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| Archive of November 2009 |
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NEA facing serious economic crisis
Buying private sector’s electricity, maximum leakage, disorder constructing plans, political chaos has led Nepal Electricity Authority (NEA) to serious economic crisis.
The total share capital of the government is decreasing. According to a source, government’s share of NRs 32billion 28crore has descended to 20billion. If the process is ongoing
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Aircraft delivery delayed
Due to the ongoing conflicts between Public Account Committee and Nepal Airlines Corporation, the delivery has been delayed.
As per the agreement between the Airbus Company and NAC, the plane should arrive by 2010 September but the delayed payment by NAC has delayed the delivery of the aircraft.
The representatives of PAC had interfered the purchase
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NT seeks explanation from its MD
Nepal Telecom (NT) Authority has sought explanation from the Managing Director of the Company. NT’s Managing Director Amarnath Singh was asked for explanation for not providing infrastructures to private Internet Service Provider (ISP).
Nepal Telecom and ISP have been undergoing conflicts for more than two years over the ADSL deck.
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Commodity market sees increase in raw oil trade
With the soaring prices of gold, the investors have switched their investment from share market to the precious yellow metal.
Commodity prices have continued to push higher in line against weaker US dollar since the beginning of this week. And now, raw oil has joined the trend.
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Nepse opens after seeing 30 months low
Nepal Stock Exchange has been observing a downfall for more than a week. The Nepse index has reached to the thirty-month low witnessing continuous fall in the market.
The sole secondary market, has depressed most of the investors who are
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Brokers urge Stock board to provide IDs to investors
The share brokers have suggested Stock Board to issue identity cards itself for the investors. “It would be inappropriate to distribute the identity cards without the direction of the board, “claimed the brokers. The Stock board had earlier given the responsibility to the brokers. The board directed the brokers to provide individual
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PAC holds parliamentary meeting
Public Account Committee (PAC) has called up the officials of Nepal Airlines Corporation (NAC) for parliamentary meeting today. The meeting will discuss over the ongoing airlines purchase row.
PAC had directed NAC to halt the purchase process for the timing, claiming ineffective management of NAC and inefficiency of NAC that could create hurdles in the flights
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NABlL CEO quits, joins Megha Bank
Anil Shah has resigned from the post of Chief Executive Officer of NABIL Bank Limited.
Shah quit the bank to join Megha Bank, an upcoming commercial bank. The NABIL Bank said Friday that Shah's resignation had been approved. Shah is joining the soon-to-be opened bank in the same capacity
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StanChart awarded 2009 Banker’s bank
Standard Chartered Bank (SCB) has been crowned as the Banker’s bank 2009 by the Bankers magazine. The award was given in regard of the growth and long-term strategic commitment of the bank to Asia.
The bank was given the title for its good performance during the fiscal year 2008-2009.It was also named as the Best Bank for Asia
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No sign of petroleum strike to halt
The movement of petroleum products has been strongly affected eastern region after the agitating petroleum workers affiliated with UCPN (Maoist) have announced a fresh strike.
All Nepal Petroleum Workers Union (ANPWU) and the associated workers have threatened to dry up the petrol pumps and stall distribution from Monday. Queues of people around the petrol pumps appeared fearing the shortage of fuel in the future.
The workers had shut down all the petrol pumps in the region for a week just about
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Agni cement launched
Agni Cement Industries Pvt Ltd (ACIPL) has launched Agni brand — Ordinary Portland and Portland Pojolana — in the market.
Both types of cement are suitable for all kinds of structures including house, road, bridges, irrigation canal and commercial buildings, the company said.
ACIPL has a production capacity of 300 metric tonnes per day
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Fast Track, the benifitter for Hetauda
The initiation of the construction of Kathmandu-Nijgadh fast track has increased the cost of lands in Hetauda.
Soon after the inauguration of the fast track, the cost of the lands has been observed to have inflated by NRs.1 lakh. According to a local resident, the cost was inflating prior to the inauguration which was boosted by the inauguration
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NRB directs NB to repay loan
Nepal Rastra Bank (NRB) is organizing Annual General Meeting (AGM) on 29th Mangsir to hand over the management of Nepal Bangladesh bank to its shareholders which is currently under NRB’s control. The banks will hand over the management to the managing committee chosen by the AGM.
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Resunga’s share from Tuesday
Resunga Development Bank is issuing shares from Tuesday. The Bank has decided to issue 91,800 units of public shares. The bank will increase its paid-up capital to NRs. 3.6 crore after the issuance which is NRs. 2.14 crore at present.
The bank has set Civil Capital Market as its issue manager. Public can apply for maximum of 5 thousand shares.
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Parliamentary meeting today
Parliamentary meeting that had resumed after a month long obstacle due to Maoists protest is slated to happen today as well at 4 p.m.
The parliament had resumed its operation after the Maoists allowed the house session to resume for the endorsement of budget for the current fiscal year. The house will supposedly discuss on some of the bills awaiting endorsement
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Nepse sees 30 months low
The Nepal Stock Exchange (Nepse) index, at last, rested at the least of the 30 months losing ground for the entire week.
Investors are tired of losing wealth on the declining prices and their fragile sentiments are poured into pessimism as the index is dipping down and down each day
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NEA to buy electricity at high rate
Nepal is buying 80mw of electricity at the most expensive price from India. The Managing Director of Nepal Electricity Authority (NEA) Jivendra Jha and the associates have agreed to bring the electricity at the rate NRs. 9.60 per unit (IRs. 6 per unit). Earlier the deal was made at NRs. 7.12 per unit (IRs. 4.45
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Everest base camp becomes the cabinet meet destination
Finally the government is organizing the cabinet meeting at the base of Mt. Everest after a month’s uncertainty on December 4th .The government is holding the meeting at the foot hill with the aim of amplifying the impact of climate change in Nepal especially in the Himalayan region and make people aware.
The cabinet will announce 1900 sq.km Api-Nampa conservation area, located in Darchula and Gaurishankar conservation area in the meeting. It will also endorse the summiteers’ Summit Declaration
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DCBL to provide banking training
DCBL bank in co-operation with Rotary District is providing banking training since Saturday. Altogether 32 rotract s are taking part in the training session.
Rotary district’s governor Ratnaman Shakya and DCBL’s chairman
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DPM to attend UN meet
Deputy Prime Minister and Minister for Foreign Affairs Sujata Koirala is leaving for Kenya on November 29 to participate in a High-level UN Conference on South-South Cooperation there. The conference will be held in Nairobi during November 1-3. The conference is the outcome of the United Nations decision to convene one on the 30th anniversary
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NMB to sell shares
As per the existing law, in order to increase the public participation, NMB Bank is selling 79.5 thousands units of shares at share premium.
“The bank is selling away these shares to meet the provinces as per which a bank must have 30% public shares,” said Upendra Poudel, Chief Executive Officer of the Bank. The bank had only sold 25
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CAAN to purchase aircraft, PAC orders NAC to halt purchase
The Civil Aviation Authority of Nepal (CAAN) has decided to purchase an aircraft worth US$ 4 million to be leased on rent to Nepal Airlines Corporation (NAC). CAAN, the aviation regulatory agency, itself buying an aircraft is in controversy as it is not authorized to buy or lease aircraft.
The board meeting of the CAAN chaired by tourism and civil aviation minister Sharat Singh Bhandari held two weeks back had decided to purchase the craft for commercial and internal uses
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FNCCI urges to open shut industries
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has drawn attention to the ongoing labor dispute in Sunsari district that has hurt production and business activities. Factories in the Dharan Industrial Area have been shut for three weeks
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Gold at its high again
Gold price has entered a new phase of its Bull market and is breaking its fresh record highs each day. Gold price topped its record of NRs. 33,100 per tola in the domestic market which was traded for NRs.33, 500 on Wednesday.
The weakening US dollar and speculation of further rise in gold prices has supported the inflation. Likewise, the purchases of gold by Mauritius and Sri Lanka, following the purchase of 200 tons of gold by India have
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IME's new logo
The International Money Express (IME) group, with the involvement in diverse businesses -originally emerged from remittance business- unveiled its new group logo on Thursday.
Issuing a press release, it said
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Smart Telecom launches Smart Sat
Smart Telecom Private Limited, the sixth telephone service provider in Nepal, recently launched its telephone service. The company’s new telephone service -Smart Sat- was inaugurated by Minister for Information and Communications Shankar Pokharel who talked to Makwanpur LDO Bhuwan Prasad Bhatta of ward no. 3 of Sinseri VDC of Makwanpur in the inauguration program on Thursday
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Fly Dubai extending networks
With the new trend of expansion, the international air links to Nepal are commencing new flights and increasing the frequency of old airlines.
Fly Dubai, recently approved airlines to fly between Dubai and Kathmandu, which was supposed to be doing with B737-800 aircraft from the third week of December will be operating from
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Maoists to declare autonomous states
Underestimating the provinces of Comprehensive Peace Agreement (CPA), the Unified CPN-Maoists have decided to declare the autonomous provinces unilaterally, when the country was looking for consensus for the formation of a stable government.
The meeting of the Maoists’ National Peace Movement Committee (NPMC) in presence of in-charges of various ethnic and regional fronts came to this decision on Thursday, which was earlier postponed due to lack of enough preparations, during the second phase of agitation.Declaration schedule
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Nepse loses points again
The Nepal Stock Exchange (Nepse) index, at last, rested at the least of the 30 months, losing ground for the entire week.
Investors are tired of losing wealth on the declining prices and their fragile sentiments are poured into pessimism as the index is dipping down and down each day.
There is a stream of floating of new shares in the market with those few depressed investors
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Gold at its high again
Gold price has entered a new phase of its Bull market and is breaking its fresh record highs each day. Gold price topped its record of NRs.32, 950 per tola in the domestic market which was traded for 33,100 on Wednesday.
The weakening US dollar, the purchase of 200 tons of gold by India and speculation of further rise in gold prices has supported the inflation.
Despite a continuous rise in gold prices, the trade of Gold is not that much affected as it has got the ‘secure investment sector’ title by the investors .there has been rising investment in gold both in international as well as domestic market with the speculation that the prices would go further up.
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DFID grants NRs.800m aid
The Department of International Development (DFID) of the United Kingdom (UK) has announced an aid of NRs.800 million for the operation of a paralegal program in Nepal. DFID is providing this aid as grant to Nepal.
The DFID made this announcement to expand the program being implemented in 500 VDCs in 23 districts by the UNICEF to 1,300 districts in all 75 districts of the country.
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‘Govt. should create secure investment conducive environment’
President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Kush Kumar Joshi Wednesday said that the recent trip of his delegation to Malaysia was highly ‘successful’ in promoting business ties with the Malaysians.
Speaking at a press conference, Joshi said that the FNCCI would submit a study report to the Government of Nepal soon. "We have to learn a lot from Malaysia for our economic development," he said
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Nepse sees 30 months low
The sole secondary market is observing decline to the lowest since the beginning of this week. The benchmark Nepse saw a fall of 30 months low on Wednesday continuing to plunge for the fourth day of the week.
The continuous fall of Nepse has depressed most of the investors who by now have become used to with the trend. Most of the investors' ranges from individual to institutional are going through the worst moment in the stock investment as day by day they are losing wealth on declining prices
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Right shares listed
Two more banks have listed right shares for trade.
NMB Bank Limited has listed right share (53586 units) from serial no 11000001 to 14300000 at Nepal Stock Exchange.
Similarly, Nepal Development and Employment Promotion Bank Limited has also listed right share (34030 units) from serial no 3200001 to 4765970 at Nepal Stock Exchange for
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Budget passed, high-level mechanism soon
After a month long deadlock in the parliament, the budget program for the current fiscal year is finally passed. The House session passed the Finance Bill, the Bill to Mobilize National Debt and the Bill on Debts and Guarantees on Wednesday. Following the endorsement of the bill, Speaker Nembang has called the next parliamentary meeting for Friday
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Chinese delegation team meets PM, Koirala
The high-level Chinese delegation team that arrived in Kathmandu on Tuesday has been busy meeting the political leaders since its arrival.
A ten-member high-level delegation led by Executive Deputy Director of Tibetan Autonomous Region Hao Ping had arrived Kathmandu on Tuesday for a five-day long visit.
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Nepse sees fall again
Nepse observed the lowest of the low in the market on Tuesday. After its heart-breaking two-digit plunge of Monday, the Nepse index depressed the investors much more on Tuesday.
According to Nepal Stock Exchange Limited, the Nepse index
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Tibetan team in KTM
A ten-member high-level delegation led by Executive Deputy Director of Tibetan Autonomous Region Hao Ping arrived Kathmandu on Tuesday for a five-day long visit.
The delegation, today met with Prime Minister Madhav Kumar Nepal at Baluwatar and Nepali Congress president Girija Prasad Koirala at the latter's residence in Maharajgunj.
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ADB provides $80 million to TIA
Asian Development Bank Limited is laying out its helping hands to upgrade Tribhuvan International Airport (TIA).
It has decided to lay out a total of US$ 80 million to finance the Nepal Air Transport Capacity Enhancement Project.
US$ 10 million has been approved as a grant whereas US$ 70 million will be in a form of loan.
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Gold hits another high
Continuing its record break trend, gold rate set another new high in the market on Tuesday. The yellow metal was traded for NRs.32, 950 in the domestic market on Tuesday gaining NRs.350 per tola.
The weakening US dollar, the purchase of 200 tons of gold by India and speculation of further rise in gold prices has supported the inflation
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NRB’s NRs.3b injection eases liquidity crisis
Nepal Rastra Bank issued treasury on Monday to lighten the deepening liquidity crunch. The central bank has set this flow to the banks considering the sharpened inter-bank interest that had reached as high as 11 % on Monday from 5-6% of the previous year amidst the liquidity crunch. This has lessened the intra-bank lending rate declined by 1.5 percent
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Shangri-La’s ATM at Birauta
Shangri-La Bikash Bank Limited has started its fourth ATM service at Birauta, Pokhara. With its head office situated at New Road, Pokhara, the Bank initiated ATM service at this new kiosk from Monday.
It was inaugurated by General Manager of Rastra Bank, Pokhara, Min Bahadur Shrestha.
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Appropriation bill passed, budget endorsement today
On the second day since the resume of the House session amidst Maoists’ protest, the parliament passed the Appropriation Bill for the implementation of budget for the fiscal year 2009/10, Tuesday evening. The parliament os holding meeting today as well at 11 am.
The Unified CPN-Maoists sent two of its lawmakers to the budget sitting on Tuesday creating
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Liquidity crunch deepens
Liquidity crunch has started fuelling the banks interest rates that were till last year hovering around and below five percent and moreover, the commercial banks have lost their attractions in the treasury bills. The heavy withdrawal from commercial banks due to the government’s fears has also compelled banks to increase the interest rates which have reached to 11 percent by now
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NRB extends deadline
Nepal Rastra Bank (NRB) has extended the time frame for commercial banks to raise their paid-up capital to NRs. 2 billion by nine months.
Issuing a notification to the banks on Monday, the central bank said the banks can now fulfill the paid-up capital requirement criteria by mid April-2011. Previously, NRB had asked the banks to increase their paid-up capital by mid-July 2010
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Gold rates nears 33,000
Gold rates have again set another high in the market gaining NRs.235 per tola (11.66 grams), breaking the all-time-high price of gold on Monday. The yellow metal was traded for NRs.32, 835 per tola on Monday.
The weakening US dollar, the purchase of 200 tons of gold by India and speculation of further rise in gold prices have supported the inflation
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KUKL hikes water tariff
Kathmandu Upatyaka Khanepani Limited (KUKL) has hiked water-tariff in Kathmandu valley by up to 30 percent effective from mid December. KUKL hiked the tariff as per the recommendation from a commission formed to revise the drinking water tariff.
According to the revised tariff, the minimum amount a KUKL customer needs to pay is NRs.55 a month for usage of up to 10,000 liters a month. Earlier, this amount was NRs.50 a month
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US Ambassador meets ‘Prachanda’
The newly appointed US envoy to Nepal for the first time met a political leader in Nepal. US Ambassador Scott H. DeLisi, for the first time after his nomination as the Ambassador met UCPN-Maoists President Pushpa Kamal Dahal today.
Capitalist DeLisi met purely Communist Dahal at the latter’s residence at Naya Bazaar today
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High level-mechanism within two days, financial bill to be passed today
The UCPN-Maoists, might have finally felt the nation sliding down due to the protracted political impasse that they have allowed the budget endorsement keeping aside their demands for a while.
Likewise, they have also claimed that a high-level political mechanism will be formed in a day or two to end the political deadlock in the country.
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Capital expo 2009
The Securities Research Centre and Services (SRCS) is organizing Capital Expo 2009 from Dec. 25 to 27 at the United World Trade Centre, Tripureshwor with a view to spreading knowledge about the capital market
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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
