Business Dev. Bank Ltd. has posted Rs. 13.183 million profit for the 4th quarter of fiscal year 2064/65 which is more than double the profit realised in the corresponding previous year quarter.
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Friday, July 18, 2008
Kist Merchant earns profit
Kist Merchant Banking & Fin. Ltd. has posted Rs. 53.360 million profit for the 4th quarter of fiscal year 2064/65.
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Development Credit Bank earns profit
Development Credit Bank Ltd. has posted Rs. 58.749 million profit for the 4th quarter of fiscal year 2064/65.
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Siddhartha Development Bank earns profit
Siddhartha Dev. Bank Ltd. has posted Rs. 20.158 million profit for the 4th quarter of fiscal year 2064/65.
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Birgunj Finance Ltd earns profit
Birgunj Finance Ltd. has posted Rs. 16535.37 profit for the 4th quarter of fiscal year 2064/65 which is about 2.5 times more than the corresponding previous year quarter.
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OM Finance to give rights share
Securities Board of Nepal(SEBON), on 2065/4/2 (17 July , 2008), registered rights share and directed to issue to Om Finance Limited worth 1,40,00,000 at the face value to its existing shareholder. The issue manager for this issuance is Nepal Finance Limited.
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Union Finance declares Rs 57m profit
Union Finance Limited Thursday announced that it earned a net profit of Rs 57 million in the last fiscal year. Issuing a press statement Thursday, the company said it mobilized deposits of Rs 720 million and issued loans of Rs 707.60 million in the 2007/08 fiscal year, which ended on Tuesday. The company currently has a paid-up capital of Rs 72.50 million and aims to double it by issuing rights shares in a ratio of 1:1. Likewise, the company has unveiled a new deposit scheme, Ujjwal Bhavishya Yojana Wednesday.
Source: eKantipur
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Source: eKantipur
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Primary market facing glut
Primary issues worth more than five times than that of fiscal year 2063-64 hit the market in the fiscal year 2064-65. Similarly, double the number of companies floated shares in comparison to the last fiscal year. Commercial banks topped the chart in the list of companies that issued IPOs then.
Securities Board of Nepal (Sebon) permitted 72 companies to issue Initial Public Offerings (IPOs) worth Rs 11.56 billion in the fiscal year 2064-65. Only 31 companies had received permission to issue IPO worth Rs 2.75 billion in the fiscal year 2063-64.
Of the 72 companies, 18 received permission for IPO worth Rs 1.1 billion, 49 received permission to issue rights share worth Rs 7.6 billion and five received permission to issue debentures worth Rs 2.95 billion.
In the fiscal year 2064-65, Sebon permitted altogether 64 financial institutions to float IPOs. “Around 13 commercial banks, 19 development banks, 32 financial institutions, six insurance companies and two other companies were permitted to issue their IPOs,” said Sebon.
Along with the increase in the number of primary issues, the capital market is heating and the need to increase manpower in Sebon is as urgent as market regulation, say experts.
“Despite lack of manpower, the board has started inspection of collection centres when the IPOs are being floated to encourage the common investors and discourage ‘fake-investors’, over the last couple of months,” Dr Chiranjivi Nepal, chairman of Sebon said.
In recent days, the regulatory authority of capital market is also serious towards protecting the investors’ interest. “We are minutely watching the market,” he said adding that the board brought new regulations like Merchant Banking Regulation this past year. It is also bringing IPO Registration Regulation and Mutual Fund Regulation that are in the Finance Ministry awaiting the go-ahead.
The issuance for fiscal year 2064-65 is 49.3 per cent of the total IPOs so far.
Source: THT
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Securities Board of Nepal (Sebon) permitted 72 companies to issue Initial Public Offerings (IPOs) worth Rs 11.56 billion in the fiscal year 2064-65. Only 31 companies had received permission to issue IPO worth Rs 2.75 billion in the fiscal year 2063-64.
Of the 72 companies, 18 received permission for IPO worth Rs 1.1 billion, 49 received permission to issue rights share worth Rs 7.6 billion and five received permission to issue debentures worth Rs 2.95 billion.
In the fiscal year 2064-65, Sebon permitted altogether 64 financial institutions to float IPOs. “Around 13 commercial banks, 19 development banks, 32 financial institutions, six insurance companies and two other companies were permitted to issue their IPOs,” said Sebon.
Along with the increase in the number of primary issues, the capital market is heating and the need to increase manpower in Sebon is as urgent as market regulation, say experts.
“Despite lack of manpower, the board has started inspection of collection centres when the IPOs are being floated to encourage the common investors and discourage ‘fake-investors’, over the last couple of months,” Dr Chiranjivi Nepal, chairman of Sebon said.
In recent days, the regulatory authority of capital market is also serious towards protecting the investors’ interest. “We are minutely watching the market,” he said adding that the board brought new regulations like Merchant Banking Regulation this past year. It is also bringing IPO Registration Regulation and Mutual Fund Regulation that are in the Finance Ministry awaiting the go-ahead.
The issuance for fiscal year 2064-65 is 49.3 per cent of the total IPOs so far.
Source: THT
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‘End violence to encourage foreign investment’
The Japanese vice-minister for Foreign Affairs Osamu Uno said a violenceless society and unity among the political parties are the pre-requisits for encouraging foreign investment in Nepal.
Uno was speaking at a function organised by the Federation of Nepalese Chambars of Commerce and Industry (FNCCI) Thursday in honor of the Japanese deligation led by him. He assured the Nepali business communities of initiation from himself to boost Japanese investment in Nepal. He suggested that the security situation in the courtry be improved to lure foreign investers.
He also expressed confidience that political stability and socio-economic development would prevail in the country once a new governemnt was formed. He also stated that the Japanese assistance for the Kathmandu-Bhaktapur Road Improvement Project was an example of Japan's interest to continue support to Nepal in the days to come. He expressed hope that the number of Japanese tourists visiting Nepal would reach 50,000 next year, up from 42,000 recorded during last year.
Kush Kumar Joshi, president of FNCCI stress on the need to diversify Nepali exportable goods to Japan as per the changing needs of the Japanese people, on the back of a meager share of Japan in Nepal's foreign trade.
Source: eKantipur
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Uno was speaking at a function organised by the Federation of Nepalese Chambars of Commerce and Industry (FNCCI) Thursday in honor of the Japanese deligation led by him. He assured the Nepali business communities of initiation from himself to boost Japanese investment in Nepal. He suggested that the security situation in the courtry be improved to lure foreign investers.
He also expressed confidience that political stability and socio-economic development would prevail in the country once a new governemnt was formed. He also stated that the Japanese assistance for the Kathmandu-Bhaktapur Road Improvement Project was an example of Japan's interest to continue support to Nepal in the days to come. He expressed hope that the number of Japanese tourists visiting Nepal would reach 50,000 next year, up from 42,000 recorded during last year.
Kush Kumar Joshi, president of FNCCI stress on the need to diversify Nepali exportable goods to Japan as per the changing needs of the Japanese people, on the back of a meager share of Japan in Nepal's foreign trade.
Source: eKantipur
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Thursday, July 17, 2008
Paschimanchal Development Bank: Cash Dividend Distribution
Paschimanchal Dev. Bank Ltd. is distributing cash dividend to its shareholders from 18th July, 2008 (2065 Shrawan 3).
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Royal Merchant Banking & Finance: Right Share Allotment
Royal Merchant Banking & Fin. Ltd. has allotted its right share to the shareholders upto 22nd May, 2008 (2065 Jestha 9).
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Nabil Bank: Bond Issue Closing
Nabil Bank Ltd. will be closing its redeemable bond issue from 17th July, 2008 (2065 Shrawan 2) after banking hours.
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Upper Tamakoshi : NEA, HBL ink Rs 6b deal
The 309-megawatt (MW) Upper Tamakoshi hydroelectric project made one more significant step towards materializing after Nepal Electricity Authority (NEA) and Himalayan Bank Ltd (HBL) Wednesday signed a memorandum of understanding (MoU) in connection with investment in the project.
A consortium of 10 commercial banks of which HBL is to be the lead bank, will mobilize six billion rupees for the project. Arjun Karki, Executive Director of NEA, and Ashok SJB Rana, Chief Executive Officer of HBL, singed the MoU on Wednesday at a program organized at NEA premises.
The Employees Provident Fund (EPF) has already decided to invest Rs 12 billion in the project and it also signed a MoU with NEA a few months back.
"Now we need around three to four billion rupees more for the project," said Karki at the signing function, adding, "Also, talks are underway with Rastriya Beema Sansthan and the Citizens' Investment Fund for arranging more funds for the project."
"Hence, we can very confidently arrange the financing arrangement and take the project ahead." The project's total estimated cost is Rs 27 billion.
He said this development has shown that Nepalis can quite efficiently build big hydroelectric projects on their own. "The commercial banks' support has boosted our confidence and indicated ample opportunity in the local markets," he said. Rana of HBL said the prospect of financing such a big project was a great oppertunity for local banks. "This is a good opportunity to prove one’s capacity because it is the first big project to be built with the investment of Nepali banks alone," Rana added.
Upper Tamakoshi located in the northern part of Dolakha district is a run-of-river project.
The project is taken as an ideal one in terms of cost and location.
NEA, which holds the license for the project, plans to complete it by 2013 BS for selling power entirely inside Nepal.
"We are six months behind the scheduled plan," Karki said, adding that NEA is going to call for a tender bid in a month to construct the tunnel.
Karki urged commercial banks to invest in building the transmission lines required in several parts of the country.
Source: eKantipur
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A consortium of 10 commercial banks of which HBL is to be the lead bank, will mobilize six billion rupees for the project. Arjun Karki, Executive Director of NEA, and Ashok SJB Rana, Chief Executive Officer of HBL, singed the MoU on Wednesday at a program organized at NEA premises.
The Employees Provident Fund (EPF) has already decided to invest Rs 12 billion in the project and it also signed a MoU with NEA a few months back.
"Now we need around three to four billion rupees more for the project," said Karki at the signing function, adding, "Also, talks are underway with Rastriya Beema Sansthan and the Citizens' Investment Fund for arranging more funds for the project."
"Hence, we can very confidently arrange the financing arrangement and take the project ahead." The project's total estimated cost is Rs 27 billion.
He said this development has shown that Nepalis can quite efficiently build big hydroelectric projects on their own. "The commercial banks' support has boosted our confidence and indicated ample opportunity in the local markets," he said. Rana of HBL said the prospect of financing such a big project was a great oppertunity for local banks. "This is a good opportunity to prove one’s capacity because it is the first big project to be built with the investment of Nepali banks alone," Rana added.
Upper Tamakoshi located in the northern part of Dolakha district is a run-of-river project.
The project is taken as an ideal one in terms of cost and location.
NEA, which holds the license for the project, plans to complete it by 2013 BS for selling power entirely inside Nepal.
"We are six months behind the scheduled plan," Karki said, adding that NEA is going to call for a tender bid in a month to construct the tunnel.
Karki urged commercial banks to invest in building the transmission lines required in several parts of the country.
Source: eKantipur
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Gold gallops across Rs 25,400
Gold price touched a historic high of 21,820 per 10 gram — Rs 25,450 per tola (11.664 gram) — in the domestic market today. If the current bullish trend continues, soon the price will touch Rs 30,000 per tola in the domestic market, according to gold traders.
Due to the weak dollar and plunge in global stock market, gold became a hedge against inflation pushing its price sky high.
“The weak currency has also made gold more attractive because the metal is a hedge against inflation,” Tej Ratna Shakya, president of Nepal Gold and Silver Dealers’ Association (NEGOSIDA) said adding that the international price rise might propel the domestic market, too. “Though, there is no demand in the domestic market, the rallying seems to continue,” he added.
Earlier — on March 17 — gold had touched a historic high of Rs 25,000 per tola in the domestic market.
Gold Demand Trends (GDT), the World Gold Council’s flagship report on supply and demand trends in the global gold market, states that the sharp rise and unusually high volition in gold price, which briefly touched a record above $1,000 per ounce in mid-March, was a key determinant of movements in gold demand in the first quarter (Q1) of 2008. “It resulted in total identifiable demand falling by 16 per cent in tonnage terms from year-earlier levels to 701.3 tonnes (the lowest in five years) but rising 20 per cent in value terms to $20.9 billion, more than double the level of four years earlier,” it states.
Demand in India decreased but demand in China grew by 15 per cent to 101.7 tonnes in Q1 of 2008. Gold’s extensive appeal and functionality, including its characteristics as an investment vehicle, are underpinned by the supply and demand dynamics of the gold market.
For thousands of years, gold has been valued as a global currency, a commodity, an investment and simply an object of beauty.
As financial markets developed rapidly during the 1980s and 1990s, gold receded to the background and many investors lost touch with this asset of last resort. Recent years have seen a striking increase in investor-interest in gold.
While a sustained price rally, underpinned by the fact that demand consistently outstrips supply, is clearly a positive factor in this resurgence there are many reasons why people and institutions around the world are once again investing in gold.
In the international market also, gold posted $975 per ounce today.
Source: THT
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NCC opens two ATMs
Nepal Credit and Commerce (NCC) Bank has inaugurated two ATMs in a bid to cater better services to its customers. The ATMs, one at its Bagbazar branch and the other at its Chabahil branch, came into operations Tuesday, says a press release. NCC Chairman Prithvi Raj Ligal inaugurated the machines. The bank has further said that it would be installing nine more ATMs in different trading and industrial hubs of the country over this fiscal year.
Source: eKantipur
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Source: eKantipur
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Public enterprises make faltering picture
The performance of public enterprises weakened over the 2007/08 fiscal year, as 15 companies suffered losses leading to a decline in the volume of combined profits.
The Ministry of Finance (MoF), releasing a Yellow Book, projected that the enterprises earned a profit of three billion rupees during the fiscal year, as compared to eight billion rupees in the 2006/07 fiscal year.
It said mounting losses made by NOC was the prime cause to bring down the combined profits of the corporations. In the 2007/08 fiscal year, the oil supplier was projected to have suffered losses amounting to Rs 7.18 billion.
The eight billion rupees combined profits that the public enterprises managed to make in the 2006/07 fiscal year was a two-fold improvement on the profits made in the year before that.
In 2006/07, seven companied together paid combined dividends of nearly one billion rupees to the government. During the year, Nepal Telecom (NT) and the Agricultural Development Bank, Nepal (ADB/N) earned profits of six billion rupees and a billion rupees respectively.
Over the 2007/08 fiscal year, the public service providing enterprises like NT and Nepal Electricity Authority (NEA) did not do any better. MoF said NT's profit is expected to be more or less same, while NEA is expected to suffer a loss of a billion rupees.
Source: eKantipur
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The Ministry of Finance (MoF), releasing a Yellow Book, projected that the enterprises earned a profit of three billion rupees during the fiscal year, as compared to eight billion rupees in the 2006/07 fiscal year.
It said mounting losses made by NOC was the prime cause to bring down the combined profits of the corporations. In the 2007/08 fiscal year, the oil supplier was projected to have suffered losses amounting to Rs 7.18 billion.
The eight billion rupees combined profits that the public enterprises managed to make in the 2006/07 fiscal year was a two-fold improvement on the profits made in the year before that.
In 2006/07, seven companied together paid combined dividends of nearly one billion rupees to the government. During the year, Nepal Telecom (NT) and the Agricultural Development Bank, Nepal (ADB/N) earned profits of six billion rupees and a billion rupees respectively.
Over the 2007/08 fiscal year, the public service providing enterprises like NT and Nepal Electricity Authority (NEA) did not do any better. MoF said NT's profit is expected to be more or less same, while NEA is expected to suffer a loss of a billion rupees.
Source: eKantipur
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Fewa Finance Ltd earns profit
Fewa Finance Co. Ltd. has earned Rs. 43.7 million in the year gone by. Within the fiscal year 2063/64, the company collected Rs. 842.4 million as deposits and lent Rs. 854.5 million. FFCL has authorized capital Rs. 160 million, issue capital Rs. 80 million and paid up capital Rs. 70 million. Till date, the inactive loan comprises of 0.12% of the total credit.
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Citizen Investment Trust decides to give bonus share
Citizen Investment Trust (CIT) has announced to confer bonus share to its shareholders. 13th AGM held on 14th July, 2008 (2065 Ashad 30) decided on the matter. On the basis of related shareholders' category, 2 share holdings will acquire 1 bonus share (on the basis of present capital structure, 3 share holdings will get 1 bonus share) from the profit earned in the fiscal year 2063/64. CIT earned Rs. 35.7 million within the fiscal year 2063/64 and has Rs. 60 million as paid up capital.
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Wednesday, July 16, 2008
Rights share renounce regulation in offing
Nepal Stock Exchange Ltd (Nepse) has submitted a Rights Shares Renounce Regulation-2065 to Securities Board of Nepal (Sebon) for the board’s approval.
The regulations is expected to pave the way for rights share renounce and start derivative market.
It is being introduced to encourage investors. Investors’ can maximise their wealth whereas the companies can collect desired capital for their expansion, said Nepse.
One of the important features of the regulations is that the company issuing rights shares can issue right shares’ slip after three days of the declaration.
However, the buyer who buys slip can not sell it to others.
As per the new provision, the stipulated time for the transaction of right shares will be 35 days. But if the company increases the validity of the share, the stipulated time will also increase accordingly.
Brokers on behalf of their clients can also help buy or sell such right shares’ slip like the general shares. Investors wanting to buy or sell right shares slip have to register an application at the Nepse through the brokers. However, buying and selling of right shares’ slip can’t be carried out by the same broker. “The agreed amount and the required transaction fee for Nepse and Sebon have to be submitted on the next day of transaction (T+1) and should be sent to the concerned companies within two day (T+2),” Nepse said.
Nespe will start transaction of right shares’ slip from the new fiscal year, after it gets approval from the regulatory authority of the capital market.
Source: THT
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The regulations is expected to pave the way for rights share renounce and start derivative market.
It is being introduced to encourage investors. Investors’ can maximise their wealth whereas the companies can collect desired capital for their expansion, said Nepse.
One of the important features of the regulations is that the company issuing rights shares can issue right shares’ slip after three days of the declaration.
However, the buyer who buys slip can not sell it to others.
As per the new provision, the stipulated time for the transaction of right shares will be 35 days. But if the company increases the validity of the share, the stipulated time will also increase accordingly.
Brokers on behalf of their clients can also help buy or sell such right shares’ slip like the general shares. Investors wanting to buy or sell right shares slip have to register an application at the Nepse through the brokers. However, buying and selling of right shares’ slip can’t be carried out by the same broker. “The agreed amount and the required transaction fee for Nepse and Sebon have to be submitted on the next day of transaction (T+1) and should be sent to the concerned companies within two day (T+2),” Nepse said.
Nespe will start transaction of right shares’ slip from the new fiscal year, after it gets approval from the regulatory authority of the capital market.
Source: THT
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Business Development Bank Ltd: Right Share Allotment
Business Dev. Bank Ltd. has allotted its right share to its shareholders upto 18th may, 2008 (2065 Jestha 5).
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Himalayan Bank Ltd: Bond Allotment
Himalayan Bank Ltd. has completed its bond allotment procedure. The bond certificate distribution is carried out from 16th July, 2008 (2065 Shrawan 1).
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Kumari Bank Ltd: Bond Certificate Distribution
Kumari Bank Ltd. is distributing its redeemable bond certificate from 16th July, 2008 (2065 Shrawan 1).
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Nepal Investment Bank: Bond Certificate Distribution
Nepal Investment Bank Ltd. is distributing its redeemable bond certificate from 16th July, 2008 (2065 Shrawan 1).
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‘Invest in Nepal’
Nepali ambassador to China Tanka Prasad Karki has invited Chinese investors to invest in hotel, resorts, airlines and tourism infrastructure in Nepal.
Addressing an interaction in the Nepali embassy in Beijing on Nepal’s tourism promotion in China, he said Nepal had adopted an investment friendly policy for the foreigners and open sky policy to invite foreigners to operate airlines services in Nepal. — ‘Invest in Nepal’ BEIJING: Nepali ambassador to China Tanka Prasad Karki has invited Chinese investors to invest in hotel, resorts, airlines and tourism infrastructure in Nepal.
Addressing an interaction in the Nepali embassy in Beijing on Nepal’s tourism promotion in China, he said Nepal had adopted an investment friendly policy for the foreigners and open sky policy to invite foreigners to operate airlines services in Nepal.
Source: THT
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Addressing an interaction in the Nepali embassy in Beijing on Nepal’s tourism promotion in China, he said Nepal had adopted an investment friendly policy for the foreigners and open sky policy to invite foreigners to operate airlines services in Nepal. — ‘Invest in Nepal’ BEIJING: Nepali ambassador to China Tanka Prasad Karki has invited Chinese investors to invest in hotel, resorts, airlines and tourism infrastructure in Nepal.
Addressing an interaction in the Nepali embassy in Beijing on Nepal’s tourism promotion in China, he said Nepal had adopted an investment friendly policy for the foreigners and open sky policy to invite foreigners to operate airlines services in Nepal.
Source: THT
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BOK with 23 branches
Bank of Kathmandu opens its 23rd branch in Utaria of Kailali. The branch commenced its operation from Tuesday and it can grant its services to several areas of Seti zone as well. Including the new branch, BOK has 2 branches functioning in Kailali district. The Utaria branch avails whole range of banking services, claims the bank.
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Tuesday, July 15, 2008
Yeti Finance: Right Share Issue
Yeti Finance Co. Ltd. is issuing 1:1 right share from 3rd August, 2008 to 6th September, 2008 (2065 Shrawan 19 to 2065 Bhadra 21). The shareholders upto 15th July, 2008 (2065 Ashad 31) are only eligible to apply.
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Himchuli Bikash Bank: Right Share Allotment
Himchuli Bikash Bank Ltd. has allotted its right share to the shareholders upto 18th May, 2008 (2065 jestha 5).
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Paschimanchal Finance Company: Special General Meeting
Paschimanchal Finance Co. Ltd. has announced its special general meeting to be held on 30th July, 2008 (2065 Shrawan 15).
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Salt Trading Corporation to confer 20% dividend
Salt Trading Corporation has announced to provide 20% dividend to its shareholders. The 41st AGM held on 14th July, 2008 decided on this matter. Managing Director of the company - Urmila Shrestha revealed that the company has started to produce flour from the Hetauda Food Industry and will expand the production in the future. Likewise, the company is on its way to install Jungekhola gas plant in Kavre, Banepa and Dhadhing.
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Govt presents Rs 73b advance expenditure bill as interim budget
Finance minister Dr Ram Sharan Mahat presented an advance expenditure bill to act as an interim budget of Rs 73.5 billion for the new fiscal year 2065-66, which will be replaced by a full-fledged budget to be presented by new government later.
The interim arrangement about the budget allowing the government to collect revenue and spend its resources was presented at the constituent assembly Monday. The full-fledged budget could not be presented due to delay in formation of new government.
The tax plans, and economic policies of the budget presented last year will get continuity until a complete budget is presented by the new government. According to Minister Mahat, current fiscal year recorded 5.6 percent GDP growth – highest in the last seven years. Agriculture sector registered 5.65 percent growth while non-agriculture sector registered 5.57 percent growth.
The gross domestic saving increased to 11.5 percent, up from 9.7 percent last year. The government hopes that revenue generation by the end of this fiscal year would increase by 22 percent more than initial estimation.
Likewise, the foreign assistance has substantially increased from Rs 37.2 billion in the last fiscal year to Rs 57.6 billion in the current fiscal year. The government debt, during this period, has decreased from Rs 329 billion to 324 billion. During the current financial year, the general expenditure of the government increased by 24 percent and the capital expenditure by 31.6 percent.
Dr Mahat also expressed hope that the new government will take into consideration the demand raised by the government employees for salary increment.
The new government, possibly led by CPN (Maoist), will adjust the expenditure made during this period while tabling the full-fledged financial bill.
Source: Nepalnews.com
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The interim arrangement about the budget allowing the government to collect revenue and spend its resources was presented at the constituent assembly Monday. The full-fledged budget could not be presented due to delay in formation of new government.
The tax plans, and economic policies of the budget presented last year will get continuity until a complete budget is presented by the new government. According to Minister Mahat, current fiscal year recorded 5.6 percent GDP growth – highest in the last seven years. Agriculture sector registered 5.65 percent growth while non-agriculture sector registered 5.57 percent growth.
The gross domestic saving increased to 11.5 percent, up from 9.7 percent last year. The government hopes that revenue generation by the end of this fiscal year would increase by 22 percent more than initial estimation.
Likewise, the foreign assistance has substantially increased from Rs 37.2 billion in the last fiscal year to Rs 57.6 billion in the current fiscal year. The government debt, during this period, has decreased from Rs 329 billion to 324 billion. During the current financial year, the general expenditure of the government increased by 24 percent and the capital expenditure by 31.6 percent.
Dr Mahat also expressed hope that the new government will take into consideration the demand raised by the government employees for salary increment.
The new government, possibly led by CPN (Maoist), will adjust the expenditure made during this period while tabling the full-fledged financial bill.
Source: Nepalnews.com
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Economy bounces back, employment flounders
Nepal posted economic growth of 4.7 percent in producers' price -- highest in seven years -- in 2007/08, but failed to check rise in unemployment, which went up contrary to general expectations due to a sharp shrinkage in the manufacturing sector. Manufacturing sector, the mainstay of semi and unskilled urban employment, grew at a squeezed rate of 0.18 percent during the year, whereas it had grown by 2.55 percent last year. "Lack of fresh recruitment in the public sector also contributed to the rise in unemployment," says the Economic Survey for 2008/09.
The annual report of the Ministry of Finance released Monday further shows that youth unemployment in the country stood high at 15 percent and the income gap between people also widened during the year.
Situation of health services improved during the year. According to the Survey, the number of hospitals grew to 94 from 87 last year. Twenty-three new health posts were also built to provide basic health services to people at the village development committee level.
However, the number of sub health posts and primary health centers operating at the village and community level went down to 3,104 and 201 from 3,129 and 205 respectively.
The country saw a sound rise in the number of educational institutions. The number of primary and secondary schools went up by 1,319 and 565 respectively, but enrolment at both these levels dropped compared to the previous year.
According to the Survey, enrolment in primary education dropped to 4.42 million from 4.51 million and in secondary education it slid by about one percent, compared to the enrolment recorded last year.
The government added 373 kilometers to the national road network. That increased the length of the national road network to 17,982 kms in the first eight months of the current fiscal year. Likewise, 42,393 new telephone lines were distributed during the period.
Good monsoon, recovery of tourism, boom in construction and rise in consumption - attributed to the peace process and growing remittance flow - increased the size of the Nepali economy to over Rs 820 billion in 2007/08.
During the year, agriculture grew by 5.65 percent, contrary to the low growth of 0.94 percent recorded last year. Non agriculture sector also expanded by 5.57 percent - better than the 4.10 percent of last year.
This has raised per capita income of Nepalis to $470. But a sharp rise in prices of goods and services gave a hard time to the general consumer.
The Survey says annual average inflation for the year remained at 7.4 percent. Rise in commodities and service prices is attributed to domestic adjustment of petroleum products and sharp rise in food prices in the international market.
Source: eKantipur
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The annual report of the Ministry of Finance released Monday further shows that youth unemployment in the country stood high at 15 percent and the income gap between people also widened during the year.
Situation of health services improved during the year. According to the Survey, the number of hospitals grew to 94 from 87 last year. Twenty-three new health posts were also built to provide basic health services to people at the village development committee level.
However, the number of sub health posts and primary health centers operating at the village and community level went down to 3,104 and 201 from 3,129 and 205 respectively.
The country saw a sound rise in the number of educational institutions. The number of primary and secondary schools went up by 1,319 and 565 respectively, but enrolment at both these levels dropped compared to the previous year.
According to the Survey, enrolment in primary education dropped to 4.42 million from 4.51 million and in secondary education it slid by about one percent, compared to the enrolment recorded last year.
The government added 373 kilometers to the national road network. That increased the length of the national road network to 17,982 kms in the first eight months of the current fiscal year. Likewise, 42,393 new telephone lines were distributed during the period.
Good monsoon, recovery of tourism, boom in construction and rise in consumption - attributed to the peace process and growing remittance flow - increased the size of the Nepali economy to over Rs 820 billion in 2007/08.
During the year, agriculture grew by 5.65 percent, contrary to the low growth of 0.94 percent recorded last year. Non agriculture sector also expanded by 5.57 percent - better than the 4.10 percent of last year.
This has raised per capita income of Nepalis to $470. But a sharp rise in prices of goods and services gave a hard time to the general consumer.
The Survey says annual average inflation for the year remained at 7.4 percent. Rise in commodities and service prices is attributed to domestic adjustment of petroleum products and sharp rise in food prices in the international market.
Source: eKantipur
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Call for double digit growth
The Confederation of Nepalese Industries (CNI) is organising an economic summit on August 14-16 here to start a focused debate on how to start building a prosperous and economically strong Nepal.
"Political stability and writting a new Constitution are not the only challenges that Nepal faces today," Binod Chaudhary, president of CNI said adding that building a prosperous Nepal is yet another challenge.
The three-day CNI Economic Summit-2008 with the theme of ‘Rs 12,000 per month income for every Nepali — a national commitment' will see a host of intelligentsia and experts in the field. Six working papers on key and critical issues like rapid economic growth and its associated issues, trends, constraints and impediments in selected sectors; labour relations compatible to global trends; economic vision in the new Constituent will be discussed and practical and workable strategies will be worked out for achieving double digit growth, according to CNI.
"It would be worth recalling that even when the country was passing through a comparatively much worse phase, CNI had in 2004 advocated achieving a double-digit growth as an effective tool for addressing the socio-economic disparity," Chaudhary said. "This initiative is a continuation in a somewhat remodelled form of the initiative that we had undertaken at that time."
Double digit growth cannot be achieved solely through the commitment of the government, said Chaudhary adding that each and every section of community must be equally committed and play their roles effectively. "CNI wants to facilitate the growth by actively involving all stakeholders," he added.
This will be a brainstorming as various members of the Constituent Assembly including sectoral and functional experts and professionals, members of civil society, aid and donor agencies and representatives of the private sector will be actively participate in this summit.
The Prime Minister will inaugurate the summit that will be spread across six participative sessions. CNI thinks that with serious commitment of every stakeholder achieving a double digit growth is not an impossible target. It is also planning a major international investment summit in Kathmandu next year.
Source; THT
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"Political stability and writting a new Constitution are not the only challenges that Nepal faces today," Binod Chaudhary, president of CNI said adding that building a prosperous Nepal is yet another challenge.
The three-day CNI Economic Summit-2008 with the theme of ‘Rs 12,000 per month income for every Nepali — a national commitment' will see a host of intelligentsia and experts in the field. Six working papers on key and critical issues like rapid economic growth and its associated issues, trends, constraints and impediments in selected sectors; labour relations compatible to global trends; economic vision in the new Constituent will be discussed and practical and workable strategies will be worked out for achieving double digit growth, according to CNI.
"It would be worth recalling that even when the country was passing through a comparatively much worse phase, CNI had in 2004 advocated achieving a double-digit growth as an effective tool for addressing the socio-economic disparity," Chaudhary said. "This initiative is a continuation in a somewhat remodelled form of the initiative that we had undertaken at that time."
Double digit growth cannot be achieved solely through the commitment of the government, said Chaudhary adding that each and every section of community must be equally committed and play their roles effectively. "CNI wants to facilitate the growth by actively involving all stakeholders," he added.
This will be a brainstorming as various members of the Constituent Assembly including sectoral and functional experts and professionals, members of civil society, aid and donor agencies and representatives of the private sector will be actively participate in this summit.
The Prime Minister will inaugurate the summit that will be spread across six participative sessions. CNI thinks that with serious commitment of every stakeholder achieving a double digit growth is not an impossible target. It is also planning a major international investment summit in Kathmandu next year.
Source; THT
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CNI Economic Summit from Aug 14
The Confederation of Nepalese Industries (CNI) is going to organize a three-day CNI Economic Summit between August 14 and 16 with 'Double Digit Growth: A National Commitment' as its slogan.
The summit's theme also includes 'A Rs 12,000 per month earning for every Nepali.' The aim of the event is to try and find ways to prepare the new economic vision needed for building a prosperous and economically strong Nepal, said CNI President Binod Kumar Chaudhary.
Addressing a press conference Monday, he said the outcome of the event would help the government make a roadmap to achieve rapid economic expansion for achieving political stability and strengthening democracy. “Representatives of political parties, civil society, aid and donor agencies, and experts will be present in the event, with the number being expected to be around 200,” he said.
He said recommendations to be evolved from these sessions will be presented during the concluding session where political parties would be invited to express their firm commitments to take forward the policies, strategies and programs recommended.
“Looking at the response towards executing the recommendations by the stakeholders and players, we will hold a major international investment summit next year,” he said.
Source: eKantipur
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The summit's theme also includes 'A Rs 12,000 per month earning for every Nepali.' The aim of the event is to try and find ways to prepare the new economic vision needed for building a prosperous and economically strong Nepal, said CNI President Binod Kumar Chaudhary.
Addressing a press conference Monday, he said the outcome of the event would help the government make a roadmap to achieve rapid economic expansion for achieving political stability and strengthening democracy. “Representatives of political parties, civil society, aid and donor agencies, and experts will be present in the event, with the number being expected to be around 200,” he said.
He said recommendations to be evolved from these sessions will be presented during the concluding session where political parties would be invited to express their firm commitments to take forward the policies, strategies and programs recommended.
“Looking at the response towards executing the recommendations by the stakeholders and players, we will hold a major international investment summit next year,” he said.
Source: eKantipur
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Monday, July 14, 2008
Sanima Bikash Bank: Right share Allotment
Sanima Bikash Bank Ltd. has allotted its right share to the shareholders upto 22nd April, 2008 (2065 Baisakh 10).
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Ace Development Bank: Right Share Allotment
Ace Dev. Bank Ltd. has allotted its right share to the shareholders upto 14th May, 2008 (2065 Jestha 1).
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Annapurna Bikash Bank: Right Share issue Date Extended
Annapurna Bikash Bank Ltd. has extended its right share issue date upto 29th July, 2008 (2065 Shrawan 14).
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Nepal Investment Bank: Redeemable Bond Allotment
Nepal Investment Bank Ltd. has allotted its 7 years reedemable bond issued from 26th June, 2008 (2065 Ashad 12).
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Goodwill Finance: Right Share Allotment
Goodwill Finance Co. Ltd. has allotted its right share to the shareholders upto 14th May, 2008 (2065 Jestha 1).
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'We will focus on micro-lending'
Armed with 17 years of experience in the banking sector, Anil Shah heads Nabil Bank as chief executive officer. Nabil Bank is Nepal's first joint-venture bank and entered 25 years of operation Saturday. It is focusing on expanding services to rural areas and investing in infrastructure development. Shah says Nabil is working to become the financial solution provider of the first choice from being the bank of the first choice. Excerpts from his conversation with Prem Khanal of the Post:
How would you characterize the bank's performance?
First and foremost, I would like to note that we are the first joint-venture bank in Nepal. Prior to our entry, banking was carried out in a very traditional way. What we contributed to the banking sector was the introduction of international banking. Reflecting on Nabil Bank's 24 years of operation, we see that it has been a pioneer in many areas. Judging by customer response, we are leaders in most consumer products. This is because more and more customers are choosing to bank with us. As a result, both deposits and lending have doubled over the last five years. We have evolved to become a customer-centric bank.
From the perspective of stakeholders, we are one of the best performing banks in the stock market. Putting money in Nabil stock is a blue-chip investment. This means that they are choosing us. For the regulators, we are the model bank. We are delighted to reveal that we are one of the highest taxpayers in the corporate sector making a tremendous contribution to the state's coffers. The credit goes to our efficient and skilled staff. Today, we are where we are because of them. We take pride in the fact that many of today's leaders in Nepal's banking sector began their careers at Nabil.
How is Nabil Bank planning to deal with the growing competition?
We have long been saying that it is not quantity but quality that matters in banking. What we need today are bigger, more secure and stable banks. Merely expanding the number does not benefit customers. Quite remarkably, the banking system is different from other sectors. If other companies go bust, only the entrepreneurs lose. However, if a bank should get into trouble, the biggest losers will be its depositors and others who put their trust in it. In this context, the time has come for mergers and acquisitions, and to increase the size but not the number of banks. As for us, we are in a fairly comfortable position in terms of competition among the 25 existing banks. But what we have not forgotten is that no matter how big a bank is, there should be continuous efforts to make it bigger, more stable and more secure.
Do you sense that unhealthy competition is slowing entering the banking system?
Yes, there are already some signs of unhealthy competition. Banking is about risk management: analyzing the risk and pricing the risk. Due to heavy competition, many banks are concentrating on increasing lending. No one is looking at the risk, only the volume. Banking is a long-term strategy. We cannot remain happy by just making profits for one year. In the following year, the bank may suffer a loss, and ultimately collapse. It is extremely necessary to re-evaluate the sector as a whole.
Do you have any plans for mergers or acquisitions?
Instead of going for mergers, we want to grow organically. We believe we have the wherewithal to develop ourselves in such a way. In the past year, we opened nine branches which are performing well. This shows that we can expand ourselves. Nepal Bank and Rastriya Banijya Bank are the largest banks in the country on the strength of their vast network of branches. So we also want to move ahead by expanding and restructuring.
What are your future strategies?
We just introduced a five-year strategic plan process. We are working to develop Nabil from being the bank of the first choice to the financial solution provider of the first choice That means we want to provide the entire range of services such as all sorts of financing, mutual funds, brokerage, credit cards and syndicated loans. We want to be more efficient and productive. There will be two key areas where we will focus. We want to be an inclusive financial service provider. To make this happen, we will focus on investing in small and medium enterprises and micro-lending. We will go to the rural areas wherever people live, and not only stay in urban and semi-urban areas. Second, we will be focusing on infrastructure like roads, telecommunications, cement and hydropower. If we have to play a role to create an atmosphere favorable to do business, then we will do it.
What are the current challenges in banking? How do you think the banking system will change after 2010?
We do not have enough experts to run the financial sector. We need banking training institutes to churn out more bankers. In today's era, we need to have banks with vision. And only the best will survive. The question of survival will force them to merge. When 2010 comes, Nepal will open its doors to foreign banks as per its commitment to the global trade regime of the World Trade Organization. I don't think international banks will be interested in Nepal because of the small size of the market and other factors.
Source: eKantipur
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Pashupati Development Bank Ltd (PDBL) to go public
Securities Board of Nepal (Sebon) has given permission to Pashupati Development Bank Ltd (PDBL), Banepa, to float its 8,00,000unit Initial Public Offering (IPO) worth Rs 100 per unit face value. The bank has appointed NIDC Capital Markets and Nepal Finance Ltd as its issue and sales managers.
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PPP model levy on scrap
A meeting of government and Federation of Nepalese Chambers of Commerce and Industry (FNCCI) officials held yesterday in Biratnagar agreed to collect scrap duty as per the proforma of public-private-partnership (PPP) and in coordination with district development committees (DDCs) and district/town chambers of commerce and industries.
The meeting agreed to form a joint monitoring committee of district/town chamber of com merce and industries and local administration to evaluate the collection. An FNCCI release said the meeting also decided not to allow anyone to set up road obstructions for collecting scrap duty on goods not prescribed by the law.
A tripartite agreement was made among the Ministry of Finance (MoF), FNCCI and district development committees (DDCs) on July 7 for collecting scrap duty in coordination with DDCs and district/town chamber of commerce and industries from the fiscal year 2065-66.
Source: THT
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The meeting agreed to form a joint monitoring committee of district/town chamber of com merce and industries and local administration to evaluate the collection. An FNCCI release said the meeting also decided not to allow anyone to set up road obstructions for collecting scrap duty on goods not prescribed by the law.
A tripartite agreement was made among the Ministry of Finance (MoF), FNCCI and district development committees (DDCs) on July 7 for collecting scrap duty in coordination with DDCs and district/town chamber of commerce and industries from the fiscal year 2065-66.
Source: THT
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SMEs’ contribution hailed
National Planning Commission vice-chairman Dr Jagdish Chandra Pokharel today said small and medium enterprises (SMEs) helped sustain the national economy during the conflict period.
Inaugurating the fifth annual general meeting (AGM) of the Federation of Nepalese Cottage and Small Industries (FNCSI), Dr Pokharel also said SMEs were also helping alleviate rural poverty in some areas of the country.
“SMEs were in opera tion when several big industries had stopped operating during the Maoist insurgency period,” he said adding that the SMEs need to be promoted for the overall development of the country.
Speaking on the occasion, FNCSI president Jung Bahadur Shrestha said they intended to include medium scale enterprises in the priority area of FNCSI after transforming it into Federation of SMEs Nepal (FoSMEs-N).
“We feel that we cannot contribute to the national economy by incorporat ing micro, cottage and small enterprises only.
We hope to consolidate our efforts by including medium scale enterprises also in our priority area,” he added. Shrestha also disclosed FNCSI’s plan of opening training centres, cooperatives and business hubs to promote SMEs in Nepal.
Federation of Nepalese Chambers of Commerce and Industries (FNCCI) vice-chairman Bhaskar Raj Rajkarnikar said entrepreneurial development was impossible without the development of SMEs.
“The government must look into the marketing management for the products of SMEs. Otherwise, SMEs will suffer,” he said.
Confederation of Nepalese Industries (CNI) acting president Narendra Bahadur Basnet said SMEs shouldn’t compromise on the quality of their goods.
Surendra Bir Malakar, president of Nepal Chamber of Commerce (NCC) said the involvement of women in SMEs was a positive aspect.
According to FNCSI, 4.42 per cent of Nepali households are engaged in micro, cottage and small industries.
Source: THT
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Inaugurating the fifth annual general meeting (AGM) of the Federation of Nepalese Cottage and Small Industries (FNCSI), Dr Pokharel also said SMEs were also helping alleviate rural poverty in some areas of the country.
“SMEs were in opera tion when several big industries had stopped operating during the Maoist insurgency period,” he said adding that the SMEs need to be promoted for the overall development of the country.
Speaking on the occasion, FNCSI president Jung Bahadur Shrestha said they intended to include medium scale enterprises in the priority area of FNCSI after transforming it into Federation of SMEs Nepal (FoSMEs-N).
“We feel that we cannot contribute to the national economy by incorporat ing micro, cottage and small enterprises only.
We hope to consolidate our efforts by including medium scale enterprises also in our priority area,” he added. Shrestha also disclosed FNCSI’s plan of opening training centres, cooperatives and business hubs to promote SMEs in Nepal.
Federation of Nepalese Chambers of Commerce and Industries (FNCCI) vice-chairman Bhaskar Raj Rajkarnikar said entrepreneurial development was impossible without the development of SMEs.
“The government must look into the marketing management for the products of SMEs. Otherwise, SMEs will suffer,” he said.
Confederation of Nepalese Industries (CNI) acting president Narendra Bahadur Basnet said SMEs shouldn’t compromise on the quality of their goods.
Surendra Bir Malakar, president of Nepal Chamber of Commerce (NCC) said the involvement of women in SMEs was a positive aspect.
According to FNCSI, 4.42 per cent of Nepali households are engaged in micro, cottage and small industries.
Source: THT
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Gold set to cross Rs 25,000 per tola
Taking a cue from the international market, gold in the domestic market today hit Rs 21,350 per 10 gram — Rs 24,900 per tola (11.664 gram).
“The price rise is not due to local demand but due to international price rise,” said president of Nepal Gold and Silver Dealers’ Association (NEGOSIDA) Tej Ratna Shakya, who was today again selected president unanimously for a second term.
The price of gold once again is on a bullish path.
Earlier — on March 17 — gold had touched a historic high of Rs 25,000 per tola in the domestic market. “And the phenomenon may repeat itself,” he said adding that the rising international price has pushed the local price sky high despite low local demand.
In the international market, gold today hit $964.50 per ounce. The price of gold in the international market is rising even though the price of crude is also touching new highs by the day.
Gold is inching towards $1000 per ounce in the international market and the domestic market too is warming up.
The continuous rise in crude price, weakening greenback and the fall in international share markets have led to the hike in the global gold price.
In the domestic market, gold closed Rs 255 higher to Rs 21,090 per 10 gram on Friday from last week’s closing price of Rs 20,835.
Source: THT
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“The price rise is not due to local demand but due to international price rise,” said president of Nepal Gold and Silver Dealers’ Association (NEGOSIDA) Tej Ratna Shakya, who was today again selected president unanimously for a second term.
The price of gold once again is on a bullish path.
Earlier — on March 17 — gold had touched a historic high of Rs 25,000 per tola in the domestic market. “And the phenomenon may repeat itself,” he said adding that the rising international price has pushed the local price sky high despite low local demand.
In the international market, gold today hit $964.50 per ounce. The price of gold in the international market is rising even though the price of crude is also touching new highs by the day.
Gold is inching towards $1000 per ounce in the international market and the domestic market too is warming up.
The continuous rise in crude price, weakening greenback and the fall in international share markets have led to the hike in the global gold price.
In the domestic market, gold closed Rs 255 higher to Rs 21,090 per 10 gram on Friday from last week’s closing price of Rs 20,835.
Source: THT
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BoK opens 22nd branch
Bank of Kathmandu opened its 22nd branch in Balaju on Sunday. Issuing a statement, the bank said the newly opened branch aims to cater to the people of north-western part of the Kathmandu Valley and also some parts of adjoining Nuwakot district. In addition to branches, the bank also operates with six service counters in the country. The bank offers different services including deposit, lending, remittances and ATM through the new branch.
Source: eKantipur
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Source: eKantipur
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NIC opens branch in Battisputali
NIC Bank has opened its 16th branch at Battisputali, Kathmandu this week. The branch is the fifth outlet of the bank in the Kathmandu Valley, states the bank in a statement. "All branches of NIC Bank are connected through a V-Sat/optical fiber network enabling real-time online connectivity." Meanwhile, NIC Bank has begun offering nine percent interest on fixed deposits, which the bank claimed as highest in among all Nepali banks.
Source: eKantipur
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Source: eKantipur
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Sunday, July 13, 2008
Desire to invest : Global Bank's IPO
The scene of general public queuing at the Global Bank premises for bidding on its shares testifies how desperately the people are searching opportunities for investment. They are lining to gratify their desire to invest their passive capital. It gives green signal to the policy makers. I wonder whether they notice this at all.
The supposed architects of New Nepal need to catch the spirit of this huge mass and capitalize on their positive economic consciousness. This public impulse indicates the fact that if an investment-friendly atmosphere is ensured there is no need to call the international community for help; we have enough capital among ourselves.
Source: eKantipur
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The supposed architects of New Nepal need to catch the spirit of this huge mass and capitalize on their positive economic consciousness. This public impulse indicates the fact that if an investment-friendly atmosphere is ensured there is no need to call the international community for help; we have enough capital among ourselves.
Source: eKantipur
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Narayani Finance Ltd: Right Share Issue
Narayani Finance Ltd. is issuing 1:2.25 right share from 31st July, 2008 to 3rd September, 2008 (2065 Shrawan 16 to 2065 Bhadra 18).
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Narayani Finance Ltd: Book Closure
Narayani Finance Ltd. is issuing 1:2.25 right share from 31st July, 2008 to 3rd September, 2008 (2065 Shrawan 16 to 2065 Bhadra 18). For this purpose it is having its book closure on 20th July, 2008 (2065 Shrawan 5).
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Trading in shares dips, Nepse rises
While the number of companies trading shares and amount transacted decreased Nepse registered a gain of 21.13 points to 949.52 points from last week’s closing of 928.39 points. This week, shares of 77 companies were traded against last week’s 82 companies.
Similarly, the traded amount also plunged by 13.31 per cent. This week Nepse saw a Rs 408.87 million transaction against last week’s Rs 471.66 million.
Although Nepse opened in the red on Sunday, the other four days it continued on a growth path.
On Sunday, it plunged by 1.46 points to 926.93 points from last week’s closing of 928.39 points. On Monday, it surged by 2.79 points to 929.72 points.
On Tuesday, it went up by 6.74 points to 936.46 points. On Wednesday, it continued to post a growth and closed at 944.86 points and on Thursday it flared by 4.66 to close the weekly market at 949.52 points.
The contribution of A-cate gory companies also decreased this week to 52.61 per cent. The sensitive index — a barometer of A-category companies — however gained 7.22 points to 251.33 points from last week’s closing of 244.11 points.
In terms of monetary value, Machhapuchhre Bank (with Rs 84.67 million), Standard Chartered Bank Nepal (with Rs 34.90 million), Bank of Kathmandu (with Rs 30.13 million), Nepal Bangladesh Bank (with Rs 29.57 million) and National Hydropower Company (with Rs 28.96 million) are this week’s top gainers.
In terms of numbers of share units traded, Machhapuchhre Bank topped the chart with 1,38,000 units of its shares traded this week while Excel Development Bank topped the chart in terms of number of transactions, with 141.
Except the insurance group, all other groups gained this week. The manufacturing group saw transactions after a long while this week as it gained 7.25 points to 426.07 points from its last closing of 418.82 points.
Source: THT
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International Leasing & Fin. Co Ltd: Right Share Issue Date Extended
International Leasing & Fin. Co. has extended its right share issue date for 21 days upto 3rd August, 2008 (2065 Shrawan 19).
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Bishal Bazar Co. Ltd: Special General Meeting
Bishal Bazar Co. Ltd. has announced its special general meeting to be held on 29th July, 2008 (2065 Shrawan 14).
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Gold continues to rise
Taking a cue from the global market, gold remained unstable this entire week.
However, it closed Rs 255 higher to Rs 21,090 per 10 gram from last week’s closing price of Rs 20,835.
Due to the rise in the oil price in the global market and weak dollar, the price of gold got pushed up.
“The hike in the global oil price that registered $142 per barrel, poor perfor mance of international share markets and the weak greenback have pushed up the price of the precious yellow metal,” said Nepal Gold and Silver Dealers’ Association (NEGOSIDA). The price in the international market also saw a rise this week, it added.
Though it opened at Rs 20,835 per 10 gram on Sunday, it plunged by Rs 35 to Rs 20,790 on Monday. On Tuesday, the price bounced back to Rs 20,835 to dip again on Wednesday to Rs 20,705. It again bounced back on Thursday by Rs 175 to Rs 20,880 and closed at Rs 21,090 on Friday.
In the international market, gold closed at $942 per ounce on Friday from $935 last Friday.
Unlike gold, silver closed four rupees lower to Rs 384 on Friday from last Friday’s closing of Rs 388 per 10 gram.
Silver kept falling as it dipped to Rs 386 on Monday and Rs 384 on Wednesday.
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Budget Watch : Strengthen Sebon
The lengthening line of investors clutching share application forms at the collection centres clearly shows an investment `hunger' among Nepali investors. This is an opportunity for the entrepreneur to collect funds through capital market and for the government to develop investment friendly policies to channel funds through capital market in productive sectors. To manage, develop and satisfy the hunger of capital market the following points are recommended:
1. Strengthen Securities Board of Nepal (Sebon), the regulator of Nepali capital market, financially, technically, resourcefully. It should not become an avenue of political appointment but should be developed as an avenue of capital market experts.
2. Encourage private sector to establish solid waste management (fertilizer) company to solve the day-to-day problem of waste management in urban areas like Kathmandu Valley.
3. Decentralise stock market and Central Depository System (CDS) should be initiated and different trading centers should developed in major cities. It will broaden the area of capital market.
4. Address the problems of shareholders of Agriculture Development Bank Ltd.
5. Limited number of brokers and their long time syndicates should be broken by strengthening Nepse's resources and bringing easy entry-exit policy of brokerage firms. 6. Create investors'
identification to identify real investors and control fraud in IPO. 7. Being an agricultural country, agro-based companies should be brought into the area of capital market to increase production and fulfill the increasing need for food.
8. Tourism, hotel and hydropower companies should be encouraged to provide profitable investments avenues to the hungry investor and boost the country's economy.
9. Incorporate in the budget options to facilitate micro hydropower to use local resources (capital and water).
Source: THT
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1. Strengthen Securities Board of Nepal (Sebon), the regulator of Nepali capital market, financially, technically, resourcefully. It should not become an avenue of political appointment but should be developed as an avenue of capital market experts.
2. Encourage private sector to establish solid waste management (fertilizer) company to solve the day-to-day problem of waste management in urban areas like Kathmandu Valley.
3. Decentralise stock market and Central Depository System (CDS) should be initiated and different trading centers should developed in major cities. It will broaden the area of capital market.
4. Address the problems of shareholders of Agriculture Development Bank Ltd.
5. Limited number of brokers and their long time syndicates should be broken by strengthening Nepse's resources and bringing easy entry-exit policy of brokerage firms. 6. Create investors'
identification to identify real investors and control fraud in IPO. 7. Being an agricultural country, agro-based companies should be brought into the area of capital market to increase production and fulfill the increasing need for food.
8. Tourism, hotel and hydropower companies should be encouraged to provide profitable investments avenues to the hungry investor and boost the country's economy.
9. Incorporate in the budget options to facilitate micro hydropower to use local resources (capital and water).
Source: THT
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