Biz Launches September 2011

Nov 30, -0001 0 6 minutes 13 seconds to read

…

Social Media Adoption By TELECOM Giants In Nepal - NCELL And NTC

Nov 30, -0001 0 10 minutes 19 seconds to read

…

Credibility Question In Accounting Profession

Nov 30, -0001 0 13 minutes 7 seconds to read

…

High Earnings Low Effect (September 2011)

Nov 30, -0001 0 9 minutes 52 seconds to read

…

Corporate Movements September 2011

Nov 30, -0001 0 2 minutes 40 seconds to read

…

'Quality Control Is The Most Important Part' (September 2011)

Nov 30, -0001 0 6 minutes 54 seconds to read

…

'Huge Mobile Telephony Market Is Still Lying Untapped' (September 2011)

Nov 30, -0001 0 4 minutes 43 seconds to read

…

Joseph Silvanus

Nov 30, -0001 0 17 minutes 49 seconds to read

…

Trading Gold For Silver: Our HR Position? (September 2011)

Nov 30, -0001 0 5 minutes 26 seconds to read

…

Leadership: Managing Hunger (September 2011)

Nov 30, -0001 1 5 minutes 45 seconds to read

…

Employee Relations (September 2011)

Nov 30, -0001 0 8 minutes 19 seconds to read

…

Harassment At Work, Challenge For HR Personnel (September 2011)

Nov 30, -0001 0 5 minutes 30 seconds to read

…

Feedback September 2011

Nov 30, -0001 0 5 minutes 7 seconds to read

…

Legacy Of Success

Nov 30, -0001 0 12 minutes 26 seconds to read

…

The Third-party Miracle (september 2011)

Nov 30, -0001 0 2 minutes 55 seconds to read

…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

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			'title' => 'Biz Launches September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Om Finance Limited has launched a new account titled Om Laakh Yojana for its customers. As per the scheme, anybody who opens such account with deposits of Rs 88,000 will receive a grand total amount of Rs 100,000 after a year.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Nokia has launched its new mobile handset C2-03 in the Nepali market. The handset comprises an inbuilt internet browser and dual sim facility among other features.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Mobile phone service provider Ncell has launched machine-to-machine system for the first time in Nepal. The system is targeted at business and financial institutions and security related companies besides the ordinary customers.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Mega Bank Nepal Limited has launched two new savings accounts titled Mega Swabhimaan Bachat Khata and Naari Special Account.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">A Memorandum of Understanding (MOU) has been signed between Kumari Bank Ltd and Shikhar Insurance Company Ltd for Kumari Secure Mind Home Loan.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Teletalk Private limited, the sole authorized distributor of Spice Mobile phone in Nepal has launched new handset named Transformer M5500 and Elite M5350.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Commerz and Trust Bank Nepal Ltd has launched a new deposit product called Zero Balance Account. With this account, the customers can open the account in zero balance and can get free ATM card.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">BIZ International has introduced a stylish handset In 4470 N in the market. It comes with 2 GB free memory card and is priced at Rs 4,500.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Samsung has launched a new series of microwave ovens in the market. 18 different models of Solo, Grill and Convection ovens have been brought in the market with the price ranging from Rs. 8,590 to Rs. 26,690.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Valley Finance Ltd has launched Valley Nari Saving Account. The account can be opened with a minimum balance of Rs 200 and will provide an interest of 10 per cent per annum.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Siddhartha Bank has launched Club Siddhartha, an exclusive customer loyalty programme. The membership is available at an annual fee of Rs 1,000.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">A private service provider company Inquiry Nepal Pvt Ltd has been launched to provide all kinds of information to the consumers on inquiry, informed its Managing Director Dilli Raman Bhandari.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Base Footwear Pvt Ltd has launched Dashain-Tihar Bonus Dhamaka scheme targeted at its dealers and retailers. This prize scheme will be applicable for its product Dear Hill Shoes only.<br />
		<br />
		</span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Laxmi Intercontinental Pvt Ltd, an exclusive dealer for Hyundai vehicles in Nepal, has launched Dashain-Tihar ko Hardik Hyundaimaaya Offer on the occasion of the approaching festive season of Dashain and Tihar.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Mercantile Office Systems Pvt Ltd, the authorised seller of Acer Computer in Nepal, has launched Portable Computer Acer Iconia Series in the market.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">S B Furniture has launched a new scheme for its customers. Under the scheme, a modern bedroom set will be available for Rs 99,999 from its showrooms at Panipokhari and Lagankhel, informed Sudarshan Joshi.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Indian Ceramic Producer Company Somani Ceramic Limited has opened its first showroom in Kathmandu. The company has established the Somani Studio Showrom at Bindu Hardware and Sanitary in Koteshwor.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Lumbini Bank has launched ATM services from its branch located in Parasi, the headquarters of Nawalparasi district, informed Branch Manager Arjun Pokharel.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Everest Bank Limited has established an extension counter and ATM in Kohalpur of Banke district. With this, the bank now has a total of 21 extension counters and 45 ATMs.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">An exclusive showroom dedicated to Nano car has been established in Thapathali, Kathmandu. Sipradi Trading, the authorised seller of Tata Motors in Nepal said it opened the showroom to cater the overwhelming response for Nano among the general public.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">A new Double French door Refrigerator from Samsung has been launched in the Nepali market.&nbsp;Him Electronics, the authorised seller for Samsung products in Nepal said the refrigerator is integrated with ultramodern technology.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Buddha Air has added an ATR 72-500 aircraft to its fleet, increasing the fleet size to nine aircraft. The new aircraft built in France has 72 seats.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Kamana Bikash Bank Limited has opened a new branch in Birendranagar-3, Khurkhure of Chitwan district. This is the seventh branch of the bank which has its headquarters in Lekhnath of Kaski district.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Smart Telecom has started CRBT service Smart Tunes. The service is available for Rs 10.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Women's Planet Private Limited has opened its second branch at Star Mall in Putalisadak, Kathmandu. It would be an attractive destination for fashion connoisseurs, claimed its operators Sushma Singh and Nilam Shahi.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Jagadamba Cement has launched Jagadamba Bahar Upaharai Upahar scheme&nbsp;for this year's festival season.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">&nbsp;Nabin Distributors, authorised seller for Kent Healthcare Products in Nepal, has launched three new products Kent TopGuard, Kent Ozone Air Purifier and Kent Vegetable and Fruit Purifier in the Nepali market.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">International Marketing Service Private Limited, authorised seller of Samsung Mobile in Nepal, has officially launched Galaxy S-2 smartphone in Nepal.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Chaudhary Group, has introduced LED Television available on 120 hertz for the first time in Nepal.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Citizens Bank International Limited has launched Citizens Ghar Dailo banking services. The service, currently available only at the bank's head office in Kamaladi will be&nbsp;extended gradually throughout Nepal, says the bank.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">International Money Express (IME) Private Limited has launched a new scheme titled â€˜IME Garaun, Car Chadaun targeted at the Nepali people residing in Japan.</span></div>
</div>
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	<span style="font-size: 14px;"><br />
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		'Article' => array(
			'id' => '453',
			'article_category_id' => '41',
			'title' => 'Social Media Adoption By TELECOM Giants In Nepal - NCELL And NTC',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">By <strong>Deep Sherchan<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">As we are moving into the age of online economy, communication channels will play a major role in development of nation's economy. So, it is very important to understand where Nepal is, in terms of the whole online revolution. South-East Asian Countries like Malaysia, Singapore, and Indonesia are rapidly evolving with the online revolution and giving them important space into the overall growth of the nation.</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;">As per the US Census Bureau, Nepal has a population of 28,951,852 as of 2010 and accordingly to ITU Nepal has 625,800 Internet users as of June, 2010, which is like 2.2 per cent of the population, according to ITU. Now, if we compare this with Malaysia, it has 28,728,607 population (2011) and 16,902,600 Internet users as of June 2009, which is 64.6 per cent penetration, as per ITU. More interestingly, it had around 9,998,440 Facebook (FB) users on March 31/11, which is 34.8 per cent penetration. As per Facebook, Nepal had 811,780 Facebook users on March 31/11, 2.8 per cent penetration. The difference in the penetration of Internet is interesting to observe. The numbers can be a bit contradictory, but FB's user count is very approximate based on the location which cannot be verified. But even then, this does give some amount of insights into the population.</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;">Now, Social Media is already a leading phenomenon in the world, it's a cultural shift between the mainstream media and the free and open community conversation that takes place at the online community forums and platforms such as Facebook. One of the major role social media plays is in the leveraging small and medium businesses, where businesses have direct access to communicate with the customers. So, it is interesting to see how the telecom giants of Nepal are handling this, as they provide the main backbones for the whole revolution.</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 picture is quite interesting as it shows that the two major players of telecom in Nepal (NTC and NCELL) have been going in different directions all together. Now, which one is on the right track is not very difficult to figure out. When we talk about online revolution, there is one important thing to consider and that is - how social media friendly is the company. Now, unless telecom companies understand the effect of social media, there is no way that they will be able to drive the required innovation in the field.</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;">In the evolving business models, every company is required to have an online presence and online communication channels, for people to connect with the service. Nepal surely has lots of hurdles to pass through before the Nepali people and companies can leverage the benefits of IT and social media. If you compare NCELL and NTC, you will immediately notice where each one is. NCELL has been heavily adopting latest technology and business models to gain users base, whereas NTC is still in rudimentary stages.</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;">Just to give you an idea on why this is so important for NTC and NCELL, let me explain the basic business models both employ. Both companies earn by sales of SIM cards, the call charges and nowadays even through bandwidth usages. The concept of value added services for mobile devices has still not matured and the same can be said about caller-tunes and other entertainment services. In addition to this, the emerging popularity of Smartphone has provided opportunity to give a variety of services to the end-users. In a competitive market, consumer research report shows that the adoption rate of telecom services is heavily influenced by the service satisfaction, which means a continuous to and fro communication between customer and business. This means a constant presence -- physically and virtually. This is why, online presence is so important. People are continuously looking for information and support.</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;">May be this is why NTC is losing the battle with NCELL. NCELL has been officially declared as the winner the country's first private GSM mobile operator”as the Number 1 player in the GSM mobile segment. The massive branding and investment NCELL has done for last one year is commendable. IT has&nbsp;been aggressive in terms of promoting and coming up with new business models.</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;">Reports say that until last fiscal year, difference between the subscriber base of the two operators NCELL and NT was around 1 million. However, since last fiscal year, NCELL aggressively started introducing new services and handsets targeting both low-end and high-end customers.</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;">Let us just concentrate on how NCELL has been making its presence felt in the online space through social media. The social media presence is all about wearing an attitude to support customers through providing timely information. The websites of NCELL and NTC are both rich in content but NCELL seems to have been communicating with more grace than NTC. The engagement in NCELL is much higher than in NTC. Similarly, NTC doesn't have any online profiles in Facebook, which is where most people are spending their time on. </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;">Beside the contradictory argument that Nepal is still emerging in terms of Online Community, NCELL seems to be doing great with its promotion whereas NTC is still lagging behind the adoption. Being TELECOM companies, NTC and NCELL both must be forerunner into adopting new technology and encouraging new services.</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;">Other interesting examples are Nepal Unites Campaign and Creative Political Activism which are on at Facebook. These activities show the vibes of Nepalese Online Community which if leveraged correctly would benefit companies as well as the nation.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>NTC Online Profiles:<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Telecommunication was introduced with the installation of open wire trunk telephone line between Kathmandu and Birgunj (a border town in southern Nepal) for the first time in Nepal around 1914, beginning of the First&nbsp; World War.</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;">Nepal Telecom has been actively involved in the business of physical market place. Its presence in the electronic market space is very minimal while major projects are under planning. Nepal Telecom is highly equipped with country-wide telecom infrastructure which is the competitive advantage for it over the rivals in the industry. Nepal Telecom has implemented IT in customer service rather than in core business. The company has been implementing information technology in customer billing payment. The other IT focuses are on Internal integration of the functional units and managerial planning process. The company has centralized the billing payment and revenue collection.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>NCELL Online Profiles:<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Until last fiscal year, difference between the subscriber base of the two operators NCELL and NT was around 1 million. However, since last fiscal year, NCELL aggressively started introducing new services and handsets targeting both low-end and high-end customers.<br />
	<br />
	</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;"><i>(Sherchan is Chief Marketing Officer at InRev Systems in Bangalore, India. He can be contacted via email at deep@in-rev.com or @bexdeep on Twitter.)<br />
	<br />
	<br />
	</i></span></div>
<table border="2" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><br />
					</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">NCELL</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">NTC</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Website</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://ncell.com.np/</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.ntc.net.np/</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Wikipedia</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://en.wikipedia.org/wiki/Ncell</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://en.wikipedia.org/wiki/Nepal_Telecom</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Facebook Wiki</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.facebook.com/pages/Ncell/134092903305342</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.facebook.com/pages/Nepal-Telecom/104071036295574?sk=wall</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">LinkedIn</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.linkedin.com/company/ncell</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.linkedin.com/company/nepal-telecom/statistics</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Facebook Page</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">https://www.facebook.com/ncell.com.np</span></div>
				<div style="text-align: justify;">
					<span style="font-size:12px;">(65,569 fans)</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">No official page, but lots of hatred community present unofficially.</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Twitter Profile</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">None</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">None</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Twitter Conversation</span></div>
			</td>
			<td colspan="2" valign="top" width="538">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Though Twitter has vibrant Nepalese community, the scale is pretty low compared to Facebook and the conversation is low for NTC and NCELL.</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Blogs</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://blog.ncell.com.np/</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">&nbsp;-</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Engagement</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Contest and Campaigns</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">None</span></div>
			</td>
		</tr>
	</tbody>
</table>
<p style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></p>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-17',
			'keywords' => '',
			'description' => 'As we are moving into the age of online economy, communication channels will play a major role in development of nation’s economy. So, it is very important to understand where......',
			'sortorder' => '363',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '452',
			'article_category_id' => '41',
			'title' => 'Credibility Question In Accounting Profession',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong><br />
		By Paramananda Adhikari, FCA <br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Over the past decade, increased litigation as well as criticism of auditors has left little room for doubt that auditors are facing a liability and credibility crisis in their profession. The reputation of accountancy profession comes under question for the reliability of their services. This issue in auditing profession is termed audit expectation gap which denotes the difference between the public's and auditors perceptions of the role of an audit function. The gap is critical to the auditing profession because the greater the unfulfilled expectations from the public, the lower is the credibility associated with the function of the auditor. The increase in litigation and criticism against the auditors can be attributed to the expectation gap. The gap arises from the misconceptions on the part of users, the nature and objective of audit, unreasonable expectations from public and performance below standard of profession by the auditors too. The accountancy profession, like other professions, exists only through wide public acceptance. The perceived need in auditing is an independent reporting function. Once the auditor has examined the entity's books of accounts and financial statements, the public understands that there are no problems. </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;"><strong>Independence: Fundamental in Auditing Profession<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">What is independence? Why is it necessary for Professional Accountants? How is it maintained? These are some of the issues raised with respect to auditors. The term independence has no concrete meaning. However, integrity, objectivity and trustworthiness are the key elements in independence. The concept of auditors independence has been accepted from the very beginning when the accounting came into being as a profession. During the late 19th and early 20th centuries, the perception of independence in accounting profession changed due to modern capitalist economy, a system of economy designed to allocate resources using market mechanism. Independence is fundamental to the reliability of auditors reports. Investors, creditors and public would have little confidence in auditor's report, if they were not independent from the management in both fact and appearance.</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;">Without independence, an auditor's opinion is suspect and the users of financial statements believe that there is no need for external auditors, if independence has not been maintained. Third parties acceptance implies that the role of external auditors is an independent financial control within the corporate entity. Auditor must be conscious to maintain independence on audit planning execution and reporting. He must strive to ensure that the audit quality is not compromised under any circumstances.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Public Expectations<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Over a decade, audit is at the center of a heated debate. How and why for audit were the questions.. People were of the view that the responsibility of any wrongdoing in any entity is on the auditors among others. There has been disparity in the people's expectations from auditors, especially with regard to their duties, responsibilities and objectives of audit. There are misconceptions that it is the auditor's role to prepare financial statements in compliance with accounting standards and statutory requirements. However, the auditor's responsibility is to express an opinion whether the financial statements generated from the books of accounts give a true and fair picture in accordance with the financial reporting framework. </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;">People may have expectations from auditors that go beyond the professional responsibility such as audits would provide absolute assurance on the accuracy of the company's financial statements. The users of financial statements may question why the auditors did not detect material irregularities and disclose them in their report. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Audit at the Crossroad <br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Given the growing list of financial reporting scandals, audit is once again at a crossroad. The significant number of big corporate failures/scandals over the past decade all over the world creates an audit crisis in the marketplace. The large payouts resulting from audit litigation in the developed countries have adversely affected the quality of audit services. Some of the big corporate failures/scandals over the past decade were, Enron (USA), WorldCom (USA), Lehman Brothers (USA), Merrill Lynch (USA), Fannie Mae (USA), Parmalat (Italy), Maxwell (UK), Flowtex (Germany), Vivendi (France), Baan (Netherlands), Satyam (India). These failures/scandals came one after another. After the widely publicised auditing failures in USA and later in Europe, the users have started losing confidence in auditing profession and raised the voice where were the auditors? What was the role of watchdog? These cases clearly map out people's expectations with respect to the duties and responsibilities of auditors. Regulating and oversight agencies have been investigating the performance status of the accounting profession worldwide.</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;">Over the days, in Nepal too, people have witnessed and become victims of companies going bust due to poor corporate governance by the management. In such a situation, effective corporate governance structures that should have detected any unlawful or unethical behavior by the dominant party may have been missing. Due to the cases of unethical conduct of management, inappropriate accounting system, disparity in maturity pattern of assets and liabilities, over-valuation of collateral that may be running amuck and pitch in some of the cases like Nepal Development Bank (Liquidation), Samjhana Finance Ltd, Nepal Share Markets and Finance Ltd, Gurkha Development Bank, United Development Bank, Vibor Bikas Bank, Peoples Finance Ltd, World Merchant Banking and Finance Ltd, CMB Finance Ltd. From these few instances, we are also witnessing corporate failures, scandals, or liquidity crunch in recent days that may raise questions about credibility on the auditors report and sustainability of businesses. Now is the time for the audit profession to be more proactive to lead the debate.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Questionable Role of Auditor<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">There are many reasons for reducing the independence of the auditor. Among others, these are economic dependence on the client, market competition in audit, other non-audit services, close relationship with client's executives, acceptances of goods and services from clients in concessional rate or free of cost, worry about their re-appointment etc.&nbsp;Due to these factors, auditors may be unable to produce fair and reliable reports in certain cases and the independence, of course, is curtailed. If auditors are perceived not independent, the report would be below the standards of the profession and would damage overall image of the accounting profession. </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;">Auditors may be found guilty of gross negligence in examining the financial and other records. Gross negligence means failure to exercise minimum due care when material errors or irregularities that should have been detected by the application of professional standards go unnoticed. Material amount of fictitious sales recorded at the year-end to inflate income and failure to detect this intentional mis-statement is one of the examples. A similar mis-statement by understating several expenses by a small amount or charging expenses in capital account and failure to detect them by the auditor is also considered as gross negligence. </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;">Cases finding fault with auditors about the application of professional standards, practices and inadequate disclosure have occurred over time, raising questions over auditors' performance. Some of the cases of non-compliance of standards are revenue recognition, fictitious receivables, failure to disclose related party transactions, verification of cash/bank balances and, failure to obtain third-party confirmation, inadequate collateral of loan, non-accounting of major transactions, failure to assess the clientâ€™s business risk etc. The standard also requires auditors to indicate any substantial doubt about the entityâ€™s existence as a going concern, In such a case, the auditor must add an explanatory paragraph following the opinion paragraph to his report. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>The Expectation Gap<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Expectation gap in audit is the difference between what the public/users of financial statement perceive about auditors responsibilities to be, and what exactly the auditors responsibilities are. Therefore, it is a gap between what is required by regulation and what market/public need is. The auditor's responsibility for detecting fraud is one of the major areas contributing to the expectation gap. The users of the financial statements believe that unqualified audit report means, the auditor has detected all material errors/irregularities. However, this perception is not in line with the professional standards, which hold the auditor responsible only for exercising due care in the conduct of examination.</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;">Another area for difference overrides the control structure and conceals the facts, perhaps at the behest of management. In such a case, auditor's exercise of due care fails to detect irregularities in the error-free financial statements produced by the management. This will result in significant misrepresentations in financial statement not detected by the auditor and further widen the expectation gap. </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 next area of difference is perception about the entity's ability to continue as a going concern. The users believe that an unqualified audit report is a guarantee that the entity is a healthy one. However, immediately or some time later, the entity is found either in a financial crisis to sustain or in the liquidation process. In such a situation, people may not be trust unqualified audit reports and many corporations either collapsed or were bailed out within a short period of receiving unqualified audit reports. These facts may attract substantial doubt that the auditors lack the expertise to render an independent opinion on financial statements and corporate affairs.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Bridging the Expectation Gap<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Preparation and presentation of financial statements is the prerogative of the management. Audit is performed on test basis from the sample drawn on the population of a class of transactions. Due to inherent limitation of internal control system adopted by the management, auditors can not detect all the irregularities. The auditor examines the financial statements and provides reasonable assurance that the financial statements are free from material mis-statements. As a result, the expectation gap continues to exist in audit including fraud, internal controls, illegal acts and other non-compliances. Here we analyse the possible remedial actions that may narrow expectation gap and improve the audit effectiveness. </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;">Firstly, the auditor shall report the cases of mis-representations, non-compliance of rules, regulations and professional standards to bridge the gap to some extent. If the auditors are found grossly negligent to discharge their duties, they may be liable to action under various Acts and Regulations, such as Nepal Chartered Accountants Act 1997, Companies Act 2006, Bank and Financial Institutions Act 2006.</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;">Secondly, compliance of Nepal Standard on Quality Control (NSQC) and implementation of Peer Review System, i.e. auditing the auditors helps narrow the expectation gap.</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;">Thirdly, educating the public about the objectives of audit, auditor's duties and responsibilities are important elements to bridge the expectation gap. Reducing unreasonable expectations requires creating awareness about the objective and limitations of audit and the auditor's work. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div>
	<span style="font-size:12px;"><strong>Reporting <br />
	<br />
	</strong></span></div>
<div>
	<span style="font-size:12px;">The auditor has the duty to report, after careful scrutiny of all the documentary evidences and information, every item of importance. He must demonstrate to the public that it is independent from the management and will provide high quality of audit and assurance services. Auditor, as a "public watchdog" reports the effectiveness of internal control, non-compliance of professional standards, mis-statements contained in financial statements, mis-statements resulting from management/employee fraud and illegal activities/operations, if any. Further, the auditor has to report about the entity's ability to continue as a going concern for a reasonable period from the date of audited financial statements. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>To Conclude<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Users of financial statements are of the opinion that the auditor should not only provide an opinion but also interpret the financial statements in such a manner that it evaluates the overall performance of the entity. The users expect from auditors to report in-depth information of the companyâ€™s affairs, watching the management surveillance and detecting illegal acts/frauds on the part of management. These are the high expectations on the part of users of financial statements that create gap between auditors and users expectations from auditing. There has been considerable debate about the nature and scope of audit and the audit expectation gap. The differences between what auditors actually do and what third parties think auditors do or should do remain. The expectation gap may never be eliminated. However, it may be reduced to a standard of profession. </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;">In recent years, the regulatory framework for professional accountants has changed. At present, we have peer review concept, quality control standards and the disciplinary mechanism. Failing in compliance or departures from the set conduct by the members may make them liable to disciplinary action. All this has been done with a view to gaining public confidence and to enhancing credibility of the accounting profession. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size:12px;">(Adhikari is Technical Director at the Institute of Chartered Accountants of Nepal (ICAN)&nbsp;and General Secretary of the Association of Chartered Accountants of Nepal)<br />
	<br />
	<br />
	</span></strong></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-17',
			'keywords' => '',
			'description' => 'Over the past decade, increased litigation as well as criticism of auditors has left little room for doubt that auditors are facing a liability and credibility crisis in their profession. The.....',
			'sortorder' => '362',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '451',
			'article_category_id' => '42',
			'title' => 'High Earnings Low Effect (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>By Bikram Chitrakar<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for the fourth quarter of the fiscal year 2010-11 could not lift he market. The benchmark Nepse index lost 15.68 points or 4.45% to settle at 349.85 on August 22. It was at the highest point of 365.43 on 24th July while the lowest point was on 9th August at 345.8</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;">Though the banks and financial institutions published their fourth quarter reports showing good financial performance in the fiscal year 2010-11 that ended on mid-July 2011, this failed to improve the sentiment of the investors. Some commercial banks such as Nabil Bank, Bank of Kathmandu and Everest Bank have already declared dividends. However the strength of such declaration has failed to improve the sentiment of stockholders.</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;">During the review period, International Share market slipped heavily after the rating of United States government's debt was downgraded by S&amp;P. Major Asian, European and US market suffered heavy loss after gloomy economic overview of US and European market. However, Nepal's market was not impacted by this issue as the international market movement has little link with the Nepali bourse.</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;">Political fever once again gripped the investors sentiment as deadline for issuing the new constitution is round the corner while the political parties seem uncertain about how to go ahead with this task. One progress of the month in the parliament was that it passed an Act related to setting up investment board that aims to facilitate foreign investors. However, the capital market is yet to test the results of this new law.<br />
	<br />
	</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;"><strong>Performance by Sector<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The accompanying figure illustrates the sector-wise distribution based on total amount of trade. Commercial banking sector accounted for 52.20% followed by hydropower sector (16.20%) and development bank (15.49%).</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;">Technically, Simple Moving Average (SMA) is dominating the market as both 30 days SMA and 200 days SMA are above the Nepse index. Based on the SMA, the benchmark Nepse is weak<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><i>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
	<br />
	</i></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Movement in Indices (24 July - 22 August 2011)<br />
	<br />
	</span></div>
<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Indices</b></span></div>
			</td>
			<td width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Open</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>High</b></span></div>
			</td>
			<td width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Low</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Close</b></span></div>
			</td>
			<td width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Change</b></span></div>
			</td>
			<td width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>% Change</b></span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Nepse</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">345.80</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">349.85</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-15.57</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.45</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">310.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">317.27</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-19.86</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-6.26</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Sensitive</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.63</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.99</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.63</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.38</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Development Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-10.48</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-3.67</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hydropower</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">553.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">567.37</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-40.99</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.22</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Finance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.26</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.31</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-11.72</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.03</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Insurance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">415.94</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">422.26</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.45</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">419.48</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">3.54</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.84</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hotel</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">408.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.57</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-20.93</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.41</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Manufacturing</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.11</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.02</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Trading</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Others</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">487.61</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">498.19</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">475.87</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">480.57</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.04</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.46</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Float</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.30</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.69</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.38</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.65</span></div>
			</td>
		</tr>
	</tbody>
</table>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for....',
			'sortorder' => '361',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '450',
			'article_category_id' => '45',
			'title' => 'Corporate Movements September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">New Comers<br />
	<br />
	<br />
	Bir Bikram Rayamajhi</span></strong><span bk="" bt="" frnkgothitc=""> has joined United Insurance Company Nepal Ltd as CEO. Earlier, he was Deputy Governor of Nepal Rastra Bank.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Nandanhari Sharma </span></strong><span bk="" bt="" frnkgothitc="">has been appointed the CEO of Nepal Share Markets and Finance Company. Earlier, he was the Executive Director of Citizen Investment Trust. </span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Umesh Singh Bhandari</span></strong><span bk="" bt="" frnkgothitc=""> has joined Standard Finance Ltd as CEO. Earlier, he was the CEO of Narayani National Finance Ltd. </span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Kumar Prasad Wosti</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined as CEO at Peoples Finance Ltd. Earlier, he was Deputy Chief Officer at Rastriya Banijya Bank where he worked from 1977 to 2003.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Shanti Shakya</span></strong><span bk="" bt="" frnkgothitc=""> has joined Continental Associates Pvt Ltd as Sr Sales Manager at Kia Automotive Division, Gairidhara. Earlier, she was Sr Business Development Manager at Skoda Showroom, Thapathali.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Govinda Shrestha</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined Galleria CafÃ© as Operation Manger. Earlier, he was Chief Accountant at Himalaya Sangri-la Resort, Dhulikhel.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Resham Gurung</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined Bistarai-Bistarai Restaurant &amp; Bar Pvt Ltd as Manager. Earlier, he was Manager at Tamarind Restaurant &amp; Bar, Jhamsikhel.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Shristi Singh</span></strong><span bk="" bt="" frnkgothitc=""> has joined beed management private limited as a beed. She has an MSc in Accounting and Finance from London School of Economics.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Sajag Karki</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined Thompson Nepal Pvt Ltd as Sr Executive- Client Servicing. Earlier, he was working in the credit department of KIST Bank. <br />
	<br />
	<br />
	<br />
	</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><i><span bk="" bt="" color:="" demi="" frnkgothitc="">Promotions</span></i></strong></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Balaram Pathak</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has been promoted as Food &amp; Beverage Director at Soaltee Crowne Plaza Hotel. Earlier, he was Meeting Director there.</span></span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-08-31',
			'keywords' => '',
			'description' => 'Bir Bikram Rayamajhi has joined United Insurance Company Nepal Ltd as CEO. Earlier, he was Deputy Governor of Nepal Rastra Bank.',
			'sortorder' => '360',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '447',
			'article_category_id' => '31',
			'title' => ''Quality Control Is The Most Important Part' (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><strong><img align="left" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-v1.jpg" style="width: 304px; height: 323px;" vspace="10" />Mohit Mamudi</strong> is Founder and CEO of the Centre for Development Management Studies (CEDEMAS), a UK-based non-profit institution dedicated to the enhancement of management education and training in developing nations. He has an MBA from Boston University, USA, and more than 30 yearsâ€™ experience in development and implementation of management and marketing strategies for some of the most successful global companies. Mamudi has held various executive positions and consultancy roles with more than 20 Fortune 500 corporations as well as governmental institutions in the UK and some of the most dynamic and challenging emerging markets such as Brazil, China, Central and Eastern Europe and the Middle East. He was in the city recently for the formal opening of CG-CEDEMAS Institute of Management (CGCIM) â€“ the first internationally managed business school in the country â€“ in partnership with the Chaudhary Group of Nepal. In an interview with <i>New Business Age</i>, Mamudi laid out the nuances of CEDEMASâ€™ management education philosophy in Nepal, which will be delivered through CGCIM. Excerpts:</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Can you tell us about CEDEMAS?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">CEDEMAS was established to lead and direct global efforts for improving the quality and relevance of management education and training in developing countries. We are confident that this would enhance managerial capabilities and effectiveness in both the public and the private sectors in these countries.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Many academics from around the world have underscored the need for a new type of training programme for managers in developing countries, based on their respective cultures and requirements. Therefore, our mission is to create a learning environment for independent thinking, creativity and self-reliance, for the benefit of a new breed of managers and entrepreneurs.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">There are scores of management schools around. What is it that distinguishes you from&nbsp;others?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">I strongly believe that only a new management mindset can initiate change and persuade departure from established norms in managing the affairs of the state and industry in many parts of the world. We, at CEDEMAS, have realised that management education must recognise diversity and promote social and cultural awareness.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">How did your affiliation with Chaudhary Group come about, to establish CGCIM?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We brought this idea to Nepal and were lucky to meet Mr Arun Chaudhary of Chaudhary Group. We explained our goals to him which excited him as he thought it was absolutely necessary to have such an institute in Nepal. He was willing to be the local partner institute for us and make a contribution towards the educational sector of the country. Together, we have joined hands to further this noble cause.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We have already had our first group of Nepali academics who successfully completed the Advanced Certificate for Business Faculty (ACBF) programme at CGCIM after two months of intensive learning and were awarded the ACBF Certificate. These academics were already teaching in other colleges and universities but we brought them in and trained them in the way that we want them to teach. They are now ready to work alongside international professors to deliver our programmes here in Nepal.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Please, tell us about your programmes internationally.</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We have already established a partner institute in Iran apart from Nepal. A partner institute in Ukraine is in the final stages of planning while negotiation for a Sri Lankan partner is in the planning stage. We have also had fruitful discussions for setting up partner institutes in some other developing countries such as China, India, Ghana and Zambia among others. We know that we stand to face competition from existing management institutes in these countries. However, we are confident that our uniqueness will set us apart from others.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Which are the programmes that you will be focusing in Nepal through CGCIM?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We have three key programmes for Nepal. The first one is the Faculty Training Programme in which we train faculties of other colleges in teaching management courses. The second one is Post-Graduate Diploma in Development Management where students who already have a degree join us. We teach them about development issues that are related to Nepal. Besides these two, we also have a general Post-Graduate Programme in Management which is like an Executive MBA â€“ developing managers for businesses.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We will always have people from the UK supervising the programmes here. There will be professors visiting here from different parts of the world â€“ the US, the UK, and France among others. We are very certain that quality control is the most important part, so, we will be working towards that.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Will the methodology for CGCIM be the same as the one at your London campus?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: -0.15pt;">Yes. The methodology that we will be applying here is especially developed by CEDEMAS. Itâ€™s called PEDAL (Plan; Engage; Do; Analyse; Learn) system of learning. In traditional universities and colleges, itâ€™s all about lecturing. Instead of using bookish theory, we make our students practise what is taught to them so that they get the lessons registered in their minds forever. The system allows the learners to experience a wide range of exposures and outcomes as a result of their decisions and actions.</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">How acceptable/recognised will be these courses internationally?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Our programmes are UK Level-7 which is Post Graduation and conforms to the standards of UK accreditation agencies. If our students here in Nepal wish, we can even make arrangements for them to complete a 3-4 months thesis in the UK and obtain a dual masters after finishing their programme at CGCIM.&nbsp;</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Is there great saleability associated with the courses as far as the job market is concerned?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We are going to guarantee that anybody taking our programmes will be employed even before they have finished the programme. The companies are going to notice our students while they are still studying through work placements and case studies etc.</span></div>',
			'published' => true,
			'created' => '2011-10-02',
			'modified' => '2011-10-10',
			'keywords' => '',
			'description' => 'Mohit Mamudi is Founder and CEO of the Centre for Development Management Studies (CEDEMAS), a UK-based non-profit institution..........',
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	(int) 6 => array(
		'Article' => array(
			'id' => '446',
			'article_category_id' => '31',
			'title' => ''Huge Mobile Telephony Market Is Still Lying Untapped' (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><strong><img align="right" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-v.jpg" style="width: 376px; height: 393px;" vspace="10" />Abu Daud Khan</strong> is Country Manager for Nokia Emerging Asia Ltd. He was in Nepal recently to showcase Nokia C2-03, the first handset from the company to feature a dual sim. The handset also comes with an in-built Nokia Browser. In an interview with <i>New Business Age</i>, Khan spoke about Nokiaâ€™s consistent effort to drive more value by introducing exciting new features that promise to change Internet usage for millions of Nokia consumers. Excerpts:</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">In which other markets have you launched Nokia C2-03?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We are targeting all developing countries where a large consumer segment cannot afford high-end smart phones. Nepal is definitely a focus market for us. But apart from this country, we have already launched the product in India, China, Indonesia and Brazil.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">What is the target audience you are looking at through this particular product?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We are looking at the masses and our vision is to connect the next billion. There is a huge market still lying untapped. Letâ€™s take Nepal as an example which has a population of around 30 million people. I have learnt that the number of mobile phone subscribers in this country has reached 10 million. There are 20 million people out there who are not connected by mobile telephony which means that affordability is still a factor for them. Therefore, we have tried to make the product as affordable as possible so that these people too can get connected. We are also trying to cater the need of dual-sim through this product.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: 0.15pt;">Even among the 10 million mobile phone subscribers in Nepal, a very small number of people actually have Internet access. We need to connect these people to Internet and that is precisely what this particular product will do. We are trying to do a couple of things here â€“ one is to connect a large population on account of voice and the next is to make a serious effort to make Internet available to people who canâ€™t afford laptops or personal computers&nbsp; at home. </span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">How cost-effective will Internet browsing be, courtesy Nokia Browser vis-a-vis traditional browsers?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Well, we are claiming that it has the ability to compress websites up to 90 per cent. It means that in terms of compression, it can perform 90 per cent better and faster than the other operator browsers. The cost of downloading is, of course, the operatorâ€™s domain. From our perspective, the speed at which downloading takes place also determines the eventual expense. The Nokia browser compresses at a faster pace which enables Nokia users to consume more at a given budget.&nbsp;</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Do you have any specific reason to introduce Nokia Browser with Series-40 devices?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Our clear focus for developing markets is the price factor because a lot of people canâ€™t afford smart phones. However, they need to be connected to Internet or else there is a fear of them getting left behind in this fast changing global scenario. We wanted to cater to this large segment of people by developing a device which is easy to use and affordable.&nbsp;</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Are there any plans to introduce Nokia Browser to mobile handsets of other brands or personal computers?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Itâ€™s only available with Nokia phones to ensure best experience. This is the first product that comes with an inbuilt Nokia browser. All the upcoming Nokia handsets will have the Nokia browser from now onwards. Apart from that, we are also giving options to existing Nokia users for downloading the browser free of cost from Nokia stores.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Could you tell us a little about Nokiaâ€™s NAVTEQ?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">NAVTEQ basically provides the base electronic navigable maps and its underlying map database is based on first-hand observation of geographic features. At this moment, we donâ€™t have the Nepali map available with us but we do plan to have maps in this product Nokia C2-03 in the future.</span></div>',
			'published' => true,
			'created' => '2011-10-02',
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			'keywords' => '',
			'description' => 'Abu Daud Khan is Country Manager for Nokia Emerging Asia Ltd. He was in Nepal recently to showcase Nokia C2-03, the first handset from the....',
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	(int) 7 => array(
		'Article' => array(
			'id' => '445',
			'article_category_id' => '46',
			'title' => 'Joseph Silvanus',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:14px;"><strong>Interview: September 2011 - There Is Much To Gain And Look Forward To</strong></span><br />
	<br />
	 </p>
<div style="text-align: justify;">
	<span style="font-size:12px;"><img align="left" alt="interview" border="1" height="227" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-int.jpg" style="width: 319px; height: 227px;margin:10px;padding:10px;" vspace="10" width="319" />Joseph Silvanus<span style="letter-spacing: 0.05pt;"> joined Standard Chartered Bank Nepal Limited as its new Chief Executive Officer in July 2011. A student of Economics at St Stephen's College, Delhi University, followed by a management degree from Mumbai University, he had a brief stint with established FMCG names such as Voltas Ltd and Pepsi Foods Pvt Ltd before moving over to the banking sector. A banker for over 18 years, Silvanus has worked with ANZ Grindlays Bank followed by Standard Chartered Bank across various geographies. He has vast exposure to consumer banking operations having managed branches, marketing operations, business analytics, services and service quality and project management. In his most recent role as Regional Head of Development Organisations for South Asia, he played a pivotal leadership role in engaging multilateral/bilateral agencies and DFIs for directing specific programme-based support towards Asia. In an interview with </span>Pinaki Roy <span style="letter-spacing: 0.05pt;">of </span><i>New Business Age</i><span style="letter-spacing: 0.05pt;">, Silvanus shared his views on Standard Chartered Bank's phenomenal success over the years and his plans for Nepal operations. Excerpts:</span></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>You have just joined in. Do you have new plans in mind for Standard Chartered Bank's operations here in Nepal?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Nepal continues to be very important from a South Asian perspective of Standard Chartered Bank. It is now my turf to be able to grow the relative importance of Nepal in the overall scheme of things. Having consumer banking and wholesale banking as the two basic engines of growth for us does not mean that we will have quantum changes about the way we do our business in this part of the world. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">We will continue to grow the engines albeit with some level of caution because of the underlying situation Nepal is experiencing right now. But I personally see a lot of advantages that can be derived even through this phase of Nepali economics. The changes that I will bring, perhaps, is to leverage the Group businesses, expertise and the best practices. I can be a catalyst for that and we have internally discussed as a team that we will have more of these engagements. The businesses will reap the benefits of these visits and conversations that I had with the rest of the Standard Chartered Group. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><img align="left" alt="interview" border="1" height="396" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/inter.jpg" style="width: 224px; height: 396px;margin:10px;padding:10px;" vspace="5" width="224" />This must be an encouraging year for Standard Chartered as it is one of the largest profit earning international banks despite the global economic crisis. What do you attribute this success to?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">After receiving the Group results just over a couple of weeks ago, it convinced ourselves that we have done exceedingly well. I am absolutely delighted to see the results. We registered ninth consecutive record first half profit and double digits growth both for the top line (11 per cent) and profits (17 per cent). Everyone is delighted including the investors and shareholders and obviously, the businesses know what they are going to do for the rest of the year. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Looking closer home in Nepal, I think we have achieved much. It's been a tough year with issues of liquidity and governance coming through the financial network. There has also been some amount of uncertainty because of the global businesses impacting Nepal's economy. Nevertheless, I believe that both consumer banking and wholesale banking and the respective support functions have all got together to give value to local Nepali shareholders. There has been good EPS (Earnings per Share) and top line growth as well as effective cost management at a time when we really needed to look inward and reduce expenditures coming through unforeseen circumstances. We have done well as a bank in Nepal on all fronts and have continued to be strong both on capital and liquidity. Therefore, from a group as well as country's standpoint, there is much to gain and look forward to. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>One of Standard Chartered's unique features is successful lending to SMEs. Do you plan to expand or review the lending policy?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">SMEs have always been an engine of growth for the bank. Asia is typically a burgeoning economy for entrepreneurs and Nepal is no exception. If you look around, you can see how entrepreneurs are converting opportunities on a daily basis and the way banks are supporting them. For us, SME is a perfect space between the lower end of consumer banking and the upper end of corporate banking. The segment is very well placed. We have appropriate products that take care of all their requirements such as Working Capital and Term lending, Trade &amp; Guarantee lines and Margin based lending. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">However, we must realise that while SMEs are the global engine of growth for the group, we have to tread with caution when it comes to Nepal. We have to be able to create equitable mortgages as most of our SME lending is based on some form of fixed collateral. Therefore, we have to play as per the rules of the game.&nbsp;We are trying to bring in a few products that are used in the group in the area of margin based lending. It is an important engine of growth not only from the bank's perspective but from a social point of view as well. We are creating a lot of headroom for growth, engagement and employment opportunities. These will have plenty of forward linkages because the entrepreneurs will be able to subsist. Access to finance is a key issue for SME business the world over. We see ourselves as a force that could help meet that latent need. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>The Nepal Rastra Bank (NRB) has brought several new measures in its monetary policy. How have you viewed this policy?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Policies are well meant so I have given them a balcony view. I clearly think that NRB has tried its level best to meet some of the needs of the current economic state. Reducing CRR (Cash Reserve Ratio), for example, is good as it injects liquidity but it drives up some amount of inflationary tendencies. You have to understand that every action has an equal and opposite reaction. Increasing exposure to the deprived sector is certainly a good measure, especially when we know that farmers and the micro credit side of things require some amount of stability. However, I would like to see well-run, professionally-managed and well-governed micro credit institutions that can use this extra amount of liquidity coming their way. This would help create productive assets in the hands of the farmers so that the entire ethos around farming communities can gain sustainably from micro credit. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">The bottom-line is that while the policies are well meant, they need to be managed and supervised to the end. There are other areas where it has tried to adjust such as the Basel II issues as there has to be better accounting procedures and stress management techniques. The banks have to be prepared for event based risks. Therefore, on the whole, there is a good effort on the central bank's part as far as the monetary policy is concerned. But if it could be combined with great oversight by the concerned stakeholders, you have a winning strategy for the country. I am an optimist as far as Nepal is concerned. It's but natural that when things stack up, people can feel deprived and adopt a pessimistic approach. The people of Nepal are very resilient and it's time their patience got paid back in terms of good governance. The central bank needs to have a good embedded structure on which some of these policies can be grown upon. Policy interventions are great when they get implemented in the right fashion. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>Standard Chartered in Nepal has remained shy on investing in long-term projects such as hydropower and road infrastructure. What, do you think, are the possible bottlenecks?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">We clearly believe that Nepal has been imbued by god by several natural resources. Hydropower is one area where the country can really subsist and actually become a force for growth for the entire region. Underinvestment is due to several counts such as lack of transparency, clear policy directives and long term stability. The FDI which comes in this country is restricted to short-term investments and areas of quick generation of goods and services. However, long term investment in infrastructure, broadly speaking, has been lacking, for sure. We have to create easier barriers to entry, longer trade protocols and cut down on double taxation that exists, perhaps, within certain geographies. We also have to allow the investors vision for at least a longer period of time. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Bank and multi-lateral finance is always there. We already have done work in the past on hydro electricity in Nepal and are looking at a good pipeline of similar products. As a bank and a brand name, we are `Here for good which means we are here for the medium and the long term. Our commitment to Nepal is unquestionable and therefore, if we have to support the growth of infrastructure, we will certainly exercise our might. The bank is strongly behind these sectors. Hydro and roads etc take time as these are huge projects which are to be governed by several other global rules. We are quite happy to consider them, provided the right investments come along.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>You must have faced a lot of pressure to accept more deposits in recent times due to a large number of people withdrawing their money from small institutions. Has there been a substantive change in your deposit patterns owing to this development?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">This is true not just for Nepal and this has been happening right through the period of turmoil and uncertainty. Whenever there is uncertainty in any market, there is flight to quality. People like to resort to safer havens in times of uncertainty. We are open to business in Nepal and if people so believe that in the interest of risk mitigation, they wish to move their hard earned money to a safer institution, we will not stand in their way. However, we will go through the normal protocol of good governance by looking at customer details etc and then we would bank for them. It's part of our day-to-day business, we are not in this business of just going and garnering liquidity from the market. But if it comes to us at the price point that we would like to take at, we would certainly accept it. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>We understand there is serious homework being done on mergers and acquisitions of a number of banks in Nepal. How close are you on this front?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Well, it's public domain knowledge that even the Nepal Bankers Association has written to the central bank asking for tax incentives etc in the event of buying distressed assets or for mergers and acquisitions if there were. Our own view in this matter is very clear. In this part of the world, the economies are growing very productive and organically and there is a load of growth potential. Therefore, banks like ours would be more interested in looking at organic growth. On the other hand, acquisitions come at a cost. It has to do with people, culture, system integration etc and sometimes, it is difficult to get the math right. From a Nepali context, we are very happy right now with our organic engine of growth. We want to believe in primarily using the engine of origination rather than buying out an asset originated institution. We believe in our origination capabilities because we understand credit best in terms of the market that we are in and given the number of years that we are on the ground. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><img align="right" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/inter1.jpg" style="width: 210px; height: 267px;" vspace="10" />How long do you think Nepal's interest rates would be as high as they are? Aren't high interest rates detrimental to the growth of industrial and manufacturing sectors?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">This has got to do with some amount of demand and supply economics, cost of capital etc. Nepal is an unrated economy and we have imputed some ratings to the economy given the existing economic and political risks the country is attached to. Today, if you are to benchmark your savings bond for five years at 10 per cent which is an indicative rate, we don't have too many instruments that are longer term which will give you an indication of what the cost of funds or doing business in Nepal is. While I don't have a very firm view on where the interest rates are going to be, I believe they will remain the way they are for a short to medium term. The rate today correctly implies the cost of doing business in this country, part of which is the cost of capital. It is heightened because along with the cost of capital, there is liquidity risk and so many other market and non-market operational credit risks which pour into increasing the total cost of the fund. I believe that this is here to stay for a while unless and until we have a systemic kind of revamping of risk. We have to have central bank and all its adjuncts come out and play a constructive role in rebuilding some of these elements of risk. We will then have cross-border and country risks and the overall risk of the cost of capital come down. It will then reflect in cheaper interest rates. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">No entrepreneur or industry would like a high cost of credit as it mirrors heavily on their balance sheet. It reduces their strength to leverage the balance sheet and there are other cost elements too that are unique to Nepal such as the cost of staff and security, which, is not so large in other neighbouring countries. Therefore, it is to the extent of dampening entrepreneurial streak of modern day manufacturing. I believe that it's not a good story and there must be a different form of intervention where given the inherent risk of doing business in Nepal, the leverage allowed to such institutions should be higher. For example, if there is eight per cent leverage on a non-banking financial intermediary, it can be decided to give a higher leverage to such institutions. It is because resources are at a premium for such people and as long as the business model is good and the shareholders are willing to support the model, it should be allowed by law to higher leverage such institutions. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>Being a reasonable global player, how do you think Nepal can benefit from the ever growing economies of China and India? How do you see Nepal's prospect as an off-shore financial hub being a transit economy between the two giants?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Nepal is a landlocked country but it has two great neighbours who, I think, are committed to the sovereignty and growth of Nepal. To cite an old idiom, some trade is better than no trade. Nepal would have to use the depth and resources available to it through these two strong economies. These are the future economies of this world and, therefore, Nepal stands to benefit in the long run. There is a lot of work happening already: visiting delegations from both countries, plenty of solidarity and joint ventures. There is a lot of country-to-country donor aided support in some of the more required areas of infrastructure. Nepal has everything to benefit from positively engaging with both its northern and southern partners. Both these countries bring a lot of good and appropriate technology which sometimes may not require power and capital-intensive kind of investments. All in all, if the political ambitions of Nepal are evinced right, there is tremendous opportunity for growth in the economic sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><span style="line-height: 115%;">Nepal has been a part of the silk route for some time now and the people of Nepal are almost like global citizens. Almost every family in Nepal has a member working overseas which brings a lot of globalisation even into the villages. People have seen various cultures and experienced much while living overseas. Therefore, trade is an inevitable benefit to Nepal. You have to look at areas where you have a positive trading account with not just India and China but even with countries like Bangladesh and Pakistan. Nepal has to use its foreign and economic policies all geared in a very integrated and systematic approach to get the right kind of foreign investments and create value added commodities which its neighbours would seek. Besides, tax and double taxation protocols will have to be readdressed so as to meet the regional needs. <br />
	<br />
	<br />
	</span></span></div>',
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			'description' => 'Joseph Silvanus  joined Standard Chartered Bank Nepal Limited as its new Chief Executive Officer in July 2011. A student of Economics at St......',
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			'title' => 'Trading Gold For Silver: Our HR Position? (September 2011)',
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	<div>
		<strong><span style="font-size: 14px;"><img align="left" alt="trading" border="1" height="197" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/rajan pradhan.jpg" style="width: 153px; height: 197px;margin:10px;padding:10px;" vspace="10" width="153" />By Rajan Pradhan</span></strong></div>
</div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">Long serpentine queues in Kathmandu are no more a subject of curiosity to us. The endless lines of cars at gasoline stations, people crowding around water tankers, devotees pushing into shrines and investors interested in IPO lined up in front of commercial institutions are most common scenes one can see every day. However, the one I saw a few months back looked quite unusual. The mass gathered there were only the youngsters probably from late teens to people in their thirties. Their facial expressions carried pronounced signs of pain, desperation and anxiety. I could easily see the â€œDo or Dieâ€ atmosphere there. Letter in the day, I came to know the swarm there was of the aspirant applicants eager to work in Korea. It went on for days perhaps reminding us of human exodus we see quite often on news from around the world.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">With the tank in my car almost dry due to ongoing rationing of petroleum products, I found no other means of relaxing on a Saturday than lazing at home which gave me a chance to chitchat with my brother-like figures who has been close to us for decades. I found him so excited that day; he believed he had a plan well in place for his future. He finally got hold of a recruiter who had promised him a job in a company in Dubai - a job which gives him a remuneration of over Rs 12,000 a month with free accommodation! </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><img align="left" alt="trading" border="1" height="232" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/eco.jpg" style="margin:10px;padding:10px;" vspace="10" width="400" />I congratulated and wished him all the success but could not help crunching some numbers - quietly within myself. He would be bearing a total cost of about Rs 100,000 for air tickets and charges due to the manpower company. He would probably need additional two thousand rupees every month to cover cost for food and other supplies on top of what he would get from the company. A two year of work would perhaps fetch him an income of about Rs 290,000- the saving being about five to six thousand rupees a month which is about eighty dolors a month. I tried not believing it but could not ignore the fact that he would send such eighty- dolor back home not only to buy a plot of land in Kathmandu for himself but also to buy our petrol from abroad to fill up our cars. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Back home, it is more of a challenge not only to get hold of good professionals but also to get dedicated non-skilled labour in abundance. It was like a real manhunt, while searching for an engineer for one of my recent hotel expansion projects. The contractor for the same project has already got his site engineer changed the fourth time in just over nine months. The void in our labor market has already become obvious. We will perhaps spend many of our 80-dollar remitted to us to buy our skilled manpower and services back from abroad. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">The disappearing political borders are now given to us in an international market under a trend of globalisation. The fact that around 30 per cent of our 5.6 million households depends on earnings from overseas jobs while its contribution to our gross domestic production (GDP) is 23.4 per cent cannot be undermined. However, getting paid in silver for lending out our brains and hands and then buying them back paying in gold is certainly not a wise way of handling our human resources.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">A labor in Kathmandu earns about Rs 400 a day today whereas a skilled labor makes over Rs 700 a day - which is almost Rs 12,000 a month even if he gets work for 15 days a month. The majority of people who aspire hard to get a job abroad are not skilled but if trained even for a short span of time, they can be skilled enough to earn at home as much as they would earn abroad. Even if one decides to go abroad, their average income would certainly improve from the present average of Rs 14,000 a month. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Awareness among for vocational and short-term training progrmmes and more importantly commitment from our planners and rulers are what we need today to add value and competitiveness to our work force.&nbsp;Venturing for such a noble cause will give us tangible and immediate returns for sure - inflow of remittance will grow, unemployment will reduce and balance of payment will improve. Perhaps we will then be trading our silver for gold not our gold for silver!! <br />
	<br />
	</span></div>
<div>
	<span style="font-size: 14px;"><i><span style="line-height: 115%;">(Pradhan is Director Business Development &amp; Projects at Soaltee Hotel Limited.)<br />
	<br />
	</span></i></span></div>',
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			'description' => 'Long serpentine queues in Kathmandu are no more a subject of curiosity to us. The endless lines of cars at gasoline stations, people crowding............',
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	(int) 9 => array(
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			'id' => '443',
			'article_category_id' => '38',
			'title' => 'Leadership: Managing Hunger (September 2011)',
			'sub_title' => '',
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	<div style="text-align: justify;">
		<span style="font-size: 14px;"><img align="left" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sujit(1).jpg" style="width: 116px; height: 147px;" vspace="10" />By Sujit Mundul</span></div>
</div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="color: rgb(134, 55, 59);">I</span>n the current days of rat race and peer pressure, most of us struggle hard to find happiness at workplace, regardless of the nature of the organisation -- be it a local corporate or a multinational. Resurgent capitalism has added fuel to the fire. It does not at all know, or does not know enough, about the boundary conditions of profit maximisation. A ceaseless aspiration of higher rate of profit drives people mad and could probably be a major source of dissatisfaction throughout the levels in an organisation. The question comes loud and clear if there is a sense of balance in the level of aspiration.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">In his recent book â€œThe art of happiness at workâ€ by HH Dalai Lama, the great spiritual leader has given some very practical suggestions to alleviate the contemporary pressure of achieving success to the detriment of our holistic well being. These conditions are also very much applicable to the persons in position of leadership, which involve them in managing conflicts.</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;">Frequently people are defeated because, though they are doing their best, they make mistakes in <img align="left" alt="" border="2" height="263" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/management.jpg" vspace="5" width="350" />how they assess and engage their environment. Sometimes we bring ourselves down by forgetting to pay attention to ourselves. We get entangled in the cause and forget that exercising leadership is, at heart, a pure personal activity. It activates us to face challenges, intellectually, emotionally, spiritually and physically. With the higher flow of adrenaline, we can work ourselves into believing we are somewhat different and therefore not subject to normal human frailties that can defeat more ordinary mortals on ordinary missions. We begin to act as if we were physically and emotionally indestructible.</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;">Let us look at the example of Bill Clinton. Bill Clinton came to the White House in 1993 sleep deprived and physically exhausted; rather than â€˜prepare himself physically for the ordeal aheadâ€™.&nbsp;Clinton spent the period between the election and the inauguration working, playing and celebrating in endless 24- hr days. By the time Clinton got to Washington, heâ€™ seemed worn out.... and hyper....â€™ He refused to rest. It may be that Clinton had a real drive to keep that pace as was observed by David Gergen, the presidential advisor. It would be quite logical to think that we are vulnerable to falling prey to our own hungers. It is strongly believed that self- knowledge and self-discipline form the foundation of staying 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;">It canâ€™t be denied that we all have hungers, which are expressions of our normal human needs. But we get reminded many a time that those hungers disrupt our capacity to act wisely or purposefully. Perhaps, one of our needs is too great and makes us vulnerable. It could be so that the setting in which we operate enhances our normal level of need, inflate our desires and in the process benumbs our usual self controls. A seed of unhappiness gets sown in the process.</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;">It cannot be denied that every human being needs some degree of power, control and importance, as well as intimacy and delight. It would be very difficult to find someone who prefers to feel entirely powerless and unimportant in life. However, it is a proven fact that each of these normal human needs could land us into trouble if not handled judiciously as one tends to lose personal wisdom and discipline required to manage them effectively.</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 a leadership role, the utmost difficult part is to manage people as one requires tuning their needs as well as oneâ€™s own. There is another danger, in connecting with peopleâ€™s hopes and frustrations; it is easy to become a depository of their yearnings! Nevertheless, the desire to fulfil the needs of others can become a vulnerability if it feeds the leaderâ€™s own normal hunger for power, importance etc. They get so caught up in the action and energy that they loss their wisdom and self-discipline, and slip out of control.</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;"><span style="letter-spacing: -0.1pt;">When you take on the tasks of leading, invariably you resonate with many feelings expressed by people around you. Many of the feelings in our jobs are produced by the way we resonate with the job environment itself. In each professional role one takes on, one must be careful about own emotional inclination to carry the issues and sentiments of others in the organisation. This, of course, is a very challenging proposition to deal with successfully. As discussed earlier, a failure to properly deal with these essential but complex psychological behaviour, would trigger unhappiness in the workplace as also in personal life.</span></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;">Once again I would like to refer back to HH Dalai Lamaâ€™s advice of clearly understanding where we are standing and what we want to achieve. He has had no hesitation in making it clear to us that uncontrolled ambition would become the bane of all unhappiness. So, it would be good to pay heed to his valuable advice that we need to make a choice between peace and ambition. Leaders of this age would require to exercise more caution in successfully playing their roles, as the lure of ambition unlimited would always remain latent, to drift oneâ€™s mind towards .......perhaps unhappiness.&nbsp;&nbsp;&nbsp;&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><i>(Mundul is a Director with Standard Chartered Bank Nepal Ltd)</i></span></div>',
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		'Article' => array(
			'id' => '442',
			'article_category_id' => '38',
			'title' => 'Employee Relations (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(134, 55, 59); padding: 0in 0in 3pt;">
	<div style="text-align: justify;">
		<span style="font-size: 14px;"><span style="letter-spacing: -0.15pt; font-style: normal;">By Dr Rabindra Karna</span></span></div>
</div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Misalignments in employee relations are mainly caused by misunderstanding arising from silo mentality, friction and disagreements between functions and individual employees in need of clarity. Workflow is considered one of the key enablers to adaptive and responsive culture in any workplace. Collaborative difficulties arise because of inability to partner with others, whether functions or individuals, within the enterprise. Employee relations strategies define the intentions of institutions about expectations from each member about what needs to be done in current situation to manage relationship with employees and their trade unions. HR strategy incorporating employee relation strategies flows from business strategy but concentrates on the ways and means for maximising cooperation with the unions and employees through minimising damaging effects on business in total.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Employee Relations is the broader and latest approach to Industrial Relations and Labour Relations that cover a wider range of employment relationship with the emergence of non-Industrial employment relationship, non-unionised workplaces and socio-emotional arrangements. It is viewed as collective relationship between the employer and the employees. It emphasises on prevention and solution to conflict arising out of work situations and contributes to enhanced productivity, motivation level and people morale as an effect of employeesâ€™ involvement on various progressive performance inclusive of discipline. It is also viewed as part of social science because of its concerns about relationship among the employees and the institutions that emerges by and in the form of recruitment and selection, compensation and benefit, workplace safety and environment, skills enhancement opportunities, discipline and so many other varieties of issues. Though it is part of the management that deals with collaborative partnership between the employer and the employees â€“ whether skilled or unskilled, worker or manager, relationship between the state and the employers and the trade unions. The primary concern of employee relation is employer â€“ employee relationship; if maintained at right spirit, driving human resources management strategy becomes effective that supports business achievement.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Since the emergence of Personnel Administrationto the present incarnation of Human Resources Management, even executives perception about it is as just an administrative function whereas employee relations, an integral part of human resources management, addresses underestimations by educating through interactions and leadership in developing methods to improve and establish human resources management into the role of strategic partner. The challenge for employee relation practice in modern management is observed as establishing connection between organisational behavior and&nbsp;HR strategies. In the current context, when the workplace relationship includes conflict of interest, no one can ensure to prevent workersâ€™ exploitation and thus HR (Human Resources) and ER (Employee Relations) practitioners work through institutional interventions to support workings of the relationship in right spirit protecting employeesâ€™ rights. Therefore, organisations these days have grievance procedures, Labour Relation Committee, Labour Unions, Collective Bargaining mechanism and Labor Management Partnership etc. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Any business needs people to work in team, performing to achieve business objectives. Non-living entities like machineries, chairs, tables etc cannot be instrumental towards organisational expectations without human beings. In fact, the people are the most valuable asset for any organisation. People resources must share good rapport working together and strive to make the dreams of the organisation come true. Thus, itâ€™s pertinent for the people working for any organization to clearly demonstrate their personal interest after business interest.&nbsp;Some of the key issues around employee relation are corporate restructuring and reshaping of enterprises, employment relationship in union and non-union work environment, effective and efficient performance management systems, workforce diversity, globalisation of labor market etc wherein perspective of socio-economic, political, historical, psychological and legislative developments have great say on employee and employer relationship. Relation can be warm, good, bad, so-so but it is important for any organisation that there is productive or healthy relationship among each other to deliver the best. Workforce spends maximum time with fellow workers, where any conflict will result only in diminishing productivity. Thus, the workforce needs to communicate or discuss as many essential things around business as possible that alone can allow each one at work to derive solution for any misunderstanding, which can lead to intended benefit for self and the institution. None can work alone at the same time it is also but natural that every one canâ€™t think like others or behave the way one behaves. Thus, itâ€™s important to ensure every one behaves in a civilized way demonstrating respect and trust for each other. It is also crucial that all employees maintain cordial relations supporting each other with great understanding of needs and expectations, impacting accomplishment of goals of the entity.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">It is important for employees to understand that they are paid for productivity and not for any clash or conflict among themselves. The fact also is that one can have best friends at work place. Many human scientists have expressed their observation that healthy work place relation leads to long life and it helps people at work to keep themselves ready to take new challenges. Communication plays crucial role in generating and up-keeping relations intact and hence it is widely recommended to keep communication effective and open within and outside the core team. This helps to correct misinterpretation and perceptions about each other, leading to creating and strengthening the trust and the respect that is most essential for improved performance as well as individual efficiency. However, it (Communication) needs to be obvious and accurate so that thoughts are translated into relevant words supporting the development and sustainability of warm relationship; thus usage of written communication in terms of employee relation is highly recommended. Also, employee survey can be reflective towards focus on workplace relationship management, especially in terms of business operation. The survey report provides an opportunity for sincere feedback and breakdown that may not be possible to achieve solely through business communication. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">It is also observed that disciplinary measures as well as legal/policy compliance in relation to it like absenteeism, leave and vacation, overtime payment etc have marginal impact on employee relations.&nbsp;Similarly, skills enhancement opportunity, pay package, career advancement are important elements determining employee relation. Issues in these areas emerge mainly when employee equity becomes questionable in perception of partiality. It is thus suggested to avoid nepotism and ensure everyone in the organisation is treated same. It has been unanimous that employees are the lifeline of any organisation because none of the businesses can endure without employee like human cannot stay alive without blood. Employees are the most valuable asset and hence, their full immersion in their work, securing emotional attachment will be useful to sustain productive and harmony in relation. HR Associates (especially employee relations in-charge) must focus more on psychological contract than any other legal contract. As much people will have to deliver challenges and creativity in their routine, that much less chances of any challenge will be on employee relations. Simultaneously, activities supportive to foster togetherness like lunch together, group activities, task sharing, award ceremony, job rotation etc can be very useful in maintaining harmony at work place.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Additionally, one need to keep in mind that two individuals are never alike. It would be imperative to keep off from regular fault-finding rather usage of simple praises like â€œwell done, great, very good, wow etc motivating phrases will work far beyond any theory and practices. These leave impact like token of appreciation.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">It is rightly said that success and failure of any business is proportional to the relationship shared among the employees. Researches say if the employees are satisfied with their job responsibilities, they have a propensity to remain happy and stay away from conflict. It is therefore suggested for HR practitioners to encourage employees on group and extra-curricular activities and lead them to the unity that instills the productive relationship.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><i><span style="line-height: 115%;">(Dr Karna is the Executive Chairman of MARK Business Solutions Pvt Ltd and Ad Abhyas Marketing &amp; Communications Pvt Ltd. The article is based on various research reports and his practical experiences as management practitioner.)</span></i></span></div>',
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			'description' => 'Misalignments in employee relations are mainly caused by misunderstanding arising from silo mentality, friction and disagreements...',
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	(int) 11 => array(
		'Article' => array(
			'id' => '441',
			'article_category_id' => '38',
			'title' => 'Harassment At Work, Challenge For HR Personnel (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Harassment at work includes different types of unwanted action towards an employee that leads to complexity in doing assigned tasks or makes the employee feel that he or she is working in an unfriendly environment. Harassment may be based on different factors such as gender, race, class, culture, age, sexual orientation, or religious preference.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Different ways of harassment within and outside workplace are reported like intentional, situational, emotional, sexual and even harassment through use of technologies such as phone, SMS and email. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">In many countries of the world, there are laws that protect employees from conducting various job abuses, if the reality of the harassment can be proven. However, in case of our country we do not have such specific laws. During orientation, employees have to ensure they will follow the bylaws of the organisation. Most of the organisations have mentioned in their bylaws harassment issues and actions to be taken if it is violated. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">In order to recognise harassment at work, at first the conduct must be unwanted and offensive to the employee. Secondly, the employee must voice his or her objection to the behavior, allowing the offending individual or individuals to correct their behavior at work. Last, the conduct must be of a nature that makes an&nbsp;adverse impact on the ability of the employee to carry out his or her duties in an efficient and responsible manner and should be reported to the concerned authority. But in case of our country, most of the harassment victims remain silent due to which the tendency to harass continues. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">If actions could be taken based on the complaints filed, judging the type and the nature of harassment then such activities can be controlled to some extent. However, it is difficult to control harassment totally as it is more an ethical issue than a legal issue. In Nepal, complaints can be filed at labor court and through the decision of the court based on written complaints one can file the case at district court and then to the supreme court.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Many organisations in our country do not carry out any investigation and just fires the harasser, which&nbsp;leads to employees taking advantage of the system and reporting misleading complaints. Understanding employees and observing, finding out the authenticity of the complaints received and analyzing the issue are major challenges for HR.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">In order to control and reduce harassment in the organisation, addressing such issues secretly and confidentially is a must. Besides, CCTV monitoring, understanding employeeâ€™s behaviour and proper recruitment also play an important role in controlling intra organisational harassment. In case of organisation to individual and inter-organisational harassment, one needs to deal it tactfully.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Unwanted sexual advances by peers or supervisors are the most common form of workplace harassment. Both male and female employees may be approached by someone in the workplace who either hint or directly state that compliance will benefit the employee in some manner, or at least help to make sure that employment will continue. Today, many countries have laws that protect employees of all genders from this type of harassment.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Sometimes in case of multinational companies or NGOs/INGOs employees have to deal with foreign clients where comes the problem of intercultural practices like hugging, kissing or even shaking hands. In these cases, many people may feel they are harassed. So, in order to avoid this, HR should inform the visiting person about the cultural slopes and limitations and let them know how to make their stay comfortable.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Hence, in order to avoid harassment, office politics must be completely avoided. Besides, every individual should speak up if they feel harassed and only then we can minimise not only workplace harassment but also harassment as a whole. Minimising workplace harassment remains a challenge for HR personnel, however, neutralizing it is almost next to impossible.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><i><span style="line-height: 115%;">(The write-up is based on an â€˜HR Kurakaniâ€™ discussion on â€œHarassment at Work- Challenge for HR Personnelâ€ on July 27, 2011 conducted by Real Solutions Pvt Ltd. The participants at the discussion included representatives from NGOs &amp; INGOs, Hotel Industry, Research Organisations, IT and Communication, Automobile Companies, Trading and Service Industries. Shailendra Raj Giri, Managing Director of Real Solutions, acted as the moderator for the discussion and Nibha Shakya, HR Executive of the company, was the coordinator of the event.)</span></i></span></div>',
			'published' => true,
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			'description' => 'Harassment at work includes different types of unwanted action towards an employee that leads to complexity in doing assigned tasks or makes the....',
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	(int) 12 => array(
		'Article' => array(
			'id' => '440',
			'article_category_id' => '50',
			'title' => 'Feedback September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span style="color: rgb(134, 55, 59);"><br />
	<strong><span style="color:#000;">Shrinking Pie Of PEs September 2011<br />
	</span></strong><br />
	<br />
	T</span><span style="color: black;">he cover story of New Business Age (August, 2011) reveals that majority of the Nepali Public Enterprises (PE) are bearing losses. It is true that those in profit are also because of their monopolistic nature of business. If they had to face a tough competitor from the private sector, they too would have been surviving only based on the subsidies provided from the state coffers. A lot of PEs are surviving in such comatose state. How long they expect to survive in such manner and how long will they expect support from the government? After all, they are enterprises for doing business. Shouldn't they be managing their business better if they want to survive in the market? I think the government should consider whether to keep these parasite PEs running or close them down.<br />
	<br />
	In a competitive market, the companies that cannot withstand the competitive forces must be let go. The market should decide whether a PE should survive or close down. If it can't compete with others in the market, especially the private sector counterparts, it should be either handed over to the private sector that can manage and operate well or be dissolved. The state may try to protect it for a while, which is not unnatural. But the question is for how long and why, if it cannot justify&nbsp;its existence and even manage its expenses.</span></span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div>
	<span style="font-size:12px;"><span style="line-height: 115%; color: black;">Most of the PEs are business entities. As the state is not meant for doing any form of business, why did the latest budget take a regressive step to go back to a state-controlled economy? Doesn't the government have anything more important to do like ensuring a better astate of the PEs proves that they are not desired in the market. The shrinking share of their pie says it all. If they want their existence, they must compete in the market or should be shut down. That is the only good option. PEs must stop begging from the state and the state must stop funnelling taxpayers money to unproductive but hungry companies.<br />
	<br />
	</span></span></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><b>- Radha Krishna Bhandari</b></span></div>
<div>
	<span style="font-size:12px;"><b><span style="line-height: 115%;">Putalisadak</span></b></span></div>
<div>
	<span style="font-size:12px;"><b>&nbsp;</b></span></div>
<hr />
<div style="text-indent: 0in;">
	<strong><span style="font-size:12px;"><br />
	Need for FII<br />
	<br />
	</span></strong></div>
<div style="text-indent: 0in;">
	<span style="font-size:12px;">In this era of globalisation, companies are in a race to extend their global outreach. They want to step into as many regions as they can and as long as they see a lucrative return. When this race among the global giants goes on at full throttle, countries like Nepal must be able to open up track for them. These companies don't only bring in investment but also a distinct corporate culture, investment technique, unique way of working and a secret for the development of local economy and market. The much greater impact will be on the capital market, which is the most efficient source of funding after banks and finance companies. They bring in jobs; they bring in money and market development. What they only seek in return is a stable political and economic environment where they can manage their business. Only if they can be assured of the stability, they are ready to make some differences. The large institutional investors not only offer the market development but also provide assurance to small investor protection. India has opened up its door for such investors. Similarly, Nepal must also without any delay open its door to foreign institutional investors. The initiative to allow Non-Resident Nepalis to invest as institutional investors is quite positive. In the days to come, the country must welcome foreign investors in the hydropower sector to the capital market.<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><b>- Bijay Neupane</b></span></div>
<div>
	<span style="font-size:12px;"><b><span style="line-height: 115%;">Bhaktapur</span></b></span></div>
<div>
	<span style="font-size:12px;"><b>&nbsp;</b></span></div>
<hr />
<div style="text-indent: 0in;">
	<strong><span style="font-size:12px;"><br />
	Creating Brand <br />
	<br />
	</span></strong></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	Established brands are the first choice for a group of consumers. They do not think beyond a certain brand name usually renowned across the world. A successful branding and advertising of such brands have been able to establish a strong image for the products. Eye-catching advertisements without the product quality would not make those brands successful. Nepali brands too have their own niche market. Despite an array of branded products, consumers prefer foreign brands. Sometimes, advertising makes consumers simply say, Nepali products are not good,without even trying out once. While concentrating on the quality, they must prioritise quality too in the advertisements. An ad cannot be for everyone just like a product. They must be creative and catchy for the targeted group and other groups that may become the potential client. Ads are not only for today but also for tomorrow. This is missing in Nepali brands. Ads are failing to create an image that the product is worthy of use. Rather, they seem to be mocking at the product itself. To gain the attention of brand conscious consumers and retain brand loyalty, advertisement quality along with the product quality has to be up to the mark.<br />
	<b><br />
	- Suraksha Rayamajhi</b></span></div>
<div>
	<span style="font-size:12px;"><b><span style="line-height: 115%;">Pokhara<br />
	<br />
	<br />
	</span></b></span></div>',
			'published' => true,
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			'description' => 'The cover story of New Business Age (August, 2011) reveals that majority of the Nepali Public Enterprises (PE) are bearing losses. It is true that those in.....',
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	(int) 13 => array(
		'Article' => array(
			'id' => '438',
			'article_category_id' => '47',
			'title' => 'Legacy Of Success',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size:12px;"><b><span style="line-height: 120%;"><img align="left" alt="nubiz" border="1" height="275" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-per.jpg" style="width: 308px; height: 275px;margin:10px;padding:10px;" vspace="5" width="308" />Moti Lal Dugar</span></b></span></div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size:12px;"><span style="line-height: 120%;">Chairman</span></span></div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size:12px;">TM Dugar Group<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Moti Lal Dugar, Chairman of TM Dugar Group, is a third generation entrepreneur,<span style="line-height: 115%;">who is successfully continuing a legacy of 127 years old industrial family Dugar. He never imagined a career beyond business. Dugar feels fortunate to be born in a business family and takes pride in the fact that his group tasted success &nbsp;in whatever business it ventured into.<br />
	<br />
	</span></span></div>
<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(196, 21, 28); padding: 0in 0in 2pt;">
	<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
		<span style="font-size:12px;"><strong>By Gaurav Aryal</strong><br />
		<br />
		Moti Lal Dugar, 65, believes he is the most fortunate person to be born in a business family. It takes a little more than a hint of luck to take an already established business house to the next level of success. Dugar is an heir to 127 years old business legacy of the Dugar Group.<br />
		<br />
		</span></div>
</div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar is now Chairman of TM Dugar Group that has a wide array of interests ranging from banking, hydropower, automobiles, agro solutions, life insurance, FMCG products, agro based industries, consultancy to automobiles, among others. He is also Chairman of Sunrise Bank Ltd and Gurans Life Insurance Co Ltd, two public limited companies promoted by TM Dugar Group with some friends. Dugar says he does not like to be involved in any politics of business and never wished to be a front runner in any association. However, he feels it is okay to be associated with those forums which are directly related to his business and trade. He is the Treasurer of Nepal-USA Chamber of Commerce and Industry and Forum of Nepalese Banks.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar was born and educated in Biratnagar. He went to Adarsha Vidyalaya, a school that has produced a number of prominent entrepreneurs and politicians. He received education till BCom at Mahendra Morang College. The Dugars were one of the well-off families even during those days. He recalls the range of luxuries available at his home those days bullock cart, horses, maids and servants. During his college days, Dugar used to ride a Honda 250cc motorcycle imported from Japan. He remembers the first family car a Land Rover. During his student days, he was one of the good students in class though he never stood among the top three. Sport was not his cup of tea either. However, as a child, he was fond of traditional children's games like marbles and <i>dandi biyo</i> among others.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">He was in his early teens when he began working in his family business. At the age of around 17, he took up full responsibility and started looking after some of his companies. At that time, Dugars were in a joint family and living in Biratnagar. His elder Brother Tola Ram Dugar was looking after the business after their father died. After Tola Ram Dugar passed away in May 2011, Moti Lal has taken over the lead of the TM Dugar Group. Moti Lal was just 11 when his father passed away. Young Dugar began his career at the textile shop. Gradually, he started visiting industries and understood the knots and bolts of handling a business. He took up the responsibility from keeping accounts to making contracts, looking after exports, export-import contracts and even LCs. The initial business of the Dugars was textiles and agro products. The business was later expanded to jute export, steel factory, rice mills and others.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">The process of expansion in fact never stopped. In the same course, the family shifted to Kathmandu. The family business was sector-wise divided among four brothers. Among those, Moti Lal got the automobiles business for which he was working since the beginning. It has been four decades since he began working in this sector. Now, he is also a specialist in automobile, banking and insurance. He is planning to venture into hydropower. The Dugar group has always been the leading industrial group of Nepal. Dugar is content with the growth and development of the company. He says, â€œOur family always aimed at taking the business to next level. So far, we are satisfactorily moving ahead. We are successful in maintaining the leadership position in every business we ventured into.He adds that his company has been successful in sticking to its principle. Maintaining the status achieved in the course of 127 years is what Dugar feels is a matter of satisfaction and an achievement in itself. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">He feels he inherited the success that was accomplished by his parents and senior family members. He gives the credit of his company's success to them, especially his eldest brother late Tolaram Dugar whom his regards as high as his father not only as elder brother. More importantly, he feels he inherited the trust and belief of Nepali people in his group. He expresses pleasure to be born as a business person. He does not have any regrets about having the career that he thinks was destined for him. According to Dugar, job satisfaction is the most pleasing aspect of the business.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar claims that honesty is the everlasting principle of the Dugar group. Dugar explains, <img align="right" alt="intreview" border="1" height="331" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-per1.jpg" style="margin:10px;paading:10px;" vspace="10" width="400" />â€œHigh degree of honesty must be maintained. Customers should not be cheated. A business can never sustain without customer's trust. The group has been working with such vision and belief.Dugar believes clients are the incarnation of Goddess Laxmi Goddess of wealth and she should not be cheated. He says thanks to such principles, the group is valued high in the market today.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">For Dugar, profit, loss or big money is not the measure of success. He says, There are many other groups who have more money than us. We began from scratch and achieved this status. We are satisfied with this. Our business image has never been lower than others and that has been a matter of pride for us. He identifies success in the manner the people recognise and trust the group. Profit and loss is something that keeps changing but the recognition does not and it will lead to profit and stability of the company. He feels his next generation has a ready path shown by the long history of the group. They don't have to work too hard. They just need to add cherry on top, he says. Fifth generation of the Dugar family his grandchildren will soon join the business after their education.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">The group that was initially into the food grain and agro based industries stepped into the service industry through banking and insurance around five years back. Dugar sees the future of Nepal in three areas hydropower, tourism and agriculture. He says Nepal cannot compete with India and China with a high cost of production by subsidising industries with a bundle of discounts and waivers. Although the Dugar group does not have any plans to venture into tourism sector, it will soon be developing hydroelectricity projects. The group is planning to develop more than 170 Megawatts of hydroelectricity in the near future. Pan Himalaya Energy Pvt Ltd, Global Hydro Power Associate Pvt Ltd and Numbur Himalaya Hydropower Pvt Ltd have been established by the group for&nbsp;tapping hydropower potentials in the country. He thinks hydropower is a money-making industry that has huge export potentials although it is a capital-intensive sector. He says hydropower is liked by the world for its environmental benefits and sustainability.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">On Nepal's failure to develop hydroelectricity sector despite huge potentials, Dugar says, All political parties must have genuine commitment for the development of the nation. Everyone must shed his leg-pulling attitude and should respect others' ideas if they benefit the nation. Such massive projects will not be possible without foreign investors. They must be welcomed anyhow. Investment worth billions of rupees will not come just with phoney speeches.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">While deciding anything about the companies in the group, one person looking after a particular sector never interferes with another. He reveals that there will be discussions on visions and plans and anyone in the family can invest if he has interests.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">In the TM Dugar Group, 1,500 employees are working. Dugar says a separate committee looks after the human resource management. He says human resource is the real capital of any company. So, we provide handsome salary as motivation. People working here have a distinct and prestigious life, he says. He reveals that employees are quite steady with the companies. He shares numerous examples of people working in the group for as long as three generations.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.6pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar says he does not have uber luxury in life. He likes to lead a simple life and does not have any luxurious demands. Dugar gets up at six in the morning and goes to health club. For remaining healthy, he exercises everyday and is conscious about food habits. After having breakfast, he goes to his office between 10 and 10:30 in the morning and returns home at around 8 pm. He does not have much interest in social parties and rather feels annoyed if he has to frequently attend them. He thinks partying more than once a week is too much. He loves watching television, chatting with family, reading newspapers and listening to music. These are his favourite pastimes. He does not work on Saturdays. His mornings and evenings are dedicated to his family.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.6pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">When he has to suggest anyone who wants to follow his footsteps, he says: Do anything with dedication, focus and honesty. Do not dive into anything seeing someone else making profit. It is wise to focus on expanding what you already have. The competition is so tough so you must be careful while investing. You may lose your hard earned money. In this regards, I am quite conservative.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">When it comes to charity and philanthropy, he believes in building hospitals rather than building a temple. When we have some problems (health) we need hospitals as temples cannot cure us. Building a hospital is more spiritual than a temple. It does not mean I am atheist but I believe more people will benefit from a hospital,â€ he opines. He adds hospital is for service while a temple is for satisfaction. A hospital built by his late elder brother has been handed over to Koshi Zonal Hospital in Biratnagar.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar does not believe in a retired life. Though 65, he looks much younger to his age and is actively involved in business. He says, Retirement makes one feel old and weak. It diminishes the capacity as well as the prestige. Everyone respects active person. I believe one should not retire and should work as long as one can. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><span style="line-height: 115%;">An active and youthful attitude of Dugar is certain to lead his companies to greater success in the days to come. <br />
	<br />
	<br />
	</span></span></div>',
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			'title' => 'The Third-party Miracle (september 2011)',
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	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong><img align="left" alt="lauging" border="2" height="167" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/img3(2).jpg" style="width: 137px; height: 167px;margin:10px;padding:10px;" vspace="10" width="137" />By Madan Lamsal</strong><br />
		<br />
		The Nepali insurance companies are now overwhelmed by the miracle of the third party. There were times when these companies used to hire umpteen number of agents to net a small fry who would ultimately agree to buy their policy. But, these days, their business is so smoothly automated, money floods into the office by any minor economic activity a nouveau riche carries out. No sooner, one buys a private car, a taxi or a rental minibus, the premium amount in the name of the third party insurance automatically flows into insurance company account.<br />
		<br />
		There are other advantages of the third party insurance. This particular insurance has embedded self-defense mechanism. For example, more vehicles means more premium. Also, it means more traffic jams on the road. That means less speed, and less accidents. Lesser number of accidents naturally results in highly reduced claim on insurance. This is truly a full-proof proposition. All these have contributed to balloon-up the premium collection. And more profits, more leisure time for the insurance company executives. <br />
		<br />
		<img align="left" alt="nolaughingmatter" border="2" height="329" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/laugh.jpg" style="margin:10px;padding:10px;" vspace="10" width="400" />This leisure has provided some value-time for the top insurance executives to be more creative to think about truly new product, as effective as the third party. In a meeting of a group of CEOs, the most imaginative one proposed that they must launch the third party insurance product for the aeroplanes and bicycles. The other one seconded, bicycles are perfectly ok but the aeroplane products must be thoroughly researched.<br />
		<br />
		<br />
		Objected the third, Only thing we must think about is not the product research but to identify the party that can force some sort of insurance. Look, how some of the foreign missions have been great help to us. They have made the travel and host country health insurance compulsory to issue a visa. Every traveler pays the premium for this but never comes back to claim anything.<br />
		<br />
		<br />
		The next volunteered, even if they did, the companies could easily shirk away saying that the coverage was just for minor illnesses like common cold or fever. Because no one asks what is covered in a haste to get visa, such insurance is always uncertain even to those Nepalis who is in who's-who list.<br />
		<br />
		<br />
		But many thought ˜the third party airplane insurance was indeed a marvellous idea. So, the group assigned to explore the possibility to two chosen energetic CEOs. For the purpose, they flew by a plane to a new destination together. Both of them had bought flight insurance. After landing at the airport the other end, one remarked, "What a wastage! The premium we paid for the flight insurance went in vain."</span><span style="font-size:12px;"><span style="line-height: 115%;"> Other one evaluated, but, you see, third party air insurance seems to be real good proposition as aeroplane is unlikely to hit and kill anything en route. Thus entire premium gets saved for the company.<br />
		<br />
		<br />
		<br />
		<br />
		</span> </span></div>
</div>',
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			'id' => '454',
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			'title' => 'Biz Launches September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Om Finance Limited has launched a new account titled Om Laakh Yojana for its customers. As per the scheme, anybody who opens such account with deposits of Rs 88,000 will receive a grand total amount of Rs 100,000 after a year.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Nokia has launched its new mobile handset C2-03 in the Nepali market. The handset comprises an inbuilt internet browser and dual sim facility among other features.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Mobile phone service provider Ncell has launched machine-to-machine system for the first time in Nepal. The system is targeted at business and financial institutions and security related companies besides the ordinary customers.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Mega Bank Nepal Limited has launched two new savings accounts titled Mega Swabhimaan Bachat Khata and Naari Special Account.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">A Memorandum of Understanding (MOU) has been signed between Kumari Bank Ltd and Shikhar Insurance Company Ltd for Kumari Secure Mind Home Loan.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Teletalk Private limited, the sole authorized distributor of Spice Mobile phone in Nepal has launched new handset named Transformer M5500 and Elite M5350.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Commerz and Trust Bank Nepal Ltd has launched a new deposit product called Zero Balance Account. With this account, the customers can open the account in zero balance and can get free ATM card.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">BIZ International has introduced a stylish handset In 4470 N in the market. It comes with 2 GB free memory card and is priced at Rs 4,500.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Samsung has launched a new series of microwave ovens in the market. 18 different models of Solo, Grill and Convection ovens have been brought in the market with the price ranging from Rs. 8,590 to Rs. 26,690.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Valley Finance Ltd has launched Valley Nari Saving Account. The account can be opened with a minimum balance of Rs 200 and will provide an interest of 10 per cent per annum.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Siddhartha Bank has launched Club Siddhartha, an exclusive customer loyalty programme. The membership is available at an annual fee of Rs 1,000.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">A private service provider company Inquiry Nepal Pvt Ltd has been launched to provide all kinds of information to the consumers on inquiry, informed its Managing Director Dilli Raman Bhandari.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Base Footwear Pvt Ltd has launched Dashain-Tihar Bonus Dhamaka scheme targeted at its dealers and retailers. This prize scheme will be applicable for its product Dear Hill Shoes only.<br />
		<br />
		</span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Laxmi Intercontinental Pvt Ltd, an exclusive dealer for Hyundai vehicles in Nepal, has launched Dashain-Tihar ko Hardik Hyundaimaaya Offer on the occasion of the approaching festive season of Dashain and Tihar.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Mercantile Office Systems Pvt Ltd, the authorised seller of Acer Computer in Nepal, has launched Portable Computer Acer Iconia Series in the market.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">S B Furniture has launched a new scheme for its customers. Under the scheme, a modern bedroom set will be available for Rs 99,999 from its showrooms at Panipokhari and Lagankhel, informed Sudarshan Joshi.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Indian Ceramic Producer Company Somani Ceramic Limited has opened its first showroom in Kathmandu. The company has established the Somani Studio Showrom at Bindu Hardware and Sanitary in Koteshwor.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Lumbini Bank has launched ATM services from its branch located in Parasi, the headquarters of Nawalparasi district, informed Branch Manager Arjun Pokharel.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Everest Bank Limited has established an extension counter and ATM in Kohalpur of Banke district. With this, the bank now has a total of 21 extension counters and 45 ATMs.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">An exclusive showroom dedicated to Nano car has been established in Thapathali, Kathmandu. Sipradi Trading, the authorised seller of Tata Motors in Nepal said it opened the showroom to cater the overwhelming response for Nano among the general public.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">A new Double French door Refrigerator from Samsung has been launched in the Nepali market.&nbsp;Him Electronics, the authorised seller for Samsung products in Nepal said the refrigerator is integrated with ultramodern technology.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Buddha Air has added an ATR 72-500 aircraft to its fleet, increasing the fleet size to nine aircraft. The new aircraft built in France has 72 seats.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Kamana Bikash Bank Limited has opened a new branch in Birendranagar-3, Khurkhure of Chitwan district. This is the seventh branch of the bank which has its headquarters in Lekhnath of Kaski district.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Smart Telecom has started CRBT service Smart Tunes. The service is available for Rs 10.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Women's Planet Private Limited has opened its second branch at Star Mall in Putalisadak, Kathmandu. It would be an attractive destination for fashion connoisseurs, claimed its operators Sushma Singh and Nilam Shahi.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Jagadamba Cement has launched Jagadamba Bahar Upaharai Upahar scheme&nbsp;for this year's festival season.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">&nbsp;Nabin Distributors, authorised seller for Kent Healthcare Products in Nepal, has launched three new products Kent TopGuard, Kent Ozone Air Purifier and Kent Vegetable and Fruit Purifier in the Nepali market.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">International Marketing Service Private Limited, authorised seller of Samsung Mobile in Nepal, has officially launched Galaxy S-2 smartphone in Nepal.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Chaudhary Group, has introduced LED Television available on 120 hertz for the first time in Nepal.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Citizens Bank International Limited has launched Citizens Ghar Dailo banking services. The service, currently available only at the bank's head office in Kamaladi will be&nbsp;extended gradually throughout Nepal, says the bank.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">International Money Express (IME) Private Limited has launched a new scheme titled â€˜IME Garaun, Car Chadaun targeted at the Nepali people residing in Japan.</span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>',
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			'created' => '2011-10-11',
			'modified' => '2012-08-26',
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			'title' => 'Social Media Adoption By TELECOM Giants In Nepal - NCELL And NTC',
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			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">By <strong>Deep Sherchan<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">As we are moving into the age of online economy, communication channels will play a major role in development of nation's economy. So, it is very important to understand where Nepal is, in terms of the whole online revolution. South-East Asian Countries like Malaysia, Singapore, and Indonesia are rapidly evolving with the online revolution and giving them important space into the overall growth of the nation.</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;">As per the US Census Bureau, Nepal has a population of 28,951,852 as of 2010 and accordingly to ITU Nepal has 625,800 Internet users as of June, 2010, which is like 2.2 per cent of the population, according to ITU. Now, if we compare this with Malaysia, it has 28,728,607 population (2011) and 16,902,600 Internet users as of June 2009, which is 64.6 per cent penetration, as per ITU. More interestingly, it had around 9,998,440 Facebook (FB) users on March 31/11, which is 34.8 per cent penetration. As per Facebook, Nepal had 811,780 Facebook users on March 31/11, 2.8 per cent penetration. The difference in the penetration of Internet is interesting to observe. The numbers can be a bit contradictory, but FB's user count is very approximate based on the location which cannot be verified. But even then, this does give some amount of insights into the population.</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;">Now, Social Media is already a leading phenomenon in the world, it's a cultural shift between the mainstream media and the free and open community conversation that takes place at the online community forums and platforms such as Facebook. One of the major role social media plays is in the leveraging small and medium businesses, where businesses have direct access to communicate with the customers. So, it is interesting to see how the telecom giants of Nepal are handling this, as they provide the main backbones for the whole revolution.</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 picture is quite interesting as it shows that the two major players of telecom in Nepal (NTC and NCELL) have been going in different directions all together. Now, which one is on the right track is not very difficult to figure out. When we talk about online revolution, there is one important thing to consider and that is - how social media friendly is the company. Now, unless telecom companies understand the effect of social media, there is no way that they will be able to drive the required innovation in the field.</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;">In the evolving business models, every company is required to have an online presence and online communication channels, for people to connect with the service. Nepal surely has lots of hurdles to pass through before the Nepali people and companies can leverage the benefits of IT and social media. If you compare NCELL and NTC, you will immediately notice where each one is. NCELL has been heavily adopting latest technology and business models to gain users base, whereas NTC is still in rudimentary stages.</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;">Just to give you an idea on why this is so important for NTC and NCELL, let me explain the basic business models both employ. Both companies earn by sales of SIM cards, the call charges and nowadays even through bandwidth usages. The concept of value added services for mobile devices has still not matured and the same can be said about caller-tunes and other entertainment services. In addition to this, the emerging popularity of Smartphone has provided opportunity to give a variety of services to the end-users. In a competitive market, consumer research report shows that the adoption rate of telecom services is heavily influenced by the service satisfaction, which means a continuous to and fro communication between customer and business. This means a constant presence -- physically and virtually. This is why, online presence is so important. People are continuously looking for information and support.</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;">May be this is why NTC is losing the battle with NCELL. NCELL has been officially declared as the winner the country's first private GSM mobile operator”as the Number 1 player in the GSM mobile segment. The massive branding and investment NCELL has done for last one year is commendable. IT has&nbsp;been aggressive in terms of promoting and coming up with new business models.</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;">Reports say that until last fiscal year, difference between the subscriber base of the two operators NCELL and NT was around 1 million. However, since last fiscal year, NCELL aggressively started introducing new services and handsets targeting both low-end and high-end customers.</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;">Let us just concentrate on how NCELL has been making its presence felt in the online space through social media. The social media presence is all about wearing an attitude to support customers through providing timely information. The websites of NCELL and NTC are both rich in content but NCELL seems to have been communicating with more grace than NTC. The engagement in NCELL is much higher than in NTC. Similarly, NTC doesn't have any online profiles in Facebook, which is where most people are spending their time on. </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;">Beside the contradictory argument that Nepal is still emerging in terms of Online Community, NCELL seems to be doing great with its promotion whereas NTC is still lagging behind the adoption. Being TELECOM companies, NTC and NCELL both must be forerunner into adopting new technology and encouraging new services.</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;">Other interesting examples are Nepal Unites Campaign and Creative Political Activism which are on at Facebook. These activities show the vibes of Nepalese Online Community which if leveraged correctly would benefit companies as well as the nation.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>NTC Online Profiles:<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Telecommunication was introduced with the installation of open wire trunk telephone line between Kathmandu and Birgunj (a border town in southern Nepal) for the first time in Nepal around 1914, beginning of the First&nbsp; World War.</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;">Nepal Telecom has been actively involved in the business of physical market place. Its presence in the electronic market space is very minimal while major projects are under planning. Nepal Telecom is highly equipped with country-wide telecom infrastructure which is the competitive advantage for it over the rivals in the industry. Nepal Telecom has implemented IT in customer service rather than in core business. The company has been implementing information technology in customer billing payment. The other IT focuses are on Internal integration of the functional units and managerial planning process. The company has centralized the billing payment and revenue collection.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>NCELL Online Profiles:<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Until last fiscal year, difference between the subscriber base of the two operators NCELL and NT was around 1 million. However, since last fiscal year, NCELL aggressively started introducing new services and handsets targeting both low-end and high-end customers.<br />
	<br />
	</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;"><i>(Sherchan is Chief Marketing Officer at InRev Systems in Bangalore, India. He can be contacted via email at deep@in-rev.com or @bexdeep on Twitter.)<br />
	<br />
	<br />
	</i></span></div>
<table border="2" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><br />
					</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">NCELL</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">NTC</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Website</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://ncell.com.np/</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.ntc.net.np/</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Wikipedia</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://en.wikipedia.org/wiki/Ncell</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://en.wikipedia.org/wiki/Nepal_Telecom</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Facebook Wiki</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.facebook.com/pages/Ncell/134092903305342</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.facebook.com/pages/Nepal-Telecom/104071036295574?sk=wall</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">LinkedIn</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.linkedin.com/company/ncell</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.linkedin.com/company/nepal-telecom/statistics</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Facebook Page</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">https://www.facebook.com/ncell.com.np</span></div>
				<div style="text-align: justify;">
					<span style="font-size:12px;">(65,569 fans)</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">No official page, but lots of hatred community present unofficially.</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Twitter Profile</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">None</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">None</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Twitter Conversation</span></div>
			</td>
			<td colspan="2" valign="top" width="538">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Though Twitter has vibrant Nepalese community, the scale is pretty low compared to Facebook and the conversation is low for NTC and NCELL.</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Blogs</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://blog.ncell.com.np/</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">&nbsp;-</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Engagement</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Contest and Campaigns</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">None</span></div>
			</td>
		</tr>
	</tbody>
</table>
<p style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></p>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-17',
			'keywords' => '',
			'description' => 'As we are moving into the age of online economy, communication channels will play a major role in development of nation’s economy. So, it is very important to understand where......',
			'sortorder' => '363',
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			'article_date' => '0000-00-00 00:00:00',
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	(int) 2 => array(
		'Article' => array(
			'id' => '452',
			'article_category_id' => '41',
			'title' => 'Credibility Question In Accounting Profession',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong><br />
		By Paramananda Adhikari, FCA <br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Over the past decade, increased litigation as well as criticism of auditors has left little room for doubt that auditors are facing a liability and credibility crisis in their profession. The reputation of accountancy profession comes under question for the reliability of their services. This issue in auditing profession is termed audit expectation gap which denotes the difference between the public's and auditors perceptions of the role of an audit function. The gap is critical to the auditing profession because the greater the unfulfilled expectations from the public, the lower is the credibility associated with the function of the auditor. The increase in litigation and criticism against the auditors can be attributed to the expectation gap. The gap arises from the misconceptions on the part of users, the nature and objective of audit, unreasonable expectations from public and performance below standard of profession by the auditors too. The accountancy profession, like other professions, exists only through wide public acceptance. The perceived need in auditing is an independent reporting function. Once the auditor has examined the entity's books of accounts and financial statements, the public understands that there are no problems. </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;"><strong>Independence: Fundamental in Auditing Profession<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">What is independence? Why is it necessary for Professional Accountants? How is it maintained? These are some of the issues raised with respect to auditors. The term independence has no concrete meaning. However, integrity, objectivity and trustworthiness are the key elements in independence. The concept of auditors independence has been accepted from the very beginning when the accounting came into being as a profession. During the late 19th and early 20th centuries, the perception of independence in accounting profession changed due to modern capitalist economy, a system of economy designed to allocate resources using market mechanism. Independence is fundamental to the reliability of auditors reports. Investors, creditors and public would have little confidence in auditor's report, if they were not independent from the management in both fact and appearance.</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;">Without independence, an auditor's opinion is suspect and the users of financial statements believe that there is no need for external auditors, if independence has not been maintained. Third parties acceptance implies that the role of external auditors is an independent financial control within the corporate entity. Auditor must be conscious to maintain independence on audit planning execution and reporting. He must strive to ensure that the audit quality is not compromised under any circumstances.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Public Expectations<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Over a decade, audit is at the center of a heated debate. How and why for audit were the questions.. People were of the view that the responsibility of any wrongdoing in any entity is on the auditors among others. There has been disparity in the people's expectations from auditors, especially with regard to their duties, responsibilities and objectives of audit. There are misconceptions that it is the auditor's role to prepare financial statements in compliance with accounting standards and statutory requirements. However, the auditor's responsibility is to express an opinion whether the financial statements generated from the books of accounts give a true and fair picture in accordance with the financial reporting framework. </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;">People may have expectations from auditors that go beyond the professional responsibility such as audits would provide absolute assurance on the accuracy of the company's financial statements. The users of financial statements may question why the auditors did not detect material irregularities and disclose them in their report. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Audit at the Crossroad <br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Given the growing list of financial reporting scandals, audit is once again at a crossroad. The significant number of big corporate failures/scandals over the past decade all over the world creates an audit crisis in the marketplace. The large payouts resulting from audit litigation in the developed countries have adversely affected the quality of audit services. Some of the big corporate failures/scandals over the past decade were, Enron (USA), WorldCom (USA), Lehman Brothers (USA), Merrill Lynch (USA), Fannie Mae (USA), Parmalat (Italy), Maxwell (UK), Flowtex (Germany), Vivendi (France), Baan (Netherlands), Satyam (India). These failures/scandals came one after another. After the widely publicised auditing failures in USA and later in Europe, the users have started losing confidence in auditing profession and raised the voice where were the auditors? What was the role of watchdog? These cases clearly map out people's expectations with respect to the duties and responsibilities of auditors. Regulating and oversight agencies have been investigating the performance status of the accounting profession worldwide.</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;">Over the days, in Nepal too, people have witnessed and become victims of companies going bust due to poor corporate governance by the management. In such a situation, effective corporate governance structures that should have detected any unlawful or unethical behavior by the dominant party may have been missing. Due to the cases of unethical conduct of management, inappropriate accounting system, disparity in maturity pattern of assets and liabilities, over-valuation of collateral that may be running amuck and pitch in some of the cases like Nepal Development Bank (Liquidation), Samjhana Finance Ltd, Nepal Share Markets and Finance Ltd, Gurkha Development Bank, United Development Bank, Vibor Bikas Bank, Peoples Finance Ltd, World Merchant Banking and Finance Ltd, CMB Finance Ltd. From these few instances, we are also witnessing corporate failures, scandals, or liquidity crunch in recent days that may raise questions about credibility on the auditors report and sustainability of businesses. Now is the time for the audit profession to be more proactive to lead the debate.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Questionable Role of Auditor<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">There are many reasons for reducing the independence of the auditor. Among others, these are economic dependence on the client, market competition in audit, other non-audit services, close relationship with client's executives, acceptances of goods and services from clients in concessional rate or free of cost, worry about their re-appointment etc.&nbsp;Due to these factors, auditors may be unable to produce fair and reliable reports in certain cases and the independence, of course, is curtailed. If auditors are perceived not independent, the report would be below the standards of the profession and would damage overall image of the accounting profession. </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;">Auditors may be found guilty of gross negligence in examining the financial and other records. Gross negligence means failure to exercise minimum due care when material errors or irregularities that should have been detected by the application of professional standards go unnoticed. Material amount of fictitious sales recorded at the year-end to inflate income and failure to detect this intentional mis-statement is one of the examples. A similar mis-statement by understating several expenses by a small amount or charging expenses in capital account and failure to detect them by the auditor is also considered as gross negligence. </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;">Cases finding fault with auditors about the application of professional standards, practices and inadequate disclosure have occurred over time, raising questions over auditors' performance. Some of the cases of non-compliance of standards are revenue recognition, fictitious receivables, failure to disclose related party transactions, verification of cash/bank balances and, failure to obtain third-party confirmation, inadequate collateral of loan, non-accounting of major transactions, failure to assess the clientâ€™s business risk etc. The standard also requires auditors to indicate any substantial doubt about the entityâ€™s existence as a going concern, In such a case, the auditor must add an explanatory paragraph following the opinion paragraph to his report. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>The Expectation Gap<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Expectation gap in audit is the difference between what the public/users of financial statement perceive about auditors responsibilities to be, and what exactly the auditors responsibilities are. Therefore, it is a gap between what is required by regulation and what market/public need is. The auditor's responsibility for detecting fraud is one of the major areas contributing to the expectation gap. The users of the financial statements believe that unqualified audit report means, the auditor has detected all material errors/irregularities. However, this perception is not in line with the professional standards, which hold the auditor responsible only for exercising due care in the conduct of examination.</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;">Another area for difference overrides the control structure and conceals the facts, perhaps at the behest of management. In such a case, auditor's exercise of due care fails to detect irregularities in the error-free financial statements produced by the management. This will result in significant misrepresentations in financial statement not detected by the auditor and further widen the expectation gap. </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 next area of difference is perception about the entity's ability to continue as a going concern. The users believe that an unqualified audit report is a guarantee that the entity is a healthy one. However, immediately or some time later, the entity is found either in a financial crisis to sustain or in the liquidation process. In such a situation, people may not be trust unqualified audit reports and many corporations either collapsed or were bailed out within a short period of receiving unqualified audit reports. These facts may attract substantial doubt that the auditors lack the expertise to render an independent opinion on financial statements and corporate affairs.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Bridging the Expectation Gap<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Preparation and presentation of financial statements is the prerogative of the management. Audit is performed on test basis from the sample drawn on the population of a class of transactions. Due to inherent limitation of internal control system adopted by the management, auditors can not detect all the irregularities. The auditor examines the financial statements and provides reasonable assurance that the financial statements are free from material mis-statements. As a result, the expectation gap continues to exist in audit including fraud, internal controls, illegal acts and other non-compliances. Here we analyse the possible remedial actions that may narrow expectation gap and improve the audit effectiveness. </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;">Firstly, the auditor shall report the cases of mis-representations, non-compliance of rules, regulations and professional standards to bridge the gap to some extent. If the auditors are found grossly negligent to discharge their duties, they may be liable to action under various Acts and Regulations, such as Nepal Chartered Accountants Act 1997, Companies Act 2006, Bank and Financial Institutions Act 2006.</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;">Secondly, compliance of Nepal Standard on Quality Control (NSQC) and implementation of Peer Review System, i.e. auditing the auditors helps narrow the expectation gap.</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;">Thirdly, educating the public about the objectives of audit, auditor's duties and responsibilities are important elements to bridge the expectation gap. Reducing unreasonable expectations requires creating awareness about the objective and limitations of audit and the auditor's work. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div>
	<span style="font-size:12px;"><strong>Reporting <br />
	<br />
	</strong></span></div>
<div>
	<span style="font-size:12px;">The auditor has the duty to report, after careful scrutiny of all the documentary evidences and information, every item of importance. He must demonstrate to the public that it is independent from the management and will provide high quality of audit and assurance services. Auditor, as a "public watchdog" reports the effectiveness of internal control, non-compliance of professional standards, mis-statements contained in financial statements, mis-statements resulting from management/employee fraud and illegal activities/operations, if any. Further, the auditor has to report about the entity's ability to continue as a going concern for a reasonable period from the date of audited financial statements. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>To Conclude<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Users of financial statements are of the opinion that the auditor should not only provide an opinion but also interpret the financial statements in such a manner that it evaluates the overall performance of the entity. The users expect from auditors to report in-depth information of the companyâ€™s affairs, watching the management surveillance and detecting illegal acts/frauds on the part of management. These are the high expectations on the part of users of financial statements that create gap between auditors and users expectations from auditing. There has been considerable debate about the nature and scope of audit and the audit expectation gap. The differences between what auditors actually do and what third parties think auditors do or should do remain. The expectation gap may never be eliminated. However, it may be reduced to a standard of profession. </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;">In recent years, the regulatory framework for professional accountants has changed. At present, we have peer review concept, quality control standards and the disciplinary mechanism. Failing in compliance or departures from the set conduct by the members may make them liable to disciplinary action. All this has been done with a view to gaining public confidence and to enhancing credibility of the accounting profession. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size:12px;">(Adhikari is Technical Director at the Institute of Chartered Accountants of Nepal (ICAN)&nbsp;and General Secretary of the Association of Chartered Accountants of Nepal)<br />
	<br />
	<br />
	</span></strong></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-17',
			'keywords' => '',
			'description' => 'Over the past decade, increased litigation as well as criticism of auditors has left little room for doubt that auditors are facing a liability and credibility crisis in their profession. The.....',
			'sortorder' => '362',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '451',
			'article_category_id' => '42',
			'title' => 'High Earnings Low Effect (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>By Bikram Chitrakar<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for the fourth quarter of the fiscal year 2010-11 could not lift he market. The benchmark Nepse index lost 15.68 points or 4.45% to settle at 349.85 on August 22. It was at the highest point of 365.43 on 24th July while the lowest point was on 9th August at 345.8</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;">Though the banks and financial institutions published their fourth quarter reports showing good financial performance in the fiscal year 2010-11 that ended on mid-July 2011, this failed to improve the sentiment of the investors. Some commercial banks such as Nabil Bank, Bank of Kathmandu and Everest Bank have already declared dividends. However the strength of such declaration has failed to improve the sentiment of stockholders.</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;">During the review period, International Share market slipped heavily after the rating of United States government's debt was downgraded by S&amp;P. Major Asian, European and US market suffered heavy loss after gloomy economic overview of US and European market. However, Nepal's market was not impacted by this issue as the international market movement has little link with the Nepali bourse.</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;">Political fever once again gripped the investors sentiment as deadline for issuing the new constitution is round the corner while the political parties seem uncertain about how to go ahead with this task. One progress of the month in the parliament was that it passed an Act related to setting up investment board that aims to facilitate foreign investors. However, the capital market is yet to test the results of this new law.<br />
	<br />
	</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;"><strong>Performance by Sector<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The accompanying figure illustrates the sector-wise distribution based on total amount of trade. Commercial banking sector accounted for 52.20% followed by hydropower sector (16.20%) and development bank (15.49%).</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;">Technically, Simple Moving Average (SMA) is dominating the market as both 30 days SMA and 200 days SMA are above the Nepse index. Based on the SMA, the benchmark Nepse is weak<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><i>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
	<br />
	</i></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Movement in Indices (24 July - 22 August 2011)<br />
	<br />
	</span></div>
<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Indices</b></span></div>
			</td>
			<td width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Open</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>High</b></span></div>
			</td>
			<td width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Low</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Close</b></span></div>
			</td>
			<td width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Change</b></span></div>
			</td>
			<td width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>% Change</b></span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Nepse</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">345.80</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">349.85</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-15.57</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.45</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">310.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">317.27</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-19.86</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-6.26</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Sensitive</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.63</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.99</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.63</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.38</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Development Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-10.48</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-3.67</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hydropower</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">553.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">567.37</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-40.99</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.22</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Finance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.26</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.31</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-11.72</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.03</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Insurance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">415.94</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">422.26</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.45</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">419.48</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">3.54</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.84</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hotel</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">408.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.57</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-20.93</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.41</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Manufacturing</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.11</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.02</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Trading</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Others</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">487.61</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">498.19</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">475.87</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">480.57</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.04</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.46</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Float</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.30</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.69</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.38</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.65</span></div>
			</td>
		</tr>
	</tbody>
</table>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for....',
			'sortorder' => '361',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '450',
			'article_category_id' => '45',
			'title' => 'Corporate Movements September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">New Comers<br />
	<br />
	<br />
	Bir Bikram Rayamajhi</span></strong><span bk="" bt="" frnkgothitc=""> has joined United Insurance Company Nepal Ltd as CEO. Earlier, he was Deputy Governor of Nepal Rastra Bank.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Nandanhari Sharma </span></strong><span bk="" bt="" frnkgothitc="">has been appointed the CEO of Nepal Share Markets and Finance Company. Earlier, he was the Executive Director of Citizen Investment Trust. </span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Umesh Singh Bhandari</span></strong><span bk="" bt="" frnkgothitc=""> has joined Standard Finance Ltd as CEO. Earlier, he was the CEO of Narayani National Finance Ltd. </span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Kumar Prasad Wosti</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined as CEO at Peoples Finance Ltd. Earlier, he was Deputy Chief Officer at Rastriya Banijya Bank where he worked from 1977 to 2003.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Shanti Shakya</span></strong><span bk="" bt="" frnkgothitc=""> has joined Continental Associates Pvt Ltd as Sr Sales Manager at Kia Automotive Division, Gairidhara. Earlier, she was Sr Business Development Manager at Skoda Showroom, Thapathali.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Govinda Shrestha</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined Galleria CafÃ© as Operation Manger. Earlier, he was Chief Accountant at Himalaya Sangri-la Resort, Dhulikhel.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Resham Gurung</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined Bistarai-Bistarai Restaurant &amp; Bar Pvt Ltd as Manager. Earlier, he was Manager at Tamarind Restaurant &amp; Bar, Jhamsikhel.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Shristi Singh</span></strong><span bk="" bt="" frnkgothitc=""> has joined beed management private limited as a beed. She has an MSc in Accounting and Finance from London School of Economics.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Sajag Karki</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined Thompson Nepal Pvt Ltd as Sr Executive- Client Servicing. Earlier, he was working in the credit department of KIST Bank. <br />
	<br />
	<br />
	<br />
	</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><i><span bk="" bt="" color:="" demi="" frnkgothitc="">Promotions</span></i></strong></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Balaram Pathak</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has been promoted as Food &amp; Beverage Director at Soaltee Crowne Plaza Hotel. Earlier, he was Meeting Director there.</span></span></div>',
			'published' => true,
			'created' => '2011-10-11',
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			'description' => 'Bir Bikram Rayamajhi has joined United Insurance Company Nepal Ltd as CEO. Earlier, he was Deputy Governor of Nepal Rastra Bank.',
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	(int) 5 => array(
		'Article' => array(
			'id' => '447',
			'article_category_id' => '31',
			'title' => ''Quality Control Is The Most Important Part' (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><strong><img align="left" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-v1.jpg" style="width: 304px; height: 323px;" vspace="10" />Mohit Mamudi</strong> is Founder and CEO of the Centre for Development Management Studies (CEDEMAS), a UK-based non-profit institution dedicated to the enhancement of management education and training in developing nations. He has an MBA from Boston University, USA, and more than 30 yearsâ€™ experience in development and implementation of management and marketing strategies for some of the most successful global companies. Mamudi has held various executive positions and consultancy roles with more than 20 Fortune 500 corporations as well as governmental institutions in the UK and some of the most dynamic and challenging emerging markets such as Brazil, China, Central and Eastern Europe and the Middle East. He was in the city recently for the formal opening of CG-CEDEMAS Institute of Management (CGCIM) â€“ the first internationally managed business school in the country â€“ in partnership with the Chaudhary Group of Nepal. In an interview with <i>New Business Age</i>, Mamudi laid out the nuances of CEDEMASâ€™ management education philosophy in Nepal, which will be delivered through CGCIM. Excerpts:</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Can you tell us about CEDEMAS?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">CEDEMAS was established to lead and direct global efforts for improving the quality and relevance of management education and training in developing countries. We are confident that this would enhance managerial capabilities and effectiveness in both the public and the private sectors in these countries.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Many academics from around the world have underscored the need for a new type of training programme for managers in developing countries, based on their respective cultures and requirements. Therefore, our mission is to create a learning environment for independent thinking, creativity and self-reliance, for the benefit of a new breed of managers and entrepreneurs.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">There are scores of management schools around. What is it that distinguishes you from&nbsp;others?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">I strongly believe that only a new management mindset can initiate change and persuade departure from established norms in managing the affairs of the state and industry in many parts of the world. We, at CEDEMAS, have realised that management education must recognise diversity and promote social and cultural awareness.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">How did your affiliation with Chaudhary Group come about, to establish CGCIM?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We brought this idea to Nepal and were lucky to meet Mr Arun Chaudhary of Chaudhary Group. We explained our goals to him which excited him as he thought it was absolutely necessary to have such an institute in Nepal. He was willing to be the local partner institute for us and make a contribution towards the educational sector of the country. Together, we have joined hands to further this noble cause.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We have already had our first group of Nepali academics who successfully completed the Advanced Certificate for Business Faculty (ACBF) programme at CGCIM after two months of intensive learning and were awarded the ACBF Certificate. These academics were already teaching in other colleges and universities but we brought them in and trained them in the way that we want them to teach. They are now ready to work alongside international professors to deliver our programmes here in Nepal.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Please, tell us about your programmes internationally.</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We have already established a partner institute in Iran apart from Nepal. A partner institute in Ukraine is in the final stages of planning while negotiation for a Sri Lankan partner is in the planning stage. We have also had fruitful discussions for setting up partner institutes in some other developing countries such as China, India, Ghana and Zambia among others. We know that we stand to face competition from existing management institutes in these countries. However, we are confident that our uniqueness will set us apart from others.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Which are the programmes that you will be focusing in Nepal through CGCIM?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We have three key programmes for Nepal. The first one is the Faculty Training Programme in which we train faculties of other colleges in teaching management courses. The second one is Post-Graduate Diploma in Development Management where students who already have a degree join us. We teach them about development issues that are related to Nepal. Besides these two, we also have a general Post-Graduate Programme in Management which is like an Executive MBA â€“ developing managers for businesses.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We will always have people from the UK supervising the programmes here. There will be professors visiting here from different parts of the world â€“ the US, the UK, and France among others. We are very certain that quality control is the most important part, so, we will be working towards that.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Will the methodology for CGCIM be the same as the one at your London campus?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: -0.15pt;">Yes. The methodology that we will be applying here is especially developed by CEDEMAS. Itâ€™s called PEDAL (Plan; Engage; Do; Analyse; Learn) system of learning. In traditional universities and colleges, itâ€™s all about lecturing. Instead of using bookish theory, we make our students practise what is taught to them so that they get the lessons registered in their minds forever. The system allows the learners to experience a wide range of exposures and outcomes as a result of their decisions and actions.</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">How acceptable/recognised will be these courses internationally?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Our programmes are UK Level-7 which is Post Graduation and conforms to the standards of UK accreditation agencies. If our students here in Nepal wish, we can even make arrangements for them to complete a 3-4 months thesis in the UK and obtain a dual masters after finishing their programme at CGCIM.&nbsp;</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Is there great saleability associated with the courses as far as the job market is concerned?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We are going to guarantee that anybody taking our programmes will be employed even before they have finished the programme. The companies are going to notice our students while they are still studying through work placements and case studies etc.</span></div>',
			'published' => true,
			'created' => '2011-10-02',
			'modified' => '2011-10-10',
			'keywords' => '',
			'description' => 'Mohit Mamudi is Founder and CEO of the Centre for Development Management Studies (CEDEMAS), a UK-based non-profit institution..........',
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	(int) 6 => array(
		'Article' => array(
			'id' => '446',
			'article_category_id' => '31',
			'title' => ''Huge Mobile Telephony Market Is Still Lying Untapped' (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><strong><img align="right" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-v.jpg" style="width: 376px; height: 393px;" vspace="10" />Abu Daud Khan</strong> is Country Manager for Nokia Emerging Asia Ltd. He was in Nepal recently to showcase Nokia C2-03, the first handset from the company to feature a dual sim. The handset also comes with an in-built Nokia Browser. In an interview with <i>New Business Age</i>, Khan spoke about Nokiaâ€™s consistent effort to drive more value by introducing exciting new features that promise to change Internet usage for millions of Nokia consumers. Excerpts:</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">In which other markets have you launched Nokia C2-03?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We are targeting all developing countries where a large consumer segment cannot afford high-end smart phones. Nepal is definitely a focus market for us. But apart from this country, we have already launched the product in India, China, Indonesia and Brazil.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">What is the target audience you are looking at through this particular product?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We are looking at the masses and our vision is to connect the next billion. There is a huge market still lying untapped. Letâ€™s take Nepal as an example which has a population of around 30 million people. I have learnt that the number of mobile phone subscribers in this country has reached 10 million. There are 20 million people out there who are not connected by mobile telephony which means that affordability is still a factor for them. Therefore, we have tried to make the product as affordable as possible so that these people too can get connected. We are also trying to cater the need of dual-sim through this product.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: 0.15pt;">Even among the 10 million mobile phone subscribers in Nepal, a very small number of people actually have Internet access. We need to connect these people to Internet and that is precisely what this particular product will do. We are trying to do a couple of things here â€“ one is to connect a large population on account of voice and the next is to make a serious effort to make Internet available to people who canâ€™t afford laptops or personal computers&nbsp; at home. </span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">How cost-effective will Internet browsing be, courtesy Nokia Browser vis-a-vis traditional browsers?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Well, we are claiming that it has the ability to compress websites up to 90 per cent. It means that in terms of compression, it can perform 90 per cent better and faster than the other operator browsers. The cost of downloading is, of course, the operatorâ€™s domain. From our perspective, the speed at which downloading takes place also determines the eventual expense. The Nokia browser compresses at a faster pace which enables Nokia users to consume more at a given budget.&nbsp;</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Do you have any specific reason to introduce Nokia Browser with Series-40 devices?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Our clear focus for developing markets is the price factor because a lot of people canâ€™t afford smart phones. However, they need to be connected to Internet or else there is a fear of them getting left behind in this fast changing global scenario. We wanted to cater to this large segment of people by developing a device which is easy to use and affordable.&nbsp;</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Are there any plans to introduce Nokia Browser to mobile handsets of other brands or personal computers?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Itâ€™s only available with Nokia phones to ensure best experience. This is the first product that comes with an inbuilt Nokia browser. All the upcoming Nokia handsets will have the Nokia browser from now onwards. Apart from that, we are also giving options to existing Nokia users for downloading the browser free of cost from Nokia stores.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Could you tell us a little about Nokiaâ€™s NAVTEQ?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">NAVTEQ basically provides the base electronic navigable maps and its underlying map database is based on first-hand observation of geographic features. At this moment, we donâ€™t have the Nepali map available with us but we do plan to have maps in this product Nokia C2-03 in the future.</span></div>',
			'published' => true,
			'created' => '2011-10-02',
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			'keywords' => '',
			'description' => 'Abu Daud Khan is Country Manager for Nokia Emerging Asia Ltd. He was in Nepal recently to showcase Nokia C2-03, the first handset from the....',
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	(int) 7 => array(
		'Article' => array(
			'id' => '445',
			'article_category_id' => '46',
			'title' => 'Joseph Silvanus',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:14px;"><strong>Interview: September 2011 - There Is Much To Gain And Look Forward To</strong></span><br />
	<br />
	 </p>
<div style="text-align: justify;">
	<span style="font-size:12px;"><img align="left" alt="interview" border="1" height="227" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-int.jpg" style="width: 319px; height: 227px;margin:10px;padding:10px;" vspace="10" width="319" />Joseph Silvanus<span style="letter-spacing: 0.05pt;"> joined Standard Chartered Bank Nepal Limited as its new Chief Executive Officer in July 2011. A student of Economics at St Stephen's College, Delhi University, followed by a management degree from Mumbai University, he had a brief stint with established FMCG names such as Voltas Ltd and Pepsi Foods Pvt Ltd before moving over to the banking sector. A banker for over 18 years, Silvanus has worked with ANZ Grindlays Bank followed by Standard Chartered Bank across various geographies. He has vast exposure to consumer banking operations having managed branches, marketing operations, business analytics, services and service quality and project management. In his most recent role as Regional Head of Development Organisations for South Asia, he played a pivotal leadership role in engaging multilateral/bilateral agencies and DFIs for directing specific programme-based support towards Asia. In an interview with </span>Pinaki Roy <span style="letter-spacing: 0.05pt;">of </span><i>New Business Age</i><span style="letter-spacing: 0.05pt;">, Silvanus shared his views on Standard Chartered Bank's phenomenal success over the years and his plans for Nepal operations. Excerpts:</span></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>You have just joined in. Do you have new plans in mind for Standard Chartered Bank's operations here in Nepal?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Nepal continues to be very important from a South Asian perspective of Standard Chartered Bank. It is now my turf to be able to grow the relative importance of Nepal in the overall scheme of things. Having consumer banking and wholesale banking as the two basic engines of growth for us does not mean that we will have quantum changes about the way we do our business in this part of the world. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">We will continue to grow the engines albeit with some level of caution because of the underlying situation Nepal is experiencing right now. But I personally see a lot of advantages that can be derived even through this phase of Nepali economics. The changes that I will bring, perhaps, is to leverage the Group businesses, expertise and the best practices. I can be a catalyst for that and we have internally discussed as a team that we will have more of these engagements. The businesses will reap the benefits of these visits and conversations that I had with the rest of the Standard Chartered Group. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><img align="left" alt="interview" border="1" height="396" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/inter.jpg" style="width: 224px; height: 396px;margin:10px;padding:10px;" vspace="5" width="224" />This must be an encouraging year for Standard Chartered as it is one of the largest profit earning international banks despite the global economic crisis. What do you attribute this success to?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">After receiving the Group results just over a couple of weeks ago, it convinced ourselves that we have done exceedingly well. I am absolutely delighted to see the results. We registered ninth consecutive record first half profit and double digits growth both for the top line (11 per cent) and profits (17 per cent). Everyone is delighted including the investors and shareholders and obviously, the businesses know what they are going to do for the rest of the year. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Looking closer home in Nepal, I think we have achieved much. It's been a tough year with issues of liquidity and governance coming through the financial network. There has also been some amount of uncertainty because of the global businesses impacting Nepal's economy. Nevertheless, I believe that both consumer banking and wholesale banking and the respective support functions have all got together to give value to local Nepali shareholders. There has been good EPS (Earnings per Share) and top line growth as well as effective cost management at a time when we really needed to look inward and reduce expenditures coming through unforeseen circumstances. We have done well as a bank in Nepal on all fronts and have continued to be strong both on capital and liquidity. Therefore, from a group as well as country's standpoint, there is much to gain and look forward to. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>One of Standard Chartered's unique features is successful lending to SMEs. Do you plan to expand or review the lending policy?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">SMEs have always been an engine of growth for the bank. Asia is typically a burgeoning economy for entrepreneurs and Nepal is no exception. If you look around, you can see how entrepreneurs are converting opportunities on a daily basis and the way banks are supporting them. For us, SME is a perfect space between the lower end of consumer banking and the upper end of corporate banking. The segment is very well placed. We have appropriate products that take care of all their requirements such as Working Capital and Term lending, Trade &amp; Guarantee lines and Margin based lending. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">However, we must realise that while SMEs are the global engine of growth for the group, we have to tread with caution when it comes to Nepal. We have to be able to create equitable mortgages as most of our SME lending is based on some form of fixed collateral. Therefore, we have to play as per the rules of the game.&nbsp;We are trying to bring in a few products that are used in the group in the area of margin based lending. It is an important engine of growth not only from the bank's perspective but from a social point of view as well. We are creating a lot of headroom for growth, engagement and employment opportunities. These will have plenty of forward linkages because the entrepreneurs will be able to subsist. Access to finance is a key issue for SME business the world over. We see ourselves as a force that could help meet that latent need. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>The Nepal Rastra Bank (NRB) has brought several new measures in its monetary policy. How have you viewed this policy?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Policies are well meant so I have given them a balcony view. I clearly think that NRB has tried its level best to meet some of the needs of the current economic state. Reducing CRR (Cash Reserve Ratio), for example, is good as it injects liquidity but it drives up some amount of inflationary tendencies. You have to understand that every action has an equal and opposite reaction. Increasing exposure to the deprived sector is certainly a good measure, especially when we know that farmers and the micro credit side of things require some amount of stability. However, I would like to see well-run, professionally-managed and well-governed micro credit institutions that can use this extra amount of liquidity coming their way. This would help create productive assets in the hands of the farmers so that the entire ethos around farming communities can gain sustainably from micro credit. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">The bottom-line is that while the policies are well meant, they need to be managed and supervised to the end. There are other areas where it has tried to adjust such as the Basel II issues as there has to be better accounting procedures and stress management techniques. The banks have to be prepared for event based risks. Therefore, on the whole, there is a good effort on the central bank's part as far as the monetary policy is concerned. But if it could be combined with great oversight by the concerned stakeholders, you have a winning strategy for the country. I am an optimist as far as Nepal is concerned. It's but natural that when things stack up, people can feel deprived and adopt a pessimistic approach. The people of Nepal are very resilient and it's time their patience got paid back in terms of good governance. The central bank needs to have a good embedded structure on which some of these policies can be grown upon. Policy interventions are great when they get implemented in the right fashion. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>Standard Chartered in Nepal has remained shy on investing in long-term projects such as hydropower and road infrastructure. What, do you think, are the possible bottlenecks?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">We clearly believe that Nepal has been imbued by god by several natural resources. Hydropower is one area where the country can really subsist and actually become a force for growth for the entire region. Underinvestment is due to several counts such as lack of transparency, clear policy directives and long term stability. The FDI which comes in this country is restricted to short-term investments and areas of quick generation of goods and services. However, long term investment in infrastructure, broadly speaking, has been lacking, for sure. We have to create easier barriers to entry, longer trade protocols and cut down on double taxation that exists, perhaps, within certain geographies. We also have to allow the investors vision for at least a longer period of time. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Bank and multi-lateral finance is always there. We already have done work in the past on hydro electricity in Nepal and are looking at a good pipeline of similar products. As a bank and a brand name, we are `Here for good which means we are here for the medium and the long term. Our commitment to Nepal is unquestionable and therefore, if we have to support the growth of infrastructure, we will certainly exercise our might. The bank is strongly behind these sectors. Hydro and roads etc take time as these are huge projects which are to be governed by several other global rules. We are quite happy to consider them, provided the right investments come along.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>You must have faced a lot of pressure to accept more deposits in recent times due to a large number of people withdrawing their money from small institutions. Has there been a substantive change in your deposit patterns owing to this development?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">This is true not just for Nepal and this has been happening right through the period of turmoil and uncertainty. Whenever there is uncertainty in any market, there is flight to quality. People like to resort to safer havens in times of uncertainty. We are open to business in Nepal and if people so believe that in the interest of risk mitigation, they wish to move their hard earned money to a safer institution, we will not stand in their way. However, we will go through the normal protocol of good governance by looking at customer details etc and then we would bank for them. It's part of our day-to-day business, we are not in this business of just going and garnering liquidity from the market. But if it comes to us at the price point that we would like to take at, we would certainly accept it. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>We understand there is serious homework being done on mergers and acquisitions of a number of banks in Nepal. How close are you on this front?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Well, it's public domain knowledge that even the Nepal Bankers Association has written to the central bank asking for tax incentives etc in the event of buying distressed assets or for mergers and acquisitions if there were. Our own view in this matter is very clear. In this part of the world, the economies are growing very productive and organically and there is a load of growth potential. Therefore, banks like ours would be more interested in looking at organic growth. On the other hand, acquisitions come at a cost. It has to do with people, culture, system integration etc and sometimes, it is difficult to get the math right. From a Nepali context, we are very happy right now with our organic engine of growth. We want to believe in primarily using the engine of origination rather than buying out an asset originated institution. We believe in our origination capabilities because we understand credit best in terms of the market that we are in and given the number of years that we are on the ground. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><img align="right" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/inter1.jpg" style="width: 210px; height: 267px;" vspace="10" />How long do you think Nepal's interest rates would be as high as they are? Aren't high interest rates detrimental to the growth of industrial and manufacturing sectors?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">This has got to do with some amount of demand and supply economics, cost of capital etc. Nepal is an unrated economy and we have imputed some ratings to the economy given the existing economic and political risks the country is attached to. Today, if you are to benchmark your savings bond for five years at 10 per cent which is an indicative rate, we don't have too many instruments that are longer term which will give you an indication of what the cost of funds or doing business in Nepal is. While I don't have a very firm view on where the interest rates are going to be, I believe they will remain the way they are for a short to medium term. The rate today correctly implies the cost of doing business in this country, part of which is the cost of capital. It is heightened because along with the cost of capital, there is liquidity risk and so many other market and non-market operational credit risks which pour into increasing the total cost of the fund. I believe that this is here to stay for a while unless and until we have a systemic kind of revamping of risk. We have to have central bank and all its adjuncts come out and play a constructive role in rebuilding some of these elements of risk. We will then have cross-border and country risks and the overall risk of the cost of capital come down. It will then reflect in cheaper interest rates. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">No entrepreneur or industry would like a high cost of credit as it mirrors heavily on their balance sheet. It reduces their strength to leverage the balance sheet and there are other cost elements too that are unique to Nepal such as the cost of staff and security, which, is not so large in other neighbouring countries. Therefore, it is to the extent of dampening entrepreneurial streak of modern day manufacturing. I believe that it's not a good story and there must be a different form of intervention where given the inherent risk of doing business in Nepal, the leverage allowed to such institutions should be higher. For example, if there is eight per cent leverage on a non-banking financial intermediary, it can be decided to give a higher leverage to such institutions. It is because resources are at a premium for such people and as long as the business model is good and the shareholders are willing to support the model, it should be allowed by law to higher leverage such institutions. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>Being a reasonable global player, how do you think Nepal can benefit from the ever growing economies of China and India? How do you see Nepal's prospect as an off-shore financial hub being a transit economy between the two giants?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Nepal is a landlocked country but it has two great neighbours who, I think, are committed to the sovereignty and growth of Nepal. To cite an old idiom, some trade is better than no trade. Nepal would have to use the depth and resources available to it through these two strong economies. These are the future economies of this world and, therefore, Nepal stands to benefit in the long run. There is a lot of work happening already: visiting delegations from both countries, plenty of solidarity and joint ventures. There is a lot of country-to-country donor aided support in some of the more required areas of infrastructure. Nepal has everything to benefit from positively engaging with both its northern and southern partners. Both these countries bring a lot of good and appropriate technology which sometimes may not require power and capital-intensive kind of investments. All in all, if the political ambitions of Nepal are evinced right, there is tremendous opportunity for growth in the economic sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><span style="line-height: 115%;">Nepal has been a part of the silk route for some time now and the people of Nepal are almost like global citizens. Almost every family in Nepal has a member working overseas which brings a lot of globalisation even into the villages. People have seen various cultures and experienced much while living overseas. Therefore, trade is an inevitable benefit to Nepal. You have to look at areas where you have a positive trading account with not just India and China but even with countries like Bangladesh and Pakistan. Nepal has to use its foreign and economic policies all geared in a very integrated and systematic approach to get the right kind of foreign investments and create value added commodities which its neighbours would seek. Besides, tax and double taxation protocols will have to be readdressed so as to meet the regional needs. <br />
	<br />
	<br />
	</span></span></div>',
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			'created' => '2011-10-02',
			'modified' => '2012-09-16',
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			'description' => 'Joseph Silvanus  joined Standard Chartered Bank Nepal Limited as its new Chief Executive Officer in July 2011. A student of Economics at St......',
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	(int) 8 => array(
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			'id' => '444',
			'article_category_id' => '37',
			'title' => 'Trading Gold For Silver: Our HR Position? (September 2011)',
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			'summary' => null,
			'content' => '<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(134, 55, 59); padding: 0in 0in 3pt;">
	<div>
		<strong><span style="font-size: 14px;"><img align="left" alt="trading" border="1" height="197" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/rajan pradhan.jpg" style="width: 153px; height: 197px;margin:10px;padding:10px;" vspace="10" width="153" />By Rajan Pradhan</span></strong></div>
</div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">Long serpentine queues in Kathmandu are no more a subject of curiosity to us. The endless lines of cars at gasoline stations, people crowding around water tankers, devotees pushing into shrines and investors interested in IPO lined up in front of commercial institutions are most common scenes one can see every day. However, the one I saw a few months back looked quite unusual. The mass gathered there were only the youngsters probably from late teens to people in their thirties. Their facial expressions carried pronounced signs of pain, desperation and anxiety. I could easily see the â€œDo or Dieâ€ atmosphere there. Letter in the day, I came to know the swarm there was of the aspirant applicants eager to work in Korea. It went on for days perhaps reminding us of human exodus we see quite often on news from around the world.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">With the tank in my car almost dry due to ongoing rationing of petroleum products, I found no other means of relaxing on a Saturday than lazing at home which gave me a chance to chitchat with my brother-like figures who has been close to us for decades. I found him so excited that day; he believed he had a plan well in place for his future. He finally got hold of a recruiter who had promised him a job in a company in Dubai - a job which gives him a remuneration of over Rs 12,000 a month with free accommodation! </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><img align="left" alt="trading" border="1" height="232" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/eco.jpg" style="margin:10px;padding:10px;" vspace="10" width="400" />I congratulated and wished him all the success but could not help crunching some numbers - quietly within myself. He would be bearing a total cost of about Rs 100,000 for air tickets and charges due to the manpower company. He would probably need additional two thousand rupees every month to cover cost for food and other supplies on top of what he would get from the company. A two year of work would perhaps fetch him an income of about Rs 290,000- the saving being about five to six thousand rupees a month which is about eighty dolors a month. I tried not believing it but could not ignore the fact that he would send such eighty- dolor back home not only to buy a plot of land in Kathmandu for himself but also to buy our petrol from abroad to fill up our cars. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Back home, it is more of a challenge not only to get hold of good professionals but also to get dedicated non-skilled labour in abundance. It was like a real manhunt, while searching for an engineer for one of my recent hotel expansion projects. The contractor for the same project has already got his site engineer changed the fourth time in just over nine months. The void in our labor market has already become obvious. We will perhaps spend many of our 80-dollar remitted to us to buy our skilled manpower and services back from abroad. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">The disappearing political borders are now given to us in an international market under a trend of globalisation. The fact that around 30 per cent of our 5.6 million households depends on earnings from overseas jobs while its contribution to our gross domestic production (GDP) is 23.4 per cent cannot be undermined. However, getting paid in silver for lending out our brains and hands and then buying them back paying in gold is certainly not a wise way of handling our human resources.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">A labor in Kathmandu earns about Rs 400 a day today whereas a skilled labor makes over Rs 700 a day - which is almost Rs 12,000 a month even if he gets work for 15 days a month. The majority of people who aspire hard to get a job abroad are not skilled but if trained even for a short span of time, they can be skilled enough to earn at home as much as they would earn abroad. Even if one decides to go abroad, their average income would certainly improve from the present average of Rs 14,000 a month. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Awareness among for vocational and short-term training progrmmes and more importantly commitment from our planners and rulers are what we need today to add value and competitiveness to our work force.&nbsp;Venturing for such a noble cause will give us tangible and immediate returns for sure - inflow of remittance will grow, unemployment will reduce and balance of payment will improve. Perhaps we will then be trading our silver for gold not our gold for silver!! <br />
	<br />
	</span></div>
<div>
	<span style="font-size: 14px;"><i><span style="line-height: 115%;">(Pradhan is Director Business Development &amp; Projects at Soaltee Hotel Limited.)<br />
	<br />
	</span></i></span></div>',
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			'modified' => '2012-09-20',
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			'description' => 'Long serpentine queues in Kathmandu are no more a subject of curiosity to us. The endless lines of cars at gasoline stations, people crowding............',
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	(int) 9 => array(
		'Article' => array(
			'id' => '443',
			'article_category_id' => '38',
			'title' => 'Leadership: Managing Hunger (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(134, 55, 59); padding: 0in 0in 3pt;">
	<div style="text-align: justify;">
		<span style="font-size: 14px;"><img align="left" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sujit(1).jpg" style="width: 116px; height: 147px;" vspace="10" />By Sujit Mundul</span></div>
</div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="color: rgb(134, 55, 59);">I</span>n the current days of rat race and peer pressure, most of us struggle hard to find happiness at workplace, regardless of the nature of the organisation -- be it a local corporate or a multinational. Resurgent capitalism has added fuel to the fire. It does not at all know, or does not know enough, about the boundary conditions of profit maximisation. A ceaseless aspiration of higher rate of profit drives people mad and could probably be a major source of dissatisfaction throughout the levels in an organisation. The question comes loud and clear if there is a sense of balance in the level of aspiration.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">In his recent book â€œThe art of happiness at workâ€ by HH Dalai Lama, the great spiritual leader has given some very practical suggestions to alleviate the contemporary pressure of achieving success to the detriment of our holistic well being. These conditions are also very much applicable to the persons in position of leadership, which involve them in managing conflicts.</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;">Frequently people are defeated because, though they are doing their best, they make mistakes in <img align="left" alt="" border="2" height="263" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/management.jpg" vspace="5" width="350" />how they assess and engage their environment. Sometimes we bring ourselves down by forgetting to pay attention to ourselves. We get entangled in the cause and forget that exercising leadership is, at heart, a pure personal activity. It activates us to face challenges, intellectually, emotionally, spiritually and physically. With the higher flow of adrenaline, we can work ourselves into believing we are somewhat different and therefore not subject to normal human frailties that can defeat more ordinary mortals on ordinary missions. We begin to act as if we were physically and emotionally indestructible.</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;">Let us look at the example of Bill Clinton. Bill Clinton came to the White House in 1993 sleep deprived and physically exhausted; rather than â€˜prepare himself physically for the ordeal aheadâ€™.&nbsp;Clinton spent the period between the election and the inauguration working, playing and celebrating in endless 24- hr days. By the time Clinton got to Washington, heâ€™ seemed worn out.... and hyper....â€™ He refused to rest. It may be that Clinton had a real drive to keep that pace as was observed by David Gergen, the presidential advisor. It would be quite logical to think that we are vulnerable to falling prey to our own hungers. It is strongly believed that self- knowledge and self-discipline form the foundation of staying 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;">It canâ€™t be denied that we all have hungers, which are expressions of our normal human needs. But we get reminded many a time that those hungers disrupt our capacity to act wisely or purposefully. Perhaps, one of our needs is too great and makes us vulnerable. It could be so that the setting in which we operate enhances our normal level of need, inflate our desires and in the process benumbs our usual self controls. A seed of unhappiness gets sown in the process.</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;">It cannot be denied that every human being needs some degree of power, control and importance, as well as intimacy and delight. It would be very difficult to find someone who prefers to feel entirely powerless and unimportant in life. However, it is a proven fact that each of these normal human needs could land us into trouble if not handled judiciously as one tends to lose personal wisdom and discipline required to manage them effectively.</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 a leadership role, the utmost difficult part is to manage people as one requires tuning their needs as well as oneâ€™s own. There is another danger, in connecting with peopleâ€™s hopes and frustrations; it is easy to become a depository of their yearnings! Nevertheless, the desire to fulfil the needs of others can become a vulnerability if it feeds the leaderâ€™s own normal hunger for power, importance etc. They get so caught up in the action and energy that they loss their wisdom and self-discipline, and slip out of control.</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;"><span style="letter-spacing: -0.1pt;">When you take on the tasks of leading, invariably you resonate with many feelings expressed by people around you. Many of the feelings in our jobs are produced by the way we resonate with the job environment itself. In each professional role one takes on, one must be careful about own emotional inclination to carry the issues and sentiments of others in the organisation. This, of course, is a very challenging proposition to deal with successfully. As discussed earlier, a failure to properly deal with these essential but complex psychological behaviour, would trigger unhappiness in the workplace as also in personal life.</span></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;">Once again I would like to refer back to HH Dalai Lamaâ€™s advice of clearly understanding where we are standing and what we want to achieve. He has had no hesitation in making it clear to us that uncontrolled ambition would become the bane of all unhappiness. So, it would be good to pay heed to his valuable advice that we need to make a choice between peace and ambition. Leaders of this age would require to exercise more caution in successfully playing their roles, as the lure of ambition unlimited would always remain latent, to drift oneâ€™s mind towards .......perhaps unhappiness.&nbsp;&nbsp;&nbsp;&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><i>(Mundul is a Director with Standard Chartered Bank Nepal Ltd)</i></span></div>',
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			'description' => 'In the current days of rat race and peer pressure, most of us struggle hard to find happiness at workplace, regardless of the nature of the......',
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		'Article' => array(
			'id' => '442',
			'article_category_id' => '38',
			'title' => 'Employee Relations (September 2011)',
			'sub_title' => '',
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			'content' => '<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(134, 55, 59); padding: 0in 0in 3pt;">
	<div style="text-align: justify;">
		<span style="font-size: 14px;"><span style="letter-spacing: -0.15pt; font-style: normal;">By Dr Rabindra Karna</span></span></div>
</div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Misalignments in employee relations are mainly caused by misunderstanding arising from silo mentality, friction and disagreements between functions and individual employees in need of clarity. Workflow is considered one of the key enablers to adaptive and responsive culture in any workplace. Collaborative difficulties arise because of inability to partner with others, whether functions or individuals, within the enterprise. Employee relations strategies define the intentions of institutions about expectations from each member about what needs to be done in current situation to manage relationship with employees and their trade unions. HR strategy incorporating employee relation strategies flows from business strategy but concentrates on the ways and means for maximising cooperation with the unions and employees through minimising damaging effects on business in total.&nbsp;</span></div>
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	<span style="font-size: 14px;"><br />
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Employee Relations is the broader and latest approach to Industrial Relations and Labour Relations that cover a wider range of employment relationship with the emergence of non-Industrial employment relationship, non-unionised workplaces and socio-emotional arrangements. It is viewed as collective relationship between the employer and the employees. It emphasises on prevention and solution to conflict arising out of work situations and contributes to enhanced productivity, motivation level and people morale as an effect of employeesâ€™ involvement on various progressive performance inclusive of discipline. It is also viewed as part of social science because of its concerns about relationship among the employees and the institutions that emerges by and in the form of recruitment and selection, compensation and benefit, workplace safety and environment, skills enhancement opportunities, discipline and so many other varieties of issues. Though it is part of the management that deals with collaborative partnership between the employer and the employees â€“ whether skilled or unskilled, worker or manager, relationship between the state and the employers and the trade unions. The primary concern of employee relation is employer â€“ employee relationship; if maintained at right spirit, driving human resources management strategy becomes effective that supports business achievement.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Since the emergence of Personnel Administrationto the present incarnation of Human Resources Management, even executives perception about it is as just an administrative function whereas employee relations, an integral part of human resources management, addresses underestimations by educating through interactions and leadership in developing methods to improve and establish human resources management into the role of strategic partner. The challenge for employee relation practice in modern management is observed as establishing connection between organisational behavior and&nbsp;HR strategies. In the current context, when the workplace relationship includes conflict of interest, no one can ensure to prevent workersâ€™ exploitation and thus HR (Human Resources) and ER (Employee Relations) practitioners work through institutional interventions to support workings of the relationship in right spirit protecting employeesâ€™ rights. Therefore, organisations these days have grievance procedures, Labour Relation Committee, Labour Unions, Collective Bargaining mechanism and Labor Management Partnership etc. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Any business needs people to work in team, performing to achieve business objectives. Non-living entities like machineries, chairs, tables etc cannot be instrumental towards organisational expectations without human beings. In fact, the people are the most valuable asset for any organisation. People resources must share good rapport working together and strive to make the dreams of the organisation come true. Thus, itâ€™s pertinent for the people working for any organization to clearly demonstrate their personal interest after business interest.&nbsp;Some of the key issues around employee relation are corporate restructuring and reshaping of enterprises, employment relationship in union and non-union work environment, effective and efficient performance management systems, workforce diversity, globalisation of labor market etc wherein perspective of socio-economic, political, historical, psychological and legislative developments have great say on employee and employer relationship. Relation can be warm, good, bad, so-so but it is important for any organisation that there is productive or healthy relationship among each other to deliver the best. Workforce spends maximum time with fellow workers, where any conflict will result only in diminishing productivity. Thus, the workforce needs to communicate or discuss as many essential things around business as possible that alone can allow each one at work to derive solution for any misunderstanding, which can lead to intended benefit for self and the institution. None can work alone at the same time it is also but natural that every one canâ€™t think like others or behave the way one behaves. Thus, itâ€™s important to ensure every one behaves in a civilized way demonstrating respect and trust for each other. It is also crucial that all employees maintain cordial relations supporting each other with great understanding of needs and expectations, impacting accomplishment of goals of the entity.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">It is important for employees to understand that they are paid for productivity and not for any clash or conflict among themselves. The fact also is that one can have best friends at work place. Many human scientists have expressed their observation that healthy work place relation leads to long life and it helps people at work to keep themselves ready to take new challenges. Communication plays crucial role in generating and up-keeping relations intact and hence it is widely recommended to keep communication effective and open within and outside the core team. This helps to correct misinterpretation and perceptions about each other, leading to creating and strengthening the trust and the respect that is most essential for improved performance as well as individual efficiency. However, it (Communication) needs to be obvious and accurate so that thoughts are translated into relevant words supporting the development and sustainability of warm relationship; thus usage of written communication in terms of employee relation is highly recommended. Also, employee survey can be reflective towards focus on workplace relationship management, especially in terms of business operation. The survey report provides an opportunity for sincere feedback and breakdown that may not be possible to achieve solely through business communication. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">It is also observed that disciplinary measures as well as legal/policy compliance in relation to it like absenteeism, leave and vacation, overtime payment etc have marginal impact on employee relations.&nbsp;Similarly, skills enhancement opportunity, pay package, career advancement are important elements determining employee relation. Issues in these areas emerge mainly when employee equity becomes questionable in perception of partiality. It is thus suggested to avoid nepotism and ensure everyone in the organisation is treated same. It has been unanimous that employees are the lifeline of any organisation because none of the businesses can endure without employee like human cannot stay alive without blood. Employees are the most valuable asset and hence, their full immersion in their work, securing emotional attachment will be useful to sustain productive and harmony in relation. HR Associates (especially employee relations in-charge) must focus more on psychological contract than any other legal contract. As much people will have to deliver challenges and creativity in their routine, that much less chances of any challenge will be on employee relations. Simultaneously, activities supportive to foster togetherness like lunch together, group activities, task sharing, award ceremony, job rotation etc can be very useful in maintaining harmony at work place.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Additionally, one need to keep in mind that two individuals are never alike. It would be imperative to keep off from regular fault-finding rather usage of simple praises like â€œwell done, great, very good, wow etc motivating phrases will work far beyond any theory and practices. These leave impact like token of appreciation.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">It is rightly said that success and failure of any business is proportional to the relationship shared among the employees. Researches say if the employees are satisfied with their job responsibilities, they have a propensity to remain happy and stay away from conflict. It is therefore suggested for HR practitioners to encourage employees on group and extra-curricular activities and lead them to the unity that instills the productive relationship.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><i><span style="line-height: 115%;">(Dr Karna is the Executive Chairman of MARK Business Solutions Pvt Ltd and Ad Abhyas Marketing &amp; Communications Pvt Ltd. The article is based on various research reports and his practical experiences as management practitioner.)</span></i></span></div>',
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	(int) 11 => array(
		'Article' => array(
			'id' => '441',
			'article_category_id' => '38',
			'title' => 'Harassment At Work, Challenge For HR Personnel (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Harassment at work includes different types of unwanted action towards an employee that leads to complexity in doing assigned tasks or makes the employee feel that he or she is working in an unfriendly environment. Harassment may be based on different factors such as gender, race, class, culture, age, sexual orientation, or religious preference.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Different ways of harassment within and outside workplace are reported like intentional, situational, emotional, sexual and even harassment through use of technologies such as phone, SMS and email. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">In many countries of the world, there are laws that protect employees from conducting various job abuses, if the reality of the harassment can be proven. However, in case of our country we do not have such specific laws. During orientation, employees have to ensure they will follow the bylaws of the organisation. Most of the organisations have mentioned in their bylaws harassment issues and actions to be taken if it is violated. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">In order to recognise harassment at work, at first the conduct must be unwanted and offensive to the employee. Secondly, the employee must voice his or her objection to the behavior, allowing the offending individual or individuals to correct their behavior at work. Last, the conduct must be of a nature that makes an&nbsp;adverse impact on the ability of the employee to carry out his or her duties in an efficient and responsible manner and should be reported to the concerned authority. But in case of our country, most of the harassment victims remain silent due to which the tendency to harass continues. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">If actions could be taken based on the complaints filed, judging the type and the nature of harassment then such activities can be controlled to some extent. However, it is difficult to control harassment totally as it is more an ethical issue than a legal issue. In Nepal, complaints can be filed at labor court and through the decision of the court based on written complaints one can file the case at district court and then to the supreme court.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Many organisations in our country do not carry out any investigation and just fires the harasser, which&nbsp;leads to employees taking advantage of the system and reporting misleading complaints. Understanding employees and observing, finding out the authenticity of the complaints received and analyzing the issue are major challenges for HR.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">In order to control and reduce harassment in the organisation, addressing such issues secretly and confidentially is a must. Besides, CCTV monitoring, understanding employeeâ€™s behaviour and proper recruitment also play an important role in controlling intra organisational harassment. In case of organisation to individual and inter-organisational harassment, one needs to deal it tactfully.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Unwanted sexual advances by peers or supervisors are the most common form of workplace harassment. Both male and female employees may be approached by someone in the workplace who either hint or directly state that compliance will benefit the employee in some manner, or at least help to make sure that employment will continue. Today, many countries have laws that protect employees of all genders from this type of harassment.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Sometimes in case of multinational companies or NGOs/INGOs employees have to deal with foreign clients where comes the problem of intercultural practices like hugging, kissing or even shaking hands. In these cases, many people may feel they are harassed. So, in order to avoid this, HR should inform the visiting person about the cultural slopes and limitations and let them know how to make their stay comfortable.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Hence, in order to avoid harassment, office politics must be completely avoided. Besides, every individual should speak up if they feel harassed and only then we can minimise not only workplace harassment but also harassment as a whole. Minimising workplace harassment remains a challenge for HR personnel, however, neutralizing it is almost next to impossible.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><i><span style="line-height: 115%;">(The write-up is based on an â€˜HR Kurakaniâ€™ discussion on â€œHarassment at Work- Challenge for HR Personnelâ€ on July 27, 2011 conducted by Real Solutions Pvt Ltd. The participants at the discussion included representatives from NGOs &amp; INGOs, Hotel Industry, Research Organisations, IT and Communication, Automobile Companies, Trading and Service Industries. Shailendra Raj Giri, Managing Director of Real Solutions, acted as the moderator for the discussion and Nibha Shakya, HR Executive of the company, was the coordinator of the event.)</span></i></span></div>',
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			'title' => 'Feedback September 2011',
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			'content' => '<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span style="color: rgb(134, 55, 59);"><br />
	<strong><span style="color:#000;">Shrinking Pie Of PEs September 2011<br />
	</span></strong><br />
	<br />
	T</span><span style="color: black;">he cover story of New Business Age (August, 2011) reveals that majority of the Nepali Public Enterprises (PE) are bearing losses. It is true that those in profit are also because of their monopolistic nature of business. If they had to face a tough competitor from the private sector, they too would have been surviving only based on the subsidies provided from the state coffers. A lot of PEs are surviving in such comatose state. How long they expect to survive in such manner and how long will they expect support from the government? After all, they are enterprises for doing business. Shouldn't they be managing their business better if they want to survive in the market? I think the government should consider whether to keep these parasite PEs running or close them down.<br />
	<br />
	In a competitive market, the companies that cannot withstand the competitive forces must be let go. The market should decide whether a PE should survive or close down. If it can't compete with others in the market, especially the private sector counterparts, it should be either handed over to the private sector that can manage and operate well or be dissolved. The state may try to protect it for a while, which is not unnatural. But the question is for how long and why, if it cannot justify&nbsp;its existence and even manage its expenses.</span></span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div>
	<span style="font-size:12px;"><span style="line-height: 115%; color: black;">Most of the PEs are business entities. As the state is not meant for doing any form of business, why did the latest budget take a regressive step to go back to a state-controlled economy? Doesn't the government have anything more important to do like ensuring a better astate of the PEs proves that they are not desired in the market. The shrinking share of their pie says it all. If they want their existence, they must compete in the market or should be shut down. That is the only good option. PEs must stop begging from the state and the state must stop funnelling taxpayers money to unproductive but hungry companies.<br />
	<br />
	</span></span></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><b>- Radha Krishna Bhandari</b></span></div>
<div>
	<span style="font-size:12px;"><b><span style="line-height: 115%;">Putalisadak</span></b></span></div>
<div>
	<span style="font-size:12px;"><b>&nbsp;</b></span></div>
<hr />
<div style="text-indent: 0in;">
	<strong><span style="font-size:12px;"><br />
	Need for FII<br />
	<br />
	</span></strong></div>
<div style="text-indent: 0in;">
	<span style="font-size:12px;">In this era of globalisation, companies are in a race to extend their global outreach. They want to step into as many regions as they can and as long as they see a lucrative return. When this race among the global giants goes on at full throttle, countries like Nepal must be able to open up track for them. These companies don't only bring in investment but also a distinct corporate culture, investment technique, unique way of working and a secret for the development of local economy and market. The much greater impact will be on the capital market, which is the most efficient source of funding after banks and finance companies. They bring in jobs; they bring in money and market development. What they only seek in return is a stable political and economic environment where they can manage their business. Only if they can be assured of the stability, they are ready to make some differences. The large institutional investors not only offer the market development but also provide assurance to small investor protection. India has opened up its door for such investors. Similarly, Nepal must also without any delay open its door to foreign institutional investors. The initiative to allow Non-Resident Nepalis to invest as institutional investors is quite positive. In the days to come, the country must welcome foreign investors in the hydropower sector to the capital market.<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><b>- Bijay Neupane</b></span></div>
<div>
	<span style="font-size:12px;"><b><span style="line-height: 115%;">Bhaktapur</span></b></span></div>
<div>
	<span style="font-size:12px;"><b>&nbsp;</b></span></div>
<hr />
<div style="text-indent: 0in;">
	<strong><span style="font-size:12px;"><br />
	Creating Brand <br />
	<br />
	</span></strong></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	Established brands are the first choice for a group of consumers. They do not think beyond a certain brand name usually renowned across the world. A successful branding and advertising of such brands have been able to establish a strong image for the products. Eye-catching advertisements without the product quality would not make those brands successful. Nepali brands too have their own niche market. Despite an array of branded products, consumers prefer foreign brands. Sometimes, advertising makes consumers simply say, Nepali products are not good,without even trying out once. While concentrating on the quality, they must prioritise quality too in the advertisements. An ad cannot be for everyone just like a product. They must be creative and catchy for the targeted group and other groups that may become the potential client. Ads are not only for today but also for tomorrow. This is missing in Nepali brands. Ads are failing to create an image that the product is worthy of use. Rather, they seem to be mocking at the product itself. To gain the attention of brand conscious consumers and retain brand loyalty, advertisement quality along with the product quality has to be up to the mark.<br />
	<b><br />
	- Suraksha Rayamajhi</b></span></div>
<div>
	<span style="font-size:12px;"><b><span style="line-height: 115%;">Pokhara<br />
	<br />
	<br />
	</span></b></span></div>',
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			'description' => 'The cover story of New Business Age (August, 2011) reveals that majority of the Nepali Public Enterprises (PE) are bearing losses. It is true that those in.....',
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			'id' => '438',
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			'title' => 'Legacy Of Success',
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			'content' => '<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size:12px;"><b><span style="line-height: 120%;"><img align="left" alt="nubiz" border="1" height="275" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-per.jpg" style="width: 308px; height: 275px;margin:10px;padding:10px;" vspace="5" width="308" />Moti Lal Dugar</span></b></span></div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size:12px;"><span style="line-height: 120%;">Chairman</span></span></div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size:12px;">TM Dugar Group<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Moti Lal Dugar, Chairman of TM Dugar Group, is a third generation entrepreneur,<span style="line-height: 115%;">who is successfully continuing a legacy of 127 years old industrial family Dugar. He never imagined a career beyond business. Dugar feels fortunate to be born in a business family and takes pride in the fact that his group tasted success &nbsp;in whatever business it ventured into.<br />
	<br />
	</span></span></div>
<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(196, 21, 28); padding: 0in 0in 2pt;">
	<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
		<span style="font-size:12px;"><strong>By Gaurav Aryal</strong><br />
		<br />
		Moti Lal Dugar, 65, believes he is the most fortunate person to be born in a business family. It takes a little more than a hint of luck to take an already established business house to the next level of success. Dugar is an heir to 127 years old business legacy of the Dugar Group.<br />
		<br />
		</span></div>
</div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar is now Chairman of TM Dugar Group that has a wide array of interests ranging from banking, hydropower, automobiles, agro solutions, life insurance, FMCG products, agro based industries, consultancy to automobiles, among others. He is also Chairman of Sunrise Bank Ltd and Gurans Life Insurance Co Ltd, two public limited companies promoted by TM Dugar Group with some friends. Dugar says he does not like to be involved in any politics of business and never wished to be a front runner in any association. However, he feels it is okay to be associated with those forums which are directly related to his business and trade. He is the Treasurer of Nepal-USA Chamber of Commerce and Industry and Forum of Nepalese Banks.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar was born and educated in Biratnagar. He went to Adarsha Vidyalaya, a school that has produced a number of prominent entrepreneurs and politicians. He received education till BCom at Mahendra Morang College. The Dugars were one of the well-off families even during those days. He recalls the range of luxuries available at his home those days bullock cart, horses, maids and servants. During his college days, Dugar used to ride a Honda 250cc motorcycle imported from Japan. He remembers the first family car a Land Rover. During his student days, he was one of the good students in class though he never stood among the top three. Sport was not his cup of tea either. However, as a child, he was fond of traditional children's games like marbles and <i>dandi biyo</i> among others.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">He was in his early teens when he began working in his family business. At the age of around 17, he took up full responsibility and started looking after some of his companies. At that time, Dugars were in a joint family and living in Biratnagar. His elder Brother Tola Ram Dugar was looking after the business after their father died. After Tola Ram Dugar passed away in May 2011, Moti Lal has taken over the lead of the TM Dugar Group. Moti Lal was just 11 when his father passed away. Young Dugar began his career at the textile shop. Gradually, he started visiting industries and understood the knots and bolts of handling a business. He took up the responsibility from keeping accounts to making contracts, looking after exports, export-import contracts and even LCs. The initial business of the Dugars was textiles and agro products. The business was later expanded to jute export, steel factory, rice mills and others.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">The process of expansion in fact never stopped. In the same course, the family shifted to Kathmandu. The family business was sector-wise divided among four brothers. Among those, Moti Lal got the automobiles business for which he was working since the beginning. It has been four decades since he began working in this sector. Now, he is also a specialist in automobile, banking and insurance. He is planning to venture into hydropower. The Dugar group has always been the leading industrial group of Nepal. Dugar is content with the growth and development of the company. He says, â€œOur family always aimed at taking the business to next level. So far, we are satisfactorily moving ahead. We are successful in maintaining the leadership position in every business we ventured into.He adds that his company has been successful in sticking to its principle. Maintaining the status achieved in the course of 127 years is what Dugar feels is a matter of satisfaction and an achievement in itself. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">He feels he inherited the success that was accomplished by his parents and senior family members. He gives the credit of his company's success to them, especially his eldest brother late Tolaram Dugar whom his regards as high as his father not only as elder brother. More importantly, he feels he inherited the trust and belief of Nepali people in his group. He expresses pleasure to be born as a business person. He does not have any regrets about having the career that he thinks was destined for him. According to Dugar, job satisfaction is the most pleasing aspect of the business.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar claims that honesty is the everlasting principle of the Dugar group. Dugar explains, <img align="right" alt="intreview" border="1" height="331" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-per1.jpg" style="margin:10px;paading:10px;" vspace="10" width="400" />â€œHigh degree of honesty must be maintained. Customers should not be cheated. A business can never sustain without customer's trust. The group has been working with such vision and belief.Dugar believes clients are the incarnation of Goddess Laxmi Goddess of wealth and she should not be cheated. He says thanks to such principles, the group is valued high in the market today.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">For Dugar, profit, loss or big money is not the measure of success. He says, There are many other groups who have more money than us. We began from scratch and achieved this status. We are satisfied with this. Our business image has never been lower than others and that has been a matter of pride for us. He identifies success in the manner the people recognise and trust the group. Profit and loss is something that keeps changing but the recognition does not and it will lead to profit and stability of the company. He feels his next generation has a ready path shown by the long history of the group. They don't have to work too hard. They just need to add cherry on top, he says. Fifth generation of the Dugar family his grandchildren will soon join the business after their education.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">The group that was initially into the food grain and agro based industries stepped into the service industry through banking and insurance around five years back. Dugar sees the future of Nepal in three areas hydropower, tourism and agriculture. He says Nepal cannot compete with India and China with a high cost of production by subsidising industries with a bundle of discounts and waivers. Although the Dugar group does not have any plans to venture into tourism sector, it will soon be developing hydroelectricity projects. The group is planning to develop more than 170 Megawatts of hydroelectricity in the near future. Pan Himalaya Energy Pvt Ltd, Global Hydro Power Associate Pvt Ltd and Numbur Himalaya Hydropower Pvt Ltd have been established by the group for&nbsp;tapping hydropower potentials in the country. He thinks hydropower is a money-making industry that has huge export potentials although it is a capital-intensive sector. He says hydropower is liked by the world for its environmental benefits and sustainability.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">On Nepal's failure to develop hydroelectricity sector despite huge potentials, Dugar says, All political parties must have genuine commitment for the development of the nation. Everyone must shed his leg-pulling attitude and should respect others' ideas if they benefit the nation. Such massive projects will not be possible without foreign investors. They must be welcomed anyhow. Investment worth billions of rupees will not come just with phoney speeches.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">While deciding anything about the companies in the group, one person looking after a particular sector never interferes with another. He reveals that there will be discussions on visions and plans and anyone in the family can invest if he has interests.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">In the TM Dugar Group, 1,500 employees are working. Dugar says a separate committee looks after the human resource management. He says human resource is the real capital of any company. So, we provide handsome salary as motivation. People working here have a distinct and prestigious life, he says. He reveals that employees are quite steady with the companies. He shares numerous examples of people working in the group for as long as three generations.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.6pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar says he does not have uber luxury in life. He likes to lead a simple life and does not have any luxurious demands. Dugar gets up at six in the morning and goes to health club. For remaining healthy, he exercises everyday and is conscious about food habits. After having breakfast, he goes to his office between 10 and 10:30 in the morning and returns home at around 8 pm. He does not have much interest in social parties and rather feels annoyed if he has to frequently attend them. He thinks partying more than once a week is too much. He loves watching television, chatting with family, reading newspapers and listening to music. These are his favourite pastimes. He does not work on Saturdays. His mornings and evenings are dedicated to his family.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.6pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">When he has to suggest anyone who wants to follow his footsteps, he says: Do anything with dedication, focus and honesty. Do not dive into anything seeing someone else making profit. It is wise to focus on expanding what you already have. The competition is so tough so you must be careful while investing. You may lose your hard earned money. In this regards, I am quite conservative.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">When it comes to charity and philanthropy, he believes in building hospitals rather than building a temple. When we have some problems (health) we need hospitals as temples cannot cure us. Building a hospital is more spiritual than a temple. It does not mean I am atheist but I believe more people will benefit from a hospital,â€ he opines. He adds hospital is for service while a temple is for satisfaction. A hospital built by his late elder brother has been handed over to Koshi Zonal Hospital in Biratnagar.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar does not believe in a retired life. Though 65, he looks much younger to his age and is actively involved in business. He says, Retirement makes one feel old and weak. It diminishes the capacity as well as the prestige. Everyone respects active person. I believe one should not retire and should work as long as one can. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><span style="line-height: 115%;">An active and youthful attitude of Dugar is certain to lead his companies to greater success in the days to come. <br />
	<br />
	<br />
	</span></span></div>',
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			'title' => 'The Third-party Miracle (september 2011)',
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			'content' => '<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(196, 21, 28); padding: 0in 0in 2pt;">
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong><img align="left" alt="lauging" border="2" height="167" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/img3(2).jpg" style="width: 137px; height: 167px;margin:10px;padding:10px;" vspace="10" width="137" />By Madan Lamsal</strong><br />
		<br />
		The Nepali insurance companies are now overwhelmed by the miracle of the third party. There were times when these companies used to hire umpteen number of agents to net a small fry who would ultimately agree to buy their policy. But, these days, their business is so smoothly automated, money floods into the office by any minor economic activity a nouveau riche carries out. No sooner, one buys a private car, a taxi or a rental minibus, the premium amount in the name of the third party insurance automatically flows into insurance company account.<br />
		<br />
		There are other advantages of the third party insurance. This particular insurance has embedded self-defense mechanism. For example, more vehicles means more premium. Also, it means more traffic jams on the road. That means less speed, and less accidents. Lesser number of accidents naturally results in highly reduced claim on insurance. This is truly a full-proof proposition. All these have contributed to balloon-up the premium collection. And more profits, more leisure time for the insurance company executives. <br />
		<br />
		<img align="left" alt="nolaughingmatter" border="2" height="329" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/laugh.jpg" style="margin:10px;padding:10px;" vspace="10" width="400" />This leisure has provided some value-time for the top insurance executives to be more creative to think about truly new product, as effective as the third party. In a meeting of a group of CEOs, the most imaginative one proposed that they must launch the third party insurance product for the aeroplanes and bicycles. The other one seconded, bicycles are perfectly ok but the aeroplane products must be thoroughly researched.<br />
		<br />
		<br />
		Objected the third, Only thing we must think about is not the product research but to identify the party that can force some sort of insurance. Look, how some of the foreign missions have been great help to us. They have made the travel and host country health insurance compulsory to issue a visa. Every traveler pays the premium for this but never comes back to claim anything.<br />
		<br />
		<br />
		The next volunteered, even if they did, the companies could easily shirk away saying that the coverage was just for minor illnesses like common cold or fever. Because no one asks what is covered in a haste to get visa, such insurance is always uncertain even to those Nepalis who is in who's-who list.<br />
		<br />
		<br />
		But many thought ˜the third party airplane insurance was indeed a marvellous idea. So, the group assigned to explore the possibility to two chosen energetic CEOs. For the purpose, they flew by a plane to a new destination together. Both of them had bought flight insurance. After landing at the airport the other end, one remarked, "What a wastage! The premium we paid for the flight insurance went in vain."</span><span style="font-size:12px;"><span style="line-height: 115%;"> Other one evaluated, but, you see, third party air insurance seems to be real good proposition as aeroplane is unlikely to hit and kill anything en route. Thus entire premium gets saved for the company.<br />
		<br />
		<br />
		<br />
		<br />
		</span> </span></div>
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			'title' => 'Biz Launches September 2011',
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			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Om Finance Limited has launched a new account titled Om Laakh Yojana for its customers. As per the scheme, anybody who opens such account with deposits of Rs 88,000 will receive a grand total amount of Rs 100,000 after a year.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Nokia has launched its new mobile handset C2-03 in the Nepali market. The handset comprises an inbuilt internet browser and dual sim facility among other features.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Mobile phone service provider Ncell has launched machine-to-machine system for the first time in Nepal. The system is targeted at business and financial institutions and security related companies besides the ordinary customers.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Mega Bank Nepal Limited has launched two new savings accounts titled Mega Swabhimaan Bachat Khata and Naari Special Account.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">A Memorandum of Understanding (MOU) has been signed between Kumari Bank Ltd and Shikhar Insurance Company Ltd for Kumari Secure Mind Home Loan.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Teletalk Private limited, the sole authorized distributor of Spice Mobile phone in Nepal has launched new handset named Transformer M5500 and Elite M5350.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Commerz and Trust Bank Nepal Ltd has launched a new deposit product called Zero Balance Account. With this account, the customers can open the account in zero balance and can get free ATM card.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">BIZ International has introduced a stylish handset In 4470 N in the market. It comes with 2 GB free memory card and is priced at Rs 4,500.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Samsung has launched a new series of microwave ovens in the market. 18 different models of Solo, Grill and Convection ovens have been brought in the market with the price ranging from Rs. 8,590 to Rs. 26,690.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Valley Finance Ltd has launched Valley Nari Saving Account. The account can be opened with a minimum balance of Rs 200 and will provide an interest of 10 per cent per annum.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Siddhartha Bank has launched Club Siddhartha, an exclusive customer loyalty programme. The membership is available at an annual fee of Rs 1,000.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">A private service provider company Inquiry Nepal Pvt Ltd has been launched to provide all kinds of information to the consumers on inquiry, informed its Managing Director Dilli Raman Bhandari.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Base Footwear Pvt Ltd has launched Dashain-Tihar Bonus Dhamaka scheme targeted at its dealers and retailers. This prize scheme will be applicable for its product Dear Hill Shoes only.<br />
		<br />
		</span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Laxmi Intercontinental Pvt Ltd, an exclusive dealer for Hyundai vehicles in Nepal, has launched Dashain-Tihar ko Hardik Hyundaimaaya Offer on the occasion of the approaching festive season of Dashain and Tihar.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Mercantile Office Systems Pvt Ltd, the authorised seller of Acer Computer in Nepal, has launched Portable Computer Acer Iconia Series in the market.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">S B Furniture has launched a new scheme for its customers. Under the scheme, a modern bedroom set will be available for Rs 99,999 from its showrooms at Panipokhari and Lagankhel, informed Sudarshan Joshi.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Indian Ceramic Producer Company Somani Ceramic Limited has opened its first showroom in Kathmandu. The company has established the Somani Studio Showrom at Bindu Hardware and Sanitary in Koteshwor.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Lumbini Bank has launched ATM services from its branch located in Parasi, the headquarters of Nawalparasi district, informed Branch Manager Arjun Pokharel.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Everest Bank Limited has established an extension counter and ATM in Kohalpur of Banke district. With this, the bank now has a total of 21 extension counters and 45 ATMs.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">An exclusive showroom dedicated to Nano car has been established in Thapathali, Kathmandu. Sipradi Trading, the authorised seller of Tata Motors in Nepal said it opened the showroom to cater the overwhelming response for Nano among the general public.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">A new Double French door Refrigerator from Samsung has been launched in the Nepali market.&nbsp;Him Electronics, the authorised seller for Samsung products in Nepal said the refrigerator is integrated with ultramodern technology.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Buddha Air has added an ATR 72-500 aircraft to its fleet, increasing the fleet size to nine aircraft. The new aircraft built in France has 72 seats.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Kamana Bikash Bank Limited has opened a new branch in Birendranagar-3, Khurkhure of Chitwan district. This is the seventh branch of the bank which has its headquarters in Lekhnath of Kaski district.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Smart Telecom has started CRBT service Smart Tunes. The service is available for Rs 10.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Women's Planet Private Limited has opened its second branch at Star Mall in Putalisadak, Kathmandu. It would be an attractive destination for fashion connoisseurs, claimed its operators Sushma Singh and Nilam Shahi.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Jagadamba Cement has launched Jagadamba Bahar Upaharai Upahar scheme&nbsp;for this year's festival season.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">&nbsp;Nabin Distributors, authorised seller for Kent Healthcare Products in Nepal, has launched three new products Kent TopGuard, Kent Ozone Air Purifier and Kent Vegetable and Fruit Purifier in the Nepali market.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">International Marketing Service Private Limited, authorised seller of Samsung Mobile in Nepal, has officially launched Galaxy S-2 smartphone in Nepal.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Chaudhary Group, has introduced LED Television available on 120 hertz for the first time in Nepal.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Citizens Bank International Limited has launched Citizens Ghar Dailo banking services. The service, currently available only at the bank's head office in Kamaladi will be&nbsp;extended gradually throughout Nepal, says the bank.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">International Money Express (IME) Private Limited has launched a new scheme titled â€˜IME Garaun, Car Chadaun targeted at the Nepali people residing in Japan.</span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-08-26',
			'keywords' => '',
			'description' => 'Om Finance Limited has launched a new account titled Om Laakh Yojana for its customers. As per the scheme, anybody who opens such account with deposits of Rs 88,000 .....',
			'sortorder' => '364',
			'image' => null,
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			'main_news' => false,
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	(int) 1 => array(
		'Article' => array(
			'id' => '453',
			'article_category_id' => '41',
			'title' => 'Social Media Adoption By TELECOM Giants In Nepal - NCELL And NTC',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">By <strong>Deep Sherchan<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">As we are moving into the age of online economy, communication channels will play a major role in development of nation's economy. So, it is very important to understand where Nepal is, in terms of the whole online revolution. South-East Asian Countries like Malaysia, Singapore, and Indonesia are rapidly evolving with the online revolution and giving them important space into the overall growth of the nation.</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;">As per the US Census Bureau, Nepal has a population of 28,951,852 as of 2010 and accordingly to ITU Nepal has 625,800 Internet users as of June, 2010, which is like 2.2 per cent of the population, according to ITU. Now, if we compare this with Malaysia, it has 28,728,607 population (2011) and 16,902,600 Internet users as of June 2009, which is 64.6 per cent penetration, as per ITU. More interestingly, it had around 9,998,440 Facebook (FB) users on March 31/11, which is 34.8 per cent penetration. As per Facebook, Nepal had 811,780 Facebook users on March 31/11, 2.8 per cent penetration. The difference in the penetration of Internet is interesting to observe. The numbers can be a bit contradictory, but FB's user count is very approximate based on the location which cannot be verified. But even then, this does give some amount of insights into the population.</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;">Now, Social Media is already a leading phenomenon in the world, it's a cultural shift between the mainstream media and the free and open community conversation that takes place at the online community forums and platforms such as Facebook. One of the major role social media plays is in the leveraging small and medium businesses, where businesses have direct access to communicate with the customers. So, it is interesting to see how the telecom giants of Nepal are handling this, as they provide the main backbones for the whole revolution.</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 picture is quite interesting as it shows that the two major players of telecom in Nepal (NTC and NCELL) have been going in different directions all together. Now, which one is on the right track is not very difficult to figure out. When we talk about online revolution, there is one important thing to consider and that is - how social media friendly is the company. Now, unless telecom companies understand the effect of social media, there is no way that they will be able to drive the required innovation in the field.</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;">In the evolving business models, every company is required to have an online presence and online communication channels, for people to connect with the service. Nepal surely has lots of hurdles to pass through before the Nepali people and companies can leverage the benefits of IT and social media. If you compare NCELL and NTC, you will immediately notice where each one is. NCELL has been heavily adopting latest technology and business models to gain users base, whereas NTC is still in rudimentary stages.</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;">Just to give you an idea on why this is so important for NTC and NCELL, let me explain the basic business models both employ. Both companies earn by sales of SIM cards, the call charges and nowadays even through bandwidth usages. The concept of value added services for mobile devices has still not matured and the same can be said about caller-tunes and other entertainment services. In addition to this, the emerging popularity of Smartphone has provided opportunity to give a variety of services to the end-users. In a competitive market, consumer research report shows that the adoption rate of telecom services is heavily influenced by the service satisfaction, which means a continuous to and fro communication between customer and business. This means a constant presence -- physically and virtually. This is why, online presence is so important. People are continuously looking for information and support.</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;">May be this is why NTC is losing the battle with NCELL. NCELL has been officially declared as the winner the country's first private GSM mobile operator”as the Number 1 player in the GSM mobile segment. The massive branding and investment NCELL has done for last one year is commendable. IT has&nbsp;been aggressive in terms of promoting and coming up with new business models.</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;">Reports say that until last fiscal year, difference between the subscriber base of the two operators NCELL and NT was around 1 million. However, since last fiscal year, NCELL aggressively started introducing new services and handsets targeting both low-end and high-end customers.</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;">Let us just concentrate on how NCELL has been making its presence felt in the online space through social media. The social media presence is all about wearing an attitude to support customers through providing timely information. The websites of NCELL and NTC are both rich in content but NCELL seems to have been communicating with more grace than NTC. The engagement in NCELL is much higher than in NTC. Similarly, NTC doesn't have any online profiles in Facebook, which is where most people are spending their time on. </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;">Beside the contradictory argument that Nepal is still emerging in terms of Online Community, NCELL seems to be doing great with its promotion whereas NTC is still lagging behind the adoption. Being TELECOM companies, NTC and NCELL both must be forerunner into adopting new technology and encouraging new services.</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;">Other interesting examples are Nepal Unites Campaign and Creative Political Activism which are on at Facebook. These activities show the vibes of Nepalese Online Community which if leveraged correctly would benefit companies as well as the nation.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>NTC Online Profiles:<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Telecommunication was introduced with the installation of open wire trunk telephone line between Kathmandu and Birgunj (a border town in southern Nepal) for the first time in Nepal around 1914, beginning of the First&nbsp; World War.</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;">Nepal Telecom has been actively involved in the business of physical market place. Its presence in the electronic market space is very minimal while major projects are under planning. Nepal Telecom is highly equipped with country-wide telecom infrastructure which is the competitive advantage for it over the rivals in the industry. Nepal Telecom has implemented IT in customer service rather than in core business. The company has been implementing information technology in customer billing payment. The other IT focuses are on Internal integration of the functional units and managerial planning process. The company has centralized the billing payment and revenue collection.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>NCELL Online Profiles:<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Until last fiscal year, difference between the subscriber base of the two operators NCELL and NT was around 1 million. However, since last fiscal year, NCELL aggressively started introducing new services and handsets targeting both low-end and high-end customers.<br />
	<br />
	</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;"><i>(Sherchan is Chief Marketing Officer at InRev Systems in Bangalore, India. He can be contacted via email at deep@in-rev.com or @bexdeep on Twitter.)<br />
	<br />
	<br />
	</i></span></div>
<table border="2" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><br />
					</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">NCELL</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">NTC</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Website</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://ncell.com.np/</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.ntc.net.np/</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Wikipedia</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://en.wikipedia.org/wiki/Ncell</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://en.wikipedia.org/wiki/Nepal_Telecom</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Facebook Wiki</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.facebook.com/pages/Ncell/134092903305342</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.facebook.com/pages/Nepal-Telecom/104071036295574?sk=wall</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">LinkedIn</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.linkedin.com/company/ncell</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.linkedin.com/company/nepal-telecom/statistics</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Facebook Page</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">https://www.facebook.com/ncell.com.np</span></div>
				<div style="text-align: justify;">
					<span style="font-size:12px;">(65,569 fans)</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">No official page, but lots of hatred community present unofficially.</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Twitter Profile</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">None</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">None</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Twitter Conversation</span></div>
			</td>
			<td colspan="2" valign="top" width="538">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Though Twitter has vibrant Nepalese community, the scale is pretty low compared to Facebook and the conversation is low for NTC and NCELL.</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Blogs</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://blog.ncell.com.np/</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">&nbsp;-</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Engagement</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Contest and Campaigns</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">None</span></div>
			</td>
		</tr>
	</tbody>
</table>
<p style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></p>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-17',
			'keywords' => '',
			'description' => 'As we are moving into the age of online economy, communication channels will play a major role in development of nation’s economy. So, it is very important to understand where......',
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	(int) 2 => array(
		'Article' => array(
			'id' => '452',
			'article_category_id' => '41',
			'title' => 'Credibility Question In Accounting Profession',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong><br />
		By Paramananda Adhikari, FCA <br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Over the past decade, increased litigation as well as criticism of auditors has left little room for doubt that auditors are facing a liability and credibility crisis in their profession. The reputation of accountancy profession comes under question for the reliability of their services. This issue in auditing profession is termed audit expectation gap which denotes the difference between the public's and auditors perceptions of the role of an audit function. The gap is critical to the auditing profession because the greater the unfulfilled expectations from the public, the lower is the credibility associated with the function of the auditor. The increase in litigation and criticism against the auditors can be attributed to the expectation gap. The gap arises from the misconceptions on the part of users, the nature and objective of audit, unreasonable expectations from public and performance below standard of profession by the auditors too. The accountancy profession, like other professions, exists only through wide public acceptance. The perceived need in auditing is an independent reporting function. Once the auditor has examined the entity's books of accounts and financial statements, the public understands that there are no problems. </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;"><strong>Independence: Fundamental in Auditing Profession<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">What is independence? Why is it necessary for Professional Accountants? How is it maintained? These are some of the issues raised with respect to auditors. The term independence has no concrete meaning. However, integrity, objectivity and trustworthiness are the key elements in independence. The concept of auditors independence has been accepted from the very beginning when the accounting came into being as a profession. During the late 19th and early 20th centuries, the perception of independence in accounting profession changed due to modern capitalist economy, a system of economy designed to allocate resources using market mechanism. Independence is fundamental to the reliability of auditors reports. Investors, creditors and public would have little confidence in auditor's report, if they were not independent from the management in both fact and appearance.</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;">Without independence, an auditor's opinion is suspect and the users of financial statements believe that there is no need for external auditors, if independence has not been maintained. Third parties acceptance implies that the role of external auditors is an independent financial control within the corporate entity. Auditor must be conscious to maintain independence on audit planning execution and reporting. He must strive to ensure that the audit quality is not compromised under any circumstances.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Public Expectations<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Over a decade, audit is at the center of a heated debate. How and why for audit were the questions.. People were of the view that the responsibility of any wrongdoing in any entity is on the auditors among others. There has been disparity in the people's expectations from auditors, especially with regard to their duties, responsibilities and objectives of audit. There are misconceptions that it is the auditor's role to prepare financial statements in compliance with accounting standards and statutory requirements. However, the auditor's responsibility is to express an opinion whether the financial statements generated from the books of accounts give a true and fair picture in accordance with the financial reporting framework. </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;">People may have expectations from auditors that go beyond the professional responsibility such as audits would provide absolute assurance on the accuracy of the company's financial statements. The users of financial statements may question why the auditors did not detect material irregularities and disclose them in their report. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Audit at the Crossroad <br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Given the growing list of financial reporting scandals, audit is once again at a crossroad. The significant number of big corporate failures/scandals over the past decade all over the world creates an audit crisis in the marketplace. The large payouts resulting from audit litigation in the developed countries have adversely affected the quality of audit services. Some of the big corporate failures/scandals over the past decade were, Enron (USA), WorldCom (USA), Lehman Brothers (USA), Merrill Lynch (USA), Fannie Mae (USA), Parmalat (Italy), Maxwell (UK), Flowtex (Germany), Vivendi (France), Baan (Netherlands), Satyam (India). These failures/scandals came one after another. After the widely publicised auditing failures in USA and later in Europe, the users have started losing confidence in auditing profession and raised the voice where were the auditors? What was the role of watchdog? These cases clearly map out people's expectations with respect to the duties and responsibilities of auditors. Regulating and oversight agencies have been investigating the performance status of the accounting profession worldwide.</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;">Over the days, in Nepal too, people have witnessed and become victims of companies going bust due to poor corporate governance by the management. In such a situation, effective corporate governance structures that should have detected any unlawful or unethical behavior by the dominant party may have been missing. Due to the cases of unethical conduct of management, inappropriate accounting system, disparity in maturity pattern of assets and liabilities, over-valuation of collateral that may be running amuck and pitch in some of the cases like Nepal Development Bank (Liquidation), Samjhana Finance Ltd, Nepal Share Markets and Finance Ltd, Gurkha Development Bank, United Development Bank, Vibor Bikas Bank, Peoples Finance Ltd, World Merchant Banking and Finance Ltd, CMB Finance Ltd. From these few instances, we are also witnessing corporate failures, scandals, or liquidity crunch in recent days that may raise questions about credibility on the auditors report and sustainability of businesses. Now is the time for the audit profession to be more proactive to lead the debate.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Questionable Role of Auditor<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">There are many reasons for reducing the independence of the auditor. Among others, these are economic dependence on the client, market competition in audit, other non-audit services, close relationship with client's executives, acceptances of goods and services from clients in concessional rate or free of cost, worry about their re-appointment etc.&nbsp;Due to these factors, auditors may be unable to produce fair and reliable reports in certain cases and the independence, of course, is curtailed. If auditors are perceived not independent, the report would be below the standards of the profession and would damage overall image of the accounting profession. </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;">Auditors may be found guilty of gross negligence in examining the financial and other records. Gross negligence means failure to exercise minimum due care when material errors or irregularities that should have been detected by the application of professional standards go unnoticed. Material amount of fictitious sales recorded at the year-end to inflate income and failure to detect this intentional mis-statement is one of the examples. A similar mis-statement by understating several expenses by a small amount or charging expenses in capital account and failure to detect them by the auditor is also considered as gross negligence. </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;">Cases finding fault with auditors about the application of professional standards, practices and inadequate disclosure have occurred over time, raising questions over auditors' performance. Some of the cases of non-compliance of standards are revenue recognition, fictitious receivables, failure to disclose related party transactions, verification of cash/bank balances and, failure to obtain third-party confirmation, inadequate collateral of loan, non-accounting of major transactions, failure to assess the clientâ€™s business risk etc. The standard also requires auditors to indicate any substantial doubt about the entityâ€™s existence as a going concern, In such a case, the auditor must add an explanatory paragraph following the opinion paragraph to his report. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>The Expectation Gap<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Expectation gap in audit is the difference between what the public/users of financial statement perceive about auditors responsibilities to be, and what exactly the auditors responsibilities are. Therefore, it is a gap between what is required by regulation and what market/public need is. The auditor's responsibility for detecting fraud is one of the major areas contributing to the expectation gap. The users of the financial statements believe that unqualified audit report means, the auditor has detected all material errors/irregularities. However, this perception is not in line with the professional standards, which hold the auditor responsible only for exercising due care in the conduct of examination.</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;">Another area for difference overrides the control structure and conceals the facts, perhaps at the behest of management. In such a case, auditor's exercise of due care fails to detect irregularities in the error-free financial statements produced by the management. This will result in significant misrepresentations in financial statement not detected by the auditor and further widen the expectation gap. </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 next area of difference is perception about the entity's ability to continue as a going concern. The users believe that an unqualified audit report is a guarantee that the entity is a healthy one. However, immediately or some time later, the entity is found either in a financial crisis to sustain or in the liquidation process. In such a situation, people may not be trust unqualified audit reports and many corporations either collapsed or were bailed out within a short period of receiving unqualified audit reports. These facts may attract substantial doubt that the auditors lack the expertise to render an independent opinion on financial statements and corporate affairs.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Bridging the Expectation Gap<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Preparation and presentation of financial statements is the prerogative of the management. Audit is performed on test basis from the sample drawn on the population of a class of transactions. Due to inherent limitation of internal control system adopted by the management, auditors can not detect all the irregularities. The auditor examines the financial statements and provides reasonable assurance that the financial statements are free from material mis-statements. As a result, the expectation gap continues to exist in audit including fraud, internal controls, illegal acts and other non-compliances. Here we analyse the possible remedial actions that may narrow expectation gap and improve the audit effectiveness. </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;">Firstly, the auditor shall report the cases of mis-representations, non-compliance of rules, regulations and professional standards to bridge the gap to some extent. If the auditors are found grossly negligent to discharge their duties, they may be liable to action under various Acts and Regulations, such as Nepal Chartered Accountants Act 1997, Companies Act 2006, Bank and Financial Institutions Act 2006.</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;">Secondly, compliance of Nepal Standard on Quality Control (NSQC) and implementation of Peer Review System, i.e. auditing the auditors helps narrow the expectation gap.</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;">Thirdly, educating the public about the objectives of audit, auditor's duties and responsibilities are important elements to bridge the expectation gap. Reducing unreasonable expectations requires creating awareness about the objective and limitations of audit and the auditor's work. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div>
	<span style="font-size:12px;"><strong>Reporting <br />
	<br />
	</strong></span></div>
<div>
	<span style="font-size:12px;">The auditor has the duty to report, after careful scrutiny of all the documentary evidences and information, every item of importance. He must demonstrate to the public that it is independent from the management and will provide high quality of audit and assurance services. Auditor, as a "public watchdog" reports the effectiveness of internal control, non-compliance of professional standards, mis-statements contained in financial statements, mis-statements resulting from management/employee fraud and illegal activities/operations, if any. Further, the auditor has to report about the entity's ability to continue as a going concern for a reasonable period from the date of audited financial statements. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>To Conclude<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Users of financial statements are of the opinion that the auditor should not only provide an opinion but also interpret the financial statements in such a manner that it evaluates the overall performance of the entity. The users expect from auditors to report in-depth information of the companyâ€™s affairs, watching the management surveillance and detecting illegal acts/frauds on the part of management. These are the high expectations on the part of users of financial statements that create gap between auditors and users expectations from auditing. There has been considerable debate about the nature and scope of audit and the audit expectation gap. The differences between what auditors actually do and what third parties think auditors do or should do remain. The expectation gap may never be eliminated. However, it may be reduced to a standard of profession. </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;">In recent years, the regulatory framework for professional accountants has changed. At present, we have peer review concept, quality control standards and the disciplinary mechanism. Failing in compliance or departures from the set conduct by the members may make them liable to disciplinary action. All this has been done with a view to gaining public confidence and to enhancing credibility of the accounting profession. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size:12px;">(Adhikari is Technical Director at the Institute of Chartered Accountants of Nepal (ICAN)&nbsp;and General Secretary of the Association of Chartered Accountants of Nepal)<br />
	<br />
	<br />
	</span></strong></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-17',
			'keywords' => '',
			'description' => 'Over the past decade, increased litigation as well as criticism of auditors has left little room for doubt that auditors are facing a liability and credibility crisis in their profession. The.....',
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	(int) 3 => array(
		'Article' => array(
			'id' => '451',
			'article_category_id' => '42',
			'title' => 'High Earnings Low Effect (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>By Bikram Chitrakar<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for the fourth quarter of the fiscal year 2010-11 could not lift he market. The benchmark Nepse index lost 15.68 points or 4.45% to settle at 349.85 on August 22. It was at the highest point of 365.43 on 24th July while the lowest point was on 9th August at 345.8</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;">Though the banks and financial institutions published their fourth quarter reports showing good financial performance in the fiscal year 2010-11 that ended on mid-July 2011, this failed to improve the sentiment of the investors. Some commercial banks such as Nabil Bank, Bank of Kathmandu and Everest Bank have already declared dividends. However the strength of such declaration has failed to improve the sentiment of stockholders.</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;">During the review period, International Share market slipped heavily after the rating of United States government's debt was downgraded by S&amp;P. Major Asian, European and US market suffered heavy loss after gloomy economic overview of US and European market. However, Nepal's market was not impacted by this issue as the international market movement has little link with the Nepali bourse.</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;">Political fever once again gripped the investors sentiment as deadline for issuing the new constitution is round the corner while the political parties seem uncertain about how to go ahead with this task. One progress of the month in the parliament was that it passed an Act related to setting up investment board that aims to facilitate foreign investors. However, the capital market is yet to test the results of this new law.<br />
	<br />
	</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;"><strong>Performance by Sector<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The accompanying figure illustrates the sector-wise distribution based on total amount of trade. Commercial banking sector accounted for 52.20% followed by hydropower sector (16.20%) and development bank (15.49%).</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;">Technically, Simple Moving Average (SMA) is dominating the market as both 30 days SMA and 200 days SMA are above the Nepse index. Based on the SMA, the benchmark Nepse is weak<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><i>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
	<br />
	</i></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Movement in Indices (24 July - 22 August 2011)<br />
	<br />
	</span></div>
<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Indices</b></span></div>
			</td>
			<td width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Open</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>High</b></span></div>
			</td>
			<td width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Low</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Close</b></span></div>
			</td>
			<td width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Change</b></span></div>
			</td>
			<td width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>% Change</b></span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Nepse</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">345.80</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">349.85</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-15.57</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.45</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">310.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">317.27</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-19.86</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-6.26</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Sensitive</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.63</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.99</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.63</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.38</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Development Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-10.48</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-3.67</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hydropower</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">553.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">567.37</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-40.99</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.22</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Finance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.26</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.31</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-11.72</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.03</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Insurance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">415.94</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">422.26</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.45</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">419.48</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">3.54</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.84</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hotel</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">408.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.57</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-20.93</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.41</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Manufacturing</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.11</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.02</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Trading</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Others</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">487.61</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">498.19</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">475.87</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">480.57</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.04</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.46</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Float</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.30</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.69</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.38</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.65</span></div>
			</td>
		</tr>
	</tbody>
</table>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for....',
			'sortorder' => '361',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	),
	(int) 4 => array(
		'Article' => array(
			'id' => '450',
			'article_category_id' => '45',
			'title' => 'Corporate Movements September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">New Comers<br />
	<br />
	<br />
	Bir Bikram Rayamajhi</span></strong><span bk="" bt="" frnkgothitc=""> has joined United Insurance Company Nepal Ltd as CEO. Earlier, he was Deputy Governor of Nepal Rastra Bank.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Nandanhari Sharma </span></strong><span bk="" bt="" frnkgothitc="">has been appointed the CEO of Nepal Share Markets and Finance Company. Earlier, he was the Executive Director of Citizen Investment Trust. </span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Umesh Singh Bhandari</span></strong><span bk="" bt="" frnkgothitc=""> has joined Standard Finance Ltd as CEO. Earlier, he was the CEO of Narayani National Finance Ltd. </span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Kumar Prasad Wosti</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined as CEO at Peoples Finance Ltd. Earlier, he was Deputy Chief Officer at Rastriya Banijya Bank where he worked from 1977 to 2003.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Shanti Shakya</span></strong><span bk="" bt="" frnkgothitc=""> has joined Continental Associates Pvt Ltd as Sr Sales Manager at Kia Automotive Division, Gairidhara. Earlier, she was Sr Business Development Manager at Skoda Showroom, Thapathali.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Govinda Shrestha</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined Galleria CafÃ© as Operation Manger. Earlier, he was Chief Accountant at Himalaya Sangri-la Resort, Dhulikhel.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Resham Gurung</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined Bistarai-Bistarai Restaurant &amp; Bar Pvt Ltd as Manager. Earlier, he was Manager at Tamarind Restaurant &amp; Bar, Jhamsikhel.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Shristi Singh</span></strong><span bk="" bt="" frnkgothitc=""> has joined beed management private limited as a beed. She has an MSc in Accounting and Finance from London School of Economics.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Sajag Karki</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined Thompson Nepal Pvt Ltd as Sr Executive- Client Servicing. Earlier, he was working in the credit department of KIST Bank. <br />
	<br />
	<br />
	<br />
	</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><i><span bk="" bt="" color:="" demi="" frnkgothitc="">Promotions</span></i></strong></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Balaram Pathak</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has been promoted as Food &amp; Beverage Director at Soaltee Crowne Plaza Hotel. Earlier, he was Meeting Director there.</span></span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-08-31',
			'keywords' => '',
			'description' => 'Bir Bikram Rayamajhi has joined United Insurance Company Nepal Ltd as CEO. Earlier, he was Deputy Governor of Nepal Rastra Bank.',
			'sortorder' => '360',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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	),
	(int) 5 => array(
		'Article' => array(
			'id' => '447',
			'article_category_id' => '31',
			'title' => ''Quality Control Is The Most Important Part' (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><strong><img align="left" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-v1.jpg" style="width: 304px; height: 323px;" vspace="10" />Mohit Mamudi</strong> is Founder and CEO of the Centre for Development Management Studies (CEDEMAS), a UK-based non-profit institution dedicated to the enhancement of management education and training in developing nations. He has an MBA from Boston University, USA, and more than 30 yearsâ€™ experience in development and implementation of management and marketing strategies for some of the most successful global companies. Mamudi has held various executive positions and consultancy roles with more than 20 Fortune 500 corporations as well as governmental institutions in the UK and some of the most dynamic and challenging emerging markets such as Brazil, China, Central and Eastern Europe and the Middle East. He was in the city recently for the formal opening of CG-CEDEMAS Institute of Management (CGCIM) â€“ the first internationally managed business school in the country â€“ in partnership with the Chaudhary Group of Nepal. In an interview with <i>New Business Age</i>, Mamudi laid out the nuances of CEDEMASâ€™ management education philosophy in Nepal, which will be delivered through CGCIM. Excerpts:</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Can you tell us about CEDEMAS?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">CEDEMAS was established to lead and direct global efforts for improving the quality and relevance of management education and training in developing countries. We are confident that this would enhance managerial capabilities and effectiveness in both the public and the private sectors in these countries.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Many academics from around the world have underscored the need for a new type of training programme for managers in developing countries, based on their respective cultures and requirements. Therefore, our mission is to create a learning environment for independent thinking, creativity and self-reliance, for the benefit of a new breed of managers and entrepreneurs.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">There are scores of management schools around. What is it that distinguishes you from&nbsp;others?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">I strongly believe that only a new management mindset can initiate change and persuade departure from established norms in managing the affairs of the state and industry in many parts of the world. We, at CEDEMAS, have realised that management education must recognise diversity and promote social and cultural awareness.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">How did your affiliation with Chaudhary Group come about, to establish CGCIM?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We brought this idea to Nepal and were lucky to meet Mr Arun Chaudhary of Chaudhary Group. We explained our goals to him which excited him as he thought it was absolutely necessary to have such an institute in Nepal. He was willing to be the local partner institute for us and make a contribution towards the educational sector of the country. Together, we have joined hands to further this noble cause.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We have already had our first group of Nepali academics who successfully completed the Advanced Certificate for Business Faculty (ACBF) programme at CGCIM after two months of intensive learning and were awarded the ACBF Certificate. These academics were already teaching in other colleges and universities but we brought them in and trained them in the way that we want them to teach. They are now ready to work alongside international professors to deliver our programmes here in Nepal.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Please, tell us about your programmes internationally.</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We have already established a partner institute in Iran apart from Nepal. A partner institute in Ukraine is in the final stages of planning while negotiation for a Sri Lankan partner is in the planning stage. We have also had fruitful discussions for setting up partner institutes in some other developing countries such as China, India, Ghana and Zambia among others. We know that we stand to face competition from existing management institutes in these countries. However, we are confident that our uniqueness will set us apart from others.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Which are the programmes that you will be focusing in Nepal through CGCIM?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We have three key programmes for Nepal. The first one is the Faculty Training Programme in which we train faculties of other colleges in teaching management courses. The second one is Post-Graduate Diploma in Development Management where students who already have a degree join us. We teach them about development issues that are related to Nepal. Besides these two, we also have a general Post-Graduate Programme in Management which is like an Executive MBA â€“ developing managers for businesses.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We will always have people from the UK supervising the programmes here. There will be professors visiting here from different parts of the world â€“ the US, the UK, and France among others. We are very certain that quality control is the most important part, so, we will be working towards that.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Will the methodology for CGCIM be the same as the one at your London campus?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: -0.15pt;">Yes. The methodology that we will be applying here is especially developed by CEDEMAS. Itâ€™s called PEDAL (Plan; Engage; Do; Analyse; Learn) system of learning. In traditional universities and colleges, itâ€™s all about lecturing. Instead of using bookish theory, we make our students practise what is taught to them so that they get the lessons registered in their minds forever. The system allows the learners to experience a wide range of exposures and outcomes as a result of their decisions and actions.</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">How acceptable/recognised will be these courses internationally?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Our programmes are UK Level-7 which is Post Graduation and conforms to the standards of UK accreditation agencies. If our students here in Nepal wish, we can even make arrangements for them to complete a 3-4 months thesis in the UK and obtain a dual masters after finishing their programme at CGCIM.&nbsp;</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Is there great saleability associated with the courses as far as the job market is concerned?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We are going to guarantee that anybody taking our programmes will be employed even before they have finished the programme. The companies are going to notice our students while they are still studying through work placements and case studies etc.</span></div>',
			'published' => true,
			'created' => '2011-10-02',
			'modified' => '2011-10-10',
			'keywords' => '',
			'description' => 'Mohit Mamudi is Founder and CEO of the Centre for Development Management Studies (CEDEMAS), a UK-based non-profit institution..........',
			'sortorder' => '359',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	(int) 6 => array(
		'Article' => array(
			'id' => '446',
			'article_category_id' => '31',
			'title' => ''Huge Mobile Telephony Market Is Still Lying Untapped' (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><strong><img align="right" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-v.jpg" style="width: 376px; height: 393px;" vspace="10" />Abu Daud Khan</strong> is Country Manager for Nokia Emerging Asia Ltd. He was in Nepal recently to showcase Nokia C2-03, the first handset from the company to feature a dual sim. The handset also comes with an in-built Nokia Browser. In an interview with <i>New Business Age</i>, Khan spoke about Nokiaâ€™s consistent effort to drive more value by introducing exciting new features that promise to change Internet usage for millions of Nokia consumers. Excerpts:</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">In which other markets have you launched Nokia C2-03?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We are targeting all developing countries where a large consumer segment cannot afford high-end smart phones. Nepal is definitely a focus market for us. But apart from this country, we have already launched the product in India, China, Indonesia and Brazil.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">What is the target audience you are looking at through this particular product?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We are looking at the masses and our vision is to connect the next billion. There is a huge market still lying untapped. Letâ€™s take Nepal as an example which has a population of around 30 million people. I have learnt that the number of mobile phone subscribers in this country has reached 10 million. There are 20 million people out there who are not connected by mobile telephony which means that affordability is still a factor for them. Therefore, we have tried to make the product as affordable as possible so that these people too can get connected. We are also trying to cater the need of dual-sim through this product.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: 0.15pt;">Even among the 10 million mobile phone subscribers in Nepal, a very small number of people actually have Internet access. We need to connect these people to Internet and that is precisely what this particular product will do. We are trying to do a couple of things here â€“ one is to connect a large population on account of voice and the next is to make a serious effort to make Internet available to people who canâ€™t afford laptops or personal computers&nbsp; at home. </span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">How cost-effective will Internet browsing be, courtesy Nokia Browser vis-a-vis traditional browsers?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Well, we are claiming that it has the ability to compress websites up to 90 per cent. It means that in terms of compression, it can perform 90 per cent better and faster than the other operator browsers. The cost of downloading is, of course, the operatorâ€™s domain. From our perspective, the speed at which downloading takes place also determines the eventual expense. The Nokia browser compresses at a faster pace which enables Nokia users to consume more at a given budget.&nbsp;</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Do you have any specific reason to introduce Nokia Browser with Series-40 devices?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Our clear focus for developing markets is the price factor because a lot of people canâ€™t afford smart phones. However, they need to be connected to Internet or else there is a fear of them getting left behind in this fast changing global scenario. We wanted to cater to this large segment of people by developing a device which is easy to use and affordable.&nbsp;</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Are there any plans to introduce Nokia Browser to mobile handsets of other brands or personal computers?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Itâ€™s only available with Nokia phones to ensure best experience. This is the first product that comes with an inbuilt Nokia browser. All the upcoming Nokia handsets will have the Nokia browser from now onwards. Apart from that, we are also giving options to existing Nokia users for downloading the browser free of cost from Nokia stores.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Could you tell us a little about Nokiaâ€™s NAVTEQ?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">NAVTEQ basically provides the base electronic navigable maps and its underlying map database is based on first-hand observation of geographic features. At this moment, we donâ€™t have the Nepali map available with us but we do plan to have maps in this product Nokia C2-03 in the future.</span></div>',
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			'description' => 'Abu Daud Khan is Country Manager for Nokia Emerging Asia Ltd. He was in Nepal recently to showcase Nokia C2-03, the first handset from the....',
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			'title' => 'Joseph Silvanus',
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			'content' => '<p>
	<span style="font-size:14px;"><strong>Interview: September 2011 - There Is Much To Gain And Look Forward To</strong></span><br />
	<br />
	 </p>
<div style="text-align: justify;">
	<span style="font-size:12px;"><img align="left" alt="interview" border="1" height="227" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-int.jpg" style="width: 319px; height: 227px;margin:10px;padding:10px;" vspace="10" width="319" />Joseph Silvanus<span style="letter-spacing: 0.05pt;"> joined Standard Chartered Bank Nepal Limited as its new Chief Executive Officer in July 2011. A student of Economics at St Stephen's College, Delhi University, followed by a management degree from Mumbai University, he had a brief stint with established FMCG names such as Voltas Ltd and Pepsi Foods Pvt Ltd before moving over to the banking sector. A banker for over 18 years, Silvanus has worked with ANZ Grindlays Bank followed by Standard Chartered Bank across various geographies. He has vast exposure to consumer banking operations having managed branches, marketing operations, business analytics, services and service quality and project management. In his most recent role as Regional Head of Development Organisations for South Asia, he played a pivotal leadership role in engaging multilateral/bilateral agencies and DFIs for directing specific programme-based support towards Asia. In an interview with </span>Pinaki Roy <span style="letter-spacing: 0.05pt;">of </span><i>New Business Age</i><span style="letter-spacing: 0.05pt;">, Silvanus shared his views on Standard Chartered Bank's phenomenal success over the years and his plans for Nepal operations. Excerpts:</span></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>You have just joined in. Do you have new plans in mind for Standard Chartered Bank's operations here in Nepal?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Nepal continues to be very important from a South Asian perspective of Standard Chartered Bank. It is now my turf to be able to grow the relative importance of Nepal in the overall scheme of things. Having consumer banking and wholesale banking as the two basic engines of growth for us does not mean that we will have quantum changes about the way we do our business in this part of the world. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">We will continue to grow the engines albeit with some level of caution because of the underlying situation Nepal is experiencing right now. But I personally see a lot of advantages that can be derived even through this phase of Nepali economics. The changes that I will bring, perhaps, is to leverage the Group businesses, expertise and the best practices. I can be a catalyst for that and we have internally discussed as a team that we will have more of these engagements. The businesses will reap the benefits of these visits and conversations that I had with the rest of the Standard Chartered Group. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><img align="left" alt="interview" border="1" height="396" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/inter.jpg" style="width: 224px; height: 396px;margin:10px;padding:10px;" vspace="5" width="224" />This must be an encouraging year for Standard Chartered as it is one of the largest profit earning international banks despite the global economic crisis. What do you attribute this success to?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">After receiving the Group results just over a couple of weeks ago, it convinced ourselves that we have done exceedingly well. I am absolutely delighted to see the results. We registered ninth consecutive record first half profit and double digits growth both for the top line (11 per cent) and profits (17 per cent). Everyone is delighted including the investors and shareholders and obviously, the businesses know what they are going to do for the rest of the year. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Looking closer home in Nepal, I think we have achieved much. It's been a tough year with issues of liquidity and governance coming through the financial network. There has also been some amount of uncertainty because of the global businesses impacting Nepal's economy. Nevertheless, I believe that both consumer banking and wholesale banking and the respective support functions have all got together to give value to local Nepali shareholders. There has been good EPS (Earnings per Share) and top line growth as well as effective cost management at a time when we really needed to look inward and reduce expenditures coming through unforeseen circumstances. We have done well as a bank in Nepal on all fronts and have continued to be strong both on capital and liquidity. Therefore, from a group as well as country's standpoint, there is much to gain and look forward to. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>One of Standard Chartered's unique features is successful lending to SMEs. Do you plan to expand or review the lending policy?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">SMEs have always been an engine of growth for the bank. Asia is typically a burgeoning economy for entrepreneurs and Nepal is no exception. If you look around, you can see how entrepreneurs are converting opportunities on a daily basis and the way banks are supporting them. For us, SME is a perfect space between the lower end of consumer banking and the upper end of corporate banking. The segment is very well placed. We have appropriate products that take care of all their requirements such as Working Capital and Term lending, Trade &amp; Guarantee lines and Margin based lending. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">However, we must realise that while SMEs are the global engine of growth for the group, we have to tread with caution when it comes to Nepal. We have to be able to create equitable mortgages as most of our SME lending is based on some form of fixed collateral. Therefore, we have to play as per the rules of the game.&nbsp;We are trying to bring in a few products that are used in the group in the area of margin based lending. It is an important engine of growth not only from the bank's perspective but from a social point of view as well. We are creating a lot of headroom for growth, engagement and employment opportunities. These will have plenty of forward linkages because the entrepreneurs will be able to subsist. Access to finance is a key issue for SME business the world over. We see ourselves as a force that could help meet that latent need. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>The Nepal Rastra Bank (NRB) has brought several new measures in its monetary policy. How have you viewed this policy?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Policies are well meant so I have given them a balcony view. I clearly think that NRB has tried its level best to meet some of the needs of the current economic state. Reducing CRR (Cash Reserve Ratio), for example, is good as it injects liquidity but it drives up some amount of inflationary tendencies. You have to understand that every action has an equal and opposite reaction. Increasing exposure to the deprived sector is certainly a good measure, especially when we know that farmers and the micro credit side of things require some amount of stability. However, I would like to see well-run, professionally-managed and well-governed micro credit institutions that can use this extra amount of liquidity coming their way. This would help create productive assets in the hands of the farmers so that the entire ethos around farming communities can gain sustainably from micro credit. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">The bottom-line is that while the policies are well meant, they need to be managed and supervised to the end. There are other areas where it has tried to adjust such as the Basel II issues as there has to be better accounting procedures and stress management techniques. The banks have to be prepared for event based risks. Therefore, on the whole, there is a good effort on the central bank's part as far as the monetary policy is concerned. But if it could be combined with great oversight by the concerned stakeholders, you have a winning strategy for the country. I am an optimist as far as Nepal is concerned. It's but natural that when things stack up, people can feel deprived and adopt a pessimistic approach. The people of Nepal are very resilient and it's time their patience got paid back in terms of good governance. The central bank needs to have a good embedded structure on which some of these policies can be grown upon. Policy interventions are great when they get implemented in the right fashion. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>Standard Chartered in Nepal has remained shy on investing in long-term projects such as hydropower and road infrastructure. What, do you think, are the possible bottlenecks?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">We clearly believe that Nepal has been imbued by god by several natural resources. Hydropower is one area where the country can really subsist and actually become a force for growth for the entire region. Underinvestment is due to several counts such as lack of transparency, clear policy directives and long term stability. The FDI which comes in this country is restricted to short-term investments and areas of quick generation of goods and services. However, long term investment in infrastructure, broadly speaking, has been lacking, for sure. We have to create easier barriers to entry, longer trade protocols and cut down on double taxation that exists, perhaps, within certain geographies. We also have to allow the investors vision for at least a longer period of time. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Bank and multi-lateral finance is always there. We already have done work in the past on hydro electricity in Nepal and are looking at a good pipeline of similar products. As a bank and a brand name, we are `Here for good which means we are here for the medium and the long term. Our commitment to Nepal is unquestionable and therefore, if we have to support the growth of infrastructure, we will certainly exercise our might. The bank is strongly behind these sectors. Hydro and roads etc take time as these are huge projects which are to be governed by several other global rules. We are quite happy to consider them, provided the right investments come along.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>You must have faced a lot of pressure to accept more deposits in recent times due to a large number of people withdrawing their money from small institutions. Has there been a substantive change in your deposit patterns owing to this development?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">This is true not just for Nepal and this has been happening right through the period of turmoil and uncertainty. Whenever there is uncertainty in any market, there is flight to quality. People like to resort to safer havens in times of uncertainty. We are open to business in Nepal and if people so believe that in the interest of risk mitigation, they wish to move their hard earned money to a safer institution, we will not stand in their way. However, we will go through the normal protocol of good governance by looking at customer details etc and then we would bank for them. It's part of our day-to-day business, we are not in this business of just going and garnering liquidity from the market. But if it comes to us at the price point that we would like to take at, we would certainly accept it. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>We understand there is serious homework being done on mergers and acquisitions of a number of banks in Nepal. How close are you on this front?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Well, it's public domain knowledge that even the Nepal Bankers Association has written to the central bank asking for tax incentives etc in the event of buying distressed assets or for mergers and acquisitions if there were. Our own view in this matter is very clear. In this part of the world, the economies are growing very productive and organically and there is a load of growth potential. Therefore, banks like ours would be more interested in looking at organic growth. On the other hand, acquisitions come at a cost. It has to do with people, culture, system integration etc and sometimes, it is difficult to get the math right. From a Nepali context, we are very happy right now with our organic engine of growth. We want to believe in primarily using the engine of origination rather than buying out an asset originated institution. We believe in our origination capabilities because we understand credit best in terms of the market that we are in and given the number of years that we are on the ground. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><img align="right" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/inter1.jpg" style="width: 210px; height: 267px;" vspace="10" />How long do you think Nepal's interest rates would be as high as they are? Aren't high interest rates detrimental to the growth of industrial and manufacturing sectors?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">This has got to do with some amount of demand and supply economics, cost of capital etc. Nepal is an unrated economy and we have imputed some ratings to the economy given the existing economic and political risks the country is attached to. Today, if you are to benchmark your savings bond for five years at 10 per cent which is an indicative rate, we don't have too many instruments that are longer term which will give you an indication of what the cost of funds or doing business in Nepal is. While I don't have a very firm view on where the interest rates are going to be, I believe they will remain the way they are for a short to medium term. The rate today correctly implies the cost of doing business in this country, part of which is the cost of capital. It is heightened because along with the cost of capital, there is liquidity risk and so many other market and non-market operational credit risks which pour into increasing the total cost of the fund. I believe that this is here to stay for a while unless and until we have a systemic kind of revamping of risk. We have to have central bank and all its adjuncts come out and play a constructive role in rebuilding some of these elements of risk. We will then have cross-border and country risks and the overall risk of the cost of capital come down. It will then reflect in cheaper interest rates. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">No entrepreneur or industry would like a high cost of credit as it mirrors heavily on their balance sheet. It reduces their strength to leverage the balance sheet and there are other cost elements too that are unique to Nepal such as the cost of staff and security, which, is not so large in other neighbouring countries. Therefore, it is to the extent of dampening entrepreneurial streak of modern day manufacturing. I believe that it's not a good story and there must be a different form of intervention where given the inherent risk of doing business in Nepal, the leverage allowed to such institutions should be higher. For example, if there is eight per cent leverage on a non-banking financial intermediary, it can be decided to give a higher leverage to such institutions. It is because resources are at a premium for such people and as long as the business model is good and the shareholders are willing to support the model, it should be allowed by law to higher leverage such institutions. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>Being a reasonable global player, how do you think Nepal can benefit from the ever growing economies of China and India? How do you see Nepal's prospect as an off-shore financial hub being a transit economy between the two giants?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Nepal is a landlocked country but it has two great neighbours who, I think, are committed to the sovereignty and growth of Nepal. To cite an old idiom, some trade is better than no trade. Nepal would have to use the depth and resources available to it through these two strong economies. These are the future economies of this world and, therefore, Nepal stands to benefit in the long run. There is a lot of work happening already: visiting delegations from both countries, plenty of solidarity and joint ventures. There is a lot of country-to-country donor aided support in some of the more required areas of infrastructure. Nepal has everything to benefit from positively engaging with both its northern and southern partners. Both these countries bring a lot of good and appropriate technology which sometimes may not require power and capital-intensive kind of investments. All in all, if the political ambitions of Nepal are evinced right, there is tremendous opportunity for growth in the economic sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><span style="line-height: 115%;">Nepal has been a part of the silk route for some time now and the people of Nepal are almost like global citizens. Almost every family in Nepal has a member working overseas which brings a lot of globalisation even into the villages. People have seen various cultures and experienced much while living overseas. Therefore, trade is an inevitable benefit to Nepal. You have to look at areas where you have a positive trading account with not just India and China but even with countries like Bangladesh and Pakistan. Nepal has to use its foreign and economic policies all geared in a very integrated and systematic approach to get the right kind of foreign investments and create value added commodities which its neighbours would seek. Besides, tax and double taxation protocols will have to be readdressed so as to meet the regional needs. <br />
	<br />
	<br />
	</span></span></div>',
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			'description' => 'Joseph Silvanus  joined Standard Chartered Bank Nepal Limited as its new Chief Executive Officer in July 2011. A student of Economics at St......',
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			'title' => 'Trading Gold For Silver: Our HR Position? (September 2011)',
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	<div>
		<strong><span style="font-size: 14px;"><img align="left" alt="trading" border="1" height="197" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/rajan pradhan.jpg" style="width: 153px; height: 197px;margin:10px;padding:10px;" vspace="10" width="153" />By Rajan Pradhan</span></strong></div>
</div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">Long serpentine queues in Kathmandu are no more a subject of curiosity to us. The endless lines of cars at gasoline stations, people crowding around water tankers, devotees pushing into shrines and investors interested in IPO lined up in front of commercial institutions are most common scenes one can see every day. However, the one I saw a few months back looked quite unusual. The mass gathered there were only the youngsters probably from late teens to people in their thirties. Their facial expressions carried pronounced signs of pain, desperation and anxiety. I could easily see the â€œDo or Dieâ€ atmosphere there. Letter in the day, I came to know the swarm there was of the aspirant applicants eager to work in Korea. It went on for days perhaps reminding us of human exodus we see quite often on news from around the world.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">With the tank in my car almost dry due to ongoing rationing of petroleum products, I found no other means of relaxing on a Saturday than lazing at home which gave me a chance to chitchat with my brother-like figures who has been close to us for decades. I found him so excited that day; he believed he had a plan well in place for his future. He finally got hold of a recruiter who had promised him a job in a company in Dubai - a job which gives him a remuneration of over Rs 12,000 a month with free accommodation! </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><img align="left" alt="trading" border="1" height="232" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/eco.jpg" style="margin:10px;padding:10px;" vspace="10" width="400" />I congratulated and wished him all the success but could not help crunching some numbers - quietly within myself. He would be bearing a total cost of about Rs 100,000 for air tickets and charges due to the manpower company. He would probably need additional two thousand rupees every month to cover cost for food and other supplies on top of what he would get from the company. A two year of work would perhaps fetch him an income of about Rs 290,000- the saving being about five to six thousand rupees a month which is about eighty dolors a month. I tried not believing it but could not ignore the fact that he would send such eighty- dolor back home not only to buy a plot of land in Kathmandu for himself but also to buy our petrol from abroad to fill up our cars. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Back home, it is more of a challenge not only to get hold of good professionals but also to get dedicated non-skilled labour in abundance. It was like a real manhunt, while searching for an engineer for one of my recent hotel expansion projects. The contractor for the same project has already got his site engineer changed the fourth time in just over nine months. The void in our labor market has already become obvious. We will perhaps spend many of our 80-dollar remitted to us to buy our skilled manpower and services back from abroad. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">The disappearing political borders are now given to us in an international market under a trend of globalisation. The fact that around 30 per cent of our 5.6 million households depends on earnings from overseas jobs while its contribution to our gross domestic production (GDP) is 23.4 per cent cannot be undermined. However, getting paid in silver for lending out our brains and hands and then buying them back paying in gold is certainly not a wise way of handling our human resources.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">A labor in Kathmandu earns about Rs 400 a day today whereas a skilled labor makes over Rs 700 a day - which is almost Rs 12,000 a month even if he gets work for 15 days a month. The majority of people who aspire hard to get a job abroad are not skilled but if trained even for a short span of time, they can be skilled enough to earn at home as much as they would earn abroad. Even if one decides to go abroad, their average income would certainly improve from the present average of Rs 14,000 a month. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Awareness among for vocational and short-term training progrmmes and more importantly commitment from our planners and rulers are what we need today to add value and competitiveness to our work force.&nbsp;Venturing for such a noble cause will give us tangible and immediate returns for sure - inflow of remittance will grow, unemployment will reduce and balance of payment will improve. Perhaps we will then be trading our silver for gold not our gold for silver!! <br />
	<br />
	</span></div>
<div>
	<span style="font-size: 14px;"><i><span style="line-height: 115%;">(Pradhan is Director Business Development &amp; Projects at Soaltee Hotel Limited.)<br />
	<br />
	</span></i></span></div>',
			'published' => true,
			'created' => '2011-10-02',
			'modified' => '2012-09-20',
			'keywords' => '',
			'description' => 'Long serpentine queues in Kathmandu are no more a subject of curiosity to us. The endless lines of cars at gasoline stations, people crowding............',
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		'Article' => array(
			'id' => '443',
			'article_category_id' => '38',
			'title' => 'Leadership: Managing Hunger (September 2011)',
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			'summary' => null,
			'content' => '<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(134, 55, 59); padding: 0in 0in 3pt;">
	<div style="text-align: justify;">
		<span style="font-size: 14px;"><img align="left" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sujit(1).jpg" style="width: 116px; height: 147px;" vspace="10" />By Sujit Mundul</span></div>
</div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="color: rgb(134, 55, 59);">I</span>n the current days of rat race and peer pressure, most of us struggle hard to find happiness at workplace, regardless of the nature of the organisation -- be it a local corporate or a multinational. Resurgent capitalism has added fuel to the fire. It does not at all know, or does not know enough, about the boundary conditions of profit maximisation. A ceaseless aspiration of higher rate of profit drives people mad and could probably be a major source of dissatisfaction throughout the levels in an organisation. The question comes loud and clear if there is a sense of balance in the level of aspiration.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">In his recent book â€œThe art of happiness at workâ€ by HH Dalai Lama, the great spiritual leader has given some very practical suggestions to alleviate the contemporary pressure of achieving success to the detriment of our holistic well being. These conditions are also very much applicable to the persons in position of leadership, which involve them in managing conflicts.</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;">Frequently people are defeated because, though they are doing their best, they make mistakes in <img align="left" alt="" border="2" height="263" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/management.jpg" vspace="5" width="350" />how they assess and engage their environment. Sometimes we bring ourselves down by forgetting to pay attention to ourselves. We get entangled in the cause and forget that exercising leadership is, at heart, a pure personal activity. It activates us to face challenges, intellectually, emotionally, spiritually and physically. With the higher flow of adrenaline, we can work ourselves into believing we are somewhat different and therefore not subject to normal human frailties that can defeat more ordinary mortals on ordinary missions. We begin to act as if we were physically and emotionally indestructible.</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;">Let us look at the example of Bill Clinton. Bill Clinton came to the White House in 1993 sleep deprived and physically exhausted; rather than â€˜prepare himself physically for the ordeal aheadâ€™.&nbsp;Clinton spent the period between the election and the inauguration working, playing and celebrating in endless 24- hr days. By the time Clinton got to Washington, heâ€™ seemed worn out.... and hyper....â€™ He refused to rest. It may be that Clinton had a real drive to keep that pace as was observed by David Gergen, the presidential advisor. It would be quite logical to think that we are vulnerable to falling prey to our own hungers. It is strongly believed that self- knowledge and self-discipline form the foundation of staying 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;">It canâ€™t be denied that we all have hungers, which are expressions of our normal human needs. But we get reminded many a time that those hungers disrupt our capacity to act wisely or purposefully. Perhaps, one of our needs is too great and makes us vulnerable. It could be so that the setting in which we operate enhances our normal level of need, inflate our desires and in the process benumbs our usual self controls. A seed of unhappiness gets sown in the process.</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;">It cannot be denied that every human being needs some degree of power, control and importance, as well as intimacy and delight. It would be very difficult to find someone who prefers to feel entirely powerless and unimportant in life. However, it is a proven fact that each of these normal human needs could land us into trouble if not handled judiciously as one tends to lose personal wisdom and discipline required to manage them effectively.</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 a leadership role, the utmost difficult part is to manage people as one requires tuning their needs as well as oneâ€™s own. There is another danger, in connecting with peopleâ€™s hopes and frustrations; it is easy to become a depository of their yearnings! Nevertheless, the desire to fulfil the needs of others can become a vulnerability if it feeds the leaderâ€™s own normal hunger for power, importance etc. They get so caught up in the action and energy that they loss their wisdom and self-discipline, and slip out of control.</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;"><span style="letter-spacing: -0.1pt;">When you take on the tasks of leading, invariably you resonate with many feelings expressed by people around you. Many of the feelings in our jobs are produced by the way we resonate with the job environment itself. In each professional role one takes on, one must be careful about own emotional inclination to carry the issues and sentiments of others in the organisation. This, of course, is a very challenging proposition to deal with successfully. As discussed earlier, a failure to properly deal with these essential but complex psychological behaviour, would trigger unhappiness in the workplace as also in personal life.</span></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;">Once again I would like to refer back to HH Dalai Lamaâ€™s advice of clearly understanding where we are standing and what we want to achieve. He has had no hesitation in making it clear to us that uncontrolled ambition would become the bane of all unhappiness. So, it would be good to pay heed to his valuable advice that we need to make a choice between peace and ambition. Leaders of this age would require to exercise more caution in successfully playing their roles, as the lure of ambition unlimited would always remain latent, to drift oneâ€™s mind towards .......perhaps unhappiness.&nbsp;&nbsp;&nbsp;&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><i>(Mundul is a Director with Standard Chartered Bank Nepal Ltd)</i></span></div>',
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		'Article' => array(
			'id' => '442',
			'article_category_id' => '38',
			'title' => 'Employee Relations (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(134, 55, 59); padding: 0in 0in 3pt;">
	<div style="text-align: justify;">
		<span style="font-size: 14px;"><span style="letter-spacing: -0.15pt; font-style: normal;">By Dr Rabindra Karna</span></span></div>
</div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Misalignments in employee relations are mainly caused by misunderstanding arising from silo mentality, friction and disagreements between functions and individual employees in need of clarity. Workflow is considered one of the key enablers to adaptive and responsive culture in any workplace. Collaborative difficulties arise because of inability to partner with others, whether functions or individuals, within the enterprise. Employee relations strategies define the intentions of institutions about expectations from each member about what needs to be done in current situation to manage relationship with employees and their trade unions. HR strategy incorporating employee relation strategies flows from business strategy but concentrates on the ways and means for maximising cooperation with the unions and employees through minimising damaging effects on business in total.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Employee Relations is the broader and latest approach to Industrial Relations and Labour Relations that cover a wider range of employment relationship with the emergence of non-Industrial employment relationship, non-unionised workplaces and socio-emotional arrangements. It is viewed as collective relationship between the employer and the employees. It emphasises on prevention and solution to conflict arising out of work situations and contributes to enhanced productivity, motivation level and people morale as an effect of employeesâ€™ involvement on various progressive performance inclusive of discipline. It is also viewed as part of social science because of its concerns about relationship among the employees and the institutions that emerges by and in the form of recruitment and selection, compensation and benefit, workplace safety and environment, skills enhancement opportunities, discipline and so many other varieties of issues. Though it is part of the management that deals with collaborative partnership between the employer and the employees â€“ whether skilled or unskilled, worker or manager, relationship between the state and the employers and the trade unions. The primary concern of employee relation is employer â€“ employee relationship; if maintained at right spirit, driving human resources management strategy becomes effective that supports business achievement.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Since the emergence of Personnel Administrationto the present incarnation of Human Resources Management, even executives perception about it is as just an administrative function whereas employee relations, an integral part of human resources management, addresses underestimations by educating through interactions and leadership in developing methods to improve and establish human resources management into the role of strategic partner. The challenge for employee relation practice in modern management is observed as establishing connection between organisational behavior and&nbsp;HR strategies. In the current context, when the workplace relationship includes conflict of interest, no one can ensure to prevent workersâ€™ exploitation and thus HR (Human Resources) and ER (Employee Relations) practitioners work through institutional interventions to support workings of the relationship in right spirit protecting employeesâ€™ rights. Therefore, organisations these days have grievance procedures, Labour Relation Committee, Labour Unions, Collective Bargaining mechanism and Labor Management Partnership etc. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
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	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Any business needs people to work in team, performing to achieve business objectives. Non-living entities like machineries, chairs, tables etc cannot be instrumental towards organisational expectations without human beings. In fact, the people are the most valuable asset for any organisation. People resources must share good rapport working together and strive to make the dreams of the organisation come true. Thus, itâ€™s pertinent for the people working for any organization to clearly demonstrate their personal interest after business interest.&nbsp;Some of the key issues around employee relation are corporate restructuring and reshaping of enterprises, employment relationship in union and non-union work environment, effective and efficient performance management systems, workforce diversity, globalisation of labor market etc wherein perspective of socio-economic, political, historical, psychological and legislative developments have great say on employee and employer relationship. Relation can be warm, good, bad, so-so but it is important for any organisation that there is productive or healthy relationship among each other to deliver the best. Workforce spends maximum time with fellow workers, where any conflict will result only in diminishing productivity. Thus, the workforce needs to communicate or discuss as many essential things around business as possible that alone can allow each one at work to derive solution for any misunderstanding, which can lead to intended benefit for self and the institution. None can work alone at the same time it is also but natural that every one canâ€™t think like others or behave the way one behaves. Thus, itâ€™s important to ensure every one behaves in a civilized way demonstrating respect and trust for each other. It is also crucial that all employees maintain cordial relations supporting each other with great understanding of needs and expectations, impacting accomplishment of goals of the entity.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">It is important for employees to understand that they are paid for productivity and not for any clash or conflict among themselves. The fact also is that one can have best friends at work place. Many human scientists have expressed their observation that healthy work place relation leads to long life and it helps people at work to keep themselves ready to take new challenges. Communication plays crucial role in generating and up-keeping relations intact and hence it is widely recommended to keep communication effective and open within and outside the core team. This helps to correct misinterpretation and perceptions about each other, leading to creating and strengthening the trust and the respect that is most essential for improved performance as well as individual efficiency. However, it (Communication) needs to be obvious and accurate so that thoughts are translated into relevant words supporting the development and sustainability of warm relationship; thus usage of written communication in terms of employee relation is highly recommended. Also, employee survey can be reflective towards focus on workplace relationship management, especially in terms of business operation. The survey report provides an opportunity for sincere feedback and breakdown that may not be possible to achieve solely through business communication. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">It is also observed that disciplinary measures as well as legal/policy compliance in relation to it like absenteeism, leave and vacation, overtime payment etc have marginal impact on employee relations.&nbsp;Similarly, skills enhancement opportunity, pay package, career advancement are important elements determining employee relation. Issues in these areas emerge mainly when employee equity becomes questionable in perception of partiality. It is thus suggested to avoid nepotism and ensure everyone in the organisation is treated same. It has been unanimous that employees are the lifeline of any organisation because none of the businesses can endure without employee like human cannot stay alive without blood. Employees are the most valuable asset and hence, their full immersion in their work, securing emotional attachment will be useful to sustain productive and harmony in relation. HR Associates (especially employee relations in-charge) must focus more on psychological contract than any other legal contract. As much people will have to deliver challenges and creativity in their routine, that much less chances of any challenge will be on employee relations. Simultaneously, activities supportive to foster togetherness like lunch together, group activities, task sharing, award ceremony, job rotation etc can be very useful in maintaining harmony at work place.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Additionally, one need to keep in mind that two individuals are never alike. It would be imperative to keep off from regular fault-finding rather usage of simple praises like â€œwell done, great, very good, wow etc motivating phrases will work far beyond any theory and practices. These leave impact like token of appreciation.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">It is rightly said that success and failure of any business is proportional to the relationship shared among the employees. Researches say if the employees are satisfied with their job responsibilities, they have a propensity to remain happy and stay away from conflict. It is therefore suggested for HR practitioners to encourage employees on group and extra-curricular activities and lead them to the unity that instills the productive relationship.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><i><span style="line-height: 115%;">(Dr Karna is the Executive Chairman of MARK Business Solutions Pvt Ltd and Ad Abhyas Marketing &amp; Communications Pvt Ltd. The article is based on various research reports and his practical experiences as management practitioner.)</span></i></span></div>',
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	(int) 11 => array(
		'Article' => array(
			'id' => '441',
			'article_category_id' => '38',
			'title' => 'Harassment At Work, Challenge For HR Personnel (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Harassment at work includes different types of unwanted action towards an employee that leads to complexity in doing assigned tasks or makes the employee feel that he or she is working in an unfriendly environment. Harassment may be based on different factors such as gender, race, class, culture, age, sexual orientation, or religious preference.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Different ways of harassment within and outside workplace are reported like intentional, situational, emotional, sexual and even harassment through use of technologies such as phone, SMS and email. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">In many countries of the world, there are laws that protect employees from conducting various job abuses, if the reality of the harassment can be proven. However, in case of our country we do not have such specific laws. During orientation, employees have to ensure they will follow the bylaws of the organisation. Most of the organisations have mentioned in their bylaws harassment issues and actions to be taken if it is violated. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">In order to recognise harassment at work, at first the conduct must be unwanted and offensive to the employee. Secondly, the employee must voice his or her objection to the behavior, allowing the offending individual or individuals to correct their behavior at work. Last, the conduct must be of a nature that makes an&nbsp;adverse impact on the ability of the employee to carry out his or her duties in an efficient and responsible manner and should be reported to the concerned authority. But in case of our country, most of the harassment victims remain silent due to which the tendency to harass continues. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">If actions could be taken based on the complaints filed, judging the type and the nature of harassment then such activities can be controlled to some extent. However, it is difficult to control harassment totally as it is more an ethical issue than a legal issue. In Nepal, complaints can be filed at labor court and through the decision of the court based on written complaints one can file the case at district court and then to the supreme court.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Many organisations in our country do not carry out any investigation and just fires the harasser, which&nbsp;leads to employees taking advantage of the system and reporting misleading complaints. Understanding employees and observing, finding out the authenticity of the complaints received and analyzing the issue are major challenges for HR.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">In order to control and reduce harassment in the organisation, addressing such issues secretly and confidentially is a must. Besides, CCTV monitoring, understanding employeeâ€™s behaviour and proper recruitment also play an important role in controlling intra organisational harassment. In case of organisation to individual and inter-organisational harassment, one needs to deal it tactfully.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Unwanted sexual advances by peers or supervisors are the most common form of workplace harassment. Both male and female employees may be approached by someone in the workplace who either hint or directly state that compliance will benefit the employee in some manner, or at least help to make sure that employment will continue. Today, many countries have laws that protect employees of all genders from this type of harassment.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Sometimes in case of multinational companies or NGOs/INGOs employees have to deal with foreign clients where comes the problem of intercultural practices like hugging, kissing or even shaking hands. In these cases, many people may feel they are harassed. So, in order to avoid this, HR should inform the visiting person about the cultural slopes and limitations and let them know how to make their stay comfortable.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Hence, in order to avoid harassment, office politics must be completely avoided. Besides, every individual should speak up if they feel harassed and only then we can minimise not only workplace harassment but also harassment as a whole. Minimising workplace harassment remains a challenge for HR personnel, however, neutralizing it is almost next to impossible.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><i><span style="line-height: 115%;">(The write-up is based on an â€˜HR Kurakaniâ€™ discussion on â€œHarassment at Work- Challenge for HR Personnelâ€ on July 27, 2011 conducted by Real Solutions Pvt Ltd. The participants at the discussion included representatives from NGOs &amp; INGOs, Hotel Industry, Research Organisations, IT and Communication, Automobile Companies, Trading and Service Industries. Shailendra Raj Giri, Managing Director of Real Solutions, acted as the moderator for the discussion and Nibha Shakya, HR Executive of the company, was the coordinator of the event.)</span></i></span></div>',
			'published' => true,
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			'description' => 'Harassment at work includes different types of unwanted action towards an employee that leads to complexity in doing assigned tasks or makes the....',
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	(int) 12 => array(
		'Article' => array(
			'id' => '440',
			'article_category_id' => '50',
			'title' => 'Feedback September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span style="color: rgb(134, 55, 59);"><br />
	<strong><span style="color:#000;">Shrinking Pie Of PEs September 2011<br />
	</span></strong><br />
	<br />
	T</span><span style="color: black;">he cover story of New Business Age (August, 2011) reveals that majority of the Nepali Public Enterprises (PE) are bearing losses. It is true that those in profit are also because of their monopolistic nature of business. If they had to face a tough competitor from the private sector, they too would have been surviving only based on the subsidies provided from the state coffers. A lot of PEs are surviving in such comatose state. How long they expect to survive in such manner and how long will they expect support from the government? After all, they are enterprises for doing business. Shouldn't they be managing their business better if they want to survive in the market? I think the government should consider whether to keep these parasite PEs running or close them down.<br />
	<br />
	In a competitive market, the companies that cannot withstand the competitive forces must be let go. The market should decide whether a PE should survive or close down. If it can't compete with others in the market, especially the private sector counterparts, it should be either handed over to the private sector that can manage and operate well or be dissolved. The state may try to protect it for a while, which is not unnatural. But the question is for how long and why, if it cannot justify&nbsp;its existence and even manage its expenses.</span></span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div>
	<span style="font-size:12px;"><span style="line-height: 115%; color: black;">Most of the PEs are business entities. As the state is not meant for doing any form of business, why did the latest budget take a regressive step to go back to a state-controlled economy? Doesn't the government have anything more important to do like ensuring a better astate of the PEs proves that they are not desired in the market. The shrinking share of their pie says it all. If they want their existence, they must compete in the market or should be shut down. That is the only good option. PEs must stop begging from the state and the state must stop funnelling taxpayers money to unproductive but hungry companies.<br />
	<br />
	</span></span></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><b>- Radha Krishna Bhandari</b></span></div>
<div>
	<span style="font-size:12px;"><b><span style="line-height: 115%;">Putalisadak</span></b></span></div>
<div>
	<span style="font-size:12px;"><b>&nbsp;</b></span></div>
<hr />
<div style="text-indent: 0in;">
	<strong><span style="font-size:12px;"><br />
	Need for FII<br />
	<br />
	</span></strong></div>
<div style="text-indent: 0in;">
	<span style="font-size:12px;">In this era of globalisation, companies are in a race to extend their global outreach. They want to step into as many regions as they can and as long as they see a lucrative return. When this race among the global giants goes on at full throttle, countries like Nepal must be able to open up track for them. These companies don't only bring in investment but also a distinct corporate culture, investment technique, unique way of working and a secret for the development of local economy and market. The much greater impact will be on the capital market, which is the most efficient source of funding after banks and finance companies. They bring in jobs; they bring in money and market development. What they only seek in return is a stable political and economic environment where they can manage their business. Only if they can be assured of the stability, they are ready to make some differences. The large institutional investors not only offer the market development but also provide assurance to small investor protection. India has opened up its door for such investors. Similarly, Nepal must also without any delay open its door to foreign institutional investors. The initiative to allow Non-Resident Nepalis to invest as institutional investors is quite positive. In the days to come, the country must welcome foreign investors in the hydropower sector to the capital market.<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><b>- Bijay Neupane</b></span></div>
<div>
	<span style="font-size:12px;"><b><span style="line-height: 115%;">Bhaktapur</span></b></span></div>
<div>
	<span style="font-size:12px;"><b>&nbsp;</b></span></div>
<hr />
<div style="text-indent: 0in;">
	<strong><span style="font-size:12px;"><br />
	Creating Brand <br />
	<br />
	</span></strong></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	Established brands are the first choice for a group of consumers. They do not think beyond a certain brand name usually renowned across the world. A successful branding and advertising of such brands have been able to establish a strong image for the products. Eye-catching advertisements without the product quality would not make those brands successful. Nepali brands too have their own niche market. Despite an array of branded products, consumers prefer foreign brands. Sometimes, advertising makes consumers simply say, Nepali products are not good,without even trying out once. While concentrating on the quality, they must prioritise quality too in the advertisements. An ad cannot be for everyone just like a product. They must be creative and catchy for the targeted group and other groups that may become the potential client. Ads are not only for today but also for tomorrow. This is missing in Nepali brands. Ads are failing to create an image that the product is worthy of use. Rather, they seem to be mocking at the product itself. To gain the attention of brand conscious consumers and retain brand loyalty, advertisement quality along with the product quality has to be up to the mark.<br />
	<b><br />
	- Suraksha Rayamajhi</b></span></div>
<div>
	<span style="font-size:12px;"><b><span style="line-height: 115%;">Pokhara<br />
	<br />
	<br />
	</span></b></span></div>',
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			'description' => 'The cover story of New Business Age (August, 2011) reveals that majority of the Nepali Public Enterprises (PE) are bearing losses. It is true that those in.....',
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	(int) 13 => array(
		'Article' => array(
			'id' => '438',
			'article_category_id' => '47',
			'title' => 'Legacy Of Success',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size:12px;"><b><span style="line-height: 120%;"><img align="left" alt="nubiz" border="1" height="275" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-per.jpg" style="width: 308px; height: 275px;margin:10px;padding:10px;" vspace="5" width="308" />Moti Lal Dugar</span></b></span></div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size:12px;"><span style="line-height: 120%;">Chairman</span></span></div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size:12px;">TM Dugar Group<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Moti Lal Dugar, Chairman of TM Dugar Group, is a third generation entrepreneur,<span style="line-height: 115%;">who is successfully continuing a legacy of 127 years old industrial family Dugar. He never imagined a career beyond business. Dugar feels fortunate to be born in a business family and takes pride in the fact that his group tasted success &nbsp;in whatever business it ventured into.<br />
	<br />
	</span></span></div>
<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(196, 21, 28); padding: 0in 0in 2pt;">
	<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
		<span style="font-size:12px;"><strong>By Gaurav Aryal</strong><br />
		<br />
		Moti Lal Dugar, 65, believes he is the most fortunate person to be born in a business family. It takes a little more than a hint of luck to take an already established business house to the next level of success. Dugar is an heir to 127 years old business legacy of the Dugar Group.<br />
		<br />
		</span></div>
</div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar is now Chairman of TM Dugar Group that has a wide array of interests ranging from banking, hydropower, automobiles, agro solutions, life insurance, FMCG products, agro based industries, consultancy to automobiles, among others. He is also Chairman of Sunrise Bank Ltd and Gurans Life Insurance Co Ltd, two public limited companies promoted by TM Dugar Group with some friends. Dugar says he does not like to be involved in any politics of business and never wished to be a front runner in any association. However, he feels it is okay to be associated with those forums which are directly related to his business and trade. He is the Treasurer of Nepal-USA Chamber of Commerce and Industry and Forum of Nepalese Banks.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar was born and educated in Biratnagar. He went to Adarsha Vidyalaya, a school that has produced a number of prominent entrepreneurs and politicians. He received education till BCom at Mahendra Morang College. The Dugars were one of the well-off families even during those days. He recalls the range of luxuries available at his home those days bullock cart, horses, maids and servants. During his college days, Dugar used to ride a Honda 250cc motorcycle imported from Japan. He remembers the first family car a Land Rover. During his student days, he was one of the good students in class though he never stood among the top three. Sport was not his cup of tea either. However, as a child, he was fond of traditional children's games like marbles and <i>dandi biyo</i> among others.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">He was in his early teens when he began working in his family business. At the age of around 17, he took up full responsibility and started looking after some of his companies. At that time, Dugars were in a joint family and living in Biratnagar. His elder Brother Tola Ram Dugar was looking after the business after their father died. After Tola Ram Dugar passed away in May 2011, Moti Lal has taken over the lead of the TM Dugar Group. Moti Lal was just 11 when his father passed away. Young Dugar began his career at the textile shop. Gradually, he started visiting industries and understood the knots and bolts of handling a business. He took up the responsibility from keeping accounts to making contracts, looking after exports, export-import contracts and even LCs. The initial business of the Dugars was textiles and agro products. The business was later expanded to jute export, steel factory, rice mills and others.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">The process of expansion in fact never stopped. In the same course, the family shifted to Kathmandu. The family business was sector-wise divided among four brothers. Among those, Moti Lal got the automobiles business for which he was working since the beginning. It has been four decades since he began working in this sector. Now, he is also a specialist in automobile, banking and insurance. He is planning to venture into hydropower. The Dugar group has always been the leading industrial group of Nepal. Dugar is content with the growth and development of the company. He says, â€œOur family always aimed at taking the business to next level. So far, we are satisfactorily moving ahead. We are successful in maintaining the leadership position in every business we ventured into.He adds that his company has been successful in sticking to its principle. Maintaining the status achieved in the course of 127 years is what Dugar feels is a matter of satisfaction and an achievement in itself. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">He feels he inherited the success that was accomplished by his parents and senior family members. He gives the credit of his company's success to them, especially his eldest brother late Tolaram Dugar whom his regards as high as his father not only as elder brother. More importantly, he feels he inherited the trust and belief of Nepali people in his group. He expresses pleasure to be born as a business person. He does not have any regrets about having the career that he thinks was destined for him. According to Dugar, job satisfaction is the most pleasing aspect of the business.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar claims that honesty is the everlasting principle of the Dugar group. Dugar explains, <img align="right" alt="intreview" border="1" height="331" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-per1.jpg" style="margin:10px;paading:10px;" vspace="10" width="400" />â€œHigh degree of honesty must be maintained. Customers should not be cheated. A business can never sustain without customer's trust. The group has been working with such vision and belief.Dugar believes clients are the incarnation of Goddess Laxmi Goddess of wealth and she should not be cheated. He says thanks to such principles, the group is valued high in the market today.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">For Dugar, profit, loss or big money is not the measure of success. He says, There are many other groups who have more money than us. We began from scratch and achieved this status. We are satisfied with this. Our business image has never been lower than others and that has been a matter of pride for us. He identifies success in the manner the people recognise and trust the group. Profit and loss is something that keeps changing but the recognition does not and it will lead to profit and stability of the company. He feels his next generation has a ready path shown by the long history of the group. They don't have to work too hard. They just need to add cherry on top, he says. Fifth generation of the Dugar family his grandchildren will soon join the business after their education.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">The group that was initially into the food grain and agro based industries stepped into the service industry through banking and insurance around five years back. Dugar sees the future of Nepal in three areas hydropower, tourism and agriculture. He says Nepal cannot compete with India and China with a high cost of production by subsidising industries with a bundle of discounts and waivers. Although the Dugar group does not have any plans to venture into tourism sector, it will soon be developing hydroelectricity projects. The group is planning to develop more than 170 Megawatts of hydroelectricity in the near future. Pan Himalaya Energy Pvt Ltd, Global Hydro Power Associate Pvt Ltd and Numbur Himalaya Hydropower Pvt Ltd have been established by the group for&nbsp;tapping hydropower potentials in the country. He thinks hydropower is a money-making industry that has huge export potentials although it is a capital-intensive sector. He says hydropower is liked by the world for its environmental benefits and sustainability.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">On Nepal's failure to develop hydroelectricity sector despite huge potentials, Dugar says, All political parties must have genuine commitment for the development of the nation. Everyone must shed his leg-pulling attitude and should respect others' ideas if they benefit the nation. Such massive projects will not be possible without foreign investors. They must be welcomed anyhow. Investment worth billions of rupees will not come just with phoney speeches.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">While deciding anything about the companies in the group, one person looking after a particular sector never interferes with another. He reveals that there will be discussions on visions and plans and anyone in the family can invest if he has interests.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">In the TM Dugar Group, 1,500 employees are working. Dugar says a separate committee looks after the human resource management. He says human resource is the real capital of any company. So, we provide handsome salary as motivation. People working here have a distinct and prestigious life, he says. He reveals that employees are quite steady with the companies. He shares numerous examples of people working in the group for as long as three generations.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.6pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar says he does not have uber luxury in life. He likes to lead a simple life and does not have any luxurious demands. Dugar gets up at six in the morning and goes to health club. For remaining healthy, he exercises everyday and is conscious about food habits. After having breakfast, he goes to his office between 10 and 10:30 in the morning and returns home at around 8 pm. He does not have much interest in social parties and rather feels annoyed if he has to frequently attend them. He thinks partying more than once a week is too much. He loves watching television, chatting with family, reading newspapers and listening to music. These are his favourite pastimes. He does not work on Saturdays. His mornings and evenings are dedicated to his family.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.6pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">When he has to suggest anyone who wants to follow his footsteps, he says: Do anything with dedication, focus and honesty. Do not dive into anything seeing someone else making profit. It is wise to focus on expanding what you already have. The competition is so tough so you must be careful while investing. You may lose your hard earned money. In this regards, I am quite conservative.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">When it comes to charity and philanthropy, he believes in building hospitals rather than building a temple. When we have some problems (health) we need hospitals as temples cannot cure us. Building a hospital is more spiritual than a temple. It does not mean I am atheist but I believe more people will benefit from a hospital,â€ he opines. He adds hospital is for service while a temple is for satisfaction. A hospital built by his late elder brother has been handed over to Koshi Zonal Hospital in Biratnagar.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar does not believe in a retired life. Though 65, he looks much younger to his age and is actively involved in business. He says, Retirement makes one feel old and weak. It diminishes the capacity as well as the prestige. Everyone respects active person. I believe one should not retire and should work as long as one can. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><span style="line-height: 115%;">An active and youthful attitude of Dugar is certain to lead his companies to greater success in the days to come. <br />
	<br />
	<br />
	</span></span></div>',
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			'description' => 'Moti Lal Dugar, Chairman of TM Dugar Group, is a third generation entrepreneur,who is successfully continuing a legacy of 127 years old.....',
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			'title' => 'The Third-party Miracle (september 2011)',
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			'content' => '<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(196, 21, 28); padding: 0in 0in 2pt;">
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong><img align="left" alt="lauging" border="2" height="167" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/img3(2).jpg" style="width: 137px; height: 167px;margin:10px;padding:10px;" vspace="10" width="137" />By Madan Lamsal</strong><br />
		<br />
		The Nepali insurance companies are now overwhelmed by the miracle of the third party. There were times when these companies used to hire umpteen number of agents to net a small fry who would ultimately agree to buy their policy. But, these days, their business is so smoothly automated, money floods into the office by any minor economic activity a nouveau riche carries out. No sooner, one buys a private car, a taxi or a rental minibus, the premium amount in the name of the third party insurance automatically flows into insurance company account.<br />
		<br />
		There are other advantages of the third party insurance. This particular insurance has embedded self-defense mechanism. For example, more vehicles means more premium. Also, it means more traffic jams on the road. That means less speed, and less accidents. Lesser number of accidents naturally results in highly reduced claim on insurance. This is truly a full-proof proposition. All these have contributed to balloon-up the premium collection. And more profits, more leisure time for the insurance company executives. <br />
		<br />
		<img align="left" alt="nolaughingmatter" border="2" height="329" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/laugh.jpg" style="margin:10px;padding:10px;" vspace="10" width="400" />This leisure has provided some value-time for the top insurance executives to be more creative to think about truly new product, as effective as the third party. In a meeting of a group of CEOs, the most imaginative one proposed that they must launch the third party insurance product for the aeroplanes and bicycles. The other one seconded, bicycles are perfectly ok but the aeroplane products must be thoroughly researched.<br />
		<br />
		<br />
		Objected the third, Only thing we must think about is not the product research but to identify the party that can force some sort of insurance. Look, how some of the foreign missions have been great help to us. They have made the travel and host country health insurance compulsory to issue a visa. Every traveler pays the premium for this but never comes back to claim anything.<br />
		<br />
		<br />
		The next volunteered, even if they did, the companies could easily shirk away saying that the coverage was just for minor illnesses like common cold or fever. Because no one asks what is covered in a haste to get visa, such insurance is always uncertain even to those Nepalis who is in who's-who list.<br />
		<br />
		<br />
		But many thought ˜the third party airplane insurance was indeed a marvellous idea. So, the group assigned to explore the possibility to two chosen energetic CEOs. For the purpose, they flew by a plane to a new destination together. Both of them had bought flight insurance. After landing at the airport the other end, one remarked, "What a wastage! The premium we paid for the flight insurance went in vain."</span><span style="font-size:12px;"><span style="line-height: 115%;"> Other one evaluated, but, you see, third party air insurance seems to be real good proposition as aeroplane is unlikely to hit and kill anything en route. Thus entire premium gets saved for the company.<br />
		<br />
		<br />
		<br />
		<br />
		</span> </span></div>
</div>',
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			'id' => '454',
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			'title' => 'Biz Launches September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Om Finance Limited has launched a new account titled Om Laakh Yojana for its customers. As per the scheme, anybody who opens such account with deposits of Rs 88,000 will receive a grand total amount of Rs 100,000 after a year.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Nokia has launched its new mobile handset C2-03 in the Nepali market. The handset comprises an inbuilt internet browser and dual sim facility among other features.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Mobile phone service provider Ncell has launched machine-to-machine system for the first time in Nepal. The system is targeted at business and financial institutions and security related companies besides the ordinary customers.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Mega Bank Nepal Limited has launched two new savings accounts titled Mega Swabhimaan Bachat Khata and Naari Special Account.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">A Memorandum of Understanding (MOU) has been signed between Kumari Bank Ltd and Shikhar Insurance Company Ltd for Kumari Secure Mind Home Loan.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Teletalk Private limited, the sole authorized distributor of Spice Mobile phone in Nepal has launched new handset named Transformer M5500 and Elite M5350.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Commerz and Trust Bank Nepal Ltd has launched a new deposit product called Zero Balance Account. With this account, the customers can open the account in zero balance and can get free ATM card.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">BIZ International has introduced a stylish handset In 4470 N in the market. It comes with 2 GB free memory card and is priced at Rs 4,500.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Samsung has launched a new series of microwave ovens in the market. 18 different models of Solo, Grill and Convection ovens have been brought in the market with the price ranging from Rs. 8,590 to Rs. 26,690.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Valley Finance Ltd has launched Valley Nari Saving Account. The account can be opened with a minimum balance of Rs 200 and will provide an interest of 10 per cent per annum.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Siddhartha Bank has launched Club Siddhartha, an exclusive customer loyalty programme. The membership is available at an annual fee of Rs 1,000.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">A private service provider company Inquiry Nepal Pvt Ltd has been launched to provide all kinds of information to the consumers on inquiry, informed its Managing Director Dilli Raman Bhandari.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Base Footwear Pvt Ltd has launched Dashain-Tihar Bonus Dhamaka scheme targeted at its dealers and retailers. This prize scheme will be applicable for its product Dear Hill Shoes only.<br />
		<br />
		</span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">Laxmi Intercontinental Pvt Ltd, an exclusive dealer for Hyundai vehicles in Nepal, has launched Dashain-Tihar ko Hardik Hyundaimaaya Offer on the occasion of the approaching festive season of Dashain and Tihar.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Mercantile Office Systems Pvt Ltd, the authorised seller of Acer Computer in Nepal, has launched Portable Computer Acer Iconia Series in the market.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">S B Furniture has launched a new scheme for its customers. Under the scheme, a modern bedroom set will be available for Rs 99,999 from its showrooms at Panipokhari and Lagankhel, informed Sudarshan Joshi.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Indian Ceramic Producer Company Somani Ceramic Limited has opened its first showroom in Kathmandu. The company has established the Somani Studio Showrom at Bindu Hardware and Sanitary in Koteshwor.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Lumbini Bank has launched ATM services from its branch located in Parasi, the headquarters of Nawalparasi district, informed Branch Manager Arjun Pokharel.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Everest Bank Limited has established an extension counter and ATM in Kohalpur of Banke district. With this, the bank now has a total of 21 extension counters and 45 ATMs.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">An exclusive showroom dedicated to Nano car has been established in Thapathali, Kathmandu. Sipradi Trading, the authorised seller of Tata Motors in Nepal said it opened the showroom to cater the overwhelming response for Nano among the general public.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">A new Double French door Refrigerator from Samsung has been launched in the Nepali market.&nbsp;Him Electronics, the authorised seller for Samsung products in Nepal said the refrigerator is integrated with ultramodern technology.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Buddha Air has added an ATR 72-500 aircraft to its fleet, increasing the fleet size to nine aircraft. The new aircraft built in France has 72 seats.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Kamana Bikash Bank Limited has opened a new branch in Birendranagar-3, Khurkhure of Chitwan district. This is the seventh branch of the bank which has its headquarters in Lekhnath of Kaski district.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Smart Telecom has started CRBT service Smart Tunes. The service is available for Rs 10.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Women's Planet Private Limited has opened its second branch at Star Mall in Putalisadak, Kathmandu. It would be an attractive destination for fashion connoisseurs, claimed its operators Sushma Singh and Nilam Shahi.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Jagadamba Cement has launched Jagadamba Bahar Upaharai Upahar scheme&nbsp;for this year's festival season.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">&nbsp;Nabin Distributors, authorised seller for Kent Healthcare Products in Nepal, has launched three new products Kent TopGuard, Kent Ozone Air Purifier and Kent Vegetable and Fruit Purifier in the Nepali market.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">International Marketing Service Private Limited, authorised seller of Samsung Mobile in Nepal, has officially launched Galaxy S-2 smartphone in Nepal.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Chaudhary Group, has introduced LED Television available on 120 hertz for the first time in Nepal.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">Citizens Bank International Limited has launched Citizens Ghar Dailo banking services. The service, currently available only at the bank's head office in Kamaladi will be&nbsp;extended gradually throughout Nepal, says the bank.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size: 14px;">International Money Express (IME) Private Limited has launched a new scheme titled â€˜IME Garaun, Car Chadaun targeted at the Nepali people residing in Japan.</span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-08-26',
			'keywords' => '',
			'description' => 'Om Finance Limited has launched a new account titled Om Laakh Yojana for its customers. As per the scheme, anybody who opens such account with deposits of Rs 88,000 .....',
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	(int) 1 => array(
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			'id' => '453',
			'article_category_id' => '41',
			'title' => 'Social Media Adoption By TELECOM Giants In Nepal - NCELL And NTC',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">By <strong>Deep Sherchan<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">As we are moving into the age of online economy, communication channels will play a major role in development of nation's economy. So, it is very important to understand where Nepal is, in terms of the whole online revolution. South-East Asian Countries like Malaysia, Singapore, and Indonesia are rapidly evolving with the online revolution and giving them important space into the overall growth of the nation.</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;">As per the US Census Bureau, Nepal has a population of 28,951,852 as of 2010 and accordingly to ITU Nepal has 625,800 Internet users as of June, 2010, which is like 2.2 per cent of the population, according to ITU. Now, if we compare this with Malaysia, it has 28,728,607 population (2011) and 16,902,600 Internet users as of June 2009, which is 64.6 per cent penetration, as per ITU. More interestingly, it had around 9,998,440 Facebook (FB) users on March 31/11, which is 34.8 per cent penetration. As per Facebook, Nepal had 811,780 Facebook users on March 31/11, 2.8 per cent penetration. The difference in the penetration of Internet is interesting to observe. The numbers can be a bit contradictory, but FB's user count is very approximate based on the location which cannot be verified. But even then, this does give some amount of insights into the population.</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;">Now, Social Media is already a leading phenomenon in the world, it's a cultural shift between the mainstream media and the free and open community conversation that takes place at the online community forums and platforms such as Facebook. One of the major role social media plays is in the leveraging small and medium businesses, where businesses have direct access to communicate with the customers. So, it is interesting to see how the telecom giants of Nepal are handling this, as they provide the main backbones for the whole revolution.</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 picture is quite interesting as it shows that the two major players of telecom in Nepal (NTC and NCELL) have been going in different directions all together. Now, which one is on the right track is not very difficult to figure out. When we talk about online revolution, there is one important thing to consider and that is - how social media friendly is the company. Now, unless telecom companies understand the effect of social media, there is no way that they will be able to drive the required innovation in the field.</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;">In the evolving business models, every company is required to have an online presence and online communication channels, for people to connect with the service. Nepal surely has lots of hurdles to pass through before the Nepali people and companies can leverage the benefits of IT and social media. If you compare NCELL and NTC, you will immediately notice where each one is. NCELL has been heavily adopting latest technology and business models to gain users base, whereas NTC is still in rudimentary stages.</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;">Just to give you an idea on why this is so important for NTC and NCELL, let me explain the basic business models both employ. Both companies earn by sales of SIM cards, the call charges and nowadays even through bandwidth usages. The concept of value added services for mobile devices has still not matured and the same can be said about caller-tunes and other entertainment services. In addition to this, the emerging popularity of Smartphone has provided opportunity to give a variety of services to the end-users. In a competitive market, consumer research report shows that the adoption rate of telecom services is heavily influenced by the service satisfaction, which means a continuous to and fro communication between customer and business. This means a constant presence -- physically and virtually. This is why, online presence is so important. People are continuously looking for information and support.</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;">May be this is why NTC is losing the battle with NCELL. NCELL has been officially declared as the winner the country's first private GSM mobile operator”as the Number 1 player in the GSM mobile segment. The massive branding and investment NCELL has done for last one year is commendable. IT has&nbsp;been aggressive in terms of promoting and coming up with new business models.</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;">Reports say that until last fiscal year, difference between the subscriber base of the two operators NCELL and NT was around 1 million. However, since last fiscal year, NCELL aggressively started introducing new services and handsets targeting both low-end and high-end customers.</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;">Let us just concentrate on how NCELL has been making its presence felt in the online space through social media. The social media presence is all about wearing an attitude to support customers through providing timely information. The websites of NCELL and NTC are both rich in content but NCELL seems to have been communicating with more grace than NTC. The engagement in NCELL is much higher than in NTC. Similarly, NTC doesn't have any online profiles in Facebook, which is where most people are spending their time on. </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;">Beside the contradictory argument that Nepal is still emerging in terms of Online Community, NCELL seems to be doing great with its promotion whereas NTC is still lagging behind the adoption. Being TELECOM companies, NTC and NCELL both must be forerunner into adopting new technology and encouraging new services.</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;">Other interesting examples are Nepal Unites Campaign and Creative Political Activism which are on at Facebook. These activities show the vibes of Nepalese Online Community which if leveraged correctly would benefit companies as well as the nation.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>NTC Online Profiles:<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Telecommunication was introduced with the installation of open wire trunk telephone line between Kathmandu and Birgunj (a border town in southern Nepal) for the first time in Nepal around 1914, beginning of the First&nbsp; World War.</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;">Nepal Telecom has been actively involved in the business of physical market place. Its presence in the electronic market space is very minimal while major projects are under planning. Nepal Telecom is highly equipped with country-wide telecom infrastructure which is the competitive advantage for it over the rivals in the industry. Nepal Telecom has implemented IT in customer service rather than in core business. The company has been implementing information technology in customer billing payment. The other IT focuses are on Internal integration of the functional units and managerial planning process. The company has centralized the billing payment and revenue collection.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>NCELL Online Profiles:<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Until last fiscal year, difference between the subscriber base of the two operators NCELL and NT was around 1 million. However, since last fiscal year, NCELL aggressively started introducing new services and handsets targeting both low-end and high-end customers.<br />
	<br />
	</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;"><i>(Sherchan is Chief Marketing Officer at InRev Systems in Bangalore, India. He can be contacted via email at deep@in-rev.com or @bexdeep on Twitter.)<br />
	<br />
	<br />
	</i></span></div>
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			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><br />
					</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">NCELL</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">NTC</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Website</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://ncell.com.np/</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.ntc.net.np/</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Wikipedia</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://en.wikipedia.org/wiki/Ncell</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://en.wikipedia.org/wiki/Nepal_Telecom</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Facebook Wiki</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.facebook.com/pages/Ncell/134092903305342</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.facebook.com/pages/Nepal-Telecom/104071036295574?sk=wall</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">LinkedIn</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.linkedin.com/company/ncell</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://www.linkedin.com/company/nepal-telecom/statistics</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Facebook Page</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">https://www.facebook.com/ncell.com.np</span></div>
				<div style="text-align: justify;">
					<span style="font-size:12px;">(65,569 fans)</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">No official page, but lots of hatred community present unofficially.</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Twitter Profile</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">None</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">None</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Twitter Conversation</span></div>
			</td>
			<td colspan="2" valign="top" width="538">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Though Twitter has vibrant Nepalese community, the scale is pretty low compared to Facebook and the conversation is low for NTC and NCELL.</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Blogs</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">http://blog.ncell.com.np/</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">&nbsp;-</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="91">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Engagement</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Contest and Campaigns</span></div>
			</td>
			<td valign="top" width="269">
				<div style="text-align: justify;">
					<span style="font-size:12px;">None</span></div>
			</td>
		</tr>
	</tbody>
</table>
<p style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></p>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-17',
			'keywords' => '',
			'description' => 'As we are moving into the age of online economy, communication channels will play a major role in development of nation’s economy. So, it is very important to understand where......',
			'sortorder' => '363',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '452',
			'article_category_id' => '41',
			'title' => 'Credibility Question In Accounting Profession',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong><br />
		By Paramananda Adhikari, FCA <br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Over the past decade, increased litigation as well as criticism of auditors has left little room for doubt that auditors are facing a liability and credibility crisis in their profession. The reputation of accountancy profession comes under question for the reliability of their services. This issue in auditing profession is termed audit expectation gap which denotes the difference between the public's and auditors perceptions of the role of an audit function. The gap is critical to the auditing profession because the greater the unfulfilled expectations from the public, the lower is the credibility associated with the function of the auditor. The increase in litigation and criticism against the auditors can be attributed to the expectation gap. The gap arises from the misconceptions on the part of users, the nature and objective of audit, unreasonable expectations from public and performance below standard of profession by the auditors too. The accountancy profession, like other professions, exists only through wide public acceptance. The perceived need in auditing is an independent reporting function. Once the auditor has examined the entity's books of accounts and financial statements, the public understands that there are no problems. </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;"><strong>Independence: Fundamental in Auditing Profession<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">What is independence? Why is it necessary for Professional Accountants? How is it maintained? These are some of the issues raised with respect to auditors. The term independence has no concrete meaning. However, integrity, objectivity and trustworthiness are the key elements in independence. The concept of auditors independence has been accepted from the very beginning when the accounting came into being as a profession. During the late 19th and early 20th centuries, the perception of independence in accounting profession changed due to modern capitalist economy, a system of economy designed to allocate resources using market mechanism. Independence is fundamental to the reliability of auditors reports. Investors, creditors and public would have little confidence in auditor's report, if they were not independent from the management in both fact and appearance.</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;">Without independence, an auditor's opinion is suspect and the users of financial statements believe that there is no need for external auditors, if independence has not been maintained. Third parties acceptance implies that the role of external auditors is an independent financial control within the corporate entity. Auditor must be conscious to maintain independence on audit planning execution and reporting. He must strive to ensure that the audit quality is not compromised under any circumstances.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Public Expectations<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Over a decade, audit is at the center of a heated debate. How and why for audit were the questions.. People were of the view that the responsibility of any wrongdoing in any entity is on the auditors among others. There has been disparity in the people's expectations from auditors, especially with regard to their duties, responsibilities and objectives of audit. There are misconceptions that it is the auditor's role to prepare financial statements in compliance with accounting standards and statutory requirements. However, the auditor's responsibility is to express an opinion whether the financial statements generated from the books of accounts give a true and fair picture in accordance with the financial reporting framework. </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;">People may have expectations from auditors that go beyond the professional responsibility such as audits would provide absolute assurance on the accuracy of the company's financial statements. The users of financial statements may question why the auditors did not detect material irregularities and disclose them in their report. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Audit at the Crossroad <br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Given the growing list of financial reporting scandals, audit is once again at a crossroad. The significant number of big corporate failures/scandals over the past decade all over the world creates an audit crisis in the marketplace. The large payouts resulting from audit litigation in the developed countries have adversely affected the quality of audit services. Some of the big corporate failures/scandals over the past decade were, Enron (USA), WorldCom (USA), Lehman Brothers (USA), Merrill Lynch (USA), Fannie Mae (USA), Parmalat (Italy), Maxwell (UK), Flowtex (Germany), Vivendi (France), Baan (Netherlands), Satyam (India). These failures/scandals came one after another. After the widely publicised auditing failures in USA and later in Europe, the users have started losing confidence in auditing profession and raised the voice where were the auditors? What was the role of watchdog? These cases clearly map out people's expectations with respect to the duties and responsibilities of auditors. Regulating and oversight agencies have been investigating the performance status of the accounting profession worldwide.</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;">Over the days, in Nepal too, people have witnessed and become victims of companies going bust due to poor corporate governance by the management. In such a situation, effective corporate governance structures that should have detected any unlawful or unethical behavior by the dominant party may have been missing. Due to the cases of unethical conduct of management, inappropriate accounting system, disparity in maturity pattern of assets and liabilities, over-valuation of collateral that may be running amuck and pitch in some of the cases like Nepal Development Bank (Liquidation), Samjhana Finance Ltd, Nepal Share Markets and Finance Ltd, Gurkha Development Bank, United Development Bank, Vibor Bikas Bank, Peoples Finance Ltd, World Merchant Banking and Finance Ltd, CMB Finance Ltd. From these few instances, we are also witnessing corporate failures, scandals, or liquidity crunch in recent days that may raise questions about credibility on the auditors report and sustainability of businesses. Now is the time for the audit profession to be more proactive to lead the debate.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Questionable Role of Auditor<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">There are many reasons for reducing the independence of the auditor. Among others, these are economic dependence on the client, market competition in audit, other non-audit services, close relationship with client's executives, acceptances of goods and services from clients in concessional rate or free of cost, worry about their re-appointment etc.&nbsp;Due to these factors, auditors may be unable to produce fair and reliable reports in certain cases and the independence, of course, is curtailed. If auditors are perceived not independent, the report would be below the standards of the profession and would damage overall image of the accounting profession. </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;">Auditors may be found guilty of gross negligence in examining the financial and other records. Gross negligence means failure to exercise minimum due care when material errors or irregularities that should have been detected by the application of professional standards go unnoticed. Material amount of fictitious sales recorded at the year-end to inflate income and failure to detect this intentional mis-statement is one of the examples. A similar mis-statement by understating several expenses by a small amount or charging expenses in capital account and failure to detect them by the auditor is also considered as gross negligence. </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;">Cases finding fault with auditors about the application of professional standards, practices and inadequate disclosure have occurred over time, raising questions over auditors' performance. Some of the cases of non-compliance of standards are revenue recognition, fictitious receivables, failure to disclose related party transactions, verification of cash/bank balances and, failure to obtain third-party confirmation, inadequate collateral of loan, non-accounting of major transactions, failure to assess the clientâ€™s business risk etc. The standard also requires auditors to indicate any substantial doubt about the entityâ€™s existence as a going concern, In such a case, the auditor must add an explanatory paragraph following the opinion paragraph to his report. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>The Expectation Gap<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Expectation gap in audit is the difference between what the public/users of financial statement perceive about auditors responsibilities to be, and what exactly the auditors responsibilities are. Therefore, it is a gap between what is required by regulation and what market/public need is. The auditor's responsibility for detecting fraud is one of the major areas contributing to the expectation gap. The users of the financial statements believe that unqualified audit report means, the auditor has detected all material errors/irregularities. However, this perception is not in line with the professional standards, which hold the auditor responsible only for exercising due care in the conduct of examination.</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;">Another area for difference overrides the control structure and conceals the facts, perhaps at the behest of management. In such a case, auditor's exercise of due care fails to detect irregularities in the error-free financial statements produced by the management. This will result in significant misrepresentations in financial statement not detected by the auditor and further widen the expectation gap. </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 next area of difference is perception about the entity's ability to continue as a going concern. The users believe that an unqualified audit report is a guarantee that the entity is a healthy one. However, immediately or some time later, the entity is found either in a financial crisis to sustain or in the liquidation process. In such a situation, people may not be trust unqualified audit reports and many corporations either collapsed or were bailed out within a short period of receiving unqualified audit reports. These facts may attract substantial doubt that the auditors lack the expertise to render an independent opinion on financial statements and corporate affairs.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Bridging the Expectation Gap<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Preparation and presentation of financial statements is the prerogative of the management. Audit is performed on test basis from the sample drawn on the population of a class of transactions. Due to inherent limitation of internal control system adopted by the management, auditors can not detect all the irregularities. The auditor examines the financial statements and provides reasonable assurance that the financial statements are free from material mis-statements. As a result, the expectation gap continues to exist in audit including fraud, internal controls, illegal acts and other non-compliances. Here we analyse the possible remedial actions that may narrow expectation gap and improve the audit effectiveness. </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;">Firstly, the auditor shall report the cases of mis-representations, non-compliance of rules, regulations and professional standards to bridge the gap to some extent. If the auditors are found grossly negligent to discharge their duties, they may be liable to action under various Acts and Regulations, such as Nepal Chartered Accountants Act 1997, Companies Act 2006, Bank and Financial Institutions Act 2006.</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;">Secondly, compliance of Nepal Standard on Quality Control (NSQC) and implementation of Peer Review System, i.e. auditing the auditors helps narrow the expectation gap.</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;">Thirdly, educating the public about the objectives of audit, auditor's duties and responsibilities are important elements to bridge the expectation gap. Reducing unreasonable expectations requires creating awareness about the objective and limitations of audit and the auditor's work. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div>
	<span style="font-size:12px;"><strong>Reporting <br />
	<br />
	</strong></span></div>
<div>
	<span style="font-size:12px;">The auditor has the duty to report, after careful scrutiny of all the documentary evidences and information, every item of importance. He must demonstrate to the public that it is independent from the management and will provide high quality of audit and assurance services. Auditor, as a "public watchdog" reports the effectiveness of internal control, non-compliance of professional standards, mis-statements contained in financial statements, mis-statements resulting from management/employee fraud and illegal activities/operations, if any. Further, the auditor has to report about the entity's ability to continue as a going concern for a reasonable period from the date of audited financial statements. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>To Conclude<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Users of financial statements are of the opinion that the auditor should not only provide an opinion but also interpret the financial statements in such a manner that it evaluates the overall performance of the entity. The users expect from auditors to report in-depth information of the companyâ€™s affairs, watching the management surveillance and detecting illegal acts/frauds on the part of management. These are the high expectations on the part of users of financial statements that create gap between auditors and users expectations from auditing. There has been considerable debate about the nature and scope of audit and the audit expectation gap. The differences between what auditors actually do and what third parties think auditors do or should do remain. The expectation gap may never be eliminated. However, it may be reduced to a standard of profession. </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;">In recent years, the regulatory framework for professional accountants has changed. At present, we have peer review concept, quality control standards and the disciplinary mechanism. Failing in compliance or departures from the set conduct by the members may make them liable to disciplinary action. All this has been done with a view to gaining public confidence and to enhancing credibility of the accounting profession. </span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<strong><span style="font-size:12px;">(Adhikari is Technical Director at the Institute of Chartered Accountants of Nepal (ICAN)&nbsp;and General Secretary of the Association of Chartered Accountants of Nepal)<br />
	<br />
	<br />
	</span></strong></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-17',
			'keywords' => '',
			'description' => 'Over the past decade, increased litigation as well as criticism of auditors has left little room for doubt that auditors are facing a liability and credibility crisis in their profession. The.....',
			'sortorder' => '362',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '451',
			'article_category_id' => '42',
			'title' => 'High Earnings Low Effect (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>By Bikram Chitrakar<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for the fourth quarter of the fiscal year 2010-11 could not lift he market. The benchmark Nepse index lost 15.68 points or 4.45% to settle at 349.85 on August 22. It was at the highest point of 365.43 on 24th July while the lowest point was on 9th August at 345.8</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;">Though the banks and financial institutions published their fourth quarter reports showing good financial performance in the fiscal year 2010-11 that ended on mid-July 2011, this failed to improve the sentiment of the investors. Some commercial banks such as Nabil Bank, Bank of Kathmandu and Everest Bank have already declared dividends. However the strength of such declaration has failed to improve the sentiment of stockholders.</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;">During the review period, International Share market slipped heavily after the rating of United States government's debt was downgraded by S&amp;P. Major Asian, European and US market suffered heavy loss after gloomy economic overview of US and European market. However, Nepal's market was not impacted by this issue as the international market movement has little link with the Nepali bourse.</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;">Political fever once again gripped the investors sentiment as deadline for issuing the new constitution is round the corner while the political parties seem uncertain about how to go ahead with this task. One progress of the month in the parliament was that it passed an Act related to setting up investment board that aims to facilitate foreign investors. However, the capital market is yet to test the results of this new law.<br />
	<br />
	</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;"><strong>Performance by Sector<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The accompanying figure illustrates the sector-wise distribution based on total amount of trade. Commercial banking sector accounted for 52.20% followed by hydropower sector (16.20%) and development bank (15.49%).</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;">Technically, Simple Moving Average (SMA) is dominating the market as both 30 days SMA and 200 days SMA are above the Nepse index. Based on the SMA, the benchmark Nepse is weak<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><i>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
	<br />
	</i></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Movement in Indices (24 July - 22 August 2011)<br />
	<br />
	</span></div>
<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Indices</b></span></div>
			</td>
			<td width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Open</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>High</b></span></div>
			</td>
			<td width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Low</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Close</b></span></div>
			</td>
			<td width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Change</b></span></div>
			</td>
			<td width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>% Change</b></span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Nepse</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">345.80</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">349.85</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-15.57</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.45</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">310.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">317.27</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-19.86</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-6.26</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Sensitive</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.63</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.99</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.63</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.38</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Development Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-10.48</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-3.67</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hydropower</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">553.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">567.37</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-40.99</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.22</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Finance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.26</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.31</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-11.72</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.03</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Insurance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">415.94</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">422.26</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.45</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">419.48</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">3.54</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.84</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hotel</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">408.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.57</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-20.93</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.41</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Manufacturing</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.11</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.02</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Trading</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Others</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">487.61</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">498.19</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">475.87</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">480.57</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.04</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.46</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Float</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.30</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.69</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.38</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.65</span></div>
			</td>
		</tr>
	</tbody>
</table>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for....',
			'sortorder' => '361',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '450',
			'article_category_id' => '45',
			'title' => 'Corporate Movements September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">New Comers<br />
	<br />
	<br />
	Bir Bikram Rayamajhi</span></strong><span bk="" bt="" frnkgothitc=""> has joined United Insurance Company Nepal Ltd as CEO. Earlier, he was Deputy Governor of Nepal Rastra Bank.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Nandanhari Sharma </span></strong><span bk="" bt="" frnkgothitc="">has been appointed the CEO of Nepal Share Markets and Finance Company. Earlier, he was the Executive Director of Citizen Investment Trust. </span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Umesh Singh Bhandari</span></strong><span bk="" bt="" frnkgothitc=""> has joined Standard Finance Ltd as CEO. Earlier, he was the CEO of Narayani National Finance Ltd. </span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Kumar Prasad Wosti</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined as CEO at Peoples Finance Ltd. Earlier, he was Deputy Chief Officer at Rastriya Banijya Bank where he worked from 1977 to 2003.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Shanti Shakya</span></strong><span bk="" bt="" frnkgothitc=""> has joined Continental Associates Pvt Ltd as Sr Sales Manager at Kia Automotive Division, Gairidhara. Earlier, she was Sr Business Development Manager at Skoda Showroom, Thapathali.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Govinda Shrestha</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined Galleria CafÃ© as Operation Manger. Earlier, he was Chief Accountant at Himalaya Sangri-la Resort, Dhulikhel.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Resham Gurung</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined Bistarai-Bistarai Restaurant &amp; Bar Pvt Ltd as Manager. Earlier, he was Manager at Tamarind Restaurant &amp; Bar, Jhamsikhel.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Shristi Singh</span></strong><span bk="" bt="" frnkgothitc=""> has joined beed management private limited as a beed. She has an MSc in Accounting and Finance from London School of Economics.</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Sajag Karki</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has joined Thompson Nepal Pvt Ltd as Sr Executive- Client Servicing. Earlier, he was working in the credit department of KIST Bank. <br />
	<br />
	<br />
	<br />
	</span></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><i><span bk="" bt="" color:="" demi="" frnkgothitc="">Promotions</span></i></strong></span></div>
<div style="margin-top: 11.35pt; text-indent: 0in; text-align: justify;">
	<span style="font-size:12px;"><strong><span bk="" bt="" frnkgothitc="">Balaram Pathak</span></strong><span bk="" bt="" frnkgothitc=""><strong> </strong>has been promoted as Food &amp; Beverage Director at Soaltee Crowne Plaza Hotel. Earlier, he was Meeting Director there.</span></span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-08-31',
			'keywords' => '',
			'description' => 'Bir Bikram Rayamajhi has joined United Insurance Company Nepal Ltd as CEO. Earlier, he was Deputy Governor of Nepal Rastra Bank.',
			'sortorder' => '360',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '447',
			'article_category_id' => '31',
			'title' => ''Quality Control Is The Most Important Part' (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><strong><img align="left" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-v1.jpg" style="width: 304px; height: 323px;" vspace="10" />Mohit Mamudi</strong> is Founder and CEO of the Centre for Development Management Studies (CEDEMAS), a UK-based non-profit institution dedicated to the enhancement of management education and training in developing nations. He has an MBA from Boston University, USA, and more than 30 yearsâ€™ experience in development and implementation of management and marketing strategies for some of the most successful global companies. Mamudi has held various executive positions and consultancy roles with more than 20 Fortune 500 corporations as well as governmental institutions in the UK and some of the most dynamic and challenging emerging markets such as Brazil, China, Central and Eastern Europe and the Middle East. He was in the city recently for the formal opening of CG-CEDEMAS Institute of Management (CGCIM) â€“ the first internationally managed business school in the country â€“ in partnership with the Chaudhary Group of Nepal. In an interview with <i>New Business Age</i>, Mamudi laid out the nuances of CEDEMASâ€™ management education philosophy in Nepal, which will be delivered through CGCIM. Excerpts:</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Can you tell us about CEDEMAS?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">CEDEMAS was established to lead and direct global efforts for improving the quality and relevance of management education and training in developing countries. We are confident that this would enhance managerial capabilities and effectiveness in both the public and the private sectors in these countries.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Many academics from around the world have underscored the need for a new type of training programme for managers in developing countries, based on their respective cultures and requirements. Therefore, our mission is to create a learning environment for independent thinking, creativity and self-reliance, for the benefit of a new breed of managers and entrepreneurs.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">There are scores of management schools around. What is it that distinguishes you from&nbsp;others?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">I strongly believe that only a new management mindset can initiate change and persuade departure from established norms in managing the affairs of the state and industry in many parts of the world. We, at CEDEMAS, have realised that management education must recognise diversity and promote social and cultural awareness.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">How did your affiliation with Chaudhary Group come about, to establish CGCIM?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We brought this idea to Nepal and were lucky to meet Mr Arun Chaudhary of Chaudhary Group. We explained our goals to him which excited him as he thought it was absolutely necessary to have such an institute in Nepal. He was willing to be the local partner institute for us and make a contribution towards the educational sector of the country. Together, we have joined hands to further this noble cause.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We have already had our first group of Nepali academics who successfully completed the Advanced Certificate for Business Faculty (ACBF) programme at CGCIM after two months of intensive learning and were awarded the ACBF Certificate. These academics were already teaching in other colleges and universities but we brought them in and trained them in the way that we want them to teach. They are now ready to work alongside international professors to deliver our programmes here in Nepal.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Please, tell us about your programmes internationally.</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We have already established a partner institute in Iran apart from Nepal. A partner institute in Ukraine is in the final stages of planning while negotiation for a Sri Lankan partner is in the planning stage. We have also had fruitful discussions for setting up partner institutes in some other developing countries such as China, India, Ghana and Zambia among others. We know that we stand to face competition from existing management institutes in these countries. However, we are confident that our uniqueness will set us apart from others.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Which are the programmes that you will be focusing in Nepal through CGCIM?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We have three key programmes for Nepal. The first one is the Faculty Training Programme in which we train faculties of other colleges in teaching management courses. The second one is Post-Graduate Diploma in Development Management where students who already have a degree join us. We teach them about development issues that are related to Nepal. Besides these two, we also have a general Post-Graduate Programme in Management which is like an Executive MBA â€“ developing managers for businesses.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We will always have people from the UK supervising the programmes here. There will be professors visiting here from different parts of the world â€“ the US, the UK, and France among others. We are very certain that quality control is the most important part, so, we will be working towards that.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Will the methodology for CGCIM be the same as the one at your London campus?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: -0.15pt;">Yes. The methodology that we will be applying here is especially developed by CEDEMAS. Itâ€™s called PEDAL (Plan; Engage; Do; Analyse; Learn) system of learning. In traditional universities and colleges, itâ€™s all about lecturing. Instead of using bookish theory, we make our students practise what is taught to them so that they get the lessons registered in their minds forever. The system allows the learners to experience a wide range of exposures and outcomes as a result of their decisions and actions.</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">How acceptable/recognised will be these courses internationally?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Our programmes are UK Level-7 which is Post Graduation and conforms to the standards of UK accreditation agencies. If our students here in Nepal wish, we can even make arrangements for them to complete a 3-4 months thesis in the UK and obtain a dual masters after finishing their programme at CGCIM.&nbsp;</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Is there great saleability associated with the courses as far as the job market is concerned?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We are going to guarantee that anybody taking our programmes will be employed even before they have finished the programme. The companies are going to notice our students while they are still studying through work placements and case studies etc.</span></div>',
			'published' => true,
			'created' => '2011-10-02',
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			'keywords' => '',
			'description' => 'Mohit Mamudi is Founder and CEO of the Centre for Development Management Studies (CEDEMAS), a UK-based non-profit institution..........',
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	(int) 6 => array(
		'Article' => array(
			'id' => '446',
			'article_category_id' => '31',
			'title' => ''Huge Mobile Telephony Market Is Still Lying Untapped' (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><strong><img align="right" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-v.jpg" style="width: 376px; height: 393px;" vspace="10" />Abu Daud Khan</strong> is Country Manager for Nokia Emerging Asia Ltd. He was in Nepal recently to showcase Nokia C2-03, the first handset from the company to feature a dual sim. The handset also comes with an in-built Nokia Browser. In an interview with <i>New Business Age</i>, Khan spoke about Nokiaâ€™s consistent effort to drive more value by introducing exciting new features that promise to change Internet usage for millions of Nokia consumers. Excerpts:</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">In which other markets have you launched Nokia C2-03?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We are targeting all developing countries where a large consumer segment cannot afford high-end smart phones. Nepal is definitely a focus market for us. But apart from this country, we have already launched the product in India, China, Indonesia and Brazil.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">What is the target audience you are looking at through this particular product?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">We are looking at the masses and our vision is to connect the next billion. There is a huge market still lying untapped. Letâ€™s take Nepal as an example which has a population of around 30 million people. I have learnt that the number of mobile phone subscribers in this country has reached 10 million. There are 20 million people out there who are not connected by mobile telephony which means that affordability is still a factor for them. Therefore, we have tried to make the product as affordable as possible so that these people too can get connected. We are also trying to cater the need of dual-sim through this product.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="letter-spacing: 0.15pt;">Even among the 10 million mobile phone subscribers in Nepal, a very small number of people actually have Internet access. We need to connect these people to Internet and that is precisely what this particular product will do. We are trying to do a couple of things here â€“ one is to connect a large population on account of voice and the next is to make a serious effort to make Internet available to people who canâ€™t afford laptops or personal computers&nbsp; at home. </span></span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">How cost-effective will Internet browsing be, courtesy Nokia Browser vis-a-vis traditional browsers?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Well, we are claiming that it has the ability to compress websites up to 90 per cent. It means that in terms of compression, it can perform 90 per cent better and faster than the other operator browsers. The cost of downloading is, of course, the operatorâ€™s domain. From our perspective, the speed at which downloading takes place also determines the eventual expense. The Nokia browser compresses at a faster pace which enables Nokia users to consume more at a given budget.&nbsp;</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Do you have any specific reason to introduce Nokia Browser with Series-40 devices?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Our clear focus for developing markets is the price factor because a lot of people canâ€™t afford smart phones. However, they need to be connected to Internet or else there is a fear of them getting left behind in this fast changing global scenario. We wanted to cater to this large segment of people by developing a device which is easy to use and affordable.&nbsp;</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Are there any plans to introduce Nokia Browser to mobile handsets of other brands or personal computers?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">Itâ€™s only available with Nokia phones to ensure best experience. This is the first product that comes with an inbuilt Nokia browser. All the upcoming Nokia handsets will have the Nokia browser from now onwards. Apart from that, we are also giving options to existing Nokia users for downloading the browser free of cost from Nokia stores.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-top: 5.65pt; text-align: justify;">
	<strong><span style="font-size: 14px;">Could you tell us a little about Nokiaâ€™s NAVTEQ?</span></strong></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">NAVTEQ basically provides the base electronic navigable maps and its underlying map database is based on first-hand observation of geographic features. At this moment, we donâ€™t have the Nepali map available with us but we do plan to have maps in this product Nokia C2-03 in the future.</span></div>',
			'published' => true,
			'created' => '2011-10-02',
			'modified' => '2011-10-10',
			'keywords' => '',
			'description' => 'Abu Daud Khan is Country Manager for Nokia Emerging Asia Ltd. He was in Nepal recently to showcase Nokia C2-03, the first handset from the....',
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	(int) 7 => array(
		'Article' => array(
			'id' => '445',
			'article_category_id' => '46',
			'title' => 'Joseph Silvanus',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:14px;"><strong>Interview: September 2011 - There Is Much To Gain And Look Forward To</strong></span><br />
	<br />
	 </p>
<div style="text-align: justify;">
	<span style="font-size:12px;"><img align="left" alt="interview" border="1" height="227" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-int.jpg" style="width: 319px; height: 227px;margin:10px;padding:10px;" vspace="10" width="319" />Joseph Silvanus<span style="letter-spacing: 0.05pt;"> joined Standard Chartered Bank Nepal Limited as its new Chief Executive Officer in July 2011. A student of Economics at St Stephen's College, Delhi University, followed by a management degree from Mumbai University, he had a brief stint with established FMCG names such as Voltas Ltd and Pepsi Foods Pvt Ltd before moving over to the banking sector. A banker for over 18 years, Silvanus has worked with ANZ Grindlays Bank followed by Standard Chartered Bank across various geographies. He has vast exposure to consumer banking operations having managed branches, marketing operations, business analytics, services and service quality and project management. In his most recent role as Regional Head of Development Organisations for South Asia, he played a pivotal leadership role in engaging multilateral/bilateral agencies and DFIs for directing specific programme-based support towards Asia. In an interview with </span>Pinaki Roy <span style="letter-spacing: 0.05pt;">of </span><i>New Business Age</i><span style="letter-spacing: 0.05pt;">, Silvanus shared his views on Standard Chartered Bank's phenomenal success over the years and his plans for Nepal operations. Excerpts:</span></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>You have just joined in. Do you have new plans in mind for Standard Chartered Bank's operations here in Nepal?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Nepal continues to be very important from a South Asian perspective of Standard Chartered Bank. It is now my turf to be able to grow the relative importance of Nepal in the overall scheme of things. Having consumer banking and wholesale banking as the two basic engines of growth for us does not mean that we will have quantum changes about the way we do our business in this part of the world. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">We will continue to grow the engines albeit with some level of caution because of the underlying situation Nepal is experiencing right now. But I personally see a lot of advantages that can be derived even through this phase of Nepali economics. The changes that I will bring, perhaps, is to leverage the Group businesses, expertise and the best practices. I can be a catalyst for that and we have internally discussed as a team that we will have more of these engagements. The businesses will reap the benefits of these visits and conversations that I had with the rest of the Standard Chartered Group. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><img align="left" alt="interview" border="1" height="396" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/inter.jpg" style="width: 224px; height: 396px;margin:10px;padding:10px;" vspace="5" width="224" />This must be an encouraging year for Standard Chartered as it is one of the largest profit earning international banks despite the global economic crisis. What do you attribute this success to?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">After receiving the Group results just over a couple of weeks ago, it convinced ourselves that we have done exceedingly well. I am absolutely delighted to see the results. We registered ninth consecutive record first half profit and double digits growth both for the top line (11 per cent) and profits (17 per cent). Everyone is delighted including the investors and shareholders and obviously, the businesses know what they are going to do for the rest of the year. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Looking closer home in Nepal, I think we have achieved much. It's been a tough year with issues of liquidity and governance coming through the financial network. There has also been some amount of uncertainty because of the global businesses impacting Nepal's economy. Nevertheless, I believe that both consumer banking and wholesale banking and the respective support functions have all got together to give value to local Nepali shareholders. There has been good EPS (Earnings per Share) and top line growth as well as effective cost management at a time when we really needed to look inward and reduce expenditures coming through unforeseen circumstances. We have done well as a bank in Nepal on all fronts and have continued to be strong both on capital and liquidity. Therefore, from a group as well as country's standpoint, there is much to gain and look forward to. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>One of Standard Chartered's unique features is successful lending to SMEs. Do you plan to expand or review the lending policy?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">SMEs have always been an engine of growth for the bank. Asia is typically a burgeoning economy for entrepreneurs and Nepal is no exception. If you look around, you can see how entrepreneurs are converting opportunities on a daily basis and the way banks are supporting them. For us, SME is a perfect space between the lower end of consumer banking and the upper end of corporate banking. The segment is very well placed. We have appropriate products that take care of all their requirements such as Working Capital and Term lending, Trade &amp; Guarantee lines and Margin based lending. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">However, we must realise that while SMEs are the global engine of growth for the group, we have to tread with caution when it comes to Nepal. We have to be able to create equitable mortgages as most of our SME lending is based on some form of fixed collateral. Therefore, we have to play as per the rules of the game.&nbsp;We are trying to bring in a few products that are used in the group in the area of margin based lending. It is an important engine of growth not only from the bank's perspective but from a social point of view as well. We are creating a lot of headroom for growth, engagement and employment opportunities. These will have plenty of forward linkages because the entrepreneurs will be able to subsist. Access to finance is a key issue for SME business the world over. We see ourselves as a force that could help meet that latent need. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>The Nepal Rastra Bank (NRB) has brought several new measures in its monetary policy. How have you viewed this policy?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Policies are well meant so I have given them a balcony view. I clearly think that NRB has tried its level best to meet some of the needs of the current economic state. Reducing CRR (Cash Reserve Ratio), for example, is good as it injects liquidity but it drives up some amount of inflationary tendencies. You have to understand that every action has an equal and opposite reaction. Increasing exposure to the deprived sector is certainly a good measure, especially when we know that farmers and the micro credit side of things require some amount of stability. However, I would like to see well-run, professionally-managed and well-governed micro credit institutions that can use this extra amount of liquidity coming their way. This would help create productive assets in the hands of the farmers so that the entire ethos around farming communities can gain sustainably from micro credit. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">The bottom-line is that while the policies are well meant, they need to be managed and supervised to the end. There are other areas where it has tried to adjust such as the Basel II issues as there has to be better accounting procedures and stress management techniques. The banks have to be prepared for event based risks. Therefore, on the whole, there is a good effort on the central bank's part as far as the monetary policy is concerned. But if it could be combined with great oversight by the concerned stakeholders, you have a winning strategy for the country. I am an optimist as far as Nepal is concerned. It's but natural that when things stack up, people can feel deprived and adopt a pessimistic approach. The people of Nepal are very resilient and it's time their patience got paid back in terms of good governance. The central bank needs to have a good embedded structure on which some of these policies can be grown upon. Policy interventions are great when they get implemented in the right fashion. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>Standard Chartered in Nepal has remained shy on investing in long-term projects such as hydropower and road infrastructure. What, do you think, are the possible bottlenecks?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">We clearly believe that Nepal has been imbued by god by several natural resources. Hydropower is one area where the country can really subsist and actually become a force for growth for the entire region. Underinvestment is due to several counts such as lack of transparency, clear policy directives and long term stability. The FDI which comes in this country is restricted to short-term investments and areas of quick generation of goods and services. However, long term investment in infrastructure, broadly speaking, has been lacking, for sure. We have to create easier barriers to entry, longer trade protocols and cut down on double taxation that exists, perhaps, within certain geographies. We also have to allow the investors vision for at least a longer period of time. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Bank and multi-lateral finance is always there. We already have done work in the past on hydro electricity in Nepal and are looking at a good pipeline of similar products. As a bank and a brand name, we are `Here for good which means we are here for the medium and the long term. Our commitment to Nepal is unquestionable and therefore, if we have to support the growth of infrastructure, we will certainly exercise our might. The bank is strongly behind these sectors. Hydro and roads etc take time as these are huge projects which are to be governed by several other global rules. We are quite happy to consider them, provided the right investments come along.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>You must have faced a lot of pressure to accept more deposits in recent times due to a large number of people withdrawing their money from small institutions. Has there been a substantive change in your deposit patterns owing to this development?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">This is true not just for Nepal and this has been happening right through the period of turmoil and uncertainty. Whenever there is uncertainty in any market, there is flight to quality. People like to resort to safer havens in times of uncertainty. We are open to business in Nepal and if people so believe that in the interest of risk mitigation, they wish to move their hard earned money to a safer institution, we will not stand in their way. However, we will go through the normal protocol of good governance by looking at customer details etc and then we would bank for them. It's part of our day-to-day business, we are not in this business of just going and garnering liquidity from the market. But if it comes to us at the price point that we would like to take at, we would certainly accept it. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>We understand there is serious homework being done on mergers and acquisitions of a number of banks in Nepal. How close are you on this front?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Well, it's public domain knowledge that even the Nepal Bankers Association has written to the central bank asking for tax incentives etc in the event of buying distressed assets or for mergers and acquisitions if there were. Our own view in this matter is very clear. In this part of the world, the economies are growing very productive and organically and there is a load of growth potential. Therefore, banks like ours would be more interested in looking at organic growth. On the other hand, acquisitions come at a cost. It has to do with people, culture, system integration etc and sometimes, it is difficult to get the math right. From a Nepali context, we are very happy right now with our organic engine of growth. We want to believe in primarily using the engine of origination rather than buying out an asset originated institution. We believe in our origination capabilities because we understand credit best in terms of the market that we are in and given the number of years that we are on the ground. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><img align="right" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/inter1.jpg" style="width: 210px; height: 267px;" vspace="10" />How long do you think Nepal's interest rates would be as high as they are? Aren't high interest rates detrimental to the growth of industrial and manufacturing sectors?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">This has got to do with some amount of demand and supply economics, cost of capital etc. Nepal is an unrated economy and we have imputed some ratings to the economy given the existing economic and political risks the country is attached to. Today, if you are to benchmark your savings bond for five years at 10 per cent which is an indicative rate, we don't have too many instruments that are longer term which will give you an indication of what the cost of funds or doing business in Nepal is. While I don't have a very firm view on where the interest rates are going to be, I believe they will remain the way they are for a short to medium term. The rate today correctly implies the cost of doing business in this country, part of which is the cost of capital. It is heightened because along with the cost of capital, there is liquidity risk and so many other market and non-market operational credit risks which pour into increasing the total cost of the fund. I believe that this is here to stay for a while unless and until we have a systemic kind of revamping of risk. We have to have central bank and all its adjuncts come out and play a constructive role in rebuilding some of these elements of risk. We will then have cross-border and country risks and the overall risk of the cost of capital come down. It will then reflect in cheaper interest rates. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">No entrepreneur or industry would like a high cost of credit as it mirrors heavily on their balance sheet. It reduces their strength to leverage the balance sheet and there are other cost elements too that are unique to Nepal such as the cost of staff and security, which, is not so large in other neighbouring countries. Therefore, it is to the extent of dampening entrepreneurial streak of modern day manufacturing. I believe that it's not a good story and there must be a different form of intervention where given the inherent risk of doing business in Nepal, the leverage allowed to such institutions should be higher. For example, if there is eight per cent leverage on a non-banking financial intermediary, it can be decided to give a higher leverage to such institutions. It is because resources are at a premium for such people and as long as the business model is good and the shareholders are willing to support the model, it should be allowed by law to higher leverage such institutions. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin: 5.65pt 0in 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong>Being a reasonable global player, how do you think Nepal can benefit from the ever growing economies of China and India? How do you see Nepal's prospect as an off-shore financial hub being a transit economy between the two giants?<br />
	<br />
	</strong></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Nepal is a landlocked country but it has two great neighbours who, I think, are committed to the sovereignty and growth of Nepal. To cite an old idiom, some trade is better than no trade. Nepal would have to use the depth and resources available to it through these two strong economies. These are the future economies of this world and, therefore, Nepal stands to benefit in the long run. There is a lot of work happening already: visiting delegations from both countries, plenty of solidarity and joint ventures. There is a lot of country-to-country donor aided support in some of the more required areas of infrastructure. Nepal has everything to benefit from positively engaging with both its northern and southern partners. Both these countries bring a lot of good and appropriate technology which sometimes may not require power and capital-intensive kind of investments. All in all, if the political ambitions of Nepal are evinced right, there is tremendous opportunity for growth in the economic sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><span style="line-height: 115%;">Nepal has been a part of the silk route for some time now and the people of Nepal are almost like global citizens. Almost every family in Nepal has a member working overseas which brings a lot of globalisation even into the villages. People have seen various cultures and experienced much while living overseas. Therefore, trade is an inevitable benefit to Nepal. You have to look at areas where you have a positive trading account with not just India and China but even with countries like Bangladesh and Pakistan. Nepal has to use its foreign and economic policies all geared in a very integrated and systematic approach to get the right kind of foreign investments and create value added commodities which its neighbours would seek. Besides, tax and double taxation protocols will have to be readdressed so as to meet the regional needs. <br />
	<br />
	<br />
	</span></span></div>',
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			'description' => 'Joseph Silvanus  joined Standard Chartered Bank Nepal Limited as its new Chief Executive Officer in July 2011. A student of Economics at St......',
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			'title' => 'Trading Gold For Silver: Our HR Position? (September 2011)',
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	<div>
		<strong><span style="font-size: 14px;"><img align="left" alt="trading" border="1" height="197" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/rajan pradhan.jpg" style="width: 153px; height: 197px;margin:10px;padding:10px;" vspace="10" width="153" />By Rajan Pradhan</span></strong></div>
</div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 14px;">Long serpentine queues in Kathmandu are no more a subject of curiosity to us. The endless lines of cars at gasoline stations, people crowding around water tankers, devotees pushing into shrines and investors interested in IPO lined up in front of commercial institutions are most common scenes one can see every day. However, the one I saw a few months back looked quite unusual. The mass gathered there were only the youngsters probably from late teens to people in their thirties. Their facial expressions carried pronounced signs of pain, desperation and anxiety. I could easily see the â€œDo or Dieâ€ atmosphere there. Letter in the day, I came to know the swarm there was of the aspirant applicants eager to work in Korea. It went on for days perhaps reminding us of human exodus we see quite often on news from around the world.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">With the tank in my car almost dry due to ongoing rationing of petroleum products, I found no other means of relaxing on a Saturday than lazing at home which gave me a chance to chitchat with my brother-like figures who has been close to us for decades. I found him so excited that day; he believed he had a plan well in place for his future. He finally got hold of a recruiter who had promised him a job in a company in Dubai - a job which gives him a remuneration of over Rs 12,000 a month with free accommodation! </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><img align="left" alt="trading" border="1" height="232" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/eco.jpg" style="margin:10px;padding:10px;" vspace="10" width="400" />I congratulated and wished him all the success but could not help crunching some numbers - quietly within myself. He would be bearing a total cost of about Rs 100,000 for air tickets and charges due to the manpower company. He would probably need additional two thousand rupees every month to cover cost for food and other supplies on top of what he would get from the company. A two year of work would perhaps fetch him an income of about Rs 290,000- the saving being about five to six thousand rupees a month which is about eighty dolors a month. I tried not believing it but could not ignore the fact that he would send such eighty- dolor back home not only to buy a plot of land in Kathmandu for himself but also to buy our petrol from abroad to fill up our cars. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Back home, it is more of a challenge not only to get hold of good professionals but also to get dedicated non-skilled labour in abundance. It was like a real manhunt, while searching for an engineer for one of my recent hotel expansion projects. The contractor for the same project has already got his site engineer changed the fourth time in just over nine months. The void in our labor market has already become obvious. We will perhaps spend many of our 80-dollar remitted to us to buy our skilled manpower and services back from abroad. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">The disappearing political borders are now given to us in an international market under a trend of globalisation. The fact that around 30 per cent of our 5.6 million households depends on earnings from overseas jobs while its contribution to our gross domestic production (GDP) is 23.4 per cent cannot be undermined. However, getting paid in silver for lending out our brains and hands and then buying them back paying in gold is certainly not a wise way of handling our human resources.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">A labor in Kathmandu earns about Rs 400 a day today whereas a skilled labor makes over Rs 700 a day - which is almost Rs 12,000 a month even if he gets work for 15 days a month. The majority of people who aspire hard to get a job abroad are not skilled but if trained even for a short span of time, they can be skilled enough to earn at home as much as they would earn abroad. Even if one decides to go abroad, their average income would certainly improve from the present average of Rs 14,000 a month. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Awareness among for vocational and short-term training progrmmes and more importantly commitment from our planners and rulers are what we need today to add value and competitiveness to our work force.&nbsp;Venturing for such a noble cause will give us tangible and immediate returns for sure - inflow of remittance will grow, unemployment will reduce and balance of payment will improve. Perhaps we will then be trading our silver for gold not our gold for silver!! <br />
	<br />
	</span></div>
<div>
	<span style="font-size: 14px;"><i><span style="line-height: 115%;">(Pradhan is Director Business Development &amp; Projects at Soaltee Hotel Limited.)<br />
	<br />
	</span></i></span></div>',
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			'id' => '443',
			'article_category_id' => '38',
			'title' => 'Leadership: Managing Hunger (September 2011)',
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	<div style="text-align: justify;">
		<span style="font-size: 14px;"><img align="left" alt="" border="2" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sujit(1).jpg" style="width: 116px; height: 147px;" vspace="10" />By Sujit Mundul</span></div>
</div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><span style="color: rgb(134, 55, 59);">I</span>n the current days of rat race and peer pressure, most of us struggle hard to find happiness at workplace, regardless of the nature of the organisation -- be it a local corporate or a multinational. Resurgent capitalism has added fuel to the fire. It does not at all know, or does not know enough, about the boundary conditions of profit maximisation. A ceaseless aspiration of higher rate of profit drives people mad and could probably be a major source of dissatisfaction throughout the levels in an organisation. The question comes loud and clear if there is a sense of balance in the level of aspiration.</span></div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;">In his recent book â€œThe art of happiness at workâ€ by HH Dalai Lama, the great spiritual leader has given some very practical suggestions to alleviate the contemporary pressure of achieving success to the detriment of our holistic well being. These conditions are also very much applicable to the persons in position of leadership, which involve them in managing conflicts.</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;">Frequently people are defeated because, though they are doing their best, they make mistakes in <img align="left" alt="" border="2" height="263" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/management.jpg" vspace="5" width="350" />how they assess and engage their environment. Sometimes we bring ourselves down by forgetting to pay attention to ourselves. We get entangled in the cause and forget that exercising leadership is, at heart, a pure personal activity. It activates us to face challenges, intellectually, emotionally, spiritually and physically. With the higher flow of adrenaline, we can work ourselves into believing we are somewhat different and therefore not subject to normal human frailties that can defeat more ordinary mortals on ordinary missions. We begin to act as if we were physically and emotionally indestructible.</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;">Let us look at the example of Bill Clinton. Bill Clinton came to the White House in 1993 sleep deprived and physically exhausted; rather than â€˜prepare himself physically for the ordeal aheadâ€™.&nbsp;Clinton spent the period between the election and the inauguration working, playing and celebrating in endless 24- hr days. By the time Clinton got to Washington, heâ€™ seemed worn out.... and hyper....â€™ He refused to rest. It may be that Clinton had a real drive to keep that pace as was observed by David Gergen, the presidential advisor. It would be quite logical to think that we are vulnerable to falling prey to our own hungers. It is strongly believed that self- knowledge and self-discipline form the foundation of staying 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;">It canâ€™t be denied that we all have hungers, which are expressions of our normal human needs. But we get reminded many a time that those hungers disrupt our capacity to act wisely or purposefully. Perhaps, one of our needs is too great and makes us vulnerable. It could be so that the setting in which we operate enhances our normal level of need, inflate our desires and in the process benumbs our usual self controls. A seed of unhappiness gets sown in the process.</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;">It cannot be denied that every human being needs some degree of power, control and importance, as well as intimacy and delight. It would be very difficult to find someone who prefers to feel entirely powerless and unimportant in life. However, it is a proven fact that each of these normal human needs could land us into trouble if not handled judiciously as one tends to lose personal wisdom and discipline required to manage them effectively.</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 a leadership role, the utmost difficult part is to manage people as one requires tuning their needs as well as oneâ€™s own. There is another danger, in connecting with peopleâ€™s hopes and frustrations; it is easy to become a depository of their yearnings! Nevertheless, the desire to fulfil the needs of others can become a vulnerability if it feeds the leaderâ€™s own normal hunger for power, importance etc. They get so caught up in the action and energy that they loss their wisdom and self-discipline, and slip out of control.</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;"><span style="letter-spacing: -0.1pt;">When you take on the tasks of leading, invariably you resonate with many feelings expressed by people around you. Many of the feelings in our jobs are produced by the way we resonate with the job environment itself. In each professional role one takes on, one must be careful about own emotional inclination to carry the issues and sentiments of others in the organisation. This, of course, is a very challenging proposition to deal with successfully. As discussed earlier, a failure to properly deal with these essential but complex psychological behaviour, would trigger unhappiness in the workplace as also in personal life.</span></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;">Once again I would like to refer back to HH Dalai Lamaâ€™s advice of clearly understanding where we are standing and what we want to achieve. He has had no hesitation in making it clear to us that uncontrolled ambition would become the bane of all unhappiness. So, it would be good to pay heed to his valuable advice that we need to make a choice between peace and ambition. Leaders of this age would require to exercise more caution in successfully playing their roles, as the lure of ambition unlimited would always remain latent, to drift oneâ€™s mind towards .......perhaps unhappiness.&nbsp;&nbsp;&nbsp;&nbsp;</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><i>(Mundul is a Director with Standard Chartered Bank Nepal Ltd)</i></span></div>',
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		'Article' => array(
			'id' => '442',
			'article_category_id' => '38',
			'title' => 'Employee Relations (September 2011)',
			'sub_title' => '',
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			'content' => '<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(134, 55, 59); padding: 0in 0in 3pt;">
	<div style="text-align: justify;">
		<span style="font-size: 14px;"><span style="letter-spacing: -0.15pt; font-style: normal;">By Dr Rabindra Karna</span></span></div>
</div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Misalignments in employee relations are mainly caused by misunderstanding arising from silo mentality, friction and disagreements between functions and individual employees in need of clarity. Workflow is considered one of the key enablers to adaptive and responsive culture in any workplace. Collaborative difficulties arise because of inability to partner with others, whether functions or individuals, within the enterprise. Employee relations strategies define the intentions of institutions about expectations from each member about what needs to be done in current situation to manage relationship with employees and their trade unions. HR strategy incorporating employee relation strategies flows from business strategy but concentrates on the ways and means for maximising cooperation with the unions and employees through minimising damaging effects on business in total.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Employee Relations is the broader and latest approach to Industrial Relations and Labour Relations that cover a wider range of employment relationship with the emergence of non-Industrial employment relationship, non-unionised workplaces and socio-emotional arrangements. It is viewed as collective relationship between the employer and the employees. It emphasises on prevention and solution to conflict arising out of work situations and contributes to enhanced productivity, motivation level and people morale as an effect of employeesâ€™ involvement on various progressive performance inclusive of discipline. It is also viewed as part of social science because of its concerns about relationship among the employees and the institutions that emerges by and in the form of recruitment and selection, compensation and benefit, workplace safety and environment, skills enhancement opportunities, discipline and so many other varieties of issues. Though it is part of the management that deals with collaborative partnership between the employer and the employees â€“ whether skilled or unskilled, worker or manager, relationship between the state and the employers and the trade unions. The primary concern of employee relation is employer â€“ employee relationship; if maintained at right spirit, driving human resources management strategy becomes effective that supports business achievement.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Since the emergence of Personnel Administrationto the present incarnation of Human Resources Management, even executives perception about it is as just an administrative function whereas employee relations, an integral part of human resources management, addresses underestimations by educating through interactions and leadership in developing methods to improve and establish human resources management into the role of strategic partner. The challenge for employee relation practice in modern management is observed as establishing connection between organisational behavior and&nbsp;HR strategies. In the current context, when the workplace relationship includes conflict of interest, no one can ensure to prevent workersâ€™ exploitation and thus HR (Human Resources) and ER (Employee Relations) practitioners work through institutional interventions to support workings of the relationship in right spirit protecting employeesâ€™ rights. Therefore, organisations these days have grievance procedures, Labour Relation Committee, Labour Unions, Collective Bargaining mechanism and Labor Management Partnership etc. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Any business needs people to work in team, performing to achieve business objectives. Non-living entities like machineries, chairs, tables etc cannot be instrumental towards organisational expectations without human beings. In fact, the people are the most valuable asset for any organisation. People resources must share good rapport working together and strive to make the dreams of the organisation come true. Thus, itâ€™s pertinent for the people working for any organization to clearly demonstrate their personal interest after business interest.&nbsp;Some of the key issues around employee relation are corporate restructuring and reshaping of enterprises, employment relationship in union and non-union work environment, effective and efficient performance management systems, workforce diversity, globalisation of labor market etc wherein perspective of socio-economic, political, historical, psychological and legislative developments have great say on employee and employer relationship. Relation can be warm, good, bad, so-so but it is important for any organisation that there is productive or healthy relationship among each other to deliver the best. Workforce spends maximum time with fellow workers, where any conflict will result only in diminishing productivity. Thus, the workforce needs to communicate or discuss as many essential things around business as possible that alone can allow each one at work to derive solution for any misunderstanding, which can lead to intended benefit for self and the institution. None can work alone at the same time it is also but natural that every one canâ€™t think like others or behave the way one behaves. Thus, itâ€™s important to ensure every one behaves in a civilized way demonstrating respect and trust for each other. It is also crucial that all employees maintain cordial relations supporting each other with great understanding of needs and expectations, impacting accomplishment of goals of the entity.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">It is important for employees to understand that they are paid for productivity and not for any clash or conflict among themselves. The fact also is that one can have best friends at work place. Many human scientists have expressed their observation that healthy work place relation leads to long life and it helps people at work to keep themselves ready to take new challenges. Communication plays crucial role in generating and up-keeping relations intact and hence it is widely recommended to keep communication effective and open within and outside the core team. This helps to correct misinterpretation and perceptions about each other, leading to creating and strengthening the trust and the respect that is most essential for improved performance as well as individual efficiency. However, it (Communication) needs to be obvious and accurate so that thoughts are translated into relevant words supporting the development and sustainability of warm relationship; thus usage of written communication in terms of employee relation is highly recommended. Also, employee survey can be reflective towards focus on workplace relationship management, especially in terms of business operation. The survey report provides an opportunity for sincere feedback and breakdown that may not be possible to achieve solely through business communication. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">It is also observed that disciplinary measures as well as legal/policy compliance in relation to it like absenteeism, leave and vacation, overtime payment etc have marginal impact on employee relations.&nbsp;Similarly, skills enhancement opportunity, pay package, career advancement are important elements determining employee relation. Issues in these areas emerge mainly when employee equity becomes questionable in perception of partiality. It is thus suggested to avoid nepotism and ensure everyone in the organisation is treated same. It has been unanimous that employees are the lifeline of any organisation because none of the businesses can endure without employee like human cannot stay alive without blood. Employees are the most valuable asset and hence, their full immersion in their work, securing emotional attachment will be useful to sustain productive and harmony in relation. HR Associates (especially employee relations in-charge) must focus more on psychological contract than any other legal contract. As much people will have to deliver challenges and creativity in their routine, that much less chances of any challenge will be on employee relations. Simultaneously, activities supportive to foster togetherness like lunch together, group activities, task sharing, award ceremony, job rotation etc can be very useful in maintaining harmony at work place.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Additionally, one need to keep in mind that two individuals are never alike. It would be imperative to keep off from regular fault-finding rather usage of simple praises like â€œwell done, great, very good, wow etc motivating phrases will work far beyond any theory and practices. These leave impact like token of appreciation.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">It is rightly said that success and failure of any business is proportional to the relationship shared among the employees. Researches say if the employees are satisfied with their job responsibilities, they have a propensity to remain happy and stay away from conflict. It is therefore suggested for HR practitioners to encourage employees on group and extra-curricular activities and lead them to the unity that instills the productive relationship.</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><i><span style="line-height: 115%;">(Dr Karna is the Executive Chairman of MARK Business Solutions Pvt Ltd and Ad Abhyas Marketing &amp; Communications Pvt Ltd. The article is based on various research reports and his practical experiences as management practitioner.)</span></i></span></div>',
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			'description' => 'Misalignments in employee relations are mainly caused by misunderstanding arising from silo mentality, friction and disagreements...',
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	(int) 11 => array(
		'Article' => array(
			'id' => '441',
			'article_category_id' => '38',
			'title' => 'Harassment At Work, Challenge For HR Personnel (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Harassment at work includes different types of unwanted action towards an employee that leads to complexity in doing assigned tasks or makes the employee feel that he or she is working in an unfriendly environment. Harassment may be based on different factors such as gender, race, class, culture, age, sexual orientation, or religious preference.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Different ways of harassment within and outside workplace are reported like intentional, situational, emotional, sexual and even harassment through use of technologies such as phone, SMS and email. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">In many countries of the world, there are laws that protect employees from conducting various job abuses, if the reality of the harassment can be proven. However, in case of our country we do not have such specific laws. During orientation, employees have to ensure they will follow the bylaws of the organisation. Most of the organisations have mentioned in their bylaws harassment issues and actions to be taken if it is violated. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">In order to recognise harassment at work, at first the conduct must be unwanted and offensive to the employee. Secondly, the employee must voice his or her objection to the behavior, allowing the offending individual or individuals to correct their behavior at work. Last, the conduct must be of a nature that makes an&nbsp;adverse impact on the ability of the employee to carry out his or her duties in an efficient and responsible manner and should be reported to the concerned authority. But in case of our country, most of the harassment victims remain silent due to which the tendency to harass continues. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">If actions could be taken based on the complaints filed, judging the type and the nature of harassment then such activities can be controlled to some extent. However, it is difficult to control harassment totally as it is more an ethical issue than a legal issue. In Nepal, complaints can be filed at labor court and through the decision of the court based on written complaints one can file the case at district court and then to the supreme court.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Many organisations in our country do not carry out any investigation and just fires the harasser, which&nbsp;leads to employees taking advantage of the system and reporting misleading complaints. Understanding employees and observing, finding out the authenticity of the complaints received and analyzing the issue are major challenges for HR.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">In order to control and reduce harassment in the organisation, addressing such issues secretly and confidentially is a must. Besides, CCTV monitoring, understanding employeeâ€™s behaviour and proper recruitment also play an important role in controlling intra organisational harassment. In case of organisation to individual and inter-organisational harassment, one needs to deal it tactfully.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Unwanted sexual advances by peers or supervisors are the most common form of workplace harassment. Both male and female employees may be approached by someone in the workplace who either hint or directly state that compliance will benefit the employee in some manner, or at least help to make sure that employment will continue. Today, many countries have laws that protect employees of all genders from this type of harassment.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Sometimes in case of multinational companies or NGOs/INGOs employees have to deal with foreign clients where comes the problem of intercultural practices like hugging, kissing or even shaking hands. In these cases, many people may feel they are harassed. So, in order to avoid this, HR should inform the visiting person about the cultural slopes and limitations and let them know how to make their stay comfortable.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;">Hence, in order to avoid harassment, office politics must be completely avoided. Besides, every individual should speak up if they feel harassed and only then we can minimise not only workplace harassment but also harassment as a whole. Minimising workplace harassment remains a challenge for HR personnel, however, neutralizing it is almost next to impossible.&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 14px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 14px;"><i><span style="line-height: 115%;">(The write-up is based on an â€˜HR Kurakaniâ€™ discussion on â€œHarassment at Work- Challenge for HR Personnelâ€ on July 27, 2011 conducted by Real Solutions Pvt Ltd. The participants at the discussion included representatives from NGOs &amp; INGOs, Hotel Industry, Research Organisations, IT and Communication, Automobile Companies, Trading and Service Industries. Shailendra Raj Giri, Managing Director of Real Solutions, acted as the moderator for the discussion and Nibha Shakya, HR Executive of the company, was the coordinator of the event.)</span></i></span></div>',
			'published' => true,
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			'description' => 'Harassment at work includes different types of unwanted action towards an employee that leads to complexity in doing assigned tasks or makes the....',
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	(int) 12 => array(
		'Article' => array(
			'id' => '440',
			'article_category_id' => '50',
			'title' => 'Feedback September 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span style="color: rgb(134, 55, 59);"><br />
	<strong><span style="color:#000;">Shrinking Pie Of PEs September 2011<br />
	</span></strong><br />
	<br />
	T</span><span style="color: black;">he cover story of New Business Age (August, 2011) reveals that majority of the Nepali Public Enterprises (PE) are bearing losses. It is true that those in profit are also because of their monopolistic nature of business. If they had to face a tough competitor from the private sector, they too would have been surviving only based on the subsidies provided from the state coffers. A lot of PEs are surviving in such comatose state. How long they expect to survive in such manner and how long will they expect support from the government? After all, they are enterprises for doing business. Shouldn't they be managing their business better if they want to survive in the market? I think the government should consider whether to keep these parasite PEs running or close them down.<br />
	<br />
	In a competitive market, the companies that cannot withstand the competitive forces must be let go. The market should decide whether a PE should survive or close down. If it can't compete with others in the market, especially the private sector counterparts, it should be either handed over to the private sector that can manage and operate well or be dissolved. The state may try to protect it for a while, which is not unnatural. But the question is for how long and why, if it cannot justify&nbsp;its existence and even manage its expenses.</span></span></div>
<div style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div>
	<span style="font-size:12px;"><span style="line-height: 115%; color: black;">Most of the PEs are business entities. As the state is not meant for doing any form of business, why did the latest budget take a regressive step to go back to a state-controlled economy? Doesn't the government have anything more important to do like ensuring a better astate of the PEs proves that they are not desired in the market. The shrinking share of their pie says it all. If they want their existence, they must compete in the market or should be shut down. That is the only good option. PEs must stop begging from the state and the state must stop funnelling taxpayers money to unproductive but hungry companies.<br />
	<br />
	</span></span></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><b>- Radha Krishna Bhandari</b></span></div>
<div>
	<span style="font-size:12px;"><b><span style="line-height: 115%;">Putalisadak</span></b></span></div>
<div>
	<span style="font-size:12px;"><b>&nbsp;</b></span></div>
<hr />
<div style="text-indent: 0in;">
	<strong><span style="font-size:12px;"><br />
	Need for FII<br />
	<br />
	</span></strong></div>
<div style="text-indent: 0in;">
	<span style="font-size:12px;">In this era of globalisation, companies are in a race to extend their global outreach. They want to step into as many regions as they can and as long as they see a lucrative return. When this race among the global giants goes on at full throttle, countries like Nepal must be able to open up track for them. These companies don't only bring in investment but also a distinct corporate culture, investment technique, unique way of working and a secret for the development of local economy and market. The much greater impact will be on the capital market, which is the most efficient source of funding after banks and finance companies. They bring in jobs; they bring in money and market development. What they only seek in return is a stable political and economic environment where they can manage their business. Only if they can be assured of the stability, they are ready to make some differences. The large institutional investors not only offer the market development but also provide assurance to small investor protection. India has opened up its door for such investors. Similarly, Nepal must also without any delay open its door to foreign institutional investors. The initiative to allow Non-Resident Nepalis to invest as institutional investors is quite positive. In the days to come, the country must welcome foreign investors in the hydropower sector to the capital market.<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><b>- Bijay Neupane</b></span></div>
<div>
	<span style="font-size:12px;"><b><span style="line-height: 115%;">Bhaktapur</span></b></span></div>
<div>
	<span style="font-size:12px;"><b>&nbsp;</b></span></div>
<hr />
<div style="text-indent: 0in;">
	<strong><span style="font-size:12px;"><br />
	Creating Brand <br />
	<br />
	</span></strong></div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	Established brands are the first choice for a group of consumers. They do not think beyond a certain brand name usually renowned across the world. A successful branding and advertising of such brands have been able to establish a strong image for the products. Eye-catching advertisements without the product quality would not make those brands successful. Nepali brands too have their own niche market. Despite an array of branded products, consumers prefer foreign brands. Sometimes, advertising makes consumers simply say, Nepali products are not good,without even trying out once. While concentrating on the quality, they must prioritise quality too in the advertisements. An ad cannot be for everyone just like a product. They must be creative and catchy for the targeted group and other groups that may become the potential client. Ads are not only for today but also for tomorrow. This is missing in Nepali brands. Ads are failing to create an image that the product is worthy of use. Rather, they seem to be mocking at the product itself. To gain the attention of brand conscious consumers and retain brand loyalty, advertisement quality along with the product quality has to be up to the mark.<br />
	<b><br />
	- Suraksha Rayamajhi</b></span></div>
<div>
	<span style="font-size:12px;"><b><span style="line-height: 115%;">Pokhara<br />
	<br />
	<br />
	</span></b></span></div>',
			'published' => true,
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			'modified' => '2012-08-28',
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			'description' => 'The cover story of New Business Age (August, 2011) reveals that majority of the Nepali Public Enterprises (PE) are bearing losses. It is true that those in.....',
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	(int) 13 => array(
		'Article' => array(
			'id' => '438',
			'article_category_id' => '47',
			'title' => 'Legacy Of Success',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size:12px;"><b><span style="line-height: 120%;"><img align="left" alt="nubiz" border="1" height="275" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-per.jpg" style="width: 308px; height: 275px;margin:10px;padding:10px;" vspace="5" width="308" />Moti Lal Dugar</span></b></span></div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size:12px;"><span style="line-height: 120%;">Chairman</span></span></div>
<div style="text-align: justify; text-indent: 0in;">
	<span style="font-size:12px;">TM Dugar Group<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Moti Lal Dugar, Chairman of TM Dugar Group, is a third generation entrepreneur,<span style="line-height: 115%;">who is successfully continuing a legacy of 127 years old industrial family Dugar. He never imagined a career beyond business. Dugar feels fortunate to be born in a business family and takes pride in the fact that his group tasted success &nbsp;in whatever business it ventured into.<br />
	<br />
	</span></span></div>
<div style="border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color rgb(196, 21, 28); padding: 0in 0in 2pt;">
	<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
		<span style="font-size:12px;"><strong>By Gaurav Aryal</strong><br />
		<br />
		Moti Lal Dugar, 65, believes he is the most fortunate person to be born in a business family. It takes a little more than a hint of luck to take an already established business house to the next level of success. Dugar is an heir to 127 years old business legacy of the Dugar Group.<br />
		<br />
		</span></div>
</div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar is now Chairman of TM Dugar Group that has a wide array of interests ranging from banking, hydropower, automobiles, agro solutions, life insurance, FMCG products, agro based industries, consultancy to automobiles, among others. He is also Chairman of Sunrise Bank Ltd and Gurans Life Insurance Co Ltd, two public limited companies promoted by TM Dugar Group with some friends. Dugar says he does not like to be involved in any politics of business and never wished to be a front runner in any association. However, he feels it is okay to be associated with those forums which are directly related to his business and trade. He is the Treasurer of Nepal-USA Chamber of Commerce and Industry and Forum of Nepalese Banks.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar was born and educated in Biratnagar. He went to Adarsha Vidyalaya, a school that has produced a number of prominent entrepreneurs and politicians. He received education till BCom at Mahendra Morang College. The Dugars were one of the well-off families even during those days. He recalls the range of luxuries available at his home those days bullock cart, horses, maids and servants. During his college days, Dugar used to ride a Honda 250cc motorcycle imported from Japan. He remembers the first family car a Land Rover. During his student days, he was one of the good students in class though he never stood among the top three. Sport was not his cup of tea either. However, as a child, he was fond of traditional children's games like marbles and <i>dandi biyo</i> among others.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">He was in his early teens when he began working in his family business. At the age of around 17, he took up full responsibility and started looking after some of his companies. At that time, Dugars were in a joint family and living in Biratnagar. His elder Brother Tola Ram Dugar was looking after the business after their father died. After Tola Ram Dugar passed away in May 2011, Moti Lal has taken over the lead of the TM Dugar Group. Moti Lal was just 11 when his father passed away. Young Dugar began his career at the textile shop. Gradually, he started visiting industries and understood the knots and bolts of handling a business. He took up the responsibility from keeping accounts to making contracts, looking after exports, export-import contracts and even LCs. The initial business of the Dugars was textiles and agro products. The business was later expanded to jute export, steel factory, rice mills and others.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">The process of expansion in fact never stopped. In the same course, the family shifted to Kathmandu. The family business was sector-wise divided among four brothers. Among those, Moti Lal got the automobiles business for which he was working since the beginning. It has been four decades since he began working in this sector. Now, he is also a specialist in automobile, banking and insurance. He is planning to venture into hydropower. The Dugar group has always been the leading industrial group of Nepal. Dugar is content with the growth and development of the company. He says, â€œOur family always aimed at taking the business to next level. So far, we are satisfactorily moving ahead. We are successful in maintaining the leadership position in every business we ventured into.He adds that his company has been successful in sticking to its principle. Maintaining the status achieved in the course of 127 years is what Dugar feels is a matter of satisfaction and an achievement in itself. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">He feels he inherited the success that was accomplished by his parents and senior family members. He gives the credit of his company's success to them, especially his eldest brother late Tolaram Dugar whom his regards as high as his father not only as elder brother. More importantly, he feels he inherited the trust and belief of Nepali people in his group. He expresses pleasure to be born as a business person. He does not have any regrets about having the career that he thinks was destined for him. According to Dugar, job satisfaction is the most pleasing aspect of the business.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar claims that honesty is the everlasting principle of the Dugar group. Dugar explains, <img align="right" alt="intreview" border="1" height="331" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sep-per1.jpg" style="margin:10px;paading:10px;" vspace="10" width="400" />â€œHigh degree of honesty must be maintained. Customers should not be cheated. A business can never sustain without customer's trust. The group has been working with such vision and belief.Dugar believes clients are the incarnation of Goddess Laxmi Goddess of wealth and she should not be cheated. He says thanks to such principles, the group is valued high in the market today.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">For Dugar, profit, loss or big money is not the measure of success. He says, There are many other groups who have more money than us. We began from scratch and achieved this status. We are satisfied with this. Our business image has never been lower than others and that has been a matter of pride for us. He identifies success in the manner the people recognise and trust the group. Profit and loss is something that keeps changing but the recognition does not and it will lead to profit and stability of the company. He feels his next generation has a ready path shown by the long history of the group. They don't have to work too hard. They just need to add cherry on top, he says. Fifth generation of the Dugar family his grandchildren will soon join the business after their education.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">The group that was initially into the food grain and agro based industries stepped into the service industry through banking and insurance around five years back. Dugar sees the future of Nepal in three areas hydropower, tourism and agriculture. He says Nepal cannot compete with India and China with a high cost of production by subsidising industries with a bundle of discounts and waivers. Although the Dugar group does not have any plans to venture into tourism sector, it will soon be developing hydroelectricity projects. The group is planning to develop more than 170 Megawatts of hydroelectricity in the near future. Pan Himalaya Energy Pvt Ltd, Global Hydro Power Associate Pvt Ltd and Numbur Himalaya Hydropower Pvt Ltd have been established by the group for&nbsp;tapping hydropower potentials in the country. He thinks hydropower is a money-making industry that has huge export potentials although it is a capital-intensive sector. He says hydropower is liked by the world for its environmental benefits and sustainability.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">On Nepal's failure to develop hydroelectricity sector despite huge potentials, Dugar says, All political parties must have genuine commitment for the development of the nation. Everyone must shed his leg-pulling attitude and should respect others' ideas if they benefit the nation. Such massive projects will not be possible without foreign investors. They must be welcomed anyhow. Investment worth billions of rupees will not come just with phoney speeches.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">While deciding anything about the companies in the group, one person looking after a particular sector never interferes with another. He reveals that there will be discussions on visions and plans and anyone in the family can invest if he has interests.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">In the TM Dugar Group, 1,500 employees are working. Dugar says a separate committee looks after the human resource management. He says human resource is the real capital of any company. So, we provide handsome salary as motivation. People working here have a distinct and prestigious life, he says. He reveals that employees are quite steady with the companies. He shares numerous examples of people working in the group for as long as three generations.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.6pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar says he does not have uber luxury in life. He likes to lead a simple life and does not have any luxurious demands. Dugar gets up at six in the morning and goes to health club. For remaining healthy, he exercises everyday and is conscious about food habits. After having breakfast, he goes to his office between 10 and 10:30 in the morning and returns home at around 8 pm. He does not have much interest in social parties and rather feels annoyed if he has to frequently attend them. He thinks partying more than once a week is too much. He loves watching television, chatting with family, reading newspapers and listening to music. These are his favourite pastimes. He does not work on Saturdays. His mornings and evenings are dedicated to his family.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.6pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">When he has to suggest anyone who wants to follow his footsteps, he says: Do anything with dedication, focus and honesty. Do not dive into anything seeing someone else making profit. It is wise to focus on expanding what you already have. The competition is so tough so you must be careful while investing. You may lose your hard earned money. In this regards, I am quite conservative.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">When it comes to charity and philanthropy, he believes in building hospitals rather than building a temple. When we have some problems (health) we need hospitals as temples cannot cure us. Building a hospital is more spiritual than a temple. It does not mean I am atheist but I believe more people will benefit from a hospital,â€ he opines. He adds hospital is for service while a temple is for satisfaction. A hospital built by his late elder brother has been handed over to Koshi Zonal Hospital in Biratnagar.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;">Dugar does not believe in a retired life. Though 65, he looks much younger to his age and is actively involved in business. He says, Retirement makes one feel old and weak. It diminishes the capacity as well as the prestige. Everyone respects active person. I believe one should not retire and should work as long as one can. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 13.9pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><span style="line-height: 115%;">An active and youthful attitude of Dugar is certain to lead his companies to greater success in the days to come. <br />
	<br />
	<br />
	</span></span></div>',
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			'description' => 'Moti Lal Dugar, Chairman of TM Dugar Group, is a third generation entrepreneur,who is successfully continuing a legacy of 127 years old.....',
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			'id' => '437',
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			'title' => 'The Third-party Miracle (september 2011)',
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	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong><img align="left" alt="lauging" border="2" height="167" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/img3(2).jpg" style="width: 137px; height: 167px;margin:10px;padding:10px;" vspace="10" width="137" />By Madan Lamsal</strong><br />
		<br />
		The Nepali insurance companies are now overwhelmed by the miracle of the third party. There were times when these companies used to hire umpteen number of agents to net a small fry who would ultimately agree to buy their policy. But, these days, their business is so smoothly automated, money floods into the office by any minor economic activity a nouveau riche carries out. No sooner, one buys a private car, a taxi or a rental minibus, the premium amount in the name of the third party insurance automatically flows into insurance company account.<br />
		<br />
		There are other advantages of the third party insurance. This particular insurance has embedded self-defense mechanism. For example, more vehicles means more premium. Also, it means more traffic jams on the road. That means less speed, and less accidents. Lesser number of accidents naturally results in highly reduced claim on insurance. This is truly a full-proof proposition. All these have contributed to balloon-up the premium collection. And more profits, more leisure time for the insurance company executives. <br />
		<br />
		<img align="left" alt="nolaughingmatter" border="2" height="329" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/laugh.jpg" style="margin:10px;padding:10px;" vspace="10" width="400" />This leisure has provided some value-time for the top insurance executives to be more creative to think about truly new product, as effective as the third party. In a meeting of a group of CEOs, the most imaginative one proposed that they must launch the third party insurance product for the aeroplanes and bicycles. The other one seconded, bicycles are perfectly ok but the aeroplane products must be thoroughly researched.<br />
		<br />
		<br />
		Objected the third, Only thing we must think about is not the product research but to identify the party that can force some sort of insurance. Look, how some of the foreign missions have been great help to us. They have made the travel and host country health insurance compulsory to issue a visa. Every traveler pays the premium for this but never comes back to claim anything.<br />
		<br />
		<br />
		The next volunteered, even if they did, the companies could easily shirk away saying that the coverage was just for minor illnesses like common cold or fever. Because no one asks what is covered in a haste to get visa, such insurance is always uncertain even to those Nepalis who is in who's-who list.<br />
		<br />
		<br />
		But many thought ˜the third party airplane insurance was indeed a marvellous idea. So, the group assigned to explore the possibility to two chosen energetic CEOs. For the purpose, they flew by a plane to a new destination together. Both of them had bought flight insurance. After landing at the airport the other end, one remarked, "What a wastage! The premium we paid for the flight insurance went in vain."</span><span style="font-size:12px;"><span style="line-height: 115%;"> Other one evaluated, but, you see, third party air insurance seems to be real good proposition as aeroplane is unlikely to hit and kill anything en route. Thus entire premium gets saved for the company.<br />
		<br />
		<br />
		<br />
		<br />
		</span> </span></div>
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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