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| Archive of October 2009 |
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BoK’s share value falls with NEPSE
The Nepal Stock Exchange (NEPSE) index could not show any progress for the sixth day of the week.
According to Nepal Stock Exchange, the NEPSE index slipped by 6.85 points and settled at 578.19 points at the end of trading on Thursday. However, the transactions showed some progress as
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Revenue collection exceeds target
The government's revenue collection has increased by 53.7 percent in the last three months of the current fiscal year than that in the last year.
According to the Finance Ministry, there is a continuous increase in revenue collection above 50 percent in last three consecutive months of this year which
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ALIC gets approval from Stock Board
The Stock Board has approved the share issuance procedure of Asian Life Insurance Company (ALIC) which was under some controversy.
The Stock Board on Wednesday had published a notice to halt the issuance of share of the life insurance company claiming the issuance was against the company’s act and
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IsaDora at Ktm
L & L House of Commerce Pvt. Ltd. has launched the Swedish cosmetics IsaDora in Nepal.
IsaDora is the high quality line of cosmetic brand launched in Kathmandu with an exclusive showroom with trained beauticians. IsaDora cosmetics was established in 1983 under the company Invima AB, located in Malmo the southernmost city of Sweden.
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Birgunj affair disturbs market
The murder of a farmer in Birgunj has stirred the whole Parsa district at present.
According to a news report, the resident of Birgunj-19 was murdered by a group of armed police officers while he was working at the farm on Thursday.
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Promote tourism: Tourism Minister
Minister for Tourism and Civil Aviation Sarad Singh Bhandari emphasized for the promotion of tourism while speaking during the inauguration of the First Mandala Street, a walking street, and the Sagarmatha Business Complex at Thamel amid a ceremony on Thursday.
Located at the central part of Thamel, the major tourist hub in Kathmandu, the walking street and the business complex could be an additional tourist attraction.
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Rajpaksha heading for Lumbini today
Sri Lankan President Mahinda Rajapaksa has arrived in Kathmandu on a three-day official visit to Nepal, Thursday afternoon. He was accompanied by First lady Shiranthi.
Deputy Prime Minister and Minister for Foreign Affairs Sujata Koirala and Minister for Constituent Assembly Federal Affairs,
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Sri Lankan Prez arrived today
Sri Lankan President Mahinda Rajapaksa is arrived Kathmandu on a two-day visit to Nepal today, foreign ministry officials said.President Rajapaksa will meet his Nepali counterpart President Dr.Ram Baran Yadav, Prime Minister Madhav Kumar Nepal and Deputy PM and foreign minister Sujata Koirala during his visit
According to a source, this meeting of the Sri Lankan President with the high officials is a scheduled one in which they will hold talks about bilateral support for each other’s nation and other agendas. Soon after his meeting with the delegates, he will head for Lumbini where he is scheduled to inaugurate the Stupa raised with the aid from Sri Lanka.Rajapaksa had postponed his plan to visit Lumbini during his Nepal trip in March due to gun attacks on Sri Lankan cricketers in Pakistan.
Rajapaksa was chosen by the Sri Lanka Freedom Party for the Presidential Election held on November 17, 2005. Rajapaksa prime opponent was former Prime Minister and Opposition Leader, Ranil Wickremasinghe, the leader of the United National Party in this election. Rajapaksa defeated Wickremasinghe narrowly by 190,000 votes and took office as President of Sri Lanka on November 19, 2005. Also, in the north-east, the LTTE called for a boycott of the polls from Tamil voters in areas under their control, and forcibly prevented a large section of voters from visiting the polling booths. Rajapaksa received 50.3% of the vote.
After becoming President of Sri Lanka, Rajapaksa reshuffled the cabinet and took the portfolios of Defense and Finance in the new cabinet, which was sworn on November 23, 2005.
Although styling himself as a man of peace and a willing negotiator, Rajapaksa signaled his intention to end the peace process once in power by forging an alliance with the Sinhalese nationalist Janatha Vimukthi Peramuna and the Jathika Hela Urumaya. The JVP had opposed the original 2002 peace process as treasonous.
President Mahinda Rajapaksa at the World Economic Forum session in Jordan on May 15, 2009 just 3 days before the death of LTTE head Vellupillai Prabhakaran
The agreement made with Rajapakse included provisions which called for a revision of the ceasefire agreement to give the military broader powers against the LTTE, as well as ruling out of any devolution of power to the Tamil people. Furthermore, the cessation of aid to the Tsunami struck LTTE occupied areas, and the sidelining of the Norwegian facilitators due to their alleged bias were included. Immediately following his election victory, a series of mine blasts blamed on the LTTE in the country claimed the lives of many off-duty servicemen and civilians, pushing the country back to the brink of war. Following the closure by the LTTE of a reservoir supplying water to 15,000 people named "Mavil Aru" in government controlled areas on July 21, 2006,the Sri Lankan military launched an offensive against the LTTE, bringing the entire reservoir under government control. Further military engagements have led to the LTTE been driven out of the entire Eastern Province of Sri Lanka and lost 95% of the territory they controlled. The content of the President's historic speech in Tamil at the UN was an effort to establish that he is a people's leader representing all the peoples of Srilanka including the Tamil minority.
“While my mother tongue is Sinhala, let me elaborate a few thoughts in Tamil. Sinhala and Tamil are the two languages of the people of Sri Lanka. Both these have been used through the centuries, are rich in literature, and are widely used in my country, with recognition as Official Languages.” He said in Tamil adding,
“With the widening of democracy in our country, the bonds between the Sinhala and Tamil people of Sri Lanka will grow stronger and remain a major force for its future development. We will march towards a richer freedom and lasting unity that await us as a nation.”
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NEPSE shows no sign to revive
The Nepal Stock Exchange (NEPSE) index continued to fall for the fourth consecutive day.
According to Nepal Stock Exchange, the NEPSE index settled at 585.04 points when trading closed with a fall of 5.4 points on Wednesday.
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FNCCI, CII hail new trade treaty
Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Indian Industry (CII) has welcomed the Nepal-India trade treaty signed on Tuesday.
During a meeting, representatives of both organizations vowed to act jointly to explore investment in competitive advantage sectors, find and solve problems faced by joint-venture industries and build a suitable environment for
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RBB installs new ATM
In an endeavor to expand its modern banking products across the country, the state-owned Rastriya Banijya Bank (RBB) on Wednesday opened its 18th ATM counter in Bhairahawa.
A press statement of the bank said that its customers could withdraw their cash through any of its ATM outlets 24 hours. The bank said that it will bring additional 50 more ATMs within the current fiscal year. According to the bank, in the last fiscal year it posted Rs 2.3 billion profit.
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Govt. serious on Maoist’ acts
Prime Minister Madhav Kumar Nepal and President Dr. Ram Baran Yadav held a meeting on Wednesday afternoon to discuss about the latest political developments especially the prolonged political deadlock at the latter's office, Shital Niwas.
The meeting that lasted nearly an hour also dwelled on implications of the protest programmes declared by the Maoists on
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Three banks listed on NEPSE
Three new companies, two commercial banks and one development bank, have been listed on the Nepal Stock Exchange.
Sunrise Bank and Prime Commercial Bank are the latest applicants in the secondary market. The NEPSE has listed 12.5 million units of shares of Sunrise Bank, 10 million units of shares of Prime Bank and
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Sri Lankan Prez arriving today
Sri Lankan President Mahinda Rajapaksa is arriving Kathmandu on a two-day visit to Nepal today, foreign ministry officials said.
President Rajapaksa will meet his Nepali counterpart President Dr.Ram Baran Yadav, Prime Minister Madhav Kumar Nepal and Deputy PM and foreign minister Sujata Koirala during his visit.
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BoK announces bonus shares
The 359th board meeting of Bank of Kathmandu (BoK) held on Wednesday has decided to propose 40 percent bonus share and 7.37 percent cash dividend to its shareholders.
According to a press release issued by the bank, the bank earned a net profit of NRs.461.73 million in the last fiscal year which comes
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SAFTA meeting decides 20 pc cut in sensitive list
The SAFTA Ministerial Council meeting held on Wednesday has asked the member states to make 20 percent cut in sensitive list.
The commerce ministers from the eight South Asian countries that met for the fourth time in the capital took such decisions after they accepted that the longer sensitive list and slowed tariff liberalization was
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Interview
Janardan Acharya, Chief Executive Officer of Rastriya Banijya Bank Limited, is a versatile and reputed professional in the banking sector of Nepal. Mr. Acharya spoke to the Nepal Business Times reporter, regarding the economic scenario, financial and banking sector of Nepal and the progress achieved by Rastriya Banijya Bank over the years.
Excerpts:
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Gold losing price
The precious yellow metal has lowered. While risk appetite has been limited today, the market is doing fine.
Buying appetite in the physical gold market was observed yesterday overshadowed by the investment selling of gold.
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Nepse still below 600
The Nepal Stock Exchange (Nepse) index continued to fall for the third day of the week. Despite the increased trading, the overall transactions could not make any progress on Tuesday as well.
According to Nepal Stock Exchange, Nepse on Tuesday again dropped by 4.89 points and settled at 590.44 at the end of the trading day. The Nepse index had
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Sunrise, Nepse ink deal
Sunrise Bank Limited and Nepal Stock Exchange (Nepse) signed an agreement on Tuesday to list 12.5 million units of the bank’s shares at the sole secondary market of the country.
According to a press statement issued on Tuesday, the bank would provide
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New trade treaty comes into effect
Nepal and India on Tuesday signed the revised version of the much talked about Indo-Nepal Trade Treaty 1996 and agreement of cooperation to control unauthorized trade.
Indian Minister for Commerce and Industry Ananda Sharma and his Nepalese counterpart Rajendra Mahato singed the 2009 India-Nepal treaty of trade and the agreement of cooperation
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Private banks high amid customers
The private banks are attracting a large number of locals and business entrepreneurs with their easier and modern banking facilities as compared to the state-owned banks. The customers are being lured by the attractive interest rates, modern banking services and easy loan release procedures.
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US Ambassador’s concern over Maoists protest plan
The main opposition party UCPN-Maoists after the unsuccessful meeting with the ruling parties on Tuesday announced a two-week long protest plan effective from November 1.
According to party Vice Chairman, Dr. Baburam Bhattarai, the Maoists have declared their second phase of protest since the government
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Improving tourism in Pokhara
The hotels and lodges of the tourist centre, Pokhara, are now packed with tourists. The number of tourists visiting the city in October has increased considerably as compared to other months of the year.
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Tiger workshop kicks off
With the view to developing a strategic action plan for the protection of tigers, the government has organized a four-day ‘Kathmandu Global Tiger Workshop 2009’ from October 27.
Prime Minister Madhav Kumar Nepal inaugurated the workshop amid a function Tuesday morning with a theme
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NAC to buy two planes
Nepal Airlines Corporation (NAC) has decided to purchase two planes from Airbus, the European manufacturer.
A meeting of NAC´s executive committee held on Monday took this decision.
According to a statement by NAC, the committee has settled on one plane in the A320-200 series, at a cost of US dollars 41.289 million, and one in the A330-200 series, at 92.845 million dollars.
The proposed wide-body A330-200 has a seat capacity of 279 while the narrow-body A320-200 has a seat capacity of 150.
Earlier the NAC had called for bids on the first week of April and had been discussing over the proposals of two Airlines Companies –Boeing and Airbus. The corporation said that it found the proposal forwarded by Airbus more profitable, commercially and otherwise. The operating cost of the A330-200 was found to be 40 percent less than the wide-body Boeing 767 and Boeing 777 that had been proposed by Boeing.
The Airbuses will be the first planes that NAC is buying after it bought two Boeing 757s, in 1987 and 1988. The purchase is said to be a part of five-year plan under which NAC aims to add six jets.
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Bandh affects Eastern Development Region
The bandh called by Limbuwan Mukti Morcha in the Eastern Region of Nepal has affected the lives out there. All sixteen districts of the Eastern Region have been affected by the bandh.
The Limbuwan Association called for this bandh demanding a separate state for the Limbuwans.
Likewise, other different Associations had also called for Nepal Bandh today demanding the dismissal of the special security policy and operation of natural equipments in community level as per the clause of ILO 169.
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Maoists call for protest; NC,CPN-UML make final call
When the parties have been exercising to forge political consensus to end the protracted deadlock in the parliament, the opposing party has claimed to begin protest soon.
Addressing his party workers, Maoist chairman Pushpa Kamal Dahal directed them to be ready for a nationwide stir to be launched by the party very soon. Speaking at a tea reception organized by the Maoist-affiliated Newa State Council in the capital Monday afternoon, Dahal said that the Maoist party was going to create a wave of protests which might well turn into people's movement and addressed the party cadres to stay prepared for that.
On contrary to this, the two main ruling parties - Nepali Congress and CPN (UML) - have decided to make 'final call' to the Maoists to come to a compromise to resolve the current political deadlock.
The two parties reached this conclusion at a meeting Monday, urging more flexibility from the Maoist side on the President's move. Nepali Congress vice president Ram Chandra Poudel said the situation would further deteriorate if the Maoists did not come to an understanding.
Meanwhile, Deputy Prime Minister and Foreign Minister Sujata Koirala has also accused the opposition party Unified CPN (Maoist) of trying to invite instability and chaos in the country by not being ready to forge political consensus.
She urged the opposition party to allow the House to function so that budget could be passed. She also called on the Maoist party to join the current government to make it a government of national consensus. She further argued that the Maoists were suppressing civilian supremacy by obstructing parliament indefinitely.
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Sanima's 100% financing scheme
Sanima Bikash Bank has introduced yet another scheme on Monday. The bank introduced 100% financing under Sanima Auto Loan scheme in the Nepalese market.
According to the bank, this kind of scheme is for the first time in the banking industry. The scheme allows customer to avail loan up to 100% for private vehicle and save at least 20% of loan amount by retaining deposit in the bank for the entire tenure of loan, says a statement issued by the bank.
The statement further states,
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Teletalk’s D-6666 out in market
Teletalk Pvt. LTd., the sole authorized distributor of Spice Mobile phones in Nepal launched its new phone D-6666 in the market.
This phone allows the customers to go Dual Mode the way they want. It is also enabled with a 2 mega pixel camera, stereo Bluetooth, FM recorder, MP3 players and many more facilities.
One of the unique features of this phone is
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Nepse continues to fall
The Nepal Stock Exchange (Nepse) has not been able to pick up yet. The Nepse index that had uphold 600 plus after its fall about 28 months ago have again continued to fall after the end of festive season due to the fall of share value of most of the companies.
According to Nepal Stock Exchange, Nepse on Monday again dropped by 4.1 points and
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NTC’s discount offer
The National Trading Centre (NTC) under the Ministry of Commerce has announced a 10 percent discount on all materials it has imported.
Gauri Nath Jha, the Chief of machinery Sales and Repair Section, informed about the discount offer. According to him, the discount offer has already started which will be provided on electronic materials, hand tools and clothes.
“However
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Nepal-India signing trade treaty today
Nepal and India are signing their revised trade treaty today. The treaty will be signed between Nepali Commerce and Supplies Minister Rajendra Mahato and his Indian counterpart Ananda Sharma on the sidelines of ministerial level meeting of 4th South Asian Free Trade Agreement (SAFTA), slated to be held on October 28.
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Global Bank operating in Thamel
Global Bank has opened its 21st branch in Thamel. The new branch office was inaugurated by the Chairman of the Bank, Chandra Prasad Dhakal amid a ceremony on Saturday.
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Sanima’s home loan scheme
Sanima Bikas Bank Ltd has introduced home loan scheme with free life insurance coverage for the first time in the country’s banking industry. The scheme provides free life insurance coverage until tenure of Home Loan which includes purchase of land & building, house construction and equity financing against land & building.
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Stock board introducing CDS soon
The Nepal Stock Exchange (NEPSE) index has once again dropped to a line below 600. The NEPSE index that had crossed the 600 after its fall about 28 months ago had again shown this fall due to the fall of share value of most of the companies.
According to Nepal stock exchange, Nepse plunged by 1.94 points on Sunday and dropped to 599.22.
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Nepal-India all set to ink deal
Nepal and India are signing their revised trade treaty on October 27. The treaty will be signed between Nepali Commerce and Supplies Minister Rajendra Mahato and his Indian counterpart Ananda Sharma on the sidelines of ministerial level meeting of 4th South Asian Free Trade Agreement (SAFTA), slated to be held on October 28.
The revision of the deal came as a corollary of two-year consultation between the two countries.
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Budget can be passed through other alternatives: Govt.
The opposition party has been continuously disrupting the House for the last three months not allowing the annual 2009/10 budget get endorsed.
The major three parties have been holding talks to find a solution to end the protracted parliamentary deadlock through consensus since a couple of months back but have not made a progress of an inch so far. So, in order to approve the fiscal budget from the parliament,
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PM’s resignation with correction of Prez’s move: UCPNM
After the several rounds of talks among the ruling Nepali Congress, the CPN-UML and the main opposition UCPN-Maoists, the leaders have now moved for an easier way to solution. For this, the CPN-UML is holding separate meetings with the NC, UCPN-Maoists and other eighteen parties today.
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BPKIHS Docs back to service
The agitating doctors of BP Koirala Institute of Health Sciences (BPKIHS), Dharan have called off their strike from Sunday following the apologies from the two persons who manhandled doctors at the emergency ward of the hospital last week.
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UNMIN Chief heading for NY
Chief of United Nations Mission in Nepal Karen Landgren is leaving for New York today to brief the United Nations Security Council on the progress of the peace process in Nepal.
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Nepse down by 8.39 points
Nepse (Nepal Stock Exchange) last week plunged down by 8.39 points to 601.16 points from last week's closing of 813.95 points.
Nepse, that had opened just for two days after the end of Tiahr coulkd not make any progress last week.
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UNMIN Chief meets CPN-UML,UCPN-M Chairmans
Chief of United Nations Mission in Nepal Karen Landgren today met with Unified CPN (Maoist) chairman Pushpa Kamal Dahal at the latter's residence, Naya Bazaar, and CPN (UML) chairman Jhala Nath Khanal, at Khanal's residence, Dallu Sunday morning.
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Parties meet today for consensus
In order to end the protracted political deadlock, the leaders have been exercising hard. The parties are meeting today as well which will be however between UCPN-Maoists and CPN-UML only which if succeeds will be followed by three party meeting tomorrow.
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Donor interested in UTHC -3
The donors’ organization and other organizations have exhibited their willingness to provide aid for the Upper Tamakoshi Hydroelectricity Project-3 (UTHP).
The Norwegian Company Association Power is building this project for Nepal to help Nepal get rid of the prevailing load-shedding. The project which is still under observation has the capacity of 600 MW capacities.
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CDB turns three
City Development Bank (CDB) has completed its three glorious years in the banking service. To mark this occasion, the bank organized a blood donation programme at its head office in Chipledhunga, Pokhara on Saturday.
As per a press statement issued by the bank, a total of 65 people participated in the blood donation program.
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Nabil adds ATM booth
Considering the increasing numbers of customers, Nabil Bank has installed its third ATM booth at its branch office at New Road, Pokhara.
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Dollar strengthens, raises gold rate
The precious yellow metal once again made a record high price in the bullion market after the slight decrement for some consecutive days.
The increasing demand of gold with the growing uncertainty in investment in other sectors amid deepening impact of global financial crisis and rising inflation have increased the purchase of gold and silver stocks that have indeed increased the gold price at the present context.
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UCPNM will suffer if budget is not passed: FM
The delayed budget approval due to the parliamentary deadlock may cause severe problem if it is still obstructed. The government will run short of expenses in less than a month that has already stalled the salaries of the cabinet ministers.
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NCCCI-CCPIT to promote bilateral trade
Nepal China Chamber of Commerce and Industry (NCCCI) and China Council for Promotion of International Trade (CCPIT) signed an agreement to promote bilateral trade between Nepal and China.
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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
