'We Want Our MBA Graduates To Become Job-Givers' (September 2011)

Nov 30, -0001 0 11 minutes 38 seconds to read

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SAARC Biz Leader's Meet In Kathmandu

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

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			'title' => ''We Want Our MBA Graduates To Become Job-Givers' (September 2011)',
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			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;"><img align="right" alt="" border="1" height="183" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/pro subash kc.jpg" style="width: 142px; height: 183px;" vspace="5" width="142" /><b>Prof Subas KC</b></span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Faculty and Dean</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Kathmandu University School of Management (KUSOM)</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Professor Subas KC is a faculty Dean at Kathmandu University School of Management (KUSOM). An MBAC from Tribhuvan University and with a Post Graduate Diploma in Training and Development from University of Manchester, UK, his areas of specialisations include Human Resource Management/Development, Organisational Behaviour and Organisation Development. He previously worked as the Director of Centre for Management Innovation (CEMI) at Nepal Administrative Staff College and as a Training and Research Officer for the development of cooperatives in the government. In an interview with <i>New Business Age</i>, Professor KC expresses his ideas on the importance of management education in Nepal and recommends better quality to get closer to international standards. Excerpts:</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">What is driving the growth of management schools in Nepal? How do you think management education is going to shape up in the foreseeable future?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">I think the growth has been pretty good. A number of business schools have opened in recent years as a result of the increasing demand for business education. From the perspective of both demand and supply of business education, it is a very encouraging and healthy development we have here. However, I canâ€™t say the same from a quality perspective. All the business schools in Nepal need to substantially improve their quality levels. We need to be able to supply competitive products in the market particularly because they have to compete with business graduates arriving from western universities.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">I believe that our society is going through a process whereby it is trying to managerialise itself. What we lacked in the past was a managerial approach to address our issues and problems. However, if you look at the history of economic, social and industrial development of the western societies, you will find that they went through a managerial revolution at some stage or the other. Therefore, we need managerialisation of values, ideas, attitudes and perspectives among others. A manager looks at things differently than a person who is not trained as a manager. Our society and economy are in the process of modernisation so we need to managerialise them accordingly. This is another reason why the demand and value for management graduates have tremendously increased. I only hope that itâ€™s not a passing fad and the demand for MBA graduates will continue to grow. As for managerialisation, the process has already begun and the evidence is for all of us to see but I am not happy with the pace of it. If the existing process accelerates and catches momentum, we will need more professionals and graduates with adequate training in business administration. Therefore, I am confident that the value of MBA education will continue to grow at least in the foreseeable future.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">What is the competency of business graduates produced in Nepal compared to those from regional and international universities?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">As I just mentioned, we need to maintain our competitiveness if we want to be part of the globalised economy. When we compare home-grown graduates with the ones who have graduated from western universities or the best universities in India, we are slightly behind in terms of quality. Itâ€™s not necessary that everyone who has a business degree from abroad is better than the graduates produced in Nepal. However, it would be unfair to compare our graduates with the ones from IIM, Harvard or Wharton. On the whole, MBA graduates from good business schools in Nepal are at least at par with business graduates from average or above average universities in India and elsewhere. But the business graduates from mediocre business schools in Nepal are far behind in terms of quality. Though it will take plenty of time, effort, resources and dedication, we at KUSOM want to improve the quality of our graduates to enhance their competitiveness. We are certainly on our way to make our graduates as competitive as possible.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">How do you analyse the motives of students behind pursuing management education now-a-days?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Itâ€™s definitely very good from the perspective of business schools. However, itâ€™s not too difficult to explain this explosion of interest in business education. There are a couple of reasons for the strong desire on part of the students to pursue business education, particularly MBA. You must understand that MBA is a global brand. With increasing exposure to the rest of the world, parents as well as students have become aware of this brand and its value. The brand value of MBA was always there worldwide but it arrived slightly late in our part of the world and it has now caught on. An MBA programme is a package which prepares its graduates for taking on diverse and competent roles and it gives them an edge over other education. This ultimately helps them put their best foot forward in the job market as well as while taking over family businesses or turning entrepreneurs.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">The teaching-learning methodology is often criticised for being traditional. How has KUSOM tried to change this traditional practice?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Without talking about the pedagogy of education, we cannot talk about MBA. In fact, worldwide, it is an educational process where you would find different methodological approaches compared to other disciplines. We are trying to follow different approaches to train and educate our MBA students. We follow case-based methods and a lot of times, problem-based method of teaching. We give students problem-like situations, either real-life or imaginary problems, and we ask them to first analyse the problem using theoretical concepts or models and then come up with recommended course of action. We also apply project-based method of learning where students are given real-life problems. They have to reach out to several industries and organisations, interact with the managers, come up with real data, prepare a report and finally make a presentation based on all these. Even in a classroom environment, we create what we call interactive and group-based learning approach. Students are divided into small groups and made to discuss issues and problems among themselves so they learn through and with each other. This cross-breeding of ideas generates new ways of looking at things. We have been the pioneer and leader in using more innovative approaches through these three methods of learning namely problem-based, project-based and interaction-based methods.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">How do you see the current trend of colleges being affiliated to foreign universities?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Itâ€™s a tricky proposition and to be honest with you, I am not happy about the whole idea. The foreign universities that some business schools in Nepal claim to have an affiliation with are not prestigious universities by any means. I would rather like to see business schools establishing some kind of affiliation with Harvard, Kellogg, Wharton, IIM or London Business School. I will be the first one to welcome affiliations with these trusted names because it would help us raise the quality of education here. We at KUSOM, too, will be under pressure to raise our level of competency. If we are not able to bring in prestigious universities, then probably it makes more sense to pool our resources together and invest it in our own MBA education. Besides, MBA education is locally sensitive to some extent where several courses need to be customised to meet the requirements of local businesses and organisations. For example, itâ€™s no point teaching students the US copyright law. Simply having the tag of a foreign university does not ensure quality education.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">Do you think the new MBA colleges have been able to address issues that the older MBA colleges lack?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Not really. In any sector be it education or otherwise, our culture and psychology is such that rather than innovating, we simply follow the leader or a successful example. KUSOM had the advantages of being the first mover but it did commit its share of mistakes. However, the colleges that followed us failed to learn lessons from our mistakes. In Nepal, we donâ€™t have this culture or psychology of critiquing that brings forth positive evaluation of others. I would be happy if the business schools in Nepal learn from each other as far as successes are concerned. And of course, it would be great if they could also learn from each otherâ€™s mistakes and donâ€™t repeat them. It would go a long way towards enhancing the quality of management education in Nepal.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">Most MBAs target a job in a bank. Is that only what the MBA course is designed for? Do you see any misconception among students in this regard?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">To be honest, we donâ€™t advise or encourage students to build their careers in the banking sector <i>per se</i> but the reality is that almost two-third of our students end up working for different banks. MBA course is not designed to develop people for the banking sector only. However, the fact is that banking is among the fastest growing sectors and 90 per cent of the students, while interviewed for intake, say that they want to join a bank after graduating. Another reason is that the banking sector has some very iconic figures and a lot of students seem to have their role models and corporate leaders associated with this industry. Compensation package in banks are more attractive compared to other sectors which is another factor. Besides, a lot of our students come from well-to-do families so they want to work in banks for reasons of convenience. I am sorry to say this but it is a wrong career model for MBA graduates.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">On our part, we are consciously orienting our students to think in terms of careers outside the banking sector. Our emphasis is on entrepreneurship and we want our MBA graduates to become job-givers rather than become job-seekers. A majority of our students joining banks is actually alarming for us. We donâ€™t want to attach our MBA programme with banking career only because that will be suicidal for us. We are working to make sure that our students diversify their career choices.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">Tell us the way you go about campus&nbsp; recruitment at KUSOM.</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">We have an excellent track record on recruitment as our graduates are readily absorbed in the job market. And, some of them land a job even before they complete their programme. All our graduates so far have found employment within months of graduating and have gone far in life except for those who donâ€™t want to work for others. There are some graduates who either turn entrepreneurs or join their family businesses. We have a unit here called â€˜PlaCeâ€™ (Placement Cell) supervised by an Assistant Professor and supported by a couple of alumni in the team. In this context, we are organising a job fair on September 2 for which we have sent out invitations to about two dozen companies. This job fair will create a platform for employers and the potential employees. Also, in the last term of the programme, we train our students in job search. We have recently reorganised our placement cell. Now, people associated with it have come up with an excellent plan. They maintain a database of our graduates and some of the industries which have openings for fresh MBAs. One aspect that is missing but I would like to add to our placement efforts is appointment of a professional counsellor. We do job counselling to the extent we can but it is a specialised area so we hope to have a trained job counsellor or psychologist who can do a psychometric analysis of the studentsâ€™ career potential and advice them accordingly.</span></div>',
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			'title' => 'Vijaya Motor's Free Summer/Monsoon Camp (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic inspection/maintenance of its customerâ€™s vehicles in order to assure the safety of the passengers and to prevent major repairs, through the early detection of problems, it said in a press release.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Vijay Motors invites all its respected customers to call in and book appointments and to bring their vehicles to their Service Center for a â€˜FREE SUMMER MONSOON CHECKUP CAMPâ€™ which will be held from August 7th until September 11th, between 10:00AM and 4:00PM, Sunday through Friday.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Vehicles will undergo the following checks:<span>&nbsp;&nbsp; Fog and Head Lamp check, Air-conditioning system check,&nbsp;&nbsp; Wiper Blades check,&nbsp;Rear Defogger check, Battery check, free Car Wash.&nbsp;The diagnostic tools will help diagnose faults if any. There is also a special discount offer on accessories and spare parts that need to be replaced during the Free Summer Monsoon Camp, the company said . </span></div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Carpets, Garments Exports Increase</h3>
<div style="text-align: justify;">
	International market for Nepali garment and carpet has registered a slow growth. The government has identified these products to have comparative advantage. Carpet export has registered a growth of 21.6 per cent while garments export increased by 11.5 per cent in 2010/11 compared to previous fiscal year.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to Trade and Export Promotion Centre, Nepal has exported carpets worth Rs 4.44 billion and garments worth Rs 3.62 billion in the first 11 months of last fiscal year. Nepal has exported goods equivalent to Rs 57.79 billion by mid-June which is 6.1 per cent higher than previous fiscal year.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Ncell Sponsors Literature Festival</h3>
<div style="text-align: justify;">
	Ncell, leading mobile telecommunication service provider, has sponsored a four-day Ncell Nepal Literature Festival-2011. The Bookworm Trust is organising the programme from August 18 to 21 at the premises of Gyan Mandala, Jahmsikhel. This programme is being organised for the first time in Nepal.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The organisers have said that renowned national and international literary persons will attend the programme. â€œAs our corporate social responsibility, we have always believed in promoting various activities in arts, literature and music as they play a pivotal role to create artistic image of the country,â€ Sanju Koirala, the corporate communication manager of Ncell, said.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Ncell recently launched a scheme that will allow five subscribers to win Android smart phones on a daily basis. The scheme commenced from August 8 and will last for 30 days. Subscribers of Ncell will be entitled to a lucky draw on purchase of Ncell SIM card, recharge card and recharge via virtual fund transfers of Rs 100 and above at one time.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Export-Import Bill Drafted</h3>
<div style="text-align: justify;">
	The Department of Commerce has drafted a new Export-Import Bill. Shankar Prasad Paudel, Director of the department, said the draft has been sent to parties concerned for feedback. The Act is incorporating the provisions of World Trade <br />
	Organisation (WTO).</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Officials at the department claimed that endorsement of the Act would end the procedure to go to ministry for making trade related decisions. The department is updating the Act formulated in 1956, which is considered insufficient in&nbsp;the current trade situation.</div>',
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			'article_category_id' => '34',
			'title' => 'Buddha Air Develops A Village For Its CSR (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be spent on education, health and development activities in the VDC. Dangihaat Development Committee received the money in instalments of Rs 500 thousand. As of now, two instalments have been paid.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	From the first instalment, assistance to set up science lab, library, buying additional land, construction of compounds have been completed in five schools in the VDC. Police station of the village was also give fans worth Rs 5,000 from the same fund. Development work in the village is financed 60 per cent by the company while 40 per cent is managed by the committee.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Similarly, from the second instalment, 17 community toilets were constructed in eight wards at a cost of Rs 690 thousand. Remaining two instalments were also dispersed in the second week of August.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Managing Director of the company Birendra Bahadur Basnet said additional Rs 1.5 million will be given to the committee this year.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Investment Board Bill Endorsed</h3>
<div style="text-align: justify;">
	Parliament has endorsed the Investment Board Bill 2065 through majority votes on August 15. The endorsement of Investment Bill tabled by the Bills Committee of Parliament is expected to help attract foreign investment in the country.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to the Bill, fast track roads, railway, ropeway, international airport development, among others have been identified as key areas to attract foreign investment. Similarly, hydropower projects having capacity of over 500 megawatts will be given priority.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The Board will be the governing body and will formulate policies and programmes for foreign investment. It will also hold discussion with the investors for the better potential sectors.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	A â€˜Sparklingâ€™ Business</h3>
<div style="text-align: justify;">
	Cleaning is an essential component of daily life both at households and commercial establishment. Now, there is a company providing a whole spectrum of cleaning services from providing a trained maid to carrying out specialised and heavy duty cleaning work on a commercial basis. Sparkling Multipurpose Company Pvt Ltd, which began its service now provides cleaning services to offices, corporate houses, departmental stores and households. The company also provides maids to offices and households on demand. The company claims to be the first commercial venture in the country to offer such services.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to Rabin Bhattarai, MD of Sparkling said, â€œThe company is dedicated to delivering high-quality service and cleaning solutions. We possess a sound knowledge and experience associated with risks and hazards involved in the cleaning services.â€</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The company provides the entire range of cleaning services, from general cleaning to dish washing and all other related jobs. According to the company, it is equipped with the latest machineries and equipment to carry out daily cleaning activities with environment-friendly chemical products. It supplies manpower, chemicals and cleaning tools on demand. It also provides house caretaker services. â€œWe have fully commercialised the cleaning business,â€ says Bhattarai.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Currently, the company is providing services to many hospitals, supermarkets, NGOs, INGOs and normal households. Peoplesâ€™ Plaza, Ambe Complex, Kist Bank, UTL are among the customers of the company. A number of households are also being served by the maids of the company.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	All the maids of the company are above the age of 18, as required by the law. The company says that all the employees are paid according to the rules of the government. At present, more than 100 workers are employed in the company and the employees are regularly trained. The company also provides its employees an insurance coverage. The maids come to the company through personal contact and the word of mouth.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Whenever a customer demands for a maid, the company studies about the works to be done and trains the maids accordingly. It takes around seven days to provide the maid to the customer. Seven days trial period is also offered to customers and they can keep or change the maids within the trial period. An agreement is signed between the company and the client regarding the terms and conditions of the work. The terms and conditions have to be followed by both the parties.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The company pays extra attention to the security of the clients as thefts and other accidents can occur because of the maid. â€œTo avoid this, we keep the police record of the maids with us and we also keep relevant information about the clients. If anything goes wrong, we act according to the agreement,â€ said Bhattarai. In case of theft or any other damage, the company bears all the expenses if the theft or accident is proven to be caused by the maid.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	â€œWe protect our employees from any form of exploitation, disrespect and misbehavior. We want the self esteem of our employees to be high and we donâ€™t compromise on that at all.â€ The company claims that it has terminated a few contracts when the clients didnâ€™t act appropriately and went against the mutually agreed upon terms and conditions.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Corporate Governance Training for Bankers</h3>
<div style="text-align: justify;">
	National Banking Training Institute (NBTI) in association with International Finance Corporation (IFC) has organised a workshop on corporate governance targeting top executives of banks and finance companies. Members from board of directors of various commercial banks, development banks and finance companies were present in the daylong workshop organised on August 11. The workshop has been organised at a time when questions being raised about corporate governance in the banking and financial sector.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	James Christopher of IFC trained the participants. President of NBTI Sashin Joshi said such workshops must be conducted regularly as the importance of corporate governance is of utmost significance in financial institutions. Christopher said that such programmes will help minimise the problems witnessed in the Nepali banking system.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be..........',
			'sortorder' => '377',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
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	),
	(int) 3 => array(
		'Article' => array(
			'id' => '466',
			'article_category_id' => '34',
			'title' => 'Sugar Mill Electricity In National Grid (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Nepali sugar millsâ€™ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW) of electricity to Nepal Electricity Authority (NEA). The industry in Janakpur is currently producing nine MW of electricity. Industry uses seven MW of electricity for running its operations. The company has invested Rs 130 million to produce electricity.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Sugar mills produce electricity through thermal plants by burning sugarcane residues to heat the boilers. Nepali sugar mills are producing 25 MW of electricity for their use. Sashi Kant Agrawal, Managing Director of the sugar mill, claimed that his facility alone has the technology to sell excess electricity to the national grid.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Agrawal said that necessary documents to sell electricity will be ready in two months. However, NEA does not have the procedure to buy electricity produced through an alternative method. Sher Singh Bhat, Chief of NEA Business Department, said a newly-formed committee is studying the procedure to fix the rate of electricity from such alternative sources. â€œBased on its report and suggested rate, the electricity will be purchased,â€ he said. However, sugar mills are demanding Rs 10 per unit.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Agrawal said, â€œIf the government is ready to buy our electricity, we can produce more.â€ He said up to 15 MW of electricity can be supplied by all industries to the national grid. Sugar mills are producing electricity only for their use. They mostly produce power during winter.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Uranium Exploration in Mustang</h3>
<div style="text-align: justify;">
	The government is set to begin uranium exploration in Mustang, Uranium is one of the costliest metals and scientists believe that there is a large reserve of uranium in Upper Mustang. Krishna Dev Jha at the Department of Mines and Geology said the exploration will commence within this year.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	A Korean company, Korean Institute of Geo Science and Mineral Resources (KIGAM) will be assisting in the exploration. The company has signed agreements to explore various rare earth minerals.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Uranium deposit is predicted in Lomathanka of Mustang. The department is preparing to test the samples collected from the region. An Indian scientist working with the United Nations is said to have found uranium in soil from the region in a lab test some years back. As unofficial sources have been claiming uranium in the region, the department is formally beginning to study the claims. Senior Engineer Jha said the government has allocated budget for the purpose.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	VAT Exemption for Hydel Projects</h3>
<div style="text-align: justify;">
	The private sector hydroelectricity projects have reasons to cheer as the Ministry of Energy (MoE) is planning to waive VAT on construction materials to be used by such projects. A source at the MOE said the proposal of tax exemption is being sent to the Ministry of Finance for approval.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	MoE has plans to waive 100 per cent VAT on construction materials for hydroelectricity projects. The source said that though this provision was not mentioned in the budget, it is now being planned, amending the VAT Act.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The private sector has been complaining its inability to develop projects due to lack of coordination between Power Purchase Agreement (PPA), high bank rates and severe inflation. It has been demanding to waive off VAT for last two years.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Nepal Electricity Authority has increased PPA rate by 20 per cent for projects up to 25 megawatts. However, producers are demanding to apply the rule in all existing projects.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Gyanendra Lal Pradhan, a power developer, said a 70 per cent exemption in VAT will provide huge relief but&nbsp;the real encouragement will come only by increasing the PPA rate.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	NSEâ€™s Nano Gold</h3>
<div style="text-align: justify;">
	Nepal Spot Exchange Limited (NSE) has begun the contract trading of even one gram gold. The contract named â€˜Nano Goldâ€™ began trading from August 8. The contract aimed at small investors has six per cent margin and 0.24 per gram tick size. The company is also offering contract of one kilogram and 100 gram gold named â€˜Major Goldâ€™ and â€˜Mini Goldâ€™ respectively.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nepali sugar millsâ€™ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW).....',
			'sortorder' => '376',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	),
	(int) 4 => array(
		'Article' => array(
			'id' => '465',
			'article_category_id' => '34',
			'title' => 'Cement Producers Whine Over Customs Hike (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Dhruba Raj Basnet, Vice President of Nepal Cement Producersâ€™ Association said that majority of the industries are dependent on imported clinker as clinker produced in Nepal is not enough to meet the demand. â€œGovernmentâ€™s move to protect a handful of industries puts more than 30 industries at risk,â€ he said.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Nepal needs around 3 million metric tonnes of cement annually. Domestic production can meet only 20 per cent of that demand. Most of the industries are dependent on clinker imported from India. Though nine industries are producing clinker on their own, 1.2 million tonnes of clinker is imported to meet the local demand.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	However, newly-established half a dozen industries are planning to produce clinker on their own. After they begin operation, internal demand is expected to be met by domestic production itself. But the operation is expected to begin no sooner than six months.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Cement producers are arguing that they must be given some options until local production of clinkers starts to match the demand.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Diamond Gallery Established</h3>
<div style="text-align: justify;">
	Diamond Gallery, a showroom for diamond jewelleries, has been established at New Road, Kathmandu. Sunit Agrawal, Director of the showroom, said the opening of the new diamond jewellery story will add excitement to the diamond business in the country.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The jewelleries of Diamond Gallery will be available under the brand name Creation. The new showroom boasts trendy designs in diamond jewelleries. The gallery claims that it will offer guarantee on its diamond and gold jewelleries.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Club Siddhartha Launched</h3>
<div style="text-align: justify;">
	Siddhartha Bank Limited has launched â€˜Club Siddharthaâ€™, a special programme for account holders of the bank. Clients can subscribe to the service by paying Rs 1,000. The members of the club will be given Club Siddhartha Visa Domestic Card, International Travel Card, and recharge card worth Rs 200 of NTC or Ncell. The bank claimed the service to be the first of its kind in the history of Nepali banking.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Members of the club can also receive all the services offered by the bank. If a club member can make five new members, their membership fee of Rs 1,000 will be returned. Similarly, club members will be given free accident insurance of Rs 5,000. Memberships can be taken from any of the 40 branches of the bank.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Five Railway Lines with Indian Assistance</h3>
<div style="text-align: justify;">
	The Indian government has decided to construct five railway lines that will connect Nepal and India across the border. Together, these railway lines will be of 183 kilometres (KM). Kamal Raj Paudel, joint-secretary at the Ministry of Physical Planning and Construction said that the necessary preliminary work for the construction of the railway lines has been completed. â€œIn the first phase, the railway will be operated in two regions. For this, we have already acquired land,â€ he said.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to an agreement with India, Nepal will bear only the cost of land acquisition. The cost of railway track, slipper and all other costs will be borne by the Indian government. However, the cost of construction of five railway lines is not yet decided.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	In the first phase, Jaynagar-Bardibas (86 KM) and Jogbani-Biratnagar (17.65 KM) will be constructed. In these two sections, the government has to pay Rs 800 million as compensation to the land owners. Paudel said that the construction would begin right after the Nepal government pays the sum for land acquisition.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Acharya revealed that Indian Railway Construction Association will develop all the five railway projects. Similarly, Janakpur -Jaynagar (29 KM) railway will be made broad gauge from current narrow gauge. An agreement was made when President Ram Baran Yadav visited India some time back.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.',
			'sortorder' => '375',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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			'breaking_news' => false,
			'main_news' => false,
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			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '464',
			'article_category_id' => '34',
			'title' => 'Exchanges Add Rs 100 Millon To State Coffers (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this yearâ€™s collection is almost double. The revenue was generated from three commodity future exchanges in operation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Experts believe that if the revenue from two spot exchanges and brokers is included, the amount can be higher. Within five years of the first commodity exchange coming into operation, five exchanges are trading in the market while at least five are planning to begin operations.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Bijesh Shrestha, President of Commodities Brokersâ€™ Association, said the number of brokers is also increasing with the number of exchanges. â€œSo, tax deduction at source (TDS) and taxes paid by trading brokers, clearing brokers and exchanges are also increasing,â€ he said.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Shrestha said the revenue mobilisation can go further up as investors are increasing and if the market can be made more transparent with efficient regulation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Mercantile Exchange has paid Rs 53.8 million as TDS to the government. Similarly, Nepal Derivatives Exchange has paid Rs 41 million in TDS and VAT. Commodities &amp; Metal Exchange Nepal Ltd (COMEN) has paid Rs 1 million as tax to the state.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">IMF Urges NRB to Have More Teeth</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">International Monitory Forum (IMF) has said that risk in Nepali financial sector is ever growing. IMF gave this conclusion after a two weeks study of the Nepali banking scenario. IMF has also commented that the Nepali economy is passing through a challenging phase.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">John Nelmes, Deputy Division Chief, Asia and Pacific Department of the IMF, in his teamâ€™s report has predicted that there is a high risk in financial sector due to high price of real estate. The report says that if the situation persists the economy will face more problems. Dr Sanjaya Panth, IMFâ€™s senior resident representative for Nepal and India, said that weak supervision and excessive increase in the number of banks and financial institutions are contributing to the heightened risk. He said that threats have emerged also due to various other reasons.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">IMF has urged Nepal Rastra Bank (NRB) to exercise more power. IMF has asked the central bank to employ more authority at a time when NRBâ€™s role has been criticised for being too invasive. Panth said more rights and powers must be given to NRB well in time to solve the problems seen in banks and finance companies.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">IMF has also suggested to tighten the lending in a single area like real estate and expanding supervisory power. It has said that there is no option to maintain the fixed exchange rate with the Indian currency.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Panth said that problems arose after financial institutions heavily invested in real estate and the business nosedived lately after increase in price. He said that the price must come down now.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Debentures in USD</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Himal Hydropower Limited is issueing debenture in US dollar denomination. First company in Nepal to do so, the company will issue debentures of US $ 60 million after Nepal Rastra Bank adopted the provision to issue debentures in dollars for hydropower companies through its monetary policy.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Ace Capital is the issue manager for this debenture. The face value of a debenture is US $ 1000. The debenture that will be traded solely through the private sector will also be listed in NEPSEâ€™s over the counter market. The debenture is being issued for five years. Coupon rate of the debenture is six per cent while interests will be paid every six months.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">BoK Opens Account with ABOC</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Bank of Kathmandu Ltd is now associated with Agricultural Bank of China Ltd, China, (ABOC)&nbsp;by opening a USD account with abocâ€™s Lhasa Branch. This account has been opened to serve importers in Nepal who import gods from China through the Tatopani Customs Office.&nbsp;ABOC Lhasa branch has SWIFT connectivity and online system with Zhangmu Sub-Branch (Khasa) through which smooth and quick processing of payments is expected.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this.....',
			'sortorder' => '374',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	(int) 6 => array(
		'Article' => array(
			'id' => '463',
			'article_category_id' => '34',
			'title' => 'Corporate Houses To Set Up Exclusive Outlets (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country. Big business houses like Jagadamba, KL Dugar and CG Electronics are planning to adopt this new marketing strategy.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Until now, Nepali companies have been selling their products through â€˜dealer modelâ€™. Foreign companies sell their products through their own special showrooms. In Nepal, currently only foreign fashion brands like Adidas, Reebok and some apparel and car brands have their exclusive showrooms.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Kumud Dugar, Managing Director of KL Dugar Group, said his group is setting up exclusive showrooms to establish relationship with clients. Similarly, Chaudhary Group is planning to establish an outlet in Kathmandu before Dashain that will exclusively sell CG products. The company is also planning to open stores in all major cities.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Best Financial Accounts Awarded</h3>
<div style="text-align: justify;">
	The Institute of Chartered Accountants of Nepal has distributed Best Presented Account Awards - 2010 on July 22. Nabil Bank bagged the first title in the commercial bank segment while Standard Chartered Bank and Nepal Industrial and Commercial Bank won the second and third award respectively.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Similarly, the first position of the central bank monitored financial institution category was secured by Ace Development Bank. Sanima Development Bank and Siddhartha Development Bank received second and third position awards.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Likewise, in the category of financial institutions outside central bank monitoring, Prime Life Insurance Company won the first place. In the same category, Prudential Insurance Company and Life Insurance Corporation bagged second and third position respectively.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Under the manufacturing sector category, Butwal Power Company and Unilever Nepal received awards for first and second position.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	In the information technology category, Nepal Telecom was awarded. Similarly in the hospitality sector, Oriental Hotels Limited was conferred with the award. Credit Service Centre was presented the award for the government sector.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The awards were given to those companies that proved to be the best in financial reporting techniques. The award is in line with the criteria prescribed by the South Asian Federation of Accountants (SAFA), an alliance of the Accounting Institute of Bangladesh, India, Pakistan, Nepal and Sri Lanka.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	COMEN Revamps its Logo, Technology</h3>
<div style="text-align: justify;">
	Commodities and Metal Exchange Nepal Limited (COMEN) has revamped its logo. Manoranjan Sharma, Chairman of the company, claimed that the new logo resembles the Nepali commodities marketâ€™s possibility to reach the international standards.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Ananda Kumar Benani, CEO of the company said that the new technology installed at the exchange will offer ease to speculators as well as jobbing and arbitrage. The company is also soon launching awareness programme on commodities market.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country.',
			'sortorder' => '373',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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			'in_scroller' => false,
			'user_id' => '0'
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	),
	(int) 7 => array(
		'Article' => array(
			'id' => '462',
			'article_category_id' => '34',
			'title' => 'Kulekhani III Misses Deadline (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p style="text-align: justify;">
	Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began on April 7, 2008, with the aim to bringing it into operation within three years. The contractor, Sino Hydro, has demanded three more years to complete the project as it failed to complete the work in its first term.</p>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Till date, only 40 per cent of the construction works are completed, according to the contractor. Sino Hydro has alleged frequent strikes by workers and cessation of the agreement with Nepal Electricity Authority (NEA) for the delay of construction. NEA has also not yet submitted the design of powerhouse.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The cost of the project is said to be increasing with the extension of the deadline. If it was completed within the stipulated time, it would have been completed in Rs 2.17 billion. The project was closed for 90 days due to strikes. The company has demanded Rs 740 million as compensation from NEA for such closures.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to Project Chief Uttam Amatya, a new work schedule has been finalised to complete the construction in one-and-a-half years.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Corporate Governance Directive for Insurance Companies</h3>
<div style="text-align: justify;">
	Corporate governance will now be enforced in insurance companies too. Insurance Board, regulator for the insurance sector, is planning to issue a directive for this purpose. The preliminary draft of the directive is ready. According to Shekhar Kumar Aryal, Spokesperson of the Board, the draft has been sent to all 25 insurance companies for feedback. He said the board will try to accommodate their suggestions in the directive.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The directive reportedly includes eligibility qualification for board of directors, managerial officialâ€™s rights, responsibilities, accountability, performance etc. Similarly, it has mentioned recruitment procedure and salary of board members, CEO and department heads.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Currently, a separate law and directive are missing that regulate corporate governance in insurance companies. In view of banks and financial institutions facing difficulty in absence of good corporate governance, its importance in the insurance sector is being felt.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	3-Day â€œMoney Expo 2011â€ from Sept 12</h3>
<div style="text-align: justify;">
	Aarthik Abhiyan, national business daily and Jamb Technologies (P) Ltd with Minds Nepal (P) Ltd and Morningstar Services (P) Ltd will organise a 3-day trade expo of Nepalâ€™s financial sector called â€œMoney Expo 2011â€. To be held at the Army Officersâ€™ Club, Bhadrakali, Sundhara, Kathmandu, the Expo will have more than 100 stalls from different sectors including Regulatory Bodies, the Stock Exchange, Commodities Exchanges, Banks and Financial Institutions, Merchant Bankers, Investment Companies, Insurance Companies, Brokerage Companies (Stocks &amp; Commodities), Remittance Companies, Depositories and Clearing Houses, Portfolio Management Companies, Financial Knowledge Management and Training Companies, Microfinance and Cooperatives, Tradersâ€™ and Investorsâ€™ Associations/Clubs, and Financial Domain Technology Companies. More than 50,000 visitors are expected in the Expo.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	â€œMoney Expo 2011â€ has been planned to be the largest finance and investment show in Nepal and the first ever dedicated event of its kind to focus on the promotion of investment opportunities and wealth protection strategies., states a press release. This event is expected to provide business-networking opportunities for the financial sector companies. The Expo provides investors ample opportunity to speak directly with the nationâ€™s top experts, whose knowledge covers trading and investing, banking, insurance, mutual funds, stocks, tax strategies, commodities and personal finance planning.&nbsp;â€œMoney Expo 2011â€ provides the participants the opportunity to learn about the new products, services and industry trends, as well as meet potential customers and seal important business deals, adds the press release.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	In addition to the stalls of different organisations, the other attractions of the â€œMoney Expo 2011â€ will be seminars and lectures from financial experts, regulators, analysts and successful investors as well as Quiz Contest, Art Exhibition, National and International Currency Show, Trading and Investment Movies Show, attractive door prizes, Best Stall Award and certificates for all stallholders.</div>',
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			'created' => '2011-10-11',
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			'description' => 'Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began.....',
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	(int) 8 => array(
		'Article' => array(
			'id' => '461',
			'article_category_id' => '34',
			'title' => 'Anti-Money Laundering Department In Operation (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then Finance Minister and Deputy Prime Minister Bharat Mohan Adhikari said that Nepal is committed to control legalisation of illegal money and prevent possible terrorist financing from Nepal.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Nepal has already expressed commitment to the 49-point charter proposed by Financial Action Task Force, international body for control of money laundering and terrorist financing.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Till date, the government has been looking after such financial crimes through the Department of Revenue Investigation. The department was set up after FATF tagged Nepal as the most vulnerable spot in South Asia.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Adhikari said that with the establishment of the department, the government will now seek sources and take action against those who have gathered huge property overnight without any plausible source of income.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Governor of Nepal Rastra Bank Dr Yuba Raj Khatiwada said that financial transparency would be maintained in a better way with the department coming into operation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Separate Office for Intellectual Property</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The government is set to establish a separate office for the protection of intellectual property as the trend of securing trademark for industrial products is increasing. Currently, trademarks are issued by Industrial Property Division at the Department of Industry.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Spokesperson at the department Dhruba Joshi said that a separate office is being set up as the number of tasks has increased since last year. A taskforce is formed under a joint-secretary in the Ministry of Industries for that purpose.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">After the office is set up, trademarks will be issued by it. Trademarks were made compulsory last year jointly by the department and World Intellectual Property Organisation. In 2010, 2,351 products received trademarks including 1,622 national and 729 international products.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Private Company to Manage Valley Waste</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Shital Environment Group Pvt Ltd is planning to invest Rs 10 million in its cleaning business that targets to manage waste in the Kathmandu Valley. Surendra Acharya, Chairman of the company, confirmed that the plan to commence the work has reached the final stage. The company is being established in three ropani area in Godavary.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Acharya said, â€œWith the establishment of the company, we will begin waste management from the source itself.â€ The company has planned to organise programmes on waste management in all cities across the country.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Acharya revealed that the company is planning to produce biogas and electricity through waste. He suggested training for housewives in waste management and inclusion of waste management in academic curriculum. The Waste Management Act 2011 has the provision to involve private sector in waste management.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
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			'keywords' => '',
			'description' => 'The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then....',
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	(int) 9 => array(
		'Article' => array(
			'id' => '460',
			'article_category_id' => '34',
			'title' => 'Construct Flyovers Within This Year (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the direction to construct flyovers and subways at major crossroads to manage the valley transportation. The committee has also directed to expand lanes of major roads entering major cities around the country, upgrade inner roads, prioritise public vehicles for traffic management and restrict vehicles in certain areas of cities. However, the restricted areas are not decided yet.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, the committee has asked to immediately remove street vendors, street side parking, hoarding boards and banners. Likewise, it has also directed to keep electricity, telephone and other wires underground. The committee has also asked to formulate a policy for such underground network.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">What are Former Finance Ministers Doing?</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Economic contemplation is not the first choice of many former finance ministers (FM). They are managing either political or private businesses. More than pondering over the economy, it seems they have something else more important to do in their daily lives. Till date, there have been 27 finance ministers. Subarna Shamsher Rana became the first FM after the inception of democracy in 1950. Subarna Shamsher presented the budget in 1951 for the first time in the Nepali history. Out of 27, 16 of them are alive while whereabouts of Bharat Bahadur Pradhan is not known. None of the FMs between 1950 and 1962 are alive.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Surya Bahadur Thapa became the FM for the first time in 1962 and is still active in politics. He regained his position in 1964. He got the opportunity to lead the economy during hard times. He claims that he managed to reduce the unnecessary government expenses and prioritised developmental works. Thapa who has turned 84 is now the Chairman of Rastriya Janashakti Party. His days are spent on party related works, meeting dignitaries and party cadres.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Another former FM, Surendra Bahadur Basnet, who took charge of the finance ministry in 1968, did not get the opportunity to present a budget. He became FM when the turmoil was still on. At his time, the value of Nepali and Indian currency was the same. So, there was the danger of failure for the entire economy due to problems in import-export. He is credited for correcting the chaotic situation. Basnet, 85, is now Executive Chairman of Buddha Air.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Kirti Nidhi Bista, 86, who served as the FM twice, is living a retired life. He spends his time reading and writing for newspapers and having rendezvous with his relatives. Similarly, Dr Bhek Bahadur Thapa, who got the opportunity to present the budget for five times from 1975, is now busy in studies and research. Thapa, 75, has also served as secretary and even ambassador for 14 years. His times are spent mostly abroad on work. When he is in the country, he loves to spend time with his family. Thapa often advises the government when required.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Prakash Chandra Lohani became the FM for first time in 1983. He is credited for introducing liberalisation in the financial sector. At present, he is the Co-Chairman of Rastriya Janashakti Party. He is also the member of legislative parliament's Public Accounts Committee.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Pashupati Shamsher Rana is currently focusing on his party activities. He is the Chairman of Rastriya Prajatantra Party. Likewise, Dr Devendra Raj Pandey who is known for his civil society activities is now concentrating on studies and research. He has also recently published a book named, Looking at Development and Donors.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Mahesh Acharya who became FM after 1991 general election got the opportunity to present the budget&nbsp;for four times. It was in his tenure that the state-controlled economy shifted towards liberalisation. A central committee member of Nepali Congress, he spends his days in research, party activities and meeting party cadres.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">In 1994, Bharat Mohan Adhikari stepped in as the FM. He also gave continuity to economic liberalisation initiated by the Nepali Congress government. He is known for beginning economic decentralisation with some of his programmes. He became the FM also in the outgoing government that was led by Jhala Nath Khanal.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Ram Sharan Mahat is still active in economic contemplation and party politics. He became FM for five times and presented six budgets. He claims he ensured economic liberalisation and financial sector reforms. He also began the concept of VAT in Nepal. He has reformed taxation and in his time numerous development projects were announced. He is in the central committee of his party Nepali Congress and is also a member of the Constituent Assembly. When he gets free time from party activities, he adores playing golf.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Badri Prasad Shrestha who became FM in 2002 did not get opportunity to present any budget. He says he brought the economy back on track. He has spent 11 years in National Planning Commission. Shrestha has also been Nepalâ€™s Ambassador to Japan. Having neurone problem for two years, he rarely moves around. Though he is associated with numerous organisations, he is not active due to his health problem.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Madhukar Shamsher Rana became FM during the direct rule of the king. Currently, he is teaching in South Asian Institute of Management. He owns Shaligram Apartment Hotel at Jawalakhel. He is also associated with SAARC Chamber of Commerce and Industry and South Asian Policy Research Institute, Colombo.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Roop Jyoti became Deputy FM during the direct rule of king in 2004. He is a renowned industrialist and Vice-chairman of Jyoti Group.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Baburam Bhattarai has now become the Prime Minister of Nepal. He became FM after Maoists became the largest party in parliament after the Constituent Assembly elections. He has been successful in increasing the revenue collection by 33.5 per cent, largest-ever jump in the Nepali history. He is also the Vice-chairman of the UCPN Maoist. He visits his home district Gorkha every month. He mostly remains busy in party activities.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, Surendra Pandey was the FM for 21 months. He claims the budgets he presented were tilted to socialism. He presented three budgets. He became FM in the CPN-UML-led government. He is also the politburo member of the party.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Global Bank and Shikhar Insurance Tie-Up</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Global Bank Ltd and Shikhar Insurance have signed an agreement to provide non-life insurance service to the bank´s customers. Janak Sharma Poudel, deputy general manager of the bank, and Deepak Prakash Pandey, chief executive officer of Shikhar Insurance, signed the agreement on August 7.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Issuing a statement, the bank said customers will get non-life insurance facility under a single roof after signing of the pact. The bank has set up a separate counter at its branch office at Kantipath to provide insurance service.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-10-31',
			'keywords' => '',
			'description' => 'The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the.............',
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	(int) 10 => array(
		'Article' => array(
			'id' => '459',
			'article_category_id' => '34',
			'title' => 'SAARC Biz Leader's Meet In Kathmandu',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">Fourth SAARC Business Leaderâ€™s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed â€˜Peace and Prosperity through Regional Connectivityâ€™ is being organised by SAARC Chamber of Commerce and Industry in collaboration with Federation of Nepalese Chambers of Commerce and Industry.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Being organised for the first time in Nepal, the meet will have participation from business personalities from the SAARC region. In the three-day assembly, representatives will be conducting presentations and round table discussions. Organisers have said that the meet would be fruitful for regional industrial and business investment cooperation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Emerging priority concerns for South Asia water, energy, climate change and food security; regional economic integration, tourism, cultural exchange, prospects of trade and investments will be the major themes for deliberation in the meet. Diplomats and senior government officials, business community leaders, renowned entrepreneurs, professionals, media representatives, analysts and others will be present during the programme.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">During the assembly, SAARC Trade Fair and cultural performances will also be organised from September 21 to 24. The meet held every two years was previously organised in New Delhi, Mumbai and Colombo.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">RID To Bust Informal Remittance</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The Revenue Investigation Department (RID) has started taking action to control the remittance coming through informal channel. The department has begun raiding suspicious areas as it suspects billions of rupees transacted through illegal means. In the first phase, the department raided business centres of New Road and Sundhara in Kathmandu.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The department raided Union International Tours and Travels and Pashupati Trading Company and seized documents and a few hundred thousand rupees.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The previous attempt by the department to seize informal remittance remained largely unsuccessful. Experts are saying that billions or rupees are being transacted through illegal and unknown channels. There are suspicions that such transactions are done on political protection with the support of large business houses.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Fivefold Increase in Household Income</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Nepalâ€™s household income has increased five folds over the past 15 years, thanks to the rise in the number of employed population, shift from agricultural to non-agricultural employment and increased inflow of remittances. The household income that was Rs 46,732 per annum in 1995/96 has increased to Rs 202,374 in 2010/11. Nepal Living Standards Survey (NLSS) released by Central Bureau of Statistics on August 8 revealed these findings.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The income of poorest families has also increased seven folds and reached Rs 15,888 in 2010/11 from Rs 2,220 in 1995/96.&nbsp;The report suggests that people living below the national poverty line has gone down to 25 per cent.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, income of the richest population has also increased five folds compared to 15 years back. In 1995/96, their annual income was Rs 19,325. The latest survey has revealed that it has reached Rs 94,149. According to CBS, Nepaliâ€™s living standard has also increased with the increase in income.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">According to Uttam Narayan Malla, Director General of the department, main purpose of the survey is to predict the poverty situation based on daily consumption pattern. He also stated that the current survey reveals more people are consuming fruits, fish and meat.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The first survey of 1995/96 revealed that the per capita consumption on the then price was Rs 6,800 while it has increased to Rs 34,829 in 2010/11. The consumption has increased by 412 per cent of the poorest 20 per cent population. Similarly, the consumption of the richest group has also increased by the same rate. According to the survey, the poorest group spends 8 per cent of their income in consumption while the richest spends 47 per cent of their income in consumption.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Over the same period, average per capita income of an individual has undergone a tremendous growth to Rs 41,659 in 2010/11 from just Rs 7,690 in 1995/96. According to the survey, the major source of income has shifted to non-agricultural sector from agriculture. The income from agriculture has shrunk to 28 per cent from 61 per cent earlier.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, the employed population has increased by 11 per cent reaching 78 per cent. According to the first survey, only 67 per cent people were employed. The new survey has also shown that 90 per cent Nepalis live in their own house which is four per cent less than previous survey result.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The survey was conducted in technical cooperation with The World Bank and studied 12 different subject matters.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
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			'keywords' => '',
			'description' => 'Fourth SAARC Business Leaderâ€™s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed â€˜Peace and Prosperity through Regional Connectivityâ€™ is being...',
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	(int) 11 => array(
		'Article' => array(
			'id' => '458',
			'article_category_id' => '39',
			'title' => 'Kumari Bank: Innovations Galore - September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">By <strong>Pinaki Roy<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Ever since it came into existence over a decade ago, Kumari Bank Limited (KBL) has been at the forefront of innovations such as SMS Banking, Auto Sweep and Internet Banking. Providing competitive and modern banking services with high degrees of quality and customer satisfaction, KBL takes pride in its cutting-edge product line and new and better ways to enhance banking experience for its patrons at large.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Therefore, it comes as no surprise that KBL has chosen to continue with its tradition of creating innovations and serve unfulfilled needs of all classes of customers located in various parts of the country. It has always focused at prioritising the priorities of its valued customers by offering modern and competitive banking products and services at their door steps. In recent times, the bank won the coveted Billionth Award South Asia for Kumari Mobile Cash in New Delhi, India, on 23 July 2011. It also launched Kumari Secure Mind Home Loan in August this year in association with Shikhar Insurance Company which promises to minimise risks on home loans.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<h3>
	<span style="font-size:12px;">mBILLIONth Award South Asia 2011</span></h3>
<div style="text-align: justify;">
	<span style="font-size:12px;">KBL bagged the mBILLIONth Award South Asia for Kumari Mobile Cash during the mBillionth South Asia International Summit 2011 held in New Delhi, India, on 23 July this year. The award was won in the m-business &amp; commerce/banking category on a platform that recognised some of the key innovative applications and services and honoured excellence in the arena of mobile communications across South Asia. They were basically looking for new innovations which have impacted the overall economy, especially at the bottom-of-the-pyramid. And, Kumari Mobile Cash was our best bet, Radhesh Pant, the CEO of KBL reminisces. He informs that the bank did spend considerable time on its questionnaire as part of the preparation for the event.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">From a total of over 200 applications from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka, 21 were selected as winners spread across 11 core categories, with Kumari Bank, the sole winner representing Nepal. Pant delightfully states that the summit was a fitting platform not just for the bank to showcase its innovation but also for Nepal to show the world that it indeed has the capability to be recognised as a breeding ground for innovative minds. Winning a prestigious award like this has given the bank a boost and has helped people know more about the product besides, of course, bringing immense happiness to the KBL team. We are very happy because we believed in this product. The basic reality is that when our work is recognised, it gives us confidence and impetus to move forward,Pant announces cheerfully. The bank has calculated that if it could only tap 10 per cent of the total 10 million mobile users in Nepal, it will open an overwhelming opportunity with a million strong subscribers at its disposal.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<h3>
	<span style="font-size:12px;">Kumari Mobile Cash</span></h3>
<div style="text-align: justify;">
	<span style="font-size:12px;">This revolutionary service that uses mobile phones to provide access to financial services was launched by KBL on 17 August 2010 in partnership with Leapfrog Technology Inc, a Boston-based US firm with a development centre in Nepal. The first of its kind, Kumari Mobile Cash pioneered the mobile wallet concept in Nepal which allows users to store cash balances in their mobile phones.&nbsp;Users are then able to deposit and withdraw cash from their mobile phones and use the stored cash value for various purposes such as remittance, bill payments, and airtime recharge with the push of a few buttons.&nbsp;Currently, the customers can avail this service from Kumari Bank's branches or from its authorised agents present across the country.&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Due to varied landscape and lack of physical infrastructure in Nepal, telecom is the best way to reach people in the hills and the mountains, says Pant. He adds, In a country like Nepal, access is very poor but at the same time, mobile usage is increasing at about 40 per cent each year. Quite obviously, we wanted to be the first one to launch mobile wallet to focus on the 70 per cent of the households not having any access to formal banking system.With 14,000 users and close to 200 transactions each day, Rs 5 crore worth of transaction has been realised since its launch of the plan around a year ago. I personally believe the future of banking will be technology-led and specifically, mobile-led, Pant declares brimming with confidence.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">KBL has a contractual agreement with two of the largest telecom providers in the country namely Nepal Telecom and Ncell (these two operators collectively enjoy 95 per cent market share in the country). Close to 50 per cent of registered Kumari Mobile Cash members are non-bank customers. In a very short time span, the product has helped break traditional barriers in providing access to finance for the poor.&nbsp;With 70 per cent of the Nepali households yet to be tapped into formal banking, the bank believes that improving access to sustainable financial resources is real and achievable.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<h3>
	<span style="font-size:12px;">Kumari Secure Mind Home Loan</span></h3>
<div style="text-align: justify;">
	<span style="font-size:12px;">Most Nepalis dream to have their own house, which comes for hefty prices and that explains why home loans from banks and financial Institutions (BFIs) are so popular.&nbsp;However, the concept of disaster preparedness simply does not exist in the country where people don't do things until they are cornered in a crisis. Most people investing to buy houses are yet to realise the importance of insuring their houses. With this in the backdrop, a memorandum of understanding (MOU) was signed between KBL and Shikhar Insurance Company Ltd for Kumari Secure Mind Home Loan on 1 August 2011.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The agreement signed by Radhesh Pant, CEO of KBL and Dip Prakash Panday, CEO of Shikhar Insurance Company promises to work as a milestone for the entire financial services sector in days to come. We want to secure the home loans that people borrow. This scheme will ensure that the family does not suffer in the event of an untoward incident affecting the primary borrower, reasons Pant. The product is a long term credit to consumers for the construction of house for both individuals and developers.&nbsp;It covers purchase of ready house or apartment, renovation or extension of house or apartment, and refinancing of immovable private property that are already financed by BFIs and secured by a registered mortgage.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">At times, the borrowers face various challenges in being able to pay back the loan. If the payment is made, the banks do not have any risk. Kumari Secure Mind Home Loan was launched to minimise the risks to both banks and clients in the event of non-repayment of loans by borrowers due to circumstances beyond their control such as critical illness, accidental death or permanent total disability and temporary loss of employment. All the existing customers of Kumari's Home Loan are eligible for the product and can avail this service from the retail unit of the bank. Basically, a partner product from Shikhar Insurance, the scheme is available only for Kumari's Home Loan subscribers.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Being the first one to launch such a product, the bank is confident of doing well but realises that its success will take due time. The bank knows that advocacy is the most important aspect of the scheme and has educated and trained its staff accordingly throughout the country. The idea is to have employees operating customer service and teller counters to disseminate the message to patrons visiting KBL branches. It also expects that a certain amount of exposure can be ensured through the media as well. Pant signs off on an optimistic note saying, â€œI know that people are not forthcoming about insuring their houses but this can change. We, at Kumari are very positive that the product will provide food for thought to investors deciding to secure their home loans.</span></div>',
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			'created' => '2011-10-11',
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			'description' => 'Ever since it came into existence over a decade ago, Kumari Bank Limited (KBL) has been at the forefront of innovations such as SMS Banking, Auto Sweep and Internet Banking.',
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	(int) 12 => array(
		'Article' => array(
			'id' => '457',
			'article_category_id' => '57',
			'title' => 'Rexton 2: Built To Satisfy September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">A stylish, powerful and magnificent vehicle has entered into the Nepali market that is about to change the entire definition of an SUV (Sport Utility Vehicle). Rexton 2 is marketed here by Constant Business Group. The company has targeted the 2011 model of Rexton 2 to executives, bureaucrats and other high level customers because of its great design, performance and majestic appearance.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Rexton 2 is a product of Ssangyong, a South Korean company which is one of the fastest growing automobile producers in the world today. The company has been selling its vehicles in 82 countries around the globe since 1954. Rexton 2 is one of the most innovative products from the Korean manufacturer.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The vehicle is the personification of automotive art crafted for those who love to drive. The SUV has design with a great blend of dashing looks and striking performance. It stands apart with Ssangyongâ€™s signature triple line chrome coated grill, unique bonnet lines and projection headlamps. The chrome lettering on the rear and LED side repeaters add to the sophisticated appearance. It has a silver roof rack that serves a functional purpose and giving the vehicle a fashionable look as well. Complementing the design is a rear spoiler with LED, which helps stabilize the vehicle and also looks very sporty.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">On the interior, the vehicle has a comfortable seating arrangement for seven. The roomy interior is decorated by rich black tones, and the seats are covered in luxurious and cozy leather. The driverâ€™s seat is power adjustable in eight different ways and the front passengerâ€™s seat is powered to adjust in four to add the comfort. The front and rear seats have five different temperature setting to choose from.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The cabin temperature of Rexton 2 is automatically maintained at the preset level, and the Air Quality Control System keeps dust, smoke and fumes outside the vehicle. For entertainment, there is a USB port for MP3 music and the front console is illuminated by high brightness LEDs that is easy to read at night. It also adds a high-tech feel to the driverâ€™s space.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Regarding the performance of the vehicle, it incorporates the latest engine and transmission technology for a superb all-round performance. The heart of the Rexton 2 is XDi 270 XVTY engine with third generation turbocharger. The five cylinder 2.6 liter diesel engine delivers a maximum power of 132 kW at 4000 rpm and a maximum torque of 402 Nm at 1600 to 3000 rpm. The engine is equipped with a direct injection system that boosts power and adds fuel efficiency ensuring more economic operation. With the power and performance and a smooth 5-speed manual transmission, Rexton 2 qualifies as a great SUV with steering stability and a tight grip both on and off the road.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Also, worth mentioning are the safety features employed by the vehicle. Rexton 2 has been designed to withstand impacts and disperse the impact force very effectively. The rigid triple layer frame is built to absorb and disperse shocks and impacts of all kind. This provides less vibration during normal operation, longer durability and greater safety in case of a collision. Also, it has front dual airbags, safety belt pre-tensioner and load limiter. It also has a unique speed-sensing door lock which locks all the doors whenever the vehicle reaches a preset speed.&nbsp;The vehicle is also equipped with ESP (Electronic Stability Program) and Hill Descent Control for more protection to the driver and the passengers.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">With an amazing design, superb performance and luxury, Rexton 2 can be yours at a cost of Rs 5,550,000. For the servicing of the vehicle, there is a servicing centre at Balaju. The company is giving a warranty of 35,000 kms or for a period of two years. Also, six free servicing are provided to the customers. The company claims that all the spare parts are readily available at the service centers.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2013-05-24',
			'keywords' => '',
			'description' => 'A stylish, powerful and magnificent vehicle has entered into the Nepali market that is about to change the entire definition of an SUV (Sport Utility Vehicle). Rexton 2 is marketed here by....',
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	(int) 13 => array(
		'Article' => array(
			'id' => '456',
			'article_category_id' => '57',
			'title' => 'Ride Your Desire With New Zotye September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">For those who want to switch from their small cars to SUV, a new offering is in the market. Constant Business Group has introduced a new model of Zotye, which according to the company is probably the most affordable SUV in Nepal and costs no more than compact cars available in the market. At Rs 2,450,000, Zotye truly appears to be the most affordable vehicle of its kind.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The company has already sold more than 300 units of previous versions of the vehicle. The older models were available in 1.3 and 1.6 litre engines. The new model is powered by a 1.5 litre engine with a number of added features and facilities. Zotye has managed to reduce the price without compromising the quality, says the company. And even at this price, there is a lot to expect from Zotye 1.5 in terms of quality and safety. This made-in-China SUV is powered by Mitsubishi engine, which assures the much needed reliability.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The design of the new Zotye is quite impressive and elegant with a perfect balance. The design is complemented by crystal diamond halogen headlamps and large strip combination tail lamps. It also features round fog lamp and a large inlet grill. Other external features include energy absorbing front bumper and a folding electric outer rear view mirror with turning lamp.&nbsp;The five-door five-seater vehicle exhibits its sporty look through a stylish roof rack, a spoiler with high brake lamp and a fashionable backup tyre cover.&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">On the inside, the SUV appears well-equipped with features like air conditioner, power steering, electric windows, childrenâ€™s lock, central locking system and a music system with 4-speaker stereo with CD player and FM radio. It also has a multi-function luggage carrier.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Its Mitsubishi 4G15 inline four cylinder, 16 valve SOHC petrol engine with multi point electric fuel injection produces a maximum power of 78 KW at 6000 rpm and a maximum torque of 134 Nm at 4500 rpm to support the companyâ€™s claim that the car is relatively powerful despite the small size. The vehicle is linked to a five-speed manual gearbox, driven by the rear wheels. It can go up to a maximum speed of 145 km per hour. The car is affordable and economic at the same time because of its mileage. According to the company, it gives a mileage of 12 to 14 kms in the city and 16 to 18 kms on the highways.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The high ground clearance of the Zotye at 200mm, along with McPherson struts on the front and 5-rods suspension on the rear proves to be beneficial on potholed roads and also off roads. It is equipped with disc brakes on the front and drum brakes on the rear, with vacuum booster.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">For safety, the SUV is equipped with ABS and three point seat belts on all the seats. The vehicle also features driverâ€™s safety belt alarm system, alight head lamp alarm system and over speed alarm system that help to keep the driver alert and avoid accidents. There is also energy absorbing steering and high anti-impact steel girder on all the doors that reduce the damage at the event of collision.&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The company is providing a warranty of 2 years or 35,000 kms, whichever is earlier. The company claims that it provides excellent servicing of the vehicle from its service centre at Balaju. With really affordable pricing and the promised excellent specifications, it seems that Zotye 1.5 is likely to enjoy great success in the market.</span></div>',
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			'created' => '2011-10-11',
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			'keywords' => '',
			'description' => 'For those who want to switch from their small cars to SUV, a new offering is in the market. Constant Business Group has introduced a new model of Zotye, which according to the..........',
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			'id' => '455',
			'article_category_id' => '57',
			'title' => 'Banking On Brand Image September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span><img alt="" border="1" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/default-banner-size_for-featured.gif" vspace="10" /><br />
		<br />
		By<strong> Sajag Karki<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	Banks in Nepal are one of the biggest spenders on advertising and promotion. All banks are trying to create their niche through brand identity and positioning. While the older commercial banks enjoy the privilege of better brand image and command respect in the minds of customers due to their long standing presence, the newer banks are putting in great effort to establish their brand name.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Well reputable banks such as Standard Chartered Bank, Everest Bank, Nabil Bank, Himalayan Bank and Nepal Investment Bank have a different kind of image among general public that can be attributed to their early mover advantage and robust financial performance in the banking sector. Standard Chartered Bank being a multinational company seems to follow centralised branding approach set by its parent company with localised content to suit the Nepalese audience. Its target customers are mostly middle to high-end individuals. Hence, it uses sophisticated message in all its communication mediums. Its print and broadcast medium follows the same branding framework which gives a consistent feel in its communication materials. As the bank has positioned itself globally as Here for good which represents&nbsp;positive change in all the countries it operates by providing quality banking services. It also shows their inclination towards CSR as an integral part of their company value which has been incorporated in their branding. Similarly, the other established banks have their own distinct brand identity which has helped in enhancement of their brand image.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	It is evident that any type of product promotion is done to compete with similar products in the market. As there are 31 commercial banks, there is tough competition among newer banks to attain share of mind among its customers and to break the clutter. However, the banking sector has healthy competition as compared to FMCG or any other sector as the whole banking fraternity is collectively trying to gain back the lost confidence of consumers due to the liquidity crisis.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Among development banks, the branding of Ace Development Bank seems to be the most prominent and ranks highest in terms of awareness due to its consistent and clear positioning. It has chosen a Rhino as its mascot which represents security and also its CSR activity focuses on Rhino conservation. The TVC of Ace featuring the Rhino mascot is very unique and of high quality animation. It has done secondary brand positioning via its advertisement, giving emphasis to the branding and security rather than its actual product attributes.&nbsp;Every aspect of the TVC is perfect, and it also hits competitors by saying It's a jungle out there, convincing customers to choose Ace for their financial security out of the numerous banks in the market.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Unlike foreign banks, most Nepali banks do not actually follow a set guideline for branding and are limited to being informative and product focused rather than in branding. Talking about foreign banks, HSBC is named one of the world's most valuable banking brands by The banking magazine. Established in 1991, the HSBC group operates as a number of local brands around the world. Hence, its advertising tagline explains its global positioning as The World's Local Bank. This popularity and awareness does not come overnight, it's their smart branding strategy right from the start-up phase to the present day that has made it the ultimate banking brand. HSBC account has been handled by WPP group in which JWT is the lead ad agency. The point is, in order to be the best bank, branding must be done right from beginning so that there will be high brand equity as the company grows. Creating a robust brand identity via its communication is one of the highest priorities for any brand.&nbsp;</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Among the younger breed of banks, NMB has focused well on branding as compared to newer competition. NMB's target is middle-class to high-end customers and its TVC and print ad has positioned the bank as a young and reliable bank and has brought products and services in line with its target customers. KIST Bank's branding advertisement is quite good and its awareness level is very high. Though it is in top of mind in terms of awareness, it has yet to gain confidence of its stakeholders. Also, its metaphor TVC is complicated for its targeted grass roots customers to comprehend so there is a mismatch between the segmenting and the positioning of KIST. Other banks such as Laxmi Bank has positioned itself quite differently as the one bringing in innovative high-tech banking in the Nepalese market. This is the Point of Differentiation (POD) of the bank. Also, its bright orange color has helped a lot in its brand awareness as people relate the color orange with the company. BOK branded itself as Be OK which is quite interesting and catchy. Everest Bank's testimonial ad featuring all demographics conveys first person views including that of housewife, youngsters, working adults, children and older people. This represents their distinctive image of strong, consistent and progressive among competitors.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	In a developing country like ours, banking sector has far exceeded people's expectations and has adopted international standards to a certain extent. The large volume of banks has actually been beneficial for the customers as they can choose the most suitable bank among the existing banks. In the time of liquidity crisis where banks are focusing more on deposit mobilisation, it is understandable that spending extra budget for branding might not be reasonable. However, situations might improve in the near future and branding shall certainly take priority as banks have to differentiate themselves to compete to be the best. However, branding and placement of product offerings have changed in the past few years where marketers have started using various non-traditional mediums as well as traditional mediums but in a different way for promotion. Social networking sites such as facebook and twitter has played a pivotal role in the contemporary advertising scenario. Smart placement of products and services in movies and reality shows has also been seen in recent times. Viral marketing (strategic use of Internet combined with word of mouth promotion) and PR are also some latest marketing tools that can be used for the betterment of brand image, which the banking sector in Nepal can adopt.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<strong><i>(Karki is currently associated with Thompson Nepal Pvt Ltd and has a couple of years of experience in the banking sector. The article is based on research and authors practical experience as a marketing professional. He can be reached at sajag_karki@hotmail.com)</i></strong></div>',
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			'created' => '2011-10-11',
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			'description' => 'Banks in Nepal are one of the biggest spenders on advertising and promotion. All banks are trying to create their niche through brand identity and positioning. While the older commercial ......',
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			'id' => '469',
			'article_category_id' => '40',
			'title' => ''We Want Our MBA Graduates To Become Job-Givers' (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;"><img align="right" alt="" border="1" height="183" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/pro subash kc.jpg" style="width: 142px; height: 183px;" vspace="5" width="142" /><b>Prof Subas KC</b></span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Faculty and Dean</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Kathmandu University School of Management (KUSOM)</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Professor Subas KC is a faculty Dean at Kathmandu University School of Management (KUSOM). An MBAC from Tribhuvan University and with a Post Graduate Diploma in Training and Development from University of Manchester, UK, his areas of specialisations include Human Resource Management/Development, Organisational Behaviour and Organisation Development. He previously worked as the Director of Centre for Management Innovation (CEMI) at Nepal Administrative Staff College and as a Training and Research Officer for the development of cooperatives in the government. In an interview with <i>New Business Age</i>, Professor KC expresses his ideas on the importance of management education in Nepal and recommends better quality to get closer to international standards. Excerpts:</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">What is driving the growth of management schools in Nepal? How do you think management education is going to shape up in the foreseeable future?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">I think the growth has been pretty good. A number of business schools have opened in recent years as a result of the increasing demand for business education. From the perspective of both demand and supply of business education, it is a very encouraging and healthy development we have here. However, I canâ€™t say the same from a quality perspective. All the business schools in Nepal need to substantially improve their quality levels. We need to be able to supply competitive products in the market particularly because they have to compete with business graduates arriving from western universities.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">I believe that our society is going through a process whereby it is trying to managerialise itself. What we lacked in the past was a managerial approach to address our issues and problems. However, if you look at the history of economic, social and industrial development of the western societies, you will find that they went through a managerial revolution at some stage or the other. Therefore, we need managerialisation of values, ideas, attitudes and perspectives among others. A manager looks at things differently than a person who is not trained as a manager. Our society and economy are in the process of modernisation so we need to managerialise them accordingly. This is another reason why the demand and value for management graduates have tremendously increased. I only hope that itâ€™s not a passing fad and the demand for MBA graduates will continue to grow. As for managerialisation, the process has already begun and the evidence is for all of us to see but I am not happy with the pace of it. If the existing process accelerates and catches momentum, we will need more professionals and graduates with adequate training in business administration. Therefore, I am confident that the value of MBA education will continue to grow at least in the foreseeable future.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">What is the competency of business graduates produced in Nepal compared to those from regional and international universities?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">As I just mentioned, we need to maintain our competitiveness if we want to be part of the globalised economy. When we compare home-grown graduates with the ones who have graduated from western universities or the best universities in India, we are slightly behind in terms of quality. Itâ€™s not necessary that everyone who has a business degree from abroad is better than the graduates produced in Nepal. However, it would be unfair to compare our graduates with the ones from IIM, Harvard or Wharton. On the whole, MBA graduates from good business schools in Nepal are at least at par with business graduates from average or above average universities in India and elsewhere. But the business graduates from mediocre business schools in Nepal are far behind in terms of quality. Though it will take plenty of time, effort, resources and dedication, we at KUSOM want to improve the quality of our graduates to enhance their competitiveness. We are certainly on our way to make our graduates as competitive as possible.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">How do you analyse the motives of students behind pursuing management education now-a-days?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Itâ€™s definitely very good from the perspective of business schools. However, itâ€™s not too difficult to explain this explosion of interest in business education. There are a couple of reasons for the strong desire on part of the students to pursue business education, particularly MBA. You must understand that MBA is a global brand. With increasing exposure to the rest of the world, parents as well as students have become aware of this brand and its value. The brand value of MBA was always there worldwide but it arrived slightly late in our part of the world and it has now caught on. An MBA programme is a package which prepares its graduates for taking on diverse and competent roles and it gives them an edge over other education. This ultimately helps them put their best foot forward in the job market as well as while taking over family businesses or turning entrepreneurs.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">The teaching-learning methodology is often criticised for being traditional. How has KUSOM tried to change this traditional practice?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Without talking about the pedagogy of education, we cannot talk about MBA. In fact, worldwide, it is an educational process where you would find different methodological approaches compared to other disciplines. We are trying to follow different approaches to train and educate our MBA students. We follow case-based methods and a lot of times, problem-based method of teaching. We give students problem-like situations, either real-life or imaginary problems, and we ask them to first analyse the problem using theoretical concepts or models and then come up with recommended course of action. We also apply project-based method of learning where students are given real-life problems. They have to reach out to several industries and organisations, interact with the managers, come up with real data, prepare a report and finally make a presentation based on all these. Even in a classroom environment, we create what we call interactive and group-based learning approach. Students are divided into small groups and made to discuss issues and problems among themselves so they learn through and with each other. This cross-breeding of ideas generates new ways of looking at things. We have been the pioneer and leader in using more innovative approaches through these three methods of learning namely problem-based, project-based and interaction-based methods.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">How do you see the current trend of colleges being affiliated to foreign universities?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Itâ€™s a tricky proposition and to be honest with you, I am not happy about the whole idea. The foreign universities that some business schools in Nepal claim to have an affiliation with are not prestigious universities by any means. I would rather like to see business schools establishing some kind of affiliation with Harvard, Kellogg, Wharton, IIM or London Business School. I will be the first one to welcome affiliations with these trusted names because it would help us raise the quality of education here. We at KUSOM, too, will be under pressure to raise our level of competency. If we are not able to bring in prestigious universities, then probably it makes more sense to pool our resources together and invest it in our own MBA education. Besides, MBA education is locally sensitive to some extent where several courses need to be customised to meet the requirements of local businesses and organisations. For example, itâ€™s no point teaching students the US copyright law. Simply having the tag of a foreign university does not ensure quality education.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">Do you think the new MBA colleges have been able to address issues that the older MBA colleges lack?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Not really. In any sector be it education or otherwise, our culture and psychology is such that rather than innovating, we simply follow the leader or a successful example. KUSOM had the advantages of being the first mover but it did commit its share of mistakes. However, the colleges that followed us failed to learn lessons from our mistakes. In Nepal, we donâ€™t have this culture or psychology of critiquing that brings forth positive evaluation of others. I would be happy if the business schools in Nepal learn from each other as far as successes are concerned. And of course, it would be great if they could also learn from each otherâ€™s mistakes and donâ€™t repeat them. It would go a long way towards enhancing the quality of management education in Nepal.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">Most MBAs target a job in a bank. Is that only what the MBA course is designed for? Do you see any misconception among students in this regard?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">To be honest, we donâ€™t advise or encourage students to build their careers in the banking sector <i>per se</i> but the reality is that almost two-third of our students end up working for different banks. MBA course is not designed to develop people for the banking sector only. However, the fact is that banking is among the fastest growing sectors and 90 per cent of the students, while interviewed for intake, say that they want to join a bank after graduating. Another reason is that the banking sector has some very iconic figures and a lot of students seem to have their role models and corporate leaders associated with this industry. Compensation package in banks are more attractive compared to other sectors which is another factor. Besides, a lot of our students come from well-to-do families so they want to work in banks for reasons of convenience. I am sorry to say this but it is a wrong career model for MBA graduates.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">On our part, we are consciously orienting our students to think in terms of careers outside the banking sector. Our emphasis is on entrepreneurship and we want our MBA graduates to become job-givers rather than become job-seekers. A majority of our students joining banks is actually alarming for us. We donâ€™t want to attach our MBA programme with banking career only because that will be suicidal for us. We are working to make sure that our students diversify their career choices.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">Tell us the way you go about campus&nbsp; recruitment at KUSOM.</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">We have an excellent track record on recruitment as our graduates are readily absorbed in the job market. And, some of them land a job even before they complete their programme. All our graduates so far have found employment within months of graduating and have gone far in life except for those who donâ€™t want to work for others. There are some graduates who either turn entrepreneurs or join their family businesses. We have a unit here called â€˜PlaCeâ€™ (Placement Cell) supervised by an Assistant Professor and supported by a couple of alumni in the team. In this context, we are organising a job fair on September 2 for which we have sent out invitations to about two dozen companies. This job fair will create a platform for employers and the potential employees. Also, in the last term of the programme, we train our students in job search. We have recently reorganised our placement cell. Now, people associated with it have come up with an excellent plan. They maintain a database of our graduates and some of the industries which have openings for fresh MBAs. One aspect that is missing but I would like to add to our placement efforts is appointment of a professional counsellor. We do job counselling to the extent we can but it is a specialised area so we hope to have a trained job counsellor or psychologist who can do a psychometric analysis of the studentsâ€™ career potential and advice them accordingly.</span></div>',
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			'id' => '468',
			'article_category_id' => '34',
			'title' => 'Vijaya Motor's Free Summer/Monsoon Camp (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic inspection/maintenance of its customerâ€™s vehicles in order to assure the safety of the passengers and to prevent major repairs, through the early detection of problems, it said in a press release.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Vijay Motors invites all its respected customers to call in and book appointments and to bring their vehicles to their Service Center for a â€˜FREE SUMMER MONSOON CHECKUP CAMPâ€™ which will be held from August 7th until September 11th, between 10:00AM and 4:00PM, Sunday through Friday.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Vehicles will undergo the following checks:<span>&nbsp;&nbsp; Fog and Head Lamp check, Air-conditioning system check,&nbsp;&nbsp; Wiper Blades check,&nbsp;Rear Defogger check, Battery check, free Car Wash.&nbsp;The diagnostic tools will help diagnose faults if any. There is also a special discount offer on accessories and spare parts that need to be replaced during the Free Summer Monsoon Camp, the company said . </span></div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Carpets, Garments Exports Increase</h3>
<div style="text-align: justify;">
	International market for Nepali garment and carpet has registered a slow growth. The government has identified these products to have comparative advantage. Carpet export has registered a growth of 21.6 per cent while garments export increased by 11.5 per cent in 2010/11 compared to previous fiscal year.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to Trade and Export Promotion Centre, Nepal has exported carpets worth Rs 4.44 billion and garments worth Rs 3.62 billion in the first 11 months of last fiscal year. Nepal has exported goods equivalent to Rs 57.79 billion by mid-June which is 6.1 per cent higher than previous fiscal year.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Ncell Sponsors Literature Festival</h3>
<div style="text-align: justify;">
	Ncell, leading mobile telecommunication service provider, has sponsored a four-day Ncell Nepal Literature Festival-2011. The Bookworm Trust is organising the programme from August 18 to 21 at the premises of Gyan Mandala, Jahmsikhel. This programme is being organised for the first time in Nepal.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The organisers have said that renowned national and international literary persons will attend the programme. â€œAs our corporate social responsibility, we have always believed in promoting various activities in arts, literature and music as they play a pivotal role to create artistic image of the country,â€ Sanju Koirala, the corporate communication manager of Ncell, said.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Ncell recently launched a scheme that will allow five subscribers to win Android smart phones on a daily basis. The scheme commenced from August 8 and will last for 30 days. Subscribers of Ncell will be entitled to a lucky draw on purchase of Ncell SIM card, recharge card and recharge via virtual fund transfers of Rs 100 and above at one time.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Export-Import Bill Drafted</h3>
<div style="text-align: justify;">
	The Department of Commerce has drafted a new Export-Import Bill. Shankar Prasad Paudel, Director of the department, said the draft has been sent to parties concerned for feedback. The Act is incorporating the provisions of World Trade <br />
	Organisation (WTO).</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Officials at the department claimed that endorsement of the Act would end the procedure to go to ministry for making trade related decisions. The department is updating the Act formulated in 1956, which is considered insufficient in&nbsp;the current trade situation.</div>',
			'published' => true,
			'created' => '2011-10-11',
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			'keywords' => '',
			'description' => 'Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic....',
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			'id' => '467',
			'article_category_id' => '34',
			'title' => 'Buddha Air Develops A Village For Its CSR (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be spent on education, health and development activities in the VDC. Dangihaat Development Committee received the money in instalments of Rs 500 thousand. As of now, two instalments have been paid.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	From the first instalment, assistance to set up science lab, library, buying additional land, construction of compounds have been completed in five schools in the VDC. Police station of the village was also give fans worth Rs 5,000 from the same fund. Development work in the village is financed 60 per cent by the company while 40 per cent is managed by the committee.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Similarly, from the second instalment, 17 community toilets were constructed in eight wards at a cost of Rs 690 thousand. Remaining two instalments were also dispersed in the second week of August.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Managing Director of the company Birendra Bahadur Basnet said additional Rs 1.5 million will be given to the committee this year.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Investment Board Bill Endorsed</h3>
<div style="text-align: justify;">
	Parliament has endorsed the Investment Board Bill 2065 through majority votes on August 15. The endorsement of Investment Bill tabled by the Bills Committee of Parliament is expected to help attract foreign investment in the country.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to the Bill, fast track roads, railway, ropeway, international airport development, among others have been identified as key areas to attract foreign investment. Similarly, hydropower projects having capacity of over 500 megawatts will be given priority.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The Board will be the governing body and will formulate policies and programmes for foreign investment. It will also hold discussion with the investors for the better potential sectors.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	A â€˜Sparklingâ€™ Business</h3>
<div style="text-align: justify;">
	Cleaning is an essential component of daily life both at households and commercial establishment. Now, there is a company providing a whole spectrum of cleaning services from providing a trained maid to carrying out specialised and heavy duty cleaning work on a commercial basis. Sparkling Multipurpose Company Pvt Ltd, which began its service now provides cleaning services to offices, corporate houses, departmental stores and households. The company also provides maids to offices and households on demand. The company claims to be the first commercial venture in the country to offer such services.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to Rabin Bhattarai, MD of Sparkling said, â€œThe company is dedicated to delivering high-quality service and cleaning solutions. We possess a sound knowledge and experience associated with risks and hazards involved in the cleaning services.â€</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The company provides the entire range of cleaning services, from general cleaning to dish washing and all other related jobs. According to the company, it is equipped with the latest machineries and equipment to carry out daily cleaning activities with environment-friendly chemical products. It supplies manpower, chemicals and cleaning tools on demand. It also provides house caretaker services. â€œWe have fully commercialised the cleaning business,â€ says Bhattarai.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Currently, the company is providing services to many hospitals, supermarkets, NGOs, INGOs and normal households. Peoplesâ€™ Plaza, Ambe Complex, Kist Bank, UTL are among the customers of the company. A number of households are also being served by the maids of the company.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	All the maids of the company are above the age of 18, as required by the law. The company says that all the employees are paid according to the rules of the government. At present, more than 100 workers are employed in the company and the employees are regularly trained. The company also provides its employees an insurance coverage. The maids come to the company through personal contact and the word of mouth.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Whenever a customer demands for a maid, the company studies about the works to be done and trains the maids accordingly. It takes around seven days to provide the maid to the customer. Seven days trial period is also offered to customers and they can keep or change the maids within the trial period. An agreement is signed between the company and the client regarding the terms and conditions of the work. The terms and conditions have to be followed by both the parties.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The company pays extra attention to the security of the clients as thefts and other accidents can occur because of the maid. â€œTo avoid this, we keep the police record of the maids with us and we also keep relevant information about the clients. If anything goes wrong, we act according to the agreement,â€ said Bhattarai. In case of theft or any other damage, the company bears all the expenses if the theft or accident is proven to be caused by the maid.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	â€œWe protect our employees from any form of exploitation, disrespect and misbehavior. We want the self esteem of our employees to be high and we donâ€™t compromise on that at all.â€ The company claims that it has terminated a few contracts when the clients didnâ€™t act appropriately and went against the mutually agreed upon terms and conditions.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Corporate Governance Training for Bankers</h3>
<div style="text-align: justify;">
	National Banking Training Institute (NBTI) in association with International Finance Corporation (IFC) has organised a workshop on corporate governance targeting top executives of banks and finance companies. Members from board of directors of various commercial banks, development banks and finance companies were present in the daylong workshop organised on August 11. The workshop has been organised at a time when questions being raised about corporate governance in the banking and financial sector.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	James Christopher of IFC trained the participants. President of NBTI Sashin Joshi said such workshops must be conducted regularly as the importance of corporate governance is of utmost significance in financial institutions. Christopher said that such programmes will help minimise the problems witnessed in the Nepali banking system.</div>',
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			'description' => 'Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be..........',
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			'article_category_id' => '34',
			'title' => 'Sugar Mill Electricity In National Grid (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Nepali sugar millsâ€™ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW) of electricity to Nepal Electricity Authority (NEA). The industry in Janakpur is currently producing nine MW of electricity. Industry uses seven MW of electricity for running its operations. The company has invested Rs 130 million to produce electricity.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Sugar mills produce electricity through thermal plants by burning sugarcane residues to heat the boilers. Nepali sugar mills are producing 25 MW of electricity for their use. Sashi Kant Agrawal, Managing Director of the sugar mill, claimed that his facility alone has the technology to sell excess electricity to the national grid.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Agrawal said that necessary documents to sell electricity will be ready in two months. However, NEA does not have the procedure to buy electricity produced through an alternative method. Sher Singh Bhat, Chief of NEA Business Department, said a newly-formed committee is studying the procedure to fix the rate of electricity from such alternative sources. â€œBased on its report and suggested rate, the electricity will be purchased,â€ he said. However, sugar mills are demanding Rs 10 per unit.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Agrawal said, â€œIf the government is ready to buy our electricity, we can produce more.â€ He said up to 15 MW of electricity can be supplied by all industries to the national grid. Sugar mills are producing electricity only for their use. They mostly produce power during winter.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Uranium Exploration in Mustang</h3>
<div style="text-align: justify;">
	The government is set to begin uranium exploration in Mustang, Uranium is one of the costliest metals and scientists believe that there is a large reserve of uranium in Upper Mustang. Krishna Dev Jha at the Department of Mines and Geology said the exploration will commence within this year.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	A Korean company, Korean Institute of Geo Science and Mineral Resources (KIGAM) will be assisting in the exploration. The company has signed agreements to explore various rare earth minerals.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Uranium deposit is predicted in Lomathanka of Mustang. The department is preparing to test the samples collected from the region. An Indian scientist working with the United Nations is said to have found uranium in soil from the region in a lab test some years back. As unofficial sources have been claiming uranium in the region, the department is formally beginning to study the claims. Senior Engineer Jha said the government has allocated budget for the purpose.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	VAT Exemption for Hydel Projects</h3>
<div style="text-align: justify;">
	The private sector hydroelectricity projects have reasons to cheer as the Ministry of Energy (MoE) is planning to waive VAT on construction materials to be used by such projects. A source at the MOE said the proposal of tax exemption is being sent to the Ministry of Finance for approval.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	MoE has plans to waive 100 per cent VAT on construction materials for hydroelectricity projects. The source said that though this provision was not mentioned in the budget, it is now being planned, amending the VAT Act.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The private sector has been complaining its inability to develop projects due to lack of coordination between Power Purchase Agreement (PPA), high bank rates and severe inflation. It has been demanding to waive off VAT for last two years.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Nepal Electricity Authority has increased PPA rate by 20 per cent for projects up to 25 megawatts. However, producers are demanding to apply the rule in all existing projects.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Gyanendra Lal Pradhan, a power developer, said a 70 per cent exemption in VAT will provide huge relief but&nbsp;the real encouragement will come only by increasing the PPA rate.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	NSEâ€™s Nano Gold</h3>
<div style="text-align: justify;">
	Nepal Spot Exchange Limited (NSE) has begun the contract trading of even one gram gold. The contract named â€˜Nano Goldâ€™ began trading from August 8. The contract aimed at small investors has six per cent margin and 0.24 per gram tick size. The company is also offering contract of one kilogram and 100 gram gold named â€˜Major Goldâ€™ and â€˜Mini Goldâ€™ respectively.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nepali sugar millsâ€™ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW).....',
			'sortorder' => '376',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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	),
	(int) 4 => array(
		'Article' => array(
			'id' => '465',
			'article_category_id' => '34',
			'title' => 'Cement Producers Whine Over Customs Hike (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Dhruba Raj Basnet, Vice President of Nepal Cement Producersâ€™ Association said that majority of the industries are dependent on imported clinker as clinker produced in Nepal is not enough to meet the demand. â€œGovernmentâ€™s move to protect a handful of industries puts more than 30 industries at risk,â€ he said.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Nepal needs around 3 million metric tonnes of cement annually. Domestic production can meet only 20 per cent of that demand. Most of the industries are dependent on clinker imported from India. Though nine industries are producing clinker on their own, 1.2 million tonnes of clinker is imported to meet the local demand.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	However, newly-established half a dozen industries are planning to produce clinker on their own. After they begin operation, internal demand is expected to be met by domestic production itself. But the operation is expected to begin no sooner than six months.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Cement producers are arguing that they must be given some options until local production of clinkers starts to match the demand.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Diamond Gallery Established</h3>
<div style="text-align: justify;">
	Diamond Gallery, a showroom for diamond jewelleries, has been established at New Road, Kathmandu. Sunit Agrawal, Director of the showroom, said the opening of the new diamond jewellery story will add excitement to the diamond business in the country.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The jewelleries of Diamond Gallery will be available under the brand name Creation. The new showroom boasts trendy designs in diamond jewelleries. The gallery claims that it will offer guarantee on its diamond and gold jewelleries.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Club Siddhartha Launched</h3>
<div style="text-align: justify;">
	Siddhartha Bank Limited has launched â€˜Club Siddharthaâ€™, a special programme for account holders of the bank. Clients can subscribe to the service by paying Rs 1,000. The members of the club will be given Club Siddhartha Visa Domestic Card, International Travel Card, and recharge card worth Rs 200 of NTC or Ncell. The bank claimed the service to be the first of its kind in the history of Nepali banking.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Members of the club can also receive all the services offered by the bank. If a club member can make five new members, their membership fee of Rs 1,000 will be returned. Similarly, club members will be given free accident insurance of Rs 5,000. Memberships can be taken from any of the 40 branches of the bank.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Five Railway Lines with Indian Assistance</h3>
<div style="text-align: justify;">
	The Indian government has decided to construct five railway lines that will connect Nepal and India across the border. Together, these railway lines will be of 183 kilometres (KM). Kamal Raj Paudel, joint-secretary at the Ministry of Physical Planning and Construction said that the necessary preliminary work for the construction of the railway lines has been completed. â€œIn the first phase, the railway will be operated in two regions. For this, we have already acquired land,â€ he said.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to an agreement with India, Nepal will bear only the cost of land acquisition. The cost of railway track, slipper and all other costs will be borne by the Indian government. However, the cost of construction of five railway lines is not yet decided.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	In the first phase, Jaynagar-Bardibas (86 KM) and Jogbani-Biratnagar (17.65 KM) will be constructed. In these two sections, the government has to pay Rs 800 million as compensation to the land owners. Paudel said that the construction would begin right after the Nepal government pays the sum for land acquisition.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Acharya revealed that Indian Railway Construction Association will develop all the five railway projects. Similarly, Janakpur -Jaynagar (29 KM) railway will be made broad gauge from current narrow gauge. An agreement was made when President Ram Baran Yadav visited India some time back.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.',
			'sortorder' => '375',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
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	),
	(int) 5 => array(
		'Article' => array(
			'id' => '464',
			'article_category_id' => '34',
			'title' => 'Exchanges Add Rs 100 Millon To State Coffers (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this yearâ€™s collection is almost double. The revenue was generated from three commodity future exchanges in operation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Experts believe that if the revenue from two spot exchanges and brokers is included, the amount can be higher. Within five years of the first commodity exchange coming into operation, five exchanges are trading in the market while at least five are planning to begin operations.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Bijesh Shrestha, President of Commodities Brokersâ€™ Association, said the number of brokers is also increasing with the number of exchanges. â€œSo, tax deduction at source (TDS) and taxes paid by trading brokers, clearing brokers and exchanges are also increasing,â€ he said.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Shrestha said the revenue mobilisation can go further up as investors are increasing and if the market can be made more transparent with efficient regulation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Mercantile Exchange has paid Rs 53.8 million as TDS to the government. Similarly, Nepal Derivatives Exchange has paid Rs 41 million in TDS and VAT. Commodities &amp; Metal Exchange Nepal Ltd (COMEN) has paid Rs 1 million as tax to the state.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">IMF Urges NRB to Have More Teeth</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">International Monitory Forum (IMF) has said that risk in Nepali financial sector is ever growing. IMF gave this conclusion after a two weeks study of the Nepali banking scenario. IMF has also commented that the Nepali economy is passing through a challenging phase.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">John Nelmes, Deputy Division Chief, Asia and Pacific Department of the IMF, in his teamâ€™s report has predicted that there is a high risk in financial sector due to high price of real estate. The report says that if the situation persists the economy will face more problems. Dr Sanjaya Panth, IMFâ€™s senior resident representative for Nepal and India, said that weak supervision and excessive increase in the number of banks and financial institutions are contributing to the heightened risk. He said that threats have emerged also due to various other reasons.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">IMF has urged Nepal Rastra Bank (NRB) to exercise more power. IMF has asked the central bank to employ more authority at a time when NRBâ€™s role has been criticised for being too invasive. Panth said more rights and powers must be given to NRB well in time to solve the problems seen in banks and finance companies.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">IMF has also suggested to tighten the lending in a single area like real estate and expanding supervisory power. It has said that there is no option to maintain the fixed exchange rate with the Indian currency.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Panth said that problems arose after financial institutions heavily invested in real estate and the business nosedived lately after increase in price. He said that the price must come down now.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Debentures in USD</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Himal Hydropower Limited is issueing debenture in US dollar denomination. First company in Nepal to do so, the company will issue debentures of US $ 60 million after Nepal Rastra Bank adopted the provision to issue debentures in dollars for hydropower companies through its monetary policy.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Ace Capital is the issue manager for this debenture. The face value of a debenture is US $ 1000. The debenture that will be traded solely through the private sector will also be listed in NEPSEâ€™s over the counter market. The debenture is being issued for five years. Coupon rate of the debenture is six per cent while interests will be paid every six months.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">BoK Opens Account with ABOC</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Bank of Kathmandu Ltd is now associated with Agricultural Bank of China Ltd, China, (ABOC)&nbsp;by opening a USD account with abocâ€™s Lhasa Branch. This account has been opened to serve importers in Nepal who import gods from China through the Tatopani Customs Office.&nbsp;ABOC Lhasa branch has SWIFT connectivity and online system with Zhangmu Sub-Branch (Khasa) through which smooth and quick processing of payments is expected.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this.....',
			'sortorder' => '374',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	(int) 6 => array(
		'Article' => array(
			'id' => '463',
			'article_category_id' => '34',
			'title' => 'Corporate Houses To Set Up Exclusive Outlets (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country. Big business houses like Jagadamba, KL Dugar and CG Electronics are planning to adopt this new marketing strategy.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Until now, Nepali companies have been selling their products through â€˜dealer modelâ€™. Foreign companies sell their products through their own special showrooms. In Nepal, currently only foreign fashion brands like Adidas, Reebok and some apparel and car brands have their exclusive showrooms.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Kumud Dugar, Managing Director of KL Dugar Group, said his group is setting up exclusive showrooms to establish relationship with clients. Similarly, Chaudhary Group is planning to establish an outlet in Kathmandu before Dashain that will exclusively sell CG products. The company is also planning to open stores in all major cities.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Best Financial Accounts Awarded</h3>
<div style="text-align: justify;">
	The Institute of Chartered Accountants of Nepal has distributed Best Presented Account Awards - 2010 on July 22. Nabil Bank bagged the first title in the commercial bank segment while Standard Chartered Bank and Nepal Industrial and Commercial Bank won the second and third award respectively.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Similarly, the first position of the central bank monitored financial institution category was secured by Ace Development Bank. Sanima Development Bank and Siddhartha Development Bank received second and third position awards.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Likewise, in the category of financial institutions outside central bank monitoring, Prime Life Insurance Company won the first place. In the same category, Prudential Insurance Company and Life Insurance Corporation bagged second and third position respectively.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Under the manufacturing sector category, Butwal Power Company and Unilever Nepal received awards for first and second position.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	In the information technology category, Nepal Telecom was awarded. Similarly in the hospitality sector, Oriental Hotels Limited was conferred with the award. Credit Service Centre was presented the award for the government sector.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The awards were given to those companies that proved to be the best in financial reporting techniques. The award is in line with the criteria prescribed by the South Asian Federation of Accountants (SAFA), an alliance of the Accounting Institute of Bangladesh, India, Pakistan, Nepal and Sri Lanka.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	COMEN Revamps its Logo, Technology</h3>
<div style="text-align: justify;">
	Commodities and Metal Exchange Nepal Limited (COMEN) has revamped its logo. Manoranjan Sharma, Chairman of the company, claimed that the new logo resembles the Nepali commodities marketâ€™s possibility to reach the international standards.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Ananda Kumar Benani, CEO of the company said that the new technology installed at the exchange will offer ease to speculators as well as jobbing and arbitrage. The company is also soon launching awareness programme on commodities market.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country.',
			'sortorder' => '373',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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			'in_scroller' => false,
			'user_id' => '0'
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	),
	(int) 7 => array(
		'Article' => array(
			'id' => '462',
			'article_category_id' => '34',
			'title' => 'Kulekhani III Misses Deadline (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p style="text-align: justify;">
	Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began on April 7, 2008, with the aim to bringing it into operation within three years. The contractor, Sino Hydro, has demanded three more years to complete the project as it failed to complete the work in its first term.</p>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Till date, only 40 per cent of the construction works are completed, according to the contractor. Sino Hydro has alleged frequent strikes by workers and cessation of the agreement with Nepal Electricity Authority (NEA) for the delay of construction. NEA has also not yet submitted the design of powerhouse.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The cost of the project is said to be increasing with the extension of the deadline. If it was completed within the stipulated time, it would have been completed in Rs 2.17 billion. The project was closed for 90 days due to strikes. The company has demanded Rs 740 million as compensation from NEA for such closures.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to Project Chief Uttam Amatya, a new work schedule has been finalised to complete the construction in one-and-a-half years.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Corporate Governance Directive for Insurance Companies</h3>
<div style="text-align: justify;">
	Corporate governance will now be enforced in insurance companies too. Insurance Board, regulator for the insurance sector, is planning to issue a directive for this purpose. The preliminary draft of the directive is ready. According to Shekhar Kumar Aryal, Spokesperson of the Board, the draft has been sent to all 25 insurance companies for feedback. He said the board will try to accommodate their suggestions in the directive.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The directive reportedly includes eligibility qualification for board of directors, managerial officialâ€™s rights, responsibilities, accountability, performance etc. Similarly, it has mentioned recruitment procedure and salary of board members, CEO and department heads.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Currently, a separate law and directive are missing that regulate corporate governance in insurance companies. In view of banks and financial institutions facing difficulty in absence of good corporate governance, its importance in the insurance sector is being felt.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	3-Day â€œMoney Expo 2011â€ from Sept 12</h3>
<div style="text-align: justify;">
	Aarthik Abhiyan, national business daily and Jamb Technologies (P) Ltd with Minds Nepal (P) Ltd and Morningstar Services (P) Ltd will organise a 3-day trade expo of Nepalâ€™s financial sector called â€œMoney Expo 2011â€. To be held at the Army Officersâ€™ Club, Bhadrakali, Sundhara, Kathmandu, the Expo will have more than 100 stalls from different sectors including Regulatory Bodies, the Stock Exchange, Commodities Exchanges, Banks and Financial Institutions, Merchant Bankers, Investment Companies, Insurance Companies, Brokerage Companies (Stocks &amp; Commodities), Remittance Companies, Depositories and Clearing Houses, Portfolio Management Companies, Financial Knowledge Management and Training Companies, Microfinance and Cooperatives, Tradersâ€™ and Investorsâ€™ Associations/Clubs, and Financial Domain Technology Companies. More than 50,000 visitors are expected in the Expo.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	â€œMoney Expo 2011â€ has been planned to be the largest finance and investment show in Nepal and the first ever dedicated event of its kind to focus on the promotion of investment opportunities and wealth protection strategies., states a press release. This event is expected to provide business-networking opportunities for the financial sector companies. The Expo provides investors ample opportunity to speak directly with the nationâ€™s top experts, whose knowledge covers trading and investing, banking, insurance, mutual funds, stocks, tax strategies, commodities and personal finance planning.&nbsp;â€œMoney Expo 2011â€ provides the participants the opportunity to learn about the new products, services and industry trends, as well as meet potential customers and seal important business deals, adds the press release.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	In addition to the stalls of different organisations, the other attractions of the â€œMoney Expo 2011â€ will be seminars and lectures from financial experts, regulators, analysts and successful investors as well as Quiz Contest, Art Exhibition, National and International Currency Show, Trading and Investment Movies Show, attractive door prizes, Best Stall Award and certificates for all stallholders.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2011-10-11',
			'keywords' => '',
			'description' => 'Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began.....',
			'sortorder' => '372',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
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			'in_scroller' => false,
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	(int) 8 => array(
		'Article' => array(
			'id' => '461',
			'article_category_id' => '34',
			'title' => 'Anti-Money Laundering Department In Operation (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then Finance Minister and Deputy Prime Minister Bharat Mohan Adhikari said that Nepal is committed to control legalisation of illegal money and prevent possible terrorist financing from Nepal.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Nepal has already expressed commitment to the 49-point charter proposed by Financial Action Task Force, international body for control of money laundering and terrorist financing.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Till date, the government has been looking after such financial crimes through the Department of Revenue Investigation. The department was set up after FATF tagged Nepal as the most vulnerable spot in South Asia.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Adhikari said that with the establishment of the department, the government will now seek sources and take action against those who have gathered huge property overnight without any plausible source of income.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Governor of Nepal Rastra Bank Dr Yuba Raj Khatiwada said that financial transparency would be maintained in a better way with the department coming into operation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Separate Office for Intellectual Property</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The government is set to establish a separate office for the protection of intellectual property as the trend of securing trademark for industrial products is increasing. Currently, trademarks are issued by Industrial Property Division at the Department of Industry.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Spokesperson at the department Dhruba Joshi said that a separate office is being set up as the number of tasks has increased since last year. A taskforce is formed under a joint-secretary in the Ministry of Industries for that purpose.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">After the office is set up, trademarks will be issued by it. Trademarks were made compulsory last year jointly by the department and World Intellectual Property Organisation. In 2010, 2,351 products received trademarks including 1,622 national and 729 international products.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Private Company to Manage Valley Waste</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Shital Environment Group Pvt Ltd is planning to invest Rs 10 million in its cleaning business that targets to manage waste in the Kathmandu Valley. Surendra Acharya, Chairman of the company, confirmed that the plan to commence the work has reached the final stage. The company is being established in three ropani area in Godavary.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Acharya said, â€œWith the establishment of the company, we will begin waste management from the source itself.â€ The company has planned to organise programmes on waste management in all cities across the country.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Acharya revealed that the company is planning to produce biogas and electricity through waste. He suggested training for housewives in waste management and inclusion of waste management in academic curriculum. The Waste Management Act 2011 has the provision to involve private sector in waste management.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then....',
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	(int) 9 => array(
		'Article' => array(
			'id' => '460',
			'article_category_id' => '34',
			'title' => 'Construct Flyovers Within This Year (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the direction to construct flyovers and subways at major crossroads to manage the valley transportation. The committee has also directed to expand lanes of major roads entering major cities around the country, upgrade inner roads, prioritise public vehicles for traffic management and restrict vehicles in certain areas of cities. However, the restricted areas are not decided yet.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, the committee has asked to immediately remove street vendors, street side parking, hoarding boards and banners. Likewise, it has also directed to keep electricity, telephone and other wires underground. The committee has also asked to formulate a policy for such underground network.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">What are Former Finance Ministers Doing?</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Economic contemplation is not the first choice of many former finance ministers (FM). They are managing either political or private businesses. More than pondering over the economy, it seems they have something else more important to do in their daily lives. Till date, there have been 27 finance ministers. Subarna Shamsher Rana became the first FM after the inception of democracy in 1950. Subarna Shamsher presented the budget in 1951 for the first time in the Nepali history. Out of 27, 16 of them are alive while whereabouts of Bharat Bahadur Pradhan is not known. None of the FMs between 1950 and 1962 are alive.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Surya Bahadur Thapa became the FM for the first time in 1962 and is still active in politics. He regained his position in 1964. He got the opportunity to lead the economy during hard times. He claims that he managed to reduce the unnecessary government expenses and prioritised developmental works. Thapa who has turned 84 is now the Chairman of Rastriya Janashakti Party. His days are spent on party related works, meeting dignitaries and party cadres.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Another former FM, Surendra Bahadur Basnet, who took charge of the finance ministry in 1968, did not get the opportunity to present a budget. He became FM when the turmoil was still on. At his time, the value of Nepali and Indian currency was the same. So, there was the danger of failure for the entire economy due to problems in import-export. He is credited for correcting the chaotic situation. Basnet, 85, is now Executive Chairman of Buddha Air.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Kirti Nidhi Bista, 86, who served as the FM twice, is living a retired life. He spends his time reading and writing for newspapers and having rendezvous with his relatives. Similarly, Dr Bhek Bahadur Thapa, who got the opportunity to present the budget for five times from 1975, is now busy in studies and research. Thapa, 75, has also served as secretary and even ambassador for 14 years. His times are spent mostly abroad on work. When he is in the country, he loves to spend time with his family. Thapa often advises the government when required.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Prakash Chandra Lohani became the FM for first time in 1983. He is credited for introducing liberalisation in the financial sector. At present, he is the Co-Chairman of Rastriya Janashakti Party. He is also the member of legislative parliament's Public Accounts Committee.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Pashupati Shamsher Rana is currently focusing on his party activities. He is the Chairman of Rastriya Prajatantra Party. Likewise, Dr Devendra Raj Pandey who is known for his civil society activities is now concentrating on studies and research. He has also recently published a book named, Looking at Development and Donors.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Mahesh Acharya who became FM after 1991 general election got the opportunity to present the budget&nbsp;for four times. It was in his tenure that the state-controlled economy shifted towards liberalisation. A central committee member of Nepali Congress, he spends his days in research, party activities and meeting party cadres.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">In 1994, Bharat Mohan Adhikari stepped in as the FM. He also gave continuity to economic liberalisation initiated by the Nepali Congress government. He is known for beginning economic decentralisation with some of his programmes. He became the FM also in the outgoing government that was led by Jhala Nath Khanal.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Ram Sharan Mahat is still active in economic contemplation and party politics. He became FM for five times and presented six budgets. He claims he ensured economic liberalisation and financial sector reforms. He also began the concept of VAT in Nepal. He has reformed taxation and in his time numerous development projects were announced. He is in the central committee of his party Nepali Congress and is also a member of the Constituent Assembly. When he gets free time from party activities, he adores playing golf.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Badri Prasad Shrestha who became FM in 2002 did not get opportunity to present any budget. He says he brought the economy back on track. He has spent 11 years in National Planning Commission. Shrestha has also been Nepalâ€™s Ambassador to Japan. Having neurone problem for two years, he rarely moves around. Though he is associated with numerous organisations, he is not active due to his health problem.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Madhukar Shamsher Rana became FM during the direct rule of the king. Currently, he is teaching in South Asian Institute of Management. He owns Shaligram Apartment Hotel at Jawalakhel. He is also associated with SAARC Chamber of Commerce and Industry and South Asian Policy Research Institute, Colombo.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Roop Jyoti became Deputy FM during the direct rule of king in 2004. He is a renowned industrialist and Vice-chairman of Jyoti Group.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Baburam Bhattarai has now become the Prime Minister of Nepal. He became FM after Maoists became the largest party in parliament after the Constituent Assembly elections. He has been successful in increasing the revenue collection by 33.5 per cent, largest-ever jump in the Nepali history. He is also the Vice-chairman of the UCPN Maoist. He visits his home district Gorkha every month. He mostly remains busy in party activities.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, Surendra Pandey was the FM for 21 months. He claims the budgets he presented were tilted to socialism. He presented three budgets. He became FM in the CPN-UML-led government. He is also the politburo member of the party.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Global Bank and Shikhar Insurance Tie-Up</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Global Bank Ltd and Shikhar Insurance have signed an agreement to provide non-life insurance service to the bank´s customers. Janak Sharma Poudel, deputy general manager of the bank, and Deepak Prakash Pandey, chief executive officer of Shikhar Insurance, signed the agreement on August 7.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Issuing a statement, the bank said customers will get non-life insurance facility under a single roof after signing of the pact. The bank has set up a separate counter at its branch office at Kantipath to provide insurance service.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-10-31',
			'keywords' => '',
			'description' => 'The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the.............',
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	(int) 10 => array(
		'Article' => array(
			'id' => '459',
			'article_category_id' => '34',
			'title' => 'SAARC Biz Leader's Meet In Kathmandu',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">Fourth SAARC Business Leaderâ€™s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed â€˜Peace and Prosperity through Regional Connectivityâ€™ is being organised by SAARC Chamber of Commerce and Industry in collaboration with Federation of Nepalese Chambers of Commerce and Industry.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Being organised for the first time in Nepal, the meet will have participation from business personalities from the SAARC region. In the three-day assembly, representatives will be conducting presentations and round table discussions. Organisers have said that the meet would be fruitful for regional industrial and business investment cooperation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Emerging priority concerns for South Asia water, energy, climate change and food security; regional economic integration, tourism, cultural exchange, prospects of trade and investments will be the major themes for deliberation in the meet. Diplomats and senior government officials, business community leaders, renowned entrepreneurs, professionals, media representatives, analysts and others will be present during the programme.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">During the assembly, SAARC Trade Fair and cultural performances will also be organised from September 21 to 24. The meet held every two years was previously organised in New Delhi, Mumbai and Colombo.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">RID To Bust Informal Remittance</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The Revenue Investigation Department (RID) has started taking action to control the remittance coming through informal channel. The department has begun raiding suspicious areas as it suspects billions of rupees transacted through illegal means. In the first phase, the department raided business centres of New Road and Sundhara in Kathmandu.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The department raided Union International Tours and Travels and Pashupati Trading Company and seized documents and a few hundred thousand rupees.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The previous attempt by the department to seize informal remittance remained largely unsuccessful. Experts are saying that billions or rupees are being transacted through illegal and unknown channels. There are suspicions that such transactions are done on political protection with the support of large business houses.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Fivefold Increase in Household Income</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Nepalâ€™s household income has increased five folds over the past 15 years, thanks to the rise in the number of employed population, shift from agricultural to non-agricultural employment and increased inflow of remittances. The household income that was Rs 46,732 per annum in 1995/96 has increased to Rs 202,374 in 2010/11. Nepal Living Standards Survey (NLSS) released by Central Bureau of Statistics on August 8 revealed these findings.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The income of poorest families has also increased seven folds and reached Rs 15,888 in 2010/11 from Rs 2,220 in 1995/96.&nbsp;The report suggests that people living below the national poverty line has gone down to 25 per cent.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, income of the richest population has also increased five folds compared to 15 years back. In 1995/96, their annual income was Rs 19,325. The latest survey has revealed that it has reached Rs 94,149. According to CBS, Nepaliâ€™s living standard has also increased with the increase in income.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">According to Uttam Narayan Malla, Director General of the department, main purpose of the survey is to predict the poverty situation based on daily consumption pattern. He also stated that the current survey reveals more people are consuming fruits, fish and meat.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The first survey of 1995/96 revealed that the per capita consumption on the then price was Rs 6,800 while it has increased to Rs 34,829 in 2010/11. The consumption has increased by 412 per cent of the poorest 20 per cent population. Similarly, the consumption of the richest group has also increased by the same rate. According to the survey, the poorest group spends 8 per cent of their income in consumption while the richest spends 47 per cent of their income in consumption.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Over the same period, average per capita income of an individual has undergone a tremendous growth to Rs 41,659 in 2010/11 from just Rs 7,690 in 1995/96. According to the survey, the major source of income has shifted to non-agricultural sector from agriculture. The income from agriculture has shrunk to 28 per cent from 61 per cent earlier.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, the employed population has increased by 11 per cent reaching 78 per cent. According to the first survey, only 67 per cent people were employed. The new survey has also shown that 90 per cent Nepalis live in their own house which is four per cent less than previous survey result.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The survey was conducted in technical cooperation with The World Bank and studied 12 different subject matters.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2011-10-11',
			'keywords' => '',
			'description' => 'Fourth SAARC Business Leaderâ€™s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed â€˜Peace and Prosperity through Regional Connectivityâ€™ is being...',
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	(int) 11 => array(
		'Article' => array(
			'id' => '458',
			'article_category_id' => '39',
			'title' => 'Kumari Bank: Innovations Galore - September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">By <strong>Pinaki Roy<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Ever since it came into existence over a decade ago, Kumari Bank Limited (KBL) has been at the forefront of innovations such as SMS Banking, Auto Sweep and Internet Banking. Providing competitive and modern banking services with high degrees of quality and customer satisfaction, KBL takes pride in its cutting-edge product line and new and better ways to enhance banking experience for its patrons at large.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Therefore, it comes as no surprise that KBL has chosen to continue with its tradition of creating innovations and serve unfulfilled needs of all classes of customers located in various parts of the country. It has always focused at prioritising the priorities of its valued customers by offering modern and competitive banking products and services at their door steps. In recent times, the bank won the coveted Billionth Award South Asia for Kumari Mobile Cash in New Delhi, India, on 23 July 2011. It also launched Kumari Secure Mind Home Loan in August this year in association with Shikhar Insurance Company which promises to minimise risks on home loans.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<h3>
	<span style="font-size:12px;">mBILLIONth Award South Asia 2011</span></h3>
<div style="text-align: justify;">
	<span style="font-size:12px;">KBL bagged the mBILLIONth Award South Asia for Kumari Mobile Cash during the mBillionth South Asia International Summit 2011 held in New Delhi, India, on 23 July this year. The award was won in the m-business &amp; commerce/banking category on a platform that recognised some of the key innovative applications and services and honoured excellence in the arena of mobile communications across South Asia. They were basically looking for new innovations which have impacted the overall economy, especially at the bottom-of-the-pyramid. And, Kumari Mobile Cash was our best bet, Radhesh Pant, the CEO of KBL reminisces. He informs that the bank did spend considerable time on its questionnaire as part of the preparation for the event.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">From a total of over 200 applications from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka, 21 were selected as winners spread across 11 core categories, with Kumari Bank, the sole winner representing Nepal. Pant delightfully states that the summit was a fitting platform not just for the bank to showcase its innovation but also for Nepal to show the world that it indeed has the capability to be recognised as a breeding ground for innovative minds. Winning a prestigious award like this has given the bank a boost and has helped people know more about the product besides, of course, bringing immense happiness to the KBL team. We are very happy because we believed in this product. The basic reality is that when our work is recognised, it gives us confidence and impetus to move forward,Pant announces cheerfully. The bank has calculated that if it could only tap 10 per cent of the total 10 million mobile users in Nepal, it will open an overwhelming opportunity with a million strong subscribers at its disposal.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<h3>
	<span style="font-size:12px;">Kumari Mobile Cash</span></h3>
<div style="text-align: justify;">
	<span style="font-size:12px;">This revolutionary service that uses mobile phones to provide access to financial services was launched by KBL on 17 August 2010 in partnership with Leapfrog Technology Inc, a Boston-based US firm with a development centre in Nepal. The first of its kind, Kumari Mobile Cash pioneered the mobile wallet concept in Nepal which allows users to store cash balances in their mobile phones.&nbsp;Users are then able to deposit and withdraw cash from their mobile phones and use the stored cash value for various purposes such as remittance, bill payments, and airtime recharge with the push of a few buttons.&nbsp;Currently, the customers can avail this service from Kumari Bank's branches or from its authorised agents present across the country.&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Due to varied landscape and lack of physical infrastructure in Nepal, telecom is the best way to reach people in the hills and the mountains, says Pant. He adds, In a country like Nepal, access is very poor but at the same time, mobile usage is increasing at about 40 per cent each year. Quite obviously, we wanted to be the first one to launch mobile wallet to focus on the 70 per cent of the households not having any access to formal banking system.With 14,000 users and close to 200 transactions each day, Rs 5 crore worth of transaction has been realised since its launch of the plan around a year ago. I personally believe the future of banking will be technology-led and specifically, mobile-led, Pant declares brimming with confidence.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">KBL has a contractual agreement with two of the largest telecom providers in the country namely Nepal Telecom and Ncell (these two operators collectively enjoy 95 per cent market share in the country). Close to 50 per cent of registered Kumari Mobile Cash members are non-bank customers. In a very short time span, the product has helped break traditional barriers in providing access to finance for the poor.&nbsp;With 70 per cent of the Nepali households yet to be tapped into formal banking, the bank believes that improving access to sustainable financial resources is real and achievable.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<h3>
	<span style="font-size:12px;">Kumari Secure Mind Home Loan</span></h3>
<div style="text-align: justify;">
	<span style="font-size:12px;">Most Nepalis dream to have their own house, which comes for hefty prices and that explains why home loans from banks and financial Institutions (BFIs) are so popular.&nbsp;However, the concept of disaster preparedness simply does not exist in the country where people don't do things until they are cornered in a crisis. Most people investing to buy houses are yet to realise the importance of insuring their houses. With this in the backdrop, a memorandum of understanding (MOU) was signed between KBL and Shikhar Insurance Company Ltd for Kumari Secure Mind Home Loan on 1 August 2011.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The agreement signed by Radhesh Pant, CEO of KBL and Dip Prakash Panday, CEO of Shikhar Insurance Company promises to work as a milestone for the entire financial services sector in days to come. We want to secure the home loans that people borrow. This scheme will ensure that the family does not suffer in the event of an untoward incident affecting the primary borrower, reasons Pant. The product is a long term credit to consumers for the construction of house for both individuals and developers.&nbsp;It covers purchase of ready house or apartment, renovation or extension of house or apartment, and refinancing of immovable private property that are already financed by BFIs and secured by a registered mortgage.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">At times, the borrowers face various challenges in being able to pay back the loan. If the payment is made, the banks do not have any risk. Kumari Secure Mind Home Loan was launched to minimise the risks to both banks and clients in the event of non-repayment of loans by borrowers due to circumstances beyond their control such as critical illness, accidental death or permanent total disability and temporary loss of employment. All the existing customers of Kumari's Home Loan are eligible for the product and can avail this service from the retail unit of the bank. Basically, a partner product from Shikhar Insurance, the scheme is available only for Kumari's Home Loan subscribers.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Being the first one to launch such a product, the bank is confident of doing well but realises that its success will take due time. The bank knows that advocacy is the most important aspect of the scheme and has educated and trained its staff accordingly throughout the country. The idea is to have employees operating customer service and teller counters to disseminate the message to patrons visiting KBL branches. It also expects that a certain amount of exposure can be ensured through the media as well. Pant signs off on an optimistic note saying, â€œI know that people are not forthcoming about insuring their houses but this can change. We, at Kumari are very positive that the product will provide food for thought to investors deciding to secure their home loans.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
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			'keywords' => '',
			'description' => 'Ever since it came into existence over a decade ago, Kumari Bank Limited (KBL) has been at the forefront of innovations such as SMS Banking, Auto Sweep and Internet Banking.',
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	(int) 12 => array(
		'Article' => array(
			'id' => '457',
			'article_category_id' => '57',
			'title' => 'Rexton 2: Built To Satisfy September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">A stylish, powerful and magnificent vehicle has entered into the Nepali market that is about to change the entire definition of an SUV (Sport Utility Vehicle). Rexton 2 is marketed here by Constant Business Group. The company has targeted the 2011 model of Rexton 2 to executives, bureaucrats and other high level customers because of its great design, performance and majestic appearance.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Rexton 2 is a product of Ssangyong, a South Korean company which is one of the fastest growing automobile producers in the world today. The company has been selling its vehicles in 82 countries around the globe since 1954. Rexton 2 is one of the most innovative products from the Korean manufacturer.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The vehicle is the personification of automotive art crafted for those who love to drive. The SUV has design with a great blend of dashing looks and striking performance. It stands apart with Ssangyongâ€™s signature triple line chrome coated grill, unique bonnet lines and projection headlamps. The chrome lettering on the rear and LED side repeaters add to the sophisticated appearance. It has a silver roof rack that serves a functional purpose and giving the vehicle a fashionable look as well. Complementing the design is a rear spoiler with LED, which helps stabilize the vehicle and also looks very sporty.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">On the interior, the vehicle has a comfortable seating arrangement for seven. The roomy interior is decorated by rich black tones, and the seats are covered in luxurious and cozy leather. The driverâ€™s seat is power adjustable in eight different ways and the front passengerâ€™s seat is powered to adjust in four to add the comfort. The front and rear seats have five different temperature setting to choose from.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The cabin temperature of Rexton 2 is automatically maintained at the preset level, and the Air Quality Control System keeps dust, smoke and fumes outside the vehicle. For entertainment, there is a USB port for MP3 music and the front console is illuminated by high brightness LEDs that is easy to read at night. It also adds a high-tech feel to the driverâ€™s space.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Regarding the performance of the vehicle, it incorporates the latest engine and transmission technology for a superb all-round performance. The heart of the Rexton 2 is XDi 270 XVTY engine with third generation turbocharger. The five cylinder 2.6 liter diesel engine delivers a maximum power of 132 kW at 4000 rpm and a maximum torque of 402 Nm at 1600 to 3000 rpm. The engine is equipped with a direct injection system that boosts power and adds fuel efficiency ensuring more economic operation. With the power and performance and a smooth 5-speed manual transmission, Rexton 2 qualifies as a great SUV with steering stability and a tight grip both on and off the road.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Also, worth mentioning are the safety features employed by the vehicle. Rexton 2 has been designed to withstand impacts and disperse the impact force very effectively. The rigid triple layer frame is built to absorb and disperse shocks and impacts of all kind. This provides less vibration during normal operation, longer durability and greater safety in case of a collision. Also, it has front dual airbags, safety belt pre-tensioner and load limiter. It also has a unique speed-sensing door lock which locks all the doors whenever the vehicle reaches a preset speed.&nbsp;The vehicle is also equipped with ESP (Electronic Stability Program) and Hill Descent Control for more protection to the driver and the passengers.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">With an amazing design, superb performance and luxury, Rexton 2 can be yours at a cost of Rs 5,550,000. For the servicing of the vehicle, there is a servicing centre at Balaju. The company is giving a warranty of 35,000 kms or for a period of two years. Also, six free servicing are provided to the customers. The company claims that all the spare parts are readily available at the service centers.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2013-05-24',
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	(int) 13 => array(
		'Article' => array(
			'id' => '456',
			'article_category_id' => '57',
			'title' => 'Ride Your Desire With New Zotye September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">For those who want to switch from their small cars to SUV, a new offering is in the market. Constant Business Group has introduced a new model of Zotye, which according to the company is probably the most affordable SUV in Nepal and costs no more than compact cars available in the market. At Rs 2,450,000, Zotye truly appears to be the most affordable vehicle of its kind.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The company has already sold more than 300 units of previous versions of the vehicle. The older models were available in 1.3 and 1.6 litre engines. The new model is powered by a 1.5 litre engine with a number of added features and facilities. Zotye has managed to reduce the price without compromising the quality, says the company. And even at this price, there is a lot to expect from Zotye 1.5 in terms of quality and safety. This made-in-China SUV is powered by Mitsubishi engine, which assures the much needed reliability.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The design of the new Zotye is quite impressive and elegant with a perfect balance. The design is complemented by crystal diamond halogen headlamps and large strip combination tail lamps. It also features round fog lamp and a large inlet grill. Other external features include energy absorbing front bumper and a folding electric outer rear view mirror with turning lamp.&nbsp;The five-door five-seater vehicle exhibits its sporty look through a stylish roof rack, a spoiler with high brake lamp and a fashionable backup tyre cover.&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">On the inside, the SUV appears well-equipped with features like air conditioner, power steering, electric windows, childrenâ€™s lock, central locking system and a music system with 4-speaker stereo with CD player and FM radio. It also has a multi-function luggage carrier.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Its Mitsubishi 4G15 inline four cylinder, 16 valve SOHC petrol engine with multi point electric fuel injection produces a maximum power of 78 KW at 6000 rpm and a maximum torque of 134 Nm at 4500 rpm to support the companyâ€™s claim that the car is relatively powerful despite the small size. The vehicle is linked to a five-speed manual gearbox, driven by the rear wheels. It can go up to a maximum speed of 145 km per hour. The car is affordable and economic at the same time because of its mileage. According to the company, it gives a mileage of 12 to 14 kms in the city and 16 to 18 kms on the highways.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The high ground clearance of the Zotye at 200mm, along with McPherson struts on the front and 5-rods suspension on the rear proves to be beneficial on potholed roads and also off roads. It is equipped with disc brakes on the front and drum brakes on the rear, with vacuum booster.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">For safety, the SUV is equipped with ABS and three point seat belts on all the seats. The vehicle also features driverâ€™s safety belt alarm system, alight head lamp alarm system and over speed alarm system that help to keep the driver alert and avoid accidents. There is also energy absorbing steering and high anti-impact steel girder on all the doors that reduce the damage at the event of collision.&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The company is providing a warranty of 2 years or 35,000 kms, whichever is earlier. The company claims that it provides excellent servicing of the vehicle from its service centre at Balaju. With really affordable pricing and the promised excellent specifications, it seems that Zotye 1.5 is likely to enjoy great success in the market.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2013-05-24',
			'keywords' => '',
			'description' => 'For those who want to switch from their small cars to SUV, a new offering is in the market. Constant Business Group has introduced a new model of Zotye, which according to the..........',
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			'id' => '455',
			'article_category_id' => '57',
			'title' => 'Banking On Brand Image September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span><img alt="" border="1" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/default-banner-size_for-featured.gif" vspace="10" /><br />
		<br />
		By<strong> Sajag Karki<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	Banks in Nepal are one of the biggest spenders on advertising and promotion. All banks are trying to create their niche through brand identity and positioning. While the older commercial banks enjoy the privilege of better brand image and command respect in the minds of customers due to their long standing presence, the newer banks are putting in great effort to establish their brand name.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Well reputable banks such as Standard Chartered Bank, Everest Bank, Nabil Bank, Himalayan Bank and Nepal Investment Bank have a different kind of image among general public that can be attributed to their early mover advantage and robust financial performance in the banking sector. Standard Chartered Bank being a multinational company seems to follow centralised branding approach set by its parent company with localised content to suit the Nepalese audience. Its target customers are mostly middle to high-end individuals. Hence, it uses sophisticated message in all its communication mediums. Its print and broadcast medium follows the same branding framework which gives a consistent feel in its communication materials. As the bank has positioned itself globally as Here for good which represents&nbsp;positive change in all the countries it operates by providing quality banking services. It also shows their inclination towards CSR as an integral part of their company value which has been incorporated in their branding. Similarly, the other established banks have their own distinct brand identity which has helped in enhancement of their brand image.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	It is evident that any type of product promotion is done to compete with similar products in the market. As there are 31 commercial banks, there is tough competition among newer banks to attain share of mind among its customers and to break the clutter. However, the banking sector has healthy competition as compared to FMCG or any other sector as the whole banking fraternity is collectively trying to gain back the lost confidence of consumers due to the liquidity crisis.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Among development banks, the branding of Ace Development Bank seems to be the most prominent and ranks highest in terms of awareness due to its consistent and clear positioning. It has chosen a Rhino as its mascot which represents security and also its CSR activity focuses on Rhino conservation. The TVC of Ace featuring the Rhino mascot is very unique and of high quality animation. It has done secondary brand positioning via its advertisement, giving emphasis to the branding and security rather than its actual product attributes.&nbsp;Every aspect of the TVC is perfect, and it also hits competitors by saying It's a jungle out there, convincing customers to choose Ace for their financial security out of the numerous banks in the market.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Unlike foreign banks, most Nepali banks do not actually follow a set guideline for branding and are limited to being informative and product focused rather than in branding. Talking about foreign banks, HSBC is named one of the world's most valuable banking brands by The banking magazine. Established in 1991, the HSBC group operates as a number of local brands around the world. Hence, its advertising tagline explains its global positioning as The World's Local Bank. This popularity and awareness does not come overnight, it's their smart branding strategy right from the start-up phase to the present day that has made it the ultimate banking brand. HSBC account has been handled by WPP group in which JWT is the lead ad agency. The point is, in order to be the best bank, branding must be done right from beginning so that there will be high brand equity as the company grows. Creating a robust brand identity via its communication is one of the highest priorities for any brand.&nbsp;</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Among the younger breed of banks, NMB has focused well on branding as compared to newer competition. NMB's target is middle-class to high-end customers and its TVC and print ad has positioned the bank as a young and reliable bank and has brought products and services in line with its target customers. KIST Bank's branding advertisement is quite good and its awareness level is very high. Though it is in top of mind in terms of awareness, it has yet to gain confidence of its stakeholders. Also, its metaphor TVC is complicated for its targeted grass roots customers to comprehend so there is a mismatch between the segmenting and the positioning of KIST. Other banks such as Laxmi Bank has positioned itself quite differently as the one bringing in innovative high-tech banking in the Nepalese market. This is the Point of Differentiation (POD) of the bank. Also, its bright orange color has helped a lot in its brand awareness as people relate the color orange with the company. BOK branded itself as Be OK which is quite interesting and catchy. Everest Bank's testimonial ad featuring all demographics conveys first person views including that of housewife, youngsters, working adults, children and older people. This represents their distinctive image of strong, consistent and progressive among competitors.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	In a developing country like ours, banking sector has far exceeded people's expectations and has adopted international standards to a certain extent. The large volume of banks has actually been beneficial for the customers as they can choose the most suitable bank among the existing banks. In the time of liquidity crisis where banks are focusing more on deposit mobilisation, it is understandable that spending extra budget for branding might not be reasonable. However, situations might improve in the near future and branding shall certainly take priority as banks have to differentiate themselves to compete to be the best. However, branding and placement of product offerings have changed in the past few years where marketers have started using various non-traditional mediums as well as traditional mediums but in a different way for promotion. Social networking sites such as facebook and twitter has played a pivotal role in the contemporary advertising scenario. Smart placement of products and services in movies and reality shows has also been seen in recent times. Viral marketing (strategic use of Internet combined with word of mouth promotion) and PR are also some latest marketing tools that can be used for the betterment of brand image, which the banking sector in Nepal can adopt.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<strong><i>(Karki is currently associated with Thompson Nepal Pvt Ltd and has a couple of years of experience in the banking sector. The article is based on research and authors practical experience as a marketing professional. He can be reached at sajag_karki@hotmail.com)</i></strong></div>',
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			'description' => 'Banks in Nepal are one of the biggest spenders on advertising and promotion. All banks are trying to create their niche through brand identity and positioning. While the older commercial ......',
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		'Article' => array(
			'id' => '469',
			'article_category_id' => '40',
			'title' => ''We Want Our MBA Graduates To Become Job-Givers' (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;"><img align="right" alt="" border="1" height="183" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/pro subash kc.jpg" style="width: 142px; height: 183px;" vspace="5" width="142" /><b>Prof Subas KC</b></span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Faculty and Dean</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Kathmandu University School of Management (KUSOM)</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Professor Subas KC is a faculty Dean at Kathmandu University School of Management (KUSOM). An MBAC from Tribhuvan University and with a Post Graduate Diploma in Training and Development from University of Manchester, UK, his areas of specialisations include Human Resource Management/Development, Organisational Behaviour and Organisation Development. He previously worked as the Director of Centre for Management Innovation (CEMI) at Nepal Administrative Staff College and as a Training and Research Officer for the development of cooperatives in the government. In an interview with <i>New Business Age</i>, Professor KC expresses his ideas on the importance of management education in Nepal and recommends better quality to get closer to international standards. Excerpts:</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">What is driving the growth of management schools in Nepal? How do you think management education is going to shape up in the foreseeable future?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">I think the growth has been pretty good. A number of business schools have opened in recent years as a result of the increasing demand for business education. From the perspective of both demand and supply of business education, it is a very encouraging and healthy development we have here. However, I canâ€™t say the same from a quality perspective. All the business schools in Nepal need to substantially improve their quality levels. We need to be able to supply competitive products in the market particularly because they have to compete with business graduates arriving from western universities.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">I believe that our society is going through a process whereby it is trying to managerialise itself. What we lacked in the past was a managerial approach to address our issues and problems. However, if you look at the history of economic, social and industrial development of the western societies, you will find that they went through a managerial revolution at some stage or the other. Therefore, we need managerialisation of values, ideas, attitudes and perspectives among others. A manager looks at things differently than a person who is not trained as a manager. Our society and economy are in the process of modernisation so we need to managerialise them accordingly. This is another reason why the demand and value for management graduates have tremendously increased. I only hope that itâ€™s not a passing fad and the demand for MBA graduates will continue to grow. As for managerialisation, the process has already begun and the evidence is for all of us to see but I am not happy with the pace of it. If the existing process accelerates and catches momentum, we will need more professionals and graduates with adequate training in business administration. Therefore, I am confident that the value of MBA education will continue to grow at least in the foreseeable future.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">What is the competency of business graduates produced in Nepal compared to those from regional and international universities?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">As I just mentioned, we need to maintain our competitiveness if we want to be part of the globalised economy. When we compare home-grown graduates with the ones who have graduated from western universities or the best universities in India, we are slightly behind in terms of quality. Itâ€™s not necessary that everyone who has a business degree from abroad is better than the graduates produced in Nepal. However, it would be unfair to compare our graduates with the ones from IIM, Harvard or Wharton. On the whole, MBA graduates from good business schools in Nepal are at least at par with business graduates from average or above average universities in India and elsewhere. But the business graduates from mediocre business schools in Nepal are far behind in terms of quality. Though it will take plenty of time, effort, resources and dedication, we at KUSOM want to improve the quality of our graduates to enhance their competitiveness. We are certainly on our way to make our graduates as competitive as possible.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">How do you analyse the motives of students behind pursuing management education now-a-days?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Itâ€™s definitely very good from the perspective of business schools. However, itâ€™s not too difficult to explain this explosion of interest in business education. There are a couple of reasons for the strong desire on part of the students to pursue business education, particularly MBA. You must understand that MBA is a global brand. With increasing exposure to the rest of the world, parents as well as students have become aware of this brand and its value. The brand value of MBA was always there worldwide but it arrived slightly late in our part of the world and it has now caught on. An MBA programme is a package which prepares its graduates for taking on diverse and competent roles and it gives them an edge over other education. This ultimately helps them put their best foot forward in the job market as well as while taking over family businesses or turning entrepreneurs.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">The teaching-learning methodology is often criticised for being traditional. How has KUSOM tried to change this traditional practice?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Without talking about the pedagogy of education, we cannot talk about MBA. In fact, worldwide, it is an educational process where you would find different methodological approaches compared to other disciplines. We are trying to follow different approaches to train and educate our MBA students. We follow case-based methods and a lot of times, problem-based method of teaching. We give students problem-like situations, either real-life or imaginary problems, and we ask them to first analyse the problem using theoretical concepts or models and then come up with recommended course of action. We also apply project-based method of learning where students are given real-life problems. They have to reach out to several industries and organisations, interact with the managers, come up with real data, prepare a report and finally make a presentation based on all these. Even in a classroom environment, we create what we call interactive and group-based learning approach. Students are divided into small groups and made to discuss issues and problems among themselves so they learn through and with each other. This cross-breeding of ideas generates new ways of looking at things. We have been the pioneer and leader in using more innovative approaches through these three methods of learning namely problem-based, project-based and interaction-based methods.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">How do you see the current trend of colleges being affiliated to foreign universities?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Itâ€™s a tricky proposition and to be honest with you, I am not happy about the whole idea. The foreign universities that some business schools in Nepal claim to have an affiliation with are not prestigious universities by any means. I would rather like to see business schools establishing some kind of affiliation with Harvard, Kellogg, Wharton, IIM or London Business School. I will be the first one to welcome affiliations with these trusted names because it would help us raise the quality of education here. We at KUSOM, too, will be under pressure to raise our level of competency. If we are not able to bring in prestigious universities, then probably it makes more sense to pool our resources together and invest it in our own MBA education. Besides, MBA education is locally sensitive to some extent where several courses need to be customised to meet the requirements of local businesses and organisations. For example, itâ€™s no point teaching students the US copyright law. Simply having the tag of a foreign university does not ensure quality education.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">Do you think the new MBA colleges have been able to address issues that the older MBA colleges lack?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Not really. In any sector be it education or otherwise, our culture and psychology is such that rather than innovating, we simply follow the leader or a successful example. KUSOM had the advantages of being the first mover but it did commit its share of mistakes. However, the colleges that followed us failed to learn lessons from our mistakes. In Nepal, we donâ€™t have this culture or psychology of critiquing that brings forth positive evaluation of others. I would be happy if the business schools in Nepal learn from each other as far as successes are concerned. And of course, it would be great if they could also learn from each otherâ€™s mistakes and donâ€™t repeat them. It would go a long way towards enhancing the quality of management education in Nepal.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">Most MBAs target a job in a bank. Is that only what the MBA course is designed for? Do you see any misconception among students in this regard?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">To be honest, we donâ€™t advise or encourage students to build their careers in the banking sector <i>per se</i> but the reality is that almost two-third of our students end up working for different banks. MBA course is not designed to develop people for the banking sector only. However, the fact is that banking is among the fastest growing sectors and 90 per cent of the students, while interviewed for intake, say that they want to join a bank after graduating. Another reason is that the banking sector has some very iconic figures and a lot of students seem to have their role models and corporate leaders associated with this industry. Compensation package in banks are more attractive compared to other sectors which is another factor. Besides, a lot of our students come from well-to-do families so they want to work in banks for reasons of convenience. I am sorry to say this but it is a wrong career model for MBA graduates.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">On our part, we are consciously orienting our students to think in terms of careers outside the banking sector. Our emphasis is on entrepreneurship and we want our MBA graduates to become job-givers rather than become job-seekers. A majority of our students joining banks is actually alarming for us. We donâ€™t want to attach our MBA programme with banking career only because that will be suicidal for us. We are working to make sure that our students diversify their career choices.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">Tell us the way you go about campus&nbsp; recruitment at KUSOM.</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">We have an excellent track record on recruitment as our graduates are readily absorbed in the job market. And, some of them land a job even before they complete their programme. All our graduates so far have found employment within months of graduating and have gone far in life except for those who donâ€™t want to work for others. There are some graduates who either turn entrepreneurs or join their family businesses. We have a unit here called â€˜PlaCeâ€™ (Placement Cell) supervised by an Assistant Professor and supported by a couple of alumni in the team. In this context, we are organising a job fair on September 2 for which we have sent out invitations to about two dozen companies. This job fair will create a platform for employers and the potential employees. Also, in the last term of the programme, we train our students in job search. We have recently reorganised our placement cell. Now, people associated with it have come up with an excellent plan. They maintain a database of our graduates and some of the industries which have openings for fresh MBAs. One aspect that is missing but I would like to add to our placement efforts is appointment of a professional counsellor. We do job counselling to the extent we can but it is a specialised area so we hope to have a trained job counsellor or psychologist who can do a psychometric analysis of the studentsâ€™ career potential and advice them accordingly.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-08-23',
			'keywords' => '',
			'description' => 'Professor Subas KC is a faculty Dean at Kathmandu University School of Management (KUSOM). An MBAC from Tribhuvan University and with a Post........',
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	(int) 1 => array(
		'Article' => array(
			'id' => '468',
			'article_category_id' => '34',
			'title' => 'Vijaya Motor's Free Summer/Monsoon Camp (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic inspection/maintenance of its customerâ€™s vehicles in order to assure the safety of the passengers and to prevent major repairs, through the early detection of problems, it said in a press release.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Vijay Motors invites all its respected customers to call in and book appointments and to bring their vehicles to their Service Center for a â€˜FREE SUMMER MONSOON CHECKUP CAMPâ€™ which will be held from August 7th until September 11th, between 10:00AM and 4:00PM, Sunday through Friday.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Vehicles will undergo the following checks:<span>&nbsp;&nbsp; Fog and Head Lamp check, Air-conditioning system check,&nbsp;&nbsp; Wiper Blades check,&nbsp;Rear Defogger check, Battery check, free Car Wash.&nbsp;The diagnostic tools will help diagnose faults if any. There is also a special discount offer on accessories and spare parts that need to be replaced during the Free Summer Monsoon Camp, the company said . </span></div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Carpets, Garments Exports Increase</h3>
<div style="text-align: justify;">
	International market for Nepali garment and carpet has registered a slow growth. The government has identified these products to have comparative advantage. Carpet export has registered a growth of 21.6 per cent while garments export increased by 11.5 per cent in 2010/11 compared to previous fiscal year.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to Trade and Export Promotion Centre, Nepal has exported carpets worth Rs 4.44 billion and garments worth Rs 3.62 billion in the first 11 months of last fiscal year. Nepal has exported goods equivalent to Rs 57.79 billion by mid-June which is 6.1 per cent higher than previous fiscal year.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Ncell Sponsors Literature Festival</h3>
<div style="text-align: justify;">
	Ncell, leading mobile telecommunication service provider, has sponsored a four-day Ncell Nepal Literature Festival-2011. The Bookworm Trust is organising the programme from August 18 to 21 at the premises of Gyan Mandala, Jahmsikhel. This programme is being organised for the first time in Nepal.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The organisers have said that renowned national and international literary persons will attend the programme. â€œAs our corporate social responsibility, we have always believed in promoting various activities in arts, literature and music as they play a pivotal role to create artistic image of the country,â€ Sanju Koirala, the corporate communication manager of Ncell, said.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Ncell recently launched a scheme that will allow five subscribers to win Android smart phones on a daily basis. The scheme commenced from August 8 and will last for 30 days. Subscribers of Ncell will be entitled to a lucky draw on purchase of Ncell SIM card, recharge card and recharge via virtual fund transfers of Rs 100 and above at one time.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Export-Import Bill Drafted</h3>
<div style="text-align: justify;">
	The Department of Commerce has drafted a new Export-Import Bill. Shankar Prasad Paudel, Director of the department, said the draft has been sent to parties concerned for feedback. The Act is incorporating the provisions of World Trade <br />
	Organisation (WTO).</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Officials at the department claimed that endorsement of the Act would end the procedure to go to ministry for making trade related decisions. The department is updating the Act formulated in 1956, which is considered insufficient in&nbsp;the current trade situation.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2011-10-11',
			'keywords' => '',
			'description' => 'Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic....',
			'sortorder' => '378',
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	(int) 2 => array(
		'Article' => array(
			'id' => '467',
			'article_category_id' => '34',
			'title' => 'Buddha Air Develops A Village For Its CSR (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be spent on education, health and development activities in the VDC. Dangihaat Development Committee received the money in instalments of Rs 500 thousand. As of now, two instalments have been paid.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	From the first instalment, assistance to set up science lab, library, buying additional land, construction of compounds have been completed in five schools in the VDC. Police station of the village was also give fans worth Rs 5,000 from the same fund. Development work in the village is financed 60 per cent by the company while 40 per cent is managed by the committee.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Similarly, from the second instalment, 17 community toilets were constructed in eight wards at a cost of Rs 690 thousand. Remaining two instalments were also dispersed in the second week of August.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Managing Director of the company Birendra Bahadur Basnet said additional Rs 1.5 million will be given to the committee this year.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Investment Board Bill Endorsed</h3>
<div style="text-align: justify;">
	Parliament has endorsed the Investment Board Bill 2065 through majority votes on August 15. The endorsement of Investment Bill tabled by the Bills Committee of Parliament is expected to help attract foreign investment in the country.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to the Bill, fast track roads, railway, ropeway, international airport development, among others have been identified as key areas to attract foreign investment. Similarly, hydropower projects having capacity of over 500 megawatts will be given priority.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The Board will be the governing body and will formulate policies and programmes for foreign investment. It will also hold discussion with the investors for the better potential sectors.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	A â€˜Sparklingâ€™ Business</h3>
<div style="text-align: justify;">
	Cleaning is an essential component of daily life both at households and commercial establishment. Now, there is a company providing a whole spectrum of cleaning services from providing a trained maid to carrying out specialised and heavy duty cleaning work on a commercial basis. Sparkling Multipurpose Company Pvt Ltd, which began its service now provides cleaning services to offices, corporate houses, departmental stores and households. The company also provides maids to offices and households on demand. The company claims to be the first commercial venture in the country to offer such services.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to Rabin Bhattarai, MD of Sparkling said, â€œThe company is dedicated to delivering high-quality service and cleaning solutions. We possess a sound knowledge and experience associated with risks and hazards involved in the cleaning services.â€</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The company provides the entire range of cleaning services, from general cleaning to dish washing and all other related jobs. According to the company, it is equipped with the latest machineries and equipment to carry out daily cleaning activities with environment-friendly chemical products. It supplies manpower, chemicals and cleaning tools on demand. It also provides house caretaker services. â€œWe have fully commercialised the cleaning business,â€ says Bhattarai.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Currently, the company is providing services to many hospitals, supermarkets, NGOs, INGOs and normal households. Peoplesâ€™ Plaza, Ambe Complex, Kist Bank, UTL are among the customers of the company. A number of households are also being served by the maids of the company.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	All the maids of the company are above the age of 18, as required by the law. The company says that all the employees are paid according to the rules of the government. At present, more than 100 workers are employed in the company and the employees are regularly trained. The company also provides its employees an insurance coverage. The maids come to the company through personal contact and the word of mouth.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Whenever a customer demands for a maid, the company studies about the works to be done and trains the maids accordingly. It takes around seven days to provide the maid to the customer. Seven days trial period is also offered to customers and they can keep or change the maids within the trial period. An agreement is signed between the company and the client regarding the terms and conditions of the work. The terms and conditions have to be followed by both the parties.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The company pays extra attention to the security of the clients as thefts and other accidents can occur because of the maid. â€œTo avoid this, we keep the police record of the maids with us and we also keep relevant information about the clients. If anything goes wrong, we act according to the agreement,â€ said Bhattarai. In case of theft or any other damage, the company bears all the expenses if the theft or accident is proven to be caused by the maid.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	â€œWe protect our employees from any form of exploitation, disrespect and misbehavior. We want the self esteem of our employees to be high and we donâ€™t compromise on that at all.â€ The company claims that it has terminated a few contracts when the clients didnâ€™t act appropriately and went against the mutually agreed upon terms and conditions.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Corporate Governance Training for Bankers</h3>
<div style="text-align: justify;">
	National Banking Training Institute (NBTI) in association with International Finance Corporation (IFC) has organised a workshop on corporate governance targeting top executives of banks and finance companies. Members from board of directors of various commercial banks, development banks and finance companies were present in the daylong workshop organised on August 11. The workshop has been organised at a time when questions being raised about corporate governance in the banking and financial sector.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	James Christopher of IFC trained the participants. President of NBTI Sashin Joshi said such workshops must be conducted regularly as the importance of corporate governance is of utmost significance in financial institutions. Christopher said that such programmes will help minimise the problems witnessed in the Nepali banking system.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be..........',
			'sortorder' => '377',
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	(int) 3 => array(
		'Article' => array(
			'id' => '466',
			'article_category_id' => '34',
			'title' => 'Sugar Mill Electricity In National Grid (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Nepali sugar millsâ€™ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW) of electricity to Nepal Electricity Authority (NEA). The industry in Janakpur is currently producing nine MW of electricity. Industry uses seven MW of electricity for running its operations. The company has invested Rs 130 million to produce electricity.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Sugar mills produce electricity through thermal plants by burning sugarcane residues to heat the boilers. Nepali sugar mills are producing 25 MW of electricity for their use. Sashi Kant Agrawal, Managing Director of the sugar mill, claimed that his facility alone has the technology to sell excess electricity to the national grid.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Agrawal said that necessary documents to sell electricity will be ready in two months. However, NEA does not have the procedure to buy electricity produced through an alternative method. Sher Singh Bhat, Chief of NEA Business Department, said a newly-formed committee is studying the procedure to fix the rate of electricity from such alternative sources. â€œBased on its report and suggested rate, the electricity will be purchased,â€ he said. However, sugar mills are demanding Rs 10 per unit.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Agrawal said, â€œIf the government is ready to buy our electricity, we can produce more.â€ He said up to 15 MW of electricity can be supplied by all industries to the national grid. Sugar mills are producing electricity only for their use. They mostly produce power during winter.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Uranium Exploration in Mustang</h3>
<div style="text-align: justify;">
	The government is set to begin uranium exploration in Mustang, Uranium is one of the costliest metals and scientists believe that there is a large reserve of uranium in Upper Mustang. Krishna Dev Jha at the Department of Mines and Geology said the exploration will commence within this year.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	A Korean company, Korean Institute of Geo Science and Mineral Resources (KIGAM) will be assisting in the exploration. The company has signed agreements to explore various rare earth minerals.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Uranium deposit is predicted in Lomathanka of Mustang. The department is preparing to test the samples collected from the region. An Indian scientist working with the United Nations is said to have found uranium in soil from the region in a lab test some years back. As unofficial sources have been claiming uranium in the region, the department is formally beginning to study the claims. Senior Engineer Jha said the government has allocated budget for the purpose.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	VAT Exemption for Hydel Projects</h3>
<div style="text-align: justify;">
	The private sector hydroelectricity projects have reasons to cheer as the Ministry of Energy (MoE) is planning to waive VAT on construction materials to be used by such projects. A source at the MOE said the proposal of tax exemption is being sent to the Ministry of Finance for approval.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	MoE has plans to waive 100 per cent VAT on construction materials for hydroelectricity projects. The source said that though this provision was not mentioned in the budget, it is now being planned, amending the VAT Act.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The private sector has been complaining its inability to develop projects due to lack of coordination between Power Purchase Agreement (PPA), high bank rates and severe inflation. It has been demanding to waive off VAT for last two years.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Nepal Electricity Authority has increased PPA rate by 20 per cent for projects up to 25 megawatts. However, producers are demanding to apply the rule in all existing projects.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Gyanendra Lal Pradhan, a power developer, said a 70 per cent exemption in VAT will provide huge relief but&nbsp;the real encouragement will come only by increasing the PPA rate.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	NSEâ€™s Nano Gold</h3>
<div style="text-align: justify;">
	Nepal Spot Exchange Limited (NSE) has begun the contract trading of even one gram gold. The contract named â€˜Nano Goldâ€™ began trading from August 8. The contract aimed at small investors has six per cent margin and 0.24 per gram tick size. The company is also offering contract of one kilogram and 100 gram gold named â€˜Major Goldâ€™ and â€˜Mini Goldâ€™ respectively.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nepali sugar millsâ€™ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW).....',
			'sortorder' => '376',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	),
	(int) 4 => array(
		'Article' => array(
			'id' => '465',
			'article_category_id' => '34',
			'title' => 'Cement Producers Whine Over Customs Hike (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Dhruba Raj Basnet, Vice President of Nepal Cement Producersâ€™ Association said that majority of the industries are dependent on imported clinker as clinker produced in Nepal is not enough to meet the demand. â€œGovernmentâ€™s move to protect a handful of industries puts more than 30 industries at risk,â€ he said.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Nepal needs around 3 million metric tonnes of cement annually. Domestic production can meet only 20 per cent of that demand. Most of the industries are dependent on clinker imported from India. Though nine industries are producing clinker on their own, 1.2 million tonnes of clinker is imported to meet the local demand.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	However, newly-established half a dozen industries are planning to produce clinker on their own. After they begin operation, internal demand is expected to be met by domestic production itself. But the operation is expected to begin no sooner than six months.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Cement producers are arguing that they must be given some options until local production of clinkers starts to match the demand.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Diamond Gallery Established</h3>
<div style="text-align: justify;">
	Diamond Gallery, a showroom for diamond jewelleries, has been established at New Road, Kathmandu. Sunit Agrawal, Director of the showroom, said the opening of the new diamond jewellery story will add excitement to the diamond business in the country.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The jewelleries of Diamond Gallery will be available under the brand name Creation. The new showroom boasts trendy designs in diamond jewelleries. The gallery claims that it will offer guarantee on its diamond and gold jewelleries.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Club Siddhartha Launched</h3>
<div style="text-align: justify;">
	Siddhartha Bank Limited has launched â€˜Club Siddharthaâ€™, a special programme for account holders of the bank. Clients can subscribe to the service by paying Rs 1,000. The members of the club will be given Club Siddhartha Visa Domestic Card, International Travel Card, and recharge card worth Rs 200 of NTC or Ncell. The bank claimed the service to be the first of its kind in the history of Nepali banking.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Members of the club can also receive all the services offered by the bank. If a club member can make five new members, their membership fee of Rs 1,000 will be returned. Similarly, club members will be given free accident insurance of Rs 5,000. Memberships can be taken from any of the 40 branches of the bank.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Five Railway Lines with Indian Assistance</h3>
<div style="text-align: justify;">
	The Indian government has decided to construct five railway lines that will connect Nepal and India across the border. Together, these railway lines will be of 183 kilometres (KM). Kamal Raj Paudel, joint-secretary at the Ministry of Physical Planning and Construction said that the necessary preliminary work for the construction of the railway lines has been completed. â€œIn the first phase, the railway will be operated in two regions. For this, we have already acquired land,â€ he said.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to an agreement with India, Nepal will bear only the cost of land acquisition. The cost of railway track, slipper and all other costs will be borne by the Indian government. However, the cost of construction of five railway lines is not yet decided.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	In the first phase, Jaynagar-Bardibas (86 KM) and Jogbani-Biratnagar (17.65 KM) will be constructed. In these two sections, the government has to pay Rs 800 million as compensation to the land owners. Paudel said that the construction would begin right after the Nepal government pays the sum for land acquisition.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Acharya revealed that Indian Railway Construction Association will develop all the five railway projects. Similarly, Janakpur -Jaynagar (29 KM) railway will be made broad gauge from current narrow gauge. An agreement was made when President Ram Baran Yadav visited India some time back.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.',
			'sortorder' => '375',
			'image' => null,
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	),
	(int) 5 => array(
		'Article' => array(
			'id' => '464',
			'article_category_id' => '34',
			'title' => 'Exchanges Add Rs 100 Millon To State Coffers (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this yearâ€™s collection is almost double. The revenue was generated from three commodity future exchanges in operation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Experts believe that if the revenue from two spot exchanges and brokers is included, the amount can be higher. Within five years of the first commodity exchange coming into operation, five exchanges are trading in the market while at least five are planning to begin operations.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Bijesh Shrestha, President of Commodities Brokersâ€™ Association, said the number of brokers is also increasing with the number of exchanges. â€œSo, tax deduction at source (TDS) and taxes paid by trading brokers, clearing brokers and exchanges are also increasing,â€ he said.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Shrestha said the revenue mobilisation can go further up as investors are increasing and if the market can be made more transparent with efficient regulation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Mercantile Exchange has paid Rs 53.8 million as TDS to the government. Similarly, Nepal Derivatives Exchange has paid Rs 41 million in TDS and VAT. Commodities &amp; Metal Exchange Nepal Ltd (COMEN) has paid Rs 1 million as tax to the state.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">IMF Urges NRB to Have More Teeth</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">International Monitory Forum (IMF) has said that risk in Nepali financial sector is ever growing. IMF gave this conclusion after a two weeks study of the Nepali banking scenario. IMF has also commented that the Nepali economy is passing through a challenging phase.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">John Nelmes, Deputy Division Chief, Asia and Pacific Department of the IMF, in his teamâ€™s report has predicted that there is a high risk in financial sector due to high price of real estate. The report says that if the situation persists the economy will face more problems. Dr Sanjaya Panth, IMFâ€™s senior resident representative for Nepal and India, said that weak supervision and excessive increase in the number of banks and financial institutions are contributing to the heightened risk. He said that threats have emerged also due to various other reasons.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">IMF has urged Nepal Rastra Bank (NRB) to exercise more power. IMF has asked the central bank to employ more authority at a time when NRBâ€™s role has been criticised for being too invasive. Panth said more rights and powers must be given to NRB well in time to solve the problems seen in banks and finance companies.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">IMF has also suggested to tighten the lending in a single area like real estate and expanding supervisory power. It has said that there is no option to maintain the fixed exchange rate with the Indian currency.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Panth said that problems arose after financial institutions heavily invested in real estate and the business nosedived lately after increase in price. He said that the price must come down now.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Debentures in USD</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Himal Hydropower Limited is issueing debenture in US dollar denomination. First company in Nepal to do so, the company will issue debentures of US $ 60 million after Nepal Rastra Bank adopted the provision to issue debentures in dollars for hydropower companies through its monetary policy.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Ace Capital is the issue manager for this debenture. The face value of a debenture is US $ 1000. The debenture that will be traded solely through the private sector will also be listed in NEPSEâ€™s over the counter market. The debenture is being issued for five years. Coupon rate of the debenture is six per cent while interests will be paid every six months.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">BoK Opens Account with ABOC</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Bank of Kathmandu Ltd is now associated with Agricultural Bank of China Ltd, China, (ABOC)&nbsp;by opening a USD account with abocâ€™s Lhasa Branch. This account has been opened to serve importers in Nepal who import gods from China through the Tatopani Customs Office.&nbsp;ABOC Lhasa branch has SWIFT connectivity and online system with Zhangmu Sub-Branch (Khasa) through which smooth and quick processing of payments is expected.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this.....',
			'sortorder' => '374',
			'image' => null,
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	(int) 6 => array(
		'Article' => array(
			'id' => '463',
			'article_category_id' => '34',
			'title' => 'Corporate Houses To Set Up Exclusive Outlets (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country. Big business houses like Jagadamba, KL Dugar and CG Electronics are planning to adopt this new marketing strategy.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Until now, Nepali companies have been selling their products through â€˜dealer modelâ€™. Foreign companies sell their products through their own special showrooms. In Nepal, currently only foreign fashion brands like Adidas, Reebok and some apparel and car brands have their exclusive showrooms.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Kumud Dugar, Managing Director of KL Dugar Group, said his group is setting up exclusive showrooms to establish relationship with clients. Similarly, Chaudhary Group is planning to establish an outlet in Kathmandu before Dashain that will exclusively sell CG products. The company is also planning to open stores in all major cities.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Best Financial Accounts Awarded</h3>
<div style="text-align: justify;">
	The Institute of Chartered Accountants of Nepal has distributed Best Presented Account Awards - 2010 on July 22. Nabil Bank bagged the first title in the commercial bank segment while Standard Chartered Bank and Nepal Industrial and Commercial Bank won the second and third award respectively.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Similarly, the first position of the central bank monitored financial institution category was secured by Ace Development Bank. Sanima Development Bank and Siddhartha Development Bank received second and third position awards.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Likewise, in the category of financial institutions outside central bank monitoring, Prime Life Insurance Company won the first place. In the same category, Prudential Insurance Company and Life Insurance Corporation bagged second and third position respectively.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Under the manufacturing sector category, Butwal Power Company and Unilever Nepal received awards for first and second position.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	In the information technology category, Nepal Telecom was awarded. Similarly in the hospitality sector, Oriental Hotels Limited was conferred with the award. Credit Service Centre was presented the award for the government sector.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The awards were given to those companies that proved to be the best in financial reporting techniques. The award is in line with the criteria prescribed by the South Asian Federation of Accountants (SAFA), an alliance of the Accounting Institute of Bangladesh, India, Pakistan, Nepal and Sri Lanka.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	COMEN Revamps its Logo, Technology</h3>
<div style="text-align: justify;">
	Commodities and Metal Exchange Nepal Limited (COMEN) has revamped its logo. Manoranjan Sharma, Chairman of the company, claimed that the new logo resembles the Nepali commodities marketâ€™s possibility to reach the international standards.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Ananda Kumar Benani, CEO of the company said that the new technology installed at the exchange will offer ease to speculators as well as jobbing and arbitrage. The company is also soon launching awareness programme on commodities market.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country.',
			'sortorder' => '373',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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	(int) 7 => array(
		'Article' => array(
			'id' => '462',
			'article_category_id' => '34',
			'title' => 'Kulekhani III Misses Deadline (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p style="text-align: justify;">
	Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began on April 7, 2008, with the aim to bringing it into operation within three years. The contractor, Sino Hydro, has demanded three more years to complete the project as it failed to complete the work in its first term.</p>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Till date, only 40 per cent of the construction works are completed, according to the contractor. Sino Hydro has alleged frequent strikes by workers and cessation of the agreement with Nepal Electricity Authority (NEA) for the delay of construction. NEA has also not yet submitted the design of powerhouse.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The cost of the project is said to be increasing with the extension of the deadline. If it was completed within the stipulated time, it would have been completed in Rs 2.17 billion. The project was closed for 90 days due to strikes. The company has demanded Rs 740 million as compensation from NEA for such closures.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to Project Chief Uttam Amatya, a new work schedule has been finalised to complete the construction in one-and-a-half years.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Corporate Governance Directive for Insurance Companies</h3>
<div style="text-align: justify;">
	Corporate governance will now be enforced in insurance companies too. Insurance Board, regulator for the insurance sector, is planning to issue a directive for this purpose. The preliminary draft of the directive is ready. According to Shekhar Kumar Aryal, Spokesperson of the Board, the draft has been sent to all 25 insurance companies for feedback. He said the board will try to accommodate their suggestions in the directive.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The directive reportedly includes eligibility qualification for board of directors, managerial officialâ€™s rights, responsibilities, accountability, performance etc. Similarly, it has mentioned recruitment procedure and salary of board members, CEO and department heads.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Currently, a separate law and directive are missing that regulate corporate governance in insurance companies. In view of banks and financial institutions facing difficulty in absence of good corporate governance, its importance in the insurance sector is being felt.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	3-Day â€œMoney Expo 2011â€ from Sept 12</h3>
<div style="text-align: justify;">
	Aarthik Abhiyan, national business daily and Jamb Technologies (P) Ltd with Minds Nepal (P) Ltd and Morningstar Services (P) Ltd will organise a 3-day trade expo of Nepalâ€™s financial sector called â€œMoney Expo 2011â€. To be held at the Army Officersâ€™ Club, Bhadrakali, Sundhara, Kathmandu, the Expo will have more than 100 stalls from different sectors including Regulatory Bodies, the Stock Exchange, Commodities Exchanges, Banks and Financial Institutions, Merchant Bankers, Investment Companies, Insurance Companies, Brokerage Companies (Stocks &amp; Commodities), Remittance Companies, Depositories and Clearing Houses, Portfolio Management Companies, Financial Knowledge Management and Training Companies, Microfinance and Cooperatives, Tradersâ€™ and Investorsâ€™ Associations/Clubs, and Financial Domain Technology Companies. More than 50,000 visitors are expected in the Expo.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	â€œMoney Expo 2011â€ has been planned to be the largest finance and investment show in Nepal and the first ever dedicated event of its kind to focus on the promotion of investment opportunities and wealth protection strategies., states a press release. This event is expected to provide business-networking opportunities for the financial sector companies. The Expo provides investors ample opportunity to speak directly with the nationâ€™s top experts, whose knowledge covers trading and investing, banking, insurance, mutual funds, stocks, tax strategies, commodities and personal finance planning.&nbsp;â€œMoney Expo 2011â€ provides the participants the opportunity to learn about the new products, services and industry trends, as well as meet potential customers and seal important business deals, adds the press release.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	In addition to the stalls of different organisations, the other attractions of the â€œMoney Expo 2011â€ will be seminars and lectures from financial experts, regulators, analysts and successful investors as well as Quiz Contest, Art Exhibition, National and International Currency Show, Trading and Investment Movies Show, attractive door prizes, Best Stall Award and certificates for all stallholders.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2011-10-11',
			'keywords' => '',
			'description' => 'Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began.....',
			'sortorder' => '372',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
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	),
	(int) 8 => array(
		'Article' => array(
			'id' => '461',
			'article_category_id' => '34',
			'title' => 'Anti-Money Laundering Department In Operation (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then Finance Minister and Deputy Prime Minister Bharat Mohan Adhikari said that Nepal is committed to control legalisation of illegal money and prevent possible terrorist financing from Nepal.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Nepal has already expressed commitment to the 49-point charter proposed by Financial Action Task Force, international body for control of money laundering and terrorist financing.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Till date, the government has been looking after such financial crimes through the Department of Revenue Investigation. The department was set up after FATF tagged Nepal as the most vulnerable spot in South Asia.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Adhikari said that with the establishment of the department, the government will now seek sources and take action against those who have gathered huge property overnight without any plausible source of income.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Governor of Nepal Rastra Bank Dr Yuba Raj Khatiwada said that financial transparency would be maintained in a better way with the department coming into operation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Separate Office for Intellectual Property</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The government is set to establish a separate office for the protection of intellectual property as the trend of securing trademark for industrial products is increasing. Currently, trademarks are issued by Industrial Property Division at the Department of Industry.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Spokesperson at the department Dhruba Joshi said that a separate office is being set up as the number of tasks has increased since last year. A taskforce is formed under a joint-secretary in the Ministry of Industries for that purpose.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">After the office is set up, trademarks will be issued by it. Trademarks were made compulsory last year jointly by the department and World Intellectual Property Organisation. In 2010, 2,351 products received trademarks including 1,622 national and 729 international products.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Private Company to Manage Valley Waste</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Shital Environment Group Pvt Ltd is planning to invest Rs 10 million in its cleaning business that targets to manage waste in the Kathmandu Valley. Surendra Acharya, Chairman of the company, confirmed that the plan to commence the work has reached the final stage. The company is being established in three ropani area in Godavary.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Acharya said, â€œWith the establishment of the company, we will begin waste management from the source itself.â€ The company has planned to organise programmes on waste management in all cities across the country.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Acharya revealed that the company is planning to produce biogas and electricity through waste. He suggested training for housewives in waste management and inclusion of waste management in academic curriculum. The Waste Management Act 2011 has the provision to involve private sector in waste management.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then....',
			'sortorder' => '371',
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	(int) 9 => array(
		'Article' => array(
			'id' => '460',
			'article_category_id' => '34',
			'title' => 'Construct Flyovers Within This Year (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the direction to construct flyovers and subways at major crossroads to manage the valley transportation. The committee has also directed to expand lanes of major roads entering major cities around the country, upgrade inner roads, prioritise public vehicles for traffic management and restrict vehicles in certain areas of cities. However, the restricted areas are not decided yet.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, the committee has asked to immediately remove street vendors, street side parking, hoarding boards and banners. Likewise, it has also directed to keep electricity, telephone and other wires underground. The committee has also asked to formulate a policy for such underground network.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">What are Former Finance Ministers Doing?</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Economic contemplation is not the first choice of many former finance ministers (FM). They are managing either political or private businesses. More than pondering over the economy, it seems they have something else more important to do in their daily lives. Till date, there have been 27 finance ministers. Subarna Shamsher Rana became the first FM after the inception of democracy in 1950. Subarna Shamsher presented the budget in 1951 for the first time in the Nepali history. Out of 27, 16 of them are alive while whereabouts of Bharat Bahadur Pradhan is not known. None of the FMs between 1950 and 1962 are alive.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Surya Bahadur Thapa became the FM for the first time in 1962 and is still active in politics. He regained his position in 1964. He got the opportunity to lead the economy during hard times. He claims that he managed to reduce the unnecessary government expenses and prioritised developmental works. Thapa who has turned 84 is now the Chairman of Rastriya Janashakti Party. His days are spent on party related works, meeting dignitaries and party cadres.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Another former FM, Surendra Bahadur Basnet, who took charge of the finance ministry in 1968, did not get the opportunity to present a budget. He became FM when the turmoil was still on. At his time, the value of Nepali and Indian currency was the same. So, there was the danger of failure for the entire economy due to problems in import-export. He is credited for correcting the chaotic situation. Basnet, 85, is now Executive Chairman of Buddha Air.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Kirti Nidhi Bista, 86, who served as the FM twice, is living a retired life. He spends his time reading and writing for newspapers and having rendezvous with his relatives. Similarly, Dr Bhek Bahadur Thapa, who got the opportunity to present the budget for five times from 1975, is now busy in studies and research. Thapa, 75, has also served as secretary and even ambassador for 14 years. His times are spent mostly abroad on work. When he is in the country, he loves to spend time with his family. Thapa often advises the government when required.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Prakash Chandra Lohani became the FM for first time in 1983. He is credited for introducing liberalisation in the financial sector. At present, he is the Co-Chairman of Rastriya Janashakti Party. He is also the member of legislative parliament's Public Accounts Committee.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Pashupati Shamsher Rana is currently focusing on his party activities. He is the Chairman of Rastriya Prajatantra Party. Likewise, Dr Devendra Raj Pandey who is known for his civil society activities is now concentrating on studies and research. He has also recently published a book named, Looking at Development and Donors.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Mahesh Acharya who became FM after 1991 general election got the opportunity to present the budget&nbsp;for four times. It was in his tenure that the state-controlled economy shifted towards liberalisation. A central committee member of Nepali Congress, he spends his days in research, party activities and meeting party cadres.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">In 1994, Bharat Mohan Adhikari stepped in as the FM. He also gave continuity to economic liberalisation initiated by the Nepali Congress government. He is known for beginning economic decentralisation with some of his programmes. He became the FM also in the outgoing government that was led by Jhala Nath Khanal.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Ram Sharan Mahat is still active in economic contemplation and party politics. He became FM for five times and presented six budgets. He claims he ensured economic liberalisation and financial sector reforms. He also began the concept of VAT in Nepal. He has reformed taxation and in his time numerous development projects were announced. He is in the central committee of his party Nepali Congress and is also a member of the Constituent Assembly. When he gets free time from party activities, he adores playing golf.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Badri Prasad Shrestha who became FM in 2002 did not get opportunity to present any budget. He says he brought the economy back on track. He has spent 11 years in National Planning Commission. Shrestha has also been Nepalâ€™s Ambassador to Japan. Having neurone problem for two years, he rarely moves around. Though he is associated with numerous organisations, he is not active due to his health problem.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Madhukar Shamsher Rana became FM during the direct rule of the king. Currently, he is teaching in South Asian Institute of Management. He owns Shaligram Apartment Hotel at Jawalakhel. He is also associated with SAARC Chamber of Commerce and Industry and South Asian Policy Research Institute, Colombo.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Roop Jyoti became Deputy FM during the direct rule of king in 2004. He is a renowned industrialist and Vice-chairman of Jyoti Group.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Baburam Bhattarai has now become the Prime Minister of Nepal. He became FM after Maoists became the largest party in parliament after the Constituent Assembly elections. He has been successful in increasing the revenue collection by 33.5 per cent, largest-ever jump in the Nepali history. He is also the Vice-chairman of the UCPN Maoist. He visits his home district Gorkha every month. He mostly remains busy in party activities.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, Surendra Pandey was the FM for 21 months. He claims the budgets he presented were tilted to socialism. He presented three budgets. He became FM in the CPN-UML-led government. He is also the politburo member of the party.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Global Bank and Shikhar Insurance Tie-Up</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Global Bank Ltd and Shikhar Insurance have signed an agreement to provide non-life insurance service to the bank´s customers. Janak Sharma Poudel, deputy general manager of the bank, and Deepak Prakash Pandey, chief executive officer of Shikhar Insurance, signed the agreement on August 7.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Issuing a statement, the bank said customers will get non-life insurance facility under a single roof after signing of the pact. The bank has set up a separate counter at its branch office at Kantipath to provide insurance service.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-10-31',
			'keywords' => '',
			'description' => 'The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the.............',
			'sortorder' => '370',
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	(int) 10 => array(
		'Article' => array(
			'id' => '459',
			'article_category_id' => '34',
			'title' => 'SAARC Biz Leader's Meet In Kathmandu',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">Fourth SAARC Business Leaderâ€™s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed â€˜Peace and Prosperity through Regional Connectivityâ€™ is being organised by SAARC Chamber of Commerce and Industry in collaboration with Federation of Nepalese Chambers of Commerce and Industry.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Being organised for the first time in Nepal, the meet will have participation from business personalities from the SAARC region. In the three-day assembly, representatives will be conducting presentations and round table discussions. Organisers have said that the meet would be fruitful for regional industrial and business investment cooperation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Emerging priority concerns for South Asia water, energy, climate change and food security; regional economic integration, tourism, cultural exchange, prospects of trade and investments will be the major themes for deliberation in the meet. Diplomats and senior government officials, business community leaders, renowned entrepreneurs, professionals, media representatives, analysts and others will be present during the programme.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">During the assembly, SAARC Trade Fair and cultural performances will also be organised from September 21 to 24. The meet held every two years was previously organised in New Delhi, Mumbai and Colombo.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">RID To Bust Informal Remittance</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The Revenue Investigation Department (RID) has started taking action to control the remittance coming through informal channel. The department has begun raiding suspicious areas as it suspects billions of rupees transacted through illegal means. In the first phase, the department raided business centres of New Road and Sundhara in Kathmandu.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The department raided Union International Tours and Travels and Pashupati Trading Company and seized documents and a few hundred thousand rupees.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The previous attempt by the department to seize informal remittance remained largely unsuccessful. Experts are saying that billions or rupees are being transacted through illegal and unknown channels. There are suspicions that such transactions are done on political protection with the support of large business houses.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Fivefold Increase in Household Income</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Nepalâ€™s household income has increased five folds over the past 15 years, thanks to the rise in the number of employed population, shift from agricultural to non-agricultural employment and increased inflow of remittances. The household income that was Rs 46,732 per annum in 1995/96 has increased to Rs 202,374 in 2010/11. Nepal Living Standards Survey (NLSS) released by Central Bureau of Statistics on August 8 revealed these findings.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The income of poorest families has also increased seven folds and reached Rs 15,888 in 2010/11 from Rs 2,220 in 1995/96.&nbsp;The report suggests that people living below the national poverty line has gone down to 25 per cent.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, income of the richest population has also increased five folds compared to 15 years back. In 1995/96, their annual income was Rs 19,325. The latest survey has revealed that it has reached Rs 94,149. According to CBS, Nepaliâ€™s living standard has also increased with the increase in income.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">According to Uttam Narayan Malla, Director General of the department, main purpose of the survey is to predict the poverty situation based on daily consumption pattern. He also stated that the current survey reveals more people are consuming fruits, fish and meat.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The first survey of 1995/96 revealed that the per capita consumption on the then price was Rs 6,800 while it has increased to Rs 34,829 in 2010/11. The consumption has increased by 412 per cent of the poorest 20 per cent population. Similarly, the consumption of the richest group has also increased by the same rate. According to the survey, the poorest group spends 8 per cent of their income in consumption while the richest spends 47 per cent of their income in consumption.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Over the same period, average per capita income of an individual has undergone a tremendous growth to Rs 41,659 in 2010/11 from just Rs 7,690 in 1995/96. According to the survey, the major source of income has shifted to non-agricultural sector from agriculture. The income from agriculture has shrunk to 28 per cent from 61 per cent earlier.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, the employed population has increased by 11 per cent reaching 78 per cent. According to the first survey, only 67 per cent people were employed. The new survey has also shown that 90 per cent Nepalis live in their own house which is four per cent less than previous survey result.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The survey was conducted in technical cooperation with The World Bank and studied 12 different subject matters.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2011-10-11',
			'keywords' => '',
			'description' => 'Fourth SAARC Business Leaderâ€™s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed â€˜Peace and Prosperity through Regional Connectivityâ€™ is being...',
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	(int) 11 => array(
		'Article' => array(
			'id' => '458',
			'article_category_id' => '39',
			'title' => 'Kumari Bank: Innovations Galore - September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">By <strong>Pinaki Roy<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Ever since it came into existence over a decade ago, Kumari Bank Limited (KBL) has been at the forefront of innovations such as SMS Banking, Auto Sweep and Internet Banking. Providing competitive and modern banking services with high degrees of quality and customer satisfaction, KBL takes pride in its cutting-edge product line and new and better ways to enhance banking experience for its patrons at large.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Therefore, it comes as no surprise that KBL has chosen to continue with its tradition of creating innovations and serve unfulfilled needs of all classes of customers located in various parts of the country. It has always focused at prioritising the priorities of its valued customers by offering modern and competitive banking products and services at their door steps. In recent times, the bank won the coveted Billionth Award South Asia for Kumari Mobile Cash in New Delhi, India, on 23 July 2011. It also launched Kumari Secure Mind Home Loan in August this year in association with Shikhar Insurance Company which promises to minimise risks on home loans.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<h3>
	<span style="font-size:12px;">mBILLIONth Award South Asia 2011</span></h3>
<div style="text-align: justify;">
	<span style="font-size:12px;">KBL bagged the mBILLIONth Award South Asia for Kumari Mobile Cash during the mBillionth South Asia International Summit 2011 held in New Delhi, India, on 23 July this year. The award was won in the m-business &amp; commerce/banking category on a platform that recognised some of the key innovative applications and services and honoured excellence in the arena of mobile communications across South Asia. They were basically looking for new innovations which have impacted the overall economy, especially at the bottom-of-the-pyramid. And, Kumari Mobile Cash was our best bet, Radhesh Pant, the CEO of KBL reminisces. He informs that the bank did spend considerable time on its questionnaire as part of the preparation for the event.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">From a total of over 200 applications from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka, 21 were selected as winners spread across 11 core categories, with Kumari Bank, the sole winner representing Nepal. Pant delightfully states that the summit was a fitting platform not just for the bank to showcase its innovation but also for Nepal to show the world that it indeed has the capability to be recognised as a breeding ground for innovative minds. Winning a prestigious award like this has given the bank a boost and has helped people know more about the product besides, of course, bringing immense happiness to the KBL team. We are very happy because we believed in this product. The basic reality is that when our work is recognised, it gives us confidence and impetus to move forward,Pant announces cheerfully. The bank has calculated that if it could only tap 10 per cent of the total 10 million mobile users in Nepal, it will open an overwhelming opportunity with a million strong subscribers at its disposal.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<h3>
	<span style="font-size:12px;">Kumari Mobile Cash</span></h3>
<div style="text-align: justify;">
	<span style="font-size:12px;">This revolutionary service that uses mobile phones to provide access to financial services was launched by KBL on 17 August 2010 in partnership with Leapfrog Technology Inc, a Boston-based US firm with a development centre in Nepal. The first of its kind, Kumari Mobile Cash pioneered the mobile wallet concept in Nepal which allows users to store cash balances in their mobile phones.&nbsp;Users are then able to deposit and withdraw cash from their mobile phones and use the stored cash value for various purposes such as remittance, bill payments, and airtime recharge with the push of a few buttons.&nbsp;Currently, the customers can avail this service from Kumari Bank's branches or from its authorised agents present across the country.&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Due to varied landscape and lack of physical infrastructure in Nepal, telecom is the best way to reach people in the hills and the mountains, says Pant. He adds, In a country like Nepal, access is very poor but at the same time, mobile usage is increasing at about 40 per cent each year. Quite obviously, we wanted to be the first one to launch mobile wallet to focus on the 70 per cent of the households not having any access to formal banking system.With 14,000 users and close to 200 transactions each day, Rs 5 crore worth of transaction has been realised since its launch of the plan around a year ago. I personally believe the future of banking will be technology-led and specifically, mobile-led, Pant declares brimming with confidence.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">KBL has a contractual agreement with two of the largest telecom providers in the country namely Nepal Telecom and Ncell (these two operators collectively enjoy 95 per cent market share in the country). Close to 50 per cent of registered Kumari Mobile Cash members are non-bank customers. In a very short time span, the product has helped break traditional barriers in providing access to finance for the poor.&nbsp;With 70 per cent of the Nepali households yet to be tapped into formal banking, the bank believes that improving access to sustainable financial resources is real and achievable.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<h3>
	<span style="font-size:12px;">Kumari Secure Mind Home Loan</span></h3>
<div style="text-align: justify;">
	<span style="font-size:12px;">Most Nepalis dream to have their own house, which comes for hefty prices and that explains why home loans from banks and financial Institutions (BFIs) are so popular.&nbsp;However, the concept of disaster preparedness simply does not exist in the country where people don't do things until they are cornered in a crisis. Most people investing to buy houses are yet to realise the importance of insuring their houses. With this in the backdrop, a memorandum of understanding (MOU) was signed between KBL and Shikhar Insurance Company Ltd for Kumari Secure Mind Home Loan on 1 August 2011.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The agreement signed by Radhesh Pant, CEO of KBL and Dip Prakash Panday, CEO of Shikhar Insurance Company promises to work as a milestone for the entire financial services sector in days to come. We want to secure the home loans that people borrow. This scheme will ensure that the family does not suffer in the event of an untoward incident affecting the primary borrower, reasons Pant. The product is a long term credit to consumers for the construction of house for both individuals and developers.&nbsp;It covers purchase of ready house or apartment, renovation or extension of house or apartment, and refinancing of immovable private property that are already financed by BFIs and secured by a registered mortgage.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">At times, the borrowers face various challenges in being able to pay back the loan. If the payment is made, the banks do not have any risk. Kumari Secure Mind Home Loan was launched to minimise the risks to both banks and clients in the event of non-repayment of loans by borrowers due to circumstances beyond their control such as critical illness, accidental death or permanent total disability and temporary loss of employment. All the existing customers of Kumari's Home Loan are eligible for the product and can avail this service from the retail unit of the bank. Basically, a partner product from Shikhar Insurance, the scheme is available only for Kumari's Home Loan subscribers.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Being the first one to launch such a product, the bank is confident of doing well but realises that its success will take due time. The bank knows that advocacy is the most important aspect of the scheme and has educated and trained its staff accordingly throughout the country. The idea is to have employees operating customer service and teller counters to disseminate the message to patrons visiting KBL branches. It also expects that a certain amount of exposure can be ensured through the media as well. Pant signs off on an optimistic note saying, â€œI know that people are not forthcoming about insuring their houses but this can change. We, at Kumari are very positive that the product will provide food for thought to investors deciding to secure their home loans.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
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			'description' => 'Ever since it came into existence over a decade ago, Kumari Bank Limited (KBL) has been at the forefront of innovations such as SMS Banking, Auto Sweep and Internet Banking.',
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		'Article' => array(
			'id' => '457',
			'article_category_id' => '57',
			'title' => 'Rexton 2: Built To Satisfy September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">A stylish, powerful and magnificent vehicle has entered into the Nepali market that is about to change the entire definition of an SUV (Sport Utility Vehicle). Rexton 2 is marketed here by Constant Business Group. The company has targeted the 2011 model of Rexton 2 to executives, bureaucrats and other high level customers because of its great design, performance and majestic appearance.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Rexton 2 is a product of Ssangyong, a South Korean company which is one of the fastest growing automobile producers in the world today. The company has been selling its vehicles in 82 countries around the globe since 1954. Rexton 2 is one of the most innovative products from the Korean manufacturer.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The vehicle is the personification of automotive art crafted for those who love to drive. The SUV has design with a great blend of dashing looks and striking performance. It stands apart with Ssangyongâ€™s signature triple line chrome coated grill, unique bonnet lines and projection headlamps. The chrome lettering on the rear and LED side repeaters add to the sophisticated appearance. It has a silver roof rack that serves a functional purpose and giving the vehicle a fashionable look as well. Complementing the design is a rear spoiler with LED, which helps stabilize the vehicle and also looks very sporty.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">On the interior, the vehicle has a comfortable seating arrangement for seven. The roomy interior is decorated by rich black tones, and the seats are covered in luxurious and cozy leather. The driverâ€™s seat is power adjustable in eight different ways and the front passengerâ€™s seat is powered to adjust in four to add the comfort. The front and rear seats have five different temperature setting to choose from.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The cabin temperature of Rexton 2 is automatically maintained at the preset level, and the Air Quality Control System keeps dust, smoke and fumes outside the vehicle. For entertainment, there is a USB port for MP3 music and the front console is illuminated by high brightness LEDs that is easy to read at night. It also adds a high-tech feel to the driverâ€™s space.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Regarding the performance of the vehicle, it incorporates the latest engine and transmission technology for a superb all-round performance. The heart of the Rexton 2 is XDi 270 XVTY engine with third generation turbocharger. The five cylinder 2.6 liter diesel engine delivers a maximum power of 132 kW at 4000 rpm and a maximum torque of 402 Nm at 1600 to 3000 rpm. The engine is equipped with a direct injection system that boosts power and adds fuel efficiency ensuring more economic operation. With the power and performance and a smooth 5-speed manual transmission, Rexton 2 qualifies as a great SUV with steering stability and a tight grip both on and off the road.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Also, worth mentioning are the safety features employed by the vehicle. Rexton 2 has been designed to withstand impacts and disperse the impact force very effectively. The rigid triple layer frame is built to absorb and disperse shocks and impacts of all kind. This provides less vibration during normal operation, longer durability and greater safety in case of a collision. Also, it has front dual airbags, safety belt pre-tensioner and load limiter. It also has a unique speed-sensing door lock which locks all the doors whenever the vehicle reaches a preset speed.&nbsp;The vehicle is also equipped with ESP (Electronic Stability Program) and Hill Descent Control for more protection to the driver and the passengers.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">With an amazing design, superb performance and luxury, Rexton 2 can be yours at a cost of Rs 5,550,000. For the servicing of the vehicle, there is a servicing centre at Balaju. The company is giving a warranty of 35,000 kms or for a period of two years. Also, six free servicing are provided to the customers. The company claims that all the spare parts are readily available at the service centers.</span></div>',
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			'created' => '2011-10-11',
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			'id' => '456',
			'article_category_id' => '57',
			'title' => 'Ride Your Desire With New Zotye September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">For those who want to switch from their small cars to SUV, a new offering is in the market. Constant Business Group has introduced a new model of Zotye, which according to the company is probably the most affordable SUV in Nepal and costs no more than compact cars available in the market. At Rs 2,450,000, Zotye truly appears to be the most affordable vehicle of its kind.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The company has already sold more than 300 units of previous versions of the vehicle. The older models were available in 1.3 and 1.6 litre engines. The new model is powered by a 1.5 litre engine with a number of added features and facilities. Zotye has managed to reduce the price without compromising the quality, says the company. And even at this price, there is a lot to expect from Zotye 1.5 in terms of quality and safety. This made-in-China SUV is powered by Mitsubishi engine, which assures the much needed reliability.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The design of the new Zotye is quite impressive and elegant with a perfect balance. The design is complemented by crystal diamond halogen headlamps and large strip combination tail lamps. It also features round fog lamp and a large inlet grill. Other external features include energy absorbing front bumper and a folding electric outer rear view mirror with turning lamp.&nbsp;The five-door five-seater vehicle exhibits its sporty look through a stylish roof rack, a spoiler with high brake lamp and a fashionable backup tyre cover.&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">On the inside, the SUV appears well-equipped with features like air conditioner, power steering, electric windows, childrenâ€™s lock, central locking system and a music system with 4-speaker stereo with CD player and FM radio. It also has a multi-function luggage carrier.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Its Mitsubishi 4G15 inline four cylinder, 16 valve SOHC petrol engine with multi point electric fuel injection produces a maximum power of 78 KW at 6000 rpm and a maximum torque of 134 Nm at 4500 rpm to support the companyâ€™s claim that the car is relatively powerful despite the small size. The vehicle is linked to a five-speed manual gearbox, driven by the rear wheels. It can go up to a maximum speed of 145 km per hour. The car is affordable and economic at the same time because of its mileage. According to the company, it gives a mileage of 12 to 14 kms in the city and 16 to 18 kms on the highways.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The high ground clearance of the Zotye at 200mm, along with McPherson struts on the front and 5-rods suspension on the rear proves to be beneficial on potholed roads and also off roads. It is equipped with disc brakes on the front and drum brakes on the rear, with vacuum booster.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">For safety, the SUV is equipped with ABS and three point seat belts on all the seats. The vehicle also features driverâ€™s safety belt alarm system, alight head lamp alarm system and over speed alarm system that help to keep the driver alert and avoid accidents. There is also energy absorbing steering and high anti-impact steel girder on all the doors that reduce the damage at the event of collision.&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The company is providing a warranty of 2 years or 35,000 kms, whichever is earlier. The company claims that it provides excellent servicing of the vehicle from its service centre at Balaju. With really affordable pricing and the promised excellent specifications, it seems that Zotye 1.5 is likely to enjoy great success in the market.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
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			'description' => 'For those who want to switch from their small cars to SUV, a new offering is in the market. Constant Business Group has introduced a new model of Zotye, which according to the..........',
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			'id' => '455',
			'article_category_id' => '57',
			'title' => 'Banking On Brand Image September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span><img alt="" border="1" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/default-banner-size_for-featured.gif" vspace="10" /><br />
		<br />
		By<strong> Sajag Karki<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	Banks in Nepal are one of the biggest spenders on advertising and promotion. All banks are trying to create their niche through brand identity and positioning. While the older commercial banks enjoy the privilege of better brand image and command respect in the minds of customers due to their long standing presence, the newer banks are putting in great effort to establish their brand name.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Well reputable banks such as Standard Chartered Bank, Everest Bank, Nabil Bank, Himalayan Bank and Nepal Investment Bank have a different kind of image among general public that can be attributed to their early mover advantage and robust financial performance in the banking sector. Standard Chartered Bank being a multinational company seems to follow centralised branding approach set by its parent company with localised content to suit the Nepalese audience. Its target customers are mostly middle to high-end individuals. Hence, it uses sophisticated message in all its communication mediums. Its print and broadcast medium follows the same branding framework which gives a consistent feel in its communication materials. As the bank has positioned itself globally as Here for good which represents&nbsp;positive change in all the countries it operates by providing quality banking services. It also shows their inclination towards CSR as an integral part of their company value which has been incorporated in their branding. Similarly, the other established banks have their own distinct brand identity which has helped in enhancement of their brand image.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	It is evident that any type of product promotion is done to compete with similar products in the market. As there are 31 commercial banks, there is tough competition among newer banks to attain share of mind among its customers and to break the clutter. However, the banking sector has healthy competition as compared to FMCG or any other sector as the whole banking fraternity is collectively trying to gain back the lost confidence of consumers due to the liquidity crisis.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Among development banks, the branding of Ace Development Bank seems to be the most prominent and ranks highest in terms of awareness due to its consistent and clear positioning. It has chosen a Rhino as its mascot which represents security and also its CSR activity focuses on Rhino conservation. The TVC of Ace featuring the Rhino mascot is very unique and of high quality animation. It has done secondary brand positioning via its advertisement, giving emphasis to the branding and security rather than its actual product attributes.&nbsp;Every aspect of the TVC is perfect, and it also hits competitors by saying It's a jungle out there, convincing customers to choose Ace for their financial security out of the numerous banks in the market.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Unlike foreign banks, most Nepali banks do not actually follow a set guideline for branding and are limited to being informative and product focused rather than in branding. Talking about foreign banks, HSBC is named one of the world's most valuable banking brands by The banking magazine. Established in 1991, the HSBC group operates as a number of local brands around the world. Hence, its advertising tagline explains its global positioning as The World's Local Bank. This popularity and awareness does not come overnight, it's their smart branding strategy right from the start-up phase to the present day that has made it the ultimate banking brand. HSBC account has been handled by WPP group in which JWT is the lead ad agency. The point is, in order to be the best bank, branding must be done right from beginning so that there will be high brand equity as the company grows. Creating a robust brand identity via its communication is one of the highest priorities for any brand.&nbsp;</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Among the younger breed of banks, NMB has focused well on branding as compared to newer competition. NMB's target is middle-class to high-end customers and its TVC and print ad has positioned the bank as a young and reliable bank and has brought products and services in line with its target customers. KIST Bank's branding advertisement is quite good and its awareness level is very high. Though it is in top of mind in terms of awareness, it has yet to gain confidence of its stakeholders. Also, its metaphor TVC is complicated for its targeted grass roots customers to comprehend so there is a mismatch between the segmenting and the positioning of KIST. Other banks such as Laxmi Bank has positioned itself quite differently as the one bringing in innovative high-tech banking in the Nepalese market. This is the Point of Differentiation (POD) of the bank. Also, its bright orange color has helped a lot in its brand awareness as people relate the color orange with the company. BOK branded itself as Be OK which is quite interesting and catchy. Everest Bank's testimonial ad featuring all demographics conveys first person views including that of housewife, youngsters, working adults, children and older people. This represents their distinctive image of strong, consistent and progressive among competitors.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	In a developing country like ours, banking sector has far exceeded people's expectations and has adopted international standards to a certain extent. The large volume of banks has actually been beneficial for the customers as they can choose the most suitable bank among the existing banks. In the time of liquidity crisis where banks are focusing more on deposit mobilisation, it is understandable that spending extra budget for branding might not be reasonable. However, situations might improve in the near future and branding shall certainly take priority as banks have to differentiate themselves to compete to be the best. However, branding and placement of product offerings have changed in the past few years where marketers have started using various non-traditional mediums as well as traditional mediums but in a different way for promotion. Social networking sites such as facebook and twitter has played a pivotal role in the contemporary advertising scenario. Smart placement of products and services in movies and reality shows has also been seen in recent times. Viral marketing (strategic use of Internet combined with word of mouth promotion) and PR are also some latest marketing tools that can be used for the betterment of brand image, which the banking sector in Nepal can adopt.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<strong><i>(Karki is currently associated with Thompson Nepal Pvt Ltd and has a couple of years of experience in the banking sector. The article is based on research and authors practical experience as a marketing professional. He can be reached at sajag_karki@hotmail.com)</i></strong></div>',
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			'id' => '469',
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			'title' => ''We Want Our MBA Graduates To Become Job-Givers' (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;"><img align="right" alt="" border="1" height="183" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/pro subash kc.jpg" style="width: 142px; height: 183px;" vspace="5" width="142" /><b>Prof Subas KC</b></span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Faculty and Dean</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Kathmandu University School of Management (KUSOM)</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Professor Subas KC is a faculty Dean at Kathmandu University School of Management (KUSOM). An MBAC from Tribhuvan University and with a Post Graduate Diploma in Training and Development from University of Manchester, UK, his areas of specialisations include Human Resource Management/Development, Organisational Behaviour and Organisation Development. He previously worked as the Director of Centre for Management Innovation (CEMI) at Nepal Administrative Staff College and as a Training and Research Officer for the development of cooperatives in the government. In an interview with <i>New Business Age</i>, Professor KC expresses his ideas on the importance of management education in Nepal and recommends better quality to get closer to international standards. Excerpts:</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">What is driving the growth of management schools in Nepal? How do you think management education is going to shape up in the foreseeable future?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">I think the growth has been pretty good. A number of business schools have opened in recent years as a result of the increasing demand for business education. From the perspective of both demand and supply of business education, it is a very encouraging and healthy development we have here. However, I canâ€™t say the same from a quality perspective. All the business schools in Nepal need to substantially improve their quality levels. We need to be able to supply competitive products in the market particularly because they have to compete with business graduates arriving from western universities.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">I believe that our society is going through a process whereby it is trying to managerialise itself. What we lacked in the past was a managerial approach to address our issues and problems. However, if you look at the history of economic, social and industrial development of the western societies, you will find that they went through a managerial revolution at some stage or the other. Therefore, we need managerialisation of values, ideas, attitudes and perspectives among others. A manager looks at things differently than a person who is not trained as a manager. Our society and economy are in the process of modernisation so we need to managerialise them accordingly. This is another reason why the demand and value for management graduates have tremendously increased. I only hope that itâ€™s not a passing fad and the demand for MBA graduates will continue to grow. As for managerialisation, the process has already begun and the evidence is for all of us to see but I am not happy with the pace of it. If the existing process accelerates and catches momentum, we will need more professionals and graduates with adequate training in business administration. Therefore, I am confident that the value of MBA education will continue to grow at least in the foreseeable future.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">What is the competency of business graduates produced in Nepal compared to those from regional and international universities?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">As I just mentioned, we need to maintain our competitiveness if we want to be part of the globalised economy. When we compare home-grown graduates with the ones who have graduated from western universities or the best universities in India, we are slightly behind in terms of quality. Itâ€™s not necessary that everyone who has a business degree from abroad is better than the graduates produced in Nepal. However, it would be unfair to compare our graduates with the ones from IIM, Harvard or Wharton. On the whole, MBA graduates from good business schools in Nepal are at least at par with business graduates from average or above average universities in India and elsewhere. But the business graduates from mediocre business schools in Nepal are far behind in terms of quality. Though it will take plenty of time, effort, resources and dedication, we at KUSOM want to improve the quality of our graduates to enhance their competitiveness. We are certainly on our way to make our graduates as competitive as possible.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">How do you analyse the motives of students behind pursuing management education now-a-days?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Itâ€™s definitely very good from the perspective of business schools. However, itâ€™s not too difficult to explain this explosion of interest in business education. There are a couple of reasons for the strong desire on part of the students to pursue business education, particularly MBA. You must understand that MBA is a global brand. With increasing exposure to the rest of the world, parents as well as students have become aware of this brand and its value. The brand value of MBA was always there worldwide but it arrived slightly late in our part of the world and it has now caught on. An MBA programme is a package which prepares its graduates for taking on diverse and competent roles and it gives them an edge over other education. This ultimately helps them put their best foot forward in the job market as well as while taking over family businesses or turning entrepreneurs.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">The teaching-learning methodology is often criticised for being traditional. How has KUSOM tried to change this traditional practice?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Without talking about the pedagogy of education, we cannot talk about MBA. In fact, worldwide, it is an educational process where you would find different methodological approaches compared to other disciplines. We are trying to follow different approaches to train and educate our MBA students. We follow case-based methods and a lot of times, problem-based method of teaching. We give students problem-like situations, either real-life or imaginary problems, and we ask them to first analyse the problem using theoretical concepts or models and then come up with recommended course of action. We also apply project-based method of learning where students are given real-life problems. They have to reach out to several industries and organisations, interact with the managers, come up with real data, prepare a report and finally make a presentation based on all these. Even in a classroom environment, we create what we call interactive and group-based learning approach. Students are divided into small groups and made to discuss issues and problems among themselves so they learn through and with each other. This cross-breeding of ideas generates new ways of looking at things. We have been the pioneer and leader in using more innovative approaches through these three methods of learning namely problem-based, project-based and interaction-based methods.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">How do you see the current trend of colleges being affiliated to foreign universities?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Itâ€™s a tricky proposition and to be honest with you, I am not happy about the whole idea. The foreign universities that some business schools in Nepal claim to have an affiliation with are not prestigious universities by any means. I would rather like to see business schools establishing some kind of affiliation with Harvard, Kellogg, Wharton, IIM or London Business School. I will be the first one to welcome affiliations with these trusted names because it would help us raise the quality of education here. We at KUSOM, too, will be under pressure to raise our level of competency. If we are not able to bring in prestigious universities, then probably it makes more sense to pool our resources together and invest it in our own MBA education. Besides, MBA education is locally sensitive to some extent where several courses need to be customised to meet the requirements of local businesses and organisations. For example, itâ€™s no point teaching students the US copyright law. Simply having the tag of a foreign university does not ensure quality education.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">Do you think the new MBA colleges have been able to address issues that the older MBA colleges lack?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Not really. In any sector be it education or otherwise, our culture and psychology is such that rather than innovating, we simply follow the leader or a successful example. KUSOM had the advantages of being the first mover but it did commit its share of mistakes. However, the colleges that followed us failed to learn lessons from our mistakes. In Nepal, we donâ€™t have this culture or psychology of critiquing that brings forth positive evaluation of others. I would be happy if the business schools in Nepal learn from each other as far as successes are concerned. And of course, it would be great if they could also learn from each otherâ€™s mistakes and donâ€™t repeat them. It would go a long way towards enhancing the quality of management education in Nepal.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">Most MBAs target a job in a bank. Is that only what the MBA course is designed for? Do you see any misconception among students in this regard?</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">To be honest, we donâ€™t advise or encourage students to build their careers in the banking sector <i>per se</i> but the reality is that almost two-third of our students end up working for different banks. MBA course is not designed to develop people for the banking sector only. However, the fact is that banking is among the fastest growing sectors and 90 per cent of the students, while interviewed for intake, say that they want to join a bank after graduating. Another reason is that the banking sector has some very iconic figures and a lot of students seem to have their role models and corporate leaders associated with this industry. Compensation package in banks are more attractive compared to other sectors which is another factor. Besides, a lot of our students come from well-to-do families so they want to work in banks for reasons of convenience. I am sorry to say this but it is a wrong career model for MBA graduates.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">On our part, we are consciously orienting our students to think in terms of careers outside the banking sector. Our emphasis is on entrepreneurship and we want our MBA graduates to become job-givers rather than become job-seekers. A majority of our students joining banks is actually alarming for us. We donâ€™t want to attach our MBA programme with banking career only because that will be suicidal for us. We are working to make sure that our students diversify their career choices.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size: 14px;">Tell us the way you go about campus&nbsp; recruitment at KUSOM.</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">We have an excellent track record on recruitment as our graduates are readily absorbed in the job market. And, some of them land a job even before they complete their programme. All our graduates so far have found employment within months of graduating and have gone far in life except for those who donâ€™t want to work for others. There are some graduates who either turn entrepreneurs or join their family businesses. We have a unit here called â€˜PlaCeâ€™ (Placement Cell) supervised by an Assistant Professor and supported by a couple of alumni in the team. In this context, we are organising a job fair on September 2 for which we have sent out invitations to about two dozen companies. This job fair will create a platform for employers and the potential employees. Also, in the last term of the programme, we train our students in job search. We have recently reorganised our placement cell. Now, people associated with it have come up with an excellent plan. They maintain a database of our graduates and some of the industries which have openings for fresh MBAs. One aspect that is missing but I would like to add to our placement efforts is appointment of a professional counsellor. We do job counselling to the extent we can but it is a specialised area so we hope to have a trained job counsellor or psychologist who can do a psychometric analysis of the studentsâ€™ career potential and advice them accordingly.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-08-23',
			'keywords' => '',
			'description' => 'Professor Subas KC is a faculty Dean at Kathmandu University School of Management (KUSOM). An MBAC from Tribhuvan University and with a Post........',
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	(int) 1 => array(
		'Article' => array(
			'id' => '468',
			'article_category_id' => '34',
			'title' => 'Vijaya Motor's Free Summer/Monsoon Camp (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic inspection/maintenance of its customerâ€™s vehicles in order to assure the safety of the passengers and to prevent major repairs, through the early detection of problems, it said in a press release.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Vijay Motors invites all its respected customers to call in and book appointments and to bring their vehicles to their Service Center for a â€˜FREE SUMMER MONSOON CHECKUP CAMPâ€™ which will be held from August 7th until September 11th, between 10:00AM and 4:00PM, Sunday through Friday.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Vehicles will undergo the following checks:<span>&nbsp;&nbsp; Fog and Head Lamp check, Air-conditioning system check,&nbsp;&nbsp; Wiper Blades check,&nbsp;Rear Defogger check, Battery check, free Car Wash.&nbsp;The diagnostic tools will help diagnose faults if any. There is also a special discount offer on accessories and spare parts that need to be replaced during the Free Summer Monsoon Camp, the company said . </span></div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Carpets, Garments Exports Increase</h3>
<div style="text-align: justify;">
	International market for Nepali garment and carpet has registered a slow growth. The government has identified these products to have comparative advantage. Carpet export has registered a growth of 21.6 per cent while garments export increased by 11.5 per cent in 2010/11 compared to previous fiscal year.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to Trade and Export Promotion Centre, Nepal has exported carpets worth Rs 4.44 billion and garments worth Rs 3.62 billion in the first 11 months of last fiscal year. Nepal has exported goods equivalent to Rs 57.79 billion by mid-June which is 6.1 per cent higher than previous fiscal year.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Ncell Sponsors Literature Festival</h3>
<div style="text-align: justify;">
	Ncell, leading mobile telecommunication service provider, has sponsored a four-day Ncell Nepal Literature Festival-2011. The Bookworm Trust is organising the programme from August 18 to 21 at the premises of Gyan Mandala, Jahmsikhel. This programme is being organised for the first time in Nepal.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The organisers have said that renowned national and international literary persons will attend the programme. â€œAs our corporate social responsibility, we have always believed in promoting various activities in arts, literature and music as they play a pivotal role to create artistic image of the country,â€ Sanju Koirala, the corporate communication manager of Ncell, said.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Ncell recently launched a scheme that will allow five subscribers to win Android smart phones on a daily basis. The scheme commenced from August 8 and will last for 30 days. Subscribers of Ncell will be entitled to a lucky draw on purchase of Ncell SIM card, recharge card and recharge via virtual fund transfers of Rs 100 and above at one time.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Export-Import Bill Drafted</h3>
<div style="text-align: justify;">
	The Department of Commerce has drafted a new Export-Import Bill. Shankar Prasad Paudel, Director of the department, said the draft has been sent to parties concerned for feedback. The Act is incorporating the provisions of World Trade <br />
	Organisation (WTO).</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Officials at the department claimed that endorsement of the Act would end the procedure to go to ministry for making trade related decisions. The department is updating the Act formulated in 1956, which is considered insufficient in&nbsp;the current trade situation.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2011-10-11',
			'keywords' => '',
			'description' => 'Vijaya Motors has organized annual summer/monsoon free service Camp for Chevrolet, Subaru and Opel owners. Vijaya Motors is a strong advocate for periodic....',
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	(int) 2 => array(
		'Article' => array(
			'id' => '467',
			'article_category_id' => '34',
			'title' => 'Buddha Air Develops A Village For Its CSR (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be spent on education, health and development activities in the VDC. Dangihaat Development Committee received the money in instalments of Rs 500 thousand. As of now, two instalments have been paid.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	From the first instalment, assistance to set up science lab, library, buying additional land, construction of compounds have been completed in five schools in the VDC. Police station of the village was also give fans worth Rs 5,000 from the same fund. Development work in the village is financed 60 per cent by the company while 40 per cent is managed by the committee.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Similarly, from the second instalment, 17 community toilets were constructed in eight wards at a cost of Rs 690 thousand. Remaining two instalments were also dispersed in the second week of August.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Managing Director of the company Birendra Bahadur Basnet said additional Rs 1.5 million will be given to the committee this year.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Investment Board Bill Endorsed</h3>
<div style="text-align: justify;">
	Parliament has endorsed the Investment Board Bill 2065 through majority votes on August 15. The endorsement of Investment Bill tabled by the Bills Committee of Parliament is expected to help attract foreign investment in the country.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to the Bill, fast track roads, railway, ropeway, international airport development, among others have been identified as key areas to attract foreign investment. Similarly, hydropower projects having capacity of over 500 megawatts will be given priority.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The Board will be the governing body and will formulate policies and programmes for foreign investment. It will also hold discussion with the investors for the better potential sectors.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	A â€˜Sparklingâ€™ Business</h3>
<div style="text-align: justify;">
	Cleaning is an essential component of daily life both at households and commercial establishment. Now, there is a company providing a whole spectrum of cleaning services from providing a trained maid to carrying out specialised and heavy duty cleaning work on a commercial basis. Sparkling Multipurpose Company Pvt Ltd, which began its service now provides cleaning services to offices, corporate houses, departmental stores and households. The company also provides maids to offices and households on demand. The company claims to be the first commercial venture in the country to offer such services.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to Rabin Bhattarai, MD of Sparkling said, â€œThe company is dedicated to delivering high-quality service and cleaning solutions. We possess a sound knowledge and experience associated with risks and hazards involved in the cleaning services.â€</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The company provides the entire range of cleaning services, from general cleaning to dish washing and all other related jobs. According to the company, it is equipped with the latest machineries and equipment to carry out daily cleaning activities with environment-friendly chemical products. It supplies manpower, chemicals and cleaning tools on demand. It also provides house caretaker services. â€œWe have fully commercialised the cleaning business,â€ says Bhattarai.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Currently, the company is providing services to many hospitals, supermarkets, NGOs, INGOs and normal households. Peoplesâ€™ Plaza, Ambe Complex, Kist Bank, UTL are among the customers of the company. A number of households are also being served by the maids of the company.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	All the maids of the company are above the age of 18, as required by the law. The company says that all the employees are paid according to the rules of the government. At present, more than 100 workers are employed in the company and the employees are regularly trained. The company also provides its employees an insurance coverage. The maids come to the company through personal contact and the word of mouth.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Whenever a customer demands for a maid, the company studies about the works to be done and trains the maids accordingly. It takes around seven days to provide the maid to the customer. Seven days trial period is also offered to customers and they can keep or change the maids within the trial period. An agreement is signed between the company and the client regarding the terms and conditions of the work. The terms and conditions have to be followed by both the parties.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The company pays extra attention to the security of the clients as thefts and other accidents can occur because of the maid. â€œTo avoid this, we keep the police record of the maids with us and we also keep relevant information about the clients. If anything goes wrong, we act according to the agreement,â€ said Bhattarai. In case of theft or any other damage, the company bears all the expenses if the theft or accident is proven to be caused by the maid.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	â€œWe protect our employees from any form of exploitation, disrespect and misbehavior. We want the self esteem of our employees to be high and we donâ€™t compromise on that at all.â€ The company claims that it has terminated a few contracts when the clients didnâ€™t act appropriately and went against the mutually agreed upon terms and conditions.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Corporate Governance Training for Bankers</h3>
<div style="text-align: justify;">
	National Banking Training Institute (NBTI) in association with International Finance Corporation (IFC) has organised a workshop on corporate governance targeting top executives of banks and finance companies. Members from board of directors of various commercial banks, development banks and finance companies were present in the daylong workshop organised on August 11. The workshop has been organised at a time when questions being raised about corporate governance in the banking and financial sector.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	James Christopher of IFC trained the participants. President of NBTI Sashin Joshi said such workshops must be conducted regularly as the importance of corporate governance is of utmost significance in financial institutions. Christopher said that such programmes will help minimise the problems witnessed in the Nepali banking system.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Private airline Buddha Air has provided Rs 1.5 million as part of corporate social responsibility initiative to Dangihaat VDC of Morang. The amount was meant to be..........',
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	(int) 3 => array(
		'Article' => array(
			'id' => '466',
			'article_category_id' => '34',
			'title' => 'Sugar Mill Electricity In National Grid (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Nepali sugar millsâ€™ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW) of electricity to Nepal Electricity Authority (NEA). The industry in Janakpur is currently producing nine MW of electricity. Industry uses seven MW of electricity for running its operations. The company has invested Rs 130 million to produce electricity.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Sugar mills produce electricity through thermal plants by burning sugarcane residues to heat the boilers. Nepali sugar mills are producing 25 MW of electricity for their use. Sashi Kant Agrawal, Managing Director of the sugar mill, claimed that his facility alone has the technology to sell excess electricity to the national grid.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Agrawal said that necessary documents to sell electricity will be ready in two months. However, NEA does not have the procedure to buy electricity produced through an alternative method. Sher Singh Bhat, Chief of NEA Business Department, said a newly-formed committee is studying the procedure to fix the rate of electricity from such alternative sources. â€œBased on its report and suggested rate, the electricity will be purchased,â€ he said. However, sugar mills are demanding Rs 10 per unit.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Agrawal said, â€œIf the government is ready to buy our electricity, we can produce more.â€ He said up to 15 MW of electricity can be supplied by all industries to the national grid. Sugar mills are producing electricity only for their use. They mostly produce power during winter.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Uranium Exploration in Mustang</h3>
<div style="text-align: justify;">
	The government is set to begin uranium exploration in Mustang, Uranium is one of the costliest metals and scientists believe that there is a large reserve of uranium in Upper Mustang. Krishna Dev Jha at the Department of Mines and Geology said the exploration will commence within this year.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	A Korean company, Korean Institute of Geo Science and Mineral Resources (KIGAM) will be assisting in the exploration. The company has signed agreements to explore various rare earth minerals.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Uranium deposit is predicted in Lomathanka of Mustang. The department is preparing to test the samples collected from the region. An Indian scientist working with the United Nations is said to have found uranium in soil from the region in a lab test some years back. As unofficial sources have been claiming uranium in the region, the department is formally beginning to study the claims. Senior Engineer Jha said the government has allocated budget for the purpose.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	VAT Exemption for Hydel Projects</h3>
<div style="text-align: justify;">
	The private sector hydroelectricity projects have reasons to cheer as the Ministry of Energy (MoE) is planning to waive VAT on construction materials to be used by such projects. A source at the MOE said the proposal of tax exemption is being sent to the Ministry of Finance for approval.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	MoE has plans to waive 100 per cent VAT on construction materials for hydroelectricity projects. The source said that though this provision was not mentioned in the budget, it is now being planned, amending the VAT Act.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The private sector has been complaining its inability to develop projects due to lack of coordination between Power Purchase Agreement (PPA), high bank rates and severe inflation. It has been demanding to waive off VAT for last two years.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Nepal Electricity Authority has increased PPA rate by 20 per cent for projects up to 25 megawatts. However, producers are demanding to apply the rule in all existing projects.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Gyanendra Lal Pradhan, a power developer, said a 70 per cent exemption in VAT will provide huge relief but&nbsp;the real encouragement will come only by increasing the PPA rate.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	NSEâ€™s Nano Gold</h3>
<div style="text-align: justify;">
	Nepal Spot Exchange Limited (NSE) has begun the contract trading of even one gram gold. The contract named â€˜Nano Goldâ€™ began trading from August 8. The contract aimed at small investors has six per cent margin and 0.24 per gram tick size. The company is also offering contract of one kilogram and 100 gram gold named â€˜Major Goldâ€™ and â€˜Mini Goldâ€™ respectively.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nepali sugar millsâ€™ electricity production is being connected to the national grid. Everest Sugar Mill and Chemical Industries is planning to sell its two megawatts (MW).....',
			'sortorder' => '376',
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	(int) 4 => array(
		'Article' => array(
			'id' => '465',
			'article_category_id' => '34',
			'title' => 'Cement Producers Whine Over Customs Hike (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Dhruba Raj Basnet, Vice President of Nepal Cement Producersâ€™ Association said that majority of the industries are dependent on imported clinker as clinker produced in Nepal is not enough to meet the demand. â€œGovernmentâ€™s move to protect a handful of industries puts more than 30 industries at risk,â€ he said.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Nepal needs around 3 million metric tonnes of cement annually. Domestic production can meet only 20 per cent of that demand. Most of the industries are dependent on clinker imported from India. Though nine industries are producing clinker on their own, 1.2 million tonnes of clinker is imported to meet the local demand.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	However, newly-established half a dozen industries are planning to produce clinker on their own. After they begin operation, internal demand is expected to be met by domestic production itself. But the operation is expected to begin no sooner than six months.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Cement producers are arguing that they must be given some options until local production of clinkers starts to match the demand.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Diamond Gallery Established</h3>
<div style="text-align: justify;">
	Diamond Gallery, a showroom for diamond jewelleries, has been established at New Road, Kathmandu. Sunit Agrawal, Director of the showroom, said the opening of the new diamond jewellery story will add excitement to the diamond business in the country.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The jewelleries of Diamond Gallery will be available under the brand name Creation. The new showroom boasts trendy designs in diamond jewelleries. The gallery claims that it will offer guarantee on its diamond and gold jewelleries.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Club Siddhartha Launched</h3>
<div style="text-align: justify;">
	Siddhartha Bank Limited has launched â€˜Club Siddharthaâ€™, a special programme for account holders of the bank. Clients can subscribe to the service by paying Rs 1,000. The members of the club will be given Club Siddhartha Visa Domestic Card, International Travel Card, and recharge card worth Rs 200 of NTC or Ncell. The bank claimed the service to be the first of its kind in the history of Nepali banking.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Members of the club can also receive all the services offered by the bank. If a club member can make five new members, their membership fee of Rs 1,000 will be returned. Similarly, club members will be given free accident insurance of Rs 5,000. Memberships can be taken from any of the 40 branches of the bank.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Five Railway Lines with Indian Assistance</h3>
<div style="text-align: justify;">
	The Indian government has decided to construct five railway lines that will connect Nepal and India across the border. Together, these railway lines will be of 183 kilometres (KM). Kamal Raj Paudel, joint-secretary at the Ministry of Physical Planning and Construction said that the necessary preliminary work for the construction of the railway lines has been completed. â€œIn the first phase, the railway will be operated in two regions. For this, we have already acquired land,â€ he said.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to an agreement with India, Nepal will bear only the cost of land acquisition. The cost of railway track, slipper and all other costs will be borne by the Indian government. However, the cost of construction of five railway lines is not yet decided.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	In the first phase, Jaynagar-Bardibas (86 KM) and Jogbani-Biratnagar (17.65 KM) will be constructed. In these two sections, the government has to pay Rs 800 million as compensation to the land owners. Paudel said that the construction would begin right after the Nepal government pays the sum for land acquisition.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Acharya revealed that Indian Railway Construction Association will develop all the five railway projects. Similarly, Janakpur -Jaynagar (29 KM) railway will be made broad gauge from current narrow gauge. An agreement was made when President Ram Baran Yadav visited India some time back.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The customs duty rate on clinker import hiked by the budget for the current fiscal year has disappointed cement producers. Majority of them have objected to the move. The customs duty levied on clinker import was increased to Rs 2, 200 from Rs 1,800 per tonne.',
			'sortorder' => '375',
			'image' => null,
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	),
	(int) 5 => array(
		'Article' => array(
			'id' => '464',
			'article_category_id' => '34',
			'title' => 'Exchanges Add Rs 100 Millon To State Coffers (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this yearâ€™s collection is almost double. The revenue was generated from three commodity future exchanges in operation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Experts believe that if the revenue from two spot exchanges and brokers is included, the amount can be higher. Within five years of the first commodity exchange coming into operation, five exchanges are trading in the market while at least five are planning to begin operations.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Bijesh Shrestha, President of Commodities Brokersâ€™ Association, said the number of brokers is also increasing with the number of exchanges. â€œSo, tax deduction at source (TDS) and taxes paid by trading brokers, clearing brokers and exchanges are also increasing,â€ he said.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Shrestha said the revenue mobilisation can go further up as investors are increasing and if the market can be made more transparent with efficient regulation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Mercantile Exchange has paid Rs 53.8 million as TDS to the government. Similarly, Nepal Derivatives Exchange has paid Rs 41 million in TDS and VAT. Commodities &amp; Metal Exchange Nepal Ltd (COMEN) has paid Rs 1 million as tax to the state.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">IMF Urges NRB to Have More Teeth</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">International Monitory Forum (IMF) has said that risk in Nepali financial sector is ever growing. IMF gave this conclusion after a two weeks study of the Nepali banking scenario. IMF has also commented that the Nepali economy is passing through a challenging phase.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">John Nelmes, Deputy Division Chief, Asia and Pacific Department of the IMF, in his teamâ€™s report has predicted that there is a high risk in financial sector due to high price of real estate. The report says that if the situation persists the economy will face more problems. Dr Sanjaya Panth, IMFâ€™s senior resident representative for Nepal and India, said that weak supervision and excessive increase in the number of banks and financial institutions are contributing to the heightened risk. He said that threats have emerged also due to various other reasons.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">IMF has urged Nepal Rastra Bank (NRB) to exercise more power. IMF has asked the central bank to employ more authority at a time when NRBâ€™s role has been criticised for being too invasive. Panth said more rights and powers must be given to NRB well in time to solve the problems seen in banks and finance companies.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">IMF has also suggested to tighten the lending in a single area like real estate and expanding supervisory power. It has said that there is no option to maintain the fixed exchange rate with the Indian currency.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Panth said that problems arose after financial institutions heavily invested in real estate and the business nosedived lately after increase in price. He said that the price must come down now.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Debentures in USD</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Himal Hydropower Limited is issueing debenture in US dollar denomination. First company in Nepal to do so, the company will issue debentures of US $ 60 million after Nepal Rastra Bank adopted the provision to issue debentures in dollars for hydropower companies through its monetary policy.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Ace Capital is the issue manager for this debenture. The face value of a debenture is US $ 1000. The debenture that will be traded solely through the private sector will also be listed in NEPSEâ€™s over the counter market. The debenture is being issued for five years. Coupon rate of the debenture is six per cent while interests will be paid every six months.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">BoK Opens Account with ABOC</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Bank of Kathmandu Ltd is now associated with Agricultural Bank of China Ltd, China, (ABOC)&nbsp;by opening a USD account with abocâ€™s Lhasa Branch. This account has been opened to serve importers in Nepal who import gods from China through the Tatopani Customs Office.&nbsp;ABOC Lhasa branch has SWIFT connectivity and online system with Zhangmu Sub-Branch (Khasa) through which smooth and quick processing of payments is expected.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The government has collected more than Rs 100 million in taxes from commodities market in the fiscal year 2010/11. Compared to the previous fiscal year, this.....',
			'sortorder' => '374',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	),
	(int) 6 => array(
		'Article' => array(
			'id' => '463',
			'article_category_id' => '34',
			'title' => 'Corporate Houses To Set Up Exclusive Outlets (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country. Big business houses like Jagadamba, KL Dugar and CG Electronics are planning to adopt this new marketing strategy.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Until now, Nepali companies have been selling their products through â€˜dealer modelâ€™. Foreign companies sell their products through their own special showrooms. In Nepal, currently only foreign fashion brands like Adidas, Reebok and some apparel and car brands have their exclusive showrooms.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Kumud Dugar, Managing Director of KL Dugar Group, said his group is setting up exclusive showrooms to establish relationship with clients. Similarly, Chaudhary Group is planning to establish an outlet in Kathmandu before Dashain that will exclusively sell CG products. The company is also planning to open stores in all major cities.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Best Financial Accounts Awarded</h3>
<div style="text-align: justify;">
	The Institute of Chartered Accountants of Nepal has distributed Best Presented Account Awards - 2010 on July 22. Nabil Bank bagged the first title in the commercial bank segment while Standard Chartered Bank and Nepal Industrial and Commercial Bank won the second and third award respectively.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Similarly, the first position of the central bank monitored financial institution category was secured by Ace Development Bank. Sanima Development Bank and Siddhartha Development Bank received second and third position awards.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Likewise, in the category of financial institutions outside central bank monitoring, Prime Life Insurance Company won the first place. In the same category, Prudential Insurance Company and Life Insurance Corporation bagged second and third position respectively.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Under the manufacturing sector category, Butwal Power Company and Unilever Nepal received awards for first and second position.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	In the information technology category, Nepal Telecom was awarded. Similarly in the hospitality sector, Oriental Hotels Limited was conferred with the award. Credit Service Centre was presented the award for the government sector.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The awards were given to those companies that proved to be the best in financial reporting techniques. The award is in line with the criteria prescribed by the South Asian Federation of Accountants (SAFA), an alliance of the Accounting Institute of Bangladesh, India, Pakistan, Nepal and Sri Lanka.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	COMEN Revamps its Logo, Technology</h3>
<div style="text-align: justify;">
	Commodities and Metal Exchange Nepal Limited (COMEN) has revamped its logo. Manoranjan Sharma, Chairman of the company, claimed that the new logo resembles the Nepali commodities marketâ€™s possibility to reach the international standards.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Ananda Kumar Benani, CEO of the company said that the new technology installed at the exchange will offer ease to speculators as well as jobbing and arbitrage. The company is also soon launching awareness programme on commodities market.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Big corporate houses of Nepal are planning to set up exclusive showrooms. Corporates that focus on local market will soon establish outlets all over the country.',
			'sortorder' => '373',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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	),
	(int) 7 => array(
		'Article' => array(
			'id' => '462',
			'article_category_id' => '34',
			'title' => 'Kulekhani III Misses Deadline (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p style="text-align: justify;">
	Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began on April 7, 2008, with the aim to bringing it into operation within three years. The contractor, Sino Hydro, has demanded three more years to complete the project as it failed to complete the work in its first term.</p>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Till date, only 40 per cent of the construction works are completed, according to the contractor. Sino Hydro has alleged frequent strikes by workers and cessation of the agreement with Nepal Electricity Authority (NEA) for the delay of construction. NEA has also not yet submitted the design of powerhouse.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The cost of the project is said to be increasing with the extension of the deadline. If it was completed within the stipulated time, it would have been completed in Rs 2.17 billion. The project was closed for 90 days due to strikes. The company has demanded Rs 740 million as compensation from NEA for such closures.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	According to Project Chief Uttam Amatya, a new work schedule has been finalised to complete the construction in one-and-a-half years.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	Corporate Governance Directive for Insurance Companies</h3>
<div style="text-align: justify;">
	Corporate governance will now be enforced in insurance companies too. Insurance Board, regulator for the insurance sector, is planning to issue a directive for this purpose. The preliminary draft of the directive is ready. According to Shekhar Kumar Aryal, Spokesperson of the Board, the draft has been sent to all 25 insurance companies for feedback. He said the board will try to accommodate their suggestions in the directive.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	The directive reportedly includes eligibility qualification for board of directors, managerial officialâ€™s rights, responsibilities, accountability, performance etc. Similarly, it has mentioned recruitment procedure and salary of board members, CEO and department heads.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	Currently, a separate law and directive are missing that regulate corporate governance in insurance companies. In view of banks and financial institutions facing difficulty in absence of good corporate governance, its importance in the insurance sector is being felt.</div>
<div style="text-align: justify;">
	Â </div>
<h3 style="color: blue;">
	3-Day â€œMoney Expo 2011â€ from Sept 12</h3>
<div style="text-align: justify;">
	Aarthik Abhiyan, national business daily and Jamb Technologies (P) Ltd with Minds Nepal (P) Ltd and Morningstar Services (P) Ltd will organise a 3-day trade expo of Nepalâ€™s financial sector called â€œMoney Expo 2011â€. To be held at the Army Officersâ€™ Club, Bhadrakali, Sundhara, Kathmandu, the Expo will have more than 100 stalls from different sectors including Regulatory Bodies, the Stock Exchange, Commodities Exchanges, Banks and Financial Institutions, Merchant Bankers, Investment Companies, Insurance Companies, Brokerage Companies (Stocks &amp; Commodities), Remittance Companies, Depositories and Clearing Houses, Portfolio Management Companies, Financial Knowledge Management and Training Companies, Microfinance and Cooperatives, Tradersâ€™ and Investorsâ€™ Associations/Clubs, and Financial Domain Technology Companies. More than 50,000 visitors are expected in the Expo.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	â€œMoney Expo 2011â€ has been planned to be the largest finance and investment show in Nepal and the first ever dedicated event of its kind to focus on the promotion of investment opportunities and wealth protection strategies., states a press release. This event is expected to provide business-networking opportunities for the financial sector companies. The Expo provides investors ample opportunity to speak directly with the nationâ€™s top experts, whose knowledge covers trading and investing, banking, insurance, mutual funds, stocks, tax strategies, commodities and personal finance planning.&nbsp;â€œMoney Expo 2011â€ provides the participants the opportunity to learn about the new products, services and industry trends, as well as meet potential customers and seal important business deals, adds the press release.</div>
<div style="text-align: justify;">
	Â </div>
<div style="text-align: justify;">
	In addition to the stalls of different organisations, the other attractions of the â€œMoney Expo 2011â€ will be seminars and lectures from financial experts, regulators, analysts and successful investors as well as Quiz Contest, Art Exhibition, National and International Currency Show, Trading and Investment Movies Show, attractive door prizes, Best Stall Award and certificates for all stallholders.</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2011-10-11',
			'keywords' => '',
			'description' => 'Kulekhani III, which was supposed to be completed by December 7, 2011, is certain to miss the deadline. The construction of the 14-megawatt hydropower project began.....',
			'sortorder' => '372',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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	),
	(int) 8 => array(
		'Article' => array(
			'id' => '461',
			'article_category_id' => '34',
			'title' => 'Anti-Money Laundering Department In Operation (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then Finance Minister and Deputy Prime Minister Bharat Mohan Adhikari said that Nepal is committed to control legalisation of illegal money and prevent possible terrorist financing from Nepal.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Nepal has already expressed commitment to the 49-point charter proposed by Financial Action Task Force, international body for control of money laundering and terrorist financing.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Till date, the government has been looking after such financial crimes through the Department of Revenue Investigation. The department was set up after FATF tagged Nepal as the most vulnerable spot in South Asia.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Adhikari said that with the establishment of the department, the government will now seek sources and take action against those who have gathered huge property overnight without any plausible source of income.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Governor of Nepal Rastra Bank Dr Yuba Raj Khatiwada said that financial transparency would be maintained in a better way with the department coming into operation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Separate Office for Intellectual Property</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The government is set to establish a separate office for the protection of intellectual property as the trend of securing trademark for industrial products is increasing. Currently, trademarks are issued by Industrial Property Division at the Department of Industry.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Spokesperson at the department Dhruba Joshi said that a separate office is being set up as the number of tasks has increased since last year. A taskforce is formed under a joint-secretary in the Ministry of Industries for that purpose.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">After the office is set up, trademarks will be issued by it. Trademarks were made compulsory last year jointly by the department and World Intellectual Property Organisation. In 2010, 2,351 products received trademarks including 1,622 national and 729 international products.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Private Company to Manage Valley Waste</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Shital Environment Group Pvt Ltd is planning to invest Rs 10 million in its cleaning business that targets to manage waste in the Kathmandu Valley. Surendra Acharya, Chairman of the company, confirmed that the plan to commence the work has reached the final stage. The company is being established in three ropani area in Godavary.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Acharya said, â€œWith the establishment of the company, we will begin waste management from the source itself.â€ The company has planned to organise programmes on waste management in all cities across the country.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Acharya revealed that the company is planning to produce biogas and electricity through waste. He suggested training for housewives in waste management and inclusion of waste management in academic curriculum. The Waste Management Act 2011 has the provision to involve private sector in waste management.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then....',
			'sortorder' => '371',
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	),
	(int) 9 => array(
		'Article' => array(
			'id' => '460',
			'article_category_id' => '34',
			'title' => 'Construct Flyovers Within This Year (september 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the direction to construct flyovers and subways at major crossroads to manage the valley transportation. The committee has also directed to expand lanes of major roads entering major cities around the country, upgrade inner roads, prioritise public vehicles for traffic management and restrict vehicles in certain areas of cities. However, the restricted areas are not decided yet.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, the committee has asked to immediately remove street vendors, street side parking, hoarding boards and banners. Likewise, it has also directed to keep electricity, telephone and other wires underground. The committee has also asked to formulate a policy for such underground network.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">What are Former Finance Ministers Doing?</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Economic contemplation is not the first choice of many former finance ministers (FM). They are managing either political or private businesses. More than pondering over the economy, it seems they have something else more important to do in their daily lives. Till date, there have been 27 finance ministers. Subarna Shamsher Rana became the first FM after the inception of democracy in 1950. Subarna Shamsher presented the budget in 1951 for the first time in the Nepali history. Out of 27, 16 of them are alive while whereabouts of Bharat Bahadur Pradhan is not known. None of the FMs between 1950 and 1962 are alive.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Surya Bahadur Thapa became the FM for the first time in 1962 and is still active in politics. He regained his position in 1964. He got the opportunity to lead the economy during hard times. He claims that he managed to reduce the unnecessary government expenses and prioritised developmental works. Thapa who has turned 84 is now the Chairman of Rastriya Janashakti Party. His days are spent on party related works, meeting dignitaries and party cadres.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Another former FM, Surendra Bahadur Basnet, who took charge of the finance ministry in 1968, did not get the opportunity to present a budget. He became FM when the turmoil was still on. At his time, the value of Nepali and Indian currency was the same. So, there was the danger of failure for the entire economy due to problems in import-export. He is credited for correcting the chaotic situation. Basnet, 85, is now Executive Chairman of Buddha Air.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Kirti Nidhi Bista, 86, who served as the FM twice, is living a retired life. He spends his time reading and writing for newspapers and having rendezvous with his relatives. Similarly, Dr Bhek Bahadur Thapa, who got the opportunity to present the budget for five times from 1975, is now busy in studies and research. Thapa, 75, has also served as secretary and even ambassador for 14 years. His times are spent mostly abroad on work. When he is in the country, he loves to spend time with his family. Thapa often advises the government when required.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Prakash Chandra Lohani became the FM for first time in 1983. He is credited for introducing liberalisation in the financial sector. At present, he is the Co-Chairman of Rastriya Janashakti Party. He is also the member of legislative parliament's Public Accounts Committee.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Pashupati Shamsher Rana is currently focusing on his party activities. He is the Chairman of Rastriya Prajatantra Party. Likewise, Dr Devendra Raj Pandey who is known for his civil society activities is now concentrating on studies and research. He has also recently published a book named, Looking at Development and Donors.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Mahesh Acharya who became FM after 1991 general election got the opportunity to present the budget&nbsp;for four times. It was in his tenure that the state-controlled economy shifted towards liberalisation. A central committee member of Nepali Congress, he spends his days in research, party activities and meeting party cadres.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">In 1994, Bharat Mohan Adhikari stepped in as the FM. He also gave continuity to economic liberalisation initiated by the Nepali Congress government. He is known for beginning economic decentralisation with some of his programmes. He became the FM also in the outgoing government that was led by Jhala Nath Khanal.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Ram Sharan Mahat is still active in economic contemplation and party politics. He became FM for five times and presented six budgets. He claims he ensured economic liberalisation and financial sector reforms. He also began the concept of VAT in Nepal. He has reformed taxation and in his time numerous development projects were announced. He is in the central committee of his party Nepali Congress and is also a member of the Constituent Assembly. When he gets free time from party activities, he adores playing golf.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Badri Prasad Shrestha who became FM in 2002 did not get opportunity to present any budget. He says he brought the economy back on track. He has spent 11 years in National Planning Commission. Shrestha has also been Nepalâ€™s Ambassador to Japan. Having neurone problem for two years, he rarely moves around. Though he is associated with numerous organisations, he is not active due to his health problem.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Madhukar Shamsher Rana became FM during the direct rule of the king. Currently, he is teaching in South Asian Institute of Management. He owns Shaligram Apartment Hotel at Jawalakhel. He is also associated with SAARC Chamber of Commerce and Industry and South Asian Policy Research Institute, Colombo.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Roop Jyoti became Deputy FM during the direct rule of king in 2004. He is a renowned industrialist and Vice-chairman of Jyoti Group.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Dr Baburam Bhattarai has now become the Prime Minister of Nepal. He became FM after Maoists became the largest party in parliament after the Constituent Assembly elections. He has been successful in increasing the revenue collection by 33.5 per cent, largest-ever jump in the Nepali history. He is also the Vice-chairman of the UCPN Maoist. He visits his home district Gorkha every month. He mostly remains busy in party activities.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, Surendra Pandey was the FM for 21 months. He claims the budgets he presented were tilted to socialism. He presented three budgets. He became FM in the CPN-UML-led government. He is also the politburo member of the party.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Global Bank and Shikhar Insurance Tie-Up</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Global Bank Ltd and Shikhar Insurance have signed an agreement to provide non-life insurance service to the bank´s customers. Janak Sharma Poudel, deputy general manager of the bank, and Deepak Prakash Pandey, chief executive officer of Shikhar Insurance, signed the agreement on August 7.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Issuing a statement, the bank said customers will get non-life insurance facility under a single roof after signing of the pact. The bank has set up a separate counter at its branch office at Kantipath to provide insurance service.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-10-31',
			'keywords' => '',
			'description' => 'The parliament committee for finance and labour has directed to begin construction of flyovers in the Kathmandu Valley within the current fiscal year. The committee issued the.............',
			'sortorder' => '370',
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	(int) 10 => array(
		'Article' => array(
			'id' => '459',
			'article_category_id' => '34',
			'title' => 'SAARC Biz Leader's Meet In Kathmandu',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">Fourth SAARC Business Leaderâ€™s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed â€˜Peace and Prosperity through Regional Connectivityâ€™ is being organised by SAARC Chamber of Commerce and Industry in collaboration with Federation of Nepalese Chambers of Commerce and Industry.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Being organised for the first time in Nepal, the meet will have participation from business personalities from the SAARC region. In the three-day assembly, representatives will be conducting presentations and round table discussions. Organisers have said that the meet would be fruitful for regional industrial and business investment cooperation.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Emerging priority concerns for South Asia water, energy, climate change and food security; regional economic integration, tourism, cultural exchange, prospects of trade and investments will be the major themes for deliberation in the meet. Diplomats and senior government officials, business community leaders, renowned entrepreneurs, professionals, media representatives, analysts and others will be present during the programme.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">During the assembly, SAARC Trade Fair and cultural performances will also be organised from September 21 to 24. The meet held every two years was previously organised in New Delhi, Mumbai and Colombo.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">RID To Bust Informal Remittance</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The Revenue Investigation Department (RID) has started taking action to control the remittance coming through informal channel. The department has begun raiding suspicious areas as it suspects billions of rupees transacted through illegal means. In the first phase, the department raided business centres of New Road and Sundhara in Kathmandu.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The department raided Union International Tours and Travels and Pashupati Trading Company and seized documents and a few hundred thousand rupees.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The previous attempt by the department to seize informal remittance remained largely unsuccessful. Experts are saying that billions or rupees are being transacted through illegal and unknown channels. There are suspicions that such transactions are done on political protection with the support of large business houses.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<h3 style="color: blue;">
	<span style="font-size: 14px;">Fivefold Increase in Household Income</span></h3>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Nepalâ€™s household income has increased five folds over the past 15 years, thanks to the rise in the number of employed population, shift from agricultural to non-agricultural employment and increased inflow of remittances. The household income that was Rs 46,732 per annum in 1995/96 has increased to Rs 202,374 in 2010/11. Nepal Living Standards Survey (NLSS) released by Central Bureau of Statistics on August 8 revealed these findings.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The income of poorest families has also increased seven folds and reached Rs 15,888 in 2010/11 from Rs 2,220 in 1995/96.&nbsp;The report suggests that people living below the national poverty line has gone down to 25 per cent.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, income of the richest population has also increased five folds compared to 15 years back. In 1995/96, their annual income was Rs 19,325. The latest survey has revealed that it has reached Rs 94,149. According to CBS, Nepaliâ€™s living standard has also increased with the increase in income.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">According to Uttam Narayan Malla, Director General of the department, main purpose of the survey is to predict the poverty situation based on daily consumption pattern. He also stated that the current survey reveals more people are consuming fruits, fish and meat.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The first survey of 1995/96 revealed that the per capita consumption on the then price was Rs 6,800 while it has increased to Rs 34,829 in 2010/11. The consumption has increased by 412 per cent of the poorest 20 per cent population. Similarly, the consumption of the richest group has also increased by the same rate. According to the survey, the poorest group spends 8 per cent of their income in consumption while the richest spends 47 per cent of their income in consumption.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Over the same period, average per capita income of an individual has undergone a tremendous growth to Rs 41,659 in 2010/11 from just Rs 7,690 in 1995/96. According to the survey, the major source of income has shifted to non-agricultural sector from agriculture. The income from agriculture has shrunk to 28 per cent from 61 per cent earlier.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Similarly, the employed population has increased by 11 per cent reaching 78 per cent. According to the first survey, only 67 per cent people were employed. The new survey has also shown that 90 per cent Nepalis live in their own house which is four per cent less than previous survey result.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The survey was conducted in technical cooperation with The World Bank and studied 12 different subject matters.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2011-10-11',
			'keywords' => '',
			'description' => 'Fourth SAARC Business Leaderâ€™s Meet is set to be held in Kathmandu from September 20 to 22. The conclave themed â€˜Peace and Prosperity through Regional Connectivityâ€™ is being...',
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	(int) 11 => array(
		'Article' => array(
			'id' => '458',
			'article_category_id' => '39',
			'title' => 'Kumari Bank: Innovations Galore - September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">By <strong>Pinaki Roy<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Ever since it came into existence over a decade ago, Kumari Bank Limited (KBL) has been at the forefront of innovations such as SMS Banking, Auto Sweep and Internet Banking. Providing competitive and modern banking services with high degrees of quality and customer satisfaction, KBL takes pride in its cutting-edge product line and new and better ways to enhance banking experience for its patrons at large.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Therefore, it comes as no surprise that KBL has chosen to continue with its tradition of creating innovations and serve unfulfilled needs of all classes of customers located in various parts of the country. It has always focused at prioritising the priorities of its valued customers by offering modern and competitive banking products and services at their door steps. In recent times, the bank won the coveted Billionth Award South Asia for Kumari Mobile Cash in New Delhi, India, on 23 July 2011. It also launched Kumari Secure Mind Home Loan in August this year in association with Shikhar Insurance Company which promises to minimise risks on home loans.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<h3>
	<span style="font-size:12px;">mBILLIONth Award South Asia 2011</span></h3>
<div style="text-align: justify;">
	<span style="font-size:12px;">KBL bagged the mBILLIONth Award South Asia for Kumari Mobile Cash during the mBillionth South Asia International Summit 2011 held in New Delhi, India, on 23 July this year. The award was won in the m-business &amp; commerce/banking category on a platform that recognised some of the key innovative applications and services and honoured excellence in the arena of mobile communications across South Asia. They were basically looking for new innovations which have impacted the overall economy, especially at the bottom-of-the-pyramid. And, Kumari Mobile Cash was our best bet, Radhesh Pant, the CEO of KBL reminisces. He informs that the bank did spend considerable time on its questionnaire as part of the preparation for the event.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">From a total of over 200 applications from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka, 21 were selected as winners spread across 11 core categories, with Kumari Bank, the sole winner representing Nepal. Pant delightfully states that the summit was a fitting platform not just for the bank to showcase its innovation but also for Nepal to show the world that it indeed has the capability to be recognised as a breeding ground for innovative minds. Winning a prestigious award like this has given the bank a boost and has helped people know more about the product besides, of course, bringing immense happiness to the KBL team. We are very happy because we believed in this product. The basic reality is that when our work is recognised, it gives us confidence and impetus to move forward,Pant announces cheerfully. The bank has calculated that if it could only tap 10 per cent of the total 10 million mobile users in Nepal, it will open an overwhelming opportunity with a million strong subscribers at its disposal.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<h3>
	<span style="font-size:12px;">Kumari Mobile Cash</span></h3>
<div style="text-align: justify;">
	<span style="font-size:12px;">This revolutionary service that uses mobile phones to provide access to financial services was launched by KBL on 17 August 2010 in partnership with Leapfrog Technology Inc, a Boston-based US firm with a development centre in Nepal. The first of its kind, Kumari Mobile Cash pioneered the mobile wallet concept in Nepal which allows users to store cash balances in their mobile phones.&nbsp;Users are then able to deposit and withdraw cash from their mobile phones and use the stored cash value for various purposes such as remittance, bill payments, and airtime recharge with the push of a few buttons.&nbsp;Currently, the customers can avail this service from Kumari Bank's branches or from its authorised agents present across the country.&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Due to varied landscape and lack of physical infrastructure in Nepal, telecom is the best way to reach people in the hills and the mountains, says Pant. He adds, In a country like Nepal, access is very poor but at the same time, mobile usage is increasing at about 40 per cent each year. Quite obviously, we wanted to be the first one to launch mobile wallet to focus on the 70 per cent of the households not having any access to formal banking system.With 14,000 users and close to 200 transactions each day, Rs 5 crore worth of transaction has been realised since its launch of the plan around a year ago. I personally believe the future of banking will be technology-led and specifically, mobile-led, Pant declares brimming with confidence.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">KBL has a contractual agreement with two of the largest telecom providers in the country namely Nepal Telecom and Ncell (these two operators collectively enjoy 95 per cent market share in the country). Close to 50 per cent of registered Kumari Mobile Cash members are non-bank customers. In a very short time span, the product has helped break traditional barriers in providing access to finance for the poor.&nbsp;With 70 per cent of the Nepali households yet to be tapped into formal banking, the bank believes that improving access to sustainable financial resources is real and achievable.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<h3>
	<span style="font-size:12px;">Kumari Secure Mind Home Loan</span></h3>
<div style="text-align: justify;">
	<span style="font-size:12px;">Most Nepalis dream to have their own house, which comes for hefty prices and that explains why home loans from banks and financial Institutions (BFIs) are so popular.&nbsp;However, the concept of disaster preparedness simply does not exist in the country where people don't do things until they are cornered in a crisis. Most people investing to buy houses are yet to realise the importance of insuring their houses. With this in the backdrop, a memorandum of understanding (MOU) was signed between KBL and Shikhar Insurance Company Ltd for Kumari Secure Mind Home Loan on 1 August 2011.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The agreement signed by Radhesh Pant, CEO of KBL and Dip Prakash Panday, CEO of Shikhar Insurance Company promises to work as a milestone for the entire financial services sector in days to come. We want to secure the home loans that people borrow. This scheme will ensure that the family does not suffer in the event of an untoward incident affecting the primary borrower, reasons Pant. The product is a long term credit to consumers for the construction of house for both individuals and developers.&nbsp;It covers purchase of ready house or apartment, renovation or extension of house or apartment, and refinancing of immovable private property that are already financed by BFIs and secured by a registered mortgage.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">At times, the borrowers face various challenges in being able to pay back the loan. If the payment is made, the banks do not have any risk. Kumari Secure Mind Home Loan was launched to minimise the risks to both banks and clients in the event of non-repayment of loans by borrowers due to circumstances beyond their control such as critical illness, accidental death or permanent total disability and temporary loss of employment. All the existing customers of Kumari's Home Loan are eligible for the product and can avail this service from the retail unit of the bank. Basically, a partner product from Shikhar Insurance, the scheme is available only for Kumari's Home Loan subscribers.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Being the first one to launch such a product, the bank is confident of doing well but realises that its success will take due time. The bank knows that advocacy is the most important aspect of the scheme and has educated and trained its staff accordingly throughout the country. The idea is to have employees operating customer service and teller counters to disseminate the message to patrons visiting KBL branches. It also expects that a certain amount of exposure can be ensured through the media as well. Pant signs off on an optimistic note saying, â€œI know that people are not forthcoming about insuring their houses but this can change. We, at Kumari are very positive that the product will provide food for thought to investors deciding to secure their home loans.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-10-04',
			'keywords' => '',
			'description' => 'Ever since it came into existence over a decade ago, Kumari Bank Limited (KBL) has been at the forefront of innovations such as SMS Banking, Auto Sweep and Internet Banking.',
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	(int) 12 => array(
		'Article' => array(
			'id' => '457',
			'article_category_id' => '57',
			'title' => 'Rexton 2: Built To Satisfy September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">A stylish, powerful and magnificent vehicle has entered into the Nepali market that is about to change the entire definition of an SUV (Sport Utility Vehicle). Rexton 2 is marketed here by Constant Business Group. The company has targeted the 2011 model of Rexton 2 to executives, bureaucrats and other high level customers because of its great design, performance and majestic appearance.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Rexton 2 is a product of Ssangyong, a South Korean company which is one of the fastest growing automobile producers in the world today. The company has been selling its vehicles in 82 countries around the globe since 1954. Rexton 2 is one of the most innovative products from the Korean manufacturer.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The vehicle is the personification of automotive art crafted for those who love to drive. The SUV has design with a great blend of dashing looks and striking performance. It stands apart with Ssangyongâ€™s signature triple line chrome coated grill, unique bonnet lines and projection headlamps. The chrome lettering on the rear and LED side repeaters add to the sophisticated appearance. It has a silver roof rack that serves a functional purpose and giving the vehicle a fashionable look as well. Complementing the design is a rear spoiler with LED, which helps stabilize the vehicle and also looks very sporty.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">On the interior, the vehicle has a comfortable seating arrangement for seven. The roomy interior is decorated by rich black tones, and the seats are covered in luxurious and cozy leather. The driverâ€™s seat is power adjustable in eight different ways and the front passengerâ€™s seat is powered to adjust in four to add the comfort. The front and rear seats have five different temperature setting to choose from.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The cabin temperature of Rexton 2 is automatically maintained at the preset level, and the Air Quality Control System keeps dust, smoke and fumes outside the vehicle. For entertainment, there is a USB port for MP3 music and the front console is illuminated by high brightness LEDs that is easy to read at night. It also adds a high-tech feel to the driverâ€™s space.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Regarding the performance of the vehicle, it incorporates the latest engine and transmission technology for a superb all-round performance. The heart of the Rexton 2 is XDi 270 XVTY engine with third generation turbocharger. The five cylinder 2.6 liter diesel engine delivers a maximum power of 132 kW at 4000 rpm and a maximum torque of 402 Nm at 1600 to 3000 rpm. The engine is equipped with a direct injection system that boosts power and adds fuel efficiency ensuring more economic operation. With the power and performance and a smooth 5-speed manual transmission, Rexton 2 qualifies as a great SUV with steering stability and a tight grip both on and off the road.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Also, worth mentioning are the safety features employed by the vehicle. Rexton 2 has been designed to withstand impacts and disperse the impact force very effectively. The rigid triple layer frame is built to absorb and disperse shocks and impacts of all kind. This provides less vibration during normal operation, longer durability and greater safety in case of a collision. Also, it has front dual airbags, safety belt pre-tensioner and load limiter. It also has a unique speed-sensing door lock which locks all the doors whenever the vehicle reaches a preset speed.&nbsp;The vehicle is also equipped with ESP (Electronic Stability Program) and Hill Descent Control for more protection to the driver and the passengers.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">With an amazing design, superb performance and luxury, Rexton 2 can be yours at a cost of Rs 5,550,000. For the servicing of the vehicle, there is a servicing centre at Balaju. The company is giving a warranty of 35,000 kms or for a period of two years. Also, six free servicing are provided to the customers. The company claims that all the spare parts are readily available at the service centers.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2013-05-24',
			'keywords' => '',
			'description' => 'A stylish, powerful and magnificent vehicle has entered into the Nepali market that is about to change the entire definition of an SUV (Sport Utility Vehicle). Rexton 2 is marketed here by....',
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	(int) 13 => array(
		'Article' => array(
			'id' => '456',
			'article_category_id' => '57',
			'title' => 'Ride Your Desire With New Zotye September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<span style="font-size: 14px;">For those who want to switch from their small cars to SUV, a new offering is in the market. Constant Business Group has introduced a new model of Zotye, which according to the company is probably the most affordable SUV in Nepal and costs no more than compact cars available in the market. At Rs 2,450,000, Zotye truly appears to be the most affordable vehicle of its kind.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The company has already sold more than 300 units of previous versions of the vehicle. The older models were available in 1.3 and 1.6 litre engines. The new model is powered by a 1.5 litre engine with a number of added features and facilities. Zotye has managed to reduce the price without compromising the quality, says the company. And even at this price, there is a lot to expect from Zotye 1.5 in terms of quality and safety. This made-in-China SUV is powered by Mitsubishi engine, which assures the much needed reliability.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The design of the new Zotye is quite impressive and elegant with a perfect balance. The design is complemented by crystal diamond halogen headlamps and large strip combination tail lamps. It also features round fog lamp and a large inlet grill. Other external features include energy absorbing front bumper and a folding electric outer rear view mirror with turning lamp.&nbsp;The five-door five-seater vehicle exhibits its sporty look through a stylish roof rack, a spoiler with high brake lamp and a fashionable backup tyre cover.&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">On the inside, the SUV appears well-equipped with features like air conditioner, power steering, electric windows, childrenâ€™s lock, central locking system and a music system with 4-speaker stereo with CD player and FM radio. It also has a multi-function luggage carrier.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Its Mitsubishi 4G15 inline four cylinder, 16 valve SOHC petrol engine with multi point electric fuel injection produces a maximum power of 78 KW at 6000 rpm and a maximum torque of 134 Nm at 4500 rpm to support the companyâ€™s claim that the car is relatively powerful despite the small size. The vehicle is linked to a five-speed manual gearbox, driven by the rear wheels. It can go up to a maximum speed of 145 km per hour. The car is affordable and economic at the same time because of its mileage. According to the company, it gives a mileage of 12 to 14 kms in the city and 16 to 18 kms on the highways.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The high ground clearance of the Zotye at 200mm, along with McPherson struts on the front and 5-rods suspension on the rear proves to be beneficial on potholed roads and also off roads. It is equipped with disc brakes on the front and drum brakes on the rear, with vacuum booster.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">For safety, the SUV is equipped with ABS and three point seat belts on all the seats. The vehicle also features driverâ€™s safety belt alarm system, alight head lamp alarm system and over speed alarm system that help to keep the driver alert and avoid accidents. There is also energy absorbing steering and high anti-impact steel girder on all the doors that reduce the damage at the event of collision.&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">The company is providing a warranty of 2 years or 35,000 kms, whichever is earlier. The company claims that it provides excellent servicing of the vehicle from its service centre at Balaju. With really affordable pricing and the promised excellent specifications, it seems that Zotye 1.5 is likely to enjoy great success in the market.</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2013-05-24',
			'keywords' => '',
			'description' => 'For those who want to switch from their small cars to SUV, a new offering is in the market. Constant Business Group has introduced a new model of Zotye, which according to the..........',
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	(int) 14 => array(
		'Article' => array(
			'id' => '455',
			'article_category_id' => '57',
			'title' => 'Banking On Brand Image September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span><img alt="" border="1" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/default-banner-size_for-featured.gif" vspace="10" /><br />
		<br />
		By<strong> Sajag Karki<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	Banks in Nepal are one of the biggest spenders on advertising and promotion. All banks are trying to create their niche through brand identity and positioning. While the older commercial banks enjoy the privilege of better brand image and command respect in the minds of customers due to their long standing presence, the newer banks are putting in great effort to establish their brand name.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Well reputable banks such as Standard Chartered Bank, Everest Bank, Nabil Bank, Himalayan Bank and Nepal Investment Bank have a different kind of image among general public that can be attributed to their early mover advantage and robust financial performance in the banking sector. Standard Chartered Bank being a multinational company seems to follow centralised branding approach set by its parent company with localised content to suit the Nepalese audience. Its target customers are mostly middle to high-end individuals. Hence, it uses sophisticated message in all its communication mediums. Its print and broadcast medium follows the same branding framework which gives a consistent feel in its communication materials. As the bank has positioned itself globally as Here for good which represents&nbsp;positive change in all the countries it operates by providing quality banking services. It also shows their inclination towards CSR as an integral part of their company value which has been incorporated in their branding. Similarly, the other established banks have their own distinct brand identity which has helped in enhancement of their brand image.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	It is evident that any type of product promotion is done to compete with similar products in the market. As there are 31 commercial banks, there is tough competition among newer banks to attain share of mind among its customers and to break the clutter. However, the banking sector has healthy competition as compared to FMCG or any other sector as the whole banking fraternity is collectively trying to gain back the lost confidence of consumers due to the liquidity crisis.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Among development banks, the branding of Ace Development Bank seems to be the most prominent and ranks highest in terms of awareness due to its consistent and clear positioning. It has chosen a Rhino as its mascot which represents security and also its CSR activity focuses on Rhino conservation. The TVC of Ace featuring the Rhino mascot is very unique and of high quality animation. It has done secondary brand positioning via its advertisement, giving emphasis to the branding and security rather than its actual product attributes.&nbsp;Every aspect of the TVC is perfect, and it also hits competitors by saying It's a jungle out there, convincing customers to choose Ace for their financial security out of the numerous banks in the market.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Unlike foreign banks, most Nepali banks do not actually follow a set guideline for branding and are limited to being informative and product focused rather than in branding. Talking about foreign banks, HSBC is named one of the world's most valuable banking brands by The banking magazine. Established in 1991, the HSBC group operates as a number of local brands around the world. Hence, its advertising tagline explains its global positioning as The World's Local Bank. This popularity and awareness does not come overnight, it's their smart branding strategy right from the start-up phase to the present day that has made it the ultimate banking brand. HSBC account has been handled by WPP group in which JWT is the lead ad agency. The point is, in order to be the best bank, branding must be done right from beginning so that there will be high brand equity as the company grows. Creating a robust brand identity via its communication is one of the highest priorities for any brand.&nbsp;</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	Among the younger breed of banks, NMB has focused well on branding as compared to newer competition. NMB's target is middle-class to high-end customers and its TVC and print ad has positioned the bank as a young and reliable bank and has brought products and services in line with its target customers. KIST Bank's branding advertisement is quite good and its awareness level is very high. Though it is in top of mind in terms of awareness, it has yet to gain confidence of its stakeholders. Also, its metaphor TVC is complicated for its targeted grass roots customers to comprehend so there is a mismatch between the segmenting and the positioning of KIST. Other banks such as Laxmi Bank has positioned itself quite differently as the one bringing in innovative high-tech banking in the Nepalese market. This is the Point of Differentiation (POD) of the bank. Also, its bright orange color has helped a lot in its brand awareness as people relate the color orange with the company. BOK branded itself as Be OK which is quite interesting and catchy. Everest Bank's testimonial ad featuring all demographics conveys first person views including that of housewife, youngsters, working adults, children and older people. This represents their distinctive image of strong, consistent and progressive among competitors.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	In a developing country like ours, banking sector has far exceeded people's expectations and has adopted international standards to a certain extent. The large volume of banks has actually been beneficial for the customers as they can choose the most suitable bank among the existing banks. In the time of liquidity crisis where banks are focusing more on deposit mobilisation, it is understandable that spending extra budget for branding might not be reasonable. However, situations might improve in the near future and branding shall certainly take priority as banks have to differentiate themselves to compete to be the best. However, branding and placement of product offerings have changed in the past few years where marketers have started using various non-traditional mediums as well as traditional mediums but in a different way for promotion. Social networking sites such as facebook and twitter has played a pivotal role in the contemporary advertising scenario. Smart placement of products and services in movies and reality shows has also been seen in recent times. Viral marketing (strategic use of Internet combined with word of mouth promotion) and PR are also some latest marketing tools that can be used for the betterment of brand image, which the banking sector in Nepal can adopt.</div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<strong><i>(Karki is currently associated with Thompson Nepal Pvt Ltd and has a couple of years of experience in the banking sector. The article is based on research and authors practical experience as a marketing professional. He can be reached at sajag_karki@hotmail.com)</i></strong></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-11-01',
			'keywords' => '',
			'description' => 'Banks in Nepal are one of the biggest spenders on advertising and promotion. All banks are trying to create their niche through brand identity and positioning. While the older commercial ......',
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FOREX

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)

Bullion

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

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00