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(NIC) and Chairman of GIPSA - General Insurers’ (Public Sector) Association of India. He is also on the Board of the General Insurance Corporation of India. Chandraprasad has experience of more than 34 years in the general insurance industry, having held a number of key positions in marketing, operations, reinsurance and personnel in India as well as overseas as Managing Director of Prestige Assurance Plc, Lagos, a subsidiary of New India Assurance Company. In his recent visit to Nepal, Chandraprasad spoke to The Corporate weekly on the insurance market in Nepal.<strong> Excerpts: </strong></span></p> <div> <div> </div> <div> <strong>What is the purpose of your visit in Nepal this time? </strong></div> <div> Our first priority was the All India Regional In-Charges Conference. We just completed the fiscal year 2012 /2013 that ended on March. </div> <div> </div> <div> FY 2012-13, has been good for our company. We wrote a premium of 9195 crores which is approximately NRs 14,712 crores and earned the company’s highest ever PBT of 858 crores. It has been a commendable performance overall – our office network all over India has increased to 1530, our investments have appreciated, and the Net Combined Ratio and Invest Coverage Ratio have decreased. Therefore, to carry this growth forward, it was necessary for us to plan and budget for the new fiscal year. Of course, 2012-13 will be a tough act to follow, but nonetheless, notwithstanding market challenges, NIC’s Corporate Management and the Regional In Charges have unanimously decided that the Target Premium for FY 13 – 14 will be in excess of 11,000 crores (approximately NRs 17,600 crores) . </div> <div> </div> <div> Also, our company shares a deep bond with Nepal. Our operations here have lasted almost 40 years, having started in January 1974. Today, we have six branches and two sub branches – a new branch is being opened in Pokhara and two sub branches at Narayanghat and Butwal. We are also keen to facilitate insurance awareness and ensure market penetration here. Thus, to get a clear on-the-ground assessment of market realities and to understand what we can do for Nepal’s insurance market, our entire corporate management team has come to Nepal. </div> <div> </div> <div> <strong>What is your evaluation of the Nepali Insurance Market? </strong></div> <div> There is a lot of scope for market expansion in Nepal. For, although a majority of Nepal’s population is based in Kathmandu and other urban centers, there are underserved regions without ready access to insurance. With 17 established companies presently in the market, that should not be a problem. I see immense possibility of increasing reach in unexplored areas. That is why I say there is tremendous scope for growth here. Nepal is a young market and there will be a first mover advantage for companies prepared to avail opportunities that are bound to rise once the economy bounces back as I am expecting it will in the coming years. </div> <div> </div> <div> <strong>The world is experiencing extreme calamities. How is the insurance sector responding to this? </strong></div> <div> The insurance industry worldwide is much aware of the challenges of climate change. It is trying to build capacity to meet this challenge by conducting a lot of studies and modeling so that catastrophes can be adequately taken care of. </div> <div> </div> <div> <strong>What kind of challenges does the insurance industry in India face? </strong></div> <div> The presence of global players through joint ventures, combined with an increasing number of Indian companies, has made the Indian insurance industry very competitive. But notwithstanding that fact, distribution still remains a challenge - the problems of penetration are the same in India as it is in Nepal. Rural markets are our focus - in these underpenetrated regions, the socio-economic demographics are different - low affordability demands competitive pricing which directly affects cost of distribution. We are therefore trying to meet this need with new technology enabled service delivery initiatives. </div> <div> </div> <div> We have come up with new projects such as ‘Office on Wheels’ – a motor vehicle, customised as an office. Fully air conditioned, the ‘OOW’ is self contained with amenities such as work stations, visitors’ seats, computers, printers, etc. Hi-fi connectivity enables on-the-spot issuance of policies. This helps us both in generating awareness of insurance as well as in marketing our products in suburban geographies. In fact, an insurance company from a neighbouring country also liked the idea of the OOWs and plans to implement it in their country. Perhaps this can be a solution for overcoming the problem of distance for rural clients. </div> <div> </div> <div> <strong>Do you have any other plans for Nepal apart from this? </strong></div> <div> Our main focus in Nepal will be agency development. We will be expanding our network which will contribute to employment in the country. We have also decided that our relationship managers will recruit at least five agents each. With 21 relationship managers recruiting five agents, we will have 105 agents in total. These agents will further bring in new ones – soon this will become an active employment generating activity besides serving the cause of disseminating insurance. </div> <div> </div> <div> <strong>Nepal has recently introduced crop insurance. What are your comments? </strong></div> <div> Crop insurance is very important. Agriculture insurance needs to be encouraged. A lot of governmental subsidies are offered in India for crop insurance because farmers sometimes are unable to pay the premium. Maybe the government here too should provide subsidies to some extent so that marginal farmers can take advantage of it as is happening in India today. </div> <div> </div> <div> <strong>What are the similarities and differences between the Indian and Nepali insurance markets? </strong></div> <div> Insurance everywhere has lot of common features as it is not restricted within national boundaries. In fact, you will be glad to know that despite the aviation industry in Nepal suffering losses currently, we have been supporting it unlike other companies who have withdrawn their support. </div> <div> </div> <div> Economic development also matters a lot. The Indian economy, though at low ebb presently, is one of the largest economies in the world. The distribution market in India is very strong and everyday new distribution channels are being used to facilitate insurance penetration – this is applicable for both life as well as non-life insurance. </div> <div> </div> <div> Two vital sectors which demand mention are health insurance and auto-mobile insurance – together they command 60 percent of the industry’s market share and I am happy to mention that National Insurance Company’s performance in both these sectors has been robust.</div> </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' => 'Shri NSR Chandraprasad is Chairman-cum-Managing Director at National Insurance Company Ltd. (NIC) and Chairman of GIPSA - General Insurers’ (Public Sector) Association of India.', 'sortorder' => '1395', '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' => '1533', 'article_category_id' => '159', 'title' => 'Between Work And Family', 'sub_title' => '', 'summary' => null, 'content' => '<div> <div> <strong style="font-size: 12px;">--BY Shruti Sonthalia</strong></div> <div> </div> <table align="right" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img alt="Nikunj Agrawal ,Director, Vishal Group" src="/userfiles/images/Nikunj%20Agrawal.jpg" style="width: 175px; height: 210px;" /></td> </tr> <tr> <td style="text-align: center;"> <div> <strong>Nikunj Agrawal</strong></div> <div> Director, Vishal Group</div> </td> </tr> </tbody> </table> <div> Meeting Nikunj Agarwal of Vishal Group to discuss after office activities, one gets the impression that business has kept the man extremely busy. “No matter where I am, business seems to be all around,” says the director of the company that brings in multinational brands such as Suzuki, Volkswagen and Nokia; has promoted NIC Asia Bank and NMB Bank; and also manufactures iron rods and batteries. </div> <div> </div> <div> There isn’t much after-office leisure in Agarwal’s daily schedule for as he gets over with his day, he goes on to plan his schedule for the next as it helps him stay organised. Down time is spent gladly with his family though, especially since he has been blessed with a baby girl recently. </div> <div> </div> <div> Family seems to be the one outlet to take his mind away from work. Usually starting his day with a morning walk and yoga, Agarwal’s care for his health allows him to try as many new cuisines, which he is fond of doing. He indulges in Japanese food often, also a favourite of his wife - whose support he admits to be able to double his energy and retain his enthusiasm. </div> <div> </div> <div> With business as a passion since childhood, Agarwal is attracted to new ventures and doing things on a daily basis to ensure success. Travel often helps to motivate him, although there is hardly any time to enjoy the places he visits for business. While he has been to India, Singapore, Europe, UK, Germany, France, Hongkong, Japan for work, South Africa, Thailand and Singapore have been places where he has had time to unwind with family.</div> </div> <p> </p>', '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' => 'Meeting Nikunj Agarwal of Vishal Group to discuss after office activities, one gets the impression that business has kept the man extremely busy', 'sortorder' => '1394', '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' => '1532', 'article_category_id' => '100', 'title' => 'Tourism Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>Cheapest and Most Expensive Destinations </strong></div> <div> Hotel comparison website trivago.co.uk has compiled a list of the ten cheapest and ten most expensive holiday destinations this summer. Popular honeymoon destination Bora Bora in the French Polynesia is the world’s most expensive destination this July and August, with one night costing an average of £497. On the other end of the scale is backpacker destination Patong Beach in Thailand, where one night will cost an average of just £33. </div> <div> <img alt="Cheapest and Most Expensive Destinations" src="/userfiles/images/cheap.jpg" style="width: 500px; height: 237px; margin: 5px;" /></div> <div> (Traveldailynews.com) </div> <div> </div> <div> <strong>Sweden Draws More Tourists </strong></div> <div> <img alt="" src="/userfiles/images/SWEDEN.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 49px;" />The number of international tourists visiting Sweden has increased in the recent years. According to a new report by , this positive trend is set to continue to 2017, bolstered by the attraction of Sweden’s unique natural phenomena. According to the report, tourism in Sweden is primarily nature-based. Key tourist attractions include the northern lights (or the aurora borealis), ice hotels and the country’s 15 UNESCO World Heritage Sites. The Ice Hotel at Jukkasjarvi, for example, attracts more than 50,000 tourists every year. According to the report, inbound tourist arrivals rose from 8.9 million in 2008 to 10.9 million in 2012, representing a compound annual growth rate (CAGR) of 5.22%. This trend is expected to continue between 2013 and 2017. (Traveldailynews.com) </div> <div> </div> <div> <strong>Global Tourism on a High </strong></div> <div> A total of 298 million international tourists traveled worldwide between January and April 2013, 12 million more than in the same period last year according to the latest UNWTO World Tourism Barometer. Prospects for the current tourism peak season remain positive with some 435 million tourists expected to travel abroad in the May-August period. International tourist arrivals grew by 4.3 per cent in the first four months of 2013 to reach a total of 298 million, up from 286 million, despite a challenging global economic environment. Results were positive in all regions, with the strongest growth in Asia and the Pacific (+6 per cent), Europe (+5 Per cent) and the Middle East (+5 Per cent) and weaker growth in the Americas (+1 per cent) and Africa (+2 per cent). (Traveldailynews.com) </div> <div> </div> <div> <strong>National Tourism Conference Held in India </strong></div> <div> The Indian Ministry of Tourism held a National Tourism Conference with State Tourism Ministers in New Delhi. The conference discussed the future strategies for realizing the full tourism potential of the country. The meeting was chaired by Union Tourism Minister Dr K Chiranjeevi. The meeting assumed a significant importance as India’s tourism industry has been hit by natural calamities and incidents. The conference launched a new campaign ‘I Respect Women’ with the Ministry of Tourism issuing badges in Hindi and 10 international languages. The conference also deliberate on various agenda items, which included the safety and security of tourists, Campaign Clean India to improve cleanliness at important tourist destinations, rationalization of taxes to make Indian tourism products competitive and bringing uniformity in the structure of road taxes and promote seamless travel among others. (Traveldailymedia.com)</div> <div> </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' => 'Hotel comparison website trivago.co.uk has compiled a list of the ten cheapest and ten most expensive holiday destinations this summer.', 'sortorder' => '1393', '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' => '1531', 'article_category_id' => '99', 'title' => 'Cave Tourism Package For Chovar', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> Chovar of Kirtipur Municipality is being promoted through a Cave Tourism Package. The place having religious and cultural significance is highly recognized as a spot for film shooting and is popular among picnickers. The entertainment park, industrial museum and Jal Vinayak Ganesh temple are some of the attractions here. Sujindra Maharjan, Chairman of Chovar Tourism Development Society (CTDS) said that the package is introduced with the purpose of further promoting the area as a tourist destination. </div> <div> </div> <div> Culture experts believe that the archeological importance of the place is helping in the promotion of the cave at Chovar. The cave has a length of 1200 meters, and only 411 meters is being promoted through the package for now. Nepali visitors are charged Rs 100 to 150 whereas foreigners have to pay three to 10 dollars depending upon the length of the cave travelled. Similarly, the charges for visiting Manjushree Park and other tourist destinations would also be the same. </div> <div> </div> <div> CTDS informed that after the promotion of the cave, at least 100 national and international tourists are visiting the area on a daily basis. It is also going to promote other tourist destinations in Chovar with the coordination with Nepal Tourism Board. </div> <div> </div> <div> A 33 feet statue of Manjushree will also be constructed at Chovar within the next three years at an investment of Rs 11.5 million.</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' => 'Chovar of Kirtipur Municipality is being promoted through a Cave Tourism Package.', 'sortorder' => '1392', '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' => '1530', 'article_category_id' => '99', 'title' => 'Tourists Increasing In Swargadwari', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> Swargadwari, the religious and tourist destination of Pyuthan is seeing an increased number of tourists. The number is increased as the motorway joining Bhingri and Swargadwar has now improved. According to authorities of the temple, the number of tourists has increased by 25 per cent this year. Around one million tourists visited the place last year among which 40,000 were domestic tourists and the rest were foreigners. </div> <div> </div> <div> A large number of tourists from Dang, Rolpa, Rukum, Salyan, Argakhanchi, Gulmi, Kaski, Jhapa, Palpa and other districts of Nepal visited Swargadwari this year The money collected from visitors last year reached up to Rs 10 million which was used for the renovation of the temple. </div> <div> </div> <div> Near future will see the construction of cable car from Bhingri and the operation of Home Stay at Dhanwang VDC of Swargadwari. This will further increase the number of tourists in the area. The business community is viewing the increment as a significant factor to improve the economic condition of the district. Hotel business and trade has flourished owing to the increase in number of tourists in the district.</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' => 'Swargadwari, the religious and tourist destination of Pyuthan is seeing an increased number of tourists.', 'sortorder' => '1391', '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' => '1529', 'article_category_id' => '157', 'title' => 'Single Malt Galore At Annapurna', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sujan Tiwari</strong></div> <div> </div> <div> Juneli Bar at Hotel Annapurna was a drinker’s paradise on Thursday evening. The hotel organized a single malt tasting program which also unveiled the Bar’s new single malt collection. The programme was attended by staffs of the Hotel and various business persons. </div> <div> </div> <div> According to Deepeksha B Rana, Food and Beverage manager at the Hotel, the purpose of the programme was to exhibit the newly furnished Juneli Bar and unveil the exclusive single malt collection. According to Rana, the drinking culture is on the change now, and people looking for more refined and exotic drinks. “We have introduced the collection for the single malt lovers,” said Rana. </div> <div> </div> <div> The collection comprises of 26 different single malt scotch whiskies distilled in highlands, lowlands, speyside and Islay of Scotland. Out of the collection, five single malts were offered for the tasting by the guests present. </div> <div> </div> <div> All the guests were informed about the single malts, and were taught the way to enjoy them. Tasting involved three steps namely Nose, the aroma and smell, then Palate, the initial taste and the sensation in the mouth and finally Finish, the aftertaste of the single malt. Glenkinchie 12 years, distilled in lowlands was the first on the list, with hints of lemon and peat, and herbal finish. Glengoyne 17 years was next, the award winning single malt with a fruity palate and a dry sweet finish. </div> <div> </div> <div> Fifteen years aged Glenlivet followed, and it had cinnamon and cloves palate with a long dry finish. Smokehead was next with strong hints of vanilla and a strong smoky palate. Finally, all the tasters rinsed their mouth with water for the last single malt, the Benriach 21 years, Speyside distilled. It had won the ‘Best Rare Speyside’ at World Whiskey Award for it fruity nose, sweet peaty palate and a sweet woody finish. </div> <div> </div> <div> All the tasted single malts are now on the Bar’s menu, including Glengoyne 21 years, Glenlivet 21 and 18 years, Legavulin 16 years and Laphroaig Triple Wood among many others. The price of the single malts ranges from Rs 8,500 to Rs 21,000 per bottle, excluding the applicable taxes. Juneli Bar at Hotel Annapurna is the place to be if you love single malts, and enjoy it in a classy and cosy ambience.</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' => 'Juneli Bar at Hotel Annapurna was a drinker’s paradise on Thursday evening.', 'sortorder' => '1390', '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' => '1528', 'article_category_id' => '152', 'title' => 'Focus Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>Leather Wings </strong></div> <div> Leather Wings is the pioneering genuine leather footwear manufacturer in Nepal. It was established in 1985 and has been serving its loyal customers for more than 28 years. The raw materials are painstakingly chosen for the comfort and durability of the hand-crafted shoes from within the country as well as abroad namely India, China, Thailand, Bangladesh and Pakistan. The manufacturing is semi-mechanised with the perfect blend of automation and craftsmanship. The company focuses on manufacturing and has distributors throughout the country. </div> <div> </div> <div> <strong>Base Footwear </strong></div> <div> Base Footwear (BF) Pvt Ltd is primarily known for its leading brand BF Dear Hill Shoes which was launched in 2000. The shoes under this brand were manufactured specifically for Nepali consumers who wanted durable and practical yet graceful footwear. In 2009, BF was certified with the international standard ISO 9001:2008 recognition making it the first footwear company of Nepal to be designated this honour. The shoes are now recognised by the logo. Its factory is located in Gaushala, from where it produces a wide variety of shoes comprising formal, casual and sports shoes. Besides, the company has also introduced sandals and belts. Leather materials such as polyurifine, polyvinyl chloride, and thermopoly rubbers are used for the shoes. BF shoes are easily available in over 1,000 outlets all over the country. The company claims to be selling well over 100,000 pairs of BF dear hill shoes annually. </div> <div> </div> <div> <strong>Goldstar Shoes </strong></div> <div> The footwear industry of the Universal Group, launched in the mid-1970s, was the group’s first and core business. Since its inception, the group has established itself as the biggest footwear producing group in Nepal. In 1990, it launched a mid-priced, value for money brand called Goldstar to service more price conscious markets. It is a robust brand made with genuine materials and modern technology. Goldstar is now sold in all over Nepal and gradually it is gaining popularity in the Indian markets too. The production line of the company also has Hawaii slippers called ‘Haathi’, introduced in the early 80s and now widely available throughout the country. This pioneer brand has attracted admiration over more than three decades. Haathi slippers and sandals are recognised throughout the country for its style and durability. The company has always prioritised the R&D of new cutting edge products, technology and customer service to expand the business into new markets. It has formed strong relationships around India and throughout the country with its distributors and the customers who it greatly appreciates for their support and loyalty. It has also earned national recognition as a progressive and well managed business through a “best exporter award”. </div> <div> </div> <div> <strong>Shikhar Shoes </strong></div> <div> Shikhar Shoes Industry Pvt Ltd is a leading footwear industry of Nepal established in 2052 BS. The company now has more than 15 exclusive showrooms and more than 200 outlets across the country. The industry was established as a proprietorship firm with its corporate office and factory in Ranibari-3, Kathmandu. It later converted to a Private Limited Company and has its factory in Goldhunga-3. Shikhar Shoes Industry, with its history of 18 years, is a leading footwear brand of Nepal due to its goodwill, image and sales volume. The industry is currently producing 1,500 pairs of shoes per day while its production capacity is that of 5,000 shoes daily. The industry, that used to exclusively produce men’s leather shoes, has now started producing all types of men’s footwear as well as ladies’ sandals and shoes. The manufacturing unit of the company produces shoes with semi-automatic modern machine. The establishment is providing direct and indirect employment to more than 4,000 people throughout the country.</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' => 'Leather Wings is the pioneering genuine leather footwear manufacturer in Nepal.', 'sortorder' => '1389', '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' => '1527', 'article_category_id' => '153', 'title' => 'Home-grown Footwear Brands Breaking New Grounds', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> Over the years, the number of buyers for footwear products manufactured in Nepal has registered a healthy growth, observed industry insiders. They attribute this development to advancements in manufacturing technology, delivery of quality products and meeting consumer expectations. </div> <div> </div> <div> The domestic market is witnessing a change in the buying pattern of customers in recent times. Slowly but surely, more number of people are beginning to get used to different brands of shoes produced locally, in an apparent departure from their love for foreign branded products earlier. “We had to convince hard to sell our products to the customers a few years ago. However, things stand changed today as they have started to trust Nepal-made shoes which have made our job easier,” said a salesperson at a leading shoes store. </div> <div> </div> <div> The domestic footwear industries that manufactured mostly leather products for long have also started to produce sports and casual shoes among others. Manufacturers opined that the buyers’ increasing confidence in them encouraged them to diversify their product portfolio. “We are about to install a new plant to manufacture ladies footwear and also looking to expand the product line-up in the casual and sports series,” said a leading manufacturer. </div> <div> </div> <div> Retailers too believed that consumers who preferred foreign brands earlier are increasingly shifting towards ‘Made in Nepal’ products. </div> <div> </div> <div> <strong>Leading Brands </strong></div> <div> Shikhar Shoes claims the company’s production output is close to 300,000 pairs of shoes annually. The company said that the domestic market consumes all that it manufactures. The company is planning to roll out a new premium brand targeting high-end customers in the near future. However, it depends on the results of a feasibility study it is carrying out. Products from Shikhar Shoes are priced in the range of Rs 350 to Rs 4,000. One of the largest manufacturers in the domestic market, business for Shikhar Shoes has been overwhelming in the past couple of years as it has been able to deliver quality products at affordable prices. The company has installed a new technology for the first time in Nepal called the ‘Conveyor System’ that enables production of large quantity while reducing time for manufacturing. </div> <div> </div> <div> Base Footwear, another prominent player in the domestic market that manufactures BF Dear Hill footwear products, has been witnessing huge success. A manager at the company said, “Most multi-brand retail outlets in the country now proudly feature domestic footwear products.” He claimed that the company’s annual production is around 200,000 pairs. Its products are in the price range of Rs 450 to Rs 3,500. Base Footwear manufactures products ranging from school and college shoes to party shoes, casual shoes and sports shoes. The company has recently started manufacturing football boots as well. BF Dear Hill, the first Nepali footwear brand to receive international standard certification 9001:2008, is also enjoying good business by luring customers with its fashionable, comfortable and durable products. </div> <div> </div> <div> Goldstar has become a household name in Nepal. This brand was launched after a studied research of the market. Foot specialists and experts working with various shoe companies were brought as consultants to design the product and draw up a business plan. Experts were unanimous in their beliefs that given the often-difficult terrain in most parts of Nepal, a shoe had to be sturdy, light and cheap. The company believes that there has been a massive shift in the acceptance of the domestic products, which is a positive sign for the industry. It claims that its annual output of over eight million pairs of shoes is not adequate to meet the demand from the market. While 70 per cent of Goldstar shoes are exported to India, the rest is sold in the domestic market.” Goldstar aims to increase its export potential to a number of countries and is a proud recipient of the ‘Best Exporter Award’. </div> <div> </div> <div> <strong>Challenges </strong></div> <div> Despite the reasonable penetration in the domestic footwear market, stakeholders said that various problems had prevented the domestic footwear industry from making faster progress. They pointed out issues like unfair customs duty on raw materials and unavailability of skilled labour among others. Domestically, manufactured products have the potential to outshine foreign products if the government provides them appropriate support, they said. </div> <div> </div> <div> The flooding of the market with low-quality and cheap Chinese products is wearing out the scope for the Nepali footwear industry. Stakeholders claimed this is primarily due to the porous border and lack of strong policies. </div> <div> </div> <div> “Because of unfair customs duty — high on raw materials and low on shoe import — production of Nepali shoes turn out to be more expensive. This has compelled customers to think twice before buying home manufactured shoes,” said an official of the Leather Footwear and Goods Manufacturers’ Association of Nepal (LFGMAN). Around 70 per cent of raw materials for shoes made in Nepal are imported from India, China, Thailand and Taiwan. </div> <div> </div> <div> Industrialists claimed that apart from the open border and duplicate products, labour problem has hit the industry hard. Manufacturers said that they face threats from the labours and their respective trade unions regularly. While the industry is growing steadily despite the workforce crisis, such threats certainly hamper the sector. </div> <div> </div> <div> <strong>Way Forward </strong></div> <div> Withstanding a number of challenges, the Nepali footwear industry is still emerging as a promising business sector — growing at an annual rate of 15 per cent. Latest fashionable designs coupled with fine craftsmanship have led to domestic shoes starting to offer an alternative for international brands in the market that cost way expensive. Besides, of course, some Nepali manufacturers have started to explore the potential of exporting ‘Made in Nepal’ products to the international market. </div> <div> </div> <div> The customers’ attraction towards Nepali footwear products is on the rise and the market has been consistently registering increase in demand. This has encouraged existing manufacturers to maintain quality while the number of new manufacturers too has increased significantly. There are 500 shoe manufacturers in the country and 10 medium scale footwear industries. According to LFGMAN, Nepali footwear products account for 60 per cent of the total shoe market in the country. </div> <div> </div> <div> Even though the economy is experiencing a difficult phase currently, local shoe manufacturers see a bright future for the industry provided they receive adequate support and a good platform to market their products.</div> <div> </div> <div> <img alt="FOOTWEAR BRANDS" src="/userfiles/images/fOOTWEAR%20BRANDS1.jpg" style="width: 500px; height: 327px;" /></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' => 'Footwear products manufactured and branded in Nepal have marketed their products aggressively over the last few years and ensured a considerable share of the footwear market in Nepal.', 'sortorder' => '1388', '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' => '1526', 'article_category_id' => '108', 'title' => 'Money Matters News In Brief (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>EIC Employee on Strike </strong></div> <div> <img alt=" Everest Insurance Company (EIC)" src="/userfiles/images/eic.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 49px;" />Employees of Everest Insurance Company (EIC) are on strike from Wednesday (July 24). After Insurance Board has partially banned on EIC to handle fire insurance business, it has not been capable to renew its license. So, stating that the Insurance Board and the management team of company have not taken any steps to change the situation, the employees of the EIC have been on strike daily from July 24. </div> <div> </div> <div> </div> <div> <strong>NB Bank Awarded for Best Financial Report </strong></div> <div> <img alt="Nepal Bangladesh Bank" src="/userfiles/images/nb%20bank.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 35px;" />Nepal Bangladesh Bank has bagged 1st runner up award for best financial report. The annual award is given by Nepal Chartered Accountants’ Association. The financial reports are evaluated as per the rules set by South Asian Federation of Accountants and the reports that are adjudged best in the country are then sent to compete at the South Asian level. NB Bank made a remarkable improvement compared to last fiscal year. </div> <div> </div> <div> </div> <div> <strong>Laxmi at Waling and Kohalpur </strong></div> <div> <img alt="Laxmi Bank" src="/userfiles/images/laxmi.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 80px; height: 40px;" />Laxmi Bank has opened branches at Waling, Syanga and Kohalpur, Banke. After these, the number of branches of bank reached 33. </div> <div> </div> <div> </div> <div> </div> <div> <strong>Sanima at Hetauda </strong></div> <div> <img alt="Sanima Bank Limited (Sanima) " src="/userfiles/images/sanima%20bank.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 13px;" />Sanima Bank Limited (Sanima) has opened its 25th branch at Hetauda. The branche was jointly inaugurated by the Chairman, Jiba Lamichhane and Brand Ambassador of Sanima, Hari Bansha Acharya & Madan Krishna Shrestha (MAHA). </div> <div> </div> <div> </div> <div> <strong>Citizens’ ATM at Bhat-Bhatani </strong></div> <div> <img alt="" src="/userfiles/images/citizens.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 25px;" />Citizens Bank International on Wednesday, July 24 installed its 36th ATM terminal at Bhat- Bhateni Supermarket, Bhat-Bhateni. </div> <div> </div> <div> </div> <div> <strong>NIBL Debentures Allotted </strong></div> <div> <img alt="Nepal Investment Bank Limited (NIBL)" src="/userfiles/images/nibl.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 24px;" />Nepal Investment Bank Limited (NIBL) has allotted Rs.500 million Redeemable “8% NIB Debenture 2077” to general public on (6th Shrawan, 2070), It is refunding money to the non-allottee investors from 11th Shrawan, 2070. </div> <div> </div> <div> </div> <div> <strong>Manaslu IPO </strong></div> <div> <img alt="" src="/userfiles/images/manaslu.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 33px;" />Manaslu Bikas Bank Ltd is going for initial public offering (IPO). The bank is going to issue 3,60,000 ordinary shares to the public at par value of Rs 100. </div> <div> </div> <div> </div> <div> <strong>Grade 4 for Mahakali IPO </strong></div> <div> <img alt="" src="/userfiles/images/icra.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 46px;" /><img alt="Mahakali Bikas Bank Limited" src="/userfiles/images/mahakali.jpg" style="float: left; margin: 0px 10px 0px 0px;height: 22px; width: 100px;" />ICRA Nepal Limited has assigned a [ICRANP] IPO Grade 4 (Pronounced as ICRA NP IPO Grade Four) Rating to the Rs. 80 million Right Issue of Mahakali Bikas Bank Limited. Instruments with this rating are considered to have below-average fundamentals.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', 'modified' => '2013-07-29', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Employees of Everest Insurance Company (EIC) are on strike from Wednesday (July 24).', 'sortorder' => '1387', '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' => '1525', 'article_category_id' => '109', 'title' => 'Liquidation If Not Revival For Poor BFIs', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> Nepal Rastra Bank (NRB) has give a time period of six months to problematic banks and financial institutions (BFIs) to revive. The banks and financial institutions which have been declared problematic from long time have not been able to revive. So, in such a situation bad messages has gone to the public. </div> <div> </div> <div> According to NRB officials, though there is a provision of just six months to revive, it has been seen as unpractical. </div> <div> </div> <div> Thus, NRB has been going to conduct Due Diligence Audit (DDA) of such problematic BFIs. After the arrival of DDA reports of problematic BFIs, NRB is going to provide six months provision period to revive. </div> <div> </div> <div> Number of problematic BFIs has been increasing day-by-day. If a single or two-three BFIs were seen problematic they can be managed through fast track decision from NRB. But as the number has increased highly the central bank has come with a plan to give deadline of six months to recover the bad loans or inject the capital from promoters. </div> <div> </div> <div> After these action also the problematic BFIs do not revive, they are taken to the process of liquidation. Till now, Nepal Development Bank, United Bikas Bank and Samjhana Finance has been liquidated.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Nepal Rastra Bank (NRB) has give a time period of six months to problematic banks and financial institutions (BFIs) to revive.', 'sortorder' => '1386', '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' => '1524', 'article_category_id' => '109', 'title' => 'CRR Rates Revised', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> Nepal Rastra Bank (NRB) has revised its Cash Reserve Ratio (CRR) to be maintained by banks and financial institutions (BFIs). As per the new circular issued by NRB on July 28 (Sunday), ‘A’ class BFIs should maintain a CRR of 5.0 percent, ‘B’ class BFIs should maintain 4.5 percent and ‘C’class BFIs should maintain 4.0 percent. Previously, the ratios were 6.0 percent, 5.5 percent and 5.0 percent, respectively. </div> <div> </div> <div> NRB has directed to invest ‘A’, ‘B’ and ‘C’ class BFIs a minimum of 4.5 percent, 4.0 percent and 3.5 percent, respectively of the total loan and advance on deprived sector loans. </div> <div> </div> <div> The new circular has also extended the maximum duration of 21 days for repo and reverse repo auction periods and revised the provision on refinancing. As per the new provision, the interest rate for normal refinancing has been maintained at 5.0 percent. The circular also directed not to take more than 9.0 percent from the borrower. </div> <div> </div> <div> Interest rates on special refinancing through loan flown (mainly to small and cottage industry, foreign employment and sick industry) should be given at 1 percent annually. BFIs could not take more than 4.5 percent from the borrower as per the new circular. </div> <div> </div> <div> Similarly, BFIs can provide export refinances to exim businesses at 1.0 percent on the basis of good loan collaterals, but they could not take more than 4.5 percent from the borrower as per the new circular. </div> <div> </div> <div> NRB has also directed to provide a refinancing facility to small and medium scale industry loans at 5.0 percent per annum on the collateral of good loan of the borrower. However, BFIs could not take more than 10.0 percent from the borrower as per the new circular.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Nepal Rastra Bank (NRB) has revised its Cash Reserve Ratio (CRR) to be maintained by banks and financial institutions (BFIs).', 'sortorder' => '1385', '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' => '1523', 'article_category_id' => '109', 'title' => 'Nepse Dropped, But Huge Rise In Insurance', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Rashesh Vaidya</strong></div> <div> </div> <div> Nepse index saw the bearish trend declining by 6.65 points during previous week. It had closed 535.80 on Sunday, 21st July (the first trading day of the week) and reached 529.15 at the close of Thursday, 25th July (the last trading day of the week). The market floor was open for five days. </div> <div> </div> <div> In the week, the insurance sub-index increased the highest by 47.92 points closing at 1041.44 points with an increase in share price of most of the insurance companies traded during the week. Among them, the share price of Life Insurance Company Nepal increased the highest by Rs 45 per share during the week. The ‘others’ sub-index dropped by 17.62 points closing at 633.27. The share price of Nepal Telecom dropped to Rs 536 per share on July 24 (Wednesday) which forced the sub-index to drop heavily from high of Rs 538. </div> <div> </div> <div> Announcement of the Monetary Policy 2013-14 by Nepal Rastra Bank (NRB) did not made any impact on the market. The impact of new provision on the capital increment forwarded by NRB was not seen in the share price of the banks and financial institutions. </div> <div> </div> <div> Similarly, the decline in the hotel sub-index also backed in the drop of the Nepse. The sub-index dropped by 14.25 points during a week. Only trading of the shares of Soaltee Hotel also dropped to Rs 271from high of Rs 276 per share. </div> <div> </div> <div> Shares of 123 companies were traded at Nepse during the week through 8,254 transactions amounting to Rs 724,695,000. The share price of 35 companies increased while 59 companies lost price and 29 companies remained unchanged. The transaction amount of the week is 84.13 percent higher than that of earlier week. The total number of scrips traded was 2,531,949 which is less by 1,262,365 scrips than that of earlier week. </div> <div> </div> <div> Everest Bank topped the list in terms of transaction amount (Rs 92,748,000). Nabil Balanced Fund topped in number of scrips traded during the week. Altogether 505,893 scrips of the fund were traded during the week. </div> <div> </div> <div> NIC Asia Bank was at the top on the basis of the number of transactions (865).</div> <div> </div> <div> <img alt="" src="/userfiles/images/sectors.jpg" style="width: 550px; height: 152px;" /></div> <div> </div> <div> <hr /> <div> <strong>Nepse on Sunday</strong></div> <div> Nepse Index closed at 534.22 points on Sunday (July 28). The index increased by 5.15 points from the Thursday (July 25) close. All the sectors sub-indices saw increment during the day. Insurance sub-index increased the highest by 60.69 points closing at 1101.57 points. Total of 370, 039 shares were traded from 1743 transactions during the day.</div> </div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Nepse index saw the bearish trend declining by 6.65 points during previous week.', 'sortorder' => '1384', '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' => '1522', 'article_category_id' => '110', 'title' => 'Top Ten Losers (22 - 28 July 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Top Ten Losers" src="/userfiles/images/Top%2010%20Losers(1).jpg" style="width: 500px; height: 193px;" /></p>', 'published' => true, 'created' => '2013-07-29', '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' => 'Top Ten Losers', 'sortorder' => '1383', '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' => '1521', 'article_category_id' => '111', 'title' => 'Top Ten Gainers (22 - 28 July 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Top 10 Gainers" src="/userfiles/images/Top%2010%20Gainers(1).jpg" /></p>', 'published' => true, 'created' => '2013-07-29', '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' => 'Top Ten Gainers', 'sortorder' => '1382', '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' => '1520', 'article_category_id' => '113', 'title' => 'US Dollar Exchange Rate At Local Market (22 - 28 July 2013)', 'sub_title' => '', 'summary' => null, 'content' => '', 'published' => true, 'created' => '2013-07-29', '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' => 'US Dollar Exchange Rate At Local Market', 'sortorder' => '1381', '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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(NIC) and Chairman of GIPSA - General Insurers’ (Public Sector) Association of India. He is also on the Board of the General Insurance Corporation of India. Chandraprasad has experience of more than 34 years in the general insurance industry, having held a number of key positions in marketing, operations, reinsurance and personnel in India as well as overseas as Managing Director of Prestige Assurance Plc, Lagos, a subsidiary of New India Assurance Company. In his recent visit to Nepal, Chandraprasad spoke to The Corporate weekly on the insurance market in Nepal.<strong> Excerpts: </strong></span></p> <div> <div> </div> <div> <strong>What is the purpose of your visit in Nepal this time? </strong></div> <div> Our first priority was the All India Regional In-Charges Conference. We just completed the fiscal year 2012 /2013 that ended on March. </div> <div> </div> <div> FY 2012-13, has been good for our company. We wrote a premium of 9195 crores which is approximately NRs 14,712 crores and earned the company’s highest ever PBT of 858 crores. It has been a commendable performance overall – our office network all over India has increased to 1530, our investments have appreciated, and the Net Combined Ratio and Invest Coverage Ratio have decreased. Therefore, to carry this growth forward, it was necessary for us to plan and budget for the new fiscal year. Of course, 2012-13 will be a tough act to follow, but nonetheless, notwithstanding market challenges, NIC’s Corporate Management and the Regional In Charges have unanimously decided that the Target Premium for FY 13 – 14 will be in excess of 11,000 crores (approximately NRs 17,600 crores) . </div> <div> </div> <div> Also, our company shares a deep bond with Nepal. Our operations here have lasted almost 40 years, having started in January 1974. Today, we have six branches and two sub branches – a new branch is being opened in Pokhara and two sub branches at Narayanghat and Butwal. We are also keen to facilitate insurance awareness and ensure market penetration here. Thus, to get a clear on-the-ground assessment of market realities and to understand what we can do for Nepal’s insurance market, our entire corporate management team has come to Nepal. </div> <div> </div> <div> <strong>What is your evaluation of the Nepali Insurance Market? </strong></div> <div> There is a lot of scope for market expansion in Nepal. For, although a majority of Nepal’s population is based in Kathmandu and other urban centers, there are underserved regions without ready access to insurance. With 17 established companies presently in the market, that should not be a problem. I see immense possibility of increasing reach in unexplored areas. That is why I say there is tremendous scope for growth here. Nepal is a young market and there will be a first mover advantage for companies prepared to avail opportunities that are bound to rise once the economy bounces back as I am expecting it will in the coming years. </div> <div> </div> <div> <strong>The world is experiencing extreme calamities. How is the insurance sector responding to this? </strong></div> <div> The insurance industry worldwide is much aware of the challenges of climate change. It is trying to build capacity to meet this challenge by conducting a lot of studies and modeling so that catastrophes can be adequately taken care of. </div> <div> </div> <div> <strong>What kind of challenges does the insurance industry in India face? </strong></div> <div> The presence of global players through joint ventures, combined with an increasing number of Indian companies, has made the Indian insurance industry very competitive. But notwithstanding that fact, distribution still remains a challenge - the problems of penetration are the same in India as it is in Nepal. Rural markets are our focus - in these underpenetrated regions, the socio-economic demographics are different - low affordability demands competitive pricing which directly affects cost of distribution. We are therefore trying to meet this need with new technology enabled service delivery initiatives. </div> <div> </div> <div> We have come up with new projects such as ‘Office on Wheels’ – a motor vehicle, customised as an office. Fully air conditioned, the ‘OOW’ is self contained with amenities such as work stations, visitors’ seats, computers, printers, etc. Hi-fi connectivity enables on-the-spot issuance of policies. This helps us both in generating awareness of insurance as well as in marketing our products in suburban geographies. In fact, an insurance company from a neighbouring country also liked the idea of the OOWs and plans to implement it in their country. Perhaps this can be a solution for overcoming the problem of distance for rural clients. </div> <div> </div> <div> <strong>Do you have any other plans for Nepal apart from this? </strong></div> <div> Our main focus in Nepal will be agency development. We will be expanding our network which will contribute to employment in the country. We have also decided that our relationship managers will recruit at least five agents each. With 21 relationship managers recruiting five agents, we will have 105 agents in total. These agents will further bring in new ones – soon this will become an active employment generating activity besides serving the cause of disseminating insurance. </div> <div> </div> <div> <strong>Nepal has recently introduced crop insurance. What are your comments? </strong></div> <div> Crop insurance is very important. Agriculture insurance needs to be encouraged. A lot of governmental subsidies are offered in India for crop insurance because farmers sometimes are unable to pay the premium. Maybe the government here too should provide subsidies to some extent so that marginal farmers can take advantage of it as is happening in India today. </div> <div> </div> <div> <strong>What are the similarities and differences between the Indian and Nepali insurance markets? </strong></div> <div> Insurance everywhere has lot of common features as it is not restricted within national boundaries. In fact, you will be glad to know that despite the aviation industry in Nepal suffering losses currently, we have been supporting it unlike other companies who have withdrawn their support. </div> <div> </div> <div> Economic development also matters a lot. The Indian economy, though at low ebb presently, is one of the largest economies in the world. The distribution market in India is very strong and everyday new distribution channels are being used to facilitate insurance penetration – this is applicable for both life as well as non-life insurance. </div> <div> </div> <div> Two vital sectors which demand mention are health insurance and auto-mobile insurance – together they command 60 percent of the industry’s market share and I am happy to mention that National Insurance Company’s performance in both these sectors has been robust.</div> </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' => 'Shri NSR Chandraprasad is Chairman-cum-Managing Director at National Insurance Company Ltd. (NIC) and Chairman of GIPSA - General Insurers’ (Public Sector) Association of India.', 'sortorder' => '1395', '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' => '1533', 'article_category_id' => '159', 'title' => 'Between Work And Family', 'sub_title' => '', 'summary' => null, 'content' => '<div> <div> <strong style="font-size: 12px;">--BY Shruti Sonthalia</strong></div> <div> </div> <table align="right" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img alt="Nikunj Agrawal ,Director, Vishal Group" src="/userfiles/images/Nikunj%20Agrawal.jpg" style="width: 175px; height: 210px;" /></td> </tr> <tr> <td style="text-align: center;"> <div> <strong>Nikunj Agrawal</strong></div> <div> Director, Vishal Group</div> </td> </tr> </tbody> </table> <div> Meeting Nikunj Agarwal of Vishal Group to discuss after office activities, one gets the impression that business has kept the man extremely busy. “No matter where I am, business seems to be all around,” says the director of the company that brings in multinational brands such as Suzuki, Volkswagen and Nokia; has promoted NIC Asia Bank and NMB Bank; and also manufactures iron rods and batteries. </div> <div> </div> <div> There isn’t much after-office leisure in Agarwal’s daily schedule for as he gets over with his day, he goes on to plan his schedule for the next as it helps him stay organised. Down time is spent gladly with his family though, especially since he has been blessed with a baby girl recently. </div> <div> </div> <div> Family seems to be the one outlet to take his mind away from work. Usually starting his day with a morning walk and yoga, Agarwal’s care for his health allows him to try as many new cuisines, which he is fond of doing. He indulges in Japanese food often, also a favourite of his wife - whose support he admits to be able to double his energy and retain his enthusiasm. </div> <div> </div> <div> With business as a passion since childhood, Agarwal is attracted to new ventures and doing things on a daily basis to ensure success. Travel often helps to motivate him, although there is hardly any time to enjoy the places he visits for business. While he has been to India, Singapore, Europe, UK, Germany, France, Hongkong, Japan for work, South Africa, Thailand and Singapore have been places where he has had time to unwind with family.</div> </div> <p> </p>', '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' => 'Meeting Nikunj Agarwal of Vishal Group to discuss after office activities, one gets the impression that business has kept the man extremely busy', 'sortorder' => '1394', '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' => '1532', 'article_category_id' => '100', 'title' => 'Tourism Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>Cheapest and Most Expensive Destinations </strong></div> <div> Hotel comparison website trivago.co.uk has compiled a list of the ten cheapest and ten most expensive holiday destinations this summer. Popular honeymoon destination Bora Bora in the French Polynesia is the world’s most expensive destination this July and August, with one night costing an average of £497. On the other end of the scale is backpacker destination Patong Beach in Thailand, where one night will cost an average of just £33. </div> <div> <img alt="Cheapest and Most Expensive Destinations" src="/userfiles/images/cheap.jpg" style="width: 500px; height: 237px; margin: 5px;" /></div> <div> (Traveldailynews.com) </div> <div> </div> <div> <strong>Sweden Draws More Tourists </strong></div> <div> <img alt="" src="/userfiles/images/SWEDEN.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 49px;" />The number of international tourists visiting Sweden has increased in the recent years. According to a new report by , this positive trend is set to continue to 2017, bolstered by the attraction of Sweden’s unique natural phenomena. According to the report, tourism in Sweden is primarily nature-based. Key tourist attractions include the northern lights (or the aurora borealis), ice hotels and the country’s 15 UNESCO World Heritage Sites. The Ice Hotel at Jukkasjarvi, for example, attracts more than 50,000 tourists every year. According to the report, inbound tourist arrivals rose from 8.9 million in 2008 to 10.9 million in 2012, representing a compound annual growth rate (CAGR) of 5.22%. This trend is expected to continue between 2013 and 2017. (Traveldailynews.com) </div> <div> </div> <div> <strong>Global Tourism on a High </strong></div> <div> A total of 298 million international tourists traveled worldwide between January and April 2013, 12 million more than in the same period last year according to the latest UNWTO World Tourism Barometer. Prospects for the current tourism peak season remain positive with some 435 million tourists expected to travel abroad in the May-August period. International tourist arrivals grew by 4.3 per cent in the first four months of 2013 to reach a total of 298 million, up from 286 million, despite a challenging global economic environment. Results were positive in all regions, with the strongest growth in Asia and the Pacific (+6 per cent), Europe (+5 Per cent) and the Middle East (+5 Per cent) and weaker growth in the Americas (+1 per cent) and Africa (+2 per cent). (Traveldailynews.com) </div> <div> </div> <div> <strong>National Tourism Conference Held in India </strong></div> <div> The Indian Ministry of Tourism held a National Tourism Conference with State Tourism Ministers in New Delhi. The conference discussed the future strategies for realizing the full tourism potential of the country. The meeting was chaired by Union Tourism Minister Dr K Chiranjeevi. The meeting assumed a significant importance as India’s tourism industry has been hit by natural calamities and incidents. The conference launched a new campaign ‘I Respect Women’ with the Ministry of Tourism issuing badges in Hindi and 10 international languages. The conference also deliberate on various agenda items, which included the safety and security of tourists, Campaign Clean India to improve cleanliness at important tourist destinations, rationalization of taxes to make Indian tourism products competitive and bringing uniformity in the structure of road taxes and promote seamless travel among others. (Traveldailymedia.com)</div> <div> </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' => 'Hotel comparison website trivago.co.uk has compiled a list of the ten cheapest and ten most expensive holiday destinations this summer.', 'sortorder' => '1393', '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' => '1531', 'article_category_id' => '99', 'title' => 'Cave Tourism Package For Chovar', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> Chovar of Kirtipur Municipality is being promoted through a Cave Tourism Package. The place having religious and cultural significance is highly recognized as a spot for film shooting and is popular among picnickers. The entertainment park, industrial museum and Jal Vinayak Ganesh temple are some of the attractions here. Sujindra Maharjan, Chairman of Chovar Tourism Development Society (CTDS) said that the package is introduced with the purpose of further promoting the area as a tourist destination. </div> <div> </div> <div> Culture experts believe that the archeological importance of the place is helping in the promotion of the cave at Chovar. The cave has a length of 1200 meters, and only 411 meters is being promoted through the package for now. Nepali visitors are charged Rs 100 to 150 whereas foreigners have to pay three to 10 dollars depending upon the length of the cave travelled. Similarly, the charges for visiting Manjushree Park and other tourist destinations would also be the same. </div> <div> </div> <div> CTDS informed that after the promotion of the cave, at least 100 national and international tourists are visiting the area on a daily basis. It is also going to promote other tourist destinations in Chovar with the coordination with Nepal Tourism Board. </div> <div> </div> <div> A 33 feet statue of Manjushree will also be constructed at Chovar within the next three years at an investment of Rs 11.5 million.</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' => 'Chovar of Kirtipur Municipality is being promoted through a Cave Tourism Package.', 'sortorder' => '1392', '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' => '1530', 'article_category_id' => '99', 'title' => 'Tourists Increasing In Swargadwari', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> Swargadwari, the religious and tourist destination of Pyuthan is seeing an increased number of tourists. The number is increased as the motorway joining Bhingri and Swargadwar has now improved. According to authorities of the temple, the number of tourists has increased by 25 per cent this year. Around one million tourists visited the place last year among which 40,000 were domestic tourists and the rest were foreigners. </div> <div> </div> <div> A large number of tourists from Dang, Rolpa, Rukum, Salyan, Argakhanchi, Gulmi, Kaski, Jhapa, Palpa and other districts of Nepal visited Swargadwari this year The money collected from visitors last year reached up to Rs 10 million which was used for the renovation of the temple. </div> <div> </div> <div> Near future will see the construction of cable car from Bhingri and the operation of Home Stay at Dhanwang VDC of Swargadwari. This will further increase the number of tourists in the area. The business community is viewing the increment as a significant factor to improve the economic condition of the district. Hotel business and trade has flourished owing to the increase in number of tourists in the district.</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' => 'Swargadwari, the religious and tourist destination of Pyuthan is seeing an increased number of tourists.', 'sortorder' => '1391', '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' => '1529', 'article_category_id' => '157', 'title' => 'Single Malt Galore At Annapurna', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sujan Tiwari</strong></div> <div> </div> <div> Juneli Bar at Hotel Annapurna was a drinker’s paradise on Thursday evening. The hotel organized a single malt tasting program which also unveiled the Bar’s new single malt collection. The programme was attended by staffs of the Hotel and various business persons. </div> <div> </div> <div> According to Deepeksha B Rana, Food and Beverage manager at the Hotel, the purpose of the programme was to exhibit the newly furnished Juneli Bar and unveil the exclusive single malt collection. According to Rana, the drinking culture is on the change now, and people looking for more refined and exotic drinks. “We have introduced the collection for the single malt lovers,” said Rana. </div> <div> </div> <div> The collection comprises of 26 different single malt scotch whiskies distilled in highlands, lowlands, speyside and Islay of Scotland. Out of the collection, five single malts were offered for the tasting by the guests present. </div> <div> </div> <div> All the guests were informed about the single malts, and were taught the way to enjoy them. Tasting involved three steps namely Nose, the aroma and smell, then Palate, the initial taste and the sensation in the mouth and finally Finish, the aftertaste of the single malt. Glenkinchie 12 years, distilled in lowlands was the first on the list, with hints of lemon and peat, and herbal finish. Glengoyne 17 years was next, the award winning single malt with a fruity palate and a dry sweet finish. </div> <div> </div> <div> Fifteen years aged Glenlivet followed, and it had cinnamon and cloves palate with a long dry finish. Smokehead was next with strong hints of vanilla and a strong smoky palate. Finally, all the tasters rinsed their mouth with water for the last single malt, the Benriach 21 years, Speyside distilled. It had won the ‘Best Rare Speyside’ at World Whiskey Award for it fruity nose, sweet peaty palate and a sweet woody finish. </div> <div> </div> <div> All the tasted single malts are now on the Bar’s menu, including Glengoyne 21 years, Glenlivet 21 and 18 years, Legavulin 16 years and Laphroaig Triple Wood among many others. The price of the single malts ranges from Rs 8,500 to Rs 21,000 per bottle, excluding the applicable taxes. Juneli Bar at Hotel Annapurna is the place to be if you love single malts, and enjoy it in a classy and cosy ambience.</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' => 'Juneli Bar at Hotel Annapurna was a drinker’s paradise on Thursday evening.', 'sortorder' => '1390', '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' => '1528', 'article_category_id' => '152', 'title' => 'Focus Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>Leather Wings </strong></div> <div> Leather Wings is the pioneering genuine leather footwear manufacturer in Nepal. It was established in 1985 and has been serving its loyal customers for more than 28 years. The raw materials are painstakingly chosen for the comfort and durability of the hand-crafted shoes from within the country as well as abroad namely India, China, Thailand, Bangladesh and Pakistan. The manufacturing is semi-mechanised with the perfect blend of automation and craftsmanship. The company focuses on manufacturing and has distributors throughout the country. </div> <div> </div> <div> <strong>Base Footwear </strong></div> <div> Base Footwear (BF) Pvt Ltd is primarily known for its leading brand BF Dear Hill Shoes which was launched in 2000. The shoes under this brand were manufactured specifically for Nepali consumers who wanted durable and practical yet graceful footwear. In 2009, BF was certified with the international standard ISO 9001:2008 recognition making it the first footwear company of Nepal to be designated this honour. The shoes are now recognised by the logo. Its factory is located in Gaushala, from where it produces a wide variety of shoes comprising formal, casual and sports shoes. Besides, the company has also introduced sandals and belts. Leather materials such as polyurifine, polyvinyl chloride, and thermopoly rubbers are used for the shoes. BF shoes are easily available in over 1,000 outlets all over the country. The company claims to be selling well over 100,000 pairs of BF dear hill shoes annually. </div> <div> </div> <div> <strong>Goldstar Shoes </strong></div> <div> The footwear industry of the Universal Group, launched in the mid-1970s, was the group’s first and core business. Since its inception, the group has established itself as the biggest footwear producing group in Nepal. In 1990, it launched a mid-priced, value for money brand called Goldstar to service more price conscious markets. It is a robust brand made with genuine materials and modern technology. Goldstar is now sold in all over Nepal and gradually it is gaining popularity in the Indian markets too. The production line of the company also has Hawaii slippers called ‘Haathi’, introduced in the early 80s and now widely available throughout the country. This pioneer brand has attracted admiration over more than three decades. Haathi slippers and sandals are recognised throughout the country for its style and durability. The company has always prioritised the R&D of new cutting edge products, technology and customer service to expand the business into new markets. It has formed strong relationships around India and throughout the country with its distributors and the customers who it greatly appreciates for their support and loyalty. It has also earned national recognition as a progressive and well managed business through a “best exporter award”. </div> <div> </div> <div> <strong>Shikhar Shoes </strong></div> <div> Shikhar Shoes Industry Pvt Ltd is a leading footwear industry of Nepal established in 2052 BS. The company now has more than 15 exclusive showrooms and more than 200 outlets across the country. The industry was established as a proprietorship firm with its corporate office and factory in Ranibari-3, Kathmandu. It later converted to a Private Limited Company and has its factory in Goldhunga-3. Shikhar Shoes Industry, with its history of 18 years, is a leading footwear brand of Nepal due to its goodwill, image and sales volume. The industry is currently producing 1,500 pairs of shoes per day while its production capacity is that of 5,000 shoes daily. The industry, that used to exclusively produce men’s leather shoes, has now started producing all types of men’s footwear as well as ladies’ sandals and shoes. The manufacturing unit of the company produces shoes with semi-automatic modern machine. The establishment is providing direct and indirect employment to more than 4,000 people throughout the country.</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' => 'Leather Wings is the pioneering genuine leather footwear manufacturer in Nepal.', 'sortorder' => '1389', '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' => '1527', 'article_category_id' => '153', 'title' => 'Home-grown Footwear Brands Breaking New Grounds', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> Over the years, the number of buyers for footwear products manufactured in Nepal has registered a healthy growth, observed industry insiders. They attribute this development to advancements in manufacturing technology, delivery of quality products and meeting consumer expectations. </div> <div> </div> <div> The domestic market is witnessing a change in the buying pattern of customers in recent times. Slowly but surely, more number of people are beginning to get used to different brands of shoes produced locally, in an apparent departure from their love for foreign branded products earlier. “We had to convince hard to sell our products to the customers a few years ago. However, things stand changed today as they have started to trust Nepal-made shoes which have made our job easier,” said a salesperson at a leading shoes store. </div> <div> </div> <div> The domestic footwear industries that manufactured mostly leather products for long have also started to produce sports and casual shoes among others. Manufacturers opined that the buyers’ increasing confidence in them encouraged them to diversify their product portfolio. “We are about to install a new plant to manufacture ladies footwear and also looking to expand the product line-up in the casual and sports series,” said a leading manufacturer. </div> <div> </div> <div> Retailers too believed that consumers who preferred foreign brands earlier are increasingly shifting towards ‘Made in Nepal’ products. </div> <div> </div> <div> <strong>Leading Brands </strong></div> <div> Shikhar Shoes claims the company’s production output is close to 300,000 pairs of shoes annually. The company said that the domestic market consumes all that it manufactures. The company is planning to roll out a new premium brand targeting high-end customers in the near future. However, it depends on the results of a feasibility study it is carrying out. Products from Shikhar Shoes are priced in the range of Rs 350 to Rs 4,000. One of the largest manufacturers in the domestic market, business for Shikhar Shoes has been overwhelming in the past couple of years as it has been able to deliver quality products at affordable prices. The company has installed a new technology for the first time in Nepal called the ‘Conveyor System’ that enables production of large quantity while reducing time for manufacturing. </div> <div> </div> <div> Base Footwear, another prominent player in the domestic market that manufactures BF Dear Hill footwear products, has been witnessing huge success. A manager at the company said, “Most multi-brand retail outlets in the country now proudly feature domestic footwear products.” He claimed that the company’s annual production is around 200,000 pairs. Its products are in the price range of Rs 450 to Rs 3,500. Base Footwear manufactures products ranging from school and college shoes to party shoes, casual shoes and sports shoes. The company has recently started manufacturing football boots as well. BF Dear Hill, the first Nepali footwear brand to receive international standard certification 9001:2008, is also enjoying good business by luring customers with its fashionable, comfortable and durable products. </div> <div> </div> <div> Goldstar has become a household name in Nepal. This brand was launched after a studied research of the market. Foot specialists and experts working with various shoe companies were brought as consultants to design the product and draw up a business plan. Experts were unanimous in their beliefs that given the often-difficult terrain in most parts of Nepal, a shoe had to be sturdy, light and cheap. The company believes that there has been a massive shift in the acceptance of the domestic products, which is a positive sign for the industry. It claims that its annual output of over eight million pairs of shoes is not adequate to meet the demand from the market. While 70 per cent of Goldstar shoes are exported to India, the rest is sold in the domestic market.” Goldstar aims to increase its export potential to a number of countries and is a proud recipient of the ‘Best Exporter Award’. </div> <div> </div> <div> <strong>Challenges </strong></div> <div> Despite the reasonable penetration in the domestic footwear market, stakeholders said that various problems had prevented the domestic footwear industry from making faster progress. They pointed out issues like unfair customs duty on raw materials and unavailability of skilled labour among others. Domestically, manufactured products have the potential to outshine foreign products if the government provides them appropriate support, they said. </div> <div> </div> <div> The flooding of the market with low-quality and cheap Chinese products is wearing out the scope for the Nepali footwear industry. Stakeholders claimed this is primarily due to the porous border and lack of strong policies. </div> <div> </div> <div> “Because of unfair customs duty — high on raw materials and low on shoe import — production of Nepali shoes turn out to be more expensive. This has compelled customers to think twice before buying home manufactured shoes,” said an official of the Leather Footwear and Goods Manufacturers’ Association of Nepal (LFGMAN). Around 70 per cent of raw materials for shoes made in Nepal are imported from India, China, Thailand and Taiwan. </div> <div> </div> <div> Industrialists claimed that apart from the open border and duplicate products, labour problem has hit the industry hard. Manufacturers said that they face threats from the labours and their respective trade unions regularly. While the industry is growing steadily despite the workforce crisis, such threats certainly hamper the sector. </div> <div> </div> <div> <strong>Way Forward </strong></div> <div> Withstanding a number of challenges, the Nepali footwear industry is still emerging as a promising business sector — growing at an annual rate of 15 per cent. Latest fashionable designs coupled with fine craftsmanship have led to domestic shoes starting to offer an alternative for international brands in the market that cost way expensive. Besides, of course, some Nepali manufacturers have started to explore the potential of exporting ‘Made in Nepal’ products to the international market. </div> <div> </div> <div> The customers’ attraction towards Nepali footwear products is on the rise and the market has been consistently registering increase in demand. This has encouraged existing manufacturers to maintain quality while the number of new manufacturers too has increased significantly. There are 500 shoe manufacturers in the country and 10 medium scale footwear industries. According to LFGMAN, Nepali footwear products account for 60 per cent of the total shoe market in the country. </div> <div> </div> <div> Even though the economy is experiencing a difficult phase currently, local shoe manufacturers see a bright future for the industry provided they receive adequate support and a good platform to market their products.</div> <div> </div> <div> <img alt="FOOTWEAR BRANDS" src="/userfiles/images/fOOTWEAR%20BRANDS1.jpg" style="width: 500px; height: 327px;" /></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' => 'Footwear products manufactured and branded in Nepal have marketed their products aggressively over the last few years and ensured a considerable share of the footwear market in Nepal.', 'sortorder' => '1388', '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' => '1526', 'article_category_id' => '108', 'title' => 'Money Matters News In Brief (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>EIC Employee on Strike </strong></div> <div> <img alt=" Everest Insurance Company (EIC)" src="/userfiles/images/eic.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 49px;" />Employees of Everest Insurance Company (EIC) are on strike from Wednesday (July 24). After Insurance Board has partially banned on EIC to handle fire insurance business, it has not been capable to renew its license. So, stating that the Insurance Board and the management team of company have not taken any steps to change the situation, the employees of the EIC have been on strike daily from July 24. </div> <div> </div> <div> </div> <div> <strong>NB Bank Awarded for Best Financial Report </strong></div> <div> <img alt="Nepal Bangladesh Bank" src="/userfiles/images/nb%20bank.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 35px;" />Nepal Bangladesh Bank has bagged 1st runner up award for best financial report. The annual award is given by Nepal Chartered Accountants’ Association. The financial reports are evaluated as per the rules set by South Asian Federation of Accountants and the reports that are adjudged best in the country are then sent to compete at the South Asian level. NB Bank made a remarkable improvement compared to last fiscal year. </div> <div> </div> <div> </div> <div> <strong>Laxmi at Waling and Kohalpur </strong></div> <div> <img alt="Laxmi Bank" src="/userfiles/images/laxmi.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 80px; height: 40px;" />Laxmi Bank has opened branches at Waling, Syanga and Kohalpur, Banke. After these, the number of branches of bank reached 33. </div> <div> </div> <div> </div> <div> </div> <div> <strong>Sanima at Hetauda </strong></div> <div> <img alt="Sanima Bank Limited (Sanima) " src="/userfiles/images/sanima%20bank.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 13px;" />Sanima Bank Limited (Sanima) has opened its 25th branch at Hetauda. The branche was jointly inaugurated by the Chairman, Jiba Lamichhane and Brand Ambassador of Sanima, Hari Bansha Acharya & Madan Krishna Shrestha (MAHA). </div> <div> </div> <div> </div> <div> <strong>Citizens’ ATM at Bhat-Bhatani </strong></div> <div> <img alt="" src="/userfiles/images/citizens.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 25px;" />Citizens Bank International on Wednesday, July 24 installed its 36th ATM terminal at Bhat- Bhateni Supermarket, Bhat-Bhateni. </div> <div> </div> <div> </div> <div> <strong>NIBL Debentures Allotted </strong></div> <div> <img alt="Nepal Investment Bank Limited (NIBL)" src="/userfiles/images/nibl.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 24px;" />Nepal Investment Bank Limited (NIBL) has allotted Rs.500 million Redeemable “8% NIB Debenture 2077” to general public on (6th Shrawan, 2070), It is refunding money to the non-allottee investors from 11th Shrawan, 2070. </div> <div> </div> <div> </div> <div> <strong>Manaslu IPO </strong></div> <div> <img alt="" src="/userfiles/images/manaslu.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 33px;" />Manaslu Bikas Bank Ltd is going for initial public offering (IPO). The bank is going to issue 3,60,000 ordinary shares to the public at par value of Rs 100. </div> <div> </div> <div> </div> <div> <strong>Grade 4 for Mahakali IPO </strong></div> <div> <img alt="" src="/userfiles/images/icra.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 46px;" /><img alt="Mahakali Bikas Bank Limited" src="/userfiles/images/mahakali.jpg" style="float: left; margin: 0px 10px 0px 0px;height: 22px; width: 100px;" />ICRA Nepal Limited has assigned a [ICRANP] IPO Grade 4 (Pronounced as ICRA NP IPO Grade Four) Rating to the Rs. 80 million Right Issue of Mahakali Bikas Bank Limited. Instruments with this rating are considered to have below-average fundamentals.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', 'modified' => '2013-07-29', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Employees of Everest Insurance Company (EIC) are on strike from Wednesday (July 24).', 'sortorder' => '1387', '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' => '1525', 'article_category_id' => '109', 'title' => 'Liquidation If Not Revival For Poor BFIs', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> Nepal Rastra Bank (NRB) has give a time period of six months to problematic banks and financial institutions (BFIs) to revive. The banks and financial institutions which have been declared problematic from long time have not been able to revive. So, in such a situation bad messages has gone to the public. </div> <div> </div> <div> According to NRB officials, though there is a provision of just six months to revive, it has been seen as unpractical. </div> <div> </div> <div> Thus, NRB has been going to conduct Due Diligence Audit (DDA) of such problematic BFIs. After the arrival of DDA reports of problematic BFIs, NRB is going to provide six months provision period to revive. </div> <div> </div> <div> Number of problematic BFIs has been increasing day-by-day. If a single or two-three BFIs were seen problematic they can be managed through fast track decision from NRB. But as the number has increased highly the central bank has come with a plan to give deadline of six months to recover the bad loans or inject the capital from promoters. </div> <div> </div> <div> After these action also the problematic BFIs do not revive, they are taken to the process of liquidation. Till now, Nepal Development Bank, United Bikas Bank and Samjhana Finance has been liquidated.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Nepal Rastra Bank (NRB) has give a time period of six months to problematic banks and financial institutions (BFIs) to revive.', 'sortorder' => '1386', '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' => '1524', 'article_category_id' => '109', 'title' => 'CRR Rates Revised', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> Nepal Rastra Bank (NRB) has revised its Cash Reserve Ratio (CRR) to be maintained by banks and financial institutions (BFIs). As per the new circular issued by NRB on July 28 (Sunday), ‘A’ class BFIs should maintain a CRR of 5.0 percent, ‘B’ class BFIs should maintain 4.5 percent and ‘C’class BFIs should maintain 4.0 percent. Previously, the ratios were 6.0 percent, 5.5 percent and 5.0 percent, respectively. </div> <div> </div> <div> NRB has directed to invest ‘A’, ‘B’ and ‘C’ class BFIs a minimum of 4.5 percent, 4.0 percent and 3.5 percent, respectively of the total loan and advance on deprived sector loans. </div> <div> </div> <div> The new circular has also extended the maximum duration of 21 days for repo and reverse repo auction periods and revised the provision on refinancing. As per the new provision, the interest rate for normal refinancing has been maintained at 5.0 percent. The circular also directed not to take more than 9.0 percent from the borrower. </div> <div> </div> <div> Interest rates on special refinancing through loan flown (mainly to small and cottage industry, foreign employment and sick industry) should be given at 1 percent annually. BFIs could not take more than 4.5 percent from the borrower as per the new circular. </div> <div> </div> <div> Similarly, BFIs can provide export refinances to exim businesses at 1.0 percent on the basis of good loan collaterals, but they could not take more than 4.5 percent from the borrower as per the new circular. </div> <div> </div> <div> NRB has also directed to provide a refinancing facility to small and medium scale industry loans at 5.0 percent per annum on the collateral of good loan of the borrower. However, BFIs could not take more than 10.0 percent from the borrower as per the new circular.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Nepal Rastra Bank (NRB) has revised its Cash Reserve Ratio (CRR) to be maintained by banks and financial institutions (BFIs).', 'sortorder' => '1385', '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' => '1523', 'article_category_id' => '109', 'title' => 'Nepse Dropped, But Huge Rise In Insurance', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Rashesh Vaidya</strong></div> <div> </div> <div> Nepse index saw the bearish trend declining by 6.65 points during previous week. It had closed 535.80 on Sunday, 21st July (the first trading day of the week) and reached 529.15 at the close of Thursday, 25th July (the last trading day of the week). The market floor was open for five days. </div> <div> </div> <div> In the week, the insurance sub-index increased the highest by 47.92 points closing at 1041.44 points with an increase in share price of most of the insurance companies traded during the week. Among them, the share price of Life Insurance Company Nepal increased the highest by Rs 45 per share during the week. The ‘others’ sub-index dropped by 17.62 points closing at 633.27. The share price of Nepal Telecom dropped to Rs 536 per share on July 24 (Wednesday) which forced the sub-index to drop heavily from high of Rs 538. </div> <div> </div> <div> Announcement of the Monetary Policy 2013-14 by Nepal Rastra Bank (NRB) did not made any impact on the market. The impact of new provision on the capital increment forwarded by NRB was not seen in the share price of the banks and financial institutions. </div> <div> </div> <div> Similarly, the decline in the hotel sub-index also backed in the drop of the Nepse. The sub-index dropped by 14.25 points during a week. Only trading of the shares of Soaltee Hotel also dropped to Rs 271from high of Rs 276 per share. </div> <div> </div> <div> Shares of 123 companies were traded at Nepse during the week through 8,254 transactions amounting to Rs 724,695,000. The share price of 35 companies increased while 59 companies lost price and 29 companies remained unchanged. The transaction amount of the week is 84.13 percent higher than that of earlier week. The total number of scrips traded was 2,531,949 which is less by 1,262,365 scrips than that of earlier week. </div> <div> </div> <div> Everest Bank topped the list in terms of transaction amount (Rs 92,748,000). Nabil Balanced Fund topped in number of scrips traded during the week. Altogether 505,893 scrips of the fund were traded during the week. </div> <div> </div> <div> NIC Asia Bank was at the top on the basis of the number of transactions (865).</div> <div> </div> <div> <img alt="" src="/userfiles/images/sectors.jpg" style="width: 550px; height: 152px;" /></div> <div> </div> <div> <hr /> <div> <strong>Nepse on Sunday</strong></div> <div> Nepse Index closed at 534.22 points on Sunday (July 28). The index increased by 5.15 points from the Thursday (July 25) close. All the sectors sub-indices saw increment during the day. Insurance sub-index increased the highest by 60.69 points closing at 1101.57 points. Total of 370, 039 shares were traded from 1743 transactions during the day.</div> </div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Nepse index saw the bearish trend declining by 6.65 points during previous week.', 'sortorder' => '1384', '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' => '1522', 'article_category_id' => '110', 'title' => 'Top Ten Losers (22 - 28 July 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Top Ten Losers" src="/userfiles/images/Top%2010%20Losers(1).jpg" style="width: 500px; height: 193px;" /></p>', 'published' => true, 'created' => '2013-07-29', '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' => 'Top Ten Losers', 'sortorder' => '1383', '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' => '1521', 'article_category_id' => '111', 'title' => 'Top Ten Gainers (22 - 28 July 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Top 10 Gainers" src="/userfiles/images/Top%2010%20Gainers(1).jpg" /></p>', 'published' => true, 'created' => '2013-07-29', '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' => 'Top Ten Gainers', 'sortorder' => '1382', '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' => '1520', 'article_category_id' => '113', 'title' => 'US Dollar Exchange Rate At Local Market (22 - 28 July 2013)', 'sub_title' => '', 'summary' => null, 'content' => '', 'published' => true, 'created' => '2013-07-29', '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' => 'US Dollar Exchange Rate At Local Market', 'sortorder' => '1381', '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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(NIC) and Chairman of GIPSA - General Insurers’ (Public Sector) Association of India. He is also on the Board of the General Insurance Corporation of India. Chandraprasad has experience of more than 34 years in the general insurance industry, having held a number of key positions in marketing, operations, reinsurance and personnel in India as well as overseas as Managing Director of Prestige Assurance Plc, Lagos, a subsidiary of New India Assurance Company. In his recent visit to Nepal, Chandraprasad spoke to The Corporate weekly on the insurance market in Nepal.<strong> Excerpts: </strong></span></p> <div> <div> </div> <div> <strong>What is the purpose of your visit in Nepal this time? </strong></div> <div> Our first priority was the All India Regional In-Charges Conference. We just completed the fiscal year 2012 /2013 that ended on March. </div> <div> </div> <div> FY 2012-13, has been good for our company. We wrote a premium of 9195 crores which is approximately NRs 14,712 crores and earned the company’s highest ever PBT of 858 crores. It has been a commendable performance overall – our office network all over India has increased to 1530, our investments have appreciated, and the Net Combined Ratio and Invest Coverage Ratio have decreased. Therefore, to carry this growth forward, it was necessary for us to plan and budget for the new fiscal year. Of course, 2012-13 will be a tough act to follow, but nonetheless, notwithstanding market challenges, NIC’s Corporate Management and the Regional In Charges have unanimously decided that the Target Premium for FY 13 – 14 will be in excess of 11,000 crores (approximately NRs 17,600 crores) . </div> <div> </div> <div> Also, our company shares a deep bond with Nepal. Our operations here have lasted almost 40 years, having started in January 1974. Today, we have six branches and two sub branches – a new branch is being opened in Pokhara and two sub branches at Narayanghat and Butwal. We are also keen to facilitate insurance awareness and ensure market penetration here. Thus, to get a clear on-the-ground assessment of market realities and to understand what we can do for Nepal’s insurance market, our entire corporate management team has come to Nepal. </div> <div> </div> <div> <strong>What is your evaluation of the Nepali Insurance Market? </strong></div> <div> There is a lot of scope for market expansion in Nepal. For, although a majority of Nepal’s population is based in Kathmandu and other urban centers, there are underserved regions without ready access to insurance. With 17 established companies presently in the market, that should not be a problem. I see immense possibility of increasing reach in unexplored areas. That is why I say there is tremendous scope for growth here. Nepal is a young market and there will be a first mover advantage for companies prepared to avail opportunities that are bound to rise once the economy bounces back as I am expecting it will in the coming years. </div> <div> </div> <div> <strong>The world is experiencing extreme calamities. How is the insurance sector responding to this? </strong></div> <div> The insurance industry worldwide is much aware of the challenges of climate change. It is trying to build capacity to meet this challenge by conducting a lot of studies and modeling so that catastrophes can be adequately taken care of. </div> <div> </div> <div> <strong>What kind of challenges does the insurance industry in India face? </strong></div> <div> The presence of global players through joint ventures, combined with an increasing number of Indian companies, has made the Indian insurance industry very competitive. But notwithstanding that fact, distribution still remains a challenge - the problems of penetration are the same in India as it is in Nepal. Rural markets are our focus - in these underpenetrated regions, the socio-economic demographics are different - low affordability demands competitive pricing which directly affects cost of distribution. We are therefore trying to meet this need with new technology enabled service delivery initiatives. </div> <div> </div> <div> We have come up with new projects such as ‘Office on Wheels’ – a motor vehicle, customised as an office. Fully air conditioned, the ‘OOW’ is self contained with amenities such as work stations, visitors’ seats, computers, printers, etc. Hi-fi connectivity enables on-the-spot issuance of policies. This helps us both in generating awareness of insurance as well as in marketing our products in suburban geographies. In fact, an insurance company from a neighbouring country also liked the idea of the OOWs and plans to implement it in their country. Perhaps this can be a solution for overcoming the problem of distance for rural clients. </div> <div> </div> <div> <strong>Do you have any other plans for Nepal apart from this? </strong></div> <div> Our main focus in Nepal will be agency development. We will be expanding our network which will contribute to employment in the country. We have also decided that our relationship managers will recruit at least five agents each. With 21 relationship managers recruiting five agents, we will have 105 agents in total. These agents will further bring in new ones – soon this will become an active employment generating activity besides serving the cause of disseminating insurance. </div> <div> </div> <div> <strong>Nepal has recently introduced crop insurance. What are your comments? </strong></div> <div> Crop insurance is very important. Agriculture insurance needs to be encouraged. A lot of governmental subsidies are offered in India for crop insurance because farmers sometimes are unable to pay the premium. Maybe the government here too should provide subsidies to some extent so that marginal farmers can take advantage of it as is happening in India today. </div> <div> </div> <div> <strong>What are the similarities and differences between the Indian and Nepali insurance markets? </strong></div> <div> Insurance everywhere has lot of common features as it is not restricted within national boundaries. In fact, you will be glad to know that despite the aviation industry in Nepal suffering losses currently, we have been supporting it unlike other companies who have withdrawn their support. </div> <div> </div> <div> Economic development also matters a lot. The Indian economy, though at low ebb presently, is one of the largest economies in the world. The distribution market in India is very strong and everyday new distribution channels are being used to facilitate insurance penetration – this is applicable for both life as well as non-life insurance. </div> <div> </div> <div> Two vital sectors which demand mention are health insurance and auto-mobile insurance – together they command 60 percent of the industry’s market share and I am happy to mention that National Insurance Company’s performance in both these sectors has been robust.</div> </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' => 'Shri NSR Chandraprasad is Chairman-cum-Managing Director at National Insurance Company Ltd. (NIC) and Chairman of GIPSA - General Insurers’ (Public Sector) Association of India.', 'sortorder' => '1395', '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' => '1533', 'article_category_id' => '159', 'title' => 'Between Work And Family', 'sub_title' => '', 'summary' => null, 'content' => '<div> <div> <strong style="font-size: 12px;">--BY Shruti Sonthalia</strong></div> <div> </div> <table align="right" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img alt="Nikunj Agrawal ,Director, Vishal Group" src="/userfiles/images/Nikunj%20Agrawal.jpg" style="width: 175px; height: 210px;" /></td> </tr> <tr> <td style="text-align: center;"> <div> <strong>Nikunj Agrawal</strong></div> <div> Director, Vishal Group</div> </td> </tr> </tbody> </table> <div> Meeting Nikunj Agarwal of Vishal Group to discuss after office activities, one gets the impression that business has kept the man extremely busy. “No matter where I am, business seems to be all around,” says the director of the company that brings in multinational brands such as Suzuki, Volkswagen and Nokia; has promoted NIC Asia Bank and NMB Bank; and also manufactures iron rods and batteries. </div> <div> </div> <div> There isn’t much after-office leisure in Agarwal’s daily schedule for as he gets over with his day, he goes on to plan his schedule for the next as it helps him stay organised. Down time is spent gladly with his family though, especially since he has been blessed with a baby girl recently. </div> <div> </div> <div> Family seems to be the one outlet to take his mind away from work. Usually starting his day with a morning walk and yoga, Agarwal’s care for his health allows him to try as many new cuisines, which he is fond of doing. He indulges in Japanese food often, also a favourite of his wife - whose support he admits to be able to double his energy and retain his enthusiasm. </div> <div> </div> <div> With business as a passion since childhood, Agarwal is attracted to new ventures and doing things on a daily basis to ensure success. Travel often helps to motivate him, although there is hardly any time to enjoy the places he visits for business. While he has been to India, Singapore, Europe, UK, Germany, France, Hongkong, Japan for work, South Africa, Thailand and Singapore have been places where he has had time to unwind with family.</div> </div> <p> </p>', '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' => 'Meeting Nikunj Agarwal of Vishal Group to discuss after office activities, one gets the impression that business has kept the man extremely busy', 'sortorder' => '1394', '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' => '1532', 'article_category_id' => '100', 'title' => 'Tourism Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>Cheapest and Most Expensive Destinations </strong></div> <div> Hotel comparison website trivago.co.uk has compiled a list of the ten cheapest and ten most expensive holiday destinations this summer. Popular honeymoon destination Bora Bora in the French Polynesia is the world’s most expensive destination this July and August, with one night costing an average of £497. On the other end of the scale is backpacker destination Patong Beach in Thailand, where one night will cost an average of just £33. </div> <div> <img alt="Cheapest and Most Expensive Destinations" src="/userfiles/images/cheap.jpg" style="width: 500px; height: 237px; margin: 5px;" /></div> <div> (Traveldailynews.com) </div> <div> </div> <div> <strong>Sweden Draws More Tourists </strong></div> <div> <img alt="" src="/userfiles/images/SWEDEN.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 49px;" />The number of international tourists visiting Sweden has increased in the recent years. According to a new report by , this positive trend is set to continue to 2017, bolstered by the attraction of Sweden’s unique natural phenomena. According to the report, tourism in Sweden is primarily nature-based. Key tourist attractions include the northern lights (or the aurora borealis), ice hotels and the country’s 15 UNESCO World Heritage Sites. The Ice Hotel at Jukkasjarvi, for example, attracts more than 50,000 tourists every year. According to the report, inbound tourist arrivals rose from 8.9 million in 2008 to 10.9 million in 2012, representing a compound annual growth rate (CAGR) of 5.22%. This trend is expected to continue between 2013 and 2017. (Traveldailynews.com) </div> <div> </div> <div> <strong>Global Tourism on a High </strong></div> <div> A total of 298 million international tourists traveled worldwide between January and April 2013, 12 million more than in the same period last year according to the latest UNWTO World Tourism Barometer. Prospects for the current tourism peak season remain positive with some 435 million tourists expected to travel abroad in the May-August period. International tourist arrivals grew by 4.3 per cent in the first four months of 2013 to reach a total of 298 million, up from 286 million, despite a challenging global economic environment. Results were positive in all regions, with the strongest growth in Asia and the Pacific (+6 per cent), Europe (+5 Per cent) and the Middle East (+5 Per cent) and weaker growth in the Americas (+1 per cent) and Africa (+2 per cent). (Traveldailynews.com) </div> <div> </div> <div> <strong>National Tourism Conference Held in India </strong></div> <div> The Indian Ministry of Tourism held a National Tourism Conference with State Tourism Ministers in New Delhi. The conference discussed the future strategies for realizing the full tourism potential of the country. The meeting was chaired by Union Tourism Minister Dr K Chiranjeevi. The meeting assumed a significant importance as India’s tourism industry has been hit by natural calamities and incidents. The conference launched a new campaign ‘I Respect Women’ with the Ministry of Tourism issuing badges in Hindi and 10 international languages. The conference also deliberate on various agenda items, which included the safety and security of tourists, Campaign Clean India to improve cleanliness at important tourist destinations, rationalization of taxes to make Indian tourism products competitive and bringing uniformity in the structure of road taxes and promote seamless travel among others. (Traveldailymedia.com)</div> <div> </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' => 'Hotel comparison website trivago.co.uk has compiled a list of the ten cheapest and ten most expensive holiday destinations this summer.', 'sortorder' => '1393', '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' => '1531', 'article_category_id' => '99', 'title' => 'Cave Tourism Package For Chovar', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> Chovar of Kirtipur Municipality is being promoted through a Cave Tourism Package. The place having religious and cultural significance is highly recognized as a spot for film shooting and is popular among picnickers. The entertainment park, industrial museum and Jal Vinayak Ganesh temple are some of the attractions here. Sujindra Maharjan, Chairman of Chovar Tourism Development Society (CTDS) said that the package is introduced with the purpose of further promoting the area as a tourist destination. </div> <div> </div> <div> Culture experts believe that the archeological importance of the place is helping in the promotion of the cave at Chovar. The cave has a length of 1200 meters, and only 411 meters is being promoted through the package for now. Nepali visitors are charged Rs 100 to 150 whereas foreigners have to pay three to 10 dollars depending upon the length of the cave travelled. Similarly, the charges for visiting Manjushree Park and other tourist destinations would also be the same. </div> <div> </div> <div> CTDS informed that after the promotion of the cave, at least 100 national and international tourists are visiting the area on a daily basis. It is also going to promote other tourist destinations in Chovar with the coordination with Nepal Tourism Board. </div> <div> </div> <div> A 33 feet statue of Manjushree will also be constructed at Chovar within the next three years at an investment of Rs 11.5 million.</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' => 'Chovar of Kirtipur Municipality is being promoted through a Cave Tourism Package.', 'sortorder' => '1392', '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' => '1530', 'article_category_id' => '99', 'title' => 'Tourists Increasing In Swargadwari', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> Swargadwari, the religious and tourist destination of Pyuthan is seeing an increased number of tourists. The number is increased as the motorway joining Bhingri and Swargadwar has now improved. According to authorities of the temple, the number of tourists has increased by 25 per cent this year. Around one million tourists visited the place last year among which 40,000 were domestic tourists and the rest were foreigners. </div> <div> </div> <div> A large number of tourists from Dang, Rolpa, Rukum, Salyan, Argakhanchi, Gulmi, Kaski, Jhapa, Palpa and other districts of Nepal visited Swargadwari this year The money collected from visitors last year reached up to Rs 10 million which was used for the renovation of the temple. </div> <div> </div> <div> Near future will see the construction of cable car from Bhingri and the operation of Home Stay at Dhanwang VDC of Swargadwari. This will further increase the number of tourists in the area. The business community is viewing the increment as a significant factor to improve the economic condition of the district. Hotel business and trade has flourished owing to the increase in number of tourists in the district.</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' => 'Swargadwari, the religious and tourist destination of Pyuthan is seeing an increased number of tourists.', 'sortorder' => '1391', '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' => '1529', 'article_category_id' => '157', 'title' => 'Single Malt Galore At Annapurna', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sujan Tiwari</strong></div> <div> </div> <div> Juneli Bar at Hotel Annapurna was a drinker’s paradise on Thursday evening. The hotel organized a single malt tasting program which also unveiled the Bar’s new single malt collection. The programme was attended by staffs of the Hotel and various business persons. </div> <div> </div> <div> According to Deepeksha B Rana, Food and Beverage manager at the Hotel, the purpose of the programme was to exhibit the newly furnished Juneli Bar and unveil the exclusive single malt collection. According to Rana, the drinking culture is on the change now, and people looking for more refined and exotic drinks. “We have introduced the collection for the single malt lovers,” said Rana. </div> <div> </div> <div> The collection comprises of 26 different single malt scotch whiskies distilled in highlands, lowlands, speyside and Islay of Scotland. Out of the collection, five single malts were offered for the tasting by the guests present. </div> <div> </div> <div> All the guests were informed about the single malts, and were taught the way to enjoy them. Tasting involved three steps namely Nose, the aroma and smell, then Palate, the initial taste and the sensation in the mouth and finally Finish, the aftertaste of the single malt. Glenkinchie 12 years, distilled in lowlands was the first on the list, with hints of lemon and peat, and herbal finish. Glengoyne 17 years was next, the award winning single malt with a fruity palate and a dry sweet finish. </div> <div> </div> <div> Fifteen years aged Glenlivet followed, and it had cinnamon and cloves palate with a long dry finish. Smokehead was next with strong hints of vanilla and a strong smoky palate. Finally, all the tasters rinsed their mouth with water for the last single malt, the Benriach 21 years, Speyside distilled. It had won the ‘Best Rare Speyside’ at World Whiskey Award for it fruity nose, sweet peaty palate and a sweet woody finish. </div> <div> </div> <div> All the tasted single malts are now on the Bar’s menu, including Glengoyne 21 years, Glenlivet 21 and 18 years, Legavulin 16 years and Laphroaig Triple Wood among many others. The price of the single malts ranges from Rs 8,500 to Rs 21,000 per bottle, excluding the applicable taxes. Juneli Bar at Hotel Annapurna is the place to be if you love single malts, and enjoy it in a classy and cosy ambience.</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' => 'Juneli Bar at Hotel Annapurna was a drinker’s paradise on Thursday evening.', 'sortorder' => '1390', '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' => '1528', 'article_category_id' => '152', 'title' => 'Focus Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>Leather Wings </strong></div> <div> Leather Wings is the pioneering genuine leather footwear manufacturer in Nepal. It was established in 1985 and has been serving its loyal customers for more than 28 years. The raw materials are painstakingly chosen for the comfort and durability of the hand-crafted shoes from within the country as well as abroad namely India, China, Thailand, Bangladesh and Pakistan. The manufacturing is semi-mechanised with the perfect blend of automation and craftsmanship. The company focuses on manufacturing and has distributors throughout the country. </div> <div> </div> <div> <strong>Base Footwear </strong></div> <div> Base Footwear (BF) Pvt Ltd is primarily known for its leading brand BF Dear Hill Shoes which was launched in 2000. The shoes under this brand were manufactured specifically for Nepali consumers who wanted durable and practical yet graceful footwear. In 2009, BF was certified with the international standard ISO 9001:2008 recognition making it the first footwear company of Nepal to be designated this honour. The shoes are now recognised by the logo. Its factory is located in Gaushala, from where it produces a wide variety of shoes comprising formal, casual and sports shoes. Besides, the company has also introduced sandals and belts. Leather materials such as polyurifine, polyvinyl chloride, and thermopoly rubbers are used for the shoes. BF shoes are easily available in over 1,000 outlets all over the country. The company claims to be selling well over 100,000 pairs of BF dear hill shoes annually. </div> <div> </div> <div> <strong>Goldstar Shoes </strong></div> <div> The footwear industry of the Universal Group, launched in the mid-1970s, was the group’s first and core business. Since its inception, the group has established itself as the biggest footwear producing group in Nepal. In 1990, it launched a mid-priced, value for money brand called Goldstar to service more price conscious markets. It is a robust brand made with genuine materials and modern technology. Goldstar is now sold in all over Nepal and gradually it is gaining popularity in the Indian markets too. The production line of the company also has Hawaii slippers called ‘Haathi’, introduced in the early 80s and now widely available throughout the country. This pioneer brand has attracted admiration over more than three decades. Haathi slippers and sandals are recognised throughout the country for its style and durability. The company has always prioritised the R&D of new cutting edge products, technology and customer service to expand the business into new markets. It has formed strong relationships around India and throughout the country with its distributors and the customers who it greatly appreciates for their support and loyalty. It has also earned national recognition as a progressive and well managed business through a “best exporter award”. </div> <div> </div> <div> <strong>Shikhar Shoes </strong></div> <div> Shikhar Shoes Industry Pvt Ltd is a leading footwear industry of Nepal established in 2052 BS. The company now has more than 15 exclusive showrooms and more than 200 outlets across the country. The industry was established as a proprietorship firm with its corporate office and factory in Ranibari-3, Kathmandu. It later converted to a Private Limited Company and has its factory in Goldhunga-3. Shikhar Shoes Industry, with its history of 18 years, is a leading footwear brand of Nepal due to its goodwill, image and sales volume. The industry is currently producing 1,500 pairs of shoes per day while its production capacity is that of 5,000 shoes daily. The industry, that used to exclusively produce men’s leather shoes, has now started producing all types of men’s footwear as well as ladies’ sandals and shoes. The manufacturing unit of the company produces shoes with semi-automatic modern machine. The establishment is providing direct and indirect employment to more than 4,000 people throughout the country.</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' => 'Leather Wings is the pioneering genuine leather footwear manufacturer in Nepal.', 'sortorder' => '1389', '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' => '1527', 'article_category_id' => '153', 'title' => 'Home-grown Footwear Brands Breaking New Grounds', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> Over the years, the number of buyers for footwear products manufactured in Nepal has registered a healthy growth, observed industry insiders. They attribute this development to advancements in manufacturing technology, delivery of quality products and meeting consumer expectations. </div> <div> </div> <div> The domestic market is witnessing a change in the buying pattern of customers in recent times. Slowly but surely, more number of people are beginning to get used to different brands of shoes produced locally, in an apparent departure from their love for foreign branded products earlier. “We had to convince hard to sell our products to the customers a few years ago. However, things stand changed today as they have started to trust Nepal-made shoes which have made our job easier,” said a salesperson at a leading shoes store. </div> <div> </div> <div> The domestic footwear industries that manufactured mostly leather products for long have also started to produce sports and casual shoes among others. Manufacturers opined that the buyers’ increasing confidence in them encouraged them to diversify their product portfolio. “We are about to install a new plant to manufacture ladies footwear and also looking to expand the product line-up in the casual and sports series,” said a leading manufacturer. </div> <div> </div> <div> Retailers too believed that consumers who preferred foreign brands earlier are increasingly shifting towards ‘Made in Nepal’ products. </div> <div> </div> <div> <strong>Leading Brands </strong></div> <div> Shikhar Shoes claims the company’s production output is close to 300,000 pairs of shoes annually. The company said that the domestic market consumes all that it manufactures. The company is planning to roll out a new premium brand targeting high-end customers in the near future. However, it depends on the results of a feasibility study it is carrying out. Products from Shikhar Shoes are priced in the range of Rs 350 to Rs 4,000. One of the largest manufacturers in the domestic market, business for Shikhar Shoes has been overwhelming in the past couple of years as it has been able to deliver quality products at affordable prices. The company has installed a new technology for the first time in Nepal called the ‘Conveyor System’ that enables production of large quantity while reducing time for manufacturing. </div> <div> </div> <div> Base Footwear, another prominent player in the domestic market that manufactures BF Dear Hill footwear products, has been witnessing huge success. A manager at the company said, “Most multi-brand retail outlets in the country now proudly feature domestic footwear products.” He claimed that the company’s annual production is around 200,000 pairs. Its products are in the price range of Rs 450 to Rs 3,500. Base Footwear manufactures products ranging from school and college shoes to party shoes, casual shoes and sports shoes. The company has recently started manufacturing football boots as well. BF Dear Hill, the first Nepali footwear brand to receive international standard certification 9001:2008, is also enjoying good business by luring customers with its fashionable, comfortable and durable products. </div> <div> </div> <div> Goldstar has become a household name in Nepal. This brand was launched after a studied research of the market. Foot specialists and experts working with various shoe companies were brought as consultants to design the product and draw up a business plan. Experts were unanimous in their beliefs that given the often-difficult terrain in most parts of Nepal, a shoe had to be sturdy, light and cheap. The company believes that there has been a massive shift in the acceptance of the domestic products, which is a positive sign for the industry. It claims that its annual output of over eight million pairs of shoes is not adequate to meet the demand from the market. While 70 per cent of Goldstar shoes are exported to India, the rest is sold in the domestic market.” Goldstar aims to increase its export potential to a number of countries and is a proud recipient of the ‘Best Exporter Award’. </div> <div> </div> <div> <strong>Challenges </strong></div> <div> Despite the reasonable penetration in the domestic footwear market, stakeholders said that various problems had prevented the domestic footwear industry from making faster progress. They pointed out issues like unfair customs duty on raw materials and unavailability of skilled labour among others. Domestically, manufactured products have the potential to outshine foreign products if the government provides them appropriate support, they said. </div> <div> </div> <div> The flooding of the market with low-quality and cheap Chinese products is wearing out the scope for the Nepali footwear industry. Stakeholders claimed this is primarily due to the porous border and lack of strong policies. </div> <div> </div> <div> “Because of unfair customs duty — high on raw materials and low on shoe import — production of Nepali shoes turn out to be more expensive. This has compelled customers to think twice before buying home manufactured shoes,” said an official of the Leather Footwear and Goods Manufacturers’ Association of Nepal (LFGMAN). Around 70 per cent of raw materials for shoes made in Nepal are imported from India, China, Thailand and Taiwan. </div> <div> </div> <div> Industrialists claimed that apart from the open border and duplicate products, labour problem has hit the industry hard. Manufacturers said that they face threats from the labours and their respective trade unions regularly. While the industry is growing steadily despite the workforce crisis, such threats certainly hamper the sector. </div> <div> </div> <div> <strong>Way Forward </strong></div> <div> Withstanding a number of challenges, the Nepali footwear industry is still emerging as a promising business sector — growing at an annual rate of 15 per cent. Latest fashionable designs coupled with fine craftsmanship have led to domestic shoes starting to offer an alternative for international brands in the market that cost way expensive. Besides, of course, some Nepali manufacturers have started to explore the potential of exporting ‘Made in Nepal’ products to the international market. </div> <div> </div> <div> The customers’ attraction towards Nepali footwear products is on the rise and the market has been consistently registering increase in demand. This has encouraged existing manufacturers to maintain quality while the number of new manufacturers too has increased significantly. There are 500 shoe manufacturers in the country and 10 medium scale footwear industries. According to LFGMAN, Nepali footwear products account for 60 per cent of the total shoe market in the country. </div> <div> </div> <div> Even though the economy is experiencing a difficult phase currently, local shoe manufacturers see a bright future for the industry provided they receive adequate support and a good platform to market their products.</div> <div> </div> <div> <img alt="FOOTWEAR BRANDS" src="/userfiles/images/fOOTWEAR%20BRANDS1.jpg" style="width: 500px; height: 327px;" /></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' => 'Footwear products manufactured and branded in Nepal have marketed their products aggressively over the last few years and ensured a considerable share of the footwear market in Nepal.', 'sortorder' => '1388', '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' => '1526', 'article_category_id' => '108', 'title' => 'Money Matters News In Brief (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>EIC Employee on Strike </strong></div> <div> <img alt=" Everest Insurance Company (EIC)" src="/userfiles/images/eic.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 49px;" />Employees of Everest Insurance Company (EIC) are on strike from Wednesday (July 24). After Insurance Board has partially banned on EIC to handle fire insurance business, it has not been capable to renew its license. So, stating that the Insurance Board and the management team of company have not taken any steps to change the situation, the employees of the EIC have been on strike daily from July 24. </div> <div> </div> <div> </div> <div> <strong>NB Bank Awarded for Best Financial Report </strong></div> <div> <img alt="Nepal Bangladesh Bank" src="/userfiles/images/nb%20bank.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 35px;" />Nepal Bangladesh Bank has bagged 1st runner up award for best financial report. The annual award is given by Nepal Chartered Accountants’ Association. The financial reports are evaluated as per the rules set by South Asian Federation of Accountants and the reports that are adjudged best in the country are then sent to compete at the South Asian level. NB Bank made a remarkable improvement compared to last fiscal year. </div> <div> </div> <div> </div> <div> <strong>Laxmi at Waling and Kohalpur </strong></div> <div> <img alt="Laxmi Bank" src="/userfiles/images/laxmi.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 80px; height: 40px;" />Laxmi Bank has opened branches at Waling, Syanga and Kohalpur, Banke. After these, the number of branches of bank reached 33. </div> <div> </div> <div> </div> <div> </div> <div> <strong>Sanima at Hetauda </strong></div> <div> <img alt="Sanima Bank Limited (Sanima) " src="/userfiles/images/sanima%20bank.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 13px;" />Sanima Bank Limited (Sanima) has opened its 25th branch at Hetauda. The branche was jointly inaugurated by the Chairman, Jiba Lamichhane and Brand Ambassador of Sanima, Hari Bansha Acharya & Madan Krishna Shrestha (MAHA). </div> <div> </div> <div> </div> <div> <strong>Citizens’ ATM at Bhat-Bhatani </strong></div> <div> <img alt="" src="/userfiles/images/citizens.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 25px;" />Citizens Bank International on Wednesday, July 24 installed its 36th ATM terminal at Bhat- Bhateni Supermarket, Bhat-Bhateni. </div> <div> </div> <div> </div> <div> <strong>NIBL Debentures Allotted </strong></div> <div> <img alt="Nepal Investment Bank Limited (NIBL)" src="/userfiles/images/nibl.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 24px;" />Nepal Investment Bank Limited (NIBL) has allotted Rs.500 million Redeemable “8% NIB Debenture 2077” to general public on (6th Shrawan, 2070), It is refunding money to the non-allottee investors from 11th Shrawan, 2070. </div> <div> </div> <div> </div> <div> <strong>Manaslu IPO </strong></div> <div> <img alt="" src="/userfiles/images/manaslu.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 33px;" />Manaslu Bikas Bank Ltd is going for initial public offering (IPO). The bank is going to issue 3,60,000 ordinary shares to the public at par value of Rs 100. </div> <div> </div> <div> </div> <div> <strong>Grade 4 for Mahakali IPO </strong></div> <div> <img alt="" src="/userfiles/images/icra.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 46px;" /><img alt="Mahakali Bikas Bank Limited" src="/userfiles/images/mahakali.jpg" style="float: left; margin: 0px 10px 0px 0px;height: 22px; width: 100px;" />ICRA Nepal Limited has assigned a [ICRANP] IPO Grade 4 (Pronounced as ICRA NP IPO Grade Four) Rating to the Rs. 80 million Right Issue of Mahakali Bikas Bank Limited. Instruments with this rating are considered to have below-average fundamentals.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', 'modified' => '2013-07-29', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Employees of Everest Insurance Company (EIC) are on strike from Wednesday (July 24).', 'sortorder' => '1387', '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' => '1525', 'article_category_id' => '109', 'title' => 'Liquidation If Not Revival For Poor BFIs', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> Nepal Rastra Bank (NRB) has give a time period of six months to problematic banks and financial institutions (BFIs) to revive. The banks and financial institutions which have been declared problematic from long time have not been able to revive. So, in such a situation bad messages has gone to the public. </div> <div> </div> <div> According to NRB officials, though there is a provision of just six months to revive, it has been seen as unpractical. </div> <div> </div> <div> Thus, NRB has been going to conduct Due Diligence Audit (DDA) of such problematic BFIs. After the arrival of DDA reports of problematic BFIs, NRB is going to provide six months provision period to revive. </div> <div> </div> <div> Number of problematic BFIs has been increasing day-by-day. If a single or two-three BFIs were seen problematic they can be managed through fast track decision from NRB. But as the number has increased highly the central bank has come with a plan to give deadline of six months to recover the bad loans or inject the capital from promoters. </div> <div> </div> <div> After these action also the problematic BFIs do not revive, they are taken to the process of liquidation. Till now, Nepal Development Bank, United Bikas Bank and Samjhana Finance has been liquidated.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Nepal Rastra Bank (NRB) has give a time period of six months to problematic banks and financial institutions (BFIs) to revive.', 'sortorder' => '1386', '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' => '1524', 'article_category_id' => '109', 'title' => 'CRR Rates Revised', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> Nepal Rastra Bank (NRB) has revised its Cash Reserve Ratio (CRR) to be maintained by banks and financial institutions (BFIs). As per the new circular issued by NRB on July 28 (Sunday), ‘A’ class BFIs should maintain a CRR of 5.0 percent, ‘B’ class BFIs should maintain 4.5 percent and ‘C’class BFIs should maintain 4.0 percent. Previously, the ratios were 6.0 percent, 5.5 percent and 5.0 percent, respectively. </div> <div> </div> <div> NRB has directed to invest ‘A’, ‘B’ and ‘C’ class BFIs a minimum of 4.5 percent, 4.0 percent and 3.5 percent, respectively of the total loan and advance on deprived sector loans. </div> <div> </div> <div> The new circular has also extended the maximum duration of 21 days for repo and reverse repo auction periods and revised the provision on refinancing. As per the new provision, the interest rate for normal refinancing has been maintained at 5.0 percent. The circular also directed not to take more than 9.0 percent from the borrower. </div> <div> </div> <div> Interest rates on special refinancing through loan flown (mainly to small and cottage industry, foreign employment and sick industry) should be given at 1 percent annually. BFIs could not take more than 4.5 percent from the borrower as per the new circular. </div> <div> </div> <div> Similarly, BFIs can provide export refinances to exim businesses at 1.0 percent on the basis of good loan collaterals, but they could not take more than 4.5 percent from the borrower as per the new circular. </div> <div> </div> <div> NRB has also directed to provide a refinancing facility to small and medium scale industry loans at 5.0 percent per annum on the collateral of good loan of the borrower. However, BFIs could not take more than 10.0 percent from the borrower as per the new circular.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Nepal Rastra Bank (NRB) has revised its Cash Reserve Ratio (CRR) to be maintained by banks and financial institutions (BFIs).', 'sortorder' => '1385', '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' => '1523', 'article_category_id' => '109', 'title' => 'Nepse Dropped, But Huge Rise In Insurance', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Rashesh Vaidya</strong></div> <div> </div> <div> Nepse index saw the bearish trend declining by 6.65 points during previous week. It had closed 535.80 on Sunday, 21st July (the first trading day of the week) and reached 529.15 at the close of Thursday, 25th July (the last trading day of the week). The market floor was open for five days. </div> <div> </div> <div> In the week, the insurance sub-index increased the highest by 47.92 points closing at 1041.44 points with an increase in share price of most of the insurance companies traded during the week. Among them, the share price of Life Insurance Company Nepal increased the highest by Rs 45 per share during the week. The ‘others’ sub-index dropped by 17.62 points closing at 633.27. The share price of Nepal Telecom dropped to Rs 536 per share on July 24 (Wednesday) which forced the sub-index to drop heavily from high of Rs 538. </div> <div> </div> <div> Announcement of the Monetary Policy 2013-14 by Nepal Rastra Bank (NRB) did not made any impact on the market. The impact of new provision on the capital increment forwarded by NRB was not seen in the share price of the banks and financial institutions. </div> <div> </div> <div> Similarly, the decline in the hotel sub-index also backed in the drop of the Nepse. The sub-index dropped by 14.25 points during a week. Only trading of the shares of Soaltee Hotel also dropped to Rs 271from high of Rs 276 per share. </div> <div> </div> <div> Shares of 123 companies were traded at Nepse during the week through 8,254 transactions amounting to Rs 724,695,000. The share price of 35 companies increased while 59 companies lost price and 29 companies remained unchanged. The transaction amount of the week is 84.13 percent higher than that of earlier week. The total number of scrips traded was 2,531,949 which is less by 1,262,365 scrips than that of earlier week. </div> <div> </div> <div> Everest Bank topped the list in terms of transaction amount (Rs 92,748,000). Nabil Balanced Fund topped in number of scrips traded during the week. Altogether 505,893 scrips of the fund were traded during the week. </div> <div> </div> <div> NIC Asia Bank was at the top on the basis of the number of transactions (865).</div> <div> </div> <div> <img alt="" src="/userfiles/images/sectors.jpg" style="width: 550px; height: 152px;" /></div> <div> </div> <div> <hr /> <div> <strong>Nepse on Sunday</strong></div> <div> Nepse Index closed at 534.22 points on Sunday (July 28). The index increased by 5.15 points from the Thursday (July 25) close. All the sectors sub-indices saw increment during the day. Insurance sub-index increased the highest by 60.69 points closing at 1101.57 points. Total of 370, 039 shares were traded from 1743 transactions during the day.</div> </div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Nepse index saw the bearish trend declining by 6.65 points during previous week.', 'sortorder' => '1384', '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' => '1522', 'article_category_id' => '110', 'title' => 'Top Ten Losers (22 - 28 July 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Top Ten Losers" src="/userfiles/images/Top%2010%20Losers(1).jpg" style="width: 500px; height: 193px;" /></p>', 'published' => true, 'created' => '2013-07-29', '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' => 'Top Ten Losers', 'sortorder' => '1383', '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' => '1521', 'article_category_id' => '111', 'title' => 'Top Ten Gainers (22 - 28 July 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Top 10 Gainers" src="/userfiles/images/Top%2010%20Gainers(1).jpg" /></p>', 'published' => true, 'created' => '2013-07-29', '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' => 'Top Ten Gainers', 'sortorder' => '1382', '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' => '1520', 'article_category_id' => '113', 'title' => 'US Dollar Exchange Rate At Local Market (22 - 28 July 2013)', 'sub_title' => '', 'summary' => null, 'content' => '', 'published' => true, 'created' => '2013-07-29', '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' => 'US Dollar Exchange Rate At Local Market', 'sortorder' => '1381', '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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(NIC) and Chairman of GIPSA - General Insurers’ (Public Sector) Association of India. He is also on the Board of the General Insurance Corporation of India. Chandraprasad has experience of more than 34 years in the general insurance industry, having held a number of key positions in marketing, operations, reinsurance and personnel in India as well as overseas as Managing Director of Prestige Assurance Plc, Lagos, a subsidiary of New India Assurance Company. In his recent visit to Nepal, Chandraprasad spoke to The Corporate weekly on the insurance market in Nepal.<strong> Excerpts: </strong></span></p> <div> <div> </div> <div> <strong>What is the purpose of your visit in Nepal this time? </strong></div> <div> Our first priority was the All India Regional In-Charges Conference. We just completed the fiscal year 2012 /2013 that ended on March. </div> <div> </div> <div> FY 2012-13, has been good for our company. We wrote a premium of 9195 crores which is approximately NRs 14,712 crores and earned the company’s highest ever PBT of 858 crores. It has been a commendable performance overall – our office network all over India has increased to 1530, our investments have appreciated, and the Net Combined Ratio and Invest Coverage Ratio have decreased. Therefore, to carry this growth forward, it was necessary for us to plan and budget for the new fiscal year. Of course, 2012-13 will be a tough act to follow, but nonetheless, notwithstanding market challenges, NIC’s Corporate Management and the Regional In Charges have unanimously decided that the Target Premium for FY 13 – 14 will be in excess of 11,000 crores (approximately NRs 17,600 crores) . </div> <div> </div> <div> Also, our company shares a deep bond with Nepal. Our operations here have lasted almost 40 years, having started in January 1974. Today, we have six branches and two sub branches – a new branch is being opened in Pokhara and two sub branches at Narayanghat and Butwal. We are also keen to facilitate insurance awareness and ensure market penetration here. Thus, to get a clear on-the-ground assessment of market realities and to understand what we can do for Nepal’s insurance market, our entire corporate management team has come to Nepal. </div> <div> </div> <div> <strong>What is your evaluation of the Nepali Insurance Market? </strong></div> <div> There is a lot of scope for market expansion in Nepal. For, although a majority of Nepal’s population is based in Kathmandu and other urban centers, there are underserved regions without ready access to insurance. With 17 established companies presently in the market, that should not be a problem. I see immense possibility of increasing reach in unexplored areas. That is why I say there is tremendous scope for growth here. Nepal is a young market and there will be a first mover advantage for companies prepared to avail opportunities that are bound to rise once the economy bounces back as I am expecting it will in the coming years. </div> <div> </div> <div> <strong>The world is experiencing extreme calamities. How is the insurance sector responding to this? </strong></div> <div> The insurance industry worldwide is much aware of the challenges of climate change. It is trying to build capacity to meet this challenge by conducting a lot of studies and modeling so that catastrophes can be adequately taken care of. </div> <div> </div> <div> <strong>What kind of challenges does the insurance industry in India face? </strong></div> <div> The presence of global players through joint ventures, combined with an increasing number of Indian companies, has made the Indian insurance industry very competitive. But notwithstanding that fact, distribution still remains a challenge - the problems of penetration are the same in India as it is in Nepal. Rural markets are our focus - in these underpenetrated regions, the socio-economic demographics are different - low affordability demands competitive pricing which directly affects cost of distribution. We are therefore trying to meet this need with new technology enabled service delivery initiatives. </div> <div> </div> <div> We have come up with new projects such as ‘Office on Wheels’ – a motor vehicle, customised as an office. Fully air conditioned, the ‘OOW’ is self contained with amenities such as work stations, visitors’ seats, computers, printers, etc. Hi-fi connectivity enables on-the-spot issuance of policies. This helps us both in generating awareness of insurance as well as in marketing our products in suburban geographies. In fact, an insurance company from a neighbouring country also liked the idea of the OOWs and plans to implement it in their country. Perhaps this can be a solution for overcoming the problem of distance for rural clients. </div> <div> </div> <div> <strong>Do you have any other plans for Nepal apart from this? </strong></div> <div> Our main focus in Nepal will be agency development. We will be expanding our network which will contribute to employment in the country. We have also decided that our relationship managers will recruit at least five agents each. With 21 relationship managers recruiting five agents, we will have 105 agents in total. These agents will further bring in new ones – soon this will become an active employment generating activity besides serving the cause of disseminating insurance. </div> <div> </div> <div> <strong>Nepal has recently introduced crop insurance. What are your comments? </strong></div> <div> Crop insurance is very important. Agriculture insurance needs to be encouraged. A lot of governmental subsidies are offered in India for crop insurance because farmers sometimes are unable to pay the premium. Maybe the government here too should provide subsidies to some extent so that marginal farmers can take advantage of it as is happening in India today. </div> <div> </div> <div> <strong>What are the similarities and differences between the Indian and Nepali insurance markets? </strong></div> <div> Insurance everywhere has lot of common features as it is not restricted within national boundaries. In fact, you will be glad to know that despite the aviation industry in Nepal suffering losses currently, we have been supporting it unlike other companies who have withdrawn their support. </div> <div> </div> <div> Economic development also matters a lot. The Indian economy, though at low ebb presently, is one of the largest economies in the world. The distribution market in India is very strong and everyday new distribution channels are being used to facilitate insurance penetration – this is applicable for both life as well as non-life insurance. </div> <div> </div> <div> Two vital sectors which demand mention are health insurance and auto-mobile insurance – together they command 60 percent of the industry’s market share and I am happy to mention that National Insurance Company’s performance in both these sectors has been robust.</div> </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' => 'Shri NSR Chandraprasad is Chairman-cum-Managing Director at National Insurance Company Ltd. (NIC) and Chairman of GIPSA - General Insurers’ (Public Sector) Association of India.', 'sortorder' => '1395', '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' => '1533', 'article_category_id' => '159', 'title' => 'Between Work And Family', 'sub_title' => '', 'summary' => null, 'content' => '<div> <div> <strong style="font-size: 12px;">--BY Shruti Sonthalia</strong></div> <div> </div> <table align="right" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img alt="Nikunj Agrawal ,Director, Vishal Group" src="/userfiles/images/Nikunj%20Agrawal.jpg" style="width: 175px; height: 210px;" /></td> </tr> <tr> <td style="text-align: center;"> <div> <strong>Nikunj Agrawal</strong></div> <div> Director, Vishal Group</div> </td> </tr> </tbody> </table> <div> Meeting Nikunj Agarwal of Vishal Group to discuss after office activities, one gets the impression that business has kept the man extremely busy. “No matter where I am, business seems to be all around,” says the director of the company that brings in multinational brands such as Suzuki, Volkswagen and Nokia; has promoted NIC Asia Bank and NMB Bank; and also manufactures iron rods and batteries. </div> <div> </div> <div> There isn’t much after-office leisure in Agarwal’s daily schedule for as he gets over with his day, he goes on to plan his schedule for the next as it helps him stay organised. Down time is spent gladly with his family though, especially since he has been blessed with a baby girl recently. </div> <div> </div> <div> Family seems to be the one outlet to take his mind away from work. Usually starting his day with a morning walk and yoga, Agarwal’s care for his health allows him to try as many new cuisines, which he is fond of doing. He indulges in Japanese food often, also a favourite of his wife - whose support he admits to be able to double his energy and retain his enthusiasm. </div> <div> </div> <div> With business as a passion since childhood, Agarwal is attracted to new ventures and doing things on a daily basis to ensure success. Travel often helps to motivate him, although there is hardly any time to enjoy the places he visits for business. While he has been to India, Singapore, Europe, UK, Germany, France, Hongkong, Japan for work, South Africa, Thailand and Singapore have been places where he has had time to unwind with family.</div> </div> <p> </p>', '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' => 'Meeting Nikunj Agarwal of Vishal Group to discuss after office activities, one gets the impression that business has kept the man extremely busy', 'sortorder' => '1394', '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' => '1532', 'article_category_id' => '100', 'title' => 'Tourism Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>Cheapest and Most Expensive Destinations </strong></div> <div> Hotel comparison website trivago.co.uk has compiled a list of the ten cheapest and ten most expensive holiday destinations this summer. Popular honeymoon destination Bora Bora in the French Polynesia is the world’s most expensive destination this July and August, with one night costing an average of £497. On the other end of the scale is backpacker destination Patong Beach in Thailand, where one night will cost an average of just £33. </div> <div> <img alt="Cheapest and Most Expensive Destinations" src="/userfiles/images/cheap.jpg" style="width: 500px; height: 237px; margin: 5px;" /></div> <div> (Traveldailynews.com) </div> <div> </div> <div> <strong>Sweden Draws More Tourists </strong></div> <div> <img alt="" src="/userfiles/images/SWEDEN.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 49px;" />The number of international tourists visiting Sweden has increased in the recent years. According to a new report by , this positive trend is set to continue to 2017, bolstered by the attraction of Sweden’s unique natural phenomena. According to the report, tourism in Sweden is primarily nature-based. Key tourist attractions include the northern lights (or the aurora borealis), ice hotels and the country’s 15 UNESCO World Heritage Sites. The Ice Hotel at Jukkasjarvi, for example, attracts more than 50,000 tourists every year. According to the report, inbound tourist arrivals rose from 8.9 million in 2008 to 10.9 million in 2012, representing a compound annual growth rate (CAGR) of 5.22%. This trend is expected to continue between 2013 and 2017. (Traveldailynews.com) </div> <div> </div> <div> <strong>Global Tourism on a High </strong></div> <div> A total of 298 million international tourists traveled worldwide between January and April 2013, 12 million more than in the same period last year according to the latest UNWTO World Tourism Barometer. Prospects for the current tourism peak season remain positive with some 435 million tourists expected to travel abroad in the May-August period. International tourist arrivals grew by 4.3 per cent in the first four months of 2013 to reach a total of 298 million, up from 286 million, despite a challenging global economic environment. Results were positive in all regions, with the strongest growth in Asia and the Pacific (+6 per cent), Europe (+5 Per cent) and the Middle East (+5 Per cent) and weaker growth in the Americas (+1 per cent) and Africa (+2 per cent). (Traveldailynews.com) </div> <div> </div> <div> <strong>National Tourism Conference Held in India </strong></div> <div> The Indian Ministry of Tourism held a National Tourism Conference with State Tourism Ministers in New Delhi. The conference discussed the future strategies for realizing the full tourism potential of the country. The meeting was chaired by Union Tourism Minister Dr K Chiranjeevi. The meeting assumed a significant importance as India’s tourism industry has been hit by natural calamities and incidents. The conference launched a new campaign ‘I Respect Women’ with the Ministry of Tourism issuing badges in Hindi and 10 international languages. The conference also deliberate on various agenda items, which included the safety and security of tourists, Campaign Clean India to improve cleanliness at important tourist destinations, rationalization of taxes to make Indian tourism products competitive and bringing uniformity in the structure of road taxes and promote seamless travel among others. (Traveldailymedia.com)</div> <div> </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' => 'Hotel comparison website trivago.co.uk has compiled a list of the ten cheapest and ten most expensive holiday destinations this summer.', 'sortorder' => '1393', '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' => '1531', 'article_category_id' => '99', 'title' => 'Cave Tourism Package For Chovar', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> Chovar of Kirtipur Municipality is being promoted through a Cave Tourism Package. The place having religious and cultural significance is highly recognized as a spot for film shooting and is popular among picnickers. The entertainment park, industrial museum and Jal Vinayak Ganesh temple are some of the attractions here. Sujindra Maharjan, Chairman of Chovar Tourism Development Society (CTDS) said that the package is introduced with the purpose of further promoting the area as a tourist destination. </div> <div> </div> <div> Culture experts believe that the archeological importance of the place is helping in the promotion of the cave at Chovar. The cave has a length of 1200 meters, and only 411 meters is being promoted through the package for now. Nepali visitors are charged Rs 100 to 150 whereas foreigners have to pay three to 10 dollars depending upon the length of the cave travelled. Similarly, the charges for visiting Manjushree Park and other tourist destinations would also be the same. </div> <div> </div> <div> CTDS informed that after the promotion of the cave, at least 100 national and international tourists are visiting the area on a daily basis. It is also going to promote other tourist destinations in Chovar with the coordination with Nepal Tourism Board. </div> <div> </div> <div> A 33 feet statue of Manjushree will also be constructed at Chovar within the next three years at an investment of Rs 11.5 million.</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' => 'Chovar of Kirtipur Municipality is being promoted through a Cave Tourism Package.', 'sortorder' => '1392', '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' => '1530', 'article_category_id' => '99', 'title' => 'Tourists Increasing In Swargadwari', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> Swargadwari, the religious and tourist destination of Pyuthan is seeing an increased number of tourists. The number is increased as the motorway joining Bhingri and Swargadwar has now improved. According to authorities of the temple, the number of tourists has increased by 25 per cent this year. Around one million tourists visited the place last year among which 40,000 were domestic tourists and the rest were foreigners. </div> <div> </div> <div> A large number of tourists from Dang, Rolpa, Rukum, Salyan, Argakhanchi, Gulmi, Kaski, Jhapa, Palpa and other districts of Nepal visited Swargadwari this year The money collected from visitors last year reached up to Rs 10 million which was used for the renovation of the temple. </div> <div> </div> <div> Near future will see the construction of cable car from Bhingri and the operation of Home Stay at Dhanwang VDC of Swargadwari. This will further increase the number of tourists in the area. The business community is viewing the increment as a significant factor to improve the economic condition of the district. Hotel business and trade has flourished owing to the increase in number of tourists in the district.</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' => 'Swargadwari, the religious and tourist destination of Pyuthan is seeing an increased number of tourists.', 'sortorder' => '1391', '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' => '1529', 'article_category_id' => '157', 'title' => 'Single Malt Galore At Annapurna', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Sujan Tiwari</strong></div> <div> </div> <div> Juneli Bar at Hotel Annapurna was a drinker’s paradise on Thursday evening. The hotel organized a single malt tasting program which also unveiled the Bar’s new single malt collection. The programme was attended by staffs of the Hotel and various business persons. </div> <div> </div> <div> According to Deepeksha B Rana, Food and Beverage manager at the Hotel, the purpose of the programme was to exhibit the newly furnished Juneli Bar and unveil the exclusive single malt collection. According to Rana, the drinking culture is on the change now, and people looking for more refined and exotic drinks. “We have introduced the collection for the single malt lovers,” said Rana. </div> <div> </div> <div> The collection comprises of 26 different single malt scotch whiskies distilled in highlands, lowlands, speyside and Islay of Scotland. Out of the collection, five single malts were offered for the tasting by the guests present. </div> <div> </div> <div> All the guests were informed about the single malts, and were taught the way to enjoy them. Tasting involved three steps namely Nose, the aroma and smell, then Palate, the initial taste and the sensation in the mouth and finally Finish, the aftertaste of the single malt. Glenkinchie 12 years, distilled in lowlands was the first on the list, with hints of lemon and peat, and herbal finish. Glengoyne 17 years was next, the award winning single malt with a fruity palate and a dry sweet finish. </div> <div> </div> <div> Fifteen years aged Glenlivet followed, and it had cinnamon and cloves palate with a long dry finish. Smokehead was next with strong hints of vanilla and a strong smoky palate. Finally, all the tasters rinsed their mouth with water for the last single malt, the Benriach 21 years, Speyside distilled. It had won the ‘Best Rare Speyside’ at World Whiskey Award for it fruity nose, sweet peaty palate and a sweet woody finish. </div> <div> </div> <div> All the tasted single malts are now on the Bar’s menu, including Glengoyne 21 years, Glenlivet 21 and 18 years, Legavulin 16 years and Laphroaig Triple Wood among many others. The price of the single malts ranges from Rs 8,500 to Rs 21,000 per bottle, excluding the applicable taxes. Juneli Bar at Hotel Annapurna is the place to be if you love single malts, and enjoy it in a classy and cosy ambience.</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' => 'Juneli Bar at Hotel Annapurna was a drinker’s paradise on Thursday evening.', 'sortorder' => '1390', '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' => '1528', 'article_category_id' => '152', 'title' => 'Focus Briefs (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>Leather Wings </strong></div> <div> Leather Wings is the pioneering genuine leather footwear manufacturer in Nepal. It was established in 1985 and has been serving its loyal customers for more than 28 years. The raw materials are painstakingly chosen for the comfort and durability of the hand-crafted shoes from within the country as well as abroad namely India, China, Thailand, Bangladesh and Pakistan. The manufacturing is semi-mechanised with the perfect blend of automation and craftsmanship. The company focuses on manufacturing and has distributors throughout the country. </div> <div> </div> <div> <strong>Base Footwear </strong></div> <div> Base Footwear (BF) Pvt Ltd is primarily known for its leading brand BF Dear Hill Shoes which was launched in 2000. The shoes under this brand were manufactured specifically for Nepali consumers who wanted durable and practical yet graceful footwear. In 2009, BF was certified with the international standard ISO 9001:2008 recognition making it the first footwear company of Nepal to be designated this honour. The shoes are now recognised by the logo. Its factory is located in Gaushala, from where it produces a wide variety of shoes comprising formal, casual and sports shoes. Besides, the company has also introduced sandals and belts. Leather materials such as polyurifine, polyvinyl chloride, and thermopoly rubbers are used for the shoes. BF shoes are easily available in over 1,000 outlets all over the country. The company claims to be selling well over 100,000 pairs of BF dear hill shoes annually. </div> <div> </div> <div> <strong>Goldstar Shoes </strong></div> <div> The footwear industry of the Universal Group, launched in the mid-1970s, was the group’s first and core business. Since its inception, the group has established itself as the biggest footwear producing group in Nepal. In 1990, it launched a mid-priced, value for money brand called Goldstar to service more price conscious markets. It is a robust brand made with genuine materials and modern technology. Goldstar is now sold in all over Nepal and gradually it is gaining popularity in the Indian markets too. The production line of the company also has Hawaii slippers called ‘Haathi’, introduced in the early 80s and now widely available throughout the country. This pioneer brand has attracted admiration over more than three decades. Haathi slippers and sandals are recognised throughout the country for its style and durability. The company has always prioritised the R&D of new cutting edge products, technology and customer service to expand the business into new markets. It has formed strong relationships around India and throughout the country with its distributors and the customers who it greatly appreciates for their support and loyalty. It has also earned national recognition as a progressive and well managed business through a “best exporter award”. </div> <div> </div> <div> <strong>Shikhar Shoes </strong></div> <div> Shikhar Shoes Industry Pvt Ltd is a leading footwear industry of Nepal established in 2052 BS. The company now has more than 15 exclusive showrooms and more than 200 outlets across the country. The industry was established as a proprietorship firm with its corporate office and factory in Ranibari-3, Kathmandu. It later converted to a Private Limited Company and has its factory in Goldhunga-3. Shikhar Shoes Industry, with its history of 18 years, is a leading footwear brand of Nepal due to its goodwill, image and sales volume. The industry is currently producing 1,500 pairs of shoes per day while its production capacity is that of 5,000 shoes daily. The industry, that used to exclusively produce men’s leather shoes, has now started producing all types of men’s footwear as well as ladies’ sandals and shoes. The manufacturing unit of the company produces shoes with semi-automatic modern machine. The establishment is providing direct and indirect employment to more than 4,000 people throughout the country.</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' => 'Leather Wings is the pioneering genuine leather footwear manufacturer in Nepal.', 'sortorder' => '1389', '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' => '1527', 'article_category_id' => '153', 'title' => 'Home-grown Footwear Brands Breaking New Grounds', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> Over the years, the number of buyers for footwear products manufactured in Nepal has registered a healthy growth, observed industry insiders. They attribute this development to advancements in manufacturing technology, delivery of quality products and meeting consumer expectations. </div> <div> </div> <div> The domestic market is witnessing a change in the buying pattern of customers in recent times. Slowly but surely, more number of people are beginning to get used to different brands of shoes produced locally, in an apparent departure from their love for foreign branded products earlier. “We had to convince hard to sell our products to the customers a few years ago. However, things stand changed today as they have started to trust Nepal-made shoes which have made our job easier,” said a salesperson at a leading shoes store. </div> <div> </div> <div> The domestic footwear industries that manufactured mostly leather products for long have also started to produce sports and casual shoes among others. Manufacturers opined that the buyers’ increasing confidence in them encouraged them to diversify their product portfolio. “We are about to install a new plant to manufacture ladies footwear and also looking to expand the product line-up in the casual and sports series,” said a leading manufacturer. </div> <div> </div> <div> Retailers too believed that consumers who preferred foreign brands earlier are increasingly shifting towards ‘Made in Nepal’ products. </div> <div> </div> <div> <strong>Leading Brands </strong></div> <div> Shikhar Shoes claims the company’s production output is close to 300,000 pairs of shoes annually. The company said that the domestic market consumes all that it manufactures. The company is planning to roll out a new premium brand targeting high-end customers in the near future. However, it depends on the results of a feasibility study it is carrying out. Products from Shikhar Shoes are priced in the range of Rs 350 to Rs 4,000. One of the largest manufacturers in the domestic market, business for Shikhar Shoes has been overwhelming in the past couple of years as it has been able to deliver quality products at affordable prices. The company has installed a new technology for the first time in Nepal called the ‘Conveyor System’ that enables production of large quantity while reducing time for manufacturing. </div> <div> </div> <div> Base Footwear, another prominent player in the domestic market that manufactures BF Dear Hill footwear products, has been witnessing huge success. A manager at the company said, “Most multi-brand retail outlets in the country now proudly feature domestic footwear products.” He claimed that the company’s annual production is around 200,000 pairs. Its products are in the price range of Rs 450 to Rs 3,500. Base Footwear manufactures products ranging from school and college shoes to party shoes, casual shoes and sports shoes. The company has recently started manufacturing football boots as well. BF Dear Hill, the first Nepali footwear brand to receive international standard certification 9001:2008, is also enjoying good business by luring customers with its fashionable, comfortable and durable products. </div> <div> </div> <div> Goldstar has become a household name in Nepal. This brand was launched after a studied research of the market. Foot specialists and experts working with various shoe companies were brought as consultants to design the product and draw up a business plan. Experts were unanimous in their beliefs that given the often-difficult terrain in most parts of Nepal, a shoe had to be sturdy, light and cheap. The company believes that there has been a massive shift in the acceptance of the domestic products, which is a positive sign for the industry. It claims that its annual output of over eight million pairs of shoes is not adequate to meet the demand from the market. While 70 per cent of Goldstar shoes are exported to India, the rest is sold in the domestic market.” Goldstar aims to increase its export potential to a number of countries and is a proud recipient of the ‘Best Exporter Award’. </div> <div> </div> <div> <strong>Challenges </strong></div> <div> Despite the reasonable penetration in the domestic footwear market, stakeholders said that various problems had prevented the domestic footwear industry from making faster progress. They pointed out issues like unfair customs duty on raw materials and unavailability of skilled labour among others. Domestically, manufactured products have the potential to outshine foreign products if the government provides them appropriate support, they said. </div> <div> </div> <div> The flooding of the market with low-quality and cheap Chinese products is wearing out the scope for the Nepali footwear industry. Stakeholders claimed this is primarily due to the porous border and lack of strong policies. </div> <div> </div> <div> “Because of unfair customs duty — high on raw materials and low on shoe import — production of Nepali shoes turn out to be more expensive. This has compelled customers to think twice before buying home manufactured shoes,” said an official of the Leather Footwear and Goods Manufacturers’ Association of Nepal (LFGMAN). Around 70 per cent of raw materials for shoes made in Nepal are imported from India, China, Thailand and Taiwan. </div> <div> </div> <div> Industrialists claimed that apart from the open border and duplicate products, labour problem has hit the industry hard. Manufacturers said that they face threats from the labours and their respective trade unions regularly. While the industry is growing steadily despite the workforce crisis, such threats certainly hamper the sector. </div> <div> </div> <div> <strong>Way Forward </strong></div> <div> Withstanding a number of challenges, the Nepali footwear industry is still emerging as a promising business sector — growing at an annual rate of 15 per cent. Latest fashionable designs coupled with fine craftsmanship have led to domestic shoes starting to offer an alternative for international brands in the market that cost way expensive. Besides, of course, some Nepali manufacturers have started to explore the potential of exporting ‘Made in Nepal’ products to the international market. </div> <div> </div> <div> The customers’ attraction towards Nepali footwear products is on the rise and the market has been consistently registering increase in demand. This has encouraged existing manufacturers to maintain quality while the number of new manufacturers too has increased significantly. There are 500 shoe manufacturers in the country and 10 medium scale footwear industries. According to LFGMAN, Nepali footwear products account for 60 per cent of the total shoe market in the country. </div> <div> </div> <div> Even though the economy is experiencing a difficult phase currently, local shoe manufacturers see a bright future for the industry provided they receive adequate support and a good platform to market their products.</div> <div> </div> <div> <img alt="FOOTWEAR BRANDS" src="/userfiles/images/fOOTWEAR%20BRANDS1.jpg" style="width: 500px; height: 327px;" /></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' => 'Footwear products manufactured and branded in Nepal have marketed their products aggressively over the last few years and ensured a considerable share of the footwear market in Nepal.', 'sortorder' => '1388', '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' => '1526', 'article_category_id' => '108', 'title' => 'Money Matters News In Brief (29 July - 4 August 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong>EIC Employee on Strike </strong></div> <div> <img alt=" Everest Insurance Company (EIC)" src="/userfiles/images/eic.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 49px;" />Employees of Everest Insurance Company (EIC) are on strike from Wednesday (July 24). After Insurance Board has partially banned on EIC to handle fire insurance business, it has not been capable to renew its license. So, stating that the Insurance Board and the management team of company have not taken any steps to change the situation, the employees of the EIC have been on strike daily from July 24. </div> <div> </div> <div> </div> <div> <strong>NB Bank Awarded for Best Financial Report </strong></div> <div> <img alt="Nepal Bangladesh Bank" src="/userfiles/images/nb%20bank.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 35px;" />Nepal Bangladesh Bank has bagged 1st runner up award for best financial report. The annual award is given by Nepal Chartered Accountants’ Association. The financial reports are evaluated as per the rules set by South Asian Federation of Accountants and the reports that are adjudged best in the country are then sent to compete at the South Asian level. NB Bank made a remarkable improvement compared to last fiscal year. </div> <div> </div> <div> </div> <div> <strong>Laxmi at Waling and Kohalpur </strong></div> <div> <img alt="Laxmi Bank" src="/userfiles/images/laxmi.jpg" style="float: left; margin: 0px 10px 0px 0px; width: 80px; height: 40px;" />Laxmi Bank has opened branches at Waling, Syanga and Kohalpur, Banke. After these, the number of branches of bank reached 33. </div> <div> </div> <div> </div> <div> </div> <div> <strong>Sanima at Hetauda </strong></div> <div> <img alt="Sanima Bank Limited (Sanima) " src="/userfiles/images/sanima%20bank.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 13px;" />Sanima Bank Limited (Sanima) has opened its 25th branch at Hetauda. The branche was jointly inaugurated by the Chairman, Jiba Lamichhane and Brand Ambassador of Sanima, Hari Bansha Acharya & Madan Krishna Shrestha (MAHA). </div> <div> </div> <div> </div> <div> <strong>Citizens’ ATM at Bhat-Bhatani </strong></div> <div> <img alt="" src="/userfiles/images/citizens.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 25px;" />Citizens Bank International on Wednesday, July 24 installed its 36th ATM terminal at Bhat- Bhateni Supermarket, Bhat-Bhateni. </div> <div> </div> <div> </div> <div> <strong>NIBL Debentures Allotted </strong></div> <div> <img alt="Nepal Investment Bank Limited (NIBL)" src="/userfiles/images/nibl.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 24px;" />Nepal Investment Bank Limited (NIBL) has allotted Rs.500 million Redeemable “8% NIB Debenture 2077” to general public on (6th Shrawan, 2070), It is refunding money to the non-allottee investors from 11th Shrawan, 2070. </div> <div> </div> <div> </div> <div> <strong>Manaslu IPO </strong></div> <div> <img alt="" src="/userfiles/images/manaslu.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 33px;" />Manaslu Bikas Bank Ltd is going for initial public offering (IPO). The bank is going to issue 3,60,000 ordinary shares to the public at par value of Rs 100. </div> <div> </div> <div> </div> <div> <strong>Grade 4 for Mahakali IPO </strong></div> <div> <img alt="" src="/userfiles/images/icra.jpg" style="float: left; margin: 0px 10px 0px 0px;width: 100px; height: 46px;" /><img alt="Mahakali Bikas Bank Limited" src="/userfiles/images/mahakali.jpg" style="float: left; margin: 0px 10px 0px 0px;height: 22px; width: 100px;" />ICRA Nepal Limited has assigned a [ICRANP] IPO Grade 4 (Pronounced as ICRA NP IPO Grade Four) Rating to the Rs. 80 million Right Issue of Mahakali Bikas Bank Limited. Instruments with this rating are considered to have below-average fundamentals.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', 'modified' => '2013-07-29', 'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal', 'description' => 'Employees of Everest Insurance Company (EIC) are on strike from Wednesday (July 24).', 'sortorder' => '1387', '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' => '1525', 'article_category_id' => '109', 'title' => 'Liquidation If Not Revival For Poor BFIs', 'sub_title' => '', 'summary' => null, 'content' => '<div> <strong><span style="font-size: 12px;">--By TC Correspondent</span></strong></div> <div> </div> <div> Nepal Rastra Bank (NRB) has give a time period of six months to problematic banks and financial institutions (BFIs) to revive. The banks and financial institutions which have been declared problematic from long time have not been able to revive. So, in such a situation bad messages has gone to the public. </div> <div> </div> <div> According to NRB officials, though there is a provision of just six months to revive, it has been seen as unpractical. </div> <div> </div> <div> Thus, NRB has been going to conduct Due Diligence Audit (DDA) of such problematic BFIs. After the arrival of DDA reports of problematic BFIs, NRB is going to provide six months provision period to revive. </div> <div> </div> <div> Number of problematic BFIs has been increasing day-by-day. If a single or two-three BFIs were seen problematic they can be managed through fast track decision from NRB. But as the number has increased highly the central bank has come with a plan to give deadline of six months to recover the bad loans or inject the capital from promoters. </div> <div> </div> <div> After these action also the problematic BFIs do not revive, they are taken to the process of liquidation. Till now, Nepal Development Bank, United Bikas Bank and Samjhana Finance has been liquidated.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Nepal Rastra Bank (NRB) has give a time period of six months to problematic banks and financial institutions (BFIs) to revive.', 'sortorder' => '1386', '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' => '1524', 'article_category_id' => '109', 'title' => 'CRR Rates Revised', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By TC Correspondent</strong></div> <div> </div> <div> Nepal Rastra Bank (NRB) has revised its Cash Reserve Ratio (CRR) to be maintained by banks and financial institutions (BFIs). As per the new circular issued by NRB on July 28 (Sunday), ‘A’ class BFIs should maintain a CRR of 5.0 percent, ‘B’ class BFIs should maintain 4.5 percent and ‘C’class BFIs should maintain 4.0 percent. Previously, the ratios were 6.0 percent, 5.5 percent and 5.0 percent, respectively. </div> <div> </div> <div> NRB has directed to invest ‘A’, ‘B’ and ‘C’ class BFIs a minimum of 4.5 percent, 4.0 percent and 3.5 percent, respectively of the total loan and advance on deprived sector loans. </div> <div> </div> <div> The new circular has also extended the maximum duration of 21 days for repo and reverse repo auction periods and revised the provision on refinancing. As per the new provision, the interest rate for normal refinancing has been maintained at 5.0 percent. The circular also directed not to take more than 9.0 percent from the borrower. </div> <div> </div> <div> Interest rates on special refinancing through loan flown (mainly to small and cottage industry, foreign employment and sick industry) should be given at 1 percent annually. BFIs could not take more than 4.5 percent from the borrower as per the new circular. </div> <div> </div> <div> Similarly, BFIs can provide export refinances to exim businesses at 1.0 percent on the basis of good loan collaterals, but they could not take more than 4.5 percent from the borrower as per the new circular. </div> <div> </div> <div> NRB has also directed to provide a refinancing facility to small and medium scale industry loans at 5.0 percent per annum on the collateral of good loan of the borrower. However, BFIs could not take more than 10.0 percent from the borrower as per the new circular.</div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Nepal Rastra Bank (NRB) has revised its Cash Reserve Ratio (CRR) to be maintained by banks and financial institutions (BFIs).', 'sortorder' => '1385', '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' => '1523', 'article_category_id' => '109', 'title' => 'Nepse Dropped, But Huge Rise In Insurance', 'sub_title' => '', 'summary' => null, 'content' => '<div> </div> <div> <strong>--By Rashesh Vaidya</strong></div> <div> </div> <div> Nepse index saw the bearish trend declining by 6.65 points during previous week. It had closed 535.80 on Sunday, 21st July (the first trading day of the week) and reached 529.15 at the close of Thursday, 25th July (the last trading day of the week). The market floor was open for five days. </div> <div> </div> <div> In the week, the insurance sub-index increased the highest by 47.92 points closing at 1041.44 points with an increase in share price of most of the insurance companies traded during the week. Among them, the share price of Life Insurance Company Nepal increased the highest by Rs 45 per share during the week. The ‘others’ sub-index dropped by 17.62 points closing at 633.27. The share price of Nepal Telecom dropped to Rs 536 per share on July 24 (Wednesday) which forced the sub-index to drop heavily from high of Rs 538. </div> <div> </div> <div> Announcement of the Monetary Policy 2013-14 by Nepal Rastra Bank (NRB) did not made any impact on the market. The impact of new provision on the capital increment forwarded by NRB was not seen in the share price of the banks and financial institutions. </div> <div> </div> <div> Similarly, the decline in the hotel sub-index also backed in the drop of the Nepse. The sub-index dropped by 14.25 points during a week. Only trading of the shares of Soaltee Hotel also dropped to Rs 271from high of Rs 276 per share. </div> <div> </div> <div> Shares of 123 companies were traded at Nepse during the week through 8,254 transactions amounting to Rs 724,695,000. The share price of 35 companies increased while 59 companies lost price and 29 companies remained unchanged. The transaction amount of the week is 84.13 percent higher than that of earlier week. The total number of scrips traded was 2,531,949 which is less by 1,262,365 scrips than that of earlier week. </div> <div> </div> <div> Everest Bank topped the list in terms of transaction amount (Rs 92,748,000). Nabil Balanced Fund topped in number of scrips traded during the week. Altogether 505,893 scrips of the fund were traded during the week. </div> <div> </div> <div> NIC Asia Bank was at the top on the basis of the number of transactions (865).</div> <div> </div> <div> <img alt="" src="/userfiles/images/sectors.jpg" style="width: 550px; height: 152px;" /></div> <div> </div> <div> <hr /> <div> <strong>Nepse on Sunday</strong></div> <div> Nepse Index closed at 534.22 points on Sunday (July 28). The index increased by 5.15 points from the Thursday (July 25) close. All the sectors sub-indices saw increment during the day. Insurance sub-index increased the highest by 60.69 points closing at 1101.57 points. Total of 370, 039 shares were traded from 1743 transactions during the day.</div> </div> <div> </div>', 'published' => true, 'created' => '2013-07-29', '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' => 'Nepse index saw the bearish trend declining by 6.65 points during previous week.', 'sortorder' => '1384', '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' => '1522', 'article_category_id' => '110', 'title' => 'Top Ten Losers (22 - 28 July 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Top Ten Losers" src="/userfiles/images/Top%2010%20Losers(1).jpg" style="width: 500px; height: 193px;" /></p>', 'published' => true, 'created' => '2013-07-29', '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' => 'Top Ten Losers', 'sortorder' => '1383', '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' => '1521', 'article_category_id' => '111', 'title' => 'Top Ten Gainers (22 - 28 July 2013)', 'sub_title' => '', 'summary' => null, 'content' => '<p> <img alt="Top 10 Gainers" src="/userfiles/images/Top%2010%20Gainers(1).jpg" /></p>', 'published' => true, 'created' => '2013-07-29', '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' => 'Top Ten Gainers', 'sortorder' => '1382', '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' => '1520', 'article_category_id' => '113', 'title' => 'US Dollar Exchange Rate At Local Market (22 - 28 July 2013)', 'sub_title' => '', 'summary' => null, 'content' => '', 'published' => true, 'created' => '2013-07-29', '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' => 'US Dollar Exchange Rate At Local Market', 'sortorder' => '1381', '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
