such support,” said former President of IPPAN, Dr Sandip Shah said.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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 private sector has increased its investment in the hydro power sector.', 'sortorder' => '1402', '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' => '1540', 'article_category_id' => '91', 'title' => 'Business Ethics: Challenges In Implementation', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By Sagar Ghimire</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Though over 100 business companies have made a commitment towards the Business Code of Conduct (CoC) which was introduced by the National Business Initiative (NBI) last week in the Capital, implementation of such a self-abiding code will not be an easy task. </span></div> <div> </div> <div> The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Birjung Chamber of Commerce and Industry (BCCI), Hotel Association Nepal (HAN), Nepal Gas Dealers’ Association (NGDA), and Nepal Association of Foreign Employment Agencies (NAFEA) are some of the leading business associations that have endorsed the CoC. A recently conducted survey of Kathmandu-based companies entitled ‘Ethical Business Practice in Nepal’ by NBI has found only 7 per cent of the companies following business ethics, while 41 per cent of the sample were found weak in this. Likewise, 52 per cent of the sample was found to have attempted to implement the CoC and partially following it. </div> <div> </div> <div> Jyoti Baniya, general secretary of Forum for Protection of Consumer Rights, expressed doubt regarding the sincere implementation of the CoC by the business community. “Some tangible differences in behaviour should have been discerned these past few days,” Baniya told The Corporate. “They (business houses) did not even think it necessary to place a framed copy of the CoC on their walls.” He, however, welcomes the initiative of the business community to come up with the CoC.</div> <div> This finding of the survey indicates that the implementation of CoC is fraught with challenges.</div> <div> </div> <div> There are doubts as to whether companies will duly follow the provisions stated in the CoC at a time when there are allegations upon some of them that they are flouting the business laws of the country.Some member companies of the associations that endorsed the CoC have come under the government’s scanner for their unscrupulous deeds.</div> <div> </div> <div> Gas dealers, transport entrepreneurs, gold merchants, are alleged of carteling, syndicates, adulteration, tax evasion and other malpractices. </div> <div> </div> <div> However, Saroj Prasad Pandey, coordinator of the CoC campaign at the NBI, claims that he was very hopeful for its implementation. “The endorsement by over 100 business associations and an overwhelming support from the government, political parties, labour unions, the media and people within a week showed that the CoC can be implemented,” he said. Pandey informed that they will soon form a joint committee comprising representatives from various business sectors to supervise and evaluate the implementation of the CoC. </div> <div> </div> <div> Although bringing the CoC is a positive step towards winning the trust of consumers, consumer right advocates, however, say that its implementation will fully depend on the will-power of business firms and the support from political parties and the government.</div> <div> </div> <div> <hr /> <div> <span style="font-size:14px;"><strong>Some Provisions in the Business CoC</strong></span></div> <div> </div> <div> <strong>Consumer Rights:</strong></div> <div> <span style="font-size: 12px;">-Commitment to consumers rights</span></div> <div> -Products and services to address the security and satisfaction of consumers </div> <div> </div> <div> <strong>Competitive Market:</strong></div> <div> -Advocate for open and market-oriented economy</div> <div> -Believe in healthy, fair competition and will support implementation of related laws</div> <div> </div> <div> <strong>Taxation:</strong></div> <div> -Express commitment for timely payment of taxes</div> <div> -Make accounts transparent</div> <div> </div> <div> <strong>Labour Management:</strong></div> <div> -Respect legitimate demands of labour but no support to acts that harm the business</div> <div> -Believe labour disputes can be sorted through tripartite dialogue between government, labour representatives and business owners</div> <div> </div> <div> <strong>Environment Protection</strong>:</div> <div> -Strive for sustainable business development </div> <div> -Strive for promotion of environment-friendly business</div> <div> </div> <div> <strong>Corruption Control: </strong></div> <div> -Neither support nor oppose political parties; will not give donation, presents, services or facilities to any political party or person for future gain</div> <div> -Will not bribe, gift, donate directly or indirectly for business and financial advantage</div> <div> </div> </div> <p> </p>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'With some endorsees of shady repute, consumer rights advocates doubt implementation of Business Code of Conduct', 'sortorder' => '1401', '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' => '1539', 'article_category_id' => '34', 'title' => 'Exciting Prizes At Qatar Duty Free', 'sub_title' => '', 'summary' => null, 'content' => '<p> <strong>Enthusiastic Travellers shopping at Qatar Duty Free</strong><br /> <br /> <br /> Doha, Qatar, 31 July 2013<br /> <br /> Qatar Duty Free (QDF), the second largest Duty Free operator in the Middle East has announced an exciting summer promotion until August 31 for passengers departing from, or transiting through, Doha International Airport (DIA).<br /> <br /> Having witnessed fantastic success year on year, this next edition of the Summer Surprises Promotion offers passengers who spend QR 550 (US$150) or more on duty free purchases will be given a Scratch & Win coupon to win instant assured prizes. Those with a Scratch & Win coupon will – on the spot – win prizes that include Gold coins, Canon cameras, Samsonite travel accessories, QDF Luxury Car Draw and Motorbike Draw raffle tickets, LG mobiles, Apple iPads, watches, QDF gift vouchers, QDF discount coupons, and many others.<br /> <br /> Double Scratch & Win Coupons will be extended to MasterCard members who will make purchases with their credit card. Qatar Duty Free offers a wide assortment of the latest products across various categories, including cosmetics, electronics, clothing, jewellery, confectionary and much more.<br /> <br /> Qatar Airways Chief Executive Officer Akbar Al Baker commended the efforts of Qatar Duty Free in providing travellers with exciting promotions and memorable shopping experiences at Doha International Airport. “We are constantly striving to augment the travel retail experience for our passengers and are confident of making Qatar Duty Free the preferred shopping destination for all travellers,” he said.<br /> <br /> Qatar Duty Free was recently named Travel Retailer of The Year at the Duty Free News International (DFNI) Global Awards for Travel-Retail Excellence that took place in London.''The tremendous response received from customers in the past years for the summer promotion has encouraged us to bring back this exciting promotion once again.” said Qatar Duty Free Senior Vice-President, Keith Hunter.<br /> <br /> Qatar Duty Free operates within the Departures, Arrivals, VIP terminals and Premium Terminal of Doha International Airport. It also operates an outlet at Doha Port for a growing number of passengers arriving and departing the State of Qatar by sea.<br /> <br /> The award-winning Duty Free operator has enjoyed consistent double digit growth year on year and is now the second largest Duty Free operator in the Middle East. With the New Doha International Airport set to open in 2013, the Qatar Duty Free team is already working on creating over 25,000sqm of world class retail space, which will include exclusive branded boutiques and products to cater to passengers from all walks of life.<br /> </p>', 'published' => true, 'created' => '2013-08-02', 'modified' => '0000-00-00', 'keywords' => 'new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal', 'description' => 'Qatar Duty Free (QDF), the second largest Duty Free operator in the Middle East has announced an exciting summer promotion until August 31 for passengers departing from, or transiting through, Doha International Airport (DIA).', 'sortorder' => '1400', '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' => '1538', 'article_category_id' => '34', 'title' => 'Tuborg Stage – Let’s Get Loud!', 'sub_title' => '', 'summary' => null, 'content' => '<p> By creating a strong association with music and by promoting many musical events across the country, Tuborg reaches all music lovers spread throughout the county through a fun musical platform – Tuborg Stage.Continuing the spirit of music and fun, Tuborg Stage presented Tuborg Stage - Let's Get Loud! Nepal's Loudest Concert! With the aim to deliver music to all, this nationwide concert will bring music lovers, famous Nepali Artists and bands all together under one big celebrationof music. Through the event, Tuborg offers pure music, fun and celebration as a treat to all.<br /> <br /> Tuborg has entertained music lovers in the past by hosting music events and concerts like: Bryan Adams - Live in Nepal, TUBORG Annual Image Awards, Tuborg Dohori- Pratiyogita;national level musical events like:TuborgStage International Musikfilm Festival,Tuborg Stage Fete de 'la Musique and Tuborg Stage Kutumba Playing for Heritageand many more.<br /> <br /> Nepal’s Loudest Concert – Let’s Get Loud, spread over two months will reach out to the greatest mass of Tuborg fans in phases. In the first phase, Tuborg musical trucks will travel to nearby cities and various districts where local artists and few national artists will perform popular songs and the songs of artists who will be performing in the final concerts.<br /> <br /> In the following phases, Tuborg buses will travel to various nearby towns where the concerts will be held to give continuity to the musical celebration, engage with the event and deliver the fun feel of the upcoming ‘Let’s Get Loud’ concert.The third phase will be the grand concert, the loudest concert ever where popular Nepali artists like1974 AD, Mukti & Revival, Robin & the New Revolution, Abhaya & the Steam Injuns, Sabin Rai & Elektrix, Nima Rumba & The Legend Band and The Shadows will perform live across six major cities namely Nepalgunj, Butwal, Narayanghat, Dharan, Pokhara and Kathmandu to a crowd of music lovers.<br /> <br /> Paul Olivier Claudepierre, Director of Marketing at Gorkha Brewery, said, “Music has always been an integral part of Tuborg and we are constantly looking to create and innovate new ways to bring the best of fun and music to our audience and consumers.” <br /> <br /> </p>', 'published' => true, 'created' => '2013-07-30', 'modified' => '0000-00-00', 'keywords' => 'new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal', 'description' => 'By creating a strong association with music and by promoting many musical events across the country, Tuborg reaches all music lovers spread throughout the county through a fun musical platform – Tuborg Stage.Continuing the spirit of music and fun,', 'sortorder' => '1399', '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' => '1537', 'article_category_id' => '150', 'title' => 'Business Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>LG’s 84 inch TV Launched </strong></div> <div> <img alt="LG’s 84 inch TV Launched" src="/userfiles/images/lg%2084%20inch.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 58px;" />LG has launched the world’s first 84 inch Ultra Definition HD TV in the market. The TV has features like eight million pixels per frame and 3840x2160 resolution which is four times more than the HD TVs available in the market. Other features include embedded 2D to 3D conversion, Cinema 3D technology, and a 2.2 speaker system. The TV comes with a price tag of 2.2 million rupees. </div> <div> </div> <div> </div> <div> <strong>Carlsberg 330ml Bottle Launched </strong></div> <div> <img alt="Carlsberg 330ml Bottle Launched" src="/userfiles/images/carlsberg.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 60px;" />On 26th July, Friday, Gorkha Brewery has launched Carlsberg 330 ml bottle in the market as an extension to the existing Carlsberg 650ml bottle. Carlsberg 330ml comes in a unique embossed green bottle and guarantees to deliver the same quality and taste of the brand, says a press release. The beer is available in 24 pack size cartons. </div> <div> </div> <div> </div> <div> <strong>Alpine Air Partners with Net Airways </strong></div> <div> <img alt="" src="/userfiles/images/alpine.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 55px;" />Alpine Air and Net Airways have signed an agreement to operate international flights from Nepal. Surendra Malla, Chairman of Alpine Air and Bikram Joshi, Founding Director of Net Airways signed the agreement on 25 July. Net Airways is a London based company, incorporated with investments from British Nationals of mainly Nepali origin and Non-Resident Nepalis living in the UK. Alpine Air announced its plan to begin its operation with an A 320-200 Airbus aircraft and add second aircraft within three months of operation. </div> <div> </div> <div> </div> <div> <strong>SG Global Opens Booking for Mahindra Centuro </strong></div> <div> <img alt="Mahindra Centuro" src="/userfiles/images/centuro.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 70px;" />SG Global Pvt Ltd, sole authorized distributor for Mahindra two-wheelers in Nepal, has added Centuro, a 110cc bike to its stable of 125 cc scooters. The company has officially announced the booking for the bike. The bike is offered at an introductory price of Rs 157,900 for a limited period and comes with a warranty of two years or 30,000 Kms. </div> <div> </div> <div> </div> <div> <strong>New TVS Dealership in Bhairahawa </strong></div> <div> <img alt="New TVS Dealership in Bhairahawa" src="/userfiles/images/tvs.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 62px;" />CG Automobiles, the authorized distributor of TVS two-wheelers in Nepal has opened a new dealership in Bairahawa under the name Sapana TVS. Sapana TVS is the 40th TVS dealership under CG Automobiles offering its customers with Sales Outlet, Service Centre and Spare Parts under the same roof.</div> <div> </div>', 'published' => true, 'created' => '2013-07-30', 'modified' => '2013-07-30', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'LG has launched the world’s first 84 inch Ultra Definition HD TV in the market.', 'sortorder' => '1398', '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' => '1536', 'article_category_id' => '149', 'title' => 'Over 1000 Nepal Made Vehicles On The Road', 'sub_title' => '', 'summary' => null, 'content' => '<div> <img alt="Hulas Motors" src="/userfiles/images/hulas.jpg" style="width: 500px; height: 100px; margin: 5px;" /></div> <div> </div> <div> <strong>--By Shruti Sonthalia</strong></div> <div> </div> <table align="right" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img alt="Surendra Golchha Director, Golchha Organisation" src="/userfiles/images/Surendra%20Golchha.jpg" style="width: 160px; height: 157px;" /></td> </tr> <tr> <td style="text-align: center;"> <div> <strong>Surendra Golchha</strong></div> <div> Director, Golchha Organisation</div> </td> </tr> </tbody> </table> <div> Hulas Motors was established in the year 1996, as a sister concern of Golchha Organisation. “We started this unit to produce a multi-utility vehicle,” said Surendra Golchha, Director, Golchha Organisation. Farmers, the major customers of Hulas Agro, would use bullock carts to transport pump sets to and from their field. Producing a vehicle that could be powered by the pump set engine itself was thought of. It would double as motor engine for transporting itself to the field where it would do the pumping job and would again be used as motor engine on the way back. </div> <div> </div> <div> “Hulas Bhaye Aru Kina Khojne,” is the tagline of the sole motor producers of Nepal. The essence of the tagline is ‘an end to your search’ and is a universal tagline for all the products manufactured by the group. </div> <div> </div> <div> The vehicles are designed in two categories, passenger and cargo vehicles. The company manufactures mini utility vehicle (MUV) and light commercial vehicle (LCV). Mustang and Sherpa are major products of the company. ‘Bhudeo Khadya Udyog’, another unit of the organization manufacturing rice, aata, pulses with the brand name of Hulas, which is also used in steel utensils, corrugated iron-sheets, etc. “We are actively working on bringing electrical vehicles,” Golchha said about the product in pipeline. </div> <div> </div> <div> Speaking of the challenges, Golchha says, ” The concept of getting into this venture was in itself a challenge.” He stated that, producing a vehicle which can move with minimum safety requirement is another challenge. Similarly, it is also a problem to get the Made-in-Nepal vehicle registered in Nepal as the system here is still such that as if the vehicles can only be imported. So, the authorities insist for import documents even for a Made-in-Nepal vehicle. “To meet the demands of the customers and to maintain the cost of the vehicle,” were some of the hurdles the brand faced. The Director states that the product’s major competition is from India. Golchha observes that over the years there has been a tremendous growth in the quality, finish and comfort level of the vehicles from Hulas Motors. </div> <div> </div> <div> The factory of Hulas Motors is situated in Biratnagar employing 110 skilled workers. Maximum work is done manually. The factory produces 100 vehicles per year at present. “We aim to produce at least 400 vehicles a year,” projects Golchha. </div> <div> </div> <div> About the marketing activities, Hulas believe in person-to-person and point-of-sales marketing instead of using mass media. The reason for the same being that the customer segment of the brand is not suitable for mass media. The market share of Hulas Motors, according to Golchha is 10-15 percent with an annual turnover of approx Rs 7-8 crores. The products are distributed through 9 dealers nationwide. </div> <div> </div> <div> Hulas Motors as a company does not indulge in any kind of CSR activities, but it adds to the contributions of the Golchha Organisation. The organization broadly practices CSR, providing scholarship, support in the times of disasters i.e. as relief funds. They have opened ‘Ramlal Golchha Eye Hospital Foundation’ in Biratnagar. Group renders help to construct school buildings. The organization also gives medical aid to the local people of the places where their units are placed. </div> <div> </div> <div> “Nepal is an amazing country with lots of scope and opportunities,” Golcha said. The government’s vision for industrialization is lacking and the company is trying to push the government for this. The company is known for the after sale service with centers present almost everywhere the Hulas Motors units are present. This helps the company to maintain the image and acceptability.</div> <div> <img alt="Mustang" src="/userfiles/images/mustang.jpg" style="width: 250px; height: 218px; margin: 5px;" /> <img alt="Mustang" src="/userfiles/images/mustang1.jpg" style="width: 250px; height: 218px; margin: 5px;" /></div>', 'published' => true, 'created' => '2013-07-30', 'modified' => '2013-07-30', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Hulas Motors was established in the year 1996, as a sister concern of Golchha Organisation.', 'sortorder' => '1397', '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' => '1535', 'article_category_id' => '115', 'title' => 'Tech Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><img alt="Samsung Reveals New Exynos Chip" src="/userfiles/images/samsung(3).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 93px;" />Samsung Reveals New Exynos Chip </strong></div> <div> Samsung has unveiled its latest top-of-the-range smart device processor saying it offers more than twice the 3D graphics power of its predecessor. The Exynos 5 Octa is the first production-ready chip to include ARM Holding’s latest GPU (graphics processing unit) architecture. Samsung’s move to license the tech marks a reversal of its decision to use a GPU design by rival British chip firm Imagination in the last version. It enters mass production next month. <em>(BBC) </em></div> <div> </div> <div> </div> <div> <strong><img alt="Siemens Boss to go After Poor Results" src="/userfiles/images/siemens.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 75px;" />Siemens Boss to go After Poor Results </strong></div> <div> German engineering giant Siemens announced that chief executive Peter Loescher was to be fired after failing to get the company back on track. In a brief statement , the company said it would “decide on the early departure of the President and CEO” and the appointment of his replacement at a meeting Wednesday. The company is due to report its third-quarter results next Thursday. Loescher, 55, has led the company since 2007, but his pending departure comes just a few days after the surprise announcement of a profit warning. Last Thursday, it said it no longer expected to reach a profit margin of at least 12 per cent by the 2014 business year. Already in May, it trimmed its full-year targets as it posted mixed second-quarter numbers, with a boost in orders but problems in the areas of revenues and profit. After Thursday’s news, Loescher was still insisting he wanted to finish the job he had started.<em> (Agency) </em></div> <div> </div> <div> </div> <div> <strong><img alt="Google Launches low-Cost TV Dongle" src="/userfiles/images/google.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 100px;" />Google Launches low-Cost TV Dongle </strong></div> <div> Google has announced a low-cost competitor to Apple TV - a “dongle” device called Chromecast. The dongle is plugged into a television’s HDMI port, and allows users to stream media from smartphones, tablets and computers. Launching immediately in the US, the device will cost $35 (£23). There is as yet no word on international launches. Google also announced an upgraded Nexus 7 tablet, the first to run the new version of the Android system. Chromecast is Google’s latest attempt to gain ground in the television industry. In 2012, Google faltered in its attempts to make a move into the living room, considered by many experts to be ripe ground for making large profits through advertising. <em>(Agency) </em></div> <div> </div> <div> </div> <div> <strong><img alt="" src="/userfiles/images/android.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 75px;" />Hackers Use Android ‘Master Key’ </strong></div> <div> A security firm says it has identified the first known malicious use of Android’s “master key” vulnerability. The bug - which was first publicised earlier this month - allows attackers to install code on to phones running Google’s mobile operating system and then take control of them. Symantec said its researchers had found two apps distributed in China that had been infected using the exploit. Google has already taken moves to tackle the problem. A fortnight ago it released a patch to manufacturers, but it will not have been sent to all handset owners yet.Google also scans its own Play marketplace for the exploit, but this will not protect consumers who download software from other stores.The vulnerability was first reported by security research firm BlueBoxon 3 July. </div> <div> </div> <div> </div> <div> <strong><img alt="Sony confirms PS Gran Turismo Film in Production" src="/userfiles/images/psgran.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 71px;" />Sony confirms PS Gran Turismo Film in Production </strong></div> <div> Sony has confirmed that a film based on the Gran Turismo PlayStation game is in development. The company said it could not provide any further details about the movie or when it would be made. The Social Network and Fifty Shades of Grey producers Michael De Luca and Dana Brunetti have been linked to the project. Gran Turismo is one of Sony’s most popular franchises, selling 70 million copies worldwide. The newest game in the series, Gran Turismo 6, is expected to be released later this year.<em> (Agency)</em></div> <div> </div>', 'published' => true, 'created' => '2013-07-30', 'modified' => '0000-00-00', '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' => 'Samsung has unveiled its latest top-of-the-range smart device processor saying it offers more than twice the 3D graphics power of its predecessor.', 'sortorder' => '1396', '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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Deposits up to A$250,000 will have to pay a levy of 0.05% from January 2016. It will be imposed on banks and not account holders. (BBC) </div> <div> </div> <div> </div> <div> <strong><img alt="EADS to be Rebranded as Airbus " src="/userfiles/images/EADS.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 51px;" />EADS to be Rebranded as Airbus </strong></div> <div> EADS, the parent company of Airbus, says it is to rename itself after its commercial plane-making subsidiary. It will be called Airbus Group and have three divisions; commercial aircraft, defence and space, and helicopters. Implementation of the change will start in January and is set to be completed in the second half of 2014. (Agency) </div> <div> </div> <div> <strong><img alt="India Eases FDI Rules in Retail Sector " src="/userfiles/images/India%20Eases%20FDI%20Rules.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 62px;" />India Eases FDI Rules in Retail Sector </strong></div> <div> India has eased key rules on foreign direct investment in multi-brand retail in an attempt to attract foreign firms as it looks to boost economic growth. Rules governing sourcing of products, infrastructure investment and selection of cities have been relaxed. (Agency) </div> <div> </div> <div> </div> <div> <strong><img alt="Americans Favor Cash " src="/userfiles/images/Americans%20Favor%20Cash.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 58px;" />Americans Favor Cash for Long-Term Investments </strong></div> <div> 26 per cent of Americans prefer cash for their long-term investments, edging out stocks, bonds, gold and real estate, according to a new Bankrate survey of more than 1,000 US adults. Whether it’s in a savings account or a money-market fund, sheltering cash would barely yield any growth given the current low interest rates. A $10,000 investment in a money-market fund today would just gain $110 over a decade, according to Bankrate. (CNN) </div> <div> </div> <div> <strong><img alt="Nawaz Sharif" src="/userfiles/images/Nawaz%20Sharif.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 90px;" />‘We will promote trade, business with India ’ </strong></div> <div> Relations between India and Pakistan should be like that of two neighbours, with the focus being on trade and business, Prime Minister Nawaz Sharif said on Thursday. Sharif made the remarks while interacting with reporters during a rare visit to Karachi, Pakistan’s financial hub. Asked by a journalist about the state of ties with India, he said relations “should be like how relations are between two neighbours”. (Agency)</div> <div> </div>', 'published' => true, 'created' => '2013-08-05', 'modified' => '0000-00-00', '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' => 'Australia has unveiled a levy on some bank deposits to raise money towards a fund aimed at safeguarding against a banking collapse.', 'sortorder' => '1410', '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' => '1548', 'article_category_id' => '161', 'title' => '‘We Try To Create An Atmosphere For The Media To Focus On Issues That Demand Coverage’', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><img alt="Damakant Jayshi,Nepal’s Country Representative,PANOS South Asia" src="/userfiles/images/Damakant%20Jayshi.jpg" style="float: right; margin: 0px 0px 0px 10px;width: 175px; height: 197px;" />PANOS South Asia, the regional media center of PANOS Institutes worldwide, has been working to encourage public discourse and to ensure the right to information in multiple ways since 1997. This week, Nepal’s Country Representative <strong>Damakant Jayshi </strong>spoke to <strong>Sanjeev Sharma</strong> of The Corporate about the institute’s journey thus far. <strong>Excerpts:</strong> </span></div> <div> </div> <div> <strong>What is Panos South Asia doing in the South Asian region? </strong></div> <div> Our main focus is media development and supporting the media in various ways. We work on four broad subjects - the environment, public health, conflict and globalisation – and engage the media with issues in these topics. We also design relevant training and project designing programmes with thematic and journalism experts. The trainings include short term or long term fellowships. We take feedback from trainees in our various programmes for capacity enhancement of the media and journalists. </div> <div> </div> <div> <strong>Do you work directly with governments, development partners or do you work independently? </strong></div> <div> We do not have any long term partnerships so far. Panos, founded in 1997 is in its 16th year and we have had many partnerships during this period. Our partnership is based according to our projects and but some donors use to give institutional funding to boost our capacity. Currently, we are engaged in rolling partnerships which are based under our themes. For now, we are working with Climate and Development Knowledge Network (CDKN) of the United Kingdom for two years. But we usually try to partner with local NGOs. We are now thinking of trying to re-orient ourselves towards new media and multimedia. We hopefully will have enough foundation to enhance the capacity of Nepali journalists (in both Nepali and English languages) to help them become multimedia journalists. </div> <div> </div> <div> <strong>What are your major achievements so far? </strong></div> <div> Panos has a long history. We had a Panos Radio South Asia Project which ran for five years that came out with quality programmes that were broadcast by local radio stations. We worked as a partner with Caravan Magazine where we promoted long-form journalism. We count various trainings, workshops and fellowships as our key achievements. In the climate change blog section of our website, ex-trainees keep updating their comments and feedback which is also a part of our success. We have trained 89 people in various themes from Nepal and South Asia in both long and short term fellowship programmes thus far. </div> <div> </div> <div> <strong>Do you have any specific strategies to support development? </strong></div> <div> We try to create an atmosphere for the media to focus on issues that demand coverage. We focus on particular issues that engage national or local media with the motive of bringing positive change. </div> <div> </div> <div> <strong>Nowadays the news media in South Asia seems to use to a lot of negativity. What is your take on this? </strong></div> <div> Negative news coverage is an old practice and a long standing debate in the media sector. Earlier, the media could not differentiate between what was worth publishing and what was not, and thus the practice of negative news was frequent. However, we can see change these days where the media is inclined to analysing both sides of an issue. The practice of negativity and making sensational news can be improved by persons from the media themselves. </div> <div> </div> <div> <strong>Has Panos South Asia helped to make media strategies for the government and other development partners? </strong></div> <div> We have not made any media strategies for the government or any political party. We do not want to engage in the politics of this field. </div> <div> </div> <div> <strong>What problems have you seen in investigative journalism in the context of Nepal? </strong></div> <div> Investigative journalism is very important for Nepal. None of the Nepali media houses have formed a unit dedicated to investigative reporting. Limited resources for investigation is seen as a major hurdle. It is costly and takes time to conduct investigations on various issues. In the context of Nepal, lack of skills needed to dig out data for investigative reporting is also seen as another hindrance. If we do not have enough data and proof then insufficient information for an investigative story will lead to nothing. </div> <div> </div> <div> <strong>Would you like to share what Panos’ future plans are? </strong></div> <div> We would like to revive our radio project and to run it in the long term. We want to organise radio discussion programmes with people’s participation at the grass roots level. We are also looking to organise multimedia workshops to enhance the capacity and skills of Nepali journalists.</div> <div> </div>', 'published' => true, 'created' => '2013-08-05', 'modified' => '0000-00-00', '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' => 'PANOS South Asia, the regional media center of PANOS Institutes worldwide, has been working to encourage public discourse and to ensure the right to information in multiple ways since 1997.', 'sortorder' => '1409', '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' => '1547', 'article_category_id' => '137', 'title' => 'Global Economy Gains Steam', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan. </div> <div> </div> <div> A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div> <div> </div> <div> Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria. </div> <div> </div> <div> The company’s flash composite PMI, based on surveys of thousands of companies across the region, jumped to an 18-month high of 50.4, from 48.7. Readings above 50 signify growth. In China, the official factory PMI was a bit stronger than expected last month, although growth remained modest. The biggest surprise came from the UK, where Markit’s UK manufacturing PMI jumped to 54.6, trumping even the most optimistic forecast in a Reuters poll of economists and triggering a rise in sterling. </div> <div> </div> <div> Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div> <div> <em>(Agencies)</em></div> <div> </div> <div> <hr /> <div> <strong>‘Nepal likely to benefit from global economic recovery’</strong></div> <div> </div> <div> Nepal has thus far been relatively aloof from the global financial crisis and economic meltdown in the West. The Nepali economy is insulated against such external shocks as risks from inflow of toxic assets remains zero. This is mainly due to the country's financial market not integrated with international market. However, there are signs of strain contributed by indirect impact through trade (reduction of export earnings, and especially contraction of merchandise exports) and spillover effects from India. The steady decline in foreign aid funding is also seen as another impact of the global meltdown. </div> <div> </div> <div> Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation. </div> <div> </div> <div> But with the global economic recovery gathering pace, experts are hoping that external headwinds faced by the Nepali economy are likely to fade away in the coming days. "Economic revival in the United States and Europe is positive for South Asia, it will eventually create demand in the region," says Dr Chiranjibi Nepal, Ecomomic Advisor to the Nepali Ministry of Finance. According to him, the rise in demand for manufactured goods along with other materials will boost the manufacturing sector, thus generating employment. "Nepal's major exports to Europe and US, such as garments, carpets and handicrafts can benefit from the recovery," he adds. Dr Nepal also mentioned the prospect for rise in tourist arrivals from developed nations as disposable income in western nations is bound to increase following the economic recovery.</div> <div> </div> </div> <p> </p>', 'published' => true, 'created' => '2013-08-05', 'modified' => '2013-08-05', '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' => 'In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July.', 'sortorder' => '1408', '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' => '1546', 'article_category_id' => '135', 'title' => 'New Monetary Policy To Be Directive', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;">The Nepal Rastra Bank (NRB) recently introduced new monetary policy which is encouraging for termed by some as expansionary. The Corporate weekly spoke to concerned people regarding the new policy and collected their opinion. <strong>Excerpts: </strong></span></div> <div> </div> <div> <img alt="" src="/userfiles/images/Rajan%20Singh%20Bhandari.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 116px;" /><strong>Rajan Singh Bhandari </strong></div> <div> <em>President, Bankers’ Association </em></div> <div> Banks have suffered not just due to their own fault but also due to those of the NRB. It is like chiding children for not placing a water pot at the right place when the parents bump into it. The NRB only blames the banks. At one point the monetary policy asks the banks to go for project financing in some sectors. This is impractical. We have a different culture. So trying to implement such practice of developed countries here will not work. The issue of reducing the CRR while keeping the credit to deposit and resources rate stable will not boost investment. Also the plan to fix the spread rate is impractical. Fixing the spread rate will result in similar interest rates across all banks and financial institutions and it will lead to another set of problems. </div> <div> </div> <div> <img alt="Anal Raj Bhattarai CEO, Commerce and Trust Bank" src="/userfiles/images/Anal%20Raj%20Bhattarai.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 116px;" /><strong>Anal Raj Bhattarai</strong></div> <div> <em>CEO, Commerce and Trust Bank </em></div> <div> A lot of issues are addressed in the new monetary policy which aims at mobilising banks and financial institutions to expand lending by 18 percent in order to meet the economic growth rate target of 5.5 percent set for the current fiscal year. The policy has addressed various issues and NRB has declared a Act that is related to financial institutions but do not come under the direct preview of the central bank itself. The budget of the current fiscal year is not as directive as the monetary policy has become. Though there are not many significant changes in the monetary policy from that of the previous fiscal year, it seems to be more liberal. </div> <div> </div> <div> </div> <div> <img alt="Hari Bhakta Sharma Vice President, Confederation of Nepalese Industries (CNI) " src="/userfiles/images/Hari%20Bhakta%20Sharma(1).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 116px;" /><strong>Hari Bhakta Sharma</strong></div> <div> <em>Vice President, Confederation of Nepalese Industries (CNI) </em></div> <div> The question is not about what should be included in the monetary policy. The government introduced a full-fledged budget after six long years and this cannot be undermined. What is crucial is the implementation of the new policies and programmes, which is a big challenge for the government as for now. Proper monitoring is a must for the smooth implementation of policies. The inflation rate has been fluctuating a lot and in this regard, achieving a 5.5 per cent economic growth is doubtful. The government has emphasised on investment in manufacturing, agriculture, and energy which is appreciable. The government should have considered the potential of increase in general level of price while increasing government servents’ salaries. The development budget is low too, making it less likely to achieve the desired economic growth rate. This again would lead us to another economy crisis.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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 Nepal Rastra Bank (NRB) recently introduced new monetary policy which is encouraging for termed by some as expansionary.', 'sortorder' => '1407', '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' => '1545', 'article_category_id' => '134', 'title' => '‘This Budget Supports A Liberal Economy’', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><strong><img alt="Dr Chiranjibi Nepal,Chief Economic Advisor at the Ministry of Finance." src="/userfiles/images/Dr%20Chiranjibi%20Nepal.jpg" style="float: right; margin: 0px 0px 0px 10px;width: 150px; height: 188px;" />Dr Chiranjibi Nepal </strong>is Chief Economic Advisor at the Ministry of Finance. In an interview with Sweta Sharma of The Corporate weekly, he shed light on the nature of the budget for FY 2013-2014. <strong>Excerpts: </strong></span></div> <div> </div> <div> <strong>To what extent do you think the current budget will boost the economy of Nepal? </strong></div> <div> The country’s economy has suffered badly whenever the budget was presented late. After six long years, the government came up with a full-fledged and timely budget concentrating on core areas such as energy, agriculture, infrastructure, education and health. I believe that the timely announcement of the budget is a very positive sign for development and can boost the economy largely. The government has also aimed for a growth rate of 5.5 per cent which is certainly going to be achieved with the budget of the current fiscal year. </div> <div> </div> <div> <strong>Given that the growth rate recorded for the past 10 years has been 3.7 per cent in average, how realistic is this year’s target of 5.5 per cent? </strong></div> <div> Late budgets in the past have affected capital expenditure to a large extent. The current budget has taken initiatives which could stimulate the flow of capital expenditure and improve economic activities. The current budget has also addressed important social and economic issues and is advocating for a stronger role of the private sector to spur the economy. In this regard, we can say that, with proper implementation of the budget, 5.5 per cent growth target is achievable. </div> <div> </div> <div> <strong>What major policy changes did the government miss to address in this year’s budget and why? </strong></div> <div> I don’t think the budget has missed addressing any important issue. The budget as a whole is inclusive as it has considered every sector - social, economic, infrastructure and business. This budget supports a liberal economy. It also encourages the private sector to take the lead. Considering these things, there are not many changes that have to be made for now. </div> <div> </div> <div> <strong>This budget has brought a number of populist programmes to serve certain political parties. What is your comment on this? </strong></div> <div> I disagree with the statement that the government has brought populist programmes. It has brought programmes that are for everyone. Unlike previous years, the current budget has been least criticised. At the macro level, the budget has brought a long term programmes which is a must to boost the economy. Similarly, the budget focuses more on the private sector. Therefore, the budget is not controversial. </div> <div> </div> <div> <strong>In hydropower, the budget allocation for transmission lines is largely from donors. The government did not set aside anything for land acquisition. Why this lapse? </strong></div> <div> Yes, to some extent there have been lapses but it is being corrected. The budget allocation for land acquisition is still being processed and the government is contributing to this purpose. The budget has emphasised energy sector with belief in its importance to uplift the economy. The government is concerned about the land acquisition issue and is on the move to provide maximum support. The government plans to eliminate the chronic problem of power outage within the next three years. </div> <div> </div> <div> <strong>Private sector hydropower developers have expressed dissatisfaction since the budget has not provided incentive for private power producers. What are your comments on this? </strong></div> <div> We have to understand that the environment being created for hydropower is itself an incentive. The budget has allocated a huge sum for the energy sector which is also a form of incentive. This has initiated an environment for investment in energy which can later bring profit to the private sector. But merely arranging a budget cannot bring about desired results if not backed by effective implementation. Thus, the government is committed towards effective implementation of programmes that have been put forward. </div> <div> </div> <div> <strong>The budget has Rs 300 million allocated for export incentives which the private sector says is peanuts. What do you think? </strong></div> <div> Export depends on competition with other countries. To present Nepal as a competitor, the amount allocated for exports is sufficient and very convenient in our context. The private sector has expressed satisfaction in the budget stating that it has attempted to address most of the concerns raised by the business community. </div> <div> </div> <div> <strong>While the budget speech mentions a deficit of Rs 87.7 billion, budget documents prepared by the Ministry of Finance caps deficit at Rs 40.5 billion. Why such a huge discrepancy? </strong></div> <div> There has been a misunderstanding about the budget deficit. The exact figure for deficit is Rs 87.7 billion. To balance it, the new budget attempted to incorporate limited number of new programmes that are necessary to encourage exports, generate energy and boost the morale of the private sector. In order to improve Nepal’s export performance, various issues on the domestic and international fronts have to be addressed. </div> <div> </div> <div> <strong>A lot of money is allocated clandestinely for financing the losses of public enterprises (PEs). Why can't the government allocate funds openly for PEs? </strong></div> <div> Public enterprises are incurring losses. To overcome this problem, we are trying to search for partners in Nepal Telecom and Agricultural Development Bank. For other public enterprises, we are preparing to change their structure and to take them towards privatisation. There is a policy to carry out such activities. We are also closing down some enterprises which cannot earn profit and cannot sustain for long.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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' => 'Dr Chiranjibi Nepal,Chief Economic Advisor at the Ministry of Finance shed light on the nature of the budget for FY 2013-2014.', 'sortorder' => '1406', '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' => '1544', 'article_category_id' => '122', 'title' => 'Mudbhary And Joshi Construction - Distributing Energy', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Gaurav Aryal</strong></div> <div> </div> <table align="right" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img alt="Ajay Kumar Mudbhary, Executive Chairman, Mudbhary and Joshi Construction (MJC) Pvt Ltd" src="/userfiles/images/Ajay%20Kumar%20Mudbhary.jpg" style="width: 175px; height: 192px;" /></td> </tr> <tr> <td style="text-align: center;"> <div> <strong>Ajay Kumar Mudbhary</strong></div> <div> Executive Chairman</div> <div> Mudbhary and Joshi</div> <div> Construction (MJC) Pvt Ltd</div> </td> </tr> </tbody> </table> <div> Mudbhary and Joshi Construction (MJC) Pvt Ltd, one of the leading companies in power line industry of Nepal plans to venture into the power production and tourism industry too. Ajay Kumar Mudbhary, Executive Chairman of the company who believes that hydropower and tourism are two major sectors that can push Nepal towards prosperity, however, did not reveal the details of the plans. But, he promised to venture into these sectors soon and the company is working towards it. </div> <div> </div> <div> Mudbhary said, “We do not dive into any new venture without plans. Power generation is a capital intensive activity, so, to move into it, we need to make sure that the current business is not affected.” </div> <div> </div> <div> MJC is a part of three companies involved in the energy sector including Nepal Ekarat Engineering Co Pvt Ltd (NEEK) and a wooden pole manufacturer inside the Hetauda Industrial District in Hetauda. </div> <div> </div> <div> According to Mudbhary, the group of companies is specialised on construction of transmission line, substation and manufacturing of transformers. He said that the company has been involved in this sector since the establishment of the company in 1982. </div> <div> </div> <div> <strong>Expanding the Horizon </strong></div> <div> Although the company does not have plans to go into a particular sector at the moment, it has been constantly involved in expanding the construction business within the energy sector. Mudbhary says, “There are few companies involved in the transmission line development. So, there are enough opportunities and we are concentrating on enhancing capacity needed for expansion in this particular area.” </div> <div> </div> <div> Mudbhary says that his company wants to tap the opportunities in the transmission line and grid expansion of the country that is growing with the number of new hydropower plants entering the construction phase. “We prioritise what we have in front of us at the moment. We have realised that the country needs a company like us in the power distribution channel. So, we will continue working either as a prime contractor or as a sub contractor for an international contractor.” To, materialise this goal the company is involved in producing a capable work force. </div> <div> </div> <div> He says that there is a soaring demand of human resources not only in Nepal but also in the entire South Asia, South East Asia and the Middle East regions. He explains, because of the high demand in these areas, we have to face shortage of human resource, which is a challenge of working in the power sector. </div> <div> </div> <div> Mudbhary further says that the company does not want to supply human resource to other countries but would go as a contractor there if the resources would remain in favour of his company. “There were invitations from India, Cambodia and Myanmar, but, we are busy in Nepal. And, we do not want to overtrade works beyond our capacity and size as we must complete the assigned tasks within the stipulated time. So, we want to wait for a while and emerge strongly within the country before looking beyond the borders” he says. </div> <div> </div> <div> <strong>Grabbing Opportunities </strong></div> <div> The company is involved in developing transmission lines and substation across the country. Mudbhary shares that the company is currently involved in 10 different projects including Khimti-Dhalkebar 220 kV transmission line, Kusaha- Kattaiya 132 kV cross border transmission line, Butwol- Kohalpur, Dumre-Damauli, and other power grids in Dang, Hetauda, Damak and Dhulabari. Mudbhary believes that there are ample opportunities within the country because of the new power plants in the development stage. </div> <div> </div> <div> He says that his company has always believed in capacity building and proving with quality works. “In the power sector, competitiveness comes only through experience. The competency we have developed is a result of hard work for almost two decades. Now, we are known as a competitive company that holds a leading position in Nepal with a market share of roughly 35 per cent,” he says. He also says that around five companies in the market are working in the similar field. </div> <div> </div> <div> <strong><img alt="Mudbhary and Joshi Construction" src="/userfiles/images/mjc1.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 239px;" />Power Specialisation </strong></div> <div> Along with the MJC, two other companies are also involved in production of power equipment. The company’s journey towards the energy sector was guided by Mudbhary’s knowledge gained as a student of electrical engineering at Pulchowk Engineering Campus. He is the first generation business person in his family and started business that matches his knowledge and interest. The determined and gradual move in this sector has made him and his company, one of the established names in the power transmission industry of Nepal. </div> <div> </div> <div> The MJC had started with road construction project in Rupandehi almost three decades back. However, the company did not stick to just road construction. Mudbhary says that his company gradually moved into power distribution works and then to development of substations and transmission lines. The company through its sister concerns also manufactures transformers and electricity poles. </div> <div> </div> <div> NEEK produces 3000 transformers in a year and certain portion of the production is exported to Bhutan. Mudbhary says that NEEK products capture 75 per cent market share in the Nepali market. </div> <div> </div> <div> <strong>Managing Human Resources </strong></div> <div> As the company works on various projects, Mudbhary says that up to 1000 employees have worked with the company at a point of time. But, at the moment around 600 employees are working in 10 different projects. He says that majority of staff are temporary employees. </div> <div> </div> <div> However, Mudbhary says employee retention high in his business. There are employees working with the company for more than two decades - since the beginning days of the company, he adds. He also says that those who left the company when a project came to an end returned back when another project began. </div> <div> </div> <div> A team of professionals assigned for a particular project looks after all the managerial tasks including the human resource management. He says that the projects are supervised by the top management on a regular basis. “The project manager is provided with all the managerial responsibilities under our close supervision. We facilitate as and when required,” he shares his management style. </div> <div> </div> <div> <strong>Project Management </strong></div> <div> MJC acquires projects through both national and international competitive bidding process and executes according to the mentioned norms and requirements of the project. Mudbhary says that various factors are taken into account before bidding, such as proximity of new project to the current area of works. </div> <div> </div> <div> Similar to the human resource management, Mudhbary says that the projects are also managed by a team of professionals under the supervision of the top level management. He further explains that the team of technicians and employees consists of only Nepali staff. </div> <div> </div> <div> When it comes to developing projects, most of the construction materials are local products while other equipment like conductors, tower materials and others are imported from Germany, India, China, USA or any other country if Nepali products are not approved in the contract provision.</div> <div> </div> <table border="0" cellpadding="10" width="99%"> <tbody> <tr> <td bgcolor="#FFFFFF"> <p> <strong><span style="font-size:14px;">Company’s Involvement </span></strong></p> <div> <div> MJC was incorporated by a team of young entrepreneurs in 1982 with the objective of establishing a professionally managed and well equipped construction company. The company was registered as “A” class contractor in 1993 by Ministry of Works and Transport. With three decades of construction experience, MJC has been helping its customers to move energy where it is needed from power plant to the user through Transmission and Distribution lines. MJC has constructed Transmission Line ranging from 11 kV to 400 kV with Optical Fibre Overhead Ground Wire (OPGW) and Substation raging from 33 kV to 132 kV with Power Transformer raging from 1 MVA to 63 MVA. MJC has also constructed some national road projects and has also completed Oil Storage Project with its own design. </div> <div> </div> <div> <strong>Some Projects of MCJ </strong></div> <div> • Hetauda 132kV Substation and Transmission Line Project </div> <div> • Kusum-Hapure 132kV T/L Project </div> <div> • Kabeli Corridor 132kV T/L Project </div> <div> • Supply and construction of Dhulabari (Jhapa) 33/11kV Substation </div> <div> • Middle Marsyangdi Hydroelectric Power P. 132kV Transmission Line Project </div> <div> • Khimti-Dhalkebar 220kV T/L Project </div> <div> • Erection of 400kV Dhauliganga- Barreilley Transmission Line Tanakpur, India (5 km) </div> <div> • 400kV DC Vishnuprayag- Muzaffarnagar Transmission Line, India (3 km) </div> <div> • Supply, delivery and installation, testing and commissioning of two numbers of 33/11kV, 16.6 MVA PT at Duhabi S/S with overhauling and shifting of existing transformers to Anarmani </div> <div> • Supply, delivery and commissioning of 132/33kV transformer at Lahan Subsation </div> <div> • Supply, delivery, stringing and testing of optical fiber with ground wire in Hetauda - Pathlaiya and Lahan - Duhabi 132kV T/L project </div> <div> • Supply, delivery, installation, testing and commissioning of 33/11kV 2x10/13.3/16. 6 MVA new substation at Tankisinuwari, Morang, Nepal </div> <div> • Erection of 400km of 11kV overhead lines and distribution line for Kailali - Kanchanpur Rural Electrification Project </div> <div> • Rural electrification of various districts </div> <div> • Thankot-Chapagaon-Bhaktapur 132kV Transmission Line Project </div> <div> • Re-routing work of Chilime-Trishuli 66kV transmission line at Thade in Rasuwa </div> <div> • Supply, relocation and commissioning of power transformer (3 nos. 15 MVA, 1No. 30 MVA, Circuit Breakers, Control and Relay Panels) </div> <div> • Supply and delivery of three phase whole current energy meter </div> <div> • Stringing of OPGW in 11kV line from dam site to power house in Kali- Gankadi “A” hydroelectric power project (9km) </div> <div> • Supply and installation of 11kV vacuum circuit breaker panel board at sub-station in Hetauda Industrial District </div> <div> • Shifting, erection and commissioning of power transformer from Anarmani to Lamahi substation </div> <div> </div> <div> <strong>CSR Activities </strong></div> <div> Mudbhary has been carrying out philanthropic activities through rotary clubs at a personal level but he says that his company has not officially carried out any such activities as of now. But, he understands the importance of CSR activities and promises to gradually involve in it.</div> <div> </div> </div> </td> </tr> </tbody> </table> <p> </p>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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' => 'Mudbhary and Joshi Construction Pvt Ltd is one of the pioneer and leading companies involved in development of power grids. The company plans to diversify its portfolio by investing in hydropower generation and also in the tourism industry.', 'sortorder' => '1405', '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' => '1543', 'article_category_id' => '160', 'title' => 'Corptoon Issue 25', 'sub_title' => '', 'summary' => null, 'content' => '', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Corptoon', 'sortorder' => '1404', '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' => '1542', 'article_category_id' => '91', 'title' => 'ADEX Launches E-GOLD', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 12px;"><img alt="ADX E-GOLD" src="/userfiles/images/ADX.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 150px; height: 128px;" /> Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3. The company has introduced the product to Nepali derivative investors for professional investment in gold, stated President and managing director of ADEX, Bijesh Shrestha.</span></div> <div> This will also be a great opportunity for gold investors who want to manage investments with good returns, according to Shrestha. </div> <div> </div> <div> According to the company, an investor can invest a minimum of 10gm of gold to a maximum of 500gm. Similarly, while investing in this product, an investor will have to make a down payment of 50 per cent of the market price for trading. </div> <div> </div> <div> The market price of gold traded will be as per the price quoted by Nepal Gold and Silver Dealers’ Association. The association has been fixing the price of gold once a day every morning 10 a.m. according to the international market rate. </div> <div> </div> <div> According to the company, after investing in ‘e-GOLD’, an investor cannot buy or sell at least for a year. And if an investor wants to trade before the locking period, s/he will have to pay a penalty of 1 per cent. </div> <div> </div> <div> The company is targeting to sell 3kg of gold in the first phase of the launch. The brokerage commission for 10gm to 150gm of gold is 0.80 per cent; 0.65 per cent for 151gm to 300gm and 0.50 per cent for 301gm to 500gm, as stated by company. ADEX had started the practice of future trading since July 2013.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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' => 'Asian Derivative Exchange (ADEX) Ltd. launched ‘e-GOLD’, a derivative product for gold trade in the future, in the market on Saturday, August 3.', 'sortorder' => '1403', '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' => '1541', 'article_category_id' => '91', 'title' => 'Private Sector Investment In Hydropower Reaches Rs 55 Billion', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> The private sector has increased its investment in the hydro power sector. According to the Independent Power Producers Association, Nepal (IPPAN), the private sector has invested Rs 55 billion in 25 hydro projects till the date since the first private power plant was established in 2000. “With this investment, 300 MW of hydroelectricity will be generated within 4 years,” said President of IPPAN, Dr Subarnadas Shrestha. The investment from the private sector can provide a positive message to the government, persuading an increase in investment from its side too, he added.</div> <div> </div> <div> The promoters of Hewa Khola hydro project are hoping to produce 15 MW of electricity within the current fiscal year. Approximately Rs 2.25 billion is expected to be invested for the completion of the project and Panchthar Power Company Pvt. Ltd. has been officially established for its construction. Twelve banks under the leadership of Sanima Bank will be investing Rs 1.67 billion for the project. </div> <div> </div> <div> Similarly, Robust Energy Pvt Ltd is investing in the Mistri Khola hydro project to produce 42 MW of hydro-electricity. The estimated amount for investment is Rs six billion and it is expected to be completed within the next fiscal year. The lower Modi Khola Hydro project with a capacity of 20 MW is also likely to be completed within the next fiscal year. The estimated cost of the project is Rs 3.60 billion. This project is being financed by 11 private banks under the leadership of Nepal Investment Bank Pvt Ltd. </div> <div> </div> <div> The private sector’s investment in these hydro power projects does not only show their involvement in the energy sector but also their concern for the private sector towards the development of the country.</div> <div> This shows that the private sector can make a significant change in the hydro power sector. Beyond various challenges, the private sector has invested 30 per cent of the total cost as equity and 70 per cent by taking loans from different banks. </div> <div> </div> <div> Hydro power promoters opine that an additional Rs 50 billion can be invested from banks and financial institutions in the hydro power sector in the present context. According to data from Nepal Rastra Bank (NRB), banks and financial institutions have invested around Rs 17 billion till the end of the previous fiscal year. </div> <div> </div> <div> The investment of banks and financial institutions has increased in this sector because of the provision by the regulatory body Nepal Rastra Bank that the banks must have 10 per cent of total investment in agricultural and hydro-power. “This will benefit promoters of private hydro projects also,” spokesperson of NRB, Bhaskarmani Gyanwali said. </div> <div> </div> <div> The private sector has been investing in hydro power projects since B.S. 2052 (1995), has generated 230 MW of electricity till the end of the previous fiscal year and contributes to 30 per cent of the total energy generated in Nepal. </div> <div> </div> <div> The business community argues that though the government ought to support the private sector that has been making a significant change in the development sector, it has been discouraging the private sector instead. “The government should provide VAT discount on materials of civil construction, and devise a new PPA rate. But we are not getting any such support,” said former President of IPPAN, Dr Sandip Shah said.</div> <div> </div>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', '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 private sector has increased its investment in the hydro power sector.', 'sortorder' => '1402', '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' => '1540', 'article_category_id' => '91', 'title' => 'Business Ethics: Challenges In Implementation', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By Sagar Ghimire</span></strong></div> <div> </div> <div> <span style="font-size: 12px;">Though over 100 business companies have made a commitment towards the Business Code of Conduct (CoC) which was introduced by the National Business Initiative (NBI) last week in the Capital, implementation of such a self-abiding code will not be an easy task. </span></div> <div> </div> <div> The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Birjung Chamber of Commerce and Industry (BCCI), Hotel Association Nepal (HAN), Nepal Gas Dealers’ Association (NGDA), and Nepal Association of Foreign Employment Agencies (NAFEA) are some of the leading business associations that have endorsed the CoC. A recently conducted survey of Kathmandu-based companies entitled ‘Ethical Business Practice in Nepal’ by NBI has found only 7 per cent of the companies following business ethics, while 41 per cent of the sample were found weak in this. Likewise, 52 per cent of the sample was found to have attempted to implement the CoC and partially following it. </div> <div> </div> <div> Jyoti Baniya, general secretary of Forum for Protection of Consumer Rights, expressed doubt regarding the sincere implementation of the CoC by the business community. “Some tangible differences in behaviour should have been discerned these past few days,” Baniya told The Corporate. “They (business houses) did not even think it necessary to place a framed copy of the CoC on their walls.” He, however, welcomes the initiative of the business community to come up with the CoC.</div> <div> This finding of the survey indicates that the implementation of CoC is fraught with challenges.</div> <div> </div> <div> There are doubts as to whether companies will duly follow the provisions stated in the CoC at a time when there are allegations upon some of them that they are flouting the business laws of the country.Some member companies of the associations that endorsed the CoC have come under the government’s scanner for their unscrupulous deeds.</div> <div> </div> <div> Gas dealers, transport entrepreneurs, gold merchants, are alleged of carteling, syndicates, adulteration, tax evasion and other malpractices. </div> <div> </div> <div> However, Saroj Prasad Pandey, coordinator of the CoC campaign at the NBI, claims that he was very hopeful for its implementation. “The endorsement by over 100 business associations and an overwhelming support from the government, political parties, labour unions, the media and people within a week showed that the CoC can be implemented,” he said. Pandey informed that they will soon form a joint committee comprising representatives from various business sectors to supervise and evaluate the implementation of the CoC. </div> <div> </div> <div> Although bringing the CoC is a positive step towards winning the trust of consumers, consumer right advocates, however, say that its implementation will fully depend on the will-power of business firms and the support from political parties and the government.</div> <div> </div> <div> <hr /> <div> <span style="font-size:14px;"><strong>Some Provisions in the Business CoC</strong></span></div> <div> </div> <div> <strong>Consumer Rights:</strong></div> <div> <span style="font-size: 12px;">-Commitment to consumers rights</span></div> <div> -Products and services to address the security and satisfaction of consumers </div> <div> </div> <div> <strong>Competitive Market:</strong></div> <div> -Advocate for open and market-oriented economy</div> <div> -Believe in healthy, fair competition and will support implementation of related laws</div> <div> </div> <div> <strong>Taxation:</strong></div> <div> -Express commitment for timely payment of taxes</div> <div> -Make accounts transparent</div> <div> </div> <div> <strong>Labour Management:</strong></div> <div> -Respect legitimate demands of labour but no support to acts that harm the business</div> <div> -Believe labour disputes can be sorted through tripartite dialogue between government, labour representatives and business owners</div> <div> </div> <div> <strong>Environment Protection</strong>:</div> <div> -Strive for sustainable business development </div> <div> -Strive for promotion of environment-friendly business</div> <div> </div> <div> <strong>Corruption Control: </strong></div> <div> -Neither support nor oppose political parties; will not give donation, presents, services or facilities to any political party or person for future gain</div> <div> -Will not bribe, gift, donate directly or indirectly for business and financial advantage</div> <div> </div> </div> <p> </p>', 'published' => true, 'created' => '2013-08-04', 'modified' => '0000-00-00', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'With some endorsees of shady repute, consumer rights advocates doubt implementation of Business Code of Conduct', 'sortorder' => '1401', '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' => '1539', 'article_category_id' => '34', 'title' => 'Exciting Prizes At Qatar Duty Free', 'sub_title' => '', 'summary' => null, 'content' => '<p> <strong>Enthusiastic Travellers shopping at Qatar Duty Free</strong><br /> <br /> <br /> Doha, Qatar, 31 July 2013<br /> <br /> Qatar Duty Free (QDF), the second largest Duty Free operator in the Middle East has announced an exciting summer promotion until August 31 for passengers departing from, or transiting through, Doha International Airport (DIA).<br /> <br /> Having witnessed fantastic success year on year, this next edition of the Summer Surprises Promotion offers passengers who spend QR 550 (US$150) or more on duty free purchases will be given a Scratch & Win coupon to win instant assured prizes. Those with a Scratch & Win coupon will – on the spot – win prizes that include Gold coins, Canon cameras, Samsonite travel accessories, QDF Luxury Car Draw and Motorbike Draw raffle tickets, LG mobiles, Apple iPads, watches, QDF gift vouchers, QDF discount coupons, and many others.<br /> <br /> Double Scratch & Win Coupons will be extended to MasterCard members who will make purchases with their credit card. Qatar Duty Free offers a wide assortment of the latest products across various categories, including cosmetics, electronics, clothing, jewellery, confectionary and much more.<br /> <br /> Qatar Airways Chief Executive Officer Akbar Al Baker commended the efforts of Qatar Duty Free in providing travellers with exciting promotions and memorable shopping experiences at Doha International Airport. “We are constantly striving to augment the travel retail experience for our passengers and are confident of making Qatar Duty Free the preferred shopping destination for all travellers,” he said.<br /> <br /> Qatar Duty Free was recently named Travel Retailer of The Year at the Duty Free News International (DFNI) Global Awards for Travel-Retail Excellence that took place in London.''The tremendous response received from customers in the past years for the summer promotion has encouraged us to bring back this exciting promotion once again.” said Qatar Duty Free Senior Vice-President, Keith Hunter.<br /> <br /> Qatar Duty Free operates within the Departures, Arrivals, VIP terminals and Premium Terminal of Doha International Airport. It also operates an outlet at Doha Port for a growing number of passengers arriving and departing the State of Qatar by sea.<br /> <br /> The award-winning Duty Free operator has enjoyed consistent double digit growth year on year and is now the second largest Duty Free operator in the Middle East. With the New Doha International Airport set to open in 2013, the Qatar Duty Free team is already working on creating over 25,000sqm of world class retail space, which will include exclusive branded boutiques and products to cater to passengers from all walks of life.<br /> </p>', 'published' => true, 'created' => '2013-08-02', 'modified' => '0000-00-00', 'keywords' => 'new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal', 'description' => 'Qatar Duty Free (QDF), the second largest Duty Free operator in the Middle East has announced an exciting summer promotion until August 31 for passengers departing from, or transiting through, Doha International Airport (DIA).', 'sortorder' => '1400', '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' => '1538', 'article_category_id' => '34', 'title' => 'Tuborg Stage – Let’s Get Loud!', 'sub_title' => '', 'summary' => null, 'content' => '<p> By creating a strong association with music and by promoting many musical events across the country, Tuborg reaches all music lovers spread throughout the county through a fun musical platform – Tuborg Stage.Continuing the spirit of music and fun, Tuborg Stage presented Tuborg Stage - Let's Get Loud! Nepal's Loudest Concert! With the aim to deliver music to all, this nationwide concert will bring music lovers, famous Nepali Artists and bands all together under one big celebrationof music. Through the event, Tuborg offers pure music, fun and celebration as a treat to all.<br /> <br /> Tuborg has entertained music lovers in the past by hosting music events and concerts like: Bryan Adams - Live in Nepal, TUBORG Annual Image Awards, Tuborg Dohori- Pratiyogita;national level musical events like:TuborgStage International Musikfilm Festival,Tuborg Stage Fete de 'la Musique and Tuborg Stage Kutumba Playing for Heritageand many more.<br /> <br /> Nepal’s Loudest Concert – Let’s Get Loud, spread over two months will reach out to the greatest mass of Tuborg fans in phases. In the first phase, Tuborg musical trucks will travel to nearby cities and various districts where local artists and few national artists will perform popular songs and the songs of artists who will be performing in the final concerts.<br /> <br /> In the following phases, Tuborg buses will travel to various nearby towns where the concerts will be held to give continuity to the musical celebration, engage with the event and deliver the fun feel of the upcoming ‘Let’s Get Loud’ concert.The third phase will be the grand concert, the loudest concert ever where popular Nepali artists like1974 AD, Mukti & Revival, Robin & the New Revolution, Abhaya & the Steam Injuns, Sabin Rai & Elektrix, Nima Rumba & The Legend Band and The Shadows will perform live across six major cities namely Nepalgunj, Butwal, Narayanghat, Dharan, Pokhara and Kathmandu to a crowd of music lovers.<br /> <br /> Paul Olivier Claudepierre, Director of Marketing at Gorkha Brewery, said, “Music has always been an integral part of Tuborg and we are constantly looking to create and innovate new ways to bring the best of fun and music to our audience and consumers.” <br /> <br /> </p>', 'published' => true, 'created' => '2013-07-30', 'modified' => '0000-00-00', 'keywords' => 'new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal', 'description' => 'By creating a strong association with music and by promoting many musical events across the country, Tuborg reaches all music lovers spread throughout the county through a fun musical platform – Tuborg Stage.Continuing the spirit of music and fun,', 'sortorder' => '1399', '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' => '1537', 'article_category_id' => '150', 'title' => 'Business Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>LG’s 84 inch TV Launched </strong></div> <div> <img alt="LG’s 84 inch TV Launched" src="/userfiles/images/lg%2084%20inch.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 58px;" />LG has launched the world’s first 84 inch Ultra Definition HD TV in the market. The TV has features like eight million pixels per frame and 3840x2160 resolution which is four times more than the HD TVs available in the market. Other features include embedded 2D to 3D conversion, Cinema 3D technology, and a 2.2 speaker system. The TV comes with a price tag of 2.2 million rupees. </div> <div> </div> <div> </div> <div> <strong>Carlsberg 330ml Bottle Launched </strong></div> <div> <img alt="Carlsberg 330ml Bottle Launched" src="/userfiles/images/carlsberg.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 60px;" />On 26th July, Friday, Gorkha Brewery has launched Carlsberg 330 ml bottle in the market as an extension to the existing Carlsberg 650ml bottle. Carlsberg 330ml comes in a unique embossed green bottle and guarantees to deliver the same quality and taste of the brand, says a press release. The beer is available in 24 pack size cartons. </div> <div> </div> <div> </div> <div> <strong>Alpine Air Partners with Net Airways </strong></div> <div> <img alt="" src="/userfiles/images/alpine.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 55px;" />Alpine Air and Net Airways have signed an agreement to operate international flights from Nepal. Surendra Malla, Chairman of Alpine Air and Bikram Joshi, Founding Director of Net Airways signed the agreement on 25 July. Net Airways is a London based company, incorporated with investments from British Nationals of mainly Nepali origin and Non-Resident Nepalis living in the UK. Alpine Air announced its plan to begin its operation with an A 320-200 Airbus aircraft and add second aircraft within three months of operation. </div> <div> </div> <div> </div> <div> <strong>SG Global Opens Booking for Mahindra Centuro </strong></div> <div> <img alt="Mahindra Centuro" src="/userfiles/images/centuro.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 70px;" />SG Global Pvt Ltd, sole authorized distributor for Mahindra two-wheelers in Nepal, has added Centuro, a 110cc bike to its stable of 125 cc scooters. The company has officially announced the booking for the bike. The bike is offered at an introductory price of Rs 157,900 for a limited period and comes with a warranty of two years or 30,000 Kms. </div> <div> </div> <div> </div> <div> <strong>New TVS Dealership in Bhairahawa </strong></div> <div> <img alt="New TVS Dealership in Bhairahawa" src="/userfiles/images/tvs.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 100px; height: 62px;" />CG Automobiles, the authorized distributor of TVS two-wheelers in Nepal has opened a new dealership in Bairahawa under the name Sapana TVS. Sapana TVS is the 40th TVS dealership under CG Automobiles offering its customers with Sales Outlet, Service Centre and Spare Parts under the same roof.</div> <div> </div>', 'published' => true, 'created' => '2013-07-30', 'modified' => '2013-07-30', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'LG has launched the world’s first 84 inch Ultra Definition HD TV in the market.', 'sortorder' => '1398', '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' => '1536', 'article_category_id' => '149', 'title' => 'Over 1000 Nepal Made Vehicles On The Road', 'sub_title' => '', 'summary' => null, 'content' => '<div> <img alt="Hulas Motors" src="/userfiles/images/hulas.jpg" style="width: 500px; height: 100px; margin: 5px;" /></div> <div> </div> <div> <strong>--By Shruti Sonthalia</strong></div> <div> </div> <table align="right" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img alt="Surendra Golchha Director, Golchha Organisation" src="/userfiles/images/Surendra%20Golchha.jpg" style="width: 160px; height: 157px;" /></td> </tr> <tr> <td style="text-align: center;"> <div> <strong>Surendra Golchha</strong></div> <div> Director, Golchha Organisation</div> </td> </tr> </tbody> </table> <div> Hulas Motors was established in the year 1996, as a sister concern of Golchha Organisation. “We started this unit to produce a multi-utility vehicle,” said Surendra Golchha, Director, Golchha Organisation. Farmers, the major customers of Hulas Agro, would use bullock carts to transport pump sets to and from their field. Producing a vehicle that could be powered by the pump set engine itself was thought of. It would double as motor engine for transporting itself to the field where it would do the pumping job and would again be used as motor engine on the way back. </div> <div> </div> <div> “Hulas Bhaye Aru Kina Khojne,” is the tagline of the sole motor producers of Nepal. The essence of the tagline is ‘an end to your search’ and is a universal tagline for all the products manufactured by the group. </div> <div> </div> <div> The vehicles are designed in two categories, passenger and cargo vehicles. The company manufactures mini utility vehicle (MUV) and light commercial vehicle (LCV). Mustang and Sherpa are major products of the company. ‘Bhudeo Khadya Udyog’, another unit of the organization manufacturing rice, aata, pulses with the brand name of Hulas, which is also used in steel utensils, corrugated iron-sheets, etc. “We are actively working on bringing electrical vehicles,” Golchha said about the product in pipeline. </div> <div> </div> <div> Speaking of the challenges, Golchha says, ” The concept of getting into this venture was in itself a challenge.” He stated that, producing a vehicle which can move with minimum safety requirement is another challenge. Similarly, it is also a problem to get the Made-in-Nepal vehicle registered in Nepal as the system here is still such that as if the vehicles can only be imported. So, the authorities insist for import documents even for a Made-in-Nepal vehicle. “To meet the demands of the customers and to maintain the cost of the vehicle,” were some of the hurdles the brand faced. The Director states that the product’s major competition is from India. Golchha observes that over the years there has been a tremendous growth in the quality, finish and comfort level of the vehicles from Hulas Motors. </div> <div> </div> <div> The factory of Hulas Motors is situated in Biratnagar employing 110 skilled workers. Maximum work is done manually. The factory produces 100 vehicles per year at present. “We aim to produce at least 400 vehicles a year,” projects Golchha. </div> <div> </div> <div> About the marketing activities, Hulas believe in person-to-person and point-of-sales marketing instead of using mass media. The reason for the same being that the customer segment of the brand is not suitable for mass media. The market share of Hulas Motors, according to Golchha is 10-15 percent with an annual turnover of approx Rs 7-8 crores. The products are distributed through 9 dealers nationwide. </div> <div> </div> <div> Hulas Motors as a company does not indulge in any kind of CSR activities, but it adds to the contributions of the Golchha Organisation. The organization broadly practices CSR, providing scholarship, support in the times of disasters i.e. as relief funds. They have opened ‘Ramlal Golchha Eye Hospital Foundation’ in Biratnagar. Group renders help to construct school buildings. The organization also gives medical aid to the local people of the places where their units are placed. </div> <div> </div> <div> “Nepal is an amazing country with lots of scope and opportunities,” Golcha said. The government’s vision for industrialization is lacking and the company is trying to push the government for this. The company is known for the after sale service with centers present almost everywhere the Hulas Motors units are present. This helps the company to maintain the image and acceptability.</div> <div> <img alt="Mustang" src="/userfiles/images/mustang.jpg" style="width: 250px; height: 218px; margin: 5px;" /> <img alt="Mustang" src="/userfiles/images/mustang1.jpg" style="width: 250px; height: 218px; margin: 5px;" /></div>', 'published' => true, 'created' => '2013-07-30', 'modified' => '2013-07-30', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Hulas Motors was established in the year 1996, as a sister concern of Golchha Organisation.', 'sortorder' => '1397', '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' => '1535', 'article_category_id' => '115', 'title' => 'Tech Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><img alt="Samsung Reveals New Exynos Chip" src="/userfiles/images/samsung(3).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 93px;" />Samsung Reveals New Exynos Chip </strong></div> <div> Samsung has unveiled its latest top-of-the-range smart device processor saying it offers more than twice the 3D graphics power of its predecessor. The Exynos 5 Octa is the first production-ready chip to include ARM Holding’s latest GPU (graphics processing unit) architecture. Samsung’s move to license the tech marks a reversal of its decision to use a GPU design by rival British chip firm Imagination in the last version. It enters mass production next month. <em>(BBC) </em></div> <div> </div> <div> </div> <div> <strong><img alt="Siemens Boss to go After Poor Results" src="/userfiles/images/siemens.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 75px;" />Siemens Boss to go After Poor Results </strong></div> <div> German engineering giant Siemens announced that chief executive Peter Loescher was to be fired after failing to get the company back on track. In a brief statement , the company said it would “decide on the early departure of the President and CEO” and the appointment of his replacement at a meeting Wednesday. The company is due to report its third-quarter results next Thursday. Loescher, 55, has led the company since 2007, but his pending departure comes just a few days after the surprise announcement of a profit warning. Last Thursday, it said it no longer expected to reach a profit margin of at least 12 per cent by the 2014 business year. Already in May, it trimmed its full-year targets as it posted mixed second-quarter numbers, with a boost in orders but problems in the areas of revenues and profit. After Thursday’s news, Loescher was still insisting he wanted to finish the job he had started.<em> (Agency) </em></div> <div> </div> <div> </div> <div> <strong><img alt="Google Launches low-Cost TV Dongle" src="/userfiles/images/google.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 100px;" />Google Launches low-Cost TV Dongle </strong></div> <div> Google has announced a low-cost competitor to Apple TV - a “dongle” device called Chromecast. The dongle is plugged into a television’s HDMI port, and allows users to stream media from smartphones, tablets and computers. Launching immediately in the US, the device will cost $35 (£23). There is as yet no word on international launches. Google also announced an upgraded Nexus 7 tablet, the first to run the new version of the Android system. Chromecast is Google’s latest attempt to gain ground in the television industry. In 2012, Google faltered in its attempts to make a move into the living room, considered by many experts to be ripe ground for making large profits through advertising. <em>(Agency) </em></div> <div> </div> <div> </div> <div> <strong><img alt="" src="/userfiles/images/android.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 75px;" />Hackers Use Android ‘Master Key’ </strong></div> <div> A security firm says it has identified the first known malicious use of Android’s “master key” vulnerability. The bug - which was first publicised earlier this month - allows attackers to install code on to phones running Google’s mobile operating system and then take control of them. Symantec said its researchers had found two apps distributed in China that had been infected using the exploit. Google has already taken moves to tackle the problem. A fortnight ago it released a patch to manufacturers, but it will not have been sent to all handset owners yet.Google also scans its own Play marketplace for the exploit, but this will not protect consumers who download software from other stores.The vulnerability was first reported by security research firm BlueBoxon 3 July. </div> <div> </div> <div> </div> <div> <strong><img alt="Sony confirms PS Gran Turismo Film in Production" src="/userfiles/images/psgran.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 71px;" />Sony confirms PS Gran Turismo Film in Production </strong></div> <div> Sony has confirmed that a film based on the Gran Turismo PlayStation game is in development. The company said it could not provide any further details about the movie or when it would be made. The Social Network and Fifty Shades of Grey producers Michael De Luca and Dana Brunetti have been linked to the project. Gran Turismo is one of Sony’s most popular franchises, selling 70 million copies worldwide. The newest game in the series, Gran Turismo 6, is expected to be released later this year.<em> (Agency)</em></div> <div> </div>', 'published' => true, 'created' => '2013-07-30', 'modified' => '0000-00-00', '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' => 'Samsung has unveiled its latest top-of-the-range smart device processor saying it offers more than twice the 3D graphics power of its predecessor.', 'sortorder' => '1396', '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
