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			'id' => '258',
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			'title' => '‘We Can Significantly Increase The Sales Of Panasonic Products In Nepal’',
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			'content' => '<div style="text-align: justify;">
	<img align="left" alt="" border="2" hspace="2" src="http://newbusinessage.com/ckfinder/userfiles/Images/Hidenori.jpg" style="width: 199px; height: 271px;" vspace="2" />Hidenori Aso, the Managing Director of Panasonic India Pvt Ltd was in Kathmandu recently for Panasonic Small Appliances Dealers’ Meet. In an interview with <i>New Business Age</i>, Aso shared ideas about different home appliances from Panasonic and his plans for popularising the brand in the Nepali market. Excerpts:</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What brings you to Nepal?</strong></div>
<div style="text-align: justify;">
	We are launching a range of new products that include Micro Wave Oven, Hair Dryer and Straightner, Men’s Shaver, Travel Shavers and Trimmers, Vacuum Cleaners, Blenders/Juicers and Food Processors. We also have a new rice cooker which we have customised as per the Nepali consumers’ requirement. Ours is not just a rice cooker, it can also make various other dishes. Here in Nepal, Momo is very popular. So, we have modified the product and added a Momo-maker to it. We are confident about the quality of our product. And we are providing five years warranty to the heater of the cooker. Our local business partner here, Triveni Byapar Company Pvt Ltd, is aggressive about increasing the business here. We especially want to increase our small appliances business here.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How is your small appliances business doing in the Indian as well as other markets?</strong></div>
<div style="text-align: justify;">
	Our business is doing quite well in India. In terms of growth, the market is almost doubling every year which is very encouraging. Next financial year onwards, our cooker factory will start producing one million cookers on an annual basis. Besides India, we are also trying to penetrate into other neighbouring countries like Sri Lanka and of course, here in Nepal.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>You have high end products like HD TVs as well. What is the market response for such products?</strong></div>
<div style="text-align: justify;">
	We have already launched the 3D Viera in India as well as here in Nepal. The response is quite good. The market for air conditioners is also expanding in India.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What is your expectation from the dealers meet that you have organised?</strong></div>
<div style="text-align: justify;">
	At the dealers meet, we want to showcase our new products such as the Momo-maker. We want to emphasise on the point that Panasonic’s quality is the best. Therefore, we are giving five years warranty for the heater, the main component of the cooker. We also want to increase our network. This is why we have invited 150 dealers from all over Nepal for the meet.<br />
	 </div>
<div style="text-align: justify;">
	<strong>What is the market share of Panasonic products in Nepal?</strong></div>
<div style="text-align: justify;">
	We are currently at par with our competitors here when it comes to the market share. But we are going very aggressively about our business. I am confident that we can significantly increase the sales of Panasonic products in Nepal with our business partner.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How do you distinguish yourself from the competition in the market as there are numerous brands selling similar products?</strong></div>
<div style="text-align: justify;">
	Our advantage is that we have a wide range of products with us. We have some products that our competitors do not have. For example, small appliances, kitchen appliances, beauty and health care products etc. We also have TV and Air Conditioners. When it comes to having a wide variety of products, Panasonic is definitely the market leader.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What are the challenges you face in the local market here?</strong></div>
<div style="text-align: justify;">
	Talking about the challenges, we don’t have good human resource here. We are trying to build a competent work force now. We are trying to make it more professional because Nepal, in general, follows very traditional methods. But since ours is a very professional product category, we need to change things around. We hope that doing so will appreciably boost our sales figures here.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What are you plans for expanding the market here?</strong></div>
<div style="text-align: justify;">
	At the dealers’ meet, we have the provision of ‘on-the-spot booking’.&nbsp;We are giving very good incentives to our dealers which will help them gain momentum in the market. It will ultimately popularise our products and give us a strong foothold in the Nepali market.</div>
<p style="text-align: justify;">
	We are trying to introduce a great number of products from many countries. We want people to have the entire range and provide quality service to them. I think that within the next two to three years, we would be in a position to dominate the Nepali market. </p>',
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			'title' => '‘Simmtronics Has A Huge Market Potential In Nepal’',
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	<img align="left" alt="" border="2" hspace="2" src="http://newbusinessage.com/ckfinder/userfiles/Images/arif.jpg" style="width: 193px; height: 233px;" vspace="2" />Arif Khan, the Director of Simmtronics Semiconductors Ltd FZE was in Kathmandu to attend the official launch of Simmtronics products in Nepal. In an interview with <i>New Business Age</i>, Khan discussed his company’s prospects in the Nepali market. Excerpts:</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>Could you tell us what Simmtronics is all about?</strong></div>
<div style="text-align: justify;">
	It is a memory manufacturing company that was established in 1992. We have our manufacturing facility based in Singapore and our exports are done out of Singapore. As for Nepal, for logistics purpose, the goods come here via Dubai. We have an impressive range of products and all of them carry three years international warranty. During these 19 years that we have been in operation, we are already established in many countries such as Indonesia, Vietnam, Iran, Iraq, Russia, India and the entire Middle East.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How and when did you start distributing your products in Nepal?</strong></div>
<div style="text-align: justify;">
	We have been supplying to Nepal for the past one year through Explore Asia, our local distributor here. However, I thought of an official launch this time for a number of reasons. Multinational Companies like HCL, Samsung, HP,Dell etc have been showing an interest in the Nepali market for some time now. It generated curiosity in me so I wanted to find out more. Though the IT companies perceived Sri Lanka and Bangladesh as emerging markets, I discovered that they have reached their saturation point. Comparatively, Nepal is a virgin market and there is plenty of scope here. Therefore, we decided to enter the market now and introduce our brand so that we can capitalise on it in due time.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What kind of prospect does the Nepali market hold for you?</strong></div>
<div style="text-align: justify;">
	Nepal is a dynamic market, undoubtedly. I have gone through the sales data and figured that this is an upcoming market. If we place our products at the right price, provide good quality and after sales service, there is no reason why we can’t establish Simmtronics as a leading brand here. We will make best efforts from the company’s side. At the same time, we trust our distributor and the dealers here in Nepal to reciprocate our efforts.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How do you distinguish yourself from the competition?</strong></div>
<div style="text-align: justify;">
	We are vendors as well as we manufacture our own products. 40 per cent of the components required to make a computer are manufactured at facilities owned by us. But a majority of our competitors don’t have their own manufacturing facility, that’s where we score over them. Additionally, we have strong partners like Intel, VIA and IBM who have been with us for about 10 years now. The advantage we have as manufacturers are that we can sell products at very competitive prices.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What do you think of your future prospects in Nepal?</strong></div>
<div style="text-align: justify;">
	I am confident that in about six months’ time, we will command 80 per cent of the market share in Nepal. The figures that I have with me tell that the market here sells about 12-15,000 motherboards, close to 12-15,000 memories, around 6-7,000 personal computers and 2000 laptops every month. This suggests that the market potential is huge. To make the most of this situation, I have a plan that I will execute in partnership with my distributor here. I can promise you that Simmtronics is going to be aggressive. We will participate in IT related events and road shows as well as have our advertising system in place. To create a long standing goodwill, I will ensure that quality is maintained for our products in the Nepali market.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What’s the kind of investment you are putting in the market here?</strong></div>
<div style="text-align: justify;">
	At present, we have planned to invest US$ 50,000 as the initial capital for promoting our products here. We have earmarked this amount only for the purpose of Simmtronics’ advertising and promotions. Apart from that, the investment by way of giving our products to the dealers and getting the money back from the market will be about US$ 1 million, to start with. </div>',
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			'article_category_id' => '31',
			'title' => '‘The People In Nepal Learn New Technology Very Fast’',
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	<img align="left" alt="" border="2" hspace="2" src="http://newbusinessage.com/ckfinder/userfiles/Images/aashis.jpg" style="width: 196px; height: 284px;" vspace="2" />Ashish Navinchandra Bavishi, the General Manager for International Business of Netcore Solutions Pvt Ltd was in Nepal recently for service expansion in partnership with Digitainment Pvt Ltd. Netcore is an Indian company that provides digital communication solutions for products specialising in email and mobile phones. The biggest names in banking and financial institutions along with various other companies endorse Netcore solutions. Bavishi looks after international business in Africa, South East Asia and South Asia Region. In an interview with <i>New Business Age</i>, he shared ideas about his company’s potential in the Nepali market. Excerpts:<br />
	 </div>
<div style="text-align: justify;">
	<strong>Could you tell us in brief about your company?</strong></div>
<div style="text-align: justify;">
	Netcore was started in 1998 with Linux based email servers. Over time, we started cloud services which hosts anti spam antivirus solutions. We entered into SMS solutions in 2003-04 and later on, we came up with enterprise solution and started different ways of using SMS. Netcore is probably the first Indian company to use SMS as an advertising platform. We helped corporate houses reach their clients through mobile phones because it is more personalised and penetrative than any other medium. Now we have medical services on SMS as well as M-coupons and M-connector which are business intelligence suites. We also provide email and SMS marketing services, voice based services. Around 20 million visitors log on to our web portal www.oneindia.in every month. Currently, we are trying to offer services like email, SMS, infotainment content etc in Nepal through telecom operators. The three different areas where we are working are enterprise solutions, data solutions and digital marketing.<br />
	 </div>
<div style="text-align: justify;">
	<strong>How well are you doing in India and other countries?</strong></div>
<div style="text-align: justify;">
	In India, we are the leaders in Linux based solutions. All our services are doing excellently in India. We are a team of 300 people; half of them are in technology. We are the market leaders in India for email servers, hosting anti spam integrated solution and digital marketing. After the telecom operators, we are the largest SMS sender in India with 10 to 15 million outgoing SMS daily. Netcore has pioneered most of the things that we currently do. We are also expanding our mobility and messaging solutions in other countries. We already have a presence in more than 17 countries. The entire IT fraternity is embracing cloud based solution rather than in-house solution. This is where Netcore’s expertise along with Linux based solution is so vital. We have a very capable leadership which encourages us to reach new heights. Being a customer oriented company, we believe in providing the best services for our clientele so that helps us maintain our top position.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What brings you to Nepal this time?</strong></div>
<div style="text-align: justify;">
	We are working in association with Digitainment here in Nepal for enterprise solution and solution for the telecom operators. We understand that the majority of people cannot afford smart phones. However, they are looking for VAS (Value Added Services) and infotainment solutions etc on their mobile phones which are not being catered well. We are trying to reach and cater to the lowest category of the society with our solutions. My brief experience tells me that this is a great market. People have started understanding the power of technology due to the advent and popularity of Internet, mobile phone and television etc. The people here learn to use new technology very fast. Contrary to my earlier belief, Nepal is not a tourist destination only. I find this market very promising as there are a good number of corporate houses here. And we are looking at them as our prospective clientele. We plan to replicate our image as a customer oriented company in Nepal. Hopefully, that will help us become the market leader here.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>Tell us about the products and services you plan to establish here?</strong></div>
<div style="text-align: justify;">
	We want to bring all types of solutions: digital marketing, enterprise solution and data products. The primary intention is to engage customers with the brand and cater to the corporate clientele with ‘no price tag for the solution’. People are paying a lot of money for legacy solution as they don’t have any alternative. Once they have an alternative which is better than what they are paying for, they would certainly opt for that. We will make efforts to educate the market and introduce all the products that we have in India.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>A large population in Nepal does not have access to Internet. Is that a challenge for you?</strong></div>
<div style="text-align: justify;">
	The solutions that we provide are not Internet based only. We will be coming with a bouquet of solutions via telecom operators to reach around 5 million people. We understand that SMS is the best option for penetration as it reaches everyone and it is easier, personal and cheaper. We focus primarily on SMS but at the same time, we also look at email and enterprise solutions.<br />
	 </div>
<div style="text-align: justify;">
	<strong>How would the customers benefit from your services?</strong></div>
<div style="text-align: justify;">
	Let me give you an example of email servers here. Linux based operating solution costs one third of the total price of legacy solution so that will create value addition for our customers. They stand to get better quality at a lower price. When we started out in India five years ago, the outgoing SMS charge was around 50 paisa. Today, it has come down to as less as five paisa per SMS. I think that can be replicated here in Nepal in the next two to three years. We will create benefit for our users by reaching more subscribers. We will give them more information for their mobile because mobile is the next big thing. All around the world, everything is making a shift from other technologies to mobile. SMS is the easiest medium for 70 per cent of the mobile subscribers. So, we are targeting mobile users and trying to cater to them. We are trying to cater to the entire market using SMS services as they promise to be the star performers among all value added services. All I can promise you is that this market will certainly get benefits from us. Within a year’s time, you will see the changes and results coming out.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>Technology is changing faster than ever. How challenging is it to operate in such an environment?</strong></div>
<div style="text-align: justify;">
	We have a sizeable technology team in India which is highly efficient. We share our knowledge on technology with our partners in different countries regularly. We want to extend our services keeping in mind the technology available to us here. We have been tackling with technology since our inception. We lead the market because we have pioneered on all fronts. I think we can cope with the change in technology given our competent team stationed in India. If required, we can always hire more knowledgeable employees to deal with new situations. Netcore is particularly interested in creating infrastructure for effective functioning. It has three data centres, one in India and two in the US which work in tandem with each other.&nbsp;If a particular centre is not working properly, another one takes over automatically. Our main focus being a technology company is to create technology and impart ensuing services to the customers.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What is your plan on working with the local companies in order to get established here?</strong></div>
<div style="text-align: justify;">
	We are very proud that we have tied up with Digitainment as our partner here. It will be responsible for liaison with the local companies. It’s an established fact that people trust their own people more. I am confident that Digitainment will help Netcore cater to the market here in an efficient manner. It’s our policy to work with local partners in any country that we start our operations in. We have already talked to many companies so in a way, we have started work here. It’s only a matter of time before our operations run in a full-fledged manner here.</div>',
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	<span aldine401="" color:="" style="font-size: 13.5pt; font-family: ">T</span><span aldine401="" color:="" letter-spacing:="" style="font-size: 9.5pt; font-family: ">he Nepal Stock Exchange (NEPSE) index plunged to five-year low in the last week of March. There are no convincing sign of its recovery on the sight. The gloom is pervasive despite the fact that several concerned agencies are seemingly keen to revive the secondary market. The NEPSE created a separate Central Depository Company (CDC) for an automated settlement of the transactions. No sooner NEPSE sought an operating approval for CDC from its regulator Security Board of Nepal (SEBON), the latter not only acknowledged its application but also brought out a press release highlighting the importance of CDC, understandably, to boost the investors psychology. <br />
	<br />
	<br />
	Nepal Rastra Bank (NRB) also issued new, fairly flexible directives to the banks regarding their investment in the mutual funds. The central banks marginally softened approach on margin lending should also have contributed positively to NEPSE growth. But none of these steps has actually worked. Why? Within the answer of this big why perhaps lies the solution to the alarming plummet of NEPSE too. <br />
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	<span style="font-size: 9.5pt;"><img alt="from the edior" border="1" height="218" hspace="10" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/editor(1).jpg" style="width: 286px; height: 218px; margin: 10px; padding: 10px;" vspace="10" width="286" /><br />
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	First, there appears to be a clear lack of co-ordination among three key agencies, the NEPSE, SEBON and the NRB. The lack of </span><span aldine401="" color:="" letter-spacing:="" style="font-size: 9.5pt; font-family: ">such co-ordination between the NEPSE and SEBON surfaced recently in the issue of providing training to the newly selected brokers. When new brokers join in the trade, an increase in the new investment could be expected. This unnecessary loggerhead between these two institutions not only distracted investors but also discouraged those aspiring to be new brokers. For this reason, only a few out of the 34 finally selected brokers have obtained the LoI, so far. <br />
	<br />
	<br />
	Similarly, while issuing the mutual fund directives, the NRB and SEBON apparently didn't have adequate joint exercise. Had they collaborated, the directives could have been more comprehensive covering not only the banks and financial institutions but also all potential investors in the economy. Above all, misunderstandings, primarily owing to their political loyalty among the top officials of these crucial agencies and also with the Finance Ministry are also reported. These are the kind of aversions which could have been easily avoided and must be done rather sooner than later. <br />
	<br />
	<br />
	To begin with, such co-ordination could initiate by resolving the training row of the new brokers. Despite highly bearish market, persistent political uncertainty and industrial unrest, these new brokerage companies have come forward to trade. They must not be discouraged by the feud between two public agencies. <br />
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	<span aldine401="" color:="" style="font-size: 9.5pt; line-height: 115%; font-family: ">Even more important is: the regulating and operating agencies must stop adopting fragmented approaches both in issuing directives and implementing them. And, all concerned must understand that no bureaucratic action alone would be enough to resurrect the investment psyche without building an overall confidence. This confidence will only stem out of convincingly business friendly political climate. </span></p>',
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			'description' => 'The Nepal Stock Exchange (NEPSE) index plunged to five-year low in the last week of March. There are no convincing sign of its recovery on the sight.',
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<p class="MsoNormal" style="text-align: justify;">
	<span style="font-size: 12px;"><strong><span style="color: rgb(255, 140, 0);"><i><span lucida="" style="line-height: 120%;"><img align="left" alt="stocktaking" border="1" height="176" hspace="2" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Bikram Chitrakar.jpg" style="width: 143px; height: 176px;margin:10px;padding:10px;" vspace="2" width="143" />By Bikram Chitrakar</span></i></span></strong></span></p>
<p class="MsoNormal" style="text-align: justify;">
	<strong><br />
	</strong></p>
<p class="BODYTEXT" style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">M</span></span><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">arch 15, 2011 proved a fateful day for the Nepal Stock Exchange (NEPSE) Index as it touched 376.75 which is the lowest point for over four years and eight months. NEPSE was 376.77 on July 2, 2006. Though the index recovered a bit and reached 377.6 on March 20, it is still not clear whether the revival is going to hold steady. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">The reason for the latest decline in the NEPSE is the amendment proposed by some Maoist-affiliated Members of Parliament in the Bill presented to the parliament by the government to amend the Bank and Financial Institutions Act (BAFIA). The issue came out to the light after the bankers held a press conference and made the details public. The most important point objected by the bankers is the proposal by the MPs to replace the words ‘liberal economy’ by ‘self-reliant mixed economy. That is interpreted as an attempt towards curtailing economic freedom in the country. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="">As a result, the benchmark NEPSE index receded 27.60 points or 7.31% during the review period to settle at 377.6. The highest point during the review period was on 20 February when it was 405.2. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Among the other proposals of the MPs objected by the bankers is one from industrialist MP Padma Jyoti. It wants to restrict the banks from asking any collateral security except the project properties for which the loan is being extended. But more important point that sent jitters across the market triggering a frenzy of sales is the proposal to restrict businesspersons from holding more than 5 percent of the shares in a bank or financial institution. As most of the listed companies are banks and financial institutions and such companies at present are majority-held by businesspersons, the proposed amendment is likely to force them to sell their holdings, thus increasing supply of shares in the market. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Nepal Rastra Bank (NRB) and Securities Board of Nepal (SEBON) came forward to calm the market. The central bank decided to allow banks to operate mutual fund. It also relaxed a bit its restrictions on banks extending loan against the security of shares. The banks can now renew such loan for this year if the borrowers pay the interest. Moreover, the banks are directed not to make the margin call if the market price of the share held as security falls less than 10 percent. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Meanwhile, the Central Depository System (CDS) is set to start from next month, according to the Central Depository System and Clearing Company formed by Nepal Stock Exchange to set up and operate such system. The company has informed that the required software for CDS has already been prepared and necessary hardware system is being installed. It can be hoped that the Nepali capital market will have CDS system in place by April.&nbsp;</span><span style="letter-spacing: 0.15pt;"> <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><span style="letter-spacing: 0.15pt;">Performance by Sector<br />
	<br />
	</span></span></span></strong></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Commercial banking sector that dominates the largest volume of trade in Nepal Stock Exchange lost 33.32 points or 9.95% to settle at 334.89 during the review period. Hydropower sector shed 66.51 points or 10.14% to rest on 655.88. Development bank descended 21.20 points while other sectors skid 18.79 points to arrive at 334.43 and 524.03 respectively. Insurance sector declined 14.97 points or 3.20% to settle at 467.43. Similarly, hotel sector reduced 2.46 points followed by 1.46 points in the trading sector. However manufacturing sector gained 3.61 providing as the sole survivor in the market mayhem in the review period. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Sensitive index that measures the performance of 117 blue chips at the secondary market descended 7.98 points or 8.61% to arrive at 92.7 while the float index calculated on the basis of real transaction plummeted 2.64 points to 31.81. Total of Rs. 385442296 was realized during the review period from 1741938 units of share traded via 31558 transactions. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	The accompanying figure illustrates the sector-wise distribution based on the total volume of trade. As usual, the banking sector dominated the volume of trade covering 40.75%. Finance sector and development bank shared 22.33% and 22.13% respectively. Hydropower accounted for 7.28% while remaining sectors held the rest. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Technically, Simple Moving Average (SMA) is commanding the NEPSE index which is below both 200 days SMA and 30 days SMA signifying further weakness in both short and long term. However, as the NEPSE index is flat, it is likely to gain back towards 390 while the further downward journey will lead towards 350.</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="margin-top: 8.5pt; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><i><span aldine401="" letter-spacing:="" style="font-family: ">(The writer is a stock analyst with Jamb Technologies Pvt Ltd)</span></i></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;">&nbsp;<span class="MyriadPro">Movement in Indices (20 Feb - 20 Mar 2011)</span></span></strong></p>
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					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Open</span></b></span></p>
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					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">High</span></b></span></p>
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					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Change</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">% Change</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Nepse</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">376.75</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">377.6</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-27.60</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.31</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 14.9pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Bank </span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.89</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-33.32</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-9.95</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Sensitive</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.62</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.7</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.98</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-8.61</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Development Bank</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">329.69</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.43</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-21.20</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-6.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Hydro</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">722.39</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">723.44</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">654.25</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">655.88</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-66.51</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-10.14</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Finance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">335.58</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">335.94</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">317.67</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">317.67</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-17.91</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-5.64</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Insurance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">482.4</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">485.02</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">464.54</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">467.43</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-14.97</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-3.20</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Hotel</span></span></p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				 </td>
		</tr>
	</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: 4.45pt; border-collapse: collapse;">
</table>
<p>
	 </p>',
			'published' => true,
			'created' => '2011-04-26',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'March 15, 2011 proved a fateful day for the Nepal Stock Exchange (NEPSE) Index as it touched 376.75 which is the lowest point for over four years and eight months.',
			'sortorder' => '181',
			'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' => '251',
			'article_category_id' => '45',
			'title' => 'Corporate Movements April 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<em><span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Newcomers<br />
	</strong></span></span></span></em></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Dorje Sherpa</strong> has joined Gokarna Forest Resort as Vice President replacing Richard Lawrence Dusome who was the General Manager at the resort. Sherpa was the General Manager of Hotel Del Annapurna earlier. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Gyanendra Dhungana</strong> has joined NCC Bank Ltd as General Manager after resigning from Nepal Rastra Bank where he was a Director.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Binod Narshingha Shrestha</strong> has joined Kumari Bank Ltd as Head-Business Development and Institutional banking. Earlier, he was Consultant-Marketing, Rural Finance Sector Development Cluster Programme at Agricultural Development Bank Limited, Ram Shah Path.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Tapta B Bista</strong> has joined Casino Anna as General Manager. Prior to this, he was the Club Manager at Casino Dunes in South Goa, India.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Sarik Bogati</strong> has joined Pooja International as Asst Marketing Manager. Prior to this, he was an Assistant Manager at NATTA (Nepal Association of Tour and Travel Agents).</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Shyam Khatri</strong> has joined Eat Tempus Eating Lounge and Restaurant as Manager. Earlier, he was the Operations Manager at Compass Group (PLC), Algeria. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Shambu Bahadur Thapa</strong> has joined Mega Bank Nepal Ltd. as Branch Manager and Head-ATM of Kantipath Branch. Earlier, he was Senior Officer of Operations and ATM Network Department at Nabil Bank's Kantipath branch.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Indira Paneru</strong> has joined Mega Bank Nepal Ltd&nbsp; as the Branch Manager of Kapan Branch. Earlier, she was the Supervisor and Asst Branch Manager at Tusal Branch of International Development. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Arpan Sanjel</strong> has joined Mega Bank Nepal Ltd&nbsp; as Branch Manager of Argakhanchi Branch. Earlier, he was at Kumari Bank Ltd.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Laxmi Thapaliya</strong> has joined Mega Bank Nepal Ltd as Branch Manager of Hariwan Branch. Earlier, she was at Chimmek Bikash Bank, Kathmandu.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Dharanidhar Sapkota</strong> has joined Mega Bank Nepal Ltd&nbsp; as Branch Manager of Chautara Branch. Earlier, he was at Kabeli Bikash Bank Ltd, Dhankuta.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Pasang Yangchen Lama</strong> has joined Mega Bank Nepal Ltd&nbsp; as Branch Manager of Syaffrubesi Branch. Earlier, she was at Sanima Bikash Bank Ltd, Kathmandu</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Narayan Agrawal</strong> joined Mega Bank Nepal Ltd as Branch Manager of Biratnagar Branch. Earlier, he was at Bank of Asia Ltd, Biratnagar.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 14px;"><strong><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="">Promotions <br />
	</span></i></span></strong></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 14px;"><strong><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="font-family: "><br />
	</span></i></span></strong></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Yugesh Bhakta Bade Shrestha</strong> has been promoted as the CEO of Alliance Insurance Co Ltd for four years term. He was the Acting CEO earlier.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Neeraj Shrestha</strong> has been promoted as Deputy Sales Manager of Pooja International. Earlier, he was the Assistant Sales Manager.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	 </p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="">Government Movement</span></i></span></span></strong></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="font-family: "><br />
	</span></i></span></span></strong></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Dr Jagadish C Pokhrel</strong>, the Vice Chairman of National Planning Commission (NPC) has resigned from his position. Similarly, Dr Puskar Bajracharya, Dr Chet Raj Pant, Dr R D Singh, Dr Ganesh Gurung and Dr Tirtha Khaniya have also resigned as NPC members.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Kundal Aryal</strong>, the Chairman of Nepal Television (NTV) has resigned from the corporation.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
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	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span franklin="" gothic=""><strong><a href="Pawan Kumar Golyan’s journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. That led him to Kathmandu and all his ventures since then have been successful. "><img align="left" alt="" border="1" height="416" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Pawan Kumar Golyan.jpg" style="width: 188px; height: 416px;margin:10px;padding:10px;" vspace="5" width="188" /></a>Pawan Kumar Golyan's</strong> journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. That led him to Kathmandu and all his ventures since then have been successful.&nbsp; </span></span></span></span></p>
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	 </p>
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	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><i>By Gaurav Aryal</i></span></span></span></p>
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	<span style="color:#000;"><span style="font-size: 12px;"><b><span color:="" myriad="" style="line-height: 120%;">Pawan Kumar Golyan</span></b></span></span></p>
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	<span style="color:#000;"><span style="font-size: 12px;"><span color:="" myriad="" style="line-height: 120%;">Chairman</span></span></span></p>
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	<span style="color:#000;"><span style="font-size: 12px;"><span color:="" myriad="" style="line-height: 115%;">Golyan Group of Industries</span></span></span></p>
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	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">L</span><span aldine401="" color:="">ike most heirs of business families, Pawan Kumar Golyan too sought his future in managing the family-run business, a textile industry. However, with time, Golyan went on diversifying.&nbsp; He is currently the Chairman of Golyan Group of Industries. While Reliance Spinning Mill (RSM) is the flagship company of the group, it also has institutions such as NMB Bank, Westar Properties, Atlanta Trading, City Properties, Dhanalaxmi Synthetics, Himali Pashmina Industry, Shivam Plastic Industries and Makalu Cashmere are among others. Golyan says, Our flagship company, RSM alone registers an annual turnover of three to four billion rupees.</span></span></span></p>
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	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Golyan was born in Rangeli, Biratnagar and spend his childhood there. After appearing for his School Leaving Certificate (SLC) examinations, he started work at the Shah Industry, one of the units within his family business. I started my career when I was only 16-years-old and became a full-fledged business person by 22, he proudly states. The industry closed down after the establishment of the spinning mill. He remembers his early days at the industry, There were around 600 workers at that time. It was not a smooth ride all along. However, the learning experience there was great and has always helped me. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Golyan continued to work through his college days. I used to attend classes in the morning and look after the business mainly during the day, he reminisces. He completed his B com from Mahendra Morang Campus, Biratnagar and has been involved in business full time ever since. He did not find time to pursue further studies. Not that he had the inclination either. Once I was full-fledged into business, I lost interest in studies, he says nonchalantly.</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Going to cinema was a favourite pastime those days. Golyan recalls that Biratnagar used to be a place where there were no restaurants and clubs. There were limited options for merry-making and hangouts. He chuckles, We used to go to Dharan just to watch movies.His journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. He suffered from dry eyes disease. To escape from the scorching heat of Biratnagar, Kathmandu proved to be a cool haven for him. Moving to Kathmandu largely helped business, he reveals. It reaped benefits for him to move to the capital city as a series of activities took place since. First, the establishment of RSM happened. In the subsequent years, Golyan started expanding into other industries and businesses. And, as luck would have it, the businesses turned out to be successful ventures in due time. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Establishment of RSM was probably the most proud moment of my life, he happily says. Setting up an industry worth one billion rupees 15 years ago was a massive proposition. Today, Golyan personally has one billion rupees worth of shares in the industry along with his equal partner Shashikant Agrawal. Presently, the industry exports its products to Turkey, Bangladesh and India. Among these countries, India is the largest market with 80 per cent of the total exports ending up there. He says that the thread produced at RSM is supplied to almost all Nepali textile industries. He is particularly pleased that the market prospects have improved appreciably in the last four months. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">RSM currently has 3000 employees. It has a management team of professionals which takes care of the day-to-day management while Golyan has continued to take interest in the company's future. He reveals, Among all my companies, RSM is very close to my heart as I was attached with the textile business for a very long time. His other unit Shivam Plastic Industry manufactures woven sacks while Dhanalaxmi Synthetics produces threads with melt spinning. Westar Properties, the housing company, has two projects under construction at the moment. The group also has its investment in the banking and insurance sectors. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">They say slow and steady wins the race. Golyan is a living example. I moved my family business ahead step-by-step. There was no rush and I never expected any overnight miracles, he shares. He says that he credits his success to continuing his father's honest virtues in business and the faith on Goddess Durga. When it comes to human resource management, he believes that trust is the most important aspect. Therefore, he believes in trusting his employees and giving them responsibilities based on their respective capacities. Over 5000 employees work for his various companies. He believes in healthy discussions to mitigate problems. Golyan does not like yes men He reasons, I may be the Chairman but that does not make me perfect. So, everything that I say need not come into effect.He believes that it's not the individual who is important. The company or the institution is more important as the destinies of thousands of stakeholders are attached with it. He believes in enhancing the skills of his employees to develop a sense of ownership in them. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">He hates the Nepali trend of following successful businesses blindly. In my belief, it is important to study a business meticulously before venturing into it, he suggests. Imitating successful businesses does not guarantee success, working with optimism and dedication does, he says. Golyan painfully recounts the time when he almost left his business on his eldest son's demise. I was shattered and lost all my hopes. I saw no reason to continue. But one of my colleagues reasoned that I don't have the right to leave the livelihood of thousands of workers in lurch,he says. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">According to Golyan, the four pillars that matter in his life are business, personal life, social life and personal time. I try to balance these as much as possible. I keep myself completely free from all business matters at least one day in a week. That day is for my family, he declares. He also manages 10 to 15 days twice a year for travelling with his family and friends. New Zealand is one of his much loved destinations. He tries to apply this on his employees too. So, he has the provision of forced holidays for them. A holiday rejuvenates people and also helps us realise their importance during their absence, he explains. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="" letter-spacing:="">I love to sleep as much as possible. Sometimes I don't wake up until midday, he jokes. He fondly remembers the days when he used to play badminton and cricket, That was a long time ago. These days, I practice yoga to stay fit. A movie buff, he also enjoys listening to music. Moderately brand conscious, Golyan prefers quality over brand names. At 52, he is already a veteran of 30 years in business. You ask his future plans and he philosophises, I have not looked at day-to-day business for the last 10 years. But I don't intend to retire completely. He wants to begin philanthropy in his son Jayanta's name. He plans to adopt a remote village with a population of 800 to 1200 residents and sponsor their health and education. Instead of giving them money, I will help them become self reliant by providing them with different skills and probably buy their produce,he says. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:="" letter-spacing:=""><br />
	</span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:="" style="line-height: 115%;">If the pilot project attains success, Golyan plans to expand this model to other villages. I am beginning the project from this year. And I would dedicate time for it just as I do for my industries, he expresses. He added that though it is a difficult and thankless job, he wants to do so for his inner satisfaction. Golyan has no regrets in life except his inability to save his son. He treats his nephews as his own children and wants to see them become successful in life.&nbsp;</span><span style="line-height: 115%; font-family: Wingdings; letter-spacing: 0.05pt;"> <br />
	</span></span></span></p>
<p class="MsoNormal">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span style="line-height: 115%; font-family: Wingdings; letter-spacing: 0.05pt;">&nbsp;</span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><span style="line-height: 115%; font-family: Wingdings; letter-spacing: 0.05pt;"><br />
	</span></span></span></p>
<p class="BULLETTEXT">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span class="MyriadPro"><span color:="" new="" times="">Personal side</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span color:="" new="" times=""><br />
	</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Loves to sleep as much as possible</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Listens to soft and soothing music</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Used to play badminton and cricket</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Does not read books at all</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Resigned from the post of CNI Vice President as he hates double standard behaviour </span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Not tech-savvy</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Moderately brand conscious</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Drives Honda Accord </span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Loves to wear Canali suits</span></span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><b style="">&nbsp;</b></span></span></p>',
			'published' => true,
			'created' => '2011-04-26',
			'modified' => '2012-09-17',
			'keywords' => '',
			'description' => 'Pawan Kumar Golyan's journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. That led him to Kathmandu and all his ventures since then have been successful.',
			'sortorder' => '179',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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			'breaking_news' => false,
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			'user_id' => '0'
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	),
	(int) 7 => array(
		'Article' => array(
			'id' => '249',
			'article_category_id' => '46',
			'title' => 'Mark E Hansen',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size: 14px;"><strong><br />
	</strong></span></p>
<p>
	<span style="font-size:14px;"><strong>What Gets Measured, Gets Done</strong></span></p>
<p class="ANSWER">
	 </p>
<p class="ANSWER">
	<br />
	<span class="MyriadPro"><span lang="EN-GB"><img align="" alt="" border="1" height="220" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/interview1.jpg" style="width: 224px; height: 220px;margin:10px;padding:10px;" vspace="5" width="224" /><br />
	</span></span></p>
<p class="ANSWER">
	<span class="MyriadPro"><span lang="EN-GB"><br />
	</span></span><span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Mark E Hansen</span></span></strong><span class="MyriadPro"><span lang="EN-GB">, the Head of Asia Governance and Strategic Initiatives at Standard Chartered Bank, serves on the Bank's Asia <br />
	</span></span></span></span><br />
	<span class="MyriadPro"><span lang="EN-GB">Geographic Management Committee. He has a Masters in Economics from UC Berkeley and a BA with honours from Cornell University. He was previously a partner at strategy consulting firm Booz Allen &amp; Hamilton. In an interview with Pinaki Roy of <i>New Business Age</i> during his recent visit to Kathmandu, Hansen spoke in detail about various aspects of corporate governance. He has over 25 years of experience in strategic transformation and performance improvement programmes and has been involved in the development of Standard Chartered's executive leadership training programme. Hansen also put forth Standard Chartered's take on mergers and acquisitions, in the light of Nepali banking sector's latest merger rhetoric. Excerpts:<br />
	<br />
	<br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">How do you look at the overall impact of corporate governance in private sector, specifically banking operations?</span></span></strong></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">I think it's becoming increasingly important from several perspectives. One is from the investor's perspective. Investors want to invest in institutions that they believe have strong corporate governance, to ensure the security of their investment. It's not just an emerging market issue; it's a developed country issue. The fate of big companies such as Enron, MCI, WorldCom and Lehman Brothers have all raised questions about the appropriateness of corporate governance. As the world continues to evolve, investors as well as customers want to do business with institutions they believe are doing the right thing. In the financial sector, we think it's a point of differentiation for Standard Chartered Bank where we have such strong corporate governance. And it's well appreciated by the regulators in the countries that we operate in. We pride ourselves on having high standards. We are well managed and governed. So, we believe we are at the front end of the trend that will put increasing emphasis on corporate governance. We pride ourselves in Nepal because we are a listed company here. And we make sure that we are on the cutting edge of best practices.&nbsp;</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">When did Standard Chartered Bank first envision the importance of corporate governance? How has it helped spearhead the system so far?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">It's been there for a long time. We have always had in our structure a form of country management with governance as well as the businesses. Sometimes it's more towards the business side and at other, towards the governance side. But it's a bit like a check and balance system that you would see in political systems where you have a legislative, an executive and a judicial branch. In ours, we have our businesses and then we have the governance. They serve as a healthy tension and a check and balance between the two. By design, we have always had our businesses focused on shorter term. It is about making the numbers for the year and the governance function having the more strategic perspective. It predates the governance crisis that happened in the west. It was impacted by certain events in the UK in the 1970s and 1980s and later in the US. But all that did was force us to be more rigorous and more introspective about how we can do this better.<br />
	<br />
	</span></span></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">How important is the role of institutional investors in increasing the professional diligence of your bank as a corporate entity?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">It's quite important. We have large sovereign funds, long term institutional funds, insurance companies as well as a reasonably diversified investor base. We think that diversity is a strength because it helps us work through many different constituents. The institutional investors tend to have a longer term perspective which is important. One of the concerns that I think exists in the academic press today is that they focus too much on the short term, on quarterly profits. We only report our financials semi annually. We would like to look and take a longer term perspective like the investors do. The other point I have always raised is that the investor base is expanding, actually. For example, we are listed in India now so it's not just the western investors in London. We now have Indian investors in Mumbai, Hong Kong investors in Hong Kong and Chinese investors in Shanghai.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	 </p>
<p>
	 </p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">A board of directors often plays a key role in corporate governance. How do they go about ensuring accountability of the organisation to its owners and authorities?</span></span></strong></span></span></p>
<p class="ANSWER">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">If you look at the directors roles, it's important that they understand sharing the responsibilities they take on. What has been happening in the past is that in some institutions they were very lightweight. The practice still exists in a few companies but it is starting to disappear from most of them. Today, the directors have to come prepared, contribute and interface with the regulators. Everyone Capital Markets, Regulators and the Institutions expect the directors to perform. As for our own subsidiaries, we have quite a rigorous process for selecting and then assessing directors on a regular basis. </span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Who are the parties to corporate governance that have an interest, direct or indirect, in the effective performance of an organisation?</span></span></strong></span></span></p>
<p class="ANSWER">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.15pt;">It's a wide group of stakeholders. First, the investors who want to know if the money is put in a well run and governed institution. Second, the banking and capital markets regulators because they want the assurance that the propriety in compliance with regulations is embedded in the organisation that starts with the governance function. And then the customers, increasingly, because they want to know they are doing business with the right organisation. The employees too have an interest. And I say this particularly in Asia because a number of banks and local companies are family-run entities. They have a particular management and governance style. In fact, the part of the problem is that the management and governance aren't separated. So, I think the establishment of appropriate governance and a separation of governance from the management are quite important for the evolution of companies in the Asian markets.</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Could you tell us about the key elements of good corporate governance principles? </span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">The first one is compliance which focuses on bringing the global best practises. It also recognises that one has to adhere to local regulations. Therefore, it is a binding constraint issue. We try and incorporate the best practices but we also have to accept the local constraints. The second is integrity and transparency. The best way to demonstrate corporate governance is actually the transparency by which you disclose all your financial information as well as other information about the organisation. The third is process which, though boring, is quite important. The discipline around the varying board agendas, getting papers circulated beforehand, having meetings at appropriate times, correctly managing etc are part of this. It's very administrative but critical for the impact on the working style of the board of directors. This way you make sure that the board is focusing on the right thing and getting its work done efficiently. The final one is the measurement of the board's effectiveness. You need a process to self-examine yourself. It's not necessary to bring in outside experts to determine that. The clich what gets measured, gets done is true.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">What are the consequences of not having good corporate governance?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">As I mentioned earlier in this interview, the many recent corporate scandals MCI WorldCom, Enron, Lehman Brothers to name just a few of the more well-known failures from poor corporate governance evidence some of the consequences. Investors lose money. Employees lose their jobs. Regulation may be increased to the point where it becomes very costly and burdensome. Stakeholders trust in business diminishes.&nbsp; The trust which underpins market economies becomes eroded. I think the latter is a lot of the reason why corporate governance is becoming more important to consumers, investors and the society at large. Increasingly, consumers prefer to buy products and services from, employees prefer to work at, and investors prefer to invest in companies who are well-governed and who exhibit good corporate governance.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">The Enron collapse is an example of misleading financial reporting. How crucial is quality financial reporting for the corporate governance system to function effectively? </span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">It's absolutely crucial. Because if you cannot trust the numbers, there is no way you can make an economic or financial assessment. I think the financial crisis did not come as a surprise for many because irregular accounting practices existed in the system. Markets function on information and to a certain extent, on trust. If the information cannot be trusted, they don't have market values.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">What are the barriers to good corporate governance and their corrective measures? </span></span></strong></span></span></p>
<p class="ANSWER">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">Let me focus on what helps make good corporate governance. First, there must be a clear separation of governance and management responsibilities. Second, the directors should be willing to dedicate time and effort to be effective board members. Third, the independent directors must protect minority shareholders rights.&nbsp; Fourth, a strong audit committee has to be supported by a reputable and capable external auditor and an independent and strong internal audit function. Fifth, there must be clear, accurate and timely management and financial information.&nbsp; Finally, a board effectiveness review process has to be in place to measure individual contributions and the collective effectiveness of the board. This must be supported by effective company law and regulations which clearly define the corporate governance framework in an unambiguous manner. The form <i>per se</i> is less important than the substance, since there are different models of how to structure governance in a company, for example, Anglo-American models Vs continental European models.</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Can you attribute Standard Chartered Bank's stupendous success to effective functioning of corporate governance?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.05pt;">Yes, we view corporate governance quite importantly. I am in charge of corporate governance for all of Asia. And we have a counterpart for the remainder of the bank in Africa, the Middle East and the western countries. We pride ourselves on following best practices not only with the UK board but also our subsidiary boards. Nepal is a good example because we are not just a subsidiary here. We are a listed company and we pride ourselves not only on the financial results we have. We do believe that the governance of the entity here is part of the reason why we are so successful. Again, it allows us to identify issues early on, with a good board and a good governance process in place. It makes you see the risks down the road and helps you position for them. One of the things that might be of interest to your readers is that we actually changed our process and set up two new sub-committees on our board in London. The first one is called brand and values which focuses on the soft side of the company. We think that it's absolutely important to have values in a new organisation. The next is that we have split risk and audit. The audit committee focuses more on audit results and is backward looking while the risk committee is forward looking and focuses on new things on the horizon.&nbsp;</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p class="questionsforinterview">
	 </p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Nepal's banking sector is talking mergers of late. What is Standard Chartered's take on this? </span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.05pt;">In general, we prefer to grow organically and not through acquisitions because it's easier and more within our control. The degree of certainty about outcome is higher. I have worked on a number of acquisitions for the bank in Indonesia, Korea and Taiwan. Acquisitions are hard. A lot of management consultants will tell you that most acquisitions fail. And it's not normally due to financial reasons. They fail because of the difficulties and efforts required to integrate two separate entities. A lot of it surrounds not necessarily the business side but the soft side the people, values etc. In effect, you are taking another institution and marrying it to your institution. The cultures, values and perspectives aren't similar. It's very challenging and runs the risk of a strife in the management in the long term. I will give you a good example. As you know, we bought Grindlays Bank some years ago. The Grindlays deal worked very well for us and it has always been one of our best acquisitions. Not only because it has provided us a wonderful footprint in South Asia but also because the culture of the two merging banks in question, was very similar. Grindlays was a bank with strong local roots and a global perspective. Some of the other acquisitions we have done recently were that of very local banks. We had to adapt the way we worked, to fit in with the Korean and Taiwanese context, for example. It can definitely work like most other things in life it's a trade off. On Nepal specifically, we do think that there is a need for some consolidation. You have too many banks given the size of the financial sector here.&nbsp; </span><span lang="EN-GB"><br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Does the Standard Chartered Bank have any specific plan in mind? Have you set your sights on any particular brand that you want to acquire?</span></span></strong></span></span></p>
<p class="MsoNormal">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">We will look at opportunities that come our way but our bias will always be towards organic growth. We are quite happy with organic growth and will not pursue acquisition as such. Even if there was anything on the cards, our corporate governance practice does not allow me to disclose any specific information. Nepal is a market that's of interest to us. We will look at the market growth and keep different options in mind. But the organic option will always be our preferred option.&nbsp; </span></span><br />
	</span></span></p>
<p>
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	<i><span color:="" lucida="" style="line-height: 120%;"><img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/img(2).jpg" style="width: 89px; height: 109px;" /></span></i></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle;">
	<i><span color:="" lucida="" style="line-height: 120%;"><span style="color: rgb(255, 0, 0);">By Madan Lamsal</span></span></i></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle;">
	<i><span color:="" lucida="" style="line-height: 120%;"><span style="color: rgb(255, 0, 0);"><br />
	</span></span></i></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 12px;"><span aldine401="" color:="">A</span><span aldine401="" color:="">nyone who tries to impose Nepal a controlled or a mixed economy is for sure to doom. It is because Nepal's economy is by nature and inherently free and freak, and will continue to be like that.&nbsp; <br />
	<br />
	</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 12px;"><span aldine401="" color:="">Before 1991 Nepal was somehow closed and controlled economy. After that so called democratic parties said they were trying to make Nepal a 'free economy'. But the right word was 'economy-free' which meant a 'country without economic activities'. This 'economy-free' became highly successful, of course, by the support of people's war that brought a complete halt to the economic activities. By this token, the Maoists are the biggest free-market forces of the country.&nbsp; Now some of the parties, including the very free-market forces in the government, are campaigning to make a 'mixed economy'.<br />
	<br />
	</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 12px;"><span aldine401="" color:="">This indeed is a great idea. Mixing is also our great national character. Mix your business with politics and end result is: businessmen become members of parliament and politicians soon become billionaires. Mix trade-unionism in politics, the unionists become political leaders and businesses vanish from the country. <br />
	</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 12px;"><span aldine401="" color:="">Every Nepali is enjoying the freedom to mix one economic activity with the other.&nbsp; For example, one can carry fake currencies around and carry extortion racket simultaneously. In fact these mixtures were possible only because we have immense economic freedom. This is how the free-economy actually fathers the mixed one. <br />
	</span></span></p>
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	 </p>
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	<span style="font-size: 12px;"><span aldine401="" color:=""><img alt="" border="2" hspace="2" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/No Laughing Matter.jpg" style="width: 263px; height: 190px;" vspace="2" /></span></span></p>
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	 </p>
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	<br />
	<span style="font-size: 12px;"><span aldine401="" color:="">If we analyze meticulously, in a broader sense, Nepal was a free economy even before 1990. Nepal started to allow freaks to visit Nepal in the 60s. Then she brought 'Jhiti Gunt' policy which allowed people to bring in everything from gold to clothes to Nepal without paying duty. There also was a duty-free shop opened at the Tribhuvan International Airport to facilitate people to enjoy this freedom.</span></span></p>
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	<span style="font-size: 12px;"><span aldine401="" color:=""><br />
	But two years ago this duty-free shop was closed down by the then Finance Minister Dr Baburam Bhattarai for quite good reason. He wanted to make TI airport 'free of duty' as well as'free of spirits' and '˜free of smoke' so that anybody coming from abroad can bring the liquors and cigarettes without paying duty at the airport. Therefore, now people buy such goods abroad and pay duty to the governments abroad. <br />
	</span></span></p>
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	<span style="font-size: 12px;"><span aldine401="" color:=""><br />
	Anyway, slowly Nepal is entering such an era of free economy where everything can come free here from gold to goldfish and from birds to briefcases full of things you name them. We must keep everything under the sun free in the country.&nbsp; Entry for the Nepalis into casinos must be kept free so that they can be free of their burden of physical wealth and sometimes gamble their own lives away.&nbsp; Similarly, poachers must be left free to kill rhinos and other endangered species for money . <br />
	</span></span></p>
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	<span style="font-size: 12px;"><span aldine401="" color:="" style="line-height: 115%;">These are only a few examples of economic freedoms that Nepali people are enjoying and also these are the testimonies that Nepal no way wants other than the free-market, be that controlled or mixed economic policies. They have faith only in freedom - free donation, free education, free money (payment without work), free prizes etc. We also have free students union and free labour unions. There are campaigns going on for women's freedom, freedom to the indigenous people and freedom of religion. The government does not try to control corruption. By controlling corruption you will be controlling a freedom. By the same logic, doesn't control inflation. Similarly, some people are enjoying full freedom to indulge in flesh trade. For all these reasons our economy is only best fitted to be called free economy. Nepal cannot have a controlled or mixed economy. Thus the advocates of these models of&nbsp; economies surely do not have a &nbsp;future. <br />
	</span></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:="" style="line-height: 115%;"><br />
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			'title' => 'Corporate Movements March 2011',
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	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left; height: 220%;">
		<div align="justify">
			<p>
				<span style="color: rgb(255, 0, 0);"><strong><span class="style1">Newcomers</span></strong></span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/sanjeev.jpg" style="width: 58px; height: 73px;" vspace="3" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Sanjeev Pathak</strong> has joined Norvic International as Chief Engineer. Earlier he was with Vibor Properties as Project Engineer.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/binaya.jpg" style="width: 62px; height: 77px;" vspace="3" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Binaya Kumar Poudel</strong> has joined Agraj Foods Pvt. Ltd. as Managing Director. Earlier he was Area Sales Manager at MariGold Group.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/manav.jpg" style="width: 65px; height: 83px;" vspace="3" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Dr. Manav Basnet</strong> has joined Chaitanya, Wellness Healing Spa as Spa Consultant cum Manager. Earlier he was at Aikya Academy of Holistic Health, New Mumbai India as a Wellness Physician cum Spa Consultant.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="82" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bijaya.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Bijay K Sharma</strong> has joined Perfect Prints (P) Ltd. as the General Manager. He was earlier Senior Manager in CG Biotech</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><span style="color: rgb(255, 0, 0);"><strong><span class="style1">Transfers at Nepal Telecom</span></strong></span></span></p>
			<p>
				<span style="font-size:12px;"><span style="color: rgb(255, 0, 0);"><strong><span class="style1"><br />
				</span></strong></span></span></p>
			<p>
				 </p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="73" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/vishnu.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Vishnu Prasad Kasaju</strong> has been transferred as Director of the Mobile Service Directorate of Nepal Doorsanchar Company Ltd. (Nepal Telecom), replacing <strong>Jeevan Ratna Shakya</strong> who has been transferred to PSTN Service Directorate. Kasaju was earlier Director in the PSTN Service Directorate of the company where he was transferred from Mobile Service Directorate only last year.</span></p>
		</div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right; height: 220%;">
		<div align="justify">
			<p>
				<span style="font-size:12px;"><span style="color: rgb(255, 0, 0);"><strong><span class="style1">Promotions at Nepal Bank Ltd</span></strong></span></span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="83" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/lakshmi raj.jpg" vspace="3" width="65" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Laxmi Raj Paudel</strong> has been promoted as Acting General Manager of Credit Department. Earlier he was Deputy General Manager of Credit Department in the Head Office.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="73" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/kiran.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Kiran Kumar Shrestha</strong> has been promoted as Acting General Manager. Earlier he was Deputy General Manager.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="76" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/durga.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Durga Raj Regmi</strong> has been promoted as Deputy General Manager of Branch Management Department. Earlier he was Chief Manager of HR Department.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="73" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/kanhaiyha.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Kanhaiyha Bahadur Pradhan</strong> has been promoted as Deputy General Manager. Earlier he was Chief Manager at the bank's Head Office.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><img alt="" border="2" height="74" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/ram%20bihari.jpg" vspace="3" width="60" /></span></p>
			<p>
				<span style="font-size:12px;"><strong>Ram Bihari Sah</strong> has been promoted as Acting Deputy General Manager of HR Department. Earlier he was Chief Manager of Inspection and Internal Audit Department at Head Office.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				<strong>Nirmal Kumar Baral</strong> has been promoted as Acting Deputy General Manager of Kathmandu Banking Office. Earlier he was Chief Manager of Central Finance Department.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				<strong>Krishna Shrestha</strong> has been promoted as Deputy General Manager of Credit Department. Earlier he was Chief Manager of Risk Management Division.</span></p>
		</div>
	</div>
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		<span style="font-size:12px;"><strong><br />
		</strong></span></div>
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	<span _fck_bookmark="1" style="display: none;">&nbsp;</span></p>',
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			'description' => 'Sanjeev Pathak has joined Norvic International as Chief Engineer. Earlier he was with Vibor Properties as Project Engineer.',
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			'article_category_id' => '48',
			'title' => 'One Million Tourists Guaranteed',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<em><img align="left" alt="nolaugningmatter" border="1" height="145" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/img(1).jpg" style="width: 120px; height: 145px;margin:10px;padding:10px;" vspace="5" width="120" /><span style="color: rgb(178, 34, 34);">By Madan Lamsal</span></em></p>
<p>
	Some people doubt on materialisation of the government plan of bringing&nbsp; one million tourists to Nepal in Tourism Year 2011. They regard the plan as a pipedream. But I say nobody be they the Americans, the Indians, the Marxists or the Maoists - can stop tourists in millions visiting Nepal.Â&nbsp; For example, the USA has, from time to time, been issuing travel advisories to its citizens not to visit Nepal by citing this or that risk.Â&nbsp; But the Americans have not stopped coming to Nepal. They used to come here as Peace Corps volunteers in the past, then they came as academics of the Summer Institute of Linguists and now as INGO and church workers. Till a few months ago, they were here as UNMIN officials.</p>
<p>
	Â&nbsp;It is interesting though that the USA has not yet removed the tag of terrorist from peace loving Nepali Maoists. However, it has not stopped some privileged Maoist leaders from visiting USA with hopefully genuine American visa. Therefore, the true intention of the US travel advisory is effectively not to advise the Americans not to visit Nepal. Rather, it is intended to remind the Americans that Nepal is one of the countries that the Americans are visiting and it would be worthwhile for other Americans to visit again and agian. This is somewhat similar to the case of 'No Smoking' sign reminding the smokers to light up.<br />
	 </p>
<p>
	In fact the reason why foreigners come to Nepal is to see the ever smiling faces of the Nepalis. A survey conducted by Nepal Tourism Board has already confirmed this fact. Anyone in the world would be interested to see such unique creatures called Nepalis who can continuously smile regardless of looting by their own politicians and continuous booting by the foreigners. They do not protest, and carry on with their daily routine as usual.<br />
	 </p>
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<p>
	<img align="textTop" alt="nolaughingmatter" border="1" height="405" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/nty(1).jpg" style="width: 433px; height: 405px; margin: 10px; padding: 10px;" vspace="5" width="433" /><br />
	<br />
	But that is not all. Nepal has other unique attractions too. If an ordinary citizen violates the law, he or she will be immediately punished. If a businessman fails to pay bank loan his property will be confiscated and passport suspended. But political parties and their cadres are above all these laws. They are free to roam even when they kill the person they don't like. The murderer politician can even become a Member of Parliament and a minister. The politicians who got elected to the Constituent Assembly promising to prepare the constitution within a specified time failed in the promise. Still they don't have to face any punishment. The Nepali people don't like to punish them and smilingly pay the taxes to pay salary and perks to such politicians.Â&nbsp; Where else will the foreigners get to see such people in the world?<br />
	 </p>
<p>
	To add tourist attraction, we have now introduced the Home Stay system, which our tourism industry stalwarts say is a really miraculous solution so as to accommodate any number of tourists coming to Nepal. Even if they are wrong, there is a strong numerical proof to be convinced that Nepal can easily get and accommodate not only 1 million but 10 million tourists.<br />
	 </p>
<p>
	If by any reason, the Americans, Europeans, Australians, Indians and Chinese don't come to Nepal, we still can play the trump card we have. That is we can recall all the Nepalis who have gone abroad for work. If only one fraction of those heed our call, their number will be enough to fulfil the magic number of 1 million!</p>
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			'title' => 'Suraj Vaidya',
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	<span style="font-size:14px;"><strong>We Need To Change Mindset To Think Big</strong></span></p>
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					Suraj Vaidya, the President of Vaidya's Organisation of Industries and Trading Houses (VOITH) is contesting the prestigious position of FNCCI President in an election being held during the FNCCI Annual General Meeting scheduled on 11-12 April 2011. In an interview with Pinaki Roy of <em>New Business Age</em>, Vaidya talked about the upcoming FNCCI elections and presented his views on reviving the ailing national economy. Excerpts:</p>
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				<strong>The FNCCI elections this year come with a twist. The culture of consensus for the Senior Vice President to take over the reins has gone for a toss. Why so?</strong></p>
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				Well, we are going through a democratic system and democracy demands that we have more openness. FNCCI has always been a very open institution. New challenges bring new opportunities and therefore, we see more than just one candidate coming in for this election.</p>
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				<strong>There has been a war of words of late between the CNI and FNCCI. How does it affect the private sector? Do you ever see the prospect of a single umbrella organisation?</strong><br />
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				I really don't think there is any war of words. The leaderships on both sides, at this stage, are looking at the smaller pie instead of a bigger one. We need to understand that the state of the economy is in an extremely fragile situation. With power cuts of over 12-18 hours a day, the interest rates coming up to about 17-18 per cent per annum, liquidity crunch in the market and the increasing demands of the labour, we need to regroup ourselves, re-focus and see the common agenda. We must then take it up in this new world of <em>coopitition</em>. We need to cooperate where we can and compete wherever we need to. If we agree on this basic fundamental, CNI can do what they need to and FNCCI can pursue its own agenda. We need to move forward together. Actually, we were one and so the concept of coming back together is always there. I see great possibility for us to come back. But FNCCI needs to first look at whether we can meet the expectations of our members who are so demanding today. People leave because they feel that they haven't been looked after. It is as simple as that. Therefore, if FNCCI improves its working relations, its services to the members and takes up the economic agenda as a leader of the nation, probably the members will come back and see the benefit of being part of the FNCCI. It's very possible that we can come back together if FNCCI takes the right leadership. That way we would be under a single umbrella one day again.</p>
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				<strong>FNCCI has started sounding like a political organisation lately, trying to broker peace between the government and the opposition parties. Is this the kind of role FNCCI should be pursuing?</strong><br />
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				I have laid out a few tasks for myself if I get to the post of the FNCCI President. We need to talk economic development of the nation because fundamentally our mandate is to lobby and advocate for friendlier business environment in the country. This is our main agenda and to deviate from any of these issues would not be fruitful for the institution. FNCCI needs to be less active in politics but we need to be interactive with the political parties on economic development issues. Therefore, we will work with the political leadership on economic issues, national development, national budget and planning etc. We need to work with all the political parties as partners. But if it comes to carrying any 'ism', that's something FNCCI needs to stay far away from.</p>
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				<strong>As a prominent business leader, how do you look at the overall state of the present economy? </strong><br />
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				The fundamental problem with the businesses and the industries is that the economic agenda so far has been overshadowed by political agenda. There has been less private sector initiative on taking leadership in this area. One of the things that I have set for myself if I come in as FNCCI President is that within six months, we will have an economic agenda which will talk about a very short term - three to five years-planning. It will give us a sense of direction as to where we think the government needs to lay more emphasis on, to create employment opportunities, to create a better investment environment and to be able to make it more profitable for businesses to operate. Once we have an economic agenda, we will go to the political parties and get their views on it. We will hopefully have a national economic agenda signed and accepted by all political parties to strengthen political understanding between them. So, I think the economic-political agenda led by the private sector is what is required today. And unless that happens, we are going to have a lot of problems. The mess that we have today is because the private sector has not been the engine of growth. It's been politics which is trying to be the engine of growth which is negative for the country. This is where we need to reform and move forward.</p>
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				<strong>There is relative peace in the country, so to speak, after the end of hostilities. Why then are we not seeing any major investments? Where does the problem lie?</strong><br />
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				The example of the problem is very clear. It took us over seven months to find a prime minister. But people have started doubting how long will he be there. Business is a long term game. It's not that you make money today and walk out tomorrow. The fundamental requirement for any investment is sustained peace that helps to understand where the country's really heading to. It worries us when the parliament gets bogged down debating whether to use such words as 'private-public partnership'. When the political parties start showing hatred towards the very word 'private', it makes investments very uncomfortable. It gives an impression that the private sector can never be made a partner in the development programme. This message is reaching not only the Nepali investors but also to the foreign investors whereas FDI is so critically important to this country. If you look at the hydropower projects planned to be developed, a lot of Indian companies are either holding on to the projects or taking longer time to start them because of the inability to view the political-economic side of things. These are very critical issues that Nepal will have to address squarely in the coming days.</p>
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				<strong>How about the possibility of a consensus among the candidates for FNCCI Presidentship? How exactly have you projected yourself for the position with your plan of action and manifesto, to lure the members?</strong><br />
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				My experience tells me that especially when the institution is going through a very difficult time, you tend to come together. But again there is a Nepali culture, a Nepali way of doing things. Democracy and freedom of association and thinking lead to an intellectual debate on how best we need to move forward. Six months ago, I sat with incumbent FNCCI President Kush Kumar Joshi and urged him to take the leadership in creating an environment where we have no elections right across. And I am not talking about the election for the post of President only but for the entire FNCCI. My concern is simple: if the country's new constitution is promulgated, FNCCI's laws and regulations will change drastically. We are not sure which districts, states and municipalities will fall under what areas once the country turns federal. Therefore, FNCCI's constitution itself will change and this will be a huge change through which we need to remain united. I have been trying to emphasise on this with the incumbent President for a long time now but haven't succeeded for whatever reasons. And now we are little over a month from the election date. Therefore, I find it difficult that there would be any understanding. So I am moving ahead on my own.</p>
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				I have six very simple agenda: First, to provide better service to FNCCI members whereby getting their confidence and be more focused on FNCCI's work and not go beyond its mandate. The focus would be on the economic agenda and if we are able to do that, we would have provided services to the members. The members would mean the people from the districts, the commodity associations and the associate members. The second, to take leadership on the economic plan of this country. I think we have got too much of planning done for this country without real serious inputs from the private sector. FNCCI needs to make an economic vision which will not be a long term one. We are going through a very transitional phase so we need very short and medium term plans. My strategy would be to create an economic vision which would give a rebound to this depressive situation that we have. And hopefully work with the political parties and have the agenda accepted by all political parties whereby it would reflect on government policies for creating a better environment for business. That will be six months from the time I come in. The third agenda is energy. We all talk about the potentials of energy that we have. I am not going to be a politician saying we will bring 5,000 or 10,000 MW of power. But what I would say is that we would lobby and push and do everything possible to make investment in hydropower. We are going to push hard to get approved the electricity bill that has been sitting in the parliament for the last two years. We need laws that are investment friendly. We will urge the government to look at the supply and demand situation. The government needs to look at hydropower development as an area of national priority and give incentives to attract larger investments. The electricity tariff has not been revised for the last 10 years and it needs to be looked at seriously. We need to advise and work with the government on whether it is workable to continue to have NEA responsible for producing, selling as well as managing power. The electricity losses of 18-20 percent are unacceptable to the nation.</p>
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				Number four would be fiscal discipline for which the private sector first needs to be open and transparent in the way we do business. And we will try and encourage that as much as possible. The last three budgets did not come on time and the government has not been able to rescue the country's economy. In fact, the delay in budget is one of the reasons why the interest rate has gone up so high. The funds have not gone to the districts for development expenditure and as a result, we are lagging behind. Fiscal discipline on our side definitely needs to be looked at but we would also lobby and bring to the attention of the Nepali people, the government's long vision or whatever it may be. Number five, I want to go to the trade unions as partners. We need to sit and plan on how we can create a better investment situation in this country. The labour relation is extremely important to build confidence for investors. We need to see if we can retain the Nepali people leaving the country. We want to improve working relations with the trade unions and the two agenda to look at are linking wages with productivity and linking social security with flexibility. If we can work out these two agenda, we can achieve a lot with the trade unions.</p>
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				The last point is that Nepal needs to brand itself as an attractive destination because the existing capital in this country would not be sufficient to rebound the economy. So, we need FDI in this country and need to look at India and China as our primary partners for kick starting our economy. I would be taking a lot of delegations to India and China to market Nepal as a friendly and attractive destination in the areas of hydropower investment and tourism. I think these are areas that would help Nepal come back quickly. Therefore, focusing on India and China as partners for Nepal's development is extremely critical. These are the six primary agenda that I have if I become the next FNCCI president.</p>
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				<strong>Why are you contesting the FNCCI President's post, in the first place? Why are you in the fray at all?</strong><br />
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				I have been with FNCCI for the last 25 years and have been the Vice President thrice. I am now the Senior Vice President and I really need to move up or leave the space for some other friends who want to come in. More importantly, the new leadership of FNCCI from coming April will be directly responsible for what's going to happen in about two months from there. That is the time when new Constitution is expected to be promulgated though we don't know whether the constitution will be really promulgated. Economy and development will be important agenda that time. Therefore, the FNCCI leadership needs to be mature and determined enough to take on those challenges. I am prepared for that. I see several reasons why the economy has not been at the forefront.&nbsp; In the New Nepal, the economy must be in the forefront. I am concerned about the inflation that's up from 8.5 per cent last year to 14.6 per cent now and the slowdown in the industrial output from 4 per cent to 1.8 per cent. These are all extremely worrying symptoms and I feel I can face these challenges and also come up with an amicable result which will enhance FNCCI's image.</p>
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				<strong>The image of the business community has been badly tainted by the fake VAT bills episode. How do you view this? What, according to you, can be the course of correction?</strong><br />
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				I think the private sector has owned it up saying that it is a part of corruption that is going on in the country. But the government and the system itself need to acknowledge that they too are involved in this and therefore, we need to work together to find a solution and get out of this. It's important for us to understand that institutions like FNCCI will stand by the law of the land. If there is any forgery which affects the nation at large, FNCCI needs to take up this issue. By the same token, the government needs to understand that they are also part of it. Such corruption and forgery wouldn't have occurred just by the efforts of only one side. So, the other side too needs to own up and say what they plan to do regarding this.</p>
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				<strong>We have witnessed a shift from manufacturing to service industry in recent times. What could be the possible reasons?</strong></p>
			<p>
				Nepal needs to revisit itself and re-understand where our sustainable areas of potential investments are. The industrial growth has declined from 4 per cent to 1.8 per cent mainly because we have power shortage and frequent strikes. There have been labour disputes and political interference in large investment businesses. Therefore there are large projects such as the hydropower projects that are intended but haven't really materialised. What is discouraging investment into these areas is lack of foresightedness. How long is Nepal going to wait for things to really happen and to have a stable government that will last beyond a few months? And until Nepal shows that leadership, I think investment in manufacturing is not going to increase. It is a wishful thinking at best and therefore, service industry is something that is but natural. Nepal needs to look at Singapore, Switzerland and Hong Kong which are very small nations lying between large industrial countries. We need to see if we can imitate their success by providing services to bigger countries whereby we can increase our niche in the market and improve the economic condition of this country. So, the service industry is going to be a very important part of Nepal in times to come.</p>
			<p>
				<strong>How does the FNCCI and the private sector plan to revive the ailing national economy?</strong></p>
			<p>
				We need to be positive and work with the media and the government in saying that Nepal is not a poor country. Nepal has tremendous future and potential so the fundamental thing is to change our mindset from thinking poor to thinking big. This will help us initiate a new beginning. Nepal needs to seriously look at how we can generate investment here to employ the 500-700 Nepali people leaving this country on a daily basis because the youth who would make the future of Nepal and the people who have knowledge are leaving us. The doctors, engineers, scientists and businessman-they are all leaving us. Therefore, we need to create a positive environment in this country to try and retain them. This is going to be critically important in the coming years. Nepal needs to look at its niche strength which is human capital. It needs to look at the growth of India and China. They are going to be the world's largest economies by 2020. Nepal needs to be able to make a strategy on how to benefit from the growth of these economies on the two sides of our country. If we focus on that, we would be able to quickly come out of our problems. We need to have a focused vision and short term plan for revival. We also need to try and create employment and good labour relations. At FNCCI, we need to work with the trade unions as partners - we should be people sitting on the same side of the table, not on the opposite sides. If we are all in this together, it will be critically important for us to move forward.</p>
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				<strong>Some of the projects initiated by the FNCCI lately have failed miserably. It is operating more like an NGO implementing independent projects. Shouldn't FNCCI be taking the lead to envision what is in the best interest of Nepali economy?</strong><br />
				<br />
				Human resource is extremely critical and I want to link this with the FNCCI running a lot of training schools across the country. I think the reason we have not been able to create a sense of success is because we ourselves haven't really focused on exactly what kind of human resource we need to develop. The fundamental issue is what are we training, who are we training and what is the purpose of that training. FNCCI needs to be active in many areas. The JITCO programme which is sending Nepali people to Japan has not been very successful. It's a Japanese company that comes here, interviews people and recruits them. FNCCI is purely mediating this. It probably needs to be in the forefront and take the leadership. I think unless we take leadership, we should not be involved in any such programme.</p>
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				<strong>Would you like to add anything as a message? </strong></p>
			<p>
				Yes, a message to the leaders. It's high time they understand that politics is not the primary concern of the Nepali people. We are worried as Nepali citizens because it's being projected that next year, there is going to be a food shortage of 400,000 tonnes in this country. With remittance declining, our economy is going to be badly hit. The kind of queues that we see outside the foreign ministry for passports speaks loudly about the confidence of the Nepali people on the country's leadership. Therefore, it's time for them to get off the political agenda and start working on economy because this is the only thing that is going to get the country back on a sustainable basis in a long term. We should get peace and understanding so we want them to treat economy as the primary agenda and the most important thing to get the country back from the state that we are in.</p>
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			'title' => 'A Man For The Long Run.',
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	<img alt="personality" border="1" height="135" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/personality(4).jpg" vspace="5" width="245" /><br />
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	Always an optimist, Anuj Agrawal believes that nothing is impossible on this earth if one sports a positive mindset. He believes that the business fraternity must take responsibility to change Nepal's fortunes for better.</p>
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					<strong><em>By Sujan Tiwari</em></strong></p>
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					Living in the US for five years, interacting with people from diverse professions and cultures and learning about leading business families around the world gave him a viewpoint on his future course of life.</p>
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				''We should develop business models that fit the country rather than expect the country to fit our model,'' says Anuj Agrawal, Director of Vishal Group. The group has dealerships of reputed international brands such as Volkswagen, Nokia, P&amp;G, LG, Sun Oil Ltd and many more. Agrawal attributes the group's growth to representing international brands in Nepal. He says that it will continue to focus in this area and try and add more world famous brands to its repertoire. The group is currently trying to make inroads into areas of the country's core competence like cement, hydropower and tourism.</p>
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				Agrawal's family has been living in Nepal for 82 years now. They came and settled first in Ilam in the 1930s. The family moved to Dharan in the 1940s. From there they moved to Biratnagar and eventually to Kathmandu. The group also entered into manufacturing batteries and steel in 1980s and toothpastes in 1990s. During the same decade it also invested in plantations of Teak and Sheesham, both near Biratnagar. Over time, it decided to tie-up with global brands as it realised it would give it the recognition and importance that manufacturing won't. So, the company made its foray into distribution and representation business. ''Vishal means large and that's what our group name aspires to do grow large,'' declares Agrawal with a hint of arrogance.</p>
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				The group has also evolved over decades from being prominent textile traders till the early 1970s to being importers of various things from countries other than India. It is among the first companies in Nepal to start importing from China. It also started making its presence felt in the banking and financial sector by joining a team of investors in promoting NIC Bank in 1997. It further established Life Insurance Corporation (Nepal) Ltd, a joint venture with LIC of India in 2000, and started Prudential General Insurance Company the same year.</p>
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				Agrawal did his schooling in India and pursued Undergraduate and Master's Degree in the US. On his return from the US in 1997, he joined the family business as a trainee to begin with. Later, his interest into brand representation business led him to start representing international brands. ''I have always aspired to be in businesses that are strategic and beneficial in the long run, rather than opportunistic businesses,'' reasons Agrawal. He avoids businesses that promise money in the short term but may not be sustainable in the long term.</p>
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				Agrawal says that his family has been a big inspiration for him. ''My family came from absolute poverty, but worked really hard and finally came into this position,'' he reveals. He feels it was far easier for him to start his career as there was already a platform for him to build on. He also feels privileged to have substantial wealth and has taken the responsibility of continuing the business legacy.</p>
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		<div align="justify">
			<p>
				Agrawal says that his stay in the US influenced him a great deal. Before leaving for the US, his exposure and thinking were limited, he thinks. Living in the US for five years, interacting with people from diverse professions and cultures and learning about leading business families around the world gave him a viewpoint on his future course of life. ''My stay there broadened my mind frame in terms of national and social issues and personal development,'' he reminisces. Another major influence has been his involvement with the Confederation of Nepalese Industries (CNI). He is currently Vice President of the CNI and is thus able to interact with business leaders around the country and see things from a macro perspective. He is also a founder member of Entrepreneurs Organisation Nepal. Being involved with these institutions has helped him learn from others' success stories and experiences as well as to share his experience with others.</p>
			<p>
				Agrawal's management philosophy is very inclusive as he always looks to work with his employees as a team member and is not overtly autocratic. He is always ready to lose in the short term to win in the long term. ''Rather than blaming the policies, I want to develop strategies that go along with the policies,'' he states. He wonders why people always focus on problems rather than focusing on their solutions. ''I try to understand the problem but with a focus on the solution,'' he remarks. He agrees that the country's environment is not particularly great, but feels that everybody needs to own up the responsibility.</p>
			<p>
				Agrawal is married with Kavita, for 13 years now. He had never seen her before marriage even though their respective families knew each other well. Though, not part of the business management, his wife is a tremendous support for him. A proud father of a son and a daughter, he likes to spend quality time with his family. He says his family is his biggest source of strength and he always looks forward to reach home as soon as his work finishes.</p>
			He believes that the business fraternity must take responsibility to change Nepal's fortunes for better. ''The major business houses have the financial exposure and the luxury of looking at things from a different point of view. Therefore, they should put in more effort,'' he asserts. Always an optimist, he believes that nothing is impossible on this earth if one sports a positive mindset. Agrawal is a firm believer of the notion that there are better days ahead and Nepal can certainly look forward to prosperous times.</div>
	</div>
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	 </div>',
			'published' => true,
			'created' => '2011-03-14',
			'modified' => '2012-09-17',
			'keywords' => '',
			'description' => 'lways an optimist, Anuj Agrawal believes that nothing is impossible on this earth if one sports a positive mindset. He believes that the business fraternity must take responsibility to change Nepal's',
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			'id' => '242',
			'article_category_id' => '52',
			'title' => 'The Indian Currency Conundrum',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	There are understandable and obvious reasons of seemingly insatiable demand of Indian Currency (IC) in the Nepali economy. India is not only Nepal's largest trade partner, but the Nepal-India export-import ratio is about 1:7, that too only computing on the trade figures of formal channels.<br />
	<br />
	In the first half of the current fiscal year alone, Nepal Rastra Bank purchased nearly about 50 billion Indian Rupees paying other 'highly' convertible foreign currencies; mainly the US dollar. Due to this reason, among others, Nepal's Balance of Payment position has remained shaky for a couple of years now. Purchasing the IC against the forex reserve to finance the deficit trade appears to be nothing less dangerous than riding on a tiger. Worse, there is no sign of narrowing down the gap in this bilateral trade, at least not in the foreseeable future.<br />
	<br />
	To phrase it differently, for long years to come, Nepal has no option but to manage adequate amount of IC to keep alive its economy. It also means that we must explore the ways of managing the sources to reduce the strain on the forex reserve.<br />
	<br />
	This is particularly where our national fiscal managers and monetary authority have failed to devise pragmatic policies vis-a-vis IC management. Had Nepal been able to better manage it, the IC shortfall in the economy though would not have completely neutralised but the gap would have been far narrower than now. There are at least three strikingly glaring issues in this regard, taking-up which could solve larger part of the problem.<br />
	<br />
	First, amending the present system, the central bank of Nepal must allow smaller amount of IC to enter into the banking system. Only excuse that the central bank has to debar IC to NC exchange has increased incidences of fake IC notes, and bank teller's inability to screen them off. But, each bank would not perhaps mind to bear a little additional cost on screening if they could collect substantial amount of IC. This could reduce the IC holding by the individual and the IC entered into the country would spontaneously come into the system.<br />
	 </p>
<p>
	<img alt="fromtheeditor" border="1" height="170" hspace="10" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/editor.jpg" style="width: 225px; height: 170px; margin: 10px; padding: 10px;" vspace="10" width="225" /></p>
<p>
	 </p>
<p>
	Second, the central bank must have enough guts and urgency to talk to lift the embargo on transactions in Rs 500 and Rs 1,000 denominations IC notes. It is an open secret that these notes are freely traded by individuals and businesses all over Nepal. But it cannot come and be counted in the system due to the legal sanctions. If this issue could be resolved sooner, the IC supply in Nepal would ease substantially.</p>
<p>
	Third, and the most crucial is that the IC issue is no longer monetary or trade issue alone. It has rather become a bilateral political and diplomatic issue. The Rs 500 and Rs 1,000 denomination issue is linked to smuggling, terrorism and underworld operations, perhaps much hyped than what the reality is. Therefore, the political leadership must take initiative to assure New Delhi about the fair handling of these notes. The political leadership has to play its long due role of opening a formal channel for remittances from India to Nepal. All these efforts combined would at least solve fifty per cent of the problem.<br />
	<br />
	 </p>',
			'published' => true,
			'created' => '2011-03-14',
			'modified' => '2012-08-23',
			'keywords' => '',
			'description' => 'There are understandable and obvious reasons of seemingly insatiable demand of Indian Currency (IC) in the Nepali economy.',
			'sortorder' => '171',
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			'title' => 'Horizantal, Vertical And Product Expansion',
			'sub_title' => '',
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			'content' => '<p style="text-align: justify;">
	Small sized loan sans collateral, group savings, small-scale entrepreneurs,&nbsp; diversified utilisation and simple and flexible terms on credit are among the features of micro-finance companies. </p>',
			'published' => true,
			'created' => '2011-03-14',
			'modified' => '2011-04-16',
			'keywords' => '',
			'description' => 'Small sized loan sans collateral, group savings, small-scale entrepreneurs,  diversified utilisation and simple and flexible terms on credit are among the features of micro-finance companies.',
			'sortorder' => '170',
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		'Article' => array(
			'id' => '258',
			'article_category_id' => '31',
			'title' => '‘We Can Significantly Increase The Sales Of Panasonic Products In Nepal’',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<img align="left" alt="" border="2" hspace="2" src="http://newbusinessage.com/ckfinder/userfiles/Images/Hidenori.jpg" style="width: 199px; height: 271px;" vspace="2" />Hidenori Aso, the Managing Director of Panasonic India Pvt Ltd was in Kathmandu recently for Panasonic Small Appliances Dealers’ Meet. In an interview with <i>New Business Age</i>, Aso shared ideas about different home appliances from Panasonic and his plans for popularising the brand in the Nepali market. Excerpts:</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What brings you to Nepal?</strong></div>
<div style="text-align: justify;">
	We are launching a range of new products that include Micro Wave Oven, Hair Dryer and Straightner, Men’s Shaver, Travel Shavers and Trimmers, Vacuum Cleaners, Blenders/Juicers and Food Processors. We also have a new rice cooker which we have customised as per the Nepali consumers’ requirement. Ours is not just a rice cooker, it can also make various other dishes. Here in Nepal, Momo is very popular. So, we have modified the product and added a Momo-maker to it. We are confident about the quality of our product. And we are providing five years warranty to the heater of the cooker. Our local business partner here, Triveni Byapar Company Pvt Ltd, is aggressive about increasing the business here. We especially want to increase our small appliances business here.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How is your small appliances business doing in the Indian as well as other markets?</strong></div>
<div style="text-align: justify;">
	Our business is doing quite well in India. In terms of growth, the market is almost doubling every year which is very encouraging. Next financial year onwards, our cooker factory will start producing one million cookers on an annual basis. Besides India, we are also trying to penetrate into other neighbouring countries like Sri Lanka and of course, here in Nepal.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>You have high end products like HD TVs as well. What is the market response for such products?</strong></div>
<div style="text-align: justify;">
	We have already launched the 3D Viera in India as well as here in Nepal. The response is quite good. The market for air conditioners is also expanding in India.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What is your expectation from the dealers meet that you have organised?</strong></div>
<div style="text-align: justify;">
	At the dealers meet, we want to showcase our new products such as the Momo-maker. We want to emphasise on the point that Panasonic’s quality is the best. Therefore, we are giving five years warranty for the heater, the main component of the cooker. We also want to increase our network. This is why we have invited 150 dealers from all over Nepal for the meet.<br />
	 </div>
<div style="text-align: justify;">
	<strong>What is the market share of Panasonic products in Nepal?</strong></div>
<div style="text-align: justify;">
	We are currently at par with our competitors here when it comes to the market share. But we are going very aggressively about our business. I am confident that we can significantly increase the sales of Panasonic products in Nepal with our business partner.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How do you distinguish yourself from the competition in the market as there are numerous brands selling similar products?</strong></div>
<div style="text-align: justify;">
	Our advantage is that we have a wide range of products with us. We have some products that our competitors do not have. For example, small appliances, kitchen appliances, beauty and health care products etc. We also have TV and Air Conditioners. When it comes to having a wide variety of products, Panasonic is definitely the market leader.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What are the challenges you face in the local market here?</strong></div>
<div style="text-align: justify;">
	Talking about the challenges, we don’t have good human resource here. We are trying to build a competent work force now. We are trying to make it more professional because Nepal, in general, follows very traditional methods. But since ours is a very professional product category, we need to change things around. We hope that doing so will appreciably boost our sales figures here.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What are you plans for expanding the market here?</strong></div>
<div style="text-align: justify;">
	At the dealers’ meet, we have the provision of ‘on-the-spot booking’.&nbsp;We are giving very good incentives to our dealers which will help them gain momentum in the market. It will ultimately popularise our products and give us a strong foothold in the Nepali market.</div>
<p style="text-align: justify;">
	We are trying to introduce a great number of products from many countries. We want people to have the entire range and provide quality service to them. I think that within the next two to three years, we would be in a position to dominate the Nepali market. </p>',
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			'description' => 'Hidenori Aso, the Managing Director of Panasonic India Pvt Ltd was in Kathmandu recently for Panasonic Small Appliances Dealers’ Meet. In an interview with........',
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		'Article' => array(
			'id' => '257',
			'article_category_id' => '31',
			'title' => '‘Simmtronics Has A Huge Market Potential In Nepal’',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<img align="left" alt="" border="2" hspace="2" src="http://newbusinessage.com/ckfinder/userfiles/Images/arif.jpg" style="width: 193px; height: 233px;" vspace="2" />Arif Khan, the Director of Simmtronics Semiconductors Ltd FZE was in Kathmandu to attend the official launch of Simmtronics products in Nepal. In an interview with <i>New Business Age</i>, Khan discussed his company’s prospects in the Nepali market. Excerpts:</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>Could you tell us what Simmtronics is all about?</strong></div>
<div style="text-align: justify;">
	It is a memory manufacturing company that was established in 1992. We have our manufacturing facility based in Singapore and our exports are done out of Singapore. As for Nepal, for logistics purpose, the goods come here via Dubai. We have an impressive range of products and all of them carry three years international warranty. During these 19 years that we have been in operation, we are already established in many countries such as Indonesia, Vietnam, Iran, Iraq, Russia, India and the entire Middle East.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How and when did you start distributing your products in Nepal?</strong></div>
<div style="text-align: justify;">
	We have been supplying to Nepal for the past one year through Explore Asia, our local distributor here. However, I thought of an official launch this time for a number of reasons. Multinational Companies like HCL, Samsung, HP,Dell etc have been showing an interest in the Nepali market for some time now. It generated curiosity in me so I wanted to find out more. Though the IT companies perceived Sri Lanka and Bangladesh as emerging markets, I discovered that they have reached their saturation point. Comparatively, Nepal is a virgin market and there is plenty of scope here. Therefore, we decided to enter the market now and introduce our brand so that we can capitalise on it in due time.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What kind of prospect does the Nepali market hold for you?</strong></div>
<div style="text-align: justify;">
	Nepal is a dynamic market, undoubtedly. I have gone through the sales data and figured that this is an upcoming market. If we place our products at the right price, provide good quality and after sales service, there is no reason why we can’t establish Simmtronics as a leading brand here. We will make best efforts from the company’s side. At the same time, we trust our distributor and the dealers here in Nepal to reciprocate our efforts.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How do you distinguish yourself from the competition?</strong></div>
<div style="text-align: justify;">
	We are vendors as well as we manufacture our own products. 40 per cent of the components required to make a computer are manufactured at facilities owned by us. But a majority of our competitors don’t have their own manufacturing facility, that’s where we score over them. Additionally, we have strong partners like Intel, VIA and IBM who have been with us for about 10 years now. The advantage we have as manufacturers are that we can sell products at very competitive prices.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What do you think of your future prospects in Nepal?</strong></div>
<div style="text-align: justify;">
	I am confident that in about six months’ time, we will command 80 per cent of the market share in Nepal. The figures that I have with me tell that the market here sells about 12-15,000 motherboards, close to 12-15,000 memories, around 6-7,000 personal computers and 2000 laptops every month. This suggests that the market potential is huge. To make the most of this situation, I have a plan that I will execute in partnership with my distributor here. I can promise you that Simmtronics is going to be aggressive. We will participate in IT related events and road shows as well as have our advertising system in place. To create a long standing goodwill, I will ensure that quality is maintained for our products in the Nepali market.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What’s the kind of investment you are putting in the market here?</strong></div>
<div style="text-align: justify;">
	At present, we have planned to invest US$ 50,000 as the initial capital for promoting our products here. We have earmarked this amount only for the purpose of Simmtronics’ advertising and promotions. Apart from that, the investment by way of giving our products to the dealers and getting the money back from the market will be about US$ 1 million, to start with. </div>',
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		'Article' => array(
			'id' => '256',
			'article_category_id' => '31',
			'title' => '‘The People In Nepal Learn New Technology Very Fast’',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<img align="left" alt="" border="2" hspace="2" src="http://newbusinessage.com/ckfinder/userfiles/Images/aashis.jpg" style="width: 196px; height: 284px;" vspace="2" />Ashish Navinchandra Bavishi, the General Manager for International Business of Netcore Solutions Pvt Ltd was in Nepal recently for service expansion in partnership with Digitainment Pvt Ltd. Netcore is an Indian company that provides digital communication solutions for products specialising in email and mobile phones. The biggest names in banking and financial institutions along with various other companies endorse Netcore solutions. Bavishi looks after international business in Africa, South East Asia and South Asia Region. In an interview with <i>New Business Age</i>, he shared ideas about his company’s potential in the Nepali market. Excerpts:<br />
	 </div>
<div style="text-align: justify;">
	<strong>Could you tell us in brief about your company?</strong></div>
<div style="text-align: justify;">
	Netcore was started in 1998 with Linux based email servers. Over time, we started cloud services which hosts anti spam antivirus solutions. We entered into SMS solutions in 2003-04 and later on, we came up with enterprise solution and started different ways of using SMS. Netcore is probably the first Indian company to use SMS as an advertising platform. We helped corporate houses reach their clients through mobile phones because it is more personalised and penetrative than any other medium. Now we have medical services on SMS as well as M-coupons and M-connector which are business intelligence suites. We also provide email and SMS marketing services, voice based services. Around 20 million visitors log on to our web portal www.oneindia.in every month. Currently, we are trying to offer services like email, SMS, infotainment content etc in Nepal through telecom operators. The three different areas where we are working are enterprise solutions, data solutions and digital marketing.<br />
	 </div>
<div style="text-align: justify;">
	<strong>How well are you doing in India and other countries?</strong></div>
<div style="text-align: justify;">
	In India, we are the leaders in Linux based solutions. All our services are doing excellently in India. We are a team of 300 people; half of them are in technology. We are the market leaders in India for email servers, hosting anti spam integrated solution and digital marketing. After the telecom operators, we are the largest SMS sender in India with 10 to 15 million outgoing SMS daily. Netcore has pioneered most of the things that we currently do. We are also expanding our mobility and messaging solutions in other countries. We already have a presence in more than 17 countries. The entire IT fraternity is embracing cloud based solution rather than in-house solution. This is where Netcore’s expertise along with Linux based solution is so vital. We have a very capable leadership which encourages us to reach new heights. Being a customer oriented company, we believe in providing the best services for our clientele so that helps us maintain our top position.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What brings you to Nepal this time?</strong></div>
<div style="text-align: justify;">
	We are working in association with Digitainment here in Nepal for enterprise solution and solution for the telecom operators. We understand that the majority of people cannot afford smart phones. However, they are looking for VAS (Value Added Services) and infotainment solutions etc on their mobile phones which are not being catered well. We are trying to reach and cater to the lowest category of the society with our solutions. My brief experience tells me that this is a great market. People have started understanding the power of technology due to the advent and popularity of Internet, mobile phone and television etc. The people here learn to use new technology very fast. Contrary to my earlier belief, Nepal is not a tourist destination only. I find this market very promising as there are a good number of corporate houses here. And we are looking at them as our prospective clientele. We plan to replicate our image as a customer oriented company in Nepal. Hopefully, that will help us become the market leader here.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>Tell us about the products and services you plan to establish here?</strong></div>
<div style="text-align: justify;">
	We want to bring all types of solutions: digital marketing, enterprise solution and data products. The primary intention is to engage customers with the brand and cater to the corporate clientele with ‘no price tag for the solution’. People are paying a lot of money for legacy solution as they don’t have any alternative. Once they have an alternative which is better than what they are paying for, they would certainly opt for that. We will make efforts to educate the market and introduce all the products that we have in India.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>A large population in Nepal does not have access to Internet. Is that a challenge for you?</strong></div>
<div style="text-align: justify;">
	The solutions that we provide are not Internet based only. We will be coming with a bouquet of solutions via telecom operators to reach around 5 million people. We understand that SMS is the best option for penetration as it reaches everyone and it is easier, personal and cheaper. We focus primarily on SMS but at the same time, we also look at email and enterprise solutions.<br />
	 </div>
<div style="text-align: justify;">
	<strong>How would the customers benefit from your services?</strong></div>
<div style="text-align: justify;">
	Let me give you an example of email servers here. Linux based operating solution costs one third of the total price of legacy solution so that will create value addition for our customers. They stand to get better quality at a lower price. When we started out in India five years ago, the outgoing SMS charge was around 50 paisa. Today, it has come down to as less as five paisa per SMS. I think that can be replicated here in Nepal in the next two to three years. We will create benefit for our users by reaching more subscribers. We will give them more information for their mobile because mobile is the next big thing. All around the world, everything is making a shift from other technologies to mobile. SMS is the easiest medium for 70 per cent of the mobile subscribers. So, we are targeting mobile users and trying to cater to them. We are trying to cater to the entire market using SMS services as they promise to be the star performers among all value added services. All I can promise you is that this market will certainly get benefits from us. Within a year’s time, you will see the changes and results coming out.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>Technology is changing faster than ever. How challenging is it to operate in such an environment?</strong></div>
<div style="text-align: justify;">
	We have a sizeable technology team in India which is highly efficient. We share our knowledge on technology with our partners in different countries regularly. We want to extend our services keeping in mind the technology available to us here. We have been tackling with technology since our inception. We lead the market because we have pioneered on all fronts. I think we can cope with the change in technology given our competent team stationed in India. If required, we can always hire more knowledgeable employees to deal with new situations. Netcore is particularly interested in creating infrastructure for effective functioning. It has three data centres, one in India and two in the US which work in tandem with each other.&nbsp;If a particular centre is not working properly, another one takes over automatically. Our main focus being a technology company is to create technology and impart ensuing services to the customers.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What is your plan on working with the local companies in order to get established here?</strong></div>
<div style="text-align: justify;">
	We are very proud that we have tied up with Digitainment as our partner here. It will be responsible for liaison with the local companies. It’s an established fact that people trust their own people more. I am confident that Digitainment will help Netcore cater to the market here in an efficient manner. It’s our policy to work with local partners in any country that we start our operations in. We have already talked to many companies so in a way, we have started work here. It’s only a matter of time before our operations run in a full-fledged manner here.</div>',
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	<span aldine401="" color:="" style="font-size: 13.5pt; font-family: ">T</span><span aldine401="" color:="" letter-spacing:="" style="font-size: 9.5pt; font-family: ">he Nepal Stock Exchange (NEPSE) index plunged to five-year low in the last week of March. There are no convincing sign of its recovery on the sight. The gloom is pervasive despite the fact that several concerned agencies are seemingly keen to revive the secondary market. The NEPSE created a separate Central Depository Company (CDC) for an automated settlement of the transactions. No sooner NEPSE sought an operating approval for CDC from its regulator Security Board of Nepal (SEBON), the latter not only acknowledged its application but also brought out a press release highlighting the importance of CDC, understandably, to boost the investors psychology. <br />
	<br />
	<br />
	Nepal Rastra Bank (NRB) also issued new, fairly flexible directives to the banks regarding their investment in the mutual funds. The central banks marginally softened approach on margin lending should also have contributed positively to NEPSE growth. But none of these steps has actually worked. Why? Within the answer of this big why perhaps lies the solution to the alarming plummet of NEPSE too. <br />
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	<span style="font-size: 9.5pt;"><img alt="from the edior" border="1" height="218" hspace="10" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/editor(1).jpg" style="width: 286px; height: 218px; margin: 10px; padding: 10px;" vspace="10" width="286" /><br />
	<br />
	First, there appears to be a clear lack of co-ordination among three key agencies, the NEPSE, SEBON and the NRB. The lack of </span><span aldine401="" color:="" letter-spacing:="" style="font-size: 9.5pt; font-family: ">such co-ordination between the NEPSE and SEBON surfaced recently in the issue of providing training to the newly selected brokers. When new brokers join in the trade, an increase in the new investment could be expected. This unnecessary loggerhead between these two institutions not only distracted investors but also discouraged those aspiring to be new brokers. For this reason, only a few out of the 34 finally selected brokers have obtained the LoI, so far. <br />
	<br />
	<br />
	Similarly, while issuing the mutual fund directives, the NRB and SEBON apparently didn't have adequate joint exercise. Had they collaborated, the directives could have been more comprehensive covering not only the banks and financial institutions but also all potential investors in the economy. Above all, misunderstandings, primarily owing to their political loyalty among the top officials of these crucial agencies and also with the Finance Ministry are also reported. These are the kind of aversions which could have been easily avoided and must be done rather sooner than later. <br />
	<br />
	<br />
	To begin with, such co-ordination could initiate by resolving the training row of the new brokers. Despite highly bearish market, persistent political uncertainty and industrial unrest, these new brokerage companies have come forward to trade. They must not be discouraged by the feud between two public agencies. <br />
	<br />
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	<span aldine401="" color:="" style="font-size: 9.5pt; line-height: 115%; font-family: ">Even more important is: the regulating and operating agencies must stop adopting fragmented approaches both in issuing directives and implementing them. And, all concerned must understand that no bureaucratic action alone would be enough to resurrect the investment psyche without building an overall confidence. This confidence will only stem out of convincingly business friendly political climate. </span></p>',
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	<span style="font-size: 12px;"><strong><span style="color: rgb(255, 140, 0);"><i><span lucida="" style="line-height: 120%;"><img align="left" alt="stocktaking" border="1" height="176" hspace="2" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Bikram Chitrakar.jpg" style="width: 143px; height: 176px;margin:10px;padding:10px;" vspace="2" width="143" />By Bikram Chitrakar</span></i></span></strong></span></p>
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	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">M</span></span><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">arch 15, 2011 proved a fateful day for the Nepal Stock Exchange (NEPSE) Index as it touched 376.75 which is the lowest point for over four years and eight months. NEPSE was 376.77 on July 2, 2006. Though the index recovered a bit and reached 377.6 on March 20, it is still not clear whether the revival is going to hold steady. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">The reason for the latest decline in the NEPSE is the amendment proposed by some Maoist-affiliated Members of Parliament in the Bill presented to the parliament by the government to amend the Bank and Financial Institutions Act (BAFIA). The issue came out to the light after the bankers held a press conference and made the details public. The most important point objected by the bankers is the proposal by the MPs to replace the words ‘liberal economy’ by ‘self-reliant mixed economy. That is interpreted as an attempt towards curtailing economic freedom in the country. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="">As a result, the benchmark NEPSE index receded 27.60 points or 7.31% during the review period to settle at 377.6. The highest point during the review period was on 20 February when it was 405.2. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Among the other proposals of the MPs objected by the bankers is one from industrialist MP Padma Jyoti. It wants to restrict the banks from asking any collateral security except the project properties for which the loan is being extended. But more important point that sent jitters across the market triggering a frenzy of sales is the proposal to restrict businesspersons from holding more than 5 percent of the shares in a bank or financial institution. As most of the listed companies are banks and financial institutions and such companies at present are majority-held by businesspersons, the proposed amendment is likely to force them to sell their holdings, thus increasing supply of shares in the market. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Nepal Rastra Bank (NRB) and Securities Board of Nepal (SEBON) came forward to calm the market. The central bank decided to allow banks to operate mutual fund. It also relaxed a bit its restrictions on banks extending loan against the security of shares. The banks can now renew such loan for this year if the borrowers pay the interest. Moreover, the banks are directed not to make the margin call if the market price of the share held as security falls less than 10 percent. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Meanwhile, the Central Depository System (CDS) is set to start from next month, according to the Central Depository System and Clearing Company formed by Nepal Stock Exchange to set up and operate such system. The company has informed that the required software for CDS has already been prepared and necessary hardware system is being installed. It can be hoped that the Nepali capital market will have CDS system in place by April.&nbsp;</span><span style="letter-spacing: 0.15pt;"> <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><span style="letter-spacing: 0.15pt;">Performance by Sector<br />
	<br />
	</span></span></span></strong></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Commercial banking sector that dominates the largest volume of trade in Nepal Stock Exchange lost 33.32 points or 9.95% to settle at 334.89 during the review period. Hydropower sector shed 66.51 points or 10.14% to rest on 655.88. Development bank descended 21.20 points while other sectors skid 18.79 points to arrive at 334.43 and 524.03 respectively. Insurance sector declined 14.97 points or 3.20% to settle at 467.43. Similarly, hotel sector reduced 2.46 points followed by 1.46 points in the trading sector. However manufacturing sector gained 3.61 providing as the sole survivor in the market mayhem in the review period. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Sensitive index that measures the performance of 117 blue chips at the secondary market descended 7.98 points or 8.61% to arrive at 92.7 while the float index calculated on the basis of real transaction plummeted 2.64 points to 31.81. Total of Rs. 385442296 was realized during the review period from 1741938 units of share traded via 31558 transactions. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	The accompanying figure illustrates the sector-wise distribution based on the total volume of trade. As usual, the banking sector dominated the volume of trade covering 40.75%. Finance sector and development bank shared 22.33% and 22.13% respectively. Hydropower accounted for 7.28% while remaining sectors held the rest. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Technically, Simple Moving Average (SMA) is commanding the NEPSE index which is below both 200 days SMA and 30 days SMA signifying further weakness in both short and long term. However, as the NEPSE index is flat, it is likely to gain back towards 390 while the further downward journey will lead towards 350.</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="margin-top: 8.5pt; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><i><span aldine401="" letter-spacing:="" style="font-family: ">(The writer is a stock analyst with Jamb Technologies Pvt Ltd)</span></i></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;">&nbsp;<span class="MyriadPro">Movement in Indices (20 Feb - 20 Mar 2011)</span></span></strong></p>
<p>
	 </p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: 4.45pt; border-collapse: collapse;">
	<tbody>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); border-style: solid; border-width: 1pt; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Indices</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Open</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">High</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Low</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Close</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Change</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">% Change</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Nepse</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">376.75</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">377.6</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-27.60</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.31</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 14.9pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Bank </span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.89</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-33.32</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-9.95</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Sensitive</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.62</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.7</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.98</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-8.61</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Development Bank</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">329.69</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.43</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-21.20</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-6.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Hydro</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">722.39</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">723.44</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">654.25</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">655.88</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-66.51</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-10.14</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Finance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">335.58</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">335.94</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">317.67</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">317.67</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-17.91</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-5.64</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Insurance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">482.4</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">485.02</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">464.54</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">467.43</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-14.97</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-3.20</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Hotel</span></span></p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				 </td>
		</tr>
	</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: 4.45pt; border-collapse: collapse;">
</table>
<p>
	 </p>',
			'published' => true,
			'created' => '2011-04-26',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'March 15, 2011 proved a fateful day for the Nepal Stock Exchange (NEPSE) Index as it touched 376.75 which is the lowest point for over four years and eight months.',
			'sortorder' => '181',
			'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' => '251',
			'article_category_id' => '45',
			'title' => 'Corporate Movements April 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<em><span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Newcomers<br />
	</strong></span></span></span></em></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Dorje Sherpa</strong> has joined Gokarna Forest Resort as Vice President replacing Richard Lawrence Dusome who was the General Manager at the resort. Sherpa was the General Manager of Hotel Del Annapurna earlier. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Gyanendra Dhungana</strong> has joined NCC Bank Ltd as General Manager after resigning from Nepal Rastra Bank where he was a Director.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Binod Narshingha Shrestha</strong> has joined Kumari Bank Ltd as Head-Business Development and Institutional banking. Earlier, he was Consultant-Marketing, Rural Finance Sector Development Cluster Programme at Agricultural Development Bank Limited, Ram Shah Path.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Tapta B Bista</strong> has joined Casino Anna as General Manager. Prior to this, he was the Club Manager at Casino Dunes in South Goa, India.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Sarik Bogati</strong> has joined Pooja International as Asst Marketing Manager. Prior to this, he was an Assistant Manager at NATTA (Nepal Association of Tour and Travel Agents).</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Shyam Khatri</strong> has joined Eat Tempus Eating Lounge and Restaurant as Manager. Earlier, he was the Operations Manager at Compass Group (PLC), Algeria. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Shambu Bahadur Thapa</strong> has joined Mega Bank Nepal Ltd. as Branch Manager and Head-ATM of Kantipath Branch. Earlier, he was Senior Officer of Operations and ATM Network Department at Nabil Bank's Kantipath branch.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Indira Paneru</strong> has joined Mega Bank Nepal Ltd&nbsp; as the Branch Manager of Kapan Branch. Earlier, she was the Supervisor and Asst Branch Manager at Tusal Branch of International Development. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Arpan Sanjel</strong> has joined Mega Bank Nepal Ltd&nbsp; as Branch Manager of Argakhanchi Branch. Earlier, he was at Kumari Bank Ltd.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Laxmi Thapaliya</strong> has joined Mega Bank Nepal Ltd as Branch Manager of Hariwan Branch. Earlier, she was at Chimmek Bikash Bank, Kathmandu.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Dharanidhar Sapkota</strong> has joined Mega Bank Nepal Ltd&nbsp; as Branch Manager of Chautara Branch. Earlier, he was at Kabeli Bikash Bank Ltd, Dhankuta.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Pasang Yangchen Lama</strong> has joined Mega Bank Nepal Ltd&nbsp; as Branch Manager of Syaffrubesi Branch. Earlier, she was at Sanima Bikash Bank Ltd, Kathmandu</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Narayan Agrawal</strong> joined Mega Bank Nepal Ltd as Branch Manager of Biratnagar Branch. Earlier, he was at Bank of Asia Ltd, Biratnagar.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 14px;"><strong><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="">Promotions <br />
	</span></i></span></strong></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 14px;"><strong><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="font-family: "><br />
	</span></i></span></strong></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Yugesh Bhakta Bade Shrestha</strong> has been promoted as the CEO of Alliance Insurance Co Ltd for four years term. He was the Acting CEO earlier.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Neeraj Shrestha</strong> has been promoted as Deputy Sales Manager of Pooja International. Earlier, he was the Assistant Sales Manager.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	 </p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="">Government Movement</span></i></span></span></strong></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="font-family: "><br />
	</span></i></span></span></strong></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Dr Jagadish C Pokhrel</strong>, the Vice Chairman of National Planning Commission (NPC) has resigned from his position. Similarly, Dr Puskar Bajracharya, Dr Chet Raj Pant, Dr R D Singh, Dr Ganesh Gurung and Dr Tirtha Khaniya have also resigned as NPC members.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Kundal Aryal</strong>, the Chairman of Nepal Television (NTV) has resigned from the corporation.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Laxman Agrawal</strong>, The General Manager of National Trading Ltd has resigned.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	 </p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
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<p class="BREAKER" style="text-align: justify;">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span franklin="" gothic=""><strong><a href="Pawan Kumar Golyan’s journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. That led him to Kathmandu and all his ventures since then have been successful. "><img align="left" alt="" border="1" height="416" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Pawan Kumar Golyan.jpg" style="width: 188px; height: 416px;margin:10px;padding:10px;" vspace="5" width="188" /></a>Pawan Kumar Golyan's</strong> journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. That led him to Kathmandu and all his ventures since then have been successful.&nbsp; </span></span></span></span></p>
<p class="BREAKER" style="text-align: justify;">
	 </p>
<p class="BREAKER" style="text-align: justify;">
	<span style="color:#000;"><br />
	</span></p>
<p class="BODYTEXT" style="text-indent: 0in;">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><i>By Gaurav Aryal</i></span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><b style="">&nbsp; <br />
	</b></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><b><span color:="" myriad="" style="line-height: 120%;">Pawan Kumar Golyan</span></b></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span color:="" myriad="" style="line-height: 120%;">Chairman</span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><span color:="" myriad="" style="line-height: 115%;">Golyan Group of Industries</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">L</span><span aldine401="" color:="">ike most heirs of business families, Pawan Kumar Golyan too sought his future in managing the family-run business, a textile industry. However, with time, Golyan went on diversifying.&nbsp; He is currently the Chairman of Golyan Group of Industries. While Reliance Spinning Mill (RSM) is the flagship company of the group, it also has institutions such as NMB Bank, Westar Properties, Atlanta Trading, City Properties, Dhanalaxmi Synthetics, Himali Pashmina Industry, Shivam Plastic Industries and Makalu Cashmere are among others. Golyan says, Our flagship company, RSM alone registers an annual turnover of three to four billion rupees.</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Golyan was born in Rangeli, Biratnagar and spend his childhood there. After appearing for his School Leaving Certificate (SLC) examinations, he started work at the Shah Industry, one of the units within his family business. I started my career when I was only 16-years-old and became a full-fledged business person by 22, he proudly states. The industry closed down after the establishment of the spinning mill. He remembers his early days at the industry, There were around 600 workers at that time. It was not a smooth ride all along. However, the learning experience there was great and has always helped me. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Golyan continued to work through his college days. I used to attend classes in the morning and look after the business mainly during the day, he reminisces. He completed his B com from Mahendra Morang Campus, Biratnagar and has been involved in business full time ever since. He did not find time to pursue further studies. Not that he had the inclination either. Once I was full-fledged into business, I lost interest in studies, he says nonchalantly.</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Going to cinema was a favourite pastime those days. Golyan recalls that Biratnagar used to be a place where there were no restaurants and clubs. There were limited options for merry-making and hangouts. He chuckles, We used to go to Dharan just to watch movies.His journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. He suffered from dry eyes disease. To escape from the scorching heat of Biratnagar, Kathmandu proved to be a cool haven for him. Moving to Kathmandu largely helped business, he reveals. It reaped benefits for him to move to the capital city as a series of activities took place since. First, the establishment of RSM happened. In the subsequent years, Golyan started expanding into other industries and businesses. And, as luck would have it, the businesses turned out to be successful ventures in due time. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Establishment of RSM was probably the most proud moment of my life, he happily says. Setting up an industry worth one billion rupees 15 years ago was a massive proposition. Today, Golyan personally has one billion rupees worth of shares in the industry along with his equal partner Shashikant Agrawal. Presently, the industry exports its products to Turkey, Bangladesh and India. Among these countries, India is the largest market with 80 per cent of the total exports ending up there. He says that the thread produced at RSM is supplied to almost all Nepali textile industries. He is particularly pleased that the market prospects have improved appreciably in the last four months. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">RSM currently has 3000 employees. It has a management team of professionals which takes care of the day-to-day management while Golyan has continued to take interest in the company's future. He reveals, Among all my companies, RSM is very close to my heart as I was attached with the textile business for a very long time. His other unit Shivam Plastic Industry manufactures woven sacks while Dhanalaxmi Synthetics produces threads with melt spinning. Westar Properties, the housing company, has two projects under construction at the moment. The group also has its investment in the banking and insurance sectors. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">They say slow and steady wins the race. Golyan is a living example. I moved my family business ahead step-by-step. There was no rush and I never expected any overnight miracles, he shares. He says that he credits his success to continuing his father's honest virtues in business and the faith on Goddess Durga. When it comes to human resource management, he believes that trust is the most important aspect. Therefore, he believes in trusting his employees and giving them responsibilities based on their respective capacities. Over 5000 employees work for his various companies. He believes in healthy discussions to mitigate problems. Golyan does not like yes men He reasons, I may be the Chairman but that does not make me perfect. So, everything that I say need not come into effect.He believes that it's not the individual who is important. The company or the institution is more important as the destinies of thousands of stakeholders are attached with it. He believes in enhancing the skills of his employees to develop a sense of ownership in them. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">He hates the Nepali trend of following successful businesses blindly. In my belief, it is important to study a business meticulously before venturing into it, he suggests. Imitating successful businesses does not guarantee success, working with optimism and dedication does, he says. Golyan painfully recounts the time when he almost left his business on his eldest son's demise. I was shattered and lost all my hopes. I saw no reason to continue. But one of my colleagues reasoned that I don't have the right to leave the livelihood of thousands of workers in lurch,he says. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">According to Golyan, the four pillars that matter in his life are business, personal life, social life and personal time. I try to balance these as much as possible. I keep myself completely free from all business matters at least one day in a week. That day is for my family, he declares. He also manages 10 to 15 days twice a year for travelling with his family and friends. New Zealand is one of his much loved destinations. He tries to apply this on his employees too. So, he has the provision of forced holidays for them. A holiday rejuvenates people and also helps us realise their importance during their absence, he explains. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="" letter-spacing:="">I love to sleep as much as possible. Sometimes I don't wake up until midday, he jokes. He fondly remembers the days when he used to play badminton and cricket, That was a long time ago. These days, I practice yoga to stay fit. A movie buff, he also enjoys listening to music. Moderately brand conscious, Golyan prefers quality over brand names. At 52, he is already a veteran of 30 years in business. You ask his future plans and he philosophises, I have not looked at day-to-day business for the last 10 years. But I don't intend to retire completely. He wants to begin philanthropy in his son Jayanta's name. He plans to adopt a remote village with a population of 800 to 1200 residents and sponsor their health and education. Instead of giving them money, I will help them become self reliant by providing them with different skills and probably buy their produce,he says. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:="" letter-spacing:=""><br />
	</span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:="" style="line-height: 115%;">If the pilot project attains success, Golyan plans to expand this model to other villages. I am beginning the project from this year. And I would dedicate time for it just as I do for my industries, he expresses. He added that though it is a difficult and thankless job, he wants to do so for his inner satisfaction. Golyan has no regrets in life except his inability to save his son. He treats his nephews as his own children and wants to see them become successful in life.&nbsp;</span><span style="line-height: 115%; font-family: Wingdings; letter-spacing: 0.05pt;"> <br />
	</span></span></span></p>
<p class="MsoNormal">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span style="line-height: 115%; font-family: Wingdings; letter-spacing: 0.05pt;">&nbsp;</span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><span style="line-height: 115%; font-family: Wingdings; letter-spacing: 0.05pt;"><br />
	</span></span></span></p>
<p class="BULLETTEXT">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span class="MyriadPro"><span color:="" new="" times="">Personal side</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span color:="" new="" times=""><br />
	</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Loves to sleep as much as possible</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Listens to soft and soothing music</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Used to play badminton and cricket</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Does not read books at all</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Resigned from the post of CNI Vice President as he hates double standard behaviour </span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Not tech-savvy</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Moderately brand conscious</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Drives Honda Accord </span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Loves to wear Canali suits</span></span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><b style="">&nbsp;</b></span></span></p>',
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			'description' => 'Pawan Kumar Golyan's journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. That led him to Kathmandu and all his ventures since then have been successful.',
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			'title' => 'Mark E Hansen',
			'sub_title' => '',
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			'content' => '<p>
	<span style="font-size: 14px;"><strong><br />
	</strong></span></p>
<p>
	<span style="font-size:14px;"><strong>What Gets Measured, Gets Done</strong></span></p>
<p class="ANSWER">
	 </p>
<p class="ANSWER">
	<br />
	<span class="MyriadPro"><span lang="EN-GB"><img align="" alt="" border="1" height="220" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/interview1.jpg" style="width: 224px; height: 220px;margin:10px;padding:10px;" vspace="5" width="224" /><br />
	</span></span></p>
<p class="ANSWER">
	<span class="MyriadPro"><span lang="EN-GB"><br />
	</span></span><span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Mark E Hansen</span></span></strong><span class="MyriadPro"><span lang="EN-GB">, the Head of Asia Governance and Strategic Initiatives at Standard Chartered Bank, serves on the Bank's Asia <br />
	</span></span></span></span><br />
	<span class="MyriadPro"><span lang="EN-GB">Geographic Management Committee. He has a Masters in Economics from UC Berkeley and a BA with honours from Cornell University. He was previously a partner at strategy consulting firm Booz Allen &amp; Hamilton. In an interview with Pinaki Roy of <i>New Business Age</i> during his recent visit to Kathmandu, Hansen spoke in detail about various aspects of corporate governance. He has over 25 years of experience in strategic transformation and performance improvement programmes and has been involved in the development of Standard Chartered's executive leadership training programme. Hansen also put forth Standard Chartered's take on mergers and acquisitions, in the light of Nepali banking sector's latest merger rhetoric. Excerpts:<br />
	<br />
	<br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">How do you look at the overall impact of corporate governance in private sector, specifically banking operations?</span></span></strong></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">I think it's becoming increasingly important from several perspectives. One is from the investor's perspective. Investors want to invest in institutions that they believe have strong corporate governance, to ensure the security of their investment. It's not just an emerging market issue; it's a developed country issue. The fate of big companies such as Enron, MCI, WorldCom and Lehman Brothers have all raised questions about the appropriateness of corporate governance. As the world continues to evolve, investors as well as customers want to do business with institutions they believe are doing the right thing. In the financial sector, we think it's a point of differentiation for Standard Chartered Bank where we have such strong corporate governance. And it's well appreciated by the regulators in the countries that we operate in. We pride ourselves on having high standards. We are well managed and governed. So, we believe we are at the front end of the trend that will put increasing emphasis on corporate governance. We pride ourselves in Nepal because we are a listed company here. And we make sure that we are on the cutting edge of best practices.&nbsp;</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">When did Standard Chartered Bank first envision the importance of corporate governance? How has it helped spearhead the system so far?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">It's been there for a long time. We have always had in our structure a form of country management with governance as well as the businesses. Sometimes it's more towards the business side and at other, towards the governance side. But it's a bit like a check and balance system that you would see in political systems where you have a legislative, an executive and a judicial branch. In ours, we have our businesses and then we have the governance. They serve as a healthy tension and a check and balance between the two. By design, we have always had our businesses focused on shorter term. It is about making the numbers for the year and the governance function having the more strategic perspective. It predates the governance crisis that happened in the west. It was impacted by certain events in the UK in the 1970s and 1980s and later in the US. But all that did was force us to be more rigorous and more introspective about how we can do this better.<br />
	<br />
	</span></span></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">How important is the role of institutional investors in increasing the professional diligence of your bank as a corporate entity?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">It's quite important. We have large sovereign funds, long term institutional funds, insurance companies as well as a reasonably diversified investor base. We think that diversity is a strength because it helps us work through many different constituents. The institutional investors tend to have a longer term perspective which is important. One of the concerns that I think exists in the academic press today is that they focus too much on the short term, on quarterly profits. We only report our financials semi annually. We would like to look and take a longer term perspective like the investors do. The other point I have always raised is that the investor base is expanding, actually. For example, we are listed in India now so it's not just the western investors in London. We now have Indian investors in Mumbai, Hong Kong investors in Hong Kong and Chinese investors in Shanghai.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	 </p>
<p>
	 </p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">A board of directors often plays a key role in corporate governance. How do they go about ensuring accountability of the organisation to its owners and authorities?</span></span></strong></span></span></p>
<p class="ANSWER">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">If you look at the directors roles, it's important that they understand sharing the responsibilities they take on. What has been happening in the past is that in some institutions they were very lightweight. The practice still exists in a few companies but it is starting to disappear from most of them. Today, the directors have to come prepared, contribute and interface with the regulators. Everyone Capital Markets, Regulators and the Institutions expect the directors to perform. As for our own subsidiaries, we have quite a rigorous process for selecting and then assessing directors on a regular basis. </span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Who are the parties to corporate governance that have an interest, direct or indirect, in the effective performance of an organisation?</span></span></strong></span></span></p>
<p class="ANSWER">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.15pt;">It's a wide group of stakeholders. First, the investors who want to know if the money is put in a well run and governed institution. Second, the banking and capital markets regulators because they want the assurance that the propriety in compliance with regulations is embedded in the organisation that starts with the governance function. And then the customers, increasingly, because they want to know they are doing business with the right organisation. The employees too have an interest. And I say this particularly in Asia because a number of banks and local companies are family-run entities. They have a particular management and governance style. In fact, the part of the problem is that the management and governance aren't separated. So, I think the establishment of appropriate governance and a separation of governance from the management are quite important for the evolution of companies in the Asian markets.</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Could you tell us about the key elements of good corporate governance principles? </span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">The first one is compliance which focuses on bringing the global best practises. It also recognises that one has to adhere to local regulations. Therefore, it is a binding constraint issue. We try and incorporate the best practices but we also have to accept the local constraints. The second is integrity and transparency. The best way to demonstrate corporate governance is actually the transparency by which you disclose all your financial information as well as other information about the organisation. The third is process which, though boring, is quite important. The discipline around the varying board agendas, getting papers circulated beforehand, having meetings at appropriate times, correctly managing etc are part of this. It's very administrative but critical for the impact on the working style of the board of directors. This way you make sure that the board is focusing on the right thing and getting its work done efficiently. The final one is the measurement of the board's effectiveness. You need a process to self-examine yourself. It's not necessary to bring in outside experts to determine that. The clich what gets measured, gets done is true.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">What are the consequences of not having good corporate governance?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">As I mentioned earlier in this interview, the many recent corporate scandals MCI WorldCom, Enron, Lehman Brothers to name just a few of the more well-known failures from poor corporate governance evidence some of the consequences. Investors lose money. Employees lose their jobs. Regulation may be increased to the point where it becomes very costly and burdensome. Stakeholders trust in business diminishes.&nbsp; The trust which underpins market economies becomes eroded. I think the latter is a lot of the reason why corporate governance is becoming more important to consumers, investors and the society at large. Increasingly, consumers prefer to buy products and services from, employees prefer to work at, and investors prefer to invest in companies who are well-governed and who exhibit good corporate governance.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">The Enron collapse is an example of misleading financial reporting. How crucial is quality financial reporting for the corporate governance system to function effectively? </span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">It's absolutely crucial. Because if you cannot trust the numbers, there is no way you can make an economic or financial assessment. I think the financial crisis did not come as a surprise for many because irregular accounting practices existed in the system. Markets function on information and to a certain extent, on trust. If the information cannot be trusted, they don't have market values.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">What are the barriers to good corporate governance and their corrective measures? </span></span></strong></span></span></p>
<p class="ANSWER">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">Let me focus on what helps make good corporate governance. First, there must be a clear separation of governance and management responsibilities. Second, the directors should be willing to dedicate time and effort to be effective board members. Third, the independent directors must protect minority shareholders rights.&nbsp; Fourth, a strong audit committee has to be supported by a reputable and capable external auditor and an independent and strong internal audit function. Fifth, there must be clear, accurate and timely management and financial information.&nbsp; Finally, a board effectiveness review process has to be in place to measure individual contributions and the collective effectiveness of the board. This must be supported by effective company law and regulations which clearly define the corporate governance framework in an unambiguous manner. The form <i>per se</i> is less important than the substance, since there are different models of how to structure governance in a company, for example, Anglo-American models Vs continental European models.</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Can you attribute Standard Chartered Bank's stupendous success to effective functioning of corporate governance?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.05pt;">Yes, we view corporate governance quite importantly. I am in charge of corporate governance for all of Asia. And we have a counterpart for the remainder of the bank in Africa, the Middle East and the western countries. We pride ourselves on following best practices not only with the UK board but also our subsidiary boards. Nepal is a good example because we are not just a subsidiary here. We are a listed company and we pride ourselves not only on the financial results we have. We do believe that the governance of the entity here is part of the reason why we are so successful. Again, it allows us to identify issues early on, with a good board and a good governance process in place. It makes you see the risks down the road and helps you position for them. One of the things that might be of interest to your readers is that we actually changed our process and set up two new sub-committees on our board in London. The first one is called brand and values which focuses on the soft side of the company. We think that it's absolutely important to have values in a new organisation. The next is that we have split risk and audit. The audit committee focuses more on audit results and is backward looking while the risk committee is forward looking and focuses on new things on the horizon.&nbsp;</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p class="questionsforinterview">
	 </p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Nepal's banking sector is talking mergers of late. What is Standard Chartered's take on this? </span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.05pt;">In general, we prefer to grow organically and not through acquisitions because it's easier and more within our control. The degree of certainty about outcome is higher. I have worked on a number of acquisitions for the bank in Indonesia, Korea and Taiwan. Acquisitions are hard. A lot of management consultants will tell you that most acquisitions fail. And it's not normally due to financial reasons. They fail because of the difficulties and efforts required to integrate two separate entities. A lot of it surrounds not necessarily the business side but the soft side the people, values etc. In effect, you are taking another institution and marrying it to your institution. The cultures, values and perspectives aren't similar. It's very challenging and runs the risk of a strife in the management in the long term. I will give you a good example. As you know, we bought Grindlays Bank some years ago. The Grindlays deal worked very well for us and it has always been one of our best acquisitions. Not only because it has provided us a wonderful footprint in South Asia but also because the culture of the two merging banks in question, was very similar. Grindlays was a bank with strong local roots and a global perspective. Some of the other acquisitions we have done recently were that of very local banks. We had to adapt the way we worked, to fit in with the Korean and Taiwanese context, for example. It can definitely work like most other things in life it's a trade off. On Nepal specifically, we do think that there is a need for some consolidation. You have too many banks given the size of the financial sector here.&nbsp; </span><span lang="EN-GB"><br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Does the Standard Chartered Bank have any specific plan in mind? Have you set your sights on any particular brand that you want to acquire?</span></span></strong></span></span></p>
<p class="MsoNormal">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">We will look at opportunities that come our way but our bias will always be towards organic growth. We are quite happy with organic growth and will not pursue acquisition as such. Even if there was anything on the cards, our corporate governance practice does not allow me to disclose any specific information. Nepal is a market that's of interest to us. We will look at the market growth and keep different options in mind. But the organic option will always be our preferred option.&nbsp; </span></span><br />
	</span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
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	<i><span color:="" lucida="" style="line-height: 120%;"><span style="color: rgb(255, 0, 0);">By Madan Lamsal</span></span></i></p>
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	<span style="font-size: 12px;"><span aldine401="" color:="">A</span><span aldine401="" color:="">nyone who tries to impose Nepal a controlled or a mixed economy is for sure to doom. It is because Nepal's economy is by nature and inherently free and freak, and will continue to be like that.&nbsp; <br />
	<br />
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	<span style="font-size: 12px;"><span aldine401="" color:="">Before 1991 Nepal was somehow closed and controlled economy. After that so called democratic parties said they were trying to make Nepal a 'free economy'. But the right word was 'economy-free' which meant a 'country without economic activities'. This 'economy-free' became highly successful, of course, by the support of people's war that brought a complete halt to the economic activities. By this token, the Maoists are the biggest free-market forces of the country.&nbsp; Now some of the parties, including the very free-market forces in the government, are campaigning to make a 'mixed economy'.<br />
	<br />
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	<span style="font-size: 12px;"><span aldine401="" color:="">This indeed is a great idea. Mixing is also our great national character. Mix your business with politics and end result is: businessmen become members of parliament and politicians soon become billionaires. Mix trade-unionism in politics, the unionists become political leaders and businesses vanish from the country. <br />
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	<span style="font-size: 12px;"><span aldine401="" color:="">Every Nepali is enjoying the freedom to mix one economic activity with the other.&nbsp; For example, one can carry fake currencies around and carry extortion racket simultaneously. In fact these mixtures were possible only because we have immense economic freedom. This is how the free-economy actually fathers the mixed one. <br />
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	<span style="font-size: 12px;"><span aldine401="" color:=""><img alt="" border="2" hspace="2" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/No Laughing Matter.jpg" style="width: 263px; height: 190px;" vspace="2" /></span></span></p>
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	<span style="font-size: 12px;"><span aldine401="" color:="">If we analyze meticulously, in a broader sense, Nepal was a free economy even before 1990. Nepal started to allow freaks to visit Nepal in the 60s. Then she brought 'Jhiti Gunt' policy which allowed people to bring in everything from gold to clothes to Nepal without paying duty. There also was a duty-free shop opened at the Tribhuvan International Airport to facilitate people to enjoy this freedom.</span></span></p>
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	But two years ago this duty-free shop was closed down by the then Finance Minister Dr Baburam Bhattarai for quite good reason. He wanted to make TI airport 'free of duty' as well as'free of spirits' and '˜free of smoke' so that anybody coming from abroad can bring the liquors and cigarettes without paying duty at the airport. Therefore, now people buy such goods abroad and pay duty to the governments abroad. <br />
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	Anyway, slowly Nepal is entering such an era of free economy where everything can come free here from gold to goldfish and from birds to briefcases full of things you name them. We must keep everything under the sun free in the country.&nbsp; Entry for the Nepalis into casinos must be kept free so that they can be free of their burden of physical wealth and sometimes gamble their own lives away.&nbsp; Similarly, poachers must be left free to kill rhinos and other endangered species for money . <br />
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	<span style="font-size: 12px;"><span aldine401="" color:="" style="line-height: 115%;">These are only a few examples of economic freedoms that Nepali people are enjoying and also these are the testimonies that Nepal no way wants other than the free-market, be that controlled or mixed economic policies. They have faith only in freedom - free donation, free education, free money (payment without work), free prizes etc. We also have free students union and free labour unions. There are campaigns going on for women's freedom, freedom to the indigenous people and freedom of religion. The government does not try to control corruption. By controlling corruption you will be controlling a freedom. By the same logic, doesn't control inflation. Similarly, some people are enjoying full freedom to indulge in flesh trade. For all these reasons our economy is only best fitted to be called free economy. Nepal cannot have a controlled or mixed economy. Thus the advocates of these models of&nbsp; economies surely do not have a &nbsp;future. <br />
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				<span style="color: rgb(255, 0, 0);"><strong><span class="style1">Newcomers</span></strong></span></p>
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				<span style="font-size:12px;"><br />
				</span></p>
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				<span style="font-size:12px;"><strong><img alt="" border="2" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/sanjeev.jpg" style="width: 58px; height: 73px;" vspace="3" /></strong></span></p>
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				<span style="font-size:12px;"><strong>Sanjeev Pathak</strong> has joined Norvic International as Chief Engineer. Earlier he was with Vibor Properties as Project Engineer.</span></p>
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				<span style="font-size:12px;"><strong><img alt="" border="2" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/binaya.jpg" style="width: 62px; height: 77px;" vspace="3" /></strong></span></p>
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				<span style="font-size:12px;"><strong>Binaya Kumar Poudel</strong> has joined Agraj Foods Pvt. Ltd. as Managing Director. Earlier he was Area Sales Manager at MariGold Group.</span></p>
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				<span style="font-size:12px;"><strong><img alt="" border="2" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/manav.jpg" style="width: 65px; height: 83px;" vspace="3" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Dr. Manav Basnet</strong> has joined Chaitanya, Wellness Healing Spa as Spa Consultant cum Manager. Earlier he was at Aikya Academy of Holistic Health, New Mumbai India as a Wellness Physician cum Spa Consultant.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="82" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bijaya.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Bijay K Sharma</strong> has joined Perfect Prints (P) Ltd. as the General Manager. He was earlier Senior Manager in CG Biotech</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><span style="color: rgb(255, 0, 0);"><strong><span class="style1">Transfers at Nepal Telecom</span></strong></span></span></p>
			<p>
				<span style="font-size:12px;"><span style="color: rgb(255, 0, 0);"><strong><span class="style1"><br />
				</span></strong></span></span></p>
			<p>
				 </p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="73" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/vishnu.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Vishnu Prasad Kasaju</strong> has been transferred as Director of the Mobile Service Directorate of Nepal Doorsanchar Company Ltd. (Nepal Telecom), replacing <strong>Jeevan Ratna Shakya</strong> who has been transferred to PSTN Service Directorate. Kasaju was earlier Director in the PSTN Service Directorate of the company where he was transferred from Mobile Service Directorate only last year.</span></p>
		</div>
	</div>
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		<div align="justify">
			<p>
				<span style="font-size:12px;"><span style="color: rgb(255, 0, 0);"><strong><span class="style1">Promotions at Nepal Bank Ltd</span></strong></span></span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="83" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/lakshmi raj.jpg" vspace="3" width="65" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Laxmi Raj Paudel</strong> has been promoted as Acting General Manager of Credit Department. Earlier he was Deputy General Manager of Credit Department in the Head Office.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="73" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/kiran.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Kiran Kumar Shrestha</strong> has been promoted as Acting General Manager. Earlier he was Deputy General Manager.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="76" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/durga.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Durga Raj Regmi</strong> has been promoted as Deputy General Manager of Branch Management Department. Earlier he was Chief Manager of HR Department.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="73" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/kanhaiyha.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Kanhaiyha Bahadur Pradhan</strong> has been promoted as Deputy General Manager. Earlier he was Chief Manager at the bank's Head Office.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><img alt="" border="2" height="74" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/ram%20bihari.jpg" vspace="3" width="60" /></span></p>
			<p>
				<span style="font-size:12px;"><strong>Ram Bihari Sah</strong> has been promoted as Acting Deputy General Manager of HR Department. Earlier he was Chief Manager of Inspection and Internal Audit Department at Head Office.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				<strong>Nirmal Kumar Baral</strong> has been promoted as Acting Deputy General Manager of Kathmandu Banking Office. Earlier he was Chief Manager of Central Finance Department.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				<strong>Krishna Shrestha</strong> has been promoted as Deputy General Manager of Credit Department. Earlier he was Chief Manager of Risk Management Division.</span></p>
		</div>
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		<span style="font-size:12px;"><strong><br />
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		<span style="font-size:12px;"><br />
		</span></div>
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<p>
	<span _fck_bookmark="1" style="display: none;">&nbsp;</span></p>',
			'published' => true,
			'created' => '2011-03-20',
			'modified' => '2012-09-06',
			'keywords' => '',
			'description' => 'Sanjeev Pathak has joined Norvic International as Chief Engineer. Earlier he was with Vibor Properties as Project Engineer.',
			'sortorder' => '175',
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	(int) 10 => array(
		'Article' => array(
			'id' => '245',
			'article_category_id' => '48',
			'title' => 'One Million Tourists Guaranteed',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<em><img align="left" alt="nolaugningmatter" border="1" height="145" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/img(1).jpg" style="width: 120px; height: 145px;margin:10px;padding:10px;" vspace="5" width="120" /><span style="color: rgb(178, 34, 34);">By Madan Lamsal</span></em></p>
<p>
	Some people doubt on materialisation of the government plan of bringing&nbsp; one million tourists to Nepal in Tourism Year 2011. They regard the plan as a pipedream. But I say nobody be they the Americans, the Indians, the Marxists or the Maoists - can stop tourists in millions visiting Nepal.Â&nbsp; For example, the USA has, from time to time, been issuing travel advisories to its citizens not to visit Nepal by citing this or that risk.Â&nbsp; But the Americans have not stopped coming to Nepal. They used to come here as Peace Corps volunteers in the past, then they came as academics of the Summer Institute of Linguists and now as INGO and church workers. Till a few months ago, they were here as UNMIN officials.</p>
<p>
	Â&nbsp;It is interesting though that the USA has not yet removed the tag of terrorist from peace loving Nepali Maoists. However, it has not stopped some privileged Maoist leaders from visiting USA with hopefully genuine American visa. Therefore, the true intention of the US travel advisory is effectively not to advise the Americans not to visit Nepal. Rather, it is intended to remind the Americans that Nepal is one of the countries that the Americans are visiting and it would be worthwhile for other Americans to visit again and agian. This is somewhat similar to the case of 'No Smoking' sign reminding the smokers to light up.<br />
	 </p>
<p>
	In fact the reason why foreigners come to Nepal is to see the ever smiling faces of the Nepalis. A survey conducted by Nepal Tourism Board has already confirmed this fact. Anyone in the world would be interested to see such unique creatures called Nepalis who can continuously smile regardless of looting by their own politicians and continuous booting by the foreigners. They do not protest, and carry on with their daily routine as usual.<br />
	 </p>
<table style="border:0px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left; height: 181%;">
</table>
<p>
	<img align="textTop" alt="nolaughingmatter" border="1" height="405" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/nty(1).jpg" style="width: 433px; height: 405px; margin: 10px; padding: 10px;" vspace="5" width="433" /><br />
	<br />
	But that is not all. Nepal has other unique attractions too. If an ordinary citizen violates the law, he or she will be immediately punished. If a businessman fails to pay bank loan his property will be confiscated and passport suspended. But political parties and their cadres are above all these laws. They are free to roam even when they kill the person they don't like. The murderer politician can even become a Member of Parliament and a minister. The politicians who got elected to the Constituent Assembly promising to prepare the constitution within a specified time failed in the promise. Still they don't have to face any punishment. The Nepali people don't like to punish them and smilingly pay the taxes to pay salary and perks to such politicians.Â&nbsp; Where else will the foreigners get to see such people in the world?<br />
	 </p>
<p>
	To add tourist attraction, we have now introduced the Home Stay system, which our tourism industry stalwarts say is a really miraculous solution so as to accommodate any number of tourists coming to Nepal. Even if they are wrong, there is a strong numerical proof to be convinced that Nepal can easily get and accommodate not only 1 million but 10 million tourists.<br />
	 </p>
<p>
	If by any reason, the Americans, Europeans, Australians, Indians and Chinese don't come to Nepal, we still can play the trump card we have. That is we can recall all the Nepalis who have gone abroad for work. If only one fraction of those heed our call, their number will be enough to fulfil the magic number of 1 million!</p>
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<p>
	 </p>
<p>
	 </p>',
			'published' => true,
			'created' => '2011-03-20',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'Some people doubt on materialisation of the government plan of bringing  one million tourists to Nepal in Tourism Year 2011. They regard the plan as a pipedream.',
			'sortorder' => '174',
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	(int) 11 => array(
		'Article' => array(
			'id' => '244',
			'article_category_id' => '46',
			'title' => 'Suraj Vaidya',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:14px;"><strong>We Need To Change Mindset To Think Big</strong></span></p>
<p>
	<span style="font-size:14px;"><strong><br />
	<br />
	<br />
	</strong></span></p>
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				<p>
					<strong><img alt="suraj baidya" border="1" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/interview.jpg" style="width: 346px; height: 192px; margin: 10px; padding: 10px;" vspace="5" /></strong><br />
					Suraj Vaidya, the President of Vaidya's Organisation of Industries and Trading Houses (VOITH) is contesting the prestigious position of FNCCI President in an election being held during the FNCCI Annual General Meeting scheduled on 11-12 April 2011. In an interview with Pinaki Roy of <em>New Business Age</em>, Vaidya talked about the upcoming FNCCI elections and presented his views on reviving the ailing national economy. Excerpts:</p>
				<p>
					 </p>
				<p>
					 </p>
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		</div>
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			<p>
				<strong>The FNCCI elections this year come with a twist. The culture of consensus for the Senior Vice President to take over the reins has gone for a toss. Why so?</strong></p>
			<p>
				Well, we are going through a democratic system and democracy demands that we have more openness. FNCCI has always been a very open institution. New challenges bring new opportunities and therefore, we see more than just one candidate coming in for this election.</p>
			<p>
				<strong>There has been a war of words of late between the CNI and FNCCI. How does it affect the private sector? Do you ever see the prospect of a single umbrella organisation?</strong><br />
				<br />
				I really don't think there is any war of words. The leaderships on both sides, at this stage, are looking at the smaller pie instead of a bigger one. We need to understand that the state of the economy is in an extremely fragile situation. With power cuts of over 12-18 hours a day, the interest rates coming up to about 17-18 per cent per annum, liquidity crunch in the market and the increasing demands of the labour, we need to regroup ourselves, re-focus and see the common agenda. We must then take it up in this new world of <em>coopitition</em>. We need to cooperate where we can and compete wherever we need to. If we agree on this basic fundamental, CNI can do what they need to and FNCCI can pursue its own agenda. We need to move forward together. Actually, we were one and so the concept of coming back together is always there. I see great possibility for us to come back. But FNCCI needs to first look at whether we can meet the expectations of our members who are so demanding today. People leave because they feel that they haven't been looked after. It is as simple as that. Therefore, if FNCCI improves its working relations, its services to the members and takes up the economic agenda as a leader of the nation, probably the members will come back and see the benefit of being part of the FNCCI. It's very possible that we can come back together if FNCCI takes the right leadership. That way we would be under a single umbrella one day again.</p>
			<p>
				<strong>FNCCI has started sounding like a political organisation lately, trying to broker peace between the government and the opposition parties. Is this the kind of role FNCCI should be pursuing?</strong><br />
				<br />
				I have laid out a few tasks for myself if I get to the post of the FNCCI President. We need to talk economic development of the nation because fundamentally our mandate is to lobby and advocate for friendlier business environment in the country. This is our main agenda and to deviate from any of these issues would not be fruitful for the institution. FNCCI needs to be less active in politics but we need to be interactive with the political parties on economic development issues. Therefore, we will work with the political leadership on economic issues, national development, national budget and planning etc. We need to work with all the political parties as partners. But if it comes to carrying any 'ism', that's something FNCCI needs to stay far away from.</p>
			<p>
				<strong>As a prominent business leader, how do you look at the overall state of the present economy? </strong><br />
				<br />
				The fundamental problem with the businesses and the industries is that the economic agenda so far has been overshadowed by political agenda. There has been less private sector initiative on taking leadership in this area. One of the things that I have set for myself if I come in as FNCCI President is that within six months, we will have an economic agenda which will talk about a very short term - three to five years-planning. It will give us a sense of direction as to where we think the government needs to lay more emphasis on, to create employment opportunities, to create a better investment environment and to be able to make it more profitable for businesses to operate. Once we have an economic agenda, we will go to the political parties and get their views on it. We will hopefully have a national economic agenda signed and accepted by all political parties to strengthen political understanding between them. So, I think the economic-political agenda led by the private sector is what is required today. And unless that happens, we are going to have a lot of problems. The mess that we have today is because the private sector has not been the engine of growth. It's been politics which is trying to be the engine of growth which is negative for the country. This is where we need to reform and move forward.</p>
			<p>
				<strong>There is relative peace in the country, so to speak, after the end of hostilities. Why then are we not seeing any major investments? Where does the problem lie?</strong><br />
				<br />
				The example of the problem is very clear. It took us over seven months to find a prime minister. But people have started doubting how long will he be there. Business is a long term game. It's not that you make money today and walk out tomorrow. The fundamental requirement for any investment is sustained peace that helps to understand where the country's really heading to. It worries us when the parliament gets bogged down debating whether to use such words as 'private-public partnership'. When the political parties start showing hatred towards the very word 'private', it makes investments very uncomfortable. It gives an impression that the private sector can never be made a partner in the development programme. This message is reaching not only the Nepali investors but also to the foreign investors whereas FDI is so critically important to this country. If you look at the hydropower projects planned to be developed, a lot of Indian companies are either holding on to the projects or taking longer time to start them because of the inability to view the political-economic side of things. These are very critical issues that Nepal will have to address squarely in the coming days.</p>
			<p>
				<strong>How about the possibility of a consensus among the candidates for FNCCI Presidentship? How exactly have you projected yourself for the position with your plan of action and manifesto, to lure the members?</strong><br />
				<br />
				My experience tells me that especially when the institution is going through a very difficult time, you tend to come together. But again there is a Nepali culture, a Nepali way of doing things. Democracy and freedom of association and thinking lead to an intellectual debate on how best we need to move forward. Six months ago, I sat with incumbent FNCCI President Kush Kumar Joshi and urged him to take the leadership in creating an environment where we have no elections right across. And I am not talking about the election for the post of President only but for the entire FNCCI. My concern is simple: if the country's new constitution is promulgated, FNCCI's laws and regulations will change drastically. We are not sure which districts, states and municipalities will fall under what areas once the country turns federal. Therefore, FNCCI's constitution itself will change and this will be a huge change through which we need to remain united. I have been trying to emphasise on this with the incumbent President for a long time now but haven't succeeded for whatever reasons. And now we are little over a month from the election date. Therefore, I find it difficult that there would be any understanding. So I am moving ahead on my own.</p>
			<p>
				I have six very simple agenda: First, to provide better service to FNCCI members whereby getting their confidence and be more focused on FNCCI's work and not go beyond its mandate. The focus would be on the economic agenda and if we are able to do that, we would have provided services to the members. The members would mean the people from the districts, the commodity associations and the associate members. The second, to take leadership on the economic plan of this country. I think we have got too much of planning done for this country without real serious inputs from the private sector. FNCCI needs to make an economic vision which will not be a long term one. We are going through a very transitional phase so we need very short and medium term plans. My strategy would be to create an economic vision which would give a rebound to this depressive situation that we have. And hopefully work with the political parties and have the agenda accepted by all political parties whereby it would reflect on government policies for creating a better environment for business. That will be six months from the time I come in. The third agenda is energy. We all talk about the potentials of energy that we have. I am not going to be a politician saying we will bring 5,000 or 10,000 MW of power. But what I would say is that we would lobby and push and do everything possible to make investment in hydropower. We are going to push hard to get approved the electricity bill that has been sitting in the parliament for the last two years. We need laws that are investment friendly. We will urge the government to look at the supply and demand situation. The government needs to look at hydropower development as an area of national priority and give incentives to attract larger investments. The electricity tariff has not been revised for the last 10 years and it needs to be looked at seriously. We need to advise and work with the government on whether it is workable to continue to have NEA responsible for producing, selling as well as managing power. The electricity losses of 18-20 percent are unacceptable to the nation.</p>
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				<strong><img alt="" border="1" height="97" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/interview.jpg" style="width: 175px; height: 97px; margin: 10px; padding: 10px;" vspace="5" width="175" /></strong></p>
			<p>
				Number four would be fiscal discipline for which the private sector first needs to be open and transparent in the way we do business. And we will try and encourage that as much as possible. The last three budgets did not come on time and the government has not been able to rescue the country's economy. In fact, the delay in budget is one of the reasons why the interest rate has gone up so high. The funds have not gone to the districts for development expenditure and as a result, we are lagging behind. Fiscal discipline on our side definitely needs to be looked at but we would also lobby and bring to the attention of the Nepali people, the government's long vision or whatever it may be. Number five, I want to go to the trade unions as partners. We need to sit and plan on how we can create a better investment situation in this country. The labour relation is extremely important to build confidence for investors. We need to see if we can retain the Nepali people leaving the country. We want to improve working relations with the trade unions and the two agenda to look at are linking wages with productivity and linking social security with flexibility. If we can work out these two agenda, we can achieve a lot with the trade unions.</p>
			<p>
				The last point is that Nepal needs to brand itself as an attractive destination because the existing capital in this country would not be sufficient to rebound the economy. So, we need FDI in this country and need to look at India and China as our primary partners for kick starting our economy. I would be taking a lot of delegations to India and China to market Nepal as a friendly and attractive destination in the areas of hydropower investment and tourism. I think these are areas that would help Nepal come back quickly. Therefore, focusing on India and China as partners for Nepal's development is extremely critical. These are the six primary agenda that I have if I become the next FNCCI president.</p>
			<p>
				<strong>Why are you contesting the FNCCI President's post, in the first place? Why are you in the fray at all?</strong><br />
				<br />
				I have been with FNCCI for the last 25 years and have been the Vice President thrice. I am now the Senior Vice President and I really need to move up or leave the space for some other friends who want to come in. More importantly, the new leadership of FNCCI from coming April will be directly responsible for what's going to happen in about two months from there. That is the time when new Constitution is expected to be promulgated though we don't know whether the constitution will be really promulgated. Economy and development will be important agenda that time. Therefore, the FNCCI leadership needs to be mature and determined enough to take on those challenges. I am prepared for that. I see several reasons why the economy has not been at the forefront.&nbsp; In the New Nepal, the economy must be in the forefront. I am concerned about the inflation that's up from 8.5 per cent last year to 14.6 per cent now and the slowdown in the industrial output from 4 per cent to 1.8 per cent. These are all extremely worrying symptoms and I feel I can face these challenges and also come up with an amicable result which will enhance FNCCI's image.</p>
			<p>
				<strong>The image of the business community has been badly tainted by the fake VAT bills episode. How do you view this? What, according to you, can be the course of correction?</strong><br />
				<br />
				I think the private sector has owned it up saying that it is a part of corruption that is going on in the country. But the government and the system itself need to acknowledge that they too are involved in this and therefore, we need to work together to find a solution and get out of this. It's important for us to understand that institutions like FNCCI will stand by the law of the land. If there is any forgery which affects the nation at large, FNCCI needs to take up this issue. By the same token, the government needs to understand that they are also part of it. Such corruption and forgery wouldn't have occurred just by the efforts of only one side. So, the other side too needs to own up and say what they plan to do regarding this.</p>
			<p>
				<strong>We have witnessed a shift from manufacturing to service industry in recent times. What could be the possible reasons?</strong></p>
			<p>
				Nepal needs to revisit itself and re-understand where our sustainable areas of potential investments are. The industrial growth has declined from 4 per cent to 1.8 per cent mainly because we have power shortage and frequent strikes. There have been labour disputes and political interference in large investment businesses. Therefore there are large projects such as the hydropower projects that are intended but haven't really materialised. What is discouraging investment into these areas is lack of foresightedness. How long is Nepal going to wait for things to really happen and to have a stable government that will last beyond a few months? And until Nepal shows that leadership, I think investment in manufacturing is not going to increase. It is a wishful thinking at best and therefore, service industry is something that is but natural. Nepal needs to look at Singapore, Switzerland and Hong Kong which are very small nations lying between large industrial countries. We need to see if we can imitate their success by providing services to bigger countries whereby we can increase our niche in the market and improve the economic condition of this country. So, the service industry is going to be a very important part of Nepal in times to come.</p>
			<p>
				<strong>How does the FNCCI and the private sector plan to revive the ailing national economy?</strong></p>
			<p>
				We need to be positive and work with the media and the government in saying that Nepal is not a poor country. Nepal has tremendous future and potential so the fundamental thing is to change our mindset from thinking poor to thinking big. This will help us initiate a new beginning. Nepal needs to seriously look at how we can generate investment here to employ the 500-700 Nepali people leaving this country on a daily basis because the youth who would make the future of Nepal and the people who have knowledge are leaving us. The doctors, engineers, scientists and businessman-they are all leaving us. Therefore, we need to create a positive environment in this country to try and retain them. This is going to be critically important in the coming years. Nepal needs to look at its niche strength which is human capital. It needs to look at the growth of India and China. They are going to be the world's largest economies by 2020. Nepal needs to be able to make a strategy on how to benefit from the growth of these economies on the two sides of our country. If we focus on that, we would be able to quickly come out of our problems. We need to have a focused vision and short term plan for revival. We also need to try and create employment and good labour relations. At FNCCI, we need to work with the trade unions as partners - we should be people sitting on the same side of the table, not on the opposite sides. If we are all in this together, it will be critically important for us to move forward.</p>
			<p>
				<strong>Some of the projects initiated by the FNCCI lately have failed miserably. It is operating more like an NGO implementing independent projects. Shouldn't FNCCI be taking the lead to envision what is in the best interest of Nepali economy?</strong><br />
				<br />
				Human resource is extremely critical and I want to link this with the FNCCI running a lot of training schools across the country. I think the reason we have not been able to create a sense of success is because we ourselves haven't really focused on exactly what kind of human resource we need to develop. The fundamental issue is what are we training, who are we training and what is the purpose of that training. FNCCI needs to be active in many areas. The JITCO programme which is sending Nepali people to Japan has not been very successful. It's a Japanese company that comes here, interviews people and recruits them. FNCCI is purely mediating this. It probably needs to be in the forefront and take the leadership. I think unless we take leadership, we should not be involved in any such programme.</p>
			<p>
				<strong>Would you like to add anything as a message? </strong></p>
			<p>
				Yes, a message to the leaders. It's high time they understand that politics is not the primary concern of the Nepali people. We are worried as Nepali citizens because it's being projected that next year, there is going to be a food shortage of 400,000 tonnes in this country. With remittance declining, our economy is going to be badly hit. The kind of queues that we see outside the foreign ministry for passports speaks loudly about the confidence of the Nepali people on the country's leadership. Therefore, it's time for them to get off the political agenda and start working on economy because this is the only thing that is going to get the country back on a sustainable basis in a long term. We should get peace and understanding so we want them to treat economy as the primary agenda and the most important thing to get the country back from the state that we are in.</p>
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			'created' => '2011-03-20',
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			'description' => 'Suraj Vaidya, the President of Vaidya's Organisation of Industries and Trading Houses (VOITH) is contesting the prestigious position of FNCCI President in an election being held',
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			'id' => '243',
			'article_category_id' => '47',
			'title' => 'A Man For The Long Run.',
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			'summary' => null,
			'content' => '<p align="justify">
	<img alt="personality" border="1" height="135" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/personality(4).jpg" vspace="5" width="245" /><br />
	<br />
	Always an optimist, Anuj Agrawal believes that nothing is impossible on this earth if one sports a positive mindset. He believes that the business fraternity must take responsibility to change Nepal's fortunes for better.</p>
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					<strong><em>By Sujan Tiwari</em></strong></p>
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					Living in the US for five years, interacting with people from diverse professions and cultures and learning about leading business families around the world gave him a viewpoint on his future course of life.</p>
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			<img alt="personality" border="1" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/personality1(2).jpg" style="width: 240px; height: 307px;" vspace="5" /><br />
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			<p>
				''We should develop business models that fit the country rather than expect the country to fit our model,'' says Anuj Agrawal, Director of Vishal Group. The group has dealerships of reputed international brands such as Volkswagen, Nokia, P&amp;G, LG, Sun Oil Ltd and many more. Agrawal attributes the group's growth to representing international brands in Nepal. He says that it will continue to focus in this area and try and add more world famous brands to its repertoire. The group is currently trying to make inroads into areas of the country's core competence like cement, hydropower and tourism.</p>
			<p>
				Agrawal's family has been living in Nepal for 82 years now. They came and settled first in Ilam in the 1930s. The family moved to Dharan in the 1940s. From there they moved to Biratnagar and eventually to Kathmandu. The group also entered into manufacturing batteries and steel in 1980s and toothpastes in 1990s. During the same decade it also invested in plantations of Teak and Sheesham, both near Biratnagar. Over time, it decided to tie-up with global brands as it realised it would give it the recognition and importance that manufacturing won't. So, the company made its foray into distribution and representation business. ''Vishal means large and that's what our group name aspires to do grow large,'' declares Agrawal with a hint of arrogance.</p>
			<p>
				The group has also evolved over decades from being prominent textile traders till the early 1970s to being importers of various things from countries other than India. It is among the first companies in Nepal to start importing from China. It also started making its presence felt in the banking and financial sector by joining a team of investors in promoting NIC Bank in 1997. It further established Life Insurance Corporation (Nepal) Ltd, a joint venture with LIC of India in 2000, and started Prudential General Insurance Company the same year.</p>
			<p>
				Agrawal did his schooling in India and pursued Undergraduate and Master's Degree in the US. On his return from the US in 1997, he joined the family business as a trainee to begin with. Later, his interest into brand representation business led him to start representing international brands. ''I have always aspired to be in businesses that are strategic and beneficial in the long run, rather than opportunistic businesses,'' reasons Agrawal. He avoids businesses that promise money in the short term but may not be sustainable in the long term.</p>
			<p>
				Agrawal says that his family has been a big inspiration for him. ''My family came from absolute poverty, but worked really hard and finally came into this position,'' he reveals. He feels it was far easier for him to start his career as there was already a platform for him to build on. He also feels privileged to have substantial wealth and has taken the responsibility of continuing the business legacy.</p>
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			<p>
				Agrawal says that his stay in the US influenced him a great deal. Before leaving for the US, his exposure and thinking were limited, he thinks. Living in the US for five years, interacting with people from diverse professions and cultures and learning about leading business families around the world gave him a viewpoint on his future course of life. ''My stay there broadened my mind frame in terms of national and social issues and personal development,'' he reminisces. Another major influence has been his involvement with the Confederation of Nepalese Industries (CNI). He is currently Vice President of the CNI and is thus able to interact with business leaders around the country and see things from a macro perspective. He is also a founder member of Entrepreneurs Organisation Nepal. Being involved with these institutions has helped him learn from others' success stories and experiences as well as to share his experience with others.</p>
			<p>
				Agrawal's management philosophy is very inclusive as he always looks to work with his employees as a team member and is not overtly autocratic. He is always ready to lose in the short term to win in the long term. ''Rather than blaming the policies, I want to develop strategies that go along with the policies,'' he states. He wonders why people always focus on problems rather than focusing on their solutions. ''I try to understand the problem but with a focus on the solution,'' he remarks. He agrees that the country's environment is not particularly great, but feels that everybody needs to own up the responsibility.</p>
			<p>
				Agrawal is married with Kavita, for 13 years now. He had never seen her before marriage even though their respective families knew each other well. Though, not part of the business management, his wife is a tremendous support for him. A proud father of a son and a daughter, he likes to spend quality time with his family. He says his family is his biggest source of strength and he always looks forward to reach home as soon as his work finishes.</p>
			He believes that the business fraternity must take responsibility to change Nepal's fortunes for better. ''The major business houses have the financial exposure and the luxury of looking at things from a different point of view. Therefore, they should put in more effort,'' he asserts. Always an optimist, he believes that nothing is impossible on this earth if one sports a positive mindset. Agrawal is a firm believer of the notion that there are better days ahead and Nepal can certainly look forward to prosperous times.</div>
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			'title' => 'The Indian Currency Conundrum',
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			'content' => '<p>
	There are understandable and obvious reasons of seemingly insatiable demand of Indian Currency (IC) in the Nepali economy. India is not only Nepal's largest trade partner, but the Nepal-India export-import ratio is about 1:7, that too only computing on the trade figures of formal channels.<br />
	<br />
	In the first half of the current fiscal year alone, Nepal Rastra Bank purchased nearly about 50 billion Indian Rupees paying other 'highly' convertible foreign currencies; mainly the US dollar. Due to this reason, among others, Nepal's Balance of Payment position has remained shaky for a couple of years now. Purchasing the IC against the forex reserve to finance the deficit trade appears to be nothing less dangerous than riding on a tiger. Worse, there is no sign of narrowing down the gap in this bilateral trade, at least not in the foreseeable future.<br />
	<br />
	To phrase it differently, for long years to come, Nepal has no option but to manage adequate amount of IC to keep alive its economy. It also means that we must explore the ways of managing the sources to reduce the strain on the forex reserve.<br />
	<br />
	This is particularly where our national fiscal managers and monetary authority have failed to devise pragmatic policies vis-a-vis IC management. Had Nepal been able to better manage it, the IC shortfall in the economy though would not have completely neutralised but the gap would have been far narrower than now. There are at least three strikingly glaring issues in this regard, taking-up which could solve larger part of the problem.<br />
	<br />
	First, amending the present system, the central bank of Nepal must allow smaller amount of IC to enter into the banking system. Only excuse that the central bank has to debar IC to NC exchange has increased incidences of fake IC notes, and bank teller's inability to screen them off. But, each bank would not perhaps mind to bear a little additional cost on screening if they could collect substantial amount of IC. This could reduce the IC holding by the individual and the IC entered into the country would spontaneously come into the system.<br />
	 </p>
<p>
	<img alt="fromtheeditor" border="1" height="170" hspace="10" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/editor.jpg" style="width: 225px; height: 170px; margin: 10px; padding: 10px;" vspace="10" width="225" /></p>
<p>
	 </p>
<p>
	Second, the central bank must have enough guts and urgency to talk to lift the embargo on transactions in Rs 500 and Rs 1,000 denominations IC notes. It is an open secret that these notes are freely traded by individuals and businesses all over Nepal. But it cannot come and be counted in the system due to the legal sanctions. If this issue could be resolved sooner, the IC supply in Nepal would ease substantially.</p>
<p>
	Third, and the most crucial is that the IC issue is no longer monetary or trade issue alone. It has rather become a bilateral political and diplomatic issue. The Rs 500 and Rs 1,000 denomination issue is linked to smuggling, terrorism and underworld operations, perhaps much hyped than what the reality is. Therefore, the political leadership must take initiative to assure New Delhi about the fair handling of these notes. The political leadership has to play its long due role of opening a formal channel for remittances from India to Nepal. All these efforts combined would at least solve fifty per cent of the problem.<br />
	<br />
	 </p>',
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			'content' => '<p style="text-align: justify;">
	Small sized loan sans collateral, group savings, small-scale entrepreneurs,&nbsp; diversified utilisation and simple and flexible terms on credit are among the features of micro-finance companies. </p>',
			'published' => true,
			'created' => '2011-03-14',
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			'description' => 'Small sized loan sans collateral, group savings, small-scale entrepreneurs,  diversified utilisation and simple and flexible terms on credit are among the features of micro-finance companies.',
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			'title' => '‘We Can Significantly Increase The Sales Of Panasonic Products In Nepal’',
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			'content' => '<div style="text-align: justify;">
	<img align="left" alt="" border="2" hspace="2" src="http://newbusinessage.com/ckfinder/userfiles/Images/Hidenori.jpg" style="width: 199px; height: 271px;" vspace="2" />Hidenori Aso, the Managing Director of Panasonic India Pvt Ltd was in Kathmandu recently for Panasonic Small Appliances Dealers’ Meet. In an interview with <i>New Business Age</i>, Aso shared ideas about different home appliances from Panasonic and his plans for popularising the brand in the Nepali market. Excerpts:</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What brings you to Nepal?</strong></div>
<div style="text-align: justify;">
	We are launching a range of new products that include Micro Wave Oven, Hair Dryer and Straightner, Men’s Shaver, Travel Shavers and Trimmers, Vacuum Cleaners, Blenders/Juicers and Food Processors. We also have a new rice cooker which we have customised as per the Nepali consumers’ requirement. Ours is not just a rice cooker, it can also make various other dishes. Here in Nepal, Momo is very popular. So, we have modified the product and added a Momo-maker to it. We are confident about the quality of our product. And we are providing five years warranty to the heater of the cooker. Our local business partner here, Triveni Byapar Company Pvt Ltd, is aggressive about increasing the business here. We especially want to increase our small appliances business here.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How is your small appliances business doing in the Indian as well as other markets?</strong></div>
<div style="text-align: justify;">
	Our business is doing quite well in India. In terms of growth, the market is almost doubling every year which is very encouraging. Next financial year onwards, our cooker factory will start producing one million cookers on an annual basis. Besides India, we are also trying to penetrate into other neighbouring countries like Sri Lanka and of course, here in Nepal.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>You have high end products like HD TVs as well. What is the market response for such products?</strong></div>
<div style="text-align: justify;">
	We have already launched the 3D Viera in India as well as here in Nepal. The response is quite good. The market for air conditioners is also expanding in India.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What is your expectation from the dealers meet that you have organised?</strong></div>
<div style="text-align: justify;">
	At the dealers meet, we want to showcase our new products such as the Momo-maker. We want to emphasise on the point that Panasonic’s quality is the best. Therefore, we are giving five years warranty for the heater, the main component of the cooker. We also want to increase our network. This is why we have invited 150 dealers from all over Nepal for the meet.<br />
	 </div>
<div style="text-align: justify;">
	<strong>What is the market share of Panasonic products in Nepal?</strong></div>
<div style="text-align: justify;">
	We are currently at par with our competitors here when it comes to the market share. But we are going very aggressively about our business. I am confident that we can significantly increase the sales of Panasonic products in Nepal with our business partner.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How do you distinguish yourself from the competition in the market as there are numerous brands selling similar products?</strong></div>
<div style="text-align: justify;">
	Our advantage is that we have a wide range of products with us. We have some products that our competitors do not have. For example, small appliances, kitchen appliances, beauty and health care products etc. We also have TV and Air Conditioners. When it comes to having a wide variety of products, Panasonic is definitely the market leader.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What are the challenges you face in the local market here?</strong></div>
<div style="text-align: justify;">
	Talking about the challenges, we don’t have good human resource here. We are trying to build a competent work force now. We are trying to make it more professional because Nepal, in general, follows very traditional methods. But since ours is a very professional product category, we need to change things around. We hope that doing so will appreciably boost our sales figures here.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What are you plans for expanding the market here?</strong></div>
<div style="text-align: justify;">
	At the dealers’ meet, we have the provision of ‘on-the-spot booking’.&nbsp;We are giving very good incentives to our dealers which will help them gain momentum in the market. It will ultimately popularise our products and give us a strong foothold in the Nepali market.</div>
<p style="text-align: justify;">
	We are trying to introduce a great number of products from many countries. We want people to have the entire range and provide quality service to them. I think that within the next two to three years, we would be in a position to dominate the Nepali market. </p>',
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			'description' => 'Hidenori Aso, the Managing Director of Panasonic India Pvt Ltd was in Kathmandu recently for Panasonic Small Appliances Dealers’ Meet. In an interview with........',
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			'article_category_id' => '31',
			'title' => '‘Simmtronics Has A Huge Market Potential In Nepal’',
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	<img align="left" alt="" border="2" hspace="2" src="http://newbusinessage.com/ckfinder/userfiles/Images/arif.jpg" style="width: 193px; height: 233px;" vspace="2" />Arif Khan, the Director of Simmtronics Semiconductors Ltd FZE was in Kathmandu to attend the official launch of Simmtronics products in Nepal. In an interview with <i>New Business Age</i>, Khan discussed his company’s prospects in the Nepali market. Excerpts:</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>Could you tell us what Simmtronics is all about?</strong></div>
<div style="text-align: justify;">
	It is a memory manufacturing company that was established in 1992. We have our manufacturing facility based in Singapore and our exports are done out of Singapore. As for Nepal, for logistics purpose, the goods come here via Dubai. We have an impressive range of products and all of them carry three years international warranty. During these 19 years that we have been in operation, we are already established in many countries such as Indonesia, Vietnam, Iran, Iraq, Russia, India and the entire Middle East.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How and when did you start distributing your products in Nepal?</strong></div>
<div style="text-align: justify;">
	We have been supplying to Nepal for the past one year through Explore Asia, our local distributor here. However, I thought of an official launch this time for a number of reasons. Multinational Companies like HCL, Samsung, HP,Dell etc have been showing an interest in the Nepali market for some time now. It generated curiosity in me so I wanted to find out more. Though the IT companies perceived Sri Lanka and Bangladesh as emerging markets, I discovered that they have reached their saturation point. Comparatively, Nepal is a virgin market and there is plenty of scope here. Therefore, we decided to enter the market now and introduce our brand so that we can capitalise on it in due time.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What kind of prospect does the Nepali market hold for you?</strong></div>
<div style="text-align: justify;">
	Nepal is a dynamic market, undoubtedly. I have gone through the sales data and figured that this is an upcoming market. If we place our products at the right price, provide good quality and after sales service, there is no reason why we can’t establish Simmtronics as a leading brand here. We will make best efforts from the company’s side. At the same time, we trust our distributor and the dealers here in Nepal to reciprocate our efforts.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How do you distinguish yourself from the competition?</strong></div>
<div style="text-align: justify;">
	We are vendors as well as we manufacture our own products. 40 per cent of the components required to make a computer are manufactured at facilities owned by us. But a majority of our competitors don’t have their own manufacturing facility, that’s where we score over them. Additionally, we have strong partners like Intel, VIA and IBM who have been with us for about 10 years now. The advantage we have as manufacturers are that we can sell products at very competitive prices.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What do you think of your future prospects in Nepal?</strong></div>
<div style="text-align: justify;">
	I am confident that in about six months’ time, we will command 80 per cent of the market share in Nepal. The figures that I have with me tell that the market here sells about 12-15,000 motherboards, close to 12-15,000 memories, around 6-7,000 personal computers and 2000 laptops every month. This suggests that the market potential is huge. To make the most of this situation, I have a plan that I will execute in partnership with my distributor here. I can promise you that Simmtronics is going to be aggressive. We will participate in IT related events and road shows as well as have our advertising system in place. To create a long standing goodwill, I will ensure that quality is maintained for our products in the Nepali market.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What’s the kind of investment you are putting in the market here?</strong></div>
<div style="text-align: justify;">
	At present, we have planned to invest US$ 50,000 as the initial capital for promoting our products here. We have earmarked this amount only for the purpose of Simmtronics’ advertising and promotions. Apart from that, the investment by way of giving our products to the dealers and getting the money back from the market will be about US$ 1 million, to start with. </div>',
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			'id' => '256',
			'article_category_id' => '31',
			'title' => '‘The People In Nepal Learn New Technology Very Fast’',
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	<img align="left" alt="" border="2" hspace="2" src="http://newbusinessage.com/ckfinder/userfiles/Images/aashis.jpg" style="width: 196px; height: 284px;" vspace="2" />Ashish Navinchandra Bavishi, the General Manager for International Business of Netcore Solutions Pvt Ltd was in Nepal recently for service expansion in partnership with Digitainment Pvt Ltd. Netcore is an Indian company that provides digital communication solutions for products specialising in email and mobile phones. The biggest names in banking and financial institutions along with various other companies endorse Netcore solutions. Bavishi looks after international business in Africa, South East Asia and South Asia Region. In an interview with <i>New Business Age</i>, he shared ideas about his company’s potential in the Nepali market. Excerpts:<br />
	 </div>
<div style="text-align: justify;">
	<strong>Could you tell us in brief about your company?</strong></div>
<div style="text-align: justify;">
	Netcore was started in 1998 with Linux based email servers. Over time, we started cloud services which hosts anti spam antivirus solutions. We entered into SMS solutions in 2003-04 and later on, we came up with enterprise solution and started different ways of using SMS. Netcore is probably the first Indian company to use SMS as an advertising platform. We helped corporate houses reach their clients through mobile phones because it is more personalised and penetrative than any other medium. Now we have medical services on SMS as well as M-coupons and M-connector which are business intelligence suites. We also provide email and SMS marketing services, voice based services. Around 20 million visitors log on to our web portal www.oneindia.in every month. Currently, we are trying to offer services like email, SMS, infotainment content etc in Nepal through telecom operators. The three different areas where we are working are enterprise solutions, data solutions and digital marketing.<br />
	 </div>
<div style="text-align: justify;">
	<strong>How well are you doing in India and other countries?</strong></div>
<div style="text-align: justify;">
	In India, we are the leaders in Linux based solutions. All our services are doing excellently in India. We are a team of 300 people; half of them are in technology. We are the market leaders in India for email servers, hosting anti spam integrated solution and digital marketing. After the telecom operators, we are the largest SMS sender in India with 10 to 15 million outgoing SMS daily. Netcore has pioneered most of the things that we currently do. We are also expanding our mobility and messaging solutions in other countries. We already have a presence in more than 17 countries. The entire IT fraternity is embracing cloud based solution rather than in-house solution. This is where Netcore’s expertise along with Linux based solution is so vital. We have a very capable leadership which encourages us to reach new heights. Being a customer oriented company, we believe in providing the best services for our clientele so that helps us maintain our top position.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What brings you to Nepal this time?</strong></div>
<div style="text-align: justify;">
	We are working in association with Digitainment here in Nepal for enterprise solution and solution for the telecom operators. We understand that the majority of people cannot afford smart phones. However, they are looking for VAS (Value Added Services) and infotainment solutions etc on their mobile phones which are not being catered well. We are trying to reach and cater to the lowest category of the society with our solutions. My brief experience tells me that this is a great market. People have started understanding the power of technology due to the advent and popularity of Internet, mobile phone and television etc. The people here learn to use new technology very fast. Contrary to my earlier belief, Nepal is not a tourist destination only. I find this market very promising as there are a good number of corporate houses here. And we are looking at them as our prospective clientele. We plan to replicate our image as a customer oriented company in Nepal. Hopefully, that will help us become the market leader here.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>Tell us about the products and services you plan to establish here?</strong></div>
<div style="text-align: justify;">
	We want to bring all types of solutions: digital marketing, enterprise solution and data products. The primary intention is to engage customers with the brand and cater to the corporate clientele with ‘no price tag for the solution’. People are paying a lot of money for legacy solution as they don’t have any alternative. Once they have an alternative which is better than what they are paying for, they would certainly opt for that. We will make efforts to educate the market and introduce all the products that we have in India.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>A large population in Nepal does not have access to Internet. Is that a challenge for you?</strong></div>
<div style="text-align: justify;">
	The solutions that we provide are not Internet based only. We will be coming with a bouquet of solutions via telecom operators to reach around 5 million people. We understand that SMS is the best option for penetration as it reaches everyone and it is easier, personal and cheaper. We focus primarily on SMS but at the same time, we also look at email and enterprise solutions.<br />
	 </div>
<div style="text-align: justify;">
	<strong>How would the customers benefit from your services?</strong></div>
<div style="text-align: justify;">
	Let me give you an example of email servers here. Linux based operating solution costs one third of the total price of legacy solution so that will create value addition for our customers. They stand to get better quality at a lower price. When we started out in India five years ago, the outgoing SMS charge was around 50 paisa. Today, it has come down to as less as five paisa per SMS. I think that can be replicated here in Nepal in the next two to three years. We will create benefit for our users by reaching more subscribers. We will give them more information for their mobile because mobile is the next big thing. All around the world, everything is making a shift from other technologies to mobile. SMS is the easiest medium for 70 per cent of the mobile subscribers. So, we are targeting mobile users and trying to cater to them. We are trying to cater to the entire market using SMS services as they promise to be the star performers among all value added services. All I can promise you is that this market will certainly get benefits from us. Within a year’s time, you will see the changes and results coming out.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>Technology is changing faster than ever. How challenging is it to operate in such an environment?</strong></div>
<div style="text-align: justify;">
	We have a sizeable technology team in India which is highly efficient. We share our knowledge on technology with our partners in different countries regularly. We want to extend our services keeping in mind the technology available to us here. We have been tackling with technology since our inception. We lead the market because we have pioneered on all fronts. I think we can cope with the change in technology given our competent team stationed in India. If required, we can always hire more knowledgeable employees to deal with new situations. Netcore is particularly interested in creating infrastructure for effective functioning. It has three data centres, one in India and two in the US which work in tandem with each other.&nbsp;If a particular centre is not working properly, another one takes over automatically. Our main focus being a technology company is to create technology and impart ensuing services to the customers.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What is your plan on working with the local companies in order to get established here?</strong></div>
<div style="text-align: justify;">
	We are very proud that we have tied up with Digitainment as our partner here. It will be responsible for liaison with the local companies. It’s an established fact that people trust their own people more. I am confident that Digitainment will help Netcore cater to the market here in an efficient manner. It’s our policy to work with local partners in any country that we start our operations in. We have already talked to many companies so in a way, we have started work here. It’s only a matter of time before our operations run in a full-fledged manner here.</div>',
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	<span aldine401="" color:="" style="font-size: 13.5pt; font-family: ">T</span><span aldine401="" color:="" letter-spacing:="" style="font-size: 9.5pt; font-family: ">he Nepal Stock Exchange (NEPSE) index plunged to five-year low in the last week of March. There are no convincing sign of its recovery on the sight. The gloom is pervasive despite the fact that several concerned agencies are seemingly keen to revive the secondary market. The NEPSE created a separate Central Depository Company (CDC) for an automated settlement of the transactions. No sooner NEPSE sought an operating approval for CDC from its regulator Security Board of Nepal (SEBON), the latter not only acknowledged its application but also brought out a press release highlighting the importance of CDC, understandably, to boost the investors psychology. <br />
	<br />
	<br />
	Nepal Rastra Bank (NRB) also issued new, fairly flexible directives to the banks regarding their investment in the mutual funds. The central banks marginally softened approach on margin lending should also have contributed positively to NEPSE growth. But none of these steps has actually worked. Why? Within the answer of this big why perhaps lies the solution to the alarming plummet of NEPSE too. <br />
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	<span style="font-size: 9.5pt;"><img alt="from the edior" border="1" height="218" hspace="10" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/editor(1).jpg" style="width: 286px; height: 218px; margin: 10px; padding: 10px;" vspace="10" width="286" /><br />
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	First, there appears to be a clear lack of co-ordination among three key agencies, the NEPSE, SEBON and the NRB. The lack of </span><span aldine401="" color:="" letter-spacing:="" style="font-size: 9.5pt; font-family: ">such co-ordination between the NEPSE and SEBON surfaced recently in the issue of providing training to the newly selected brokers. When new brokers join in the trade, an increase in the new investment could be expected. This unnecessary loggerhead between these two institutions not only distracted investors but also discouraged those aspiring to be new brokers. For this reason, only a few out of the 34 finally selected brokers have obtained the LoI, so far. <br />
	<br />
	<br />
	Similarly, while issuing the mutual fund directives, the NRB and SEBON apparently didn't have adequate joint exercise. Had they collaborated, the directives could have been more comprehensive covering not only the banks and financial institutions but also all potential investors in the economy. Above all, misunderstandings, primarily owing to their political loyalty among the top officials of these crucial agencies and also with the Finance Ministry are also reported. These are the kind of aversions which could have been easily avoided and must be done rather sooner than later. <br />
	<br />
	<br />
	To begin with, such co-ordination could initiate by resolving the training row of the new brokers. Despite highly bearish market, persistent political uncertainty and industrial unrest, these new brokerage companies have come forward to trade. They must not be discouraged by the feud between two public agencies. <br />
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	<span aldine401="" color:="" style="font-size: 9.5pt; line-height: 115%; font-family: ">Even more important is: the regulating and operating agencies must stop adopting fragmented approaches both in issuing directives and implementing them. And, all concerned must understand that no bureaucratic action alone would be enough to resurrect the investment psyche without building an overall confidence. This confidence will only stem out of convincingly business friendly political climate. </span></p>',
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			'description' => 'The Nepal Stock Exchange (NEPSE) index plunged to five-year low in the last week of March. There are no convincing sign of its recovery on the sight.',
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<p class="MsoNormal" style="text-align: justify;">
	<span style="font-size: 12px;"><strong><span style="color: rgb(255, 140, 0);"><i><span lucida="" style="line-height: 120%;"><img align="left" alt="stocktaking" border="1" height="176" hspace="2" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Bikram Chitrakar.jpg" style="width: 143px; height: 176px;margin:10px;padding:10px;" vspace="2" width="143" />By Bikram Chitrakar</span></i></span></strong></span></p>
<p class="MsoNormal" style="text-align: justify;">
	<strong><br />
	</strong></p>
<p class="BODYTEXT" style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">M</span></span><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">arch 15, 2011 proved a fateful day for the Nepal Stock Exchange (NEPSE) Index as it touched 376.75 which is the lowest point for over four years and eight months. NEPSE was 376.77 on July 2, 2006. Though the index recovered a bit and reached 377.6 on March 20, it is still not clear whether the revival is going to hold steady. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">The reason for the latest decline in the NEPSE is the amendment proposed by some Maoist-affiliated Members of Parliament in the Bill presented to the parliament by the government to amend the Bank and Financial Institutions Act (BAFIA). The issue came out to the light after the bankers held a press conference and made the details public. The most important point objected by the bankers is the proposal by the MPs to replace the words ‘liberal economy’ by ‘self-reliant mixed economy. That is interpreted as an attempt towards curtailing economic freedom in the country. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="">As a result, the benchmark NEPSE index receded 27.60 points or 7.31% during the review period to settle at 377.6. The highest point during the review period was on 20 February when it was 405.2. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Among the other proposals of the MPs objected by the bankers is one from industrialist MP Padma Jyoti. It wants to restrict the banks from asking any collateral security except the project properties for which the loan is being extended. But more important point that sent jitters across the market triggering a frenzy of sales is the proposal to restrict businesspersons from holding more than 5 percent of the shares in a bank or financial institution. As most of the listed companies are banks and financial institutions and such companies at present are majority-held by businesspersons, the proposed amendment is likely to force them to sell their holdings, thus increasing supply of shares in the market. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Nepal Rastra Bank (NRB) and Securities Board of Nepal (SEBON) came forward to calm the market. The central bank decided to allow banks to operate mutual fund. It also relaxed a bit its restrictions on banks extending loan against the security of shares. The banks can now renew such loan for this year if the borrowers pay the interest. Moreover, the banks are directed not to make the margin call if the market price of the share held as security falls less than 10 percent. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Meanwhile, the Central Depository System (CDS) is set to start from next month, according to the Central Depository System and Clearing Company formed by Nepal Stock Exchange to set up and operate such system. The company has informed that the required software for CDS has already been prepared and necessary hardware system is being installed. It can be hoped that the Nepali capital market will have CDS system in place by April.&nbsp;</span><span style="letter-spacing: 0.15pt;"> <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><span style="letter-spacing: 0.15pt;">Performance by Sector<br />
	<br />
	</span></span></span></strong></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Commercial banking sector that dominates the largest volume of trade in Nepal Stock Exchange lost 33.32 points or 9.95% to settle at 334.89 during the review period. Hydropower sector shed 66.51 points or 10.14% to rest on 655.88. Development bank descended 21.20 points while other sectors skid 18.79 points to arrive at 334.43 and 524.03 respectively. Insurance sector declined 14.97 points or 3.20% to settle at 467.43. Similarly, hotel sector reduced 2.46 points followed by 1.46 points in the trading sector. However manufacturing sector gained 3.61 providing as the sole survivor in the market mayhem in the review period. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Sensitive index that measures the performance of 117 blue chips at the secondary market descended 7.98 points or 8.61% to arrive at 92.7 while the float index calculated on the basis of real transaction plummeted 2.64 points to 31.81. Total of Rs. 385442296 was realized during the review period from 1741938 units of share traded via 31558 transactions. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	The accompanying figure illustrates the sector-wise distribution based on the total volume of trade. As usual, the banking sector dominated the volume of trade covering 40.75%. Finance sector and development bank shared 22.33% and 22.13% respectively. Hydropower accounted for 7.28% while remaining sectors held the rest. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Technically, Simple Moving Average (SMA) is commanding the NEPSE index which is below both 200 days SMA and 30 days SMA signifying further weakness in both short and long term. However, as the NEPSE index is flat, it is likely to gain back towards 390 while the further downward journey will lead towards 350.</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="margin-top: 8.5pt; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><i><span aldine401="" letter-spacing:="" style="font-family: ">(The writer is a stock analyst with Jamb Technologies Pvt Ltd)</span></i></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;">&nbsp;<span class="MyriadPro">Movement in Indices (20 Feb - 20 Mar 2011)</span></span></strong></p>
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					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Indices</span></b></span></p>
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					 </p>
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					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Open</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
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					 </p>
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					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">High</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
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			<td style="width: 40.1pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="53">
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					 </p>
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					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Low</span></b></span></p>
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					 </p>
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					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Close</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
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					 </p>
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					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Change</span></b></span></p>
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					 </p>
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					<span style="font-size: 12px;"><span color:="" style="font-family: ">Nepse</span></span></p>
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					 </p>
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					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
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			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
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					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
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					<span style="font-size: 12px;"><span color:="" style="font-family: ">376.75</span></span></p>
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			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">377.6</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-27.60</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.31</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 14.9pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Bank </span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.89</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-33.32</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-9.95</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Sensitive</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.62</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.7</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.98</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-8.61</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Development Bank</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">329.69</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.43</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-21.20</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-6.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Hydro</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">722.39</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">723.44</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">654.25</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">655.88</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-66.51</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-10.14</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Finance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">335.58</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">335.94</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">317.67</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">317.67</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-17.91</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-5.64</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Insurance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">482.4</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">485.02</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">464.54</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">467.43</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-14.97</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-3.20</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Hotel</span></span></p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				 </td>
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<p>
	 </p>',
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			'description' => 'March 15, 2011 proved a fateful day for the Nepal Stock Exchange (NEPSE) Index as it touched 376.75 which is the lowest point for over four years and eight months.',
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			'title' => 'Corporate Movements April 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<em><span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Newcomers<br />
	</strong></span></span></span></em></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Dorje Sherpa</strong> has joined Gokarna Forest Resort as Vice President replacing Richard Lawrence Dusome who was the General Manager at the resort. Sherpa was the General Manager of Hotel Del Annapurna earlier. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Gyanendra Dhungana</strong> has joined NCC Bank Ltd as General Manager after resigning from Nepal Rastra Bank where he was a Director.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Binod Narshingha Shrestha</strong> has joined Kumari Bank Ltd as Head-Business Development and Institutional banking. Earlier, he was Consultant-Marketing, Rural Finance Sector Development Cluster Programme at Agricultural Development Bank Limited, Ram Shah Path.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Tapta B Bista</strong> has joined Casino Anna as General Manager. Prior to this, he was the Club Manager at Casino Dunes in South Goa, India.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Sarik Bogati</strong> has joined Pooja International as Asst Marketing Manager. Prior to this, he was an Assistant Manager at NATTA (Nepal Association of Tour and Travel Agents).</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Shyam Khatri</strong> has joined Eat Tempus Eating Lounge and Restaurant as Manager. Earlier, he was the Operations Manager at Compass Group (PLC), Algeria. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Shambu Bahadur Thapa</strong> has joined Mega Bank Nepal Ltd. as Branch Manager and Head-ATM of Kantipath Branch. Earlier, he was Senior Officer of Operations and ATM Network Department at Nabil Bank's Kantipath branch.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Indira Paneru</strong> has joined Mega Bank Nepal Ltd&nbsp; as the Branch Manager of Kapan Branch. Earlier, she was the Supervisor and Asst Branch Manager at Tusal Branch of International Development. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Arpan Sanjel</strong> has joined Mega Bank Nepal Ltd&nbsp; as Branch Manager of Argakhanchi Branch. Earlier, he was at Kumari Bank Ltd.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Laxmi Thapaliya</strong> has joined Mega Bank Nepal Ltd as Branch Manager of Hariwan Branch. Earlier, she was at Chimmek Bikash Bank, Kathmandu.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Dharanidhar Sapkota</strong> has joined Mega Bank Nepal Ltd&nbsp; as Branch Manager of Chautara Branch. Earlier, he was at Kabeli Bikash Bank Ltd, Dhankuta.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Pasang Yangchen Lama</strong> has joined Mega Bank Nepal Ltd&nbsp; as Branch Manager of Syaffrubesi Branch. Earlier, she was at Sanima Bikash Bank Ltd, Kathmandu</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Narayan Agrawal</strong> joined Mega Bank Nepal Ltd as Branch Manager of Biratnagar Branch. Earlier, he was at Bank of Asia Ltd, Biratnagar.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 14px;"><strong><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="">Promotions <br />
	</span></i></span></strong></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 14px;"><strong><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="font-family: "><br />
	</span></i></span></strong></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Yugesh Bhakta Bade Shrestha</strong> has been promoted as the CEO of Alliance Insurance Co Ltd for four years term. He was the Acting CEO earlier.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Neeraj Shrestha</strong> has been promoted as Deputy Sales Manager of Pooja International. Earlier, he was the Assistant Sales Manager.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	 </p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="">Government Movement</span></i></span></span></strong></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="font-family: "><br />
	</span></i></span></span></strong></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Dr Jagadish C Pokhrel</strong>, the Vice Chairman of National Planning Commission (NPC) has resigned from his position. Similarly, Dr Puskar Bajracharya, Dr Chet Raj Pant, Dr R D Singh, Dr Ganesh Gurung and Dr Tirtha Khaniya have also resigned as NPC members.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Kundal Aryal</strong>, the Chairman of Nepal Television (NTV) has resigned from the corporation.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Laxman Agrawal</strong>, The General Manager of National Trading Ltd has resigned.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	 </p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="MsoNormal">
	<span style="font-size: 12px;">&nbsp;</span></p>',
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<p class="BREAKER" style="text-align: justify;">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span franklin="" gothic=""><strong><a href="Pawan Kumar Golyan’s journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. That led him to Kathmandu and all his ventures since then have been successful. "><img align="left" alt="" border="1" height="416" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Pawan Kumar Golyan.jpg" style="width: 188px; height: 416px;margin:10px;padding:10px;" vspace="5" width="188" /></a>Pawan Kumar Golyan's</strong> journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. That led him to Kathmandu and all his ventures since then have been successful.&nbsp; </span></span></span></span></p>
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	 </p>
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	<span style="color:#000;"><br />
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	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><i>By Gaurav Aryal</i></span></span></span></p>
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	<span style="color:#000;"><span style="font-size: 12px;"><b style="">&nbsp; <br />
	</b></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><b><span color:="" myriad="" style="line-height: 120%;">Pawan Kumar Golyan</span></b></span></span></p>
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	<span style="color:#000;"><span style="font-size: 12px;"><span color:="" myriad="" style="line-height: 120%;">Chairman</span></span></span></p>
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	<span style="color:#000;"><span style="font-size: 12px;"><span color:="" myriad="" style="line-height: 115%;">Golyan Group of Industries</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">L</span><span aldine401="" color:="">ike most heirs of business families, Pawan Kumar Golyan too sought his future in managing the family-run business, a textile industry. However, with time, Golyan went on diversifying.&nbsp; He is currently the Chairman of Golyan Group of Industries. While Reliance Spinning Mill (RSM) is the flagship company of the group, it also has institutions such as NMB Bank, Westar Properties, Atlanta Trading, City Properties, Dhanalaxmi Synthetics, Himali Pashmina Industry, Shivam Plastic Industries and Makalu Cashmere are among others. Golyan says, Our flagship company, RSM alone registers an annual turnover of three to four billion rupees.</span></span></span></p>
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	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
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	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Golyan was born in Rangeli, Biratnagar and spend his childhood there. After appearing for his School Leaving Certificate (SLC) examinations, he started work at the Shah Industry, one of the units within his family business. I started my career when I was only 16-years-old and became a full-fledged business person by 22, he proudly states. The industry closed down after the establishment of the spinning mill. He remembers his early days at the industry, There were around 600 workers at that time. It was not a smooth ride all along. However, the learning experience there was great and has always helped me. <br />
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	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
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	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Golyan continued to work through his college days. I used to attend classes in the morning and look after the business mainly during the day, he reminisces. He completed his B com from Mahendra Morang Campus, Biratnagar and has been involved in business full time ever since. He did not find time to pursue further studies. Not that he had the inclination either. Once I was full-fledged into business, I lost interest in studies, he says nonchalantly.</span></span></span></p>
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	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
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	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Going to cinema was a favourite pastime those days. Golyan recalls that Biratnagar used to be a place where there were no restaurants and clubs. There were limited options for merry-making and hangouts. He chuckles, We used to go to Dharan just to watch movies.His journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. He suffered from dry eyes disease. To escape from the scorching heat of Biratnagar, Kathmandu proved to be a cool haven for him. Moving to Kathmandu largely helped business, he reveals. It reaped benefits for him to move to the capital city as a series of activities took place since. First, the establishment of RSM happened. In the subsequent years, Golyan started expanding into other industries and businesses. And, as luck would have it, the businesses turned out to be successful ventures in due time. <br />
	</span></span></span></p>
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	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
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	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Establishment of RSM was probably the most proud moment of my life, he happily says. Setting up an industry worth one billion rupees 15 years ago was a massive proposition. Today, Golyan personally has one billion rupees worth of shares in the industry along with his equal partner Shashikant Agrawal. Presently, the industry exports its products to Turkey, Bangladesh and India. Among these countries, India is the largest market with 80 per cent of the total exports ending up there. He says that the thread produced at RSM is supplied to almost all Nepali textile industries. He is particularly pleased that the market prospects have improved appreciably in the last four months. <br />
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	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">RSM currently has 3000 employees. It has a management team of professionals which takes care of the day-to-day management while Golyan has continued to take interest in the company's future. He reveals, Among all my companies, RSM is very close to my heart as I was attached with the textile business for a very long time. His other unit Shivam Plastic Industry manufactures woven sacks while Dhanalaxmi Synthetics produces threads with melt spinning. Westar Properties, the housing company, has two projects under construction at the moment. The group also has its investment in the banking and insurance sectors. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">They say slow and steady wins the race. Golyan is a living example. I moved my family business ahead step-by-step. There was no rush and I never expected any overnight miracles, he shares. He says that he credits his success to continuing his father's honest virtues in business and the faith on Goddess Durga. When it comes to human resource management, he believes that trust is the most important aspect. Therefore, he believes in trusting his employees and giving them responsibilities based on their respective capacities. Over 5000 employees work for his various companies. He believes in healthy discussions to mitigate problems. Golyan does not like yes men He reasons, I may be the Chairman but that does not make me perfect. So, everything that I say need not come into effect.He believes that it's not the individual who is important. The company or the institution is more important as the destinies of thousands of stakeholders are attached with it. He believes in enhancing the skills of his employees to develop a sense of ownership in them. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">He hates the Nepali trend of following successful businesses blindly. In my belief, it is important to study a business meticulously before venturing into it, he suggests. Imitating successful businesses does not guarantee success, working with optimism and dedication does, he says. Golyan painfully recounts the time when he almost left his business on his eldest son's demise. I was shattered and lost all my hopes. I saw no reason to continue. But one of my colleagues reasoned that I don't have the right to leave the livelihood of thousands of workers in lurch,he says. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">According to Golyan, the four pillars that matter in his life are business, personal life, social life and personal time. I try to balance these as much as possible. I keep myself completely free from all business matters at least one day in a week. That day is for my family, he declares. He also manages 10 to 15 days twice a year for travelling with his family and friends. New Zealand is one of his much loved destinations. He tries to apply this on his employees too. So, he has the provision of forced holidays for them. A holiday rejuvenates people and also helps us realise their importance during their absence, he explains. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="" letter-spacing:="">I love to sleep as much as possible. Sometimes I don't wake up until midday, he jokes. He fondly remembers the days when he used to play badminton and cricket, That was a long time ago. These days, I practice yoga to stay fit. A movie buff, he also enjoys listening to music. Moderately brand conscious, Golyan prefers quality over brand names. At 52, he is already a veteran of 30 years in business. You ask his future plans and he philosophises, I have not looked at day-to-day business for the last 10 years. But I don't intend to retire completely. He wants to begin philanthropy in his son Jayanta's name. He plans to adopt a remote village with a population of 800 to 1200 residents and sponsor their health and education. Instead of giving them money, I will help them become self reliant by providing them with different skills and probably buy their produce,he says. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:="" letter-spacing:=""><br />
	</span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:="" style="line-height: 115%;">If the pilot project attains success, Golyan plans to expand this model to other villages. I am beginning the project from this year. And I would dedicate time for it just as I do for my industries, he expresses. He added that though it is a difficult and thankless job, he wants to do so for his inner satisfaction. Golyan has no regrets in life except his inability to save his son. He treats his nephews as his own children and wants to see them become successful in life.&nbsp;</span><span style="line-height: 115%; font-family: Wingdings; letter-spacing: 0.05pt;"> <br />
	</span></span></span></p>
<p class="MsoNormal">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span style="line-height: 115%; font-family: Wingdings; letter-spacing: 0.05pt;">&nbsp;</span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><span style="line-height: 115%; font-family: Wingdings; letter-spacing: 0.05pt;"><br />
	</span></span></span></p>
<p class="BULLETTEXT">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span class="MyriadPro"><span color:="" new="" times="">Personal side</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span color:="" new="" times=""><br />
	</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Loves to sleep as much as possible</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Listens to soft and soothing music</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Used to play badminton and cricket</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Does not read books at all</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Resigned from the post of CNI Vice President as he hates double standard behaviour </span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Not tech-savvy</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Moderately brand conscious</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Drives Honda Accord </span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Loves to wear Canali suits</span></span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><b style="">&nbsp;</b></span></span></p>',
			'published' => true,
			'created' => '2011-04-26',
			'modified' => '2012-09-17',
			'keywords' => '',
			'description' => 'Pawan Kumar Golyan's journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. That led him to Kathmandu and all his ventures since then have been successful.',
			'sortorder' => '179',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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			'main_news' => false,
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			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '249',
			'article_category_id' => '46',
			'title' => 'Mark E Hansen',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size: 14px;"><strong><br />
	</strong></span></p>
<p>
	<span style="font-size:14px;"><strong>What Gets Measured, Gets Done</strong></span></p>
<p class="ANSWER">
	 </p>
<p class="ANSWER">
	<br />
	<span class="MyriadPro"><span lang="EN-GB"><img align="" alt="" border="1" height="220" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/interview1.jpg" style="width: 224px; height: 220px;margin:10px;padding:10px;" vspace="5" width="224" /><br />
	</span></span></p>
<p class="ANSWER">
	<span class="MyriadPro"><span lang="EN-GB"><br />
	</span></span><span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Mark E Hansen</span></span></strong><span class="MyriadPro"><span lang="EN-GB">, the Head of Asia Governance and Strategic Initiatives at Standard Chartered Bank, serves on the Bank's Asia <br />
	</span></span></span></span><br />
	<span class="MyriadPro"><span lang="EN-GB">Geographic Management Committee. He has a Masters in Economics from UC Berkeley and a BA with honours from Cornell University. He was previously a partner at strategy consulting firm Booz Allen &amp; Hamilton. In an interview with Pinaki Roy of <i>New Business Age</i> during his recent visit to Kathmandu, Hansen spoke in detail about various aspects of corporate governance. He has over 25 years of experience in strategic transformation and performance improvement programmes and has been involved in the development of Standard Chartered's executive leadership training programme. Hansen also put forth Standard Chartered's take on mergers and acquisitions, in the light of Nepali banking sector's latest merger rhetoric. Excerpts:<br />
	<br />
	<br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">How do you look at the overall impact of corporate governance in private sector, specifically banking operations?</span></span></strong></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">I think it's becoming increasingly important from several perspectives. One is from the investor's perspective. Investors want to invest in institutions that they believe have strong corporate governance, to ensure the security of their investment. It's not just an emerging market issue; it's a developed country issue. The fate of big companies such as Enron, MCI, WorldCom and Lehman Brothers have all raised questions about the appropriateness of corporate governance. As the world continues to evolve, investors as well as customers want to do business with institutions they believe are doing the right thing. In the financial sector, we think it's a point of differentiation for Standard Chartered Bank where we have such strong corporate governance. And it's well appreciated by the regulators in the countries that we operate in. We pride ourselves on having high standards. We are well managed and governed. So, we believe we are at the front end of the trend that will put increasing emphasis on corporate governance. We pride ourselves in Nepal because we are a listed company here. And we make sure that we are on the cutting edge of best practices.&nbsp;</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">When did Standard Chartered Bank first envision the importance of corporate governance? How has it helped spearhead the system so far?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">It's been there for a long time. We have always had in our structure a form of country management with governance as well as the businesses. Sometimes it's more towards the business side and at other, towards the governance side. But it's a bit like a check and balance system that you would see in political systems where you have a legislative, an executive and a judicial branch. In ours, we have our businesses and then we have the governance. They serve as a healthy tension and a check and balance between the two. By design, we have always had our businesses focused on shorter term. It is about making the numbers for the year and the governance function having the more strategic perspective. It predates the governance crisis that happened in the west. It was impacted by certain events in the UK in the 1970s and 1980s and later in the US. But all that did was force us to be more rigorous and more introspective about how we can do this better.<br />
	<br />
	</span></span></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">How important is the role of institutional investors in increasing the professional diligence of your bank as a corporate entity?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">It's quite important. We have large sovereign funds, long term institutional funds, insurance companies as well as a reasonably diversified investor base. We think that diversity is a strength because it helps us work through many different constituents. The institutional investors tend to have a longer term perspective which is important. One of the concerns that I think exists in the academic press today is that they focus too much on the short term, on quarterly profits. We only report our financials semi annually. We would like to look and take a longer term perspective like the investors do. The other point I have always raised is that the investor base is expanding, actually. For example, we are listed in India now so it's not just the western investors in London. We now have Indian investors in Mumbai, Hong Kong investors in Hong Kong and Chinese investors in Shanghai.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	 </p>
<p>
	 </p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">A board of directors often plays a key role in corporate governance. How do they go about ensuring accountability of the organisation to its owners and authorities?</span></span></strong></span></span></p>
<p class="ANSWER">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">If you look at the directors roles, it's important that they understand sharing the responsibilities they take on. What has been happening in the past is that in some institutions they were very lightweight. The practice still exists in a few companies but it is starting to disappear from most of them. Today, the directors have to come prepared, contribute and interface with the regulators. Everyone Capital Markets, Regulators and the Institutions expect the directors to perform. As for our own subsidiaries, we have quite a rigorous process for selecting and then assessing directors on a regular basis. </span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Who are the parties to corporate governance that have an interest, direct or indirect, in the effective performance of an organisation?</span></span></strong></span></span></p>
<p class="ANSWER">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.15pt;">It's a wide group of stakeholders. First, the investors who want to know if the money is put in a well run and governed institution. Second, the banking and capital markets regulators because they want the assurance that the propriety in compliance with regulations is embedded in the organisation that starts with the governance function. And then the customers, increasingly, because they want to know they are doing business with the right organisation. The employees too have an interest. And I say this particularly in Asia because a number of banks and local companies are family-run entities. They have a particular management and governance style. In fact, the part of the problem is that the management and governance aren't separated. So, I think the establishment of appropriate governance and a separation of governance from the management are quite important for the evolution of companies in the Asian markets.</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Could you tell us about the key elements of good corporate governance principles? </span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">The first one is compliance which focuses on bringing the global best practises. It also recognises that one has to adhere to local regulations. Therefore, it is a binding constraint issue. We try and incorporate the best practices but we also have to accept the local constraints. The second is integrity and transparency. The best way to demonstrate corporate governance is actually the transparency by which you disclose all your financial information as well as other information about the organisation. The third is process which, though boring, is quite important. The discipline around the varying board agendas, getting papers circulated beforehand, having meetings at appropriate times, correctly managing etc are part of this. It's very administrative but critical for the impact on the working style of the board of directors. This way you make sure that the board is focusing on the right thing and getting its work done efficiently. The final one is the measurement of the board's effectiveness. You need a process to self-examine yourself. It's not necessary to bring in outside experts to determine that. The clich what gets measured, gets done is true.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">What are the consequences of not having good corporate governance?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">As I mentioned earlier in this interview, the many recent corporate scandals MCI WorldCom, Enron, Lehman Brothers to name just a few of the more well-known failures from poor corporate governance evidence some of the consequences. Investors lose money. Employees lose their jobs. Regulation may be increased to the point where it becomes very costly and burdensome. Stakeholders trust in business diminishes.&nbsp; The trust which underpins market economies becomes eroded. I think the latter is a lot of the reason why corporate governance is becoming more important to consumers, investors and the society at large. Increasingly, consumers prefer to buy products and services from, employees prefer to work at, and investors prefer to invest in companies who are well-governed and who exhibit good corporate governance.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">The Enron collapse is an example of misleading financial reporting. How crucial is quality financial reporting for the corporate governance system to function effectively? </span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">It's absolutely crucial. Because if you cannot trust the numbers, there is no way you can make an economic or financial assessment. I think the financial crisis did not come as a surprise for many because irregular accounting practices existed in the system. Markets function on information and to a certain extent, on trust. If the information cannot be trusted, they don't have market values.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">What are the barriers to good corporate governance and their corrective measures? </span></span></strong></span></span></p>
<p class="ANSWER">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">Let me focus on what helps make good corporate governance. First, there must be a clear separation of governance and management responsibilities. Second, the directors should be willing to dedicate time and effort to be effective board members. Third, the independent directors must protect minority shareholders rights.&nbsp; Fourth, a strong audit committee has to be supported by a reputable and capable external auditor and an independent and strong internal audit function. Fifth, there must be clear, accurate and timely management and financial information.&nbsp; Finally, a board effectiveness review process has to be in place to measure individual contributions and the collective effectiveness of the board. This must be supported by effective company law and regulations which clearly define the corporate governance framework in an unambiguous manner. The form <i>per se</i> is less important than the substance, since there are different models of how to structure governance in a company, for example, Anglo-American models Vs continental European models.</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Can you attribute Standard Chartered Bank's stupendous success to effective functioning of corporate governance?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.05pt;">Yes, we view corporate governance quite importantly. I am in charge of corporate governance for all of Asia. And we have a counterpart for the remainder of the bank in Africa, the Middle East and the western countries. We pride ourselves on following best practices not only with the UK board but also our subsidiary boards. Nepal is a good example because we are not just a subsidiary here. We are a listed company and we pride ourselves not only on the financial results we have. We do believe that the governance of the entity here is part of the reason why we are so successful. Again, it allows us to identify issues early on, with a good board and a good governance process in place. It makes you see the risks down the road and helps you position for them. One of the things that might be of interest to your readers is that we actually changed our process and set up two new sub-committees on our board in London. The first one is called brand and values which focuses on the soft side of the company. We think that it's absolutely important to have values in a new organisation. The next is that we have split risk and audit. The audit committee focuses more on audit results and is backward looking while the risk committee is forward looking and focuses on new things on the horizon.&nbsp;</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p class="questionsforinterview">
	 </p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Nepal's banking sector is talking mergers of late. What is Standard Chartered's take on this? </span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.05pt;">In general, we prefer to grow organically and not through acquisitions because it's easier and more within our control. The degree of certainty about outcome is higher. I have worked on a number of acquisitions for the bank in Indonesia, Korea and Taiwan. Acquisitions are hard. A lot of management consultants will tell you that most acquisitions fail. And it's not normally due to financial reasons. They fail because of the difficulties and efforts required to integrate two separate entities. A lot of it surrounds not necessarily the business side but the soft side the people, values etc. In effect, you are taking another institution and marrying it to your institution. The cultures, values and perspectives aren't similar. It's very challenging and runs the risk of a strife in the management in the long term. I will give you a good example. As you know, we bought Grindlays Bank some years ago. The Grindlays deal worked very well for us and it has always been one of our best acquisitions. Not only because it has provided us a wonderful footprint in South Asia but also because the culture of the two merging banks in question, was very similar. Grindlays was a bank with strong local roots and a global perspective. Some of the other acquisitions we have done recently were that of very local banks. We had to adapt the way we worked, to fit in with the Korean and Taiwanese context, for example. It can definitely work like most other things in life it's a trade off. On Nepal specifically, we do think that there is a need for some consolidation. You have too many banks given the size of the financial sector here.&nbsp; </span><span lang="EN-GB"><br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Does the Standard Chartered Bank have any specific plan in mind? Have you set your sights on any particular brand that you want to acquire?</span></span></strong></span></span></p>
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	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">We will look at opportunities that come our way but our bias will always be towards organic growth. We are quite happy with organic growth and will not pursue acquisition as such. Even if there was anything on the cards, our corporate governance practice does not allow me to disclose any specific information. Nepal is a market that's of interest to us. We will look at the market growth and keep different options in mind. But the organic option will always be our preferred option.&nbsp; </span></span><br />
	</span></span></p>
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	<i><span color:="" lucida="" style="line-height: 120%;"><img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/img(2).jpg" style="width: 89px; height: 109px;" /></span></i></p>
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	<i><span color:="" lucida="" style="line-height: 120%;"><span style="color: rgb(255, 0, 0);">By Madan Lamsal</span></span></i></p>
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	<span style="font-size: 12px;"><span aldine401="" color:="">A</span><span aldine401="" color:="">nyone who tries to impose Nepal a controlled or a mixed economy is for sure to doom. It is because Nepal's economy is by nature and inherently free and freak, and will continue to be like that.&nbsp; <br />
	<br />
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	<span style="font-size: 12px;"><span aldine401="" color:="">Before 1991 Nepal was somehow closed and controlled economy. After that so called democratic parties said they were trying to make Nepal a 'free economy'. But the right word was 'economy-free' which meant a 'country without economic activities'. This 'economy-free' became highly successful, of course, by the support of people's war that brought a complete halt to the economic activities. By this token, the Maoists are the biggest free-market forces of the country.&nbsp; Now some of the parties, including the very free-market forces in the government, are campaigning to make a 'mixed economy'.<br />
	<br />
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	<span style="font-size: 12px;"><span aldine401="" color:="">This indeed is a great idea. Mixing is also our great national character. Mix your business with politics and end result is: businessmen become members of parliament and politicians soon become billionaires. Mix trade-unionism in politics, the unionists become political leaders and businesses vanish from the country. <br />
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	<span style="font-size: 12px;"><span aldine401="" color:=""><br />
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	<span style="font-size: 12px;"><span aldine401="" color:="">Every Nepali is enjoying the freedom to mix one economic activity with the other.&nbsp; For example, one can carry fake currencies around and carry extortion racket simultaneously. In fact these mixtures were possible only because we have immense economic freedom. This is how the free-economy actually fathers the mixed one. <br />
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	<span style="font-size: 12px;"><span aldine401="" color:=""><img alt="" border="2" hspace="2" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/No Laughing Matter.jpg" style="width: 263px; height: 190px;" vspace="2" /></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	<span style="font-size: 12px;"><span aldine401="" color:="">If we analyze meticulously, in a broader sense, Nepal was a free economy even before 1990. Nepal started to allow freaks to visit Nepal in the 60s. Then she brought 'Jhiti Gunt' policy which allowed people to bring in everything from gold to clothes to Nepal without paying duty. There also was a duty-free shop opened at the Tribhuvan International Airport to facilitate people to enjoy this freedom.</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 12px;"><span aldine401="" color:=""><br />
	But two years ago this duty-free shop was closed down by the then Finance Minister Dr Baburam Bhattarai for quite good reason. He wanted to make TI airport 'free of duty' as well as'free of spirits' and '˜free of smoke' so that anybody coming from abroad can bring the liquors and cigarettes without paying duty at the airport. Therefore, now people buy such goods abroad and pay duty to the governments abroad. <br />
	</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 12px;"><span aldine401="" color:=""><br />
	Anyway, slowly Nepal is entering such an era of free economy where everything can come free here from gold to goldfish and from birds to briefcases full of things you name them. We must keep everything under the sun free in the country.&nbsp; Entry for the Nepalis into casinos must be kept free so that they can be free of their burden of physical wealth and sometimes gamble their own lives away.&nbsp; Similarly, poachers must be left free to kill rhinos and other endangered species for money . <br />
	</span></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:=""><br />
	</span></span></p>
<p class="MsoNormal">
	<span style="font-size: 12px;"><span aldine401="" color:="" style="line-height: 115%;">These are only a few examples of economic freedoms that Nepali people are enjoying and also these are the testimonies that Nepal no way wants other than the free-market, be that controlled or mixed economic policies. They have faith only in freedom - free donation, free education, free money (payment without work), free prizes etc. We also have free students union and free labour unions. There are campaigns going on for women's freedom, freedom to the indigenous people and freedom of religion. The government does not try to control corruption. By controlling corruption you will be controlling a freedom. By the same logic, doesn't control inflation. Similarly, some people are enjoying full freedom to indulge in flesh trade. For all these reasons our economy is only best fitted to be called free economy. Nepal cannot have a controlled or mixed economy. Thus the advocates of these models of&nbsp; economies surely do not have a &nbsp;future. <br />
	</span></span></p>
<p class="MsoNormal">
	 </p>
<p class="MsoNormal">
	<span style="font-size:12px;"><span aldine401="" color:="" style="line-height: 115%;"><br />
	</span></span></p>',
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			'modified' => '2012-09-16',
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			'description' => 'Anyone who tries to impose Nepal a controlled or a mixed economy is for sure to doom. It is because Nepal's economy is by nature and inherently free and freak, and will continue to be like that.',
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			'title' => 'Corporate Movements March 2011',
			'sub_title' => '',
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	<strong><br />
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<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left; height: 220%;">
		<div align="justify">
			<p>
				<span style="color: rgb(255, 0, 0);"><strong><span class="style1">Newcomers</span></strong></span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/sanjeev.jpg" style="width: 58px; height: 73px;" vspace="3" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Sanjeev Pathak</strong> has joined Norvic International as Chief Engineer. Earlier he was with Vibor Properties as Project Engineer.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/binaya.jpg" style="width: 62px; height: 77px;" vspace="3" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Binaya Kumar Poudel</strong> has joined Agraj Foods Pvt. Ltd. as Managing Director. Earlier he was Area Sales Manager at MariGold Group.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/manav.jpg" style="width: 65px; height: 83px;" vspace="3" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Dr. Manav Basnet</strong> has joined Chaitanya, Wellness Healing Spa as Spa Consultant cum Manager. Earlier he was at Aikya Academy of Holistic Health, New Mumbai India as a Wellness Physician cum Spa Consultant.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="82" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bijaya.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Bijay K Sharma</strong> has joined Perfect Prints (P) Ltd. as the General Manager. He was earlier Senior Manager in CG Biotech</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><span style="color: rgb(255, 0, 0);"><strong><span class="style1">Transfers at Nepal Telecom</span></strong></span></span></p>
			<p>
				<span style="font-size:12px;"><span style="color: rgb(255, 0, 0);"><strong><span class="style1"><br />
				</span></strong></span></span></p>
			<p>
				 </p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="73" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/vishnu.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Vishnu Prasad Kasaju</strong> has been transferred as Director of the Mobile Service Directorate of Nepal Doorsanchar Company Ltd. (Nepal Telecom), replacing <strong>Jeevan Ratna Shakya</strong> who has been transferred to PSTN Service Directorate. Kasaju was earlier Director in the PSTN Service Directorate of the company where he was transferred from Mobile Service Directorate only last year.</span></p>
		</div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right; height: 220%;">
		<div align="justify">
			<p>
				<span style="font-size:12px;"><span style="color: rgb(255, 0, 0);"><strong><span class="style1">Promotions at Nepal Bank Ltd</span></strong></span></span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="83" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/lakshmi raj.jpg" vspace="3" width="65" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Laxmi Raj Paudel</strong> has been promoted as Acting General Manager of Credit Department. Earlier he was Deputy General Manager of Credit Department in the Head Office.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="73" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/kiran.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Kiran Kumar Shrestha</strong> has been promoted as Acting General Manager. Earlier he was Deputy General Manager.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="76" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/durga.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Durga Raj Regmi</strong> has been promoted as Deputy General Manager of Branch Management Department. Earlier he was Chief Manager of HR Department.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="73" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/kanhaiyha.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Kanhaiyha Bahadur Pradhan</strong> has been promoted as Deputy General Manager. Earlier he was Chief Manager at the bank's Head Office.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><img alt="" border="2" height="74" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/ram%20bihari.jpg" vspace="3" width="60" /></span></p>
			<p>
				<span style="font-size:12px;"><strong>Ram Bihari Sah</strong> has been promoted as Acting Deputy General Manager of HR Department. Earlier he was Chief Manager of Inspection and Internal Audit Department at Head Office.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				<strong>Nirmal Kumar Baral</strong> has been promoted as Acting Deputy General Manager of Kathmandu Banking Office. Earlier he was Chief Manager of Central Finance Department.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				<strong>Krishna Shrestha</strong> has been promoted as Deputy General Manager of Credit Department. Earlier he was Chief Manager of Risk Management Division.</span></p>
		</div>
	</div>
	<div style="clear: both;">
		<span style="font-size:12px;"><strong><br />
		</strong></span></div>
</div>
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	<div style="clear: both;">
		<span style="font-size:12px;"><br />
		</span></div>
</div>
<p>
	<span _fck_bookmark="1" style="display: none;">&nbsp;</span></p>',
			'published' => true,
			'created' => '2011-03-20',
			'modified' => '2012-09-06',
			'keywords' => '',
			'description' => 'Sanjeev Pathak has joined Norvic International as Chief Engineer. Earlier he was with Vibor Properties as Project Engineer.',
			'sortorder' => '175',
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			'article_category_id' => '48',
			'title' => 'One Million Tourists Guaranteed',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<em><img align="left" alt="nolaugningmatter" border="1" height="145" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/img(1).jpg" style="width: 120px; height: 145px;margin:10px;padding:10px;" vspace="5" width="120" /><span style="color: rgb(178, 34, 34);">By Madan Lamsal</span></em></p>
<p>
	Some people doubt on materialisation of the government plan of bringing&nbsp; one million tourists to Nepal in Tourism Year 2011. They regard the plan as a pipedream. But I say nobody be they the Americans, the Indians, the Marxists or the Maoists - can stop tourists in millions visiting Nepal.Â&nbsp; For example, the USA has, from time to time, been issuing travel advisories to its citizens not to visit Nepal by citing this or that risk.Â&nbsp; But the Americans have not stopped coming to Nepal. They used to come here as Peace Corps volunteers in the past, then they came as academics of the Summer Institute of Linguists and now as INGO and church workers. Till a few months ago, they were here as UNMIN officials.</p>
<p>
	Â&nbsp;It is interesting though that the USA has not yet removed the tag of terrorist from peace loving Nepali Maoists. However, it has not stopped some privileged Maoist leaders from visiting USA with hopefully genuine American visa. Therefore, the true intention of the US travel advisory is effectively not to advise the Americans not to visit Nepal. Rather, it is intended to remind the Americans that Nepal is one of the countries that the Americans are visiting and it would be worthwhile for other Americans to visit again and agian. This is somewhat similar to the case of 'No Smoking' sign reminding the smokers to light up.<br />
	 </p>
<p>
	In fact the reason why foreigners come to Nepal is to see the ever smiling faces of the Nepalis. A survey conducted by Nepal Tourism Board has already confirmed this fact. Anyone in the world would be interested to see such unique creatures called Nepalis who can continuously smile regardless of looting by their own politicians and continuous booting by the foreigners. They do not protest, and carry on with their daily routine as usual.<br />
	 </p>
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</table>
<p>
	<img align="textTop" alt="nolaughingmatter" border="1" height="405" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/nty(1).jpg" style="width: 433px; height: 405px; margin: 10px; padding: 10px;" vspace="5" width="433" /><br />
	<br />
	But that is not all. Nepal has other unique attractions too. If an ordinary citizen violates the law, he or she will be immediately punished. If a businessman fails to pay bank loan his property will be confiscated and passport suspended. But political parties and their cadres are above all these laws. They are free to roam even when they kill the person they don't like. The murderer politician can even become a Member of Parliament and a minister. The politicians who got elected to the Constituent Assembly promising to prepare the constitution within a specified time failed in the promise. Still they don't have to face any punishment. The Nepali people don't like to punish them and smilingly pay the taxes to pay salary and perks to such politicians.Â&nbsp; Where else will the foreigners get to see such people in the world?<br />
	 </p>
<p>
	To add tourist attraction, we have now introduced the Home Stay system, which our tourism industry stalwarts say is a really miraculous solution so as to accommodate any number of tourists coming to Nepal. Even if they are wrong, there is a strong numerical proof to be convinced that Nepal can easily get and accommodate not only 1 million but 10 million tourists.<br />
	 </p>
<p>
	If by any reason, the Americans, Europeans, Australians, Indians and Chinese don't come to Nepal, we still can play the trump card we have. That is we can recall all the Nepalis who have gone abroad for work. If only one fraction of those heed our call, their number will be enough to fulfil the magic number of 1 million!</p>
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<p>
	 </p>',
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			'created' => '2011-03-20',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'Some people doubt on materialisation of the government plan of bringing  one million tourists to Nepal in Tourism Year 2011. They regard the plan as a pipedream.',
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			'title' => 'Suraj Vaidya',
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			'content' => '<p>
	<span style="font-size:14px;"><strong>We Need To Change Mindset To Think Big</strong></span></p>
<p>
	<span style="font-size:14px;"><strong><br />
	<br />
	<br />
	</strong></span></p>
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					<strong><img alt="suraj baidya" border="1" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/interview.jpg" style="width: 346px; height: 192px; margin: 10px; padding: 10px;" vspace="5" /></strong><br />
					Suraj Vaidya, the President of Vaidya's Organisation of Industries and Trading Houses (VOITH) is contesting the prestigious position of FNCCI President in an election being held during the FNCCI Annual General Meeting scheduled on 11-12 April 2011. In an interview with Pinaki Roy of <em>New Business Age</em>, Vaidya talked about the upcoming FNCCI elections and presented his views on reviving the ailing national economy. Excerpts:</p>
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				<strong>The FNCCI elections this year come with a twist. The culture of consensus for the Senior Vice President to take over the reins has gone for a toss. Why so?</strong></p>
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				Well, we are going through a democratic system and democracy demands that we have more openness. FNCCI has always been a very open institution. New challenges bring new opportunities and therefore, we see more than just one candidate coming in for this election.</p>
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				<strong>There has been a war of words of late between the CNI and FNCCI. How does it affect the private sector? Do you ever see the prospect of a single umbrella organisation?</strong><br />
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				I really don't think there is any war of words. The leaderships on both sides, at this stage, are looking at the smaller pie instead of a bigger one. We need to understand that the state of the economy is in an extremely fragile situation. With power cuts of over 12-18 hours a day, the interest rates coming up to about 17-18 per cent per annum, liquidity crunch in the market and the increasing demands of the labour, we need to regroup ourselves, re-focus and see the common agenda. We must then take it up in this new world of <em>coopitition</em>. We need to cooperate where we can and compete wherever we need to. If we agree on this basic fundamental, CNI can do what they need to and FNCCI can pursue its own agenda. We need to move forward together. Actually, we were one and so the concept of coming back together is always there. I see great possibility for us to come back. But FNCCI needs to first look at whether we can meet the expectations of our members who are so demanding today. People leave because they feel that they haven't been looked after. It is as simple as that. Therefore, if FNCCI improves its working relations, its services to the members and takes up the economic agenda as a leader of the nation, probably the members will come back and see the benefit of being part of the FNCCI. It's very possible that we can come back together if FNCCI takes the right leadership. That way we would be under a single umbrella one day again.</p>
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				<strong>FNCCI has started sounding like a political organisation lately, trying to broker peace between the government and the opposition parties. Is this the kind of role FNCCI should be pursuing?</strong><br />
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				I have laid out a few tasks for myself if I get to the post of the FNCCI President. We need to talk economic development of the nation because fundamentally our mandate is to lobby and advocate for friendlier business environment in the country. This is our main agenda and to deviate from any of these issues would not be fruitful for the institution. FNCCI needs to be less active in politics but we need to be interactive with the political parties on economic development issues. Therefore, we will work with the political leadership on economic issues, national development, national budget and planning etc. We need to work with all the political parties as partners. But if it comes to carrying any 'ism', that's something FNCCI needs to stay far away from.</p>
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				<strong>As a prominent business leader, how do you look at the overall state of the present economy? </strong><br />
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				The fundamental problem with the businesses and the industries is that the economic agenda so far has been overshadowed by political agenda. There has been less private sector initiative on taking leadership in this area. One of the things that I have set for myself if I come in as FNCCI President is that within six months, we will have an economic agenda which will talk about a very short term - three to five years-planning. It will give us a sense of direction as to where we think the government needs to lay more emphasis on, to create employment opportunities, to create a better investment environment and to be able to make it more profitable for businesses to operate. Once we have an economic agenda, we will go to the political parties and get their views on it. We will hopefully have a national economic agenda signed and accepted by all political parties to strengthen political understanding between them. So, I think the economic-political agenda led by the private sector is what is required today. And unless that happens, we are going to have a lot of problems. The mess that we have today is because the private sector has not been the engine of growth. It's been politics which is trying to be the engine of growth which is negative for the country. This is where we need to reform and move forward.</p>
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				<strong>There is relative peace in the country, so to speak, after the end of hostilities. Why then are we not seeing any major investments? Where does the problem lie?</strong><br />
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				The example of the problem is very clear. It took us over seven months to find a prime minister. But people have started doubting how long will he be there. Business is a long term game. It's not that you make money today and walk out tomorrow. The fundamental requirement for any investment is sustained peace that helps to understand where the country's really heading to. It worries us when the parliament gets bogged down debating whether to use such words as 'private-public partnership'. When the political parties start showing hatred towards the very word 'private', it makes investments very uncomfortable. It gives an impression that the private sector can never be made a partner in the development programme. This message is reaching not only the Nepali investors but also to the foreign investors whereas FDI is so critically important to this country. If you look at the hydropower projects planned to be developed, a lot of Indian companies are either holding on to the projects or taking longer time to start them because of the inability to view the political-economic side of things. These are very critical issues that Nepal will have to address squarely in the coming days.</p>
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				<strong>How about the possibility of a consensus among the candidates for FNCCI Presidentship? How exactly have you projected yourself for the position with your plan of action and manifesto, to lure the members?</strong><br />
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				My experience tells me that especially when the institution is going through a very difficult time, you tend to come together. But again there is a Nepali culture, a Nepali way of doing things. Democracy and freedom of association and thinking lead to an intellectual debate on how best we need to move forward. Six months ago, I sat with incumbent FNCCI President Kush Kumar Joshi and urged him to take the leadership in creating an environment where we have no elections right across. And I am not talking about the election for the post of President only but for the entire FNCCI. My concern is simple: if the country's new constitution is promulgated, FNCCI's laws and regulations will change drastically. We are not sure which districts, states and municipalities will fall under what areas once the country turns federal. Therefore, FNCCI's constitution itself will change and this will be a huge change through which we need to remain united. I have been trying to emphasise on this with the incumbent President for a long time now but haven't succeeded for whatever reasons. And now we are little over a month from the election date. Therefore, I find it difficult that there would be any understanding. So I am moving ahead on my own.</p>
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				I have six very simple agenda: First, to provide better service to FNCCI members whereby getting their confidence and be more focused on FNCCI's work and not go beyond its mandate. The focus would be on the economic agenda and if we are able to do that, we would have provided services to the members. The members would mean the people from the districts, the commodity associations and the associate members. The second, to take leadership on the economic plan of this country. I think we have got too much of planning done for this country without real serious inputs from the private sector. FNCCI needs to make an economic vision which will not be a long term one. We are going through a very transitional phase so we need very short and medium term plans. My strategy would be to create an economic vision which would give a rebound to this depressive situation that we have. And hopefully work with the political parties and have the agenda accepted by all political parties whereby it would reflect on government policies for creating a better environment for business. That will be six months from the time I come in. The third agenda is energy. We all talk about the potentials of energy that we have. I am not going to be a politician saying we will bring 5,000 or 10,000 MW of power. But what I would say is that we would lobby and push and do everything possible to make investment in hydropower. We are going to push hard to get approved the electricity bill that has been sitting in the parliament for the last two years. We need laws that are investment friendly. We will urge the government to look at the supply and demand situation. The government needs to look at hydropower development as an area of national priority and give incentives to attract larger investments. The electricity tariff has not been revised for the last 10 years and it needs to be looked at seriously. We need to advise and work with the government on whether it is workable to continue to have NEA responsible for producing, selling as well as managing power. The electricity losses of 18-20 percent are unacceptable to the nation.</p>
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				Number four would be fiscal discipline for which the private sector first needs to be open and transparent in the way we do business. And we will try and encourage that as much as possible. The last three budgets did not come on time and the government has not been able to rescue the country's economy. In fact, the delay in budget is one of the reasons why the interest rate has gone up so high. The funds have not gone to the districts for development expenditure and as a result, we are lagging behind. Fiscal discipline on our side definitely needs to be looked at but we would also lobby and bring to the attention of the Nepali people, the government's long vision or whatever it may be. Number five, I want to go to the trade unions as partners. We need to sit and plan on how we can create a better investment situation in this country. The labour relation is extremely important to build confidence for investors. We need to see if we can retain the Nepali people leaving the country. We want to improve working relations with the trade unions and the two agenda to look at are linking wages with productivity and linking social security with flexibility. If we can work out these two agenda, we can achieve a lot with the trade unions.</p>
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				The last point is that Nepal needs to brand itself as an attractive destination because the existing capital in this country would not be sufficient to rebound the economy. So, we need FDI in this country and need to look at India and China as our primary partners for kick starting our economy. I would be taking a lot of delegations to India and China to market Nepal as a friendly and attractive destination in the areas of hydropower investment and tourism. I think these are areas that would help Nepal come back quickly. Therefore, focusing on India and China as partners for Nepal's development is extremely critical. These are the six primary agenda that I have if I become the next FNCCI president.</p>
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				<strong>Why are you contesting the FNCCI President's post, in the first place? Why are you in the fray at all?</strong><br />
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				I have been with FNCCI for the last 25 years and have been the Vice President thrice. I am now the Senior Vice President and I really need to move up or leave the space for some other friends who want to come in. More importantly, the new leadership of FNCCI from coming April will be directly responsible for what's going to happen in about two months from there. That is the time when new Constitution is expected to be promulgated though we don't know whether the constitution will be really promulgated. Economy and development will be important agenda that time. Therefore, the FNCCI leadership needs to be mature and determined enough to take on those challenges. I am prepared for that. I see several reasons why the economy has not been at the forefront.&nbsp; In the New Nepal, the economy must be in the forefront. I am concerned about the inflation that's up from 8.5 per cent last year to 14.6 per cent now and the slowdown in the industrial output from 4 per cent to 1.8 per cent. These are all extremely worrying symptoms and I feel I can face these challenges and also come up with an amicable result which will enhance FNCCI's image.</p>
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				<strong>The image of the business community has been badly tainted by the fake VAT bills episode. How do you view this? What, according to you, can be the course of correction?</strong><br />
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				I think the private sector has owned it up saying that it is a part of corruption that is going on in the country. But the government and the system itself need to acknowledge that they too are involved in this and therefore, we need to work together to find a solution and get out of this. It's important for us to understand that institutions like FNCCI will stand by the law of the land. If there is any forgery which affects the nation at large, FNCCI needs to take up this issue. By the same token, the government needs to understand that they are also part of it. Such corruption and forgery wouldn't have occurred just by the efforts of only one side. So, the other side too needs to own up and say what they plan to do regarding this.</p>
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				<strong>We have witnessed a shift from manufacturing to service industry in recent times. What could be the possible reasons?</strong></p>
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				Nepal needs to revisit itself and re-understand where our sustainable areas of potential investments are. The industrial growth has declined from 4 per cent to 1.8 per cent mainly because we have power shortage and frequent strikes. There have been labour disputes and political interference in large investment businesses. Therefore there are large projects such as the hydropower projects that are intended but haven't really materialised. What is discouraging investment into these areas is lack of foresightedness. How long is Nepal going to wait for things to really happen and to have a stable government that will last beyond a few months? And until Nepal shows that leadership, I think investment in manufacturing is not going to increase. It is a wishful thinking at best and therefore, service industry is something that is but natural. Nepal needs to look at Singapore, Switzerland and Hong Kong which are very small nations lying between large industrial countries. We need to see if we can imitate their success by providing services to bigger countries whereby we can increase our niche in the market and improve the economic condition of this country. So, the service industry is going to be a very important part of Nepal in times to come.</p>
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				<strong>How does the FNCCI and the private sector plan to revive the ailing national economy?</strong></p>
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				We need to be positive and work with the media and the government in saying that Nepal is not a poor country. Nepal has tremendous future and potential so the fundamental thing is to change our mindset from thinking poor to thinking big. This will help us initiate a new beginning. Nepal needs to seriously look at how we can generate investment here to employ the 500-700 Nepali people leaving this country on a daily basis because the youth who would make the future of Nepal and the people who have knowledge are leaving us. The doctors, engineers, scientists and businessman-they are all leaving us. Therefore, we need to create a positive environment in this country to try and retain them. This is going to be critically important in the coming years. Nepal needs to look at its niche strength which is human capital. It needs to look at the growth of India and China. They are going to be the world's largest economies by 2020. Nepal needs to be able to make a strategy on how to benefit from the growth of these economies on the two sides of our country. If we focus on that, we would be able to quickly come out of our problems. We need to have a focused vision and short term plan for revival. We also need to try and create employment and good labour relations. At FNCCI, we need to work with the trade unions as partners - we should be people sitting on the same side of the table, not on the opposite sides. If we are all in this together, it will be critically important for us to move forward.</p>
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				<strong>Some of the projects initiated by the FNCCI lately have failed miserably. It is operating more like an NGO implementing independent projects. Shouldn't FNCCI be taking the lead to envision what is in the best interest of Nepali economy?</strong><br />
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				Human resource is extremely critical and I want to link this with the FNCCI running a lot of training schools across the country. I think the reason we have not been able to create a sense of success is because we ourselves haven't really focused on exactly what kind of human resource we need to develop. The fundamental issue is what are we training, who are we training and what is the purpose of that training. FNCCI needs to be active in many areas. The JITCO programme which is sending Nepali people to Japan has not been very successful. It's a Japanese company that comes here, interviews people and recruits them. FNCCI is purely mediating this. It probably needs to be in the forefront and take the leadership. I think unless we take leadership, we should not be involved in any such programme.</p>
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				<strong>Would you like to add anything as a message? </strong></p>
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				Yes, a message to the leaders. It's high time they understand that politics is not the primary concern of the Nepali people. We are worried as Nepali citizens because it's being projected that next year, there is going to be a food shortage of 400,000 tonnes in this country. With remittance declining, our economy is going to be badly hit. The kind of queues that we see outside the foreign ministry for passports speaks loudly about the confidence of the Nepali people on the country's leadership. Therefore, it's time for them to get off the political agenda and start working on economy because this is the only thing that is going to get the country back on a sustainable basis in a long term. We should get peace and understanding so we want them to treat economy as the primary agenda and the most important thing to get the country back from the state that we are in.</p>
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			'description' => 'Suraj Vaidya, the President of Vaidya's Organisation of Industries and Trading Houses (VOITH) is contesting the prestigious position of FNCCI President in an election being held',
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			'title' => 'A Man For The Long Run.',
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			'content' => '<p align="justify">
	<img alt="personality" border="1" height="135" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/personality(4).jpg" vspace="5" width="245" /><br />
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	Always an optimist, Anuj Agrawal believes that nothing is impossible on this earth if one sports a positive mindset. He believes that the business fraternity must take responsibility to change Nepal's fortunes for better.</p>
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					<strong><em>By Sujan Tiwari</em></strong></p>
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					Living in the US for five years, interacting with people from diverse professions and cultures and learning about leading business families around the world gave him a viewpoint on his future course of life.</p>
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				''We should develop business models that fit the country rather than expect the country to fit our model,'' says Anuj Agrawal, Director of Vishal Group. The group has dealerships of reputed international brands such as Volkswagen, Nokia, P&amp;G, LG, Sun Oil Ltd and many more. Agrawal attributes the group's growth to representing international brands in Nepal. He says that it will continue to focus in this area and try and add more world famous brands to its repertoire. The group is currently trying to make inroads into areas of the country's core competence like cement, hydropower and tourism.</p>
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				Agrawal's family has been living in Nepal for 82 years now. They came and settled first in Ilam in the 1930s. The family moved to Dharan in the 1940s. From there they moved to Biratnagar and eventually to Kathmandu. The group also entered into manufacturing batteries and steel in 1980s and toothpastes in 1990s. During the same decade it also invested in plantations of Teak and Sheesham, both near Biratnagar. Over time, it decided to tie-up with global brands as it realised it would give it the recognition and importance that manufacturing won't. So, the company made its foray into distribution and representation business. ''Vishal means large and that's what our group name aspires to do grow large,'' declares Agrawal with a hint of arrogance.</p>
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				The group has also evolved over decades from being prominent textile traders till the early 1970s to being importers of various things from countries other than India. It is among the first companies in Nepal to start importing from China. It also started making its presence felt in the banking and financial sector by joining a team of investors in promoting NIC Bank in 1997. It further established Life Insurance Corporation (Nepal) Ltd, a joint venture with LIC of India in 2000, and started Prudential General Insurance Company the same year.</p>
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				Agrawal did his schooling in India and pursued Undergraduate and Master's Degree in the US. On his return from the US in 1997, he joined the family business as a trainee to begin with. Later, his interest into brand representation business led him to start representing international brands. ''I have always aspired to be in businesses that are strategic and beneficial in the long run, rather than opportunistic businesses,'' reasons Agrawal. He avoids businesses that promise money in the short term but may not be sustainable in the long term.</p>
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				Agrawal says that his family has been a big inspiration for him. ''My family came from absolute poverty, but worked really hard and finally came into this position,'' he reveals. He feels it was far easier for him to start his career as there was already a platform for him to build on. He also feels privileged to have substantial wealth and has taken the responsibility of continuing the business legacy.</p>
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				Agrawal says that his stay in the US influenced him a great deal. Before leaving for the US, his exposure and thinking were limited, he thinks. Living in the US for five years, interacting with people from diverse professions and cultures and learning about leading business families around the world gave him a viewpoint on his future course of life. ''My stay there broadened my mind frame in terms of national and social issues and personal development,'' he reminisces. Another major influence has been his involvement with the Confederation of Nepalese Industries (CNI). He is currently Vice President of the CNI and is thus able to interact with business leaders around the country and see things from a macro perspective. He is also a founder member of Entrepreneurs Organisation Nepal. Being involved with these institutions has helped him learn from others' success stories and experiences as well as to share his experience with others.</p>
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				Agrawal's management philosophy is very inclusive as he always looks to work with his employees as a team member and is not overtly autocratic. He is always ready to lose in the short term to win in the long term. ''Rather than blaming the policies, I want to develop strategies that go along with the policies,'' he states. He wonders why people always focus on problems rather than focusing on their solutions. ''I try to understand the problem but with a focus on the solution,'' he remarks. He agrees that the country's environment is not particularly great, but feels that everybody needs to own up the responsibility.</p>
			<p>
				Agrawal is married with Kavita, for 13 years now. He had never seen her before marriage even though their respective families knew each other well. Though, not part of the business management, his wife is a tremendous support for him. A proud father of a son and a daughter, he likes to spend quality time with his family. He says his family is his biggest source of strength and he always looks forward to reach home as soon as his work finishes.</p>
			He believes that the business fraternity must take responsibility to change Nepal's fortunes for better. ''The major business houses have the financial exposure and the luxury of looking at things from a different point of view. Therefore, they should put in more effort,'' he asserts. Always an optimist, he believes that nothing is impossible on this earth if one sports a positive mindset. Agrawal is a firm believer of the notion that there are better days ahead and Nepal can certainly look forward to prosperous times.</div>
	</div>
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	 </div>',
			'published' => true,
			'created' => '2011-03-14',
			'modified' => '2012-09-17',
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			'description' => 'lways an optimist, Anuj Agrawal believes that nothing is impossible on this earth if one sports a positive mindset. He believes that the business fraternity must take responsibility to change Nepal's',
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			'id' => '242',
			'article_category_id' => '52',
			'title' => 'The Indian Currency Conundrum',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	There are understandable and obvious reasons of seemingly insatiable demand of Indian Currency (IC) in the Nepali economy. India is not only Nepal's largest trade partner, but the Nepal-India export-import ratio is about 1:7, that too only computing on the trade figures of formal channels.<br />
	<br />
	In the first half of the current fiscal year alone, Nepal Rastra Bank purchased nearly about 50 billion Indian Rupees paying other 'highly' convertible foreign currencies; mainly the US dollar. Due to this reason, among others, Nepal's Balance of Payment position has remained shaky for a couple of years now. Purchasing the IC against the forex reserve to finance the deficit trade appears to be nothing less dangerous than riding on a tiger. Worse, there is no sign of narrowing down the gap in this bilateral trade, at least not in the foreseeable future.<br />
	<br />
	To phrase it differently, for long years to come, Nepal has no option but to manage adequate amount of IC to keep alive its economy. It also means that we must explore the ways of managing the sources to reduce the strain on the forex reserve.<br />
	<br />
	This is particularly where our national fiscal managers and monetary authority have failed to devise pragmatic policies vis-a-vis IC management. Had Nepal been able to better manage it, the IC shortfall in the economy though would not have completely neutralised but the gap would have been far narrower than now. There are at least three strikingly glaring issues in this regard, taking-up which could solve larger part of the problem.<br />
	<br />
	First, amending the present system, the central bank of Nepal must allow smaller amount of IC to enter into the banking system. Only excuse that the central bank has to debar IC to NC exchange has increased incidences of fake IC notes, and bank teller's inability to screen them off. But, each bank would not perhaps mind to bear a little additional cost on screening if they could collect substantial amount of IC. This could reduce the IC holding by the individual and the IC entered into the country would spontaneously come into the system.<br />
	 </p>
<p>
	<img alt="fromtheeditor" border="1" height="170" hspace="10" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/editor.jpg" style="width: 225px; height: 170px; margin: 10px; padding: 10px;" vspace="10" width="225" /></p>
<p>
	 </p>
<p>
	Second, the central bank must have enough guts and urgency to talk to lift the embargo on transactions in Rs 500 and Rs 1,000 denominations IC notes. It is an open secret that these notes are freely traded by individuals and businesses all over Nepal. But it cannot come and be counted in the system due to the legal sanctions. If this issue could be resolved sooner, the IC supply in Nepal would ease substantially.</p>
<p>
	Third, and the most crucial is that the IC issue is no longer monetary or trade issue alone. It has rather become a bilateral political and diplomatic issue. The Rs 500 and Rs 1,000 denomination issue is linked to smuggling, terrorism and underworld operations, perhaps much hyped than what the reality is. Therefore, the political leadership must take initiative to assure New Delhi about the fair handling of these notes. The political leadership has to play its long due role of opening a formal channel for remittances from India to Nepal. All these efforts combined would at least solve fifty per cent of the problem.<br />
	<br />
	 </p>',
			'published' => true,
			'created' => '2011-03-14',
			'modified' => '2012-08-23',
			'keywords' => '',
			'description' => 'There are understandable and obvious reasons of seemingly insatiable demand of Indian Currency (IC) in the Nepali economy.',
			'sortorder' => '171',
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			'title' => 'Horizantal, Vertical And Product Expansion',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p style="text-align: justify;">
	Small sized loan sans collateral, group savings, small-scale entrepreneurs,&nbsp; diversified utilisation and simple and flexible terms on credit are among the features of micro-finance companies. </p>',
			'published' => true,
			'created' => '2011-03-14',
			'modified' => '2011-04-16',
			'keywords' => '',
			'description' => 'Small sized loan sans collateral, group savings, small-scale entrepreneurs,  diversified utilisation and simple and flexible terms on credit are among the features of micro-finance companies.',
			'sortorder' => '170',
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		'Article' => array(
			'id' => '258',
			'article_category_id' => '31',
			'title' => '‘We Can Significantly Increase The Sales Of Panasonic Products In Nepal’',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<img align="left" alt="" border="2" hspace="2" src="http://newbusinessage.com/ckfinder/userfiles/Images/Hidenori.jpg" style="width: 199px; height: 271px;" vspace="2" />Hidenori Aso, the Managing Director of Panasonic India Pvt Ltd was in Kathmandu recently for Panasonic Small Appliances Dealers’ Meet. In an interview with <i>New Business Age</i>, Aso shared ideas about different home appliances from Panasonic and his plans for popularising the brand in the Nepali market. Excerpts:</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What brings you to Nepal?</strong></div>
<div style="text-align: justify;">
	We are launching a range of new products that include Micro Wave Oven, Hair Dryer and Straightner, Men’s Shaver, Travel Shavers and Trimmers, Vacuum Cleaners, Blenders/Juicers and Food Processors. We also have a new rice cooker which we have customised as per the Nepali consumers’ requirement. Ours is not just a rice cooker, it can also make various other dishes. Here in Nepal, Momo is very popular. So, we have modified the product and added a Momo-maker to it. We are confident about the quality of our product. And we are providing five years warranty to the heater of the cooker. Our local business partner here, Triveni Byapar Company Pvt Ltd, is aggressive about increasing the business here. We especially want to increase our small appliances business here.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How is your small appliances business doing in the Indian as well as other markets?</strong></div>
<div style="text-align: justify;">
	Our business is doing quite well in India. In terms of growth, the market is almost doubling every year which is very encouraging. Next financial year onwards, our cooker factory will start producing one million cookers on an annual basis. Besides India, we are also trying to penetrate into other neighbouring countries like Sri Lanka and of course, here in Nepal.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>You have high end products like HD TVs as well. What is the market response for such products?</strong></div>
<div style="text-align: justify;">
	We have already launched the 3D Viera in India as well as here in Nepal. The response is quite good. The market for air conditioners is also expanding in India.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What is your expectation from the dealers meet that you have organised?</strong></div>
<div style="text-align: justify;">
	At the dealers meet, we want to showcase our new products such as the Momo-maker. We want to emphasise on the point that Panasonic’s quality is the best. Therefore, we are giving five years warranty for the heater, the main component of the cooker. We also want to increase our network. This is why we have invited 150 dealers from all over Nepal for the meet.<br />
	 </div>
<div style="text-align: justify;">
	<strong>What is the market share of Panasonic products in Nepal?</strong></div>
<div style="text-align: justify;">
	We are currently at par with our competitors here when it comes to the market share. But we are going very aggressively about our business. I am confident that we can significantly increase the sales of Panasonic products in Nepal with our business partner.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How do you distinguish yourself from the competition in the market as there are numerous brands selling similar products?</strong></div>
<div style="text-align: justify;">
	Our advantage is that we have a wide range of products with us. We have some products that our competitors do not have. For example, small appliances, kitchen appliances, beauty and health care products etc. We also have TV and Air Conditioners. When it comes to having a wide variety of products, Panasonic is definitely the market leader.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What are the challenges you face in the local market here?</strong></div>
<div style="text-align: justify;">
	Talking about the challenges, we don’t have good human resource here. We are trying to build a competent work force now. We are trying to make it more professional because Nepal, in general, follows very traditional methods. But since ours is a very professional product category, we need to change things around. We hope that doing so will appreciably boost our sales figures here.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What are you plans for expanding the market here?</strong></div>
<div style="text-align: justify;">
	At the dealers’ meet, we have the provision of ‘on-the-spot booking’.&nbsp;We are giving very good incentives to our dealers which will help them gain momentum in the market. It will ultimately popularise our products and give us a strong foothold in the Nepali market.</div>
<p style="text-align: justify;">
	We are trying to introduce a great number of products from many countries. We want people to have the entire range and provide quality service to them. I think that within the next two to three years, we would be in a position to dominate the Nepali market. </p>',
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			'description' => 'Hidenori Aso, the Managing Director of Panasonic India Pvt Ltd was in Kathmandu recently for Panasonic Small Appliances Dealers’ Meet. In an interview with........',
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		'Article' => array(
			'id' => '257',
			'article_category_id' => '31',
			'title' => '‘Simmtronics Has A Huge Market Potential In Nepal’',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<img align="left" alt="" border="2" hspace="2" src="http://newbusinessage.com/ckfinder/userfiles/Images/arif.jpg" style="width: 193px; height: 233px;" vspace="2" />Arif Khan, the Director of Simmtronics Semiconductors Ltd FZE was in Kathmandu to attend the official launch of Simmtronics products in Nepal. In an interview with <i>New Business Age</i>, Khan discussed his company’s prospects in the Nepali market. Excerpts:</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>Could you tell us what Simmtronics is all about?</strong></div>
<div style="text-align: justify;">
	It is a memory manufacturing company that was established in 1992. We have our manufacturing facility based in Singapore and our exports are done out of Singapore. As for Nepal, for logistics purpose, the goods come here via Dubai. We have an impressive range of products and all of them carry three years international warranty. During these 19 years that we have been in operation, we are already established in many countries such as Indonesia, Vietnam, Iran, Iraq, Russia, India and the entire Middle East.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How and when did you start distributing your products in Nepal?</strong></div>
<div style="text-align: justify;">
	We have been supplying to Nepal for the past one year through Explore Asia, our local distributor here. However, I thought of an official launch this time for a number of reasons. Multinational Companies like HCL, Samsung, HP,Dell etc have been showing an interest in the Nepali market for some time now. It generated curiosity in me so I wanted to find out more. Though the IT companies perceived Sri Lanka and Bangladesh as emerging markets, I discovered that they have reached their saturation point. Comparatively, Nepal is a virgin market and there is plenty of scope here. Therefore, we decided to enter the market now and introduce our brand so that we can capitalise on it in due time.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What kind of prospect does the Nepali market hold for you?</strong></div>
<div style="text-align: justify;">
	Nepal is a dynamic market, undoubtedly. I have gone through the sales data and figured that this is an upcoming market. If we place our products at the right price, provide good quality and after sales service, there is no reason why we can’t establish Simmtronics as a leading brand here. We will make best efforts from the company’s side. At the same time, we trust our distributor and the dealers here in Nepal to reciprocate our efforts.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>How do you distinguish yourself from the competition?</strong></div>
<div style="text-align: justify;">
	We are vendors as well as we manufacture our own products. 40 per cent of the components required to make a computer are manufactured at facilities owned by us. But a majority of our competitors don’t have their own manufacturing facility, that’s where we score over them. Additionally, we have strong partners like Intel, VIA and IBM who have been with us for about 10 years now. The advantage we have as manufacturers are that we can sell products at very competitive prices.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What do you think of your future prospects in Nepal?</strong></div>
<div style="text-align: justify;">
	I am confident that in about six months’ time, we will command 80 per cent of the market share in Nepal. The figures that I have with me tell that the market here sells about 12-15,000 motherboards, close to 12-15,000 memories, around 6-7,000 personal computers and 2000 laptops every month. This suggests that the market potential is huge. To make the most of this situation, I have a plan that I will execute in partnership with my distributor here. I can promise you that Simmtronics is going to be aggressive. We will participate in IT related events and road shows as well as have our advertising system in place. To create a long standing goodwill, I will ensure that quality is maintained for our products in the Nepali market.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What’s the kind of investment you are putting in the market here?</strong></div>
<div style="text-align: justify;">
	At present, we have planned to invest US$ 50,000 as the initial capital for promoting our products here. We have earmarked this amount only for the purpose of Simmtronics’ advertising and promotions. Apart from that, the investment by way of giving our products to the dealers and getting the money back from the market will be about US$ 1 million, to start with. </div>',
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		'Article' => array(
			'id' => '256',
			'article_category_id' => '31',
			'title' => '‘The People In Nepal Learn New Technology Very Fast’',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-align: justify;">
	<img align="left" alt="" border="2" hspace="2" src="http://newbusinessage.com/ckfinder/userfiles/Images/aashis.jpg" style="width: 196px; height: 284px;" vspace="2" />Ashish Navinchandra Bavishi, the General Manager for International Business of Netcore Solutions Pvt Ltd was in Nepal recently for service expansion in partnership with Digitainment Pvt Ltd. Netcore is an Indian company that provides digital communication solutions for products specialising in email and mobile phones. The biggest names in banking and financial institutions along with various other companies endorse Netcore solutions. Bavishi looks after international business in Africa, South East Asia and South Asia Region. In an interview with <i>New Business Age</i>, he shared ideas about his company’s potential in the Nepali market. Excerpts:<br />
	 </div>
<div style="text-align: justify;">
	<strong>Could you tell us in brief about your company?</strong></div>
<div style="text-align: justify;">
	Netcore was started in 1998 with Linux based email servers. Over time, we started cloud services which hosts anti spam antivirus solutions. We entered into SMS solutions in 2003-04 and later on, we came up with enterprise solution and started different ways of using SMS. Netcore is probably the first Indian company to use SMS as an advertising platform. We helped corporate houses reach their clients through mobile phones because it is more personalised and penetrative than any other medium. Now we have medical services on SMS as well as M-coupons and M-connector which are business intelligence suites. We also provide email and SMS marketing services, voice based services. Around 20 million visitors log on to our web portal www.oneindia.in every month. Currently, we are trying to offer services like email, SMS, infotainment content etc in Nepal through telecom operators. The three different areas where we are working are enterprise solutions, data solutions and digital marketing.<br />
	 </div>
<div style="text-align: justify;">
	<strong>How well are you doing in India and other countries?</strong></div>
<div style="text-align: justify;">
	In India, we are the leaders in Linux based solutions. All our services are doing excellently in India. We are a team of 300 people; half of them are in technology. We are the market leaders in India for email servers, hosting anti spam integrated solution and digital marketing. After the telecom operators, we are the largest SMS sender in India with 10 to 15 million outgoing SMS daily. Netcore has pioneered most of the things that we currently do. We are also expanding our mobility and messaging solutions in other countries. We already have a presence in more than 17 countries. The entire IT fraternity is embracing cloud based solution rather than in-house solution. This is where Netcore’s expertise along with Linux based solution is so vital. We have a very capable leadership which encourages us to reach new heights. Being a customer oriented company, we believe in providing the best services for our clientele so that helps us maintain our top position.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What brings you to Nepal this time?</strong></div>
<div style="text-align: justify;">
	We are working in association with Digitainment here in Nepal for enterprise solution and solution for the telecom operators. We understand that the majority of people cannot afford smart phones. However, they are looking for VAS (Value Added Services) and infotainment solutions etc on their mobile phones which are not being catered well. We are trying to reach and cater to the lowest category of the society with our solutions. My brief experience tells me that this is a great market. People have started understanding the power of technology due to the advent and popularity of Internet, mobile phone and television etc. The people here learn to use new technology very fast. Contrary to my earlier belief, Nepal is not a tourist destination only. I find this market very promising as there are a good number of corporate houses here. And we are looking at them as our prospective clientele. We plan to replicate our image as a customer oriented company in Nepal. Hopefully, that will help us become the market leader here.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>Tell us about the products and services you plan to establish here?</strong></div>
<div style="text-align: justify;">
	We want to bring all types of solutions: digital marketing, enterprise solution and data products. The primary intention is to engage customers with the brand and cater to the corporate clientele with ‘no price tag for the solution’. People are paying a lot of money for legacy solution as they don’t have any alternative. Once they have an alternative which is better than what they are paying for, they would certainly opt for that. We will make efforts to educate the market and introduce all the products that we have in India.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>A large population in Nepal does not have access to Internet. Is that a challenge for you?</strong></div>
<div style="text-align: justify;">
	The solutions that we provide are not Internet based only. We will be coming with a bouquet of solutions via telecom operators to reach around 5 million people. We understand that SMS is the best option for penetration as it reaches everyone and it is easier, personal and cheaper. We focus primarily on SMS but at the same time, we also look at email and enterprise solutions.<br />
	 </div>
<div style="text-align: justify;">
	<strong>How would the customers benefit from your services?</strong></div>
<div style="text-align: justify;">
	Let me give you an example of email servers here. Linux based operating solution costs one third of the total price of legacy solution so that will create value addition for our customers. They stand to get better quality at a lower price. When we started out in India five years ago, the outgoing SMS charge was around 50 paisa. Today, it has come down to as less as five paisa per SMS. I think that can be replicated here in Nepal in the next two to three years. We will create benefit for our users by reaching more subscribers. We will give them more information for their mobile because mobile is the next big thing. All around the world, everything is making a shift from other technologies to mobile. SMS is the easiest medium for 70 per cent of the mobile subscribers. So, we are targeting mobile users and trying to cater to them. We are trying to cater to the entire market using SMS services as they promise to be the star performers among all value added services. All I can promise you is that this market will certainly get benefits from us. Within a year’s time, you will see the changes and results coming out.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>Technology is changing faster than ever. How challenging is it to operate in such an environment?</strong></div>
<div style="text-align: justify;">
	We have a sizeable technology team in India which is highly efficient. We share our knowledge on technology with our partners in different countries regularly. We want to extend our services keeping in mind the technology available to us here. We have been tackling with technology since our inception. We lead the market because we have pioneered on all fronts. I think we can cope with the change in technology given our competent team stationed in India. If required, we can always hire more knowledgeable employees to deal with new situations. Netcore is particularly interested in creating infrastructure for effective functioning. It has three data centres, one in India and two in the US which work in tandem with each other.&nbsp;If a particular centre is not working properly, another one takes over automatically. Our main focus being a technology company is to create technology and impart ensuing services to the customers.</div>
<div style="text-align: justify;">
	 </div>
<div style="text-align: justify;">
	<strong>What is your plan on working with the local companies in order to get established here?</strong></div>
<div style="text-align: justify;">
	We are very proud that we have tied up with Digitainment as our partner here. It will be responsible for liaison with the local companies. It’s an established fact that people trust their own people more. I am confident that Digitainment will help Netcore cater to the market here in an efficient manner. It’s our policy to work with local partners in any country that we start our operations in. We have already talked to many companies so in a way, we have started work here. It’s only a matter of time before our operations run in a full-fledged manner here.</div>',
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	<span aldine401="" color:="" style="font-size: 13.5pt; font-family: ">T</span><span aldine401="" color:="" letter-spacing:="" style="font-size: 9.5pt; font-family: ">he Nepal Stock Exchange (NEPSE) index plunged to five-year low in the last week of March. There are no convincing sign of its recovery on the sight. The gloom is pervasive despite the fact that several concerned agencies are seemingly keen to revive the secondary market. The NEPSE created a separate Central Depository Company (CDC) for an automated settlement of the transactions. No sooner NEPSE sought an operating approval for CDC from its regulator Security Board of Nepal (SEBON), the latter not only acknowledged its application but also brought out a press release highlighting the importance of CDC, understandably, to boost the investors psychology. <br />
	<br />
	<br />
	Nepal Rastra Bank (NRB) also issued new, fairly flexible directives to the banks regarding their investment in the mutual funds. The central banks marginally softened approach on margin lending should also have contributed positively to NEPSE growth. But none of these steps has actually worked. Why? Within the answer of this big why perhaps lies the solution to the alarming plummet of NEPSE too. <br />
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	<span style="font-size: 9.5pt;"><img alt="from the edior" border="1" height="218" hspace="10" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/editor(1).jpg" style="width: 286px; height: 218px; margin: 10px; padding: 10px;" vspace="10" width="286" /><br />
	<br />
	First, there appears to be a clear lack of co-ordination among three key agencies, the NEPSE, SEBON and the NRB. The lack of </span><span aldine401="" color:="" letter-spacing:="" style="font-size: 9.5pt; font-family: ">such co-ordination between the NEPSE and SEBON surfaced recently in the issue of providing training to the newly selected brokers. When new brokers join in the trade, an increase in the new investment could be expected. This unnecessary loggerhead between these two institutions not only distracted investors but also discouraged those aspiring to be new brokers. For this reason, only a few out of the 34 finally selected brokers have obtained the LoI, so far. <br />
	<br />
	<br />
	Similarly, while issuing the mutual fund directives, the NRB and SEBON apparently didn't have adequate joint exercise. Had they collaborated, the directives could have been more comprehensive covering not only the banks and financial institutions but also all potential investors in the economy. Above all, misunderstandings, primarily owing to their political loyalty among the top officials of these crucial agencies and also with the Finance Ministry are also reported. These are the kind of aversions which could have been easily avoided and must be done rather sooner than later. <br />
	<br />
	<br />
	To begin with, such co-ordination could initiate by resolving the training row of the new brokers. Despite highly bearish market, persistent political uncertainty and industrial unrest, these new brokerage companies have come forward to trade. They must not be discouraged by the feud between two public agencies. <br />
	<br />
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	<span aldine401="" color:="" style="font-size: 9.5pt; line-height: 115%; font-family: ">Even more important is: the regulating and operating agencies must stop adopting fragmented approaches both in issuing directives and implementing them. And, all concerned must understand that no bureaucratic action alone would be enough to resurrect the investment psyche without building an overall confidence. This confidence will only stem out of convincingly business friendly political climate. </span></p>',
			'published' => true,
			'created' => '2011-04-26',
			'modified' => '2012-08-23',
			'keywords' => '',
			'description' => 'The Nepal Stock Exchange (NEPSE) index plunged to five-year low in the last week of March. There are no convincing sign of its recovery on the sight.',
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	<span style="font-size: 12px;"><strong><span style="color: rgb(255, 140, 0);"><i><span lucida="" style="line-height: 120%;"><img align="left" alt="stocktaking" border="1" height="176" hspace="2" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Bikram Chitrakar.jpg" style="width: 143px; height: 176px;margin:10px;padding:10px;" vspace="2" width="143" />By Bikram Chitrakar</span></i></span></strong></span></p>
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	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">M</span></span><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">arch 15, 2011 proved a fateful day for the Nepal Stock Exchange (NEPSE) Index as it touched 376.75 which is the lowest point for over four years and eight months. NEPSE was 376.77 on July 2, 2006. Though the index recovered a bit and reached 377.6 on March 20, it is still not clear whether the revival is going to hold steady. <br />
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	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">The reason for the latest decline in the NEPSE is the amendment proposed by some Maoist-affiliated Members of Parliament in the Bill presented to the parliament by the government to amend the Bank and Financial Institutions Act (BAFIA). The issue came out to the light after the bankers held a press conference and made the details public. The most important point objected by the bankers is the proposal by the MPs to replace the words ‘liberal economy’ by ‘self-reliant mixed economy. That is interpreted as an attempt towards curtailing economic freedom in the country. <br />
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	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="">As a result, the benchmark NEPSE index receded 27.60 points or 7.31% during the review period to settle at 377.6. The highest point during the review period was on 20 February when it was 405.2. <br />
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	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Among the other proposals of the MPs objected by the bankers is one from industrialist MP Padma Jyoti. It wants to restrict the banks from asking any collateral security except the project properties for which the loan is being extended. But more important point that sent jitters across the market triggering a frenzy of sales is the proposal to restrict businesspersons from holding more than 5 percent of the shares in a bank or financial institution. As most of the listed companies are banks and financial institutions and such companies at present are majority-held by businesspersons, the proposed amendment is likely to force them to sell their holdings, thus increasing supply of shares in the market. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Nepal Rastra Bank (NRB) and Securities Board of Nepal (SEBON) came forward to calm the market. The central bank decided to allow banks to operate mutual fund. It also relaxed a bit its restrictions on banks extending loan against the security of shares. The banks can now renew such loan for this year if the borrowers pay the interest. Moreover, the banks are directed not to make the margin call if the market price of the share held as security falls less than 10 percent. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Meanwhile, the Central Depository System (CDS) is set to start from next month, according to the Central Depository System and Clearing Company formed by Nepal Stock Exchange to set up and operate such system. The company has informed that the required software for CDS has already been prepared and necessary hardware system is being installed. It can be hoped that the Nepali capital market will have CDS system in place by April.&nbsp;</span><span style="letter-spacing: 0.15pt;"> <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><span style="letter-spacing: 0.15pt;">Performance by Sector<br />
	<br />
	</span></span></span></strong></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Commercial banking sector that dominates the largest volume of trade in Nepal Stock Exchange lost 33.32 points or 9.95% to settle at 334.89 during the review period. Hydropower sector shed 66.51 points or 10.14% to rest on 655.88. Development bank descended 21.20 points while other sectors skid 18.79 points to arrive at 334.43 and 524.03 respectively. Insurance sector declined 14.97 points or 3.20% to settle at 467.43. Similarly, hotel sector reduced 2.46 points followed by 1.46 points in the trading sector. However manufacturing sector gained 3.61 providing as the sole survivor in the market mayhem in the review period. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Sensitive index that measures the performance of 117 blue chips at the secondary market descended 7.98 points or 8.61% to arrive at 92.7 while the float index calculated on the basis of real transaction plummeted 2.64 points to 31.81. Total of Rs. 385442296 was realized during the review period from 1741938 units of share traded via 31558 transactions. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	The accompanying figure illustrates the sector-wise distribution based on the total volume of trade. As usual, the banking sector dominated the volume of trade covering 40.75%. Finance sector and development bank shared 22.33% and 22.13% respectively. Hydropower accounted for 7.28% while remaining sectors held the rest. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Technically, Simple Moving Average (SMA) is commanding the NEPSE index which is below both 200 days SMA and 30 days SMA signifying further weakness in both short and long term. However, as the NEPSE index is flat, it is likely to gain back towards 390 while the further downward journey will lead towards 350.</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="margin-top: 8.5pt; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><i><span aldine401="" letter-spacing:="" style="font-family: ">(The writer is a stock analyst with Jamb Technologies Pvt Ltd)</span></i></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;">&nbsp;<span class="MyriadPro">Movement in Indices (20 Feb - 20 Mar 2011)</span></span></strong></p>
<p>
	 </p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: 4.45pt; border-collapse: collapse;">
	<tbody>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); border-style: solid; border-width: 1pt; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Indices</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Open</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">High</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Low</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Close</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Change</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">% Change</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Nepse</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">376.75</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">377.6</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-27.60</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.31</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 14.9pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Bank </span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.89</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-33.32</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-9.95</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Sensitive</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.62</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.7</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.98</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-8.61</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Development Bank</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">329.69</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.43</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-21.20</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-6.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Hydro</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">722.39</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">723.44</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">654.25</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">655.88</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-66.51</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-10.14</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Finance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">335.58</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">335.94</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">317.67</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">317.67</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-17.91</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-5.64</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Insurance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">482.4</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">485.02</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">464.54</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">467.43</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-14.97</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-3.20</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Hotel</span></span></p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				 </td>
		</tr>
	</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: 4.45pt; border-collapse: collapse;">
</table>
<p>
	 </p>',
			'published' => true,
			'created' => '2011-04-26',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'March 15, 2011 proved a fateful day for the Nepal Stock Exchange (NEPSE) Index as it touched 376.75 which is the lowest point for over four years and eight months.',
			'sortorder' => '181',
			'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' => '251',
			'article_category_id' => '45',
			'title' => 'Corporate Movements April 2011',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<em><span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Newcomers<br />
	</strong></span></span></span></em></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Dorje Sherpa</strong> has joined Gokarna Forest Resort as Vice President replacing Richard Lawrence Dusome who was the General Manager at the resort. Sherpa was the General Manager of Hotel Del Annapurna earlier. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Gyanendra Dhungana</strong> has joined NCC Bank Ltd as General Manager after resigning from Nepal Rastra Bank where he was a Director.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Binod Narshingha Shrestha</strong> has joined Kumari Bank Ltd as Head-Business Development and Institutional banking. Earlier, he was Consultant-Marketing, Rural Finance Sector Development Cluster Programme at Agricultural Development Bank Limited, Ram Shah Path.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong><br />
	Tapta B Bista</strong> has joined Casino Anna as General Manager. Prior to this, he was the Club Manager at Casino Dunes in South Goa, India.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Sarik Bogati</strong> has joined Pooja International as Asst Marketing Manager. Prior to this, he was an Assistant Manager at NATTA (Nepal Association of Tour and Travel Agents).</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Shyam Khatri</strong> has joined Eat Tempus Eating Lounge and Restaurant as Manager. Earlier, he was the Operations Manager at Compass Group (PLC), Algeria. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Shambu Bahadur Thapa</strong> has joined Mega Bank Nepal Ltd. as Branch Manager and Head-ATM of Kantipath Branch. Earlier, he was Senior Officer of Operations and ATM Network Department at Nabil Bank's Kantipath branch.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Indira Paneru</strong> has joined Mega Bank Nepal Ltd&nbsp; as the Branch Manager of Kapan Branch. Earlier, she was the Supervisor and Asst Branch Manager at Tusal Branch of International Development. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Arpan Sanjel</strong> has joined Mega Bank Nepal Ltd&nbsp; as Branch Manager of Argakhanchi Branch. Earlier, he was at Kumari Bank Ltd.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Laxmi Thapaliya</strong> has joined Mega Bank Nepal Ltd as Branch Manager of Hariwan Branch. Earlier, she was at Chimmek Bikash Bank, Kathmandu.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Dharanidhar Sapkota</strong> has joined Mega Bank Nepal Ltd&nbsp; as Branch Manager of Chautara Branch. Earlier, he was at Kabeli Bikash Bank Ltd, Dhankuta.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Pasang Yangchen Lama</strong> has joined Mega Bank Nepal Ltd&nbsp; as Branch Manager of Syaffrubesi Branch. Earlier, she was at Sanima Bikash Bank Ltd, Kathmandu</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Narayan Agrawal</strong> joined Mega Bank Nepal Ltd as Branch Manager of Biratnagar Branch. Earlier, he was at Bank of Asia Ltd, Biratnagar.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 14px;"><strong><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="">Promotions <br />
	</span></i></span></strong></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 14px;"><strong><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="font-family: "><br />
	</span></i></span></strong></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Yugesh Bhakta Bade Shrestha</strong> has been promoted as the CEO of Alliance Insurance Co Ltd for four years term. He was the Acting CEO earlier.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Neeraj Shrestha</strong> has been promoted as Deputy Sales Manager of Pooja International. Earlier, he was the Assistant Sales Manager.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	 </p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="">Government Movement</span></i></span></span></strong></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><i><span bk="" color:="" frnkgothitc="" style="font-family: "><br />
	</span></i></span></span></strong></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Dr Jagadish C Pokhrel</strong>, the Vice Chairman of National Planning Commission (NPC) has resigned from his position. Similarly, Dr Puskar Bajracharya, Dr Chet Raj Pant, Dr R D Singh, Dr Ganesh Gurung and Dr Tirtha Khaniya have also resigned as NPC members.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Kundal Aryal</strong>, the Chairman of Nepal Television (NTV) has resigned from the corporation.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
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<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style=""><strong>Laxman Agrawal</strong>, The General Manager of National Trading Ltd has resigned.</span></span></span></p>
<p class="BODYTEXT" style="margin-top: 5.65pt; text-indent: 0in;">
	 </p>
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	<span style="font-size: 12px;"><span class="MyriadPro"><span bk="" frnkgothitc="" style="font-family: "><br />
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<p class="BREAKER" style="text-align: justify;">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span franklin="" gothic=""><strong><a href="Pawan Kumar Golyan’s journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. That led him to Kathmandu and all his ventures since then have been successful. "><img align="left" alt="" border="1" height="416" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Pawan Kumar Golyan.jpg" style="width: 188px; height: 416px;margin:10px;padding:10px;" vspace="5" width="188" /></a>Pawan Kumar Golyan's</strong> journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. That led him to Kathmandu and all his ventures since then have been successful.&nbsp; </span></span></span></span></p>
<p class="BREAKER" style="text-align: justify;">
	 </p>
<p class="BREAKER" style="text-align: justify;">
	<span style="color:#000;"><br />
	</span></p>
<p class="BODYTEXT" style="text-indent: 0in;">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><i>By Gaurav Aryal</i></span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><b style="">&nbsp; <br />
	</b></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><b><span color:="" myriad="" style="line-height: 120%;">Pawan Kumar Golyan</span></b></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span color:="" myriad="" style="line-height: 120%;">Chairman</span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><span color:="" myriad="" style="line-height: 115%;">Golyan Group of Industries</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">L</span><span aldine401="" color:="">ike most heirs of business families, Pawan Kumar Golyan too sought his future in managing the family-run business, a textile industry. However, with time, Golyan went on diversifying.&nbsp; He is currently the Chairman of Golyan Group of Industries. While Reliance Spinning Mill (RSM) is the flagship company of the group, it also has institutions such as NMB Bank, Westar Properties, Atlanta Trading, City Properties, Dhanalaxmi Synthetics, Himali Pashmina Industry, Shivam Plastic Industries and Makalu Cashmere are among others. Golyan says, Our flagship company, RSM alone registers an annual turnover of three to four billion rupees.</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Golyan was born in Rangeli, Biratnagar and spend his childhood there. After appearing for his School Leaving Certificate (SLC) examinations, he started work at the Shah Industry, one of the units within his family business. I started my career when I was only 16-years-old and became a full-fledged business person by 22, he proudly states. The industry closed down after the establishment of the spinning mill. He remembers his early days at the industry, There were around 600 workers at that time. It was not a smooth ride all along. However, the learning experience there was great and has always helped me. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Golyan continued to work through his college days. I used to attend classes in the morning and look after the business mainly during the day, he reminisces. He completed his B com from Mahendra Morang Campus, Biratnagar and has been involved in business full time ever since. He did not find time to pursue further studies. Not that he had the inclination either. Once I was full-fledged into business, I lost interest in studies, he says nonchalantly.</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Going to cinema was a favourite pastime those days. Golyan recalls that Biratnagar used to be a place where there were no restaurants and clubs. There were limited options for merry-making and hangouts. He chuckles, We used to go to Dharan just to watch movies.His journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. He suffered from dry eyes disease. To escape from the scorching heat of Biratnagar, Kathmandu proved to be a cool haven for him. Moving to Kathmandu largely helped business, he reveals. It reaped benefits for him to move to the capital city as a series of activities took place since. First, the establishment of RSM happened. In the subsequent years, Golyan started expanding into other industries and businesses. And, as luck would have it, the businesses turned out to be successful ventures in due time. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">Establishment of RSM was probably the most proud moment of my life, he happily says. Setting up an industry worth one billion rupees 15 years ago was a massive proposition. Today, Golyan personally has one billion rupees worth of shares in the industry along with his equal partner Shashikant Agrawal. Presently, the industry exports its products to Turkey, Bangladesh and India. Among these countries, India is the largest market with 80 per cent of the total exports ending up there. He says that the thread produced at RSM is supplied to almost all Nepali textile industries. He is particularly pleased that the market prospects have improved appreciably in the last four months. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">RSM currently has 3000 employees. It has a management team of professionals which takes care of the day-to-day management while Golyan has continued to take interest in the company's future. He reveals, Among all my companies, RSM is very close to my heart as I was attached with the textile business for a very long time. His other unit Shivam Plastic Industry manufactures woven sacks while Dhanalaxmi Synthetics produces threads with melt spinning. Westar Properties, the housing company, has two projects under construction at the moment. The group also has its investment in the banking and insurance sectors. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">They say slow and steady wins the race. Golyan is a living example. I moved my family business ahead step-by-step. There was no rush and I never expected any overnight miracles, he shares. He says that he credits his success to continuing his father's honest virtues in business and the faith on Goddess Durga. When it comes to human resource management, he believes that trust is the most important aspect. Therefore, he believes in trusting his employees and giving them responsibilities based on their respective capacities. Over 5000 employees work for his various companies. He believes in healthy discussions to mitigate problems. Golyan does not like yes men He reasons, I may be the Chairman but that does not make me perfect. So, everything that I say need not come into effect.He believes that it's not the individual who is important. The company or the institution is more important as the destinies of thousands of stakeholders are attached with it. He believes in enhancing the skills of his employees to develop a sense of ownership in them. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">He hates the Nepali trend of following successful businesses blindly. In my belief, it is important to study a business meticulously before venturing into it, he suggests. Imitating successful businesses does not guarantee success, working with optimism and dedication does, he says. Golyan painfully recounts the time when he almost left his business on his eldest son's demise. I was shattered and lost all my hopes. I saw no reason to continue. But one of my colleagues reasoned that I don't have the right to leave the livelihood of thousands of workers in lurch,he says. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	 </p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="">According to Golyan, the four pillars that matter in his life are business, personal life, social life and personal time. I try to balance these as much as possible. I keep myself completely free from all business matters at least one day in a week. That day is for my family, he declares. He also manages 10 to 15 days twice a year for travelling with his family and friends. New Zealand is one of his much loved destinations. He tries to apply this on his employees too. So, he has the provision of forced holidays for them. A holiday rejuvenates people and also helps us realise their importance during their absence, he explains. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:=""><br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span aldine401="" color:="" letter-spacing:="">I love to sleep as much as possible. Sometimes I don't wake up until midday, he jokes. He fondly remembers the days when he used to play badminton and cricket, That was a long time ago. These days, I practice yoga to stay fit. A movie buff, he also enjoys listening to music. Moderately brand conscious, Golyan prefers quality over brand names. At 52, he is already a veteran of 30 years in business. You ask his future plans and he philosophises, I have not looked at day-to-day business for the last 10 years. But I don't intend to retire completely. He wants to begin philanthropy in his son Jayanta's name. He plans to adopt a remote village with a population of 800 to 1200 residents and sponsor their health and education. Instead of giving them money, I will help them become self reliant by providing them with different skills and probably buy their produce,he says. <br />
	</span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:="" letter-spacing:=""><br />
	</span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><span aldine401="" color:="" style="line-height: 115%;">If the pilot project attains success, Golyan plans to expand this model to other villages. I am beginning the project from this year. And I would dedicate time for it just as I do for my industries, he expresses. He added that though it is a difficult and thankless job, he wants to do so for his inner satisfaction. Golyan has no regrets in life except his inability to save his son. He treats his nephews as his own children and wants to see them become successful in life.&nbsp;</span><span style="line-height: 115%; font-family: Wingdings; letter-spacing: 0.05pt;"> <br />
	</span></span></span></p>
<p class="MsoNormal">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span style="line-height: 115%; font-family: Wingdings; letter-spacing: 0.05pt;">&nbsp;</span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><span style="line-height: 115%; font-family: Wingdings; letter-spacing: 0.05pt;"><br />
	</span></span></span></p>
<p class="BULLETTEXT">
	<span style="color: rgb(0, 0, 0);"><span style="font-size: 12px;"><span class="MyriadPro"><span color:="" new="" times="">Personal side</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span color:="" new="" times=""><br />
	</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Loves to sleep as much as possible</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Listens to soft and soothing music</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Used to play badminton and cricket</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Does not read books at all</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Resigned from the post of CNI Vice President as he hates double standard behaviour </span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Not tech-savvy</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Moderately brand conscious</span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Drives Honda Accord </span></span></span></span></p>
<p class="BULLETTEXT">
	<span style="color:#000;"><span style="font-size: 12px;"><span class="MyriadPro"><span new="" times="">-&nbsp;&nbsp; Loves to wear Canali suits</span></span></span></span></p>
<p class="MsoNormal">
	<span style="color:#000;"><span style="font-size: 12px;"><b style="">&nbsp;</b></span></span></p>',
			'published' => true,
			'created' => '2011-04-26',
			'modified' => '2012-09-17',
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			'description' => 'Pawan Kumar Golyan's journey as a businessman took a defining turn when his doctor advised him to relocate to a cooler place. That led him to Kathmandu and all his ventures since then have been successful.',
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	(int) 7 => array(
		'Article' => array(
			'id' => '249',
			'article_category_id' => '46',
			'title' => 'Mark E Hansen',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size: 14px;"><strong><br />
	</strong></span></p>
<p>
	<span style="font-size:14px;"><strong>What Gets Measured, Gets Done</strong></span></p>
<p class="ANSWER">
	 </p>
<p class="ANSWER">
	<br />
	<span class="MyriadPro"><span lang="EN-GB"><img align="" alt="" border="1" height="220" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/interview1.jpg" style="width: 224px; height: 220px;margin:10px;padding:10px;" vspace="5" width="224" /><br />
	</span></span></p>
<p class="ANSWER">
	<span class="MyriadPro"><span lang="EN-GB"><br />
	</span></span><span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Mark E Hansen</span></span></strong><span class="MyriadPro"><span lang="EN-GB">, the Head of Asia Governance and Strategic Initiatives at Standard Chartered Bank, serves on the Bank's Asia <br />
	</span></span></span></span><br />
	<span class="MyriadPro"><span lang="EN-GB">Geographic Management Committee. He has a Masters in Economics from UC Berkeley and a BA with honours from Cornell University. He was previously a partner at strategy consulting firm Booz Allen &amp; Hamilton. In an interview with Pinaki Roy of <i>New Business Age</i> during his recent visit to Kathmandu, Hansen spoke in detail about various aspects of corporate governance. He has over 25 years of experience in strategic transformation and performance improvement programmes and has been involved in the development of Standard Chartered's executive leadership training programme. Hansen also put forth Standard Chartered's take on mergers and acquisitions, in the light of Nepali banking sector's latest merger rhetoric. Excerpts:<br />
	<br />
	<br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">How do you look at the overall impact of corporate governance in private sector, specifically banking operations?</span></span></strong></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">I think it's becoming increasingly important from several perspectives. One is from the investor's perspective. Investors want to invest in institutions that they believe have strong corporate governance, to ensure the security of their investment. It's not just an emerging market issue; it's a developed country issue. The fate of big companies such as Enron, MCI, WorldCom and Lehman Brothers have all raised questions about the appropriateness of corporate governance. As the world continues to evolve, investors as well as customers want to do business with institutions they believe are doing the right thing. In the financial sector, we think it's a point of differentiation for Standard Chartered Bank where we have such strong corporate governance. And it's well appreciated by the regulators in the countries that we operate in. We pride ourselves on having high standards. We are well managed and governed. So, we believe we are at the front end of the trend that will put increasing emphasis on corporate governance. We pride ourselves in Nepal because we are a listed company here. And we make sure that we are on the cutting edge of best practices.&nbsp;</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">When did Standard Chartered Bank first envision the importance of corporate governance? How has it helped spearhead the system so far?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">It's been there for a long time. We have always had in our structure a form of country management with governance as well as the businesses. Sometimes it's more towards the business side and at other, towards the governance side. But it's a bit like a check and balance system that you would see in political systems where you have a legislative, an executive and a judicial branch. In ours, we have our businesses and then we have the governance. They serve as a healthy tension and a check and balance between the two. By design, we have always had our businesses focused on shorter term. It is about making the numbers for the year and the governance function having the more strategic perspective. It predates the governance crisis that happened in the west. It was impacted by certain events in the UK in the 1970s and 1980s and later in the US. But all that did was force us to be more rigorous and more introspective about how we can do this better.<br />
	<br />
	</span></span></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">How important is the role of institutional investors in increasing the professional diligence of your bank as a corporate entity?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">It's quite important. We have large sovereign funds, long term institutional funds, insurance companies as well as a reasonably diversified investor base. We think that diversity is a strength because it helps us work through many different constituents. The institutional investors tend to have a longer term perspective which is important. One of the concerns that I think exists in the academic press today is that they focus too much on the short term, on quarterly profits. We only report our financials semi annually. We would like to look and take a longer term perspective like the investors do. The other point I have always raised is that the investor base is expanding, actually. For example, we are listed in India now so it's not just the western investors in London. We now have Indian investors in Mumbai, Hong Kong investors in Hong Kong and Chinese investors in Shanghai.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	 </p>
<p>
	 </p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">A board of directors often plays a key role in corporate governance. How do they go about ensuring accountability of the organisation to its owners and authorities?</span></span></strong></span></span></p>
<p class="ANSWER">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">If you look at the directors roles, it's important that they understand sharing the responsibilities they take on. What has been happening in the past is that in some institutions they were very lightweight. The practice still exists in a few companies but it is starting to disappear from most of them. Today, the directors have to come prepared, contribute and interface with the regulators. Everyone Capital Markets, Regulators and the Institutions expect the directors to perform. As for our own subsidiaries, we have quite a rigorous process for selecting and then assessing directors on a regular basis. </span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Who are the parties to corporate governance that have an interest, direct or indirect, in the effective performance of an organisation?</span></span></strong></span></span></p>
<p class="ANSWER">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.15pt;">It's a wide group of stakeholders. First, the investors who want to know if the money is put in a well run and governed institution. Second, the banking and capital markets regulators because they want the assurance that the propriety in compliance with regulations is embedded in the organisation that starts with the governance function. And then the customers, increasingly, because they want to know they are doing business with the right organisation. The employees too have an interest. And I say this particularly in Asia because a number of banks and local companies are family-run entities. They have a particular management and governance style. In fact, the part of the problem is that the management and governance aren't separated. So, I think the establishment of appropriate governance and a separation of governance from the management are quite important for the evolution of companies in the Asian markets.</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Could you tell us about the key elements of good corporate governance principles? </span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">The first one is compliance which focuses on bringing the global best practises. It also recognises that one has to adhere to local regulations. Therefore, it is a binding constraint issue. We try and incorporate the best practices but we also have to accept the local constraints. The second is integrity and transparency. The best way to demonstrate corporate governance is actually the transparency by which you disclose all your financial information as well as other information about the organisation. The third is process which, though boring, is quite important. The discipline around the varying board agendas, getting papers circulated beforehand, having meetings at appropriate times, correctly managing etc are part of this. It's very administrative but critical for the impact on the working style of the board of directors. This way you make sure that the board is focusing on the right thing and getting its work done efficiently. The final one is the measurement of the board's effectiveness. You need a process to self-examine yourself. It's not necessary to bring in outside experts to determine that. The clich what gets measured, gets done is true.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">What are the consequences of not having good corporate governance?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">As I mentioned earlier in this interview, the many recent corporate scandals MCI WorldCom, Enron, Lehman Brothers to name just a few of the more well-known failures from poor corporate governance evidence some of the consequences. Investors lose money. Employees lose their jobs. Regulation may be increased to the point where it becomes very costly and burdensome. Stakeholders trust in business diminishes.&nbsp; The trust which underpins market economies becomes eroded. I think the latter is a lot of the reason why corporate governance is becoming more important to consumers, investors and the society at large. Increasingly, consumers prefer to buy products and services from, employees prefer to work at, and investors prefer to invest in companies who are well-governed and who exhibit good corporate governance.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">The Enron collapse is an example of misleading financial reporting. How crucial is quality financial reporting for the corporate governance system to function effectively? </span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">It's absolutely crucial. Because if you cannot trust the numbers, there is no way you can make an economic or financial assessment. I think the financial crisis did not come as a surprise for many because irregular accounting practices existed in the system. Markets function on information and to a certain extent, on trust. If the information cannot be trusted, they don't have market values.</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">What are the barriers to good corporate governance and their corrective measures? </span></span></strong></span></span></p>
<p class="ANSWER">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">Let me focus on what helps make good corporate governance. First, there must be a clear separation of governance and management responsibilities. Second, the directors should be willing to dedicate time and effort to be effective board members. Third, the independent directors must protect minority shareholders rights.&nbsp; Fourth, a strong audit committee has to be supported by a reputable and capable external auditor and an independent and strong internal audit function. Fifth, there must be clear, accurate and timely management and financial information.&nbsp; Finally, a board effectiveness review process has to be in place to measure individual contributions and the collective effectiveness of the board. This must be supported by effective company law and regulations which clearly define the corporate governance framework in an unambiguous manner. The form <i>per se</i> is less important than the substance, since there are different models of how to structure governance in a company, for example, Anglo-American models Vs continental European models.</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Can you attribute Standard Chartered Bank's stupendous success to effective functioning of corporate governance?</span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.05pt;">Yes, we view corporate governance quite importantly. I am in charge of corporate governance for all of Asia. And we have a counterpart for the remainder of the bank in Africa, the Middle East and the western countries. We pride ourselves on following best practices not only with the UK board but also our subsidiary boards. Nepal is a good example because we are not just a subsidiary here. We are a listed company and we pride ourselves not only on the financial results we have. We do believe that the governance of the entity here is part of the reason why we are so successful. Again, it allows us to identify issues early on, with a good board and a good governance process in place. It makes you see the risks down the road and helps you position for them. One of the things that might be of interest to your readers is that we actually changed our process and set up two new sub-committees on our board in London. The first one is called brand and values which focuses on the soft side of the company. We think that it's absolutely important to have values in a new organisation. The next is that we have split risk and audit. The audit committee focuses more on audit results and is backward looking while the risk committee is forward looking and focuses on new things on the horizon.&nbsp;</span><span lang="EN-GB"> <br />
	</span></span></span></span></p>
<p class="questionsforinterview">
	 </p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Nepal's banking sector is talking mergers of late. What is Standard Chartered's take on this? </span></span></strong></span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.05pt;">In general, we prefer to grow organically and not through acquisitions because it's easier and more within our control. The degree of certainty about outcome is higher. I have worked on a number of acquisitions for the bank in Indonesia, Korea and Taiwan. Acquisitions are hard. A lot of management consultants will tell you that most acquisitions fail. And it's not normally due to financial reasons. They fail because of the difficulties and efforts required to integrate two separate entities. A lot of it surrounds not necessarily the business side but the soft side the people, values etc. In effect, you are taking another institution and marrying it to your institution. The cultures, values and perspectives aren't similar. It's very challenging and runs the risk of a strife in the management in the long term. I will give you a good example. As you know, we bought Grindlays Bank some years ago. The Grindlays deal worked very well for us and it has always been one of our best acquisitions. Not only because it has provided us a wonderful footprint in South Asia but also because the culture of the two merging banks in question, was very similar. Grindlays was a bank with strong local roots and a global perspective. Some of the other acquisitions we have done recently were that of very local banks. We had to adapt the way we worked, to fit in with the Korean and Taiwanese context, for example. It can definitely work like most other things in life it's a trade off. On Nepal specifically, we do think that there is a need for some consolidation. You have too many banks given the size of the financial sector here.&nbsp; </span><span lang="EN-GB"><br />
	</span></span></span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
	</span></span></p>
<p class="questionsforinterview">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><strong><span class="MyriadPro"><span lang="EN-GB">Does the Standard Chartered Bank have any specific plan in mind? Have you set your sights on any particular brand that you want to acquire?</span></span></strong></span></span></p>
<p class="MsoNormal">
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><span class="MyriadPro"><span lang="EN-GB" style="letter-spacing: 0.1pt;">We will look at opportunities that come our way but our bias will always be towards organic growth. We are quite happy with organic growth and will not pursue acquisition as such. Even if there was anything on the cards, our corporate governance practice does not allow me to disclose any specific information. Nepal is a market that's of interest to us. We will look at the market growth and keep different options in mind. But the organic option will always be our preferred option.&nbsp; </span></span><br />
	</span></span></p>
<p>
	<span style="font-size:12px;"><span style="color: rgb(0, 0, 0);"><br />
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	<i><span color:="" lucida="" style="line-height: 120%;"><span style="color: rgb(255, 0, 0);">By Madan Lamsal</span></span></i></p>
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	<span style="font-size: 12px;"><span aldine401="" color:="">A</span><span aldine401="" color:="">nyone who tries to impose Nepal a controlled or a mixed economy is for sure to doom. It is because Nepal's economy is by nature and inherently free and freak, and will continue to be like that.&nbsp; <br />
	<br />
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	<span style="font-size: 12px;"><span aldine401="" color:="">Before 1991 Nepal was somehow closed and controlled economy. After that so called democratic parties said they were trying to make Nepal a 'free economy'. But the right word was 'economy-free' which meant a 'country without economic activities'. This 'economy-free' became highly successful, of course, by the support of people's war that brought a complete halt to the economic activities. By this token, the Maoists are the biggest free-market forces of the country.&nbsp; Now some of the parties, including the very free-market forces in the government, are campaigning to make a 'mixed economy'.<br />
	<br />
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	<span style="font-size: 12px;"><span aldine401="" color:="">This indeed is a great idea. Mixing is also our great national character. Mix your business with politics and end result is: businessmen become members of parliament and politicians soon become billionaires. Mix trade-unionism in politics, the unionists become political leaders and businesses vanish from the country. <br />
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	<span style="font-size: 12px;"><span aldine401="" color:="">Every Nepali is enjoying the freedom to mix one economic activity with the other.&nbsp; For example, one can carry fake currencies around and carry extortion racket simultaneously. In fact these mixtures were possible only because we have immense economic freedom. This is how the free-economy actually fathers the mixed one. <br />
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	<span style="font-size: 12px;"><span aldine401="" color:=""><img alt="" border="2" hspace="2" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/No Laughing Matter.jpg" style="width: 263px; height: 190px;" vspace="2" /></span></span></p>
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	<span style="font-size: 12px;"><span aldine401="" color:="">If we analyze meticulously, in a broader sense, Nepal was a free economy even before 1990. Nepal started to allow freaks to visit Nepal in the 60s. Then she brought 'Jhiti Gunt' policy which allowed people to bring in everything from gold to clothes to Nepal without paying duty. There also was a duty-free shop opened at the Tribhuvan International Airport to facilitate people to enjoy this freedom.</span></span></p>
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	But two years ago this duty-free shop was closed down by the then Finance Minister Dr Baburam Bhattarai for quite good reason. He wanted to make TI airport 'free of duty' as well as'free of spirits' and '˜free of smoke' so that anybody coming from abroad can bring the liquors and cigarettes without paying duty at the airport. Therefore, now people buy such goods abroad and pay duty to the governments abroad. <br />
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	Anyway, slowly Nepal is entering such an era of free economy where everything can come free here from gold to goldfish and from birds to briefcases full of things you name them. We must keep everything under the sun free in the country.&nbsp; Entry for the Nepalis into casinos must be kept free so that they can be free of their burden of physical wealth and sometimes gamble their own lives away.&nbsp; Similarly, poachers must be left free to kill rhinos and other endangered species for money . <br />
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	<span style="font-size: 12px;"><span aldine401="" color:="" style="line-height: 115%;">These are only a few examples of economic freedoms that Nepali people are enjoying and also these are the testimonies that Nepal no way wants other than the free-market, be that controlled or mixed economic policies. They have faith only in freedom - free donation, free education, free money (payment without work), free prizes etc. We also have free students union and free labour unions. There are campaigns going on for women's freedom, freedom to the indigenous people and freedom of religion. The government does not try to control corruption. By controlling corruption you will be controlling a freedom. By the same logic, doesn't control inflation. Similarly, some people are enjoying full freedom to indulge in flesh trade. For all these reasons our economy is only best fitted to be called free economy. Nepal cannot have a controlled or mixed economy. Thus the advocates of these models of&nbsp; economies surely do not have a &nbsp;future. <br />
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			<p>
				<span style="color: rgb(255, 0, 0);"><strong><span class="style1">Newcomers</span></strong></span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/sanjeev.jpg" style="width: 58px; height: 73px;" vspace="3" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Sanjeev Pathak</strong> has joined Norvic International as Chief Engineer. Earlier he was with Vibor Properties as Project Engineer.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/binaya.jpg" style="width: 62px; height: 77px;" vspace="3" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Binaya Kumar Poudel</strong> has joined Agraj Foods Pvt. Ltd. as Managing Director. Earlier he was Area Sales Manager at MariGold Group.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/manav.jpg" style="width: 65px; height: 83px;" vspace="3" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Dr. Manav Basnet</strong> has joined Chaitanya, Wellness Healing Spa as Spa Consultant cum Manager. Earlier he was at Aikya Academy of Holistic Health, New Mumbai India as a Wellness Physician cum Spa Consultant.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="82" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bijaya.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Bijay K Sharma</strong> has joined Perfect Prints (P) Ltd. as the General Manager. He was earlier Senior Manager in CG Biotech</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><span style="color: rgb(255, 0, 0);"><strong><span class="style1">Transfers at Nepal Telecom</span></strong></span></span></p>
			<p>
				<span style="font-size:12px;"><span style="color: rgb(255, 0, 0);"><strong><span class="style1"><br />
				</span></strong></span></span></p>
			<p>
				 </p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="73" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/vishnu.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Vishnu Prasad Kasaju</strong> has been transferred as Director of the Mobile Service Directorate of Nepal Doorsanchar Company Ltd. (Nepal Telecom), replacing <strong>Jeevan Ratna Shakya</strong> who has been transferred to PSTN Service Directorate. Kasaju was earlier Director in the PSTN Service Directorate of the company where he was transferred from Mobile Service Directorate only last year.</span></p>
		</div>
	</div>
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			<p>
				<span style="font-size:12px;"><span style="color: rgb(255, 0, 0);"><strong><span class="style1">Promotions at Nepal Bank Ltd</span></strong></span></span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="83" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/lakshmi raj.jpg" vspace="3" width="65" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Laxmi Raj Paudel</strong> has been promoted as Acting General Manager of Credit Department. Earlier he was Deputy General Manager of Credit Department in the Head Office.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="73" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/kiran.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Kiran Kumar Shrestha</strong> has been promoted as Acting General Manager. Earlier he was Deputy General Manager.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="76" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/durga.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Durga Raj Regmi</strong> has been promoted as Deputy General Manager of Branch Management Department. Earlier he was Chief Manager of HR Department.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><strong><img alt="" border="2" height="73" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/kanhaiyha.jpg" vspace="3" width="60" /></strong></span></p>
			<p>
				<span style="font-size:12px;"><strong>Kanhaiyha Bahadur Pradhan</strong> has been promoted as Deputy General Manager. Earlier he was Chief Manager at the bank's Head Office.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				</span></p>
			<p>
				<span style="font-size:12px;"><img alt="" border="2" height="74" hspace="1" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/ram%20bihari.jpg" vspace="3" width="60" /></span></p>
			<p>
				<span style="font-size:12px;"><strong>Ram Bihari Sah</strong> has been promoted as Acting Deputy General Manager of HR Department. Earlier he was Chief Manager of Inspection and Internal Audit Department at Head Office.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				<strong>Nirmal Kumar Baral</strong> has been promoted as Acting Deputy General Manager of Kathmandu Banking Office. Earlier he was Chief Manager of Central Finance Department.</span></p>
			<p>
				<span style="font-size:12px;"><br />
				<strong>Krishna Shrestha</strong> has been promoted as Deputy General Manager of Credit Department. Earlier he was Chief Manager of Risk Management Division.</span></p>
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<p>
	<span _fck_bookmark="1" style="display: none;">&nbsp;</span></p>',
			'published' => true,
			'created' => '2011-03-20',
			'modified' => '2012-09-06',
			'keywords' => '',
			'description' => 'Sanjeev Pathak has joined Norvic International as Chief Engineer. Earlier he was with Vibor Properties as Project Engineer.',
			'sortorder' => '175',
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	(int) 10 => array(
		'Article' => array(
			'id' => '245',
			'article_category_id' => '48',
			'title' => 'One Million Tourists Guaranteed',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<em><img align="left" alt="nolaugningmatter" border="1" height="145" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/img(1).jpg" style="width: 120px; height: 145px;margin:10px;padding:10px;" vspace="5" width="120" /><span style="color: rgb(178, 34, 34);">By Madan Lamsal</span></em></p>
<p>
	Some people doubt on materialisation of the government plan of bringing&nbsp; one million tourists to Nepal in Tourism Year 2011. They regard the plan as a pipedream. But I say nobody be they the Americans, the Indians, the Marxists or the Maoists - can stop tourists in millions visiting Nepal.Â&nbsp; For example, the USA has, from time to time, been issuing travel advisories to its citizens not to visit Nepal by citing this or that risk.Â&nbsp; But the Americans have not stopped coming to Nepal. They used to come here as Peace Corps volunteers in the past, then they came as academics of the Summer Institute of Linguists and now as INGO and church workers. Till a few months ago, they were here as UNMIN officials.</p>
<p>
	Â&nbsp;It is interesting though that the USA has not yet removed the tag of terrorist from peace loving Nepali Maoists. However, it has not stopped some privileged Maoist leaders from visiting USA with hopefully genuine American visa. Therefore, the true intention of the US travel advisory is effectively not to advise the Americans not to visit Nepal. Rather, it is intended to remind the Americans that Nepal is one of the countries that the Americans are visiting and it would be worthwhile for other Americans to visit again and agian. This is somewhat similar to the case of 'No Smoking' sign reminding the smokers to light up.<br />
	 </p>
<p>
	In fact the reason why foreigners come to Nepal is to see the ever smiling faces of the Nepalis. A survey conducted by Nepal Tourism Board has already confirmed this fact. Anyone in the world would be interested to see such unique creatures called Nepalis who can continuously smile regardless of looting by their own politicians and continuous booting by the foreigners. They do not protest, and carry on with their daily routine as usual.<br />
	 </p>
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<p>
	<img align="textTop" alt="nolaughingmatter" border="1" height="405" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/nty(1).jpg" style="width: 433px; height: 405px; margin: 10px; padding: 10px;" vspace="5" width="433" /><br />
	<br />
	But that is not all. Nepal has other unique attractions too. If an ordinary citizen violates the law, he or she will be immediately punished. If a businessman fails to pay bank loan his property will be confiscated and passport suspended. But political parties and their cadres are above all these laws. They are free to roam even when they kill the person they don't like. The murderer politician can even become a Member of Parliament and a minister. The politicians who got elected to the Constituent Assembly promising to prepare the constitution within a specified time failed in the promise. Still they don't have to face any punishment. The Nepali people don't like to punish them and smilingly pay the taxes to pay salary and perks to such politicians.Â&nbsp; Where else will the foreigners get to see such people in the world?<br />
	 </p>
<p>
	To add tourist attraction, we have now introduced the Home Stay system, which our tourism industry stalwarts say is a really miraculous solution so as to accommodate any number of tourists coming to Nepal. Even if they are wrong, there is a strong numerical proof to be convinced that Nepal can easily get and accommodate not only 1 million but 10 million tourists.<br />
	 </p>
<p>
	If by any reason, the Americans, Europeans, Australians, Indians and Chinese don't come to Nepal, we still can play the trump card we have. That is we can recall all the Nepalis who have gone abroad for work. If only one fraction of those heed our call, their number will be enough to fulfil the magic number of 1 million!</p>
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<p>
	 </p>
<p>
	 </p>',
			'published' => true,
			'created' => '2011-03-20',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'Some people doubt on materialisation of the government plan of bringing  one million tourists to Nepal in Tourism Year 2011. They regard the plan as a pipedream.',
			'sortorder' => '174',
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	(int) 11 => array(
		'Article' => array(
			'id' => '244',
			'article_category_id' => '46',
			'title' => 'Suraj Vaidya',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size:14px;"><strong>We Need To Change Mindset To Think Big</strong></span></p>
<p>
	<span style="font-size:14px;"><strong><br />
	<br />
	<br />
	</strong></span></p>
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					<strong><img alt="suraj baidya" border="1" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/interview.jpg" style="width: 346px; height: 192px; margin: 10px; padding: 10px;" vspace="5" /></strong><br />
					Suraj Vaidya, the President of Vaidya's Organisation of Industries and Trading Houses (VOITH) is contesting the prestigious position of FNCCI President in an election being held during the FNCCI Annual General Meeting scheduled on 11-12 April 2011. In an interview with Pinaki Roy of <em>New Business Age</em>, Vaidya talked about the upcoming FNCCI elections and presented his views on reviving the ailing national economy. Excerpts:</p>
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			<p>
				<strong>The FNCCI elections this year come with a twist. The culture of consensus for the Senior Vice President to take over the reins has gone for a toss. Why so?</strong></p>
			<p>
				Well, we are going through a democratic system and democracy demands that we have more openness. FNCCI has always been a very open institution. New challenges bring new opportunities and therefore, we see more than just one candidate coming in for this election.</p>
			<p>
				<strong>There has been a war of words of late between the CNI and FNCCI. How does it affect the private sector? Do you ever see the prospect of a single umbrella organisation?</strong><br />
				<br />
				I really don't think there is any war of words. The leaderships on both sides, at this stage, are looking at the smaller pie instead of a bigger one. We need to understand that the state of the economy is in an extremely fragile situation. With power cuts of over 12-18 hours a day, the interest rates coming up to about 17-18 per cent per annum, liquidity crunch in the market and the increasing demands of the labour, we need to regroup ourselves, re-focus and see the common agenda. We must then take it up in this new world of <em>coopitition</em>. We need to cooperate where we can and compete wherever we need to. If we agree on this basic fundamental, CNI can do what they need to and FNCCI can pursue its own agenda. We need to move forward together. Actually, we were one and so the concept of coming back together is always there. I see great possibility for us to come back. But FNCCI needs to first look at whether we can meet the expectations of our members who are so demanding today. People leave because they feel that they haven't been looked after. It is as simple as that. Therefore, if FNCCI improves its working relations, its services to the members and takes up the economic agenda as a leader of the nation, probably the members will come back and see the benefit of being part of the FNCCI. It's very possible that we can come back together if FNCCI takes the right leadership. That way we would be under a single umbrella one day again.</p>
			<p>
				<strong>FNCCI has started sounding like a political organisation lately, trying to broker peace between the government and the opposition parties. Is this the kind of role FNCCI should be pursuing?</strong><br />
				<br />
				I have laid out a few tasks for myself if I get to the post of the FNCCI President. We need to talk economic development of the nation because fundamentally our mandate is to lobby and advocate for friendlier business environment in the country. This is our main agenda and to deviate from any of these issues would not be fruitful for the institution. FNCCI needs to be less active in politics but we need to be interactive with the political parties on economic development issues. Therefore, we will work with the political leadership on economic issues, national development, national budget and planning etc. We need to work with all the political parties as partners. But if it comes to carrying any 'ism', that's something FNCCI needs to stay far away from.</p>
			<p>
				<strong>As a prominent business leader, how do you look at the overall state of the present economy? </strong><br />
				<br />
				The fundamental problem with the businesses and the industries is that the economic agenda so far has been overshadowed by political agenda. There has been less private sector initiative on taking leadership in this area. One of the things that I have set for myself if I come in as FNCCI President is that within six months, we will have an economic agenda which will talk about a very short term - three to five years-planning. It will give us a sense of direction as to where we think the government needs to lay more emphasis on, to create employment opportunities, to create a better investment environment and to be able to make it more profitable for businesses to operate. Once we have an economic agenda, we will go to the political parties and get their views on it. We will hopefully have a national economic agenda signed and accepted by all political parties to strengthen political understanding between them. So, I think the economic-political agenda led by the private sector is what is required today. And unless that happens, we are going to have a lot of problems. The mess that we have today is because the private sector has not been the engine of growth. It's been politics which is trying to be the engine of growth which is negative for the country. This is where we need to reform and move forward.</p>
			<p>
				<strong>There is relative peace in the country, so to speak, after the end of hostilities. Why then are we not seeing any major investments? Where does the problem lie?</strong><br />
				<br />
				The example of the problem is very clear. It took us over seven months to find a prime minister. But people have started doubting how long will he be there. Business is a long term game. It's not that you make money today and walk out tomorrow. The fundamental requirement for any investment is sustained peace that helps to understand where the country's really heading to. It worries us when the parliament gets bogged down debating whether to use such words as 'private-public partnership'. When the political parties start showing hatred towards the very word 'private', it makes investments very uncomfortable. It gives an impression that the private sector can never be made a partner in the development programme. This message is reaching not only the Nepali investors but also to the foreign investors whereas FDI is so critically important to this country. If you look at the hydropower projects planned to be developed, a lot of Indian companies are either holding on to the projects or taking longer time to start them because of the inability to view the political-economic side of things. These are very critical issues that Nepal will have to address squarely in the coming days.</p>
			<p>
				<strong>How about the possibility of a consensus among the candidates for FNCCI Presidentship? How exactly have you projected yourself for the position with your plan of action and manifesto, to lure the members?</strong><br />
				<br />
				My experience tells me that especially when the institution is going through a very difficult time, you tend to come together. But again there is a Nepali culture, a Nepali way of doing things. Democracy and freedom of association and thinking lead to an intellectual debate on how best we need to move forward. Six months ago, I sat with incumbent FNCCI President Kush Kumar Joshi and urged him to take the leadership in creating an environment where we have no elections right across. And I am not talking about the election for the post of President only but for the entire FNCCI. My concern is simple: if the country's new constitution is promulgated, FNCCI's laws and regulations will change drastically. We are not sure which districts, states and municipalities will fall under what areas once the country turns federal. Therefore, FNCCI's constitution itself will change and this will be a huge change through which we need to remain united. I have been trying to emphasise on this with the incumbent President for a long time now but haven't succeeded for whatever reasons. And now we are little over a month from the election date. Therefore, I find it difficult that there would be any understanding. So I am moving ahead on my own.</p>
			<p>
				I have six very simple agenda: First, to provide better service to FNCCI members whereby getting their confidence and be more focused on FNCCI's work and not go beyond its mandate. The focus would be on the economic agenda and if we are able to do that, we would have provided services to the members. The members would mean the people from the districts, the commodity associations and the associate members. The second, to take leadership on the economic plan of this country. I think we have got too much of planning done for this country without real serious inputs from the private sector. FNCCI needs to make an economic vision which will not be a long term one. We are going through a very transitional phase so we need very short and medium term plans. My strategy would be to create an economic vision which would give a rebound to this depressive situation that we have. And hopefully work with the political parties and have the agenda accepted by all political parties whereby it would reflect on government policies for creating a better environment for business. That will be six months from the time I come in. The third agenda is energy. We all talk about the potentials of energy that we have. I am not going to be a politician saying we will bring 5,000 or 10,000 MW of power. But what I would say is that we would lobby and push and do everything possible to make investment in hydropower. We are going to push hard to get approved the electricity bill that has been sitting in the parliament for the last two years. We need laws that are investment friendly. We will urge the government to look at the supply and demand situation. The government needs to look at hydropower development as an area of national priority and give incentives to attract larger investments. The electricity tariff has not been revised for the last 10 years and it needs to be looked at seriously. We need to advise and work with the government on whether it is workable to continue to have NEA responsible for producing, selling as well as managing power. The electricity losses of 18-20 percent are unacceptable to the nation.</p>
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				<strong><img alt="" border="1" height="97" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/interview.jpg" style="width: 175px; height: 97px; margin: 10px; padding: 10px;" vspace="5" width="175" /></strong></p>
			<p>
				Number four would be fiscal discipline for which the private sector first needs to be open and transparent in the way we do business. And we will try and encourage that as much as possible. The last three budgets did not come on time and the government has not been able to rescue the country's economy. In fact, the delay in budget is one of the reasons why the interest rate has gone up so high. The funds have not gone to the districts for development expenditure and as a result, we are lagging behind. Fiscal discipline on our side definitely needs to be looked at but we would also lobby and bring to the attention of the Nepali people, the government's long vision or whatever it may be. Number five, I want to go to the trade unions as partners. We need to sit and plan on how we can create a better investment situation in this country. The labour relation is extremely important to build confidence for investors. We need to see if we can retain the Nepali people leaving the country. We want to improve working relations with the trade unions and the two agenda to look at are linking wages with productivity and linking social security with flexibility. If we can work out these two agenda, we can achieve a lot with the trade unions.</p>
			<p>
				The last point is that Nepal needs to brand itself as an attractive destination because the existing capital in this country would not be sufficient to rebound the economy. So, we need FDI in this country and need to look at India and China as our primary partners for kick starting our economy. I would be taking a lot of delegations to India and China to market Nepal as a friendly and attractive destination in the areas of hydropower investment and tourism. I think these are areas that would help Nepal come back quickly. Therefore, focusing on India and China as partners for Nepal's development is extremely critical. These are the six primary agenda that I have if I become the next FNCCI president.</p>
			<p>
				<strong>Why are you contesting the FNCCI President's post, in the first place? Why are you in the fray at all?</strong><br />
				<br />
				I have been with FNCCI for the last 25 years and have been the Vice President thrice. I am now the Senior Vice President and I really need to move up or leave the space for some other friends who want to come in. More importantly, the new leadership of FNCCI from coming April will be directly responsible for what's going to happen in about two months from there. That is the time when new Constitution is expected to be promulgated though we don't know whether the constitution will be really promulgated. Economy and development will be important agenda that time. Therefore, the FNCCI leadership needs to be mature and determined enough to take on those challenges. I am prepared for that. I see several reasons why the economy has not been at the forefront.&nbsp; In the New Nepal, the economy must be in the forefront. I am concerned about the inflation that's up from 8.5 per cent last year to 14.6 per cent now and the slowdown in the industrial output from 4 per cent to 1.8 per cent. These are all extremely worrying symptoms and I feel I can face these challenges and also come up with an amicable result which will enhance FNCCI's image.</p>
			<p>
				<strong>The image of the business community has been badly tainted by the fake VAT bills episode. How do you view this? What, according to you, can be the course of correction?</strong><br />
				<br />
				I think the private sector has owned it up saying that it is a part of corruption that is going on in the country. But the government and the system itself need to acknowledge that they too are involved in this and therefore, we need to work together to find a solution and get out of this. It's important for us to understand that institutions like FNCCI will stand by the law of the land. If there is any forgery which affects the nation at large, FNCCI needs to take up this issue. By the same token, the government needs to understand that they are also part of it. Such corruption and forgery wouldn't have occurred just by the efforts of only one side. So, the other side too needs to own up and say what they plan to do regarding this.</p>
			<p>
				<strong>We have witnessed a shift from manufacturing to service industry in recent times. What could be the possible reasons?</strong></p>
			<p>
				Nepal needs to revisit itself and re-understand where our sustainable areas of potential investments are. The industrial growth has declined from 4 per cent to 1.8 per cent mainly because we have power shortage and frequent strikes. There have been labour disputes and political interference in large investment businesses. Therefore there are large projects such as the hydropower projects that are intended but haven't really materialised. What is discouraging investment into these areas is lack of foresightedness. How long is Nepal going to wait for things to really happen and to have a stable government that will last beyond a few months? And until Nepal shows that leadership, I think investment in manufacturing is not going to increase. It is a wishful thinking at best and therefore, service industry is something that is but natural. Nepal needs to look at Singapore, Switzerland and Hong Kong which are very small nations lying between large industrial countries. We need to see if we can imitate their success by providing services to bigger countries whereby we can increase our niche in the market and improve the economic condition of this country. So, the service industry is going to be a very important part of Nepal in times to come.</p>
			<p>
				<strong>How does the FNCCI and the private sector plan to revive the ailing national economy?</strong></p>
			<p>
				We need to be positive and work with the media and the government in saying that Nepal is not a poor country. Nepal has tremendous future and potential so the fundamental thing is to change our mindset from thinking poor to thinking big. This will help us initiate a new beginning. Nepal needs to seriously look at how we can generate investment here to employ the 500-700 Nepali people leaving this country on a daily basis because the youth who would make the future of Nepal and the people who have knowledge are leaving us. The doctors, engineers, scientists and businessman-they are all leaving us. Therefore, we need to create a positive environment in this country to try and retain them. This is going to be critically important in the coming years. Nepal needs to look at its niche strength which is human capital. It needs to look at the growth of India and China. They are going to be the world's largest economies by 2020. Nepal needs to be able to make a strategy on how to benefit from the growth of these economies on the two sides of our country. If we focus on that, we would be able to quickly come out of our problems. We need to have a focused vision and short term plan for revival. We also need to try and create employment and good labour relations. At FNCCI, we need to work with the trade unions as partners - we should be people sitting on the same side of the table, not on the opposite sides. If we are all in this together, it will be critically important for us to move forward.</p>
			<p>
				<strong>Some of the projects initiated by the FNCCI lately have failed miserably. It is operating more like an NGO implementing independent projects. Shouldn't FNCCI be taking the lead to envision what is in the best interest of Nepali economy?</strong><br />
				<br />
				Human resource is extremely critical and I want to link this with the FNCCI running a lot of training schools across the country. I think the reason we have not been able to create a sense of success is because we ourselves haven't really focused on exactly what kind of human resource we need to develop. The fundamental issue is what are we training, who are we training and what is the purpose of that training. FNCCI needs to be active in many areas. The JITCO programme which is sending Nepali people to Japan has not been very successful. It's a Japanese company that comes here, interviews people and recruits them. FNCCI is purely mediating this. It probably needs to be in the forefront and take the leadership. I think unless we take leadership, we should not be involved in any such programme.</p>
			<p>
				<strong>Would you like to add anything as a message? </strong></p>
			<p>
				Yes, a message to the leaders. It's high time they understand that politics is not the primary concern of the Nepali people. We are worried as Nepali citizens because it's being projected that next year, there is going to be a food shortage of 400,000 tonnes in this country. With remittance declining, our economy is going to be badly hit. The kind of queues that we see outside the foreign ministry for passports speaks loudly about the confidence of the Nepali people on the country's leadership. Therefore, it's time for them to get off the political agenda and start working on economy because this is the only thing that is going to get the country back on a sustainable basis in a long term. We should get peace and understanding so we want them to treat economy as the primary agenda and the most important thing to get the country back from the state that we are in.</p>
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			'description' => 'Suraj Vaidya, the President of Vaidya's Organisation of Industries and Trading Houses (VOITH) is contesting the prestigious position of FNCCI President in an election being held',
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			'id' => '243',
			'article_category_id' => '47',
			'title' => 'A Man For The Long Run.',
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			'summary' => null,
			'content' => '<p align="justify">
	<img alt="personality" border="1" height="135" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/personality(4).jpg" vspace="5" width="245" /><br />
	<br />
	Always an optimist, Anuj Agrawal believes that nothing is impossible on this earth if one sports a positive mindset. He believes that the business fraternity must take responsibility to change Nepal's fortunes for better.</p>
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					<strong><em>By Sujan Tiwari</em></strong></p>
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					Living in the US for five years, interacting with people from diverse professions and cultures and learning about leading business families around the world gave him a viewpoint on his future course of life.</p>
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			<img alt="personality" border="1" hspace="5" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/personality1(2).jpg" style="width: 240px; height: 307px;" vspace="5" /><br />
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				''We should develop business models that fit the country rather than expect the country to fit our model,'' says Anuj Agrawal, Director of Vishal Group. The group has dealerships of reputed international brands such as Volkswagen, Nokia, P&amp;G, LG, Sun Oil Ltd and many more. Agrawal attributes the group's growth to representing international brands in Nepal. He says that it will continue to focus in this area and try and add more world famous brands to its repertoire. The group is currently trying to make inroads into areas of the country's core competence like cement, hydropower and tourism.</p>
			<p>
				Agrawal's family has been living in Nepal for 82 years now. They came and settled first in Ilam in the 1930s. The family moved to Dharan in the 1940s. From there they moved to Biratnagar and eventually to Kathmandu. The group also entered into manufacturing batteries and steel in 1980s and toothpastes in 1990s. During the same decade it also invested in plantations of Teak and Sheesham, both near Biratnagar. Over time, it decided to tie-up with global brands as it realised it would give it the recognition and importance that manufacturing won't. So, the company made its foray into distribution and representation business. ''Vishal means large and that's what our group name aspires to do grow large,'' declares Agrawal with a hint of arrogance.</p>
			<p>
				The group has also evolved over decades from being prominent textile traders till the early 1970s to being importers of various things from countries other than India. It is among the first companies in Nepal to start importing from China. It also started making its presence felt in the banking and financial sector by joining a team of investors in promoting NIC Bank in 1997. It further established Life Insurance Corporation (Nepal) Ltd, a joint venture with LIC of India in 2000, and started Prudential General Insurance Company the same year.</p>
			<p>
				Agrawal did his schooling in India and pursued Undergraduate and Master's Degree in the US. On his return from the US in 1997, he joined the family business as a trainee to begin with. Later, his interest into brand representation business led him to start representing international brands. ''I have always aspired to be in businesses that are strategic and beneficial in the long run, rather than opportunistic businesses,'' reasons Agrawal. He avoids businesses that promise money in the short term but may not be sustainable in the long term.</p>
			<p>
				Agrawal says that his family has been a big inspiration for him. ''My family came from absolute poverty, but worked really hard and finally came into this position,'' he reveals. He feels it was far easier for him to start his career as there was already a platform for him to build on. He also feels privileged to have substantial wealth and has taken the responsibility of continuing the business legacy.</p>
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				Agrawal says that his stay in the US influenced him a great deal. Before leaving for the US, his exposure and thinking were limited, he thinks. Living in the US for five years, interacting with people from diverse professions and cultures and learning about leading business families around the world gave him a viewpoint on his future course of life. ''My stay there broadened my mind frame in terms of national and social issues and personal development,'' he reminisces. Another major influence has been his involvement with the Confederation of Nepalese Industries (CNI). He is currently Vice President of the CNI and is thus able to interact with business leaders around the country and see things from a macro perspective. He is also a founder member of Entrepreneurs Organisation Nepal. Being involved with these institutions has helped him learn from others' success stories and experiences as well as to share his experience with others.</p>
			<p>
				Agrawal's management philosophy is very inclusive as he always looks to work with his employees as a team member and is not overtly autocratic. He is always ready to lose in the short term to win in the long term. ''Rather than blaming the policies, I want to develop strategies that go along with the policies,'' he states. He wonders why people always focus on problems rather than focusing on their solutions. ''I try to understand the problem but with a focus on the solution,'' he remarks. He agrees that the country's environment is not particularly great, but feels that everybody needs to own up the responsibility.</p>
			<p>
				Agrawal is married with Kavita, for 13 years now. He had never seen her before marriage even though their respective families knew each other well. Though, not part of the business management, his wife is a tremendous support for him. A proud father of a son and a daughter, he likes to spend quality time with his family. He says his family is his biggest source of strength and he always looks forward to reach home as soon as his work finishes.</p>
			He believes that the business fraternity must take responsibility to change Nepal's fortunes for better. ''The major business houses have the financial exposure and the luxury of looking at things from a different point of view. Therefore, they should put in more effort,'' he asserts. Always an optimist, he believes that nothing is impossible on this earth if one sports a positive mindset. Agrawal is a firm believer of the notion that there are better days ahead and Nepal can certainly look forward to prosperous times.</div>
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			'description' => 'lways an optimist, Anuj Agrawal believes that nothing is impossible on this earth if one sports a positive mindset. He believes that the business fraternity must take responsibility to change Nepal's',
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			'id' => '242',
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			'title' => 'The Indian Currency Conundrum',
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			'content' => '<p>
	There are understandable and obvious reasons of seemingly insatiable demand of Indian Currency (IC) in the Nepali economy. India is not only Nepal's largest trade partner, but the Nepal-India export-import ratio is about 1:7, that too only computing on the trade figures of formal channels.<br />
	<br />
	In the first half of the current fiscal year alone, Nepal Rastra Bank purchased nearly about 50 billion Indian Rupees paying other 'highly' convertible foreign currencies; mainly the US dollar. Due to this reason, among others, Nepal's Balance of Payment position has remained shaky for a couple of years now. Purchasing the IC against the forex reserve to finance the deficit trade appears to be nothing less dangerous than riding on a tiger. Worse, there is no sign of narrowing down the gap in this bilateral trade, at least not in the foreseeable future.<br />
	<br />
	To phrase it differently, for long years to come, Nepal has no option but to manage adequate amount of IC to keep alive its economy. It also means that we must explore the ways of managing the sources to reduce the strain on the forex reserve.<br />
	<br />
	This is particularly where our national fiscal managers and monetary authority have failed to devise pragmatic policies vis-a-vis IC management. Had Nepal been able to better manage it, the IC shortfall in the economy though would not have completely neutralised but the gap would have been far narrower than now. There are at least three strikingly glaring issues in this regard, taking-up which could solve larger part of the problem.<br />
	<br />
	First, amending the present system, the central bank of Nepal must allow smaller amount of IC to enter into the banking system. Only excuse that the central bank has to debar IC to NC exchange has increased incidences of fake IC notes, and bank teller's inability to screen them off. But, each bank would not perhaps mind to bear a little additional cost on screening if they could collect substantial amount of IC. This could reduce the IC holding by the individual and the IC entered into the country would spontaneously come into the system.<br />
	 </p>
<p>
	<img alt="fromtheeditor" border="1" height="170" hspace="10" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/editor.jpg" style="width: 225px; height: 170px; margin: 10px; padding: 10px;" vspace="10" width="225" /></p>
<p>
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<p>
	Second, the central bank must have enough guts and urgency to talk to lift the embargo on transactions in Rs 500 and Rs 1,000 denominations IC notes. It is an open secret that these notes are freely traded by individuals and businesses all over Nepal. But it cannot come and be counted in the system due to the legal sanctions. If this issue could be resolved sooner, the IC supply in Nepal would ease substantially.</p>
<p>
	Third, and the most crucial is that the IC issue is no longer monetary or trade issue alone. It has rather become a bilateral political and diplomatic issue. The Rs 500 and Rs 1,000 denomination issue is linked to smuggling, terrorism and underworld operations, perhaps much hyped than what the reality is. Therefore, the political leadership must take initiative to assure New Delhi about the fair handling of these notes. The political leadership has to play its long due role of opening a formal channel for remittances from India to Nepal. All these efforts combined would at least solve fifty per cent of the problem.<br />
	<br />
	 </p>',
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			'description' => 'There are understandable and obvious reasons of seemingly insatiable demand of Indian Currency (IC) in the Nepali economy.',
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			'article_category_id' => '40',
			'title' => 'Horizantal, Vertical And Product Expansion',
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			'content' => '<p style="text-align: justify;">
	Small sized loan sans collateral, group savings, small-scale entrepreneurs,&nbsp; diversified utilisation and simple and flexible terms on credit are among the features of micro-finance companies. </p>',
			'published' => true,
			'created' => '2011-03-14',
			'modified' => '2011-04-16',
			'keywords' => '',
			'description' => 'Small sized loan sans collateral, group savings, small-scale entrepreneurs,  diversified utilisation and simple and flexible terms on credit are among the features of micro-finance companies.',
			'sortorder' => '170',
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