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| Archive of December 2009 |
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NEPSE went 1.68 points up
Nepal stock exchange that kicked up with a subdued performance ticked to higher end at the closing bell led by gains in heavy cap stock Nepal Telecom and development bank sector. The benchmark NEPSE index shot up 1.68 points or 0.31 percent to 547.4 marking gains for second
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Gold import declined by 38 percent in four month
After sudden surge in gold imports in the second and third months of the current fiscal year, Nepal´s god imports in the fourth month declined by 38 percent, though the import volume was still higher than the volume recorded last year.
According to statistics compiled by the Department of Customs, Nepal imported gold worth Rs 4.34 billion during the fourth month compared to Rs 2.59 billion
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Rise in chicken price
Rise in production means improved supplies and subsequent fall in prices - a natural phenomenon in open market system. But this natural practice cannot be seen in poultry market, thanks to unhealthy practice by traders and entrepreneurs to control market price.
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Think twice to dump your garbage
Pokhara Sub-metropolitan City has started slapping a fine of NRs 5,000 to any person dumping garbage at public places with second-time offence warranting NRs 15,000. Shambhu Jaiswal became the first person in Pokhara, and probably in the country, to be fined NRs 5,000 after he was caught dumping garbage at a public place in Gairhapatan. A team led by head
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FNCCI urged to pledge Chinese investors
Nepali businessmen have urged the government to create conducive environment and provide guarantee to secure Chinese investments in Nepal. The Nepali government should issue such guarantee so as to reap benefits of the deep interest that the Chinese investors have shown in investing in Nepal, said Kush Kumar Joshi, president of Federation of Nepalese Chambers of Commerce and
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NC, UML to defend against Maoist aberration
The two major ruling partners--the Nepali Congress and the CPN-UML--have decided to hit back at the Maoist ‘excesses’ and at the same time initiate ‘political dialogue’ with the main opposition and other political parties to create environment for drafting the constitution on time and taking the peace process to a logical end.
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Budget shortage in DoR
The Department of Roads (DoR) has sought additional budget of Rs. 600 million from the Ministry of Finance (MoF) for the Mid-Hill Highway Project saying that the budget allocated for the project this year was not sufficient. The project this year is targeting to open the 120-kilometre long track and make it
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‘Visit Nagarkot’
With the government planning to celebrate 2011 as Nepal Tourism Year, tourism entrepreneurs in Nagarkot have announced that they would be celebrating 2011 as Visit Nagarkot. The fifth annual general meeting of the Nagarkot Naldum Tourism Devel-opment Committee, that plays a vital role in the tourism
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“No work, no pay” to be tagged on new industries
Industry Minister Mahendra Prasad Yadav on Wednesday said that the new industrial policy, which has already been submitted to the cabinet for its approval, included the "no work, no pay" provision to enhance industrial productivity.
The Ministry of Industry on Monday had tabled the much-awaited new industrial policy at the cabinet. "The policy will be endorsed at the earliest after the necessary work upon the return of Prime Minister Madhav Kumar Nepal from China," said
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Price of gas to rise as 13 percent VAT to be labelled
Nepal Oil Corporation (NOC) is planning to increase the price of LP gas. NOC plans to revise the price in order make the supply smooth. NOC managing director Digambar Jha made the statement to journalists in Biratnagar on Wednesday.
According to Jha, the plan to revise the LP gas price was due to the losses that NOC was incurring in line with the international
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Once in a blue moon and it is indeed today
Once in a blue moon, there occurs the Blue Moon. The New Year’s eve will be memorable to skygazers and other celebrants as they will witness the extraordinary proverbial event on the day after 19 years, that too, coupled with another celestial drama , a lunar eclipse.
The full moon generally occurs once in a calendar month. But there are two moons
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LTO to take actions against VAT defaulters
Large Taxpayers Office (LTO) has initiated procedures to take action against value added tax (VAT) defaulters, who, despite having annual turnover of more than NRs 250 million, have repeatedly denied settling their outstanding VAT dues as low as NRs 10,000. It has already issued warnings to the VAT defaulters about the action, which could go to the extent of closure of the
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China assured to boost political and trade ties
China pledged to bolster political and trade ties with Nepal in a joint statement issued Wednesday. China offered tariff reductions, training of agricultural experts and other assistance in the statement issued during Nepalese Prime Minister Madhav Kumar Nepal´s first visit to China since he took office in May. The two states also agreed to improve
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Basnet, newly elected chairman of YFN
Mahesh Basnet has been elected chairman of the Youth Federation Nepal (YFN), the youth wing of CPN-UML. Basnet, 34, garnered 699 votes, while his rival Indra Lal Sapkota obtained 597 votes in Tuesday’s election at Lahan, Siraha. Similarly, the federation’s seventh national convention elected Jhapat Bahadur Rawal, Hira Bahadur KC, Hari
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NEPSE gain 1.68 points
Nepal stock exchange that kicked up with a subdued performance ticked to higher end at the closing bell led by gains in heavy cap stock Nepal Telecom and development bank sector. The benchmark Nepse index shot up 1.68 points or 0.31 percent to 547.4 marking gains for second straight session though marginal after sliding down to low of 545
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NIDC to distribute bonus and dividend
NIDC Capital Markets Ltd has decided to distribute its bonus shares and dividend. In a press statement, the company said it will distribute 30 per cent bonus shares and 10 per cent cash dividend from its profit of the fiscal year 2008-09.
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Tamu Lhosar being observed
Amidst various cultural programmes, Gurungs in the country are celebrating Tamu Lhosar marking their New Year on Wednesday. Gurungs, one of the culturally rich indigenous communities, have their origins in the western part of the country. The New Year day falls on December 30. The government has declared public holiday for the
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Recommendation to out 15-years old vehicles from valley
A high-level panel has recommended flushing out public vehicles older than 15 years from the capital to manage traffic congestion and reduce the pollution level. The committee led by Babu Ram Acharya, secretary at the Ministry of Labor and Transport Management (MoLTM), recently submitted the recommendation to the Commission for Investigation of Abuse of Authority (CIAA), outlining different
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Petrol pumps admitted the use of fraud vouchers
Owners of three of the four petrol pumps that used fake vouchers to evade taxes have admitted mistakes, but blamed their staffers for the wrongdoing.
Recording their statement Tuesday at the Department of Revenue Investigation (DRI), which is investigating the case, the pump operators said they had relied on their accountants to clear tax, and their
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Sugar to be imported from India
In a bid to ease the sugar shortage and check rising prices, the government is planning to import 2,500 tons of sugar from India within two weeks. The scarcity has pushed the price of sugar to more than Rs. 80 per kg in the local market.
The price shot up after the government-owned National Trading Limited and Salt Trading Corporation stopped supplying sugar to retailers and customers saying
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Maoist politburo geared up for fourth phase of protest
UCPN (Maoist) politburo members on Tuesday stressed that the party should take its fourth phase of protests to the height of a national movement.
Commenting on party Chairman Pushpa Kamal Dahal’s political dossier, senior party leaders were of the view that the fourth phase of protests should concentrate on forging unity among ‘nationalist and republican forces’.
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Seventh amendment bill tabled in House
Minister for Law and Justice Prem Bahadur Singh tabled the bill for the seventh amendment to the Interim Constitution in the Legislature-Parliament on Tuesday.
The bill will undergo a parliamentary scrutiny at different phases before the final voting on it. It requires a two-third majority to pass the bill in the House. “I have tabled the bill at the
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Syakar launched Hero Honda Karizma ZMR
Syakar Co, the authorised distributor of Hero Honda Motors for Nepal, on Tuesday launched the Hero Honda Karizma ZMR in the Nepali market. The new multifunctional digital bike with a sporty full body cowl is equipped with many new features for better performance and customer satisfaction, the company said at a press conference organized
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Effect of unsolved NAC’s deal on tourism
Nepal's tourism industry has been disheartened after the bid by Nepal Airlines Corporation (NAC) to buy two new aircraft was dumped by the parliamentary Public Accounts Committee (PAC).
On Monday, the PAC had directed the government to cancel NAC's Airbus deal, citing violations of the law governing public purchases.
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Maoist being urged to not to hinder in constitution writing
Minister for Federal Affairs, Parliamentary Affairs, Constituent Assembly and Culture, Minendra Rijal said constitution writing within the slated time is possible if the political parties make consensus among them forming high level mechanism. Speaking in the press meet organized by Nepal Press Union at Gaighat
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Residents of landfill site halted garbage disposal
Just a day after garbage collection in the valley, which was disrupted due to local body employees´ strike for one week, resumed, local residents of Okharpauwa VDC in Nuwakot on Tuesday obstructed the vehicles carrying refuses from dumping at the Aletar landfill site.
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Bill tabled for Jha to take the oath
The government today tabled a Bill for the seventh amendment to the Interim Constitution at the parliament so as to allow the President and Vice-President to take oath of office and secrecy in their mother tongue. Once the amendment is endorsed by the House, it will reactivate the post of VP-elect Paramananda Jha. As per the proposed Bill, the President and Vice-President will have to sign two copies of oath text, prepared in Nepali
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China to push relation to new height
China and Nepal today agreed to lift their bilateral relationship to a higher level by establishing comprehensive and cooperative partnership. The decision came when Chinese Premier Wen Jiabao and Nepali Prime Minister Madhav Kumar Nepal held talks following a red-carpet welcome ceremony for Nepal in the Great Hall of the People in downtown Beijing.
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12 hours power cut from today
Nepal Electricity Authority (NEA) has announced up to 12 hours of daily power outage from Wednesday.
The new schedule will slash power supply by 51.5 hours a week.
This time around last year, the NEA increased power cuts to 16 hours daily, which amounted to 108 hours a week.
Danda Pani Bashyal, director of the NEA, said that the authority was compelled to increase power outage hours because of the massive drop in water level for power generation.
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51 hours of load shedding in a week
The power cut is to be extended up to 51 hours in a week from Wednesday. According to a source, the power cut will be seven hours for five days each and eight hours for two days each. The new schedule will be released today.
During the winter after river goes up dry, the load shedding hours are around like usual. Due to the decrease in the water level the load shedding hours has been
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Citizen to spread in 14 zones
Citizen Bank International Limited (CZBIL) has decided to expand its branches in 14 zones of the country within the current fiscal year. The bank will install ATM and credit card service in all the branches, stated the press released by the bank. The bank which has more than 65 thousand customer has provided 10% cash dividend from the profit of fiscal year 2065/66. Similarly, the bank will provide 1:1 right share to augment its capital to Rs. 2 billion.
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Maoist gearing up for the fourth phase of protest
UCPN- Maoist Chairman Pushpa Kamal Dahal has floated a new strategy to shore up support for his party’s fourth phase of protests.The political dossier, which Dahal presented at Monday’s politburo meeting, has it that the Maoist party will work in unison with all ‘nationalist forces’ to give the fourth phase of protests a boost. The fourth phase comprises a monthlong nationwide ‘awakening and exposure campaign’. “The chairman’s report underscores the need for a national movement,” said Maoist Spokesman Dinanath Sharma.
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NRs3crore corruption inside NOC
A high-level probe team investigating anomaly at Nepal Oil Corporation (NOC) has confirmed wrongdoing by senior depot officials at Amlekhgunj and recommended strong actions against them for stealing oil and pocketing NRs 29 million over the last one year. The committee headed by Ganesh Dhakal, joint
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High school resumes
High School resumesHigher Secondary schools across the country closed since Thursday will open from Monday after the government called Higher Secondary School Teachers Association for talks.
The association has said, it decided to allow the higher secondary schools to open as the government called them for talks and is seen positive towards fulfilling their demands, and in request of parents
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Disqualified combatants to be discharged on Jan 7
The discharge of disqualified Maoist combatants, which was was to start from Sunday (27 December), has been postponed to January 7. A meeting of the Steering Committee held at the Ministry of Peace and Reconstruction on Monday arrived at the decision to postpone the discharge process. As per the decision, the discharge process will
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Tourism excluded from prior list
After tourism entrepreneurs complained that the tourism industry had been excluded from the priority list in the draft of the new industrial policy, the Ministry of Industry has clarified that it was not practical to have two different policies for the same industry. The new industrial policy, which is set to be finalized next week for discussion at the cabinet, has left out hotels and travel agencies as they were already covered by the tourism policy under the Ministry of Tourism and
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Government to survey ICT
The government is set to conduct a survey of the information and communication technology-based (ICT) industry in the country to see how it is doing. The High Level Commission for Information Technology is preparing the terms of reference and plans to entrust the job to any eligible consultant by January 2010. Vice president of the commission
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Shortage of liquidation to continue
The economy is likely to face a prolonged shortage of liquidity as an injection of NRs. 12 billion over the last one and a half months hasn't eased the cash crunch much. The interest rate of inter-bank lending and the standing liquidity facility (SLF) that Nepal Rastra Bank (NRB) provides to banks to address their short-term liquidity problem has
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Fake vouchers to escape tax
In a typical case of financial crime, tax offices in Kathmandu of late have started encountering rising incidences of taxpayers using fake vouchers to evade taxes. The case first came to government´s notice earlier this month when Land Tax Offices (LTOs) in Kathmandu found mismatch in revenue it received through
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51 percent share by Chinese company in Seti Hydro-project
A Chinese government venture, China National Machinery Import and Export Company, has agreed to invest 51 per cent share in West Seti Hydro-project.
Chairman of West Seti Hydro-project Himalaya Pande told journalists in Kathmandu over a video conference Monday evening that he signed an agreement to this effect with
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Docs demand to be addressed
The meeting of the council of ministers, chaired by acting Prime Minister Bijay Kumar Gachchhadar, held Monday morning in Singha Durbar, has formed a committee to address the demands of the agitating doctors.
The five-member committee is headed by health minister Uma Kanta Chaudhary while law minister Prem Bahadur Singh, finance minister Surendra Pandey, local administration minister Rabindra Shrestha and health secretary Sudha Sharma have been named members of the committee.
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Conspiracy in CA- Martika
Coming down heavily on the CA's decision to annul his CA membership, Matrika Yadav, the chairman of CPN-Maoist, on Monday alleged that the decision was a conspiracy to foil the people's constitution from being drafted.
A meeting of Constituent Assembly Business Advisory Committee on Sunday decided to annul the CA membership of
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Maoists to collect donation
Making mockery of the Comprehensive Peace Agreement, the main opposition party, UCPN-Maoist, has embarked on a donation seeking drive in Kailali district. The Maoist cadres even seek donation from the people who don’t subscribe to their party’s ideology. According to district secretary of the CPN-UML Dirgha Sodari, the cadres of UCPN-Maoist
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NAC’s aircraft purchase in a halt
Long-awaited Nepal Airlines Corporation decision to purchase two new aircraft has been withheld for the time being. Public Accounts Committee has directed NAC to scrap the procedure of purchasing new aircraft. The decision to this effect was taken at PAC meeting held today. It has also directed the Finance Ministry to realize the advance payment made to the Airbus
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NEPSE lost points
Nepse index close at negative zone after an erratic session Sunday breaching the three sessions straight gains. The benchmark index was down diminutive of 0.39 points or 0.07 percent to 545.27 at the closing bell after giving positive start.
Investor had a belief that the stock market will ticked to higher terrain from Sunday after rising for consecutive three sessions previous week.
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NRB to enforce special act on deposit insurance
Following the government's policy announcement of introducing deposit insurance from this year, Nepal Rastra Bank (NRB) has suggested that the institution that insures the deposits be formed under a special act. NRB has also submitted its concept paper to the Finance Ministry. While the government is yet to decide whether to treat this scheme
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Association Account scheme by Sanima Bikash Bank
Sanima Bikas Bank Limited has introduced a new concept of providing introducer with the share of the interest in an account that they help open. The recently launched Association Account targets associations running through donations or those that in the need of fund. Under this scheme, an association or club with an account in the Sanima Bikas Bank, when
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New lab equipments from Lilac Nepal
Lilac Nepal Pvt. Ltd, a joint venture with Lilac Group India, has brought medical laboratory equipment in the market on Saturday. Lilac is one of the prominent medical testing equipment manufacturers in 53 countries. Lilac has unique product ranges like Lumax (hormone, cancer, infertility testing analyzer), Genio (electrophoresis analyzer),
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Pokhara fest reached 11 today
Denizens of Lake City and tourists visiting the area will be able to savor delicious varieties of food in the 11th Street Festival that will kick off today with the slogan ‘Let’s eat in the street, dance in the street and enjoy in the street.’ The three-km long road around Lake Side will be converted into the longest.
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Kist Bank to emphasize in Mt. Everest climbing
Kist Bank Ltd is planning to scale Mt Everest in 2010 through its brand ambassador Pushkar Shah, a renowned cyclist of Nepal. The bank has launched two accounts -- Kist Peace Savings and Kist Peace Fixed Deposit-- to support the move from today. The bank is planning to contribute to the Mt Everest expedition through its new accounts opening
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Rajendra Man Shakya, Chief Executive Officer of CMB Finance Limited, a versatile and reputed professional in the financial sector of Nepal, spoke to Nepal Business Times regarding the economic scenario, financial and banking sector of Nepal and the progress achieved by CMB over the years. Excerpts: 
Shekhar Raj Bastakoti
