ACE Development Bank has increased its net profit by 151 per cent, earning per share (EPS) by 93 per cent and net worth by 42 per cent, states a press release. In its completion of 13 years of operations, ACE claims that it has introduced new products like recently it brought exchange-traded fund (ETF) and ACE Gold ETF in the domestic market.
The bank has also collaborated with Butwal Power Company to develop the Marsyangdi III project.
Source: THT
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Saturday, August 16, 2008
Global trade in creative goods increasing
Global trade in creative goods and services grew by 8.7 per cent annually from 2000-2005. An UNCTAD database providing trade statistics on creative goods and services cover about 235 products related to heritage, arts, media and functional creations.
The database’s statistics are based on information reported by national sources to the UN, states a report. Currently it shows global trade flows for 19962006. The statistics are available as tabular reports, country profiles, tables and charts. Selected products are listed along with the major exporters/importers in major markets for such creative products as art and crafts, music CDs and video/films.
The Creative Economy Report 2008, released by UNCTAD/UNDP showed that global trade in creative goods and services grew by 8.7 per cent annually from 2000-2005, making it one of the most vibrant sectors in world commerce. The value of exports of creative goods reached $335.5 billion in 2005, according to figures reported by over 130 countries, while exports of creative services totaled $89 billion.
Trade in creative products is dominated by developed countries — they account for about 90 per cent of ex ports of music and audiovisuals and the world’s poorer nations have achieved rapid growth in the creative sector recently. One noteworthy trend is that printed media are facing challenges due to the growing influence of electronic publishing. In Europe, which has the world’s highest rate of broadband Internet penetration, circulation of printed newspapers is declining.
By contrast, in developing countries where competition from electronic publishing is less of a factor because of expensive and limited Internet access, the circulation of printed newspapers seems less affected.
Worldwide, the database shows, global sales of published material and printed media (all kinds of news circulated as newspapers, magazines, books etc) had a growth rate of three per cent for 2000-2005, with exports amounting to $15.3 billion in 2005, states the release.
Governments, enterprises, creative community — including independent artists/creators, academia, media and international institutions — are all potential end-users that provides factual trade data by products, countries and regions.
Source: THT
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Urge to depoliticise trade unions for better business environment
Entrepreneurs have suggested a depoliticisation of trade union.
“Due to politics of trade unions, the business environment has been disturbed,” said Kush Kumar Joshi, president of Nepalese Chambers of Commerce and Industry (FNCCI), addressing the eighth annual general meeting of the Leather Footwear and Goods Manufac- turers’ Association of Nepal (LFGMAN) here today.
Apart from politics, lack of good governance also has hit the industries.
“Whatever we have achieved till now is on our own efforts and efficiency,” he said, adding that the state has been unable to recognise the importance of private sector.
“Private sector is in the least priority list,” Joshi complained. “What we need is a focused programme.” The domestic footwear in- dustries could not penetrate in- ternational market due to lack of skilled workers, complained the footware manufacturers.
LFGMAN was established in the year 2057 with an aim to promote the local footwear in dustry.
“Around six to seven million footwear is produced in Nepal. It covers the 40 per cent of the total consumption whereas remaining 60 per cent is still imported,” according to the association.
Homnath Upadhyay, second vice-president of LFG MAN said, “The sale of the local footwear has been increasing by 10 per cent annually.” There are around 15 to 20 local brands of footwear in the market. “Out of which more than five brands have already established itself in the mar ket,” he said, adding that Nepal produces 20 per cent of the raw materials needed for the sole and remaining is imported.
There are more than 150 footwear industries in Nepal but as there is the lack of inter national market, they are not getting as much promotion.
Though there are 150 industries but there is no proper record of their total turnover.
The quality of the products has to be maintained alongwith the accurate future plan for their promotion.
“FNCCI and Nepal Chamber of Commerce (NCC) are very soon going to conduct a survey that will be completed before this years’ budget,” Joshi promised.
Surendra Bir Malakar, president of NCC said that awareness should be increased about the Nepali products.
“Even the association itself is not very much aware of its real situation,” he said, adding that promoting local production means helping develop the country.
The demand for the local products is increasing. “The demand of the Nepali shoes in the local market is increasing,” Malakar said. Though Nepal manufactures quality shoes, it lacks a better promotion.
“Due to illegal import, we are facing a tough competition in the market,” Surendra Prasad Dahal, representative of LFGMAN complained adding that our goods have high production cost and cannot compete with the illegal import.
“We feel proud as locals have started buying domestic products now,” he said.
Source: THT
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“Due to politics of trade unions, the business environment has been disturbed,” said Kush Kumar Joshi, president of Nepalese Chambers of Commerce and Industry (FNCCI), addressing the eighth annual general meeting of the Leather Footwear and Goods Manufac- turers’ Association of Nepal (LFGMAN) here today.
Apart from politics, lack of good governance also has hit the industries.
“Whatever we have achieved till now is on our own efforts and efficiency,” he said, adding that the state has been unable to recognise the importance of private sector.
“Private sector is in the least priority list,” Joshi complained. “What we need is a focused programme.” The domestic footwear in- dustries could not penetrate in- ternational market due to lack of skilled workers, complained the footware manufacturers.
LFGMAN was established in the year 2057 with an aim to promote the local footwear in dustry.
“Around six to seven million footwear is produced in Nepal. It covers the 40 per cent of the total consumption whereas remaining 60 per cent is still imported,” according to the association.
Homnath Upadhyay, second vice-president of LFG MAN said, “The sale of the local footwear has been increasing by 10 per cent annually.” There are around 15 to 20 local brands of footwear in the market. “Out of which more than five brands have already established itself in the mar ket,” he said, adding that Nepal produces 20 per cent of the raw materials needed for the sole and remaining is imported.
There are more than 150 footwear industries in Nepal but as there is the lack of inter national market, they are not getting as much promotion.
Though there are 150 industries but there is no proper record of their total turnover.
The quality of the products has to be maintained alongwith the accurate future plan for their promotion.
“FNCCI and Nepal Chamber of Commerce (NCC) are very soon going to conduct a survey that will be completed before this years’ budget,” Joshi promised.
Surendra Bir Malakar, president of NCC said that awareness should be increased about the Nepali products.
“Even the association itself is not very much aware of its real situation,” he said, adding that promoting local production means helping develop the country.
The demand for the local products is increasing. “The demand of the Nepali shoes in the local market is increasing,” Malakar said. Though Nepal manufactures quality shoes, it lacks a better promotion.
“Due to illegal import, we are facing a tough competition in the market,” Surendra Prasad Dahal, representative of LFGMAN complained adding that our goods have high production cost and cannot compete with the illegal import.
“We feel proud as locals have started buying domestic products now,” he said.
Source: THT
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SBI yatra card
Nepal SBI Bank has introduced a new prepaid card ‘Bharat Yatra Card’ adding more of its facility to its customers. The card is available from any branch of the bank at a minimum charge of Rs 1,000, states a press release. With this card, customers can withdraw money from SBI bank’s ATM counters in Nepal and India.
Source: THT
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Source: THT
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Xiaoyu new ADB vice-president
The Board of Directors of the Asian Development Bank (ADB), acting on the recommendation of president Haruhiko Kuroda, approved the appointment of Zhao Xiaoyu as vice-president (Operations 1).
He succeeds Jin Liqun who retired from Asian Development Bank service on July 31, states a press release.
As Asian Development Bank vice-president for Op erations 1, Zhao will be overseeing the operations of the South Asia Department, the Central and West Asia Department, and the Private Sector Operations Department.
Zhao is currently the deputy governor (CFO) of the ExportImport Bank of China. He served as the executive director for the People’s Republic of China at ADB from March , 1999 to September 2002.
The ADB has been helping Nepal with many projects like Melamchi Water project.
Source: THT
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Gold price comes down
This week saw a lowest of the gold price in the recent days, apart from a two-pricing in a single day.
Gold closed Rs 860 per 10 gram lower to Rs 18,860 today, the last day of the trading in the domestic market from the last Friday’s closing of Rs 19,720.
According to the Nepal Gold and Silver Dealers’ Association (NEGOSIDA), strong US currency and weakening crude prices in the global market have this week helped fluctuate the price of precious yellow metal.
It opened at Rs 19,600 on Sunday, Rs 120 lower than the closing price of last Friday. On Monday, it further came down to Rs 19,290 and continued to dip on Tuesday to Rs 18,860.
The price fell to the lowest — of Rs 18,435 per 10 gram on Wednesday — after a long spell of bullish trend.
On Thursday, it again climbed up to Rs 18, 860.
The domestic bullion market witnessed two prices on Thursday as in the afternoon, NEGOSIDA again fixed the price at Rs 19,205.
However, on Friday, it settled down at Rs 18,860 per 10 gram.
Similarly, the price of gold today hit the lowest point for eight months today to $792.10 per ounce as the precious metal was rocked by the strong US currency and weakening crude oil prices. It is the lowest point since December 21, 2007.
Gold, which is used in jewelery, dentistry and electronics, has now shed almost one quarter of its value since striking a record high of $1,032.70 on March 17.
Meanwhile, silver continued its bearish trend. It opened at Rs 373 per 10 gram.
The price remained same on Monday but fell down to Rs 369 on Tuesday. On Wednesday, the silver further came down to Rs 367 and remained same on Thursday. However, per 10 gram of silver closed at Rs 365 today.
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WFP unveils plan to feed 2.5m in Nepal
The World Food Program (WFP)-Nepal announced plans on Friday to expand operations to feed 2.5 million people who are of late struggling with the compounded effects of high food prices, decade-long conflict and drought.
The UN food agency in a statement said approximately half of those in need would be covered under the WFP’s existing program targeting 1.2 million people struggling to recover from conflict, an onslaught of natural disasters and the additional burden of high food prices.
Under the expanded operation, an additional 1.3 million will receive food assistance, and a minimum of 31 districts will be covered.
“In a country where more than 40 percent of the people are undernourished, millions of people are already living under constant threat of hunger. We have already seen how rising food and fuel prices have forced families to reduce the amount of food they consume - putting them at risk of malnutrition,” WFP country representative Richard Ragan said in the statement.
WFP-Nepal said it has recently received from Saudi Arabia a US$ 6 million contribution, announced earlier this week as part of the WFP’s package to assist 16 “hunger hotspots” across the world including Nepal.
“The contribution from the Kingdom of Saudi Arabia will help us to rapidly scale up to feed Nepal’s hungry, but we still need an additional US$ 70 million to reach the 2.5 million Nepalis who are becoming hungrier everyday as food prices continue to rise,” stated Ragan.
Nepal relies heavily on imports from its neighbors, primarily India, for essential commodities, including food and fuel. “Frequent strikes by transport syndicates disrupt the flow of commodities, causing localized food shortages and further increasing food prices,” the statement added.
Other major donors to the WFP’s operation to provide food assistance to vulnerable people affected by high food prices and conflict include the United States, the UN Central Emergency Revolving Fund, the Netherlands and Germany.
The world’s largest humanitarian agency has planned to feed around 90 million people in 80 countries.
Source: eKantipur
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The UN food agency in a statement said approximately half of those in need would be covered under the WFP’s existing program targeting 1.2 million people struggling to recover from conflict, an onslaught of natural disasters and the additional burden of high food prices.
Under the expanded operation, an additional 1.3 million will receive food assistance, and a minimum of 31 districts will be covered.
“In a country where more than 40 percent of the people are undernourished, millions of people are already living under constant threat of hunger. We have already seen how rising food and fuel prices have forced families to reduce the amount of food they consume - putting them at risk of malnutrition,” WFP country representative Richard Ragan said in the statement.
WFP-Nepal said it has recently received from Saudi Arabia a US$ 6 million contribution, announced earlier this week as part of the WFP’s package to assist 16 “hunger hotspots” across the world including Nepal.
“The contribution from the Kingdom of Saudi Arabia will help us to rapidly scale up to feed Nepal’s hungry, but we still need an additional US$ 70 million to reach the 2.5 million Nepalis who are becoming hungrier everyday as food prices continue to rise,” stated Ragan.
Nepal relies heavily on imports from its neighbors, primarily India, for essential commodities, including food and fuel. “Frequent strikes by transport syndicates disrupt the flow of commodities, causing localized food shortages and further increasing food prices,” the statement added.
Other major donors to the WFP’s operation to provide food assistance to vulnerable people affected by high food prices and conflict include the United States, the UN Central Emergency Revolving Fund, the Netherlands and Germany.
The world’s largest humanitarian agency has planned to feed around 90 million people in 80 countries.
Source: eKantipur
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Friday, August 15, 2008
NTC share priced at Rs 536 to Rs 893
The shares of much-awaited Nepal Telecom (NT) is going to be traded in between Rs 536 and Rs 893 from next week at the sole secondary market, Nepal Stock Exchange (Nepse). After the signing ceremony between NT and Nepse here today, Rewat Bahadur Karki, general manager and chief executive officer (CEO) of the Nepse, said, "Though its against the free market practice to fix price of any company's share, the Nepse has fixed the minimum and maximum price of NT's shares to protect the investors from being fooled by manipulators." The minimum price could be three times the net worth and maximum price could be five times the net worth, said Karki, adding that the present networth of the company is Rs 178.63.
After the first day's transaction, the price could increase or decrease by 10 per cent in a day. If it crosses the 10 per cent limit upward or downward, Nepse will impose circuit breaker to the transaction of such company's shares trading, according to the Nepse's rule.
Nandan Hari Sharma, executive director of Citizen Investment Trust (CIT), the issue and sales manager of NT shares, said, "This is the largest ever share listing worth Rs 15 billion after Butwal Power Company (BPC) that had listed its 84,00,000-unit shares worth Rs 840 million." After the listing of NT shares, the financial institution dominated capital market will be diversified, apart from giving option to the investors, he added. Rupak Halder, managing director of the NT and Rewat Bahadur Karki, GM and CEO of the Nepse signed the agreement on behalf of their respective companies here today.
Nepal Telecom is the 143 company to be listed at the Nepse. According to the agreement, 150 million unit shares worth Rs 15 billion has been listed as ordinary shares at the Nepse. Now it could be traded after a week.
NT has according to the finance ministry's divestment plan, floated 75,00,000-unit of shares — that is five per cent of the total — in the first phase. But due to various reasons, it was under-subscribed to only above 53,00,000-unit shares. "The decision to float the remaining units of shares and second phase of five per cent is solely of government," Halder said, adding that the NT cannot decide on its own as the shares belong to the government.
After the listing of NT shares, the number of share at the secondary market has increased by 45 per cent to 482.1 million-unit shares and paid up capital has increased by 49 per cent to Rs 45.56 billion. Similarly, market capitalisation has also increased by 25 per cent from the present four trillion to the 60 per cent of Gross Domestic Product (GDP).
Source: The Himalayan Times
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After the first day's transaction, the price could increase or decrease by 10 per cent in a day. If it crosses the 10 per cent limit upward or downward, Nepse will impose circuit breaker to the transaction of such company's shares trading, according to the Nepse's rule.
Nandan Hari Sharma, executive director of Citizen Investment Trust (CIT), the issue and sales manager of NT shares, said, "This is the largest ever share listing worth Rs 15 billion after Butwal Power Company (BPC) that had listed its 84,00,000-unit shares worth Rs 840 million." After the listing of NT shares, the financial institution dominated capital market will be diversified, apart from giving option to the investors, he added. Rupak Halder, managing director of the NT and Rewat Bahadur Karki, GM and CEO of the Nepse signed the agreement on behalf of their respective companies here today.
Nepal Telecom is the 143 company to be listed at the Nepse. According to the agreement, 150 million unit shares worth Rs 15 billion has been listed as ordinary shares at the Nepse. Now it could be traded after a week.
NT has according to the finance ministry's divestment plan, floated 75,00,000-unit of shares — that is five per cent of the total — in the first phase. But due to various reasons, it was under-subscribed to only above 53,00,000-unit shares. "The decision to float the remaining units of shares and second phase of five per cent is solely of government," Halder said, adding that the NT cannot decide on its own as the shares belong to the government.
After the listing of NT shares, the number of share at the secondary market has increased by 45 per cent to 482.1 million-unit shares and paid up capital has increased by 49 per cent to Rs 45.56 billion. Similarly, market capitalisation has also increased by 25 per cent from the present four trillion to the 60 per cent of Gross Domestic Product (GDP).
Source: The Himalayan Times
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Nefisco may lose its licence
Securities Board of Nepal (Sebon), the capital market regulator, might suspend the licence of Nepal Finance Ltd (Nefisco) and stop it operating as Merchant Bank due to its alleged ‘fraudulent' transaction of promoters shares. "After suspension, it can not continue its work as a merchant banker; issue manager, underwriter or share registrar," a source at the board said, adding that the board is taking a bold step to safeguard the investors' interest, after the board got the complaints. "However, Nefisco can complete its old assignments," the source added.
Nefisco has sold promoters' shares of Lumbini Bank — to the investors as ordinary shares — without declaring the status of the shares. The investors have been since last six months urging it to either give the share certificates they have bought or the money they have paid. "The investors bought the shares thinking it an ordinary share. They have been accusing Nefisco of cheating them by not disclosing the status of these shares," Anoj Agrawal, broker No 6, who had bought 3,500-unit of the promoters' shares of Lumbini Bank Ltd from another broker said. Though promoter's shares can be sold and bought at the secondary market like ordinary shares, it has separate status. However, the seller must disclose the status of shares, submit necessary documents and get permission from the central bank before selling the promoter share.
Apart from that, the pricing mechanism is also different, it will be less than the market price. Nefisco is blamed to have not followed the central bank's directives. "We have been holding dialogues with the Lumbini bank and investors both," Nefisco's chief executive officer (CEO) Sudhindra Lal Pradhan said, adding that the brokers knew of the status of the shares before they traded. Despite several meetings of investors with Nefisco, Sebon, Nepse, Lumbini Bank, the case has not moved forward," Agrawal said. While, the blame game between the brokers and Nefisco is continuing, it is not the only case of ‘cheating' investors by selling promoters shares in the price of ordinary shares, some other financial institutions have also sold promoters shares at the price of ordinary shares.
Last year, Kathmandu Finance Ltd sold its promoters' shares to the public without declaring the status that those were promoter shares. Ajay Siwakoti and his group of 10 friends bought 7,000-unit of shares at Rs 270 to Rs 250 through broker No 10 last August. At that time the price of the per unit share of the company was at only Rs 170.
Some of the buyers even sold 500-unit of shares at a price of Rs 330 through another broker No 29. Some of the high ranking government officials, who according to the law cannot hold promoters's shares, also bought these shares. When they came to know of the rule, they went to Nepal Rastra Bank (NRB) to complain of the ‘fraudulent' transaction," one of the investors said. They have lodged their complaints at Sebon and Nepal Stock Exchange Ltd (Nepse).
Source: The Himalayan Times
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Nefisco has sold promoters' shares of Lumbini Bank — to the investors as ordinary shares — without declaring the status of the shares. The investors have been since last six months urging it to either give the share certificates they have bought or the money they have paid. "The investors bought the shares thinking it an ordinary share. They have been accusing Nefisco of cheating them by not disclosing the status of these shares," Anoj Agrawal, broker No 6, who had bought 3,500-unit of the promoters' shares of Lumbini Bank Ltd from another broker said. Though promoter's shares can be sold and bought at the secondary market like ordinary shares, it has separate status. However, the seller must disclose the status of shares, submit necessary documents and get permission from the central bank before selling the promoter share.
Apart from that, the pricing mechanism is also different, it will be less than the market price. Nefisco is blamed to have not followed the central bank's directives. "We have been holding dialogues with the Lumbini bank and investors both," Nefisco's chief executive officer (CEO) Sudhindra Lal Pradhan said, adding that the brokers knew of the status of the shares before they traded. Despite several meetings of investors with Nefisco, Sebon, Nepse, Lumbini Bank, the case has not moved forward," Agrawal said. While, the blame game between the brokers and Nefisco is continuing, it is not the only case of ‘cheating' investors by selling promoters shares in the price of ordinary shares, some other financial institutions have also sold promoters shares at the price of ordinary shares.
Last year, Kathmandu Finance Ltd sold its promoters' shares to the public without declaring the status that those were promoter shares. Ajay Siwakoti and his group of 10 friends bought 7,000-unit of shares at Rs 270 to Rs 250 through broker No 10 last August. At that time the price of the per unit share of the company was at only Rs 170.
Some of the buyers even sold 500-unit of shares at a price of Rs 330 through another broker No 29. Some of the high ranking government officials, who according to the law cannot hold promoters's shares, also bought these shares. When they came to know of the rule, they went to Nepal Rastra Bank (NRB) to complain of the ‘fraudulent' transaction," one of the investors said. They have lodged their complaints at Sebon and Nepal Stock Exchange Ltd (Nepse).
Source: The Himalayan Times
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NIC Bank's branch in Butwal
NIC Bank opened its new branch in Butwal from Wednesday making it to a total of 16 branches across the country, states a press release. The branch provides full range of banking services including trade, finance, remittance, business banking, ATM/debit cards, drafts, SMS banking and many more. According to unaudited report, it has posted a whopping 57 per cent growth in its net profit to Rs 249 million in the fiscal year 2007-08
Source: The Himalayan Times
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Source: The Himalayan Times
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LIC's Jeevan Tarang
Life Insurance Corporation (Nepal) Ltd is launching its new product ‘Jeevan Tarang' from Friday. It is a money back guarantee plan that provides five per cent of the sum assured every year after premium term, equivalent to annual pension, till the age of 100 years, states a press release. The policy is available for 16 to 60 years aged ones. The minimum sum assured is one lakh and maximum sum assured is ten lakhs rupees.
Source: The Himalayan Times
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Source: The Himalayan Times
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FNCCI, UNWFP organize workshop
Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and United Nations World Food Programme (UNWFP), today jointly inaugurated a two-day long workshop on leadership development in crisis.
The workshop is basically focused on global food crisis, lack of fuel and its impact on human, according to the FNCCI. Lately, food crisis has been a global concern. Though, Nepal is an agricultural country, the traditional farming system, scarcity of improved seed and fertilizer on time and lack of diesel or electricity for the irrigation have hit the agriculture output of the country.
Awareness could be a tool to make people understand the value of food scarcity and looming crisis.
Richard Ragan, country representative of UNWFP, said, “These kind of pro grammes must be con ducted on regular basis ) with the cooperation of both private, public and - authorised parties to bring - awareness among the gen eral people about the glob al food crisis and its impact on the human being.” - Managing Director (MD) of FNCCI Meghnath s Neupane agreed on it.
- “Timely awareness is what , we need now and should - be serious on common l problems of people from , the global prospective.
- This kind of awareness programme should be conducted regularly.” - “Due to the natural calamities, food crisis can be a serious problem in any parts of the world,” vice-president of FNCCI, - Krishna Prasad Tamrakar, said, adding that Nepal . could be an example.
Source: The Himalayan Times
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The workshop is basically focused on global food crisis, lack of fuel and its impact on human, according to the FNCCI. Lately, food crisis has been a global concern. Though, Nepal is an agricultural country, the traditional farming system, scarcity of improved seed and fertilizer on time and lack of diesel or electricity for the irrigation have hit the agriculture output of the country.
Awareness could be a tool to make people understand the value of food scarcity and looming crisis.
Richard Ragan, country representative of UNWFP, said, “These kind of pro grammes must be con ducted on regular basis ) with the cooperation of both private, public and - authorised parties to bring - awareness among the gen eral people about the glob al food crisis and its impact on the human being.” - Managing Director (MD) of FNCCI Meghnath s Neupane agreed on it.
- “Timely awareness is what , we need now and should - be serious on common l problems of people from , the global prospective.
- This kind of awareness programme should be conducted regularly.” - “Due to the natural calamities, food crisis can be a serious problem in any parts of the world,” vice-president of FNCCI, - Krishna Prasad Tamrakar, said, adding that Nepal . could be an example.
Source: The Himalayan Times
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Purwanchal Gramin Bikash Bank's special general meeting
Purwanchal Gramin Bikash Bank Ltd. has declared its special general meeting to be held on 31st August, 2008 (2065 Bhadra 15).
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Chilime Hydro Power distributing cash dividend
Chilime Hydro Power Co. Ltd. is distributing 30% cash dividend from 19th August, 2008 (2065 Bhadra 3) on the following dates.
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NTC's share enlisted
Nepal Telecommunication shares have been enlisted in the Nepal Stock Exchange.
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Bank of Asia's upcoming 1st AGM
Bank of Asia has announced its 1st annual general meeting to be held on 5th September, 2008 (2065 Bhadra 20).
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Nepal Investment Bank's upcoming 22nd AGM
Nepal Investment Bank Ltd. declared its forthcoming 22nd annual general meeting to be held on 6th September, 2008 (2065 Bhadra 21).
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Merchant Banking Business Execution Forbidden: NFS
Securities Exchange Board of Nepal prohibited Nepal Finance Ltd. to carry out the merchant banking business.
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Lalitpur Finance earns profit
Lalitpur Finance Ltd. has posted Rs. 43.87 million net profit for the 4th quarter of the fiscal year 2064/65 which is almost 20% more than the corresponding previous quarter.
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Wednesday, August 13, 2008
NTC's share enlistment decision made
After a lengthy linger, the shares of Nepal Telecommunication Corporation is going to get listed in the Nepal Stock Exchange. NTC gave the application for the enlistment to the stock exchange, a week ago. Generally, after receiving an enlistment application, stock exchange gives the permission within a month but the NTC's shares seem to be getting some privileges. According to the exchange, NTC's completed all the required procedures during application submission and also because of acute interest of general public in the share of the company, the enlistment process was carried out in haste.
According to Rewat Bahadur karki, Managing Director of the exchange, an agreement regarding the trading procedure in the secondary market with NTC is still on its way. The agreement signature program is scheduled for 13th august, 2008, Wednesday. The general practice is that, once the agreement notice is published, the trading takes place after 8 days.
It is yet to be decided at what price the shares will be listed. Stock Exchange has decided to fix the first day price at three to five times more than the company's audited net worth. The trading after that will be carried out in a normal way. As acknowledged, 10% up or down in share price as compared to the previous day's price will halt the trade of the concerned company for the day. Telecom's share was issued six months back and the share certificate distribution was elongated for a long time. Altogether, 27000 general public invested on this share worth Rs. 3.62 billion. NTC issued only 5% share in the first lot. All in all, 8200000 shares are on their way to enlistment in the exchange. The shares of NTC were decided to be sold at Rs. 600, but some investors even paid Rs. 2500 for a single share. However, employees of the company paid Rs. 90 for a share.
Source: Jamb News Service
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According to Rewat Bahadur karki, Managing Director of the exchange, an agreement regarding the trading procedure in the secondary market with NTC is still on its way. The agreement signature program is scheduled for 13th august, 2008, Wednesday. The general practice is that, once the agreement notice is published, the trading takes place after 8 days.
It is yet to be decided at what price the shares will be listed. Stock Exchange has decided to fix the first day price at three to five times more than the company's audited net worth. The trading after that will be carried out in a normal way. As acknowledged, 10% up or down in share price as compared to the previous day's price will halt the trade of the concerned company for the day. Telecom's share was issued six months back and the share certificate distribution was elongated for a long time. Altogether, 27000 general public invested on this share worth Rs. 3.62 billion. NTC issued only 5% share in the first lot. All in all, 8200000 shares are on their way to enlistment in the exchange. The shares of NTC were decided to be sold at Rs. 600, but some investors even paid Rs. 2500 for a single share. However, employees of the company paid Rs. 90 for a share.
Source: Jamb News Service
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Himalayan Bank's Bond Enlistment
"Himalayan Bank Limited Bond 2072" has been enlisted in the Nepal Stock Exchange.
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Janaki Finance Ltd posts profit
Janaki Finance Ltd. has posted Rs. 27.099 million profit for the 4th quarter of fiscal year 2064/65 which is 99.5% more than the corresponding previous quarter.
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CNI defers economic summit
The Confederation of Nepalese Industries (CNI) has announced that it is deferring its economic summit because of political developments. The new dates are August 31 to September 2. The conference entitled "Double-Digit Growth: A National Commitment" was originally scheduled for August 14 to 17.
"Many Constituent Assembly members will not be able to take part in the summit on August 15 as the election for prime minister is being held on that day. This has made us postpone the three-day event," CNI president Binod Kumar Chaudhary told a press conference. "Among the 200 participants, 50 are CA members."
He said that the expected formation of a new government that should give further importance to the economic summit was another factor.
The aim of the event is to help create an economic roadmap to steer the country ahead as it prepares to write a new constitution and build a new Nepal. The summit also intends to establish a new commitment: To enable every Nepali to earn Rs 12,000 per month.
"If we are able to put the economy on center stage through this event, we will hold a partnership summit next year to lure foreign investment and explore a basis to foster and advance the economy," said Chaudhary.
Source: eKantipur
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"Many Constituent Assembly members will not be able to take part in the summit on August 15 as the election for prime minister is being held on that day. This has made us postpone the three-day event," CNI president Binod Kumar Chaudhary told a press conference. "Among the 200 participants, 50 are CA members."
He said that the expected formation of a new government that should give further importance to the economic summit was another factor.
The aim of the event is to help create an economic roadmap to steer the country ahead as it prepares to write a new constitution and build a new Nepal. The summit also intends to establish a new commitment: To enable every Nepali to earn Rs 12,000 per month.
"If we are able to put the economy on center stage through this event, we will hold a partnership summit next year to lure foreign investment and explore a basis to foster and advance the economy," said Chaudhary.
Source: eKantipur
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Laxmi Bank brings personal reserve account
Laxmi Bank Ltd (LBL) has introduced a new account, Personal Reserve Account (PRA) — a deposit product with a value addition — the first of its kind of the account in Nepal.
Nepali banks are, in recent times, offering various innovative products to their customers. Everyone claims their product to be more innovative than others.
"However, PRA is really the first of its kind of product for the Nepali banking sector as its a savings account with a difference — in addition to the standard features of a savings accounts, it also provides customers with a flexibility of a personal overdraft for the emergencies," Ajaya Bahadur Shah, head — Retail Financial Services at the Laxmi Bank said, assuring that it provides the widest range of personal financial solution.
This product is introduced to address the growing demands for small and personal lines of credit that help to bridge income and expenses, he added. "For short-term loans, one doesnot need to go to different places. LBL will be there to help its customers in a reasonable interest rates."
The unique feature of the Personal Reserve Account is that it can be used both to save money as well as to borrow money. "Its a part of LBL's endeavor to grant facility to its customers," Shah said, adding that its hassle free and easy to apply with relatively less documentation formality.
Once, a customer applies for overdraft, it will be valid for the whole year. However, the new product has been introduced for the valley only for the time being.
Source: THT
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Nepali banks are, in recent times, offering various innovative products to their customers. Everyone claims their product to be more innovative than others.
"However, PRA is really the first of its kind of product for the Nepali banking sector as its a savings account with a difference — in addition to the standard features of a savings accounts, it also provides customers with a flexibility of a personal overdraft for the emergencies," Ajaya Bahadur Shah, head — Retail Financial Services at the Laxmi Bank said, assuring that it provides the widest range of personal financial solution.
This product is introduced to address the growing demands for small and personal lines of credit that help to bridge income and expenses, he added. "For short-term loans, one doesnot need to go to different places. LBL will be there to help its customers in a reasonable interest rates."
The unique feature of the Personal Reserve Account is that it can be used both to save money as well as to borrow money. "Its a part of LBL's endeavor to grant facility to its customers," Shah said, adding that its hassle free and easy to apply with relatively less documentation formality.
Once, a customer applies for overdraft, it will be valid for the whole year. However, the new product has been introduced for the valley only for the time being.
Source: THT
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Tuesday, August 12, 2008
Goodwill Finance's Right Share Certificate Distribution
Goodwill Finance Co. Ltd. is distributing its right share certificate from 13th August, 2008 (2065 Shrawan 29).
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United Finance Right Share Allotment
United Finance Ltd. allotted its right share on 5th August, 2008 (2065 Shrawan 21).
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Narayani Development Bank posts profit
Narayani Development Bank Ltd. has posted Rs. 4.594 million net profit for the 4th quarter of the fiscal year 2064/65.
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Rastriya Banijya Bank posts profit
Rastriya Banijya Bank Ltd. has posted Rs. 1.7705 billion net profit for the 4th quarter of fiscal year 2064/65.
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Rastriya Banijya Bank adds five more ATMs
Rastriya Banijya Bank (RBB) added five more ATMs — at Bir Hospital, Thamel, Maharjgunj, New Baneshwor and Lalitpur — in the Kathmandu Valley today to make it a total of seven ATMs. It already has two ATMs at Teku and Singhdurbar.
"With growing competition and introduction of new technology in banking sector, RBB also is capable in providing its customers a modern banking experience," said Dr Bholanath Chalise, chairman of the bank.
Speaking after the inauguration of the ATMs, he said that RBB is going to add 23 more ATMs to make it a total of 30 by the end of this fiscal year. "We are planning to install new ATMs at Balaju, Jorpati, Nepal Airlines Corp, Dharma path, Butwal and Pokhara soon," he said, adding that though RBB is a government bank, the service it provides can match with that of any private banks. "In terms of technology, product and services we do not lag behind others," Dr Chalise said.
Under the financial sector reform programme, RBB has computerised its 94 branches. It provides 365 days banking facility at 10 branches and three branches offer morning counter facility.
Source: THT
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"With growing competition and introduction of new technology in banking sector, RBB also is capable in providing its customers a modern banking experience," said Dr Bholanath Chalise, chairman of the bank.
Speaking after the inauguration of the ATMs, he said that RBB is going to add 23 more ATMs to make it a total of 30 by the end of this fiscal year. "We are planning to install new ATMs at Balaju, Jorpati, Nepal Airlines Corp, Dharma path, Butwal and Pokhara soon," he said, adding that though RBB is a government bank, the service it provides can match with that of any private banks. "In terms of technology, product and services we do not lag behind others," Dr Chalise said.
Under the financial sector reform programme, RBB has computerised its 94 branches. It provides 365 days banking facility at 10 branches and three branches offer morning counter facility.
Source: THT
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Citizens' Bank has new ATM
Citizens' Bank International has started its new ATM counter from its branch at Kumaripati, Lalitpur. The bank now has eight ATM counters in the Kathmandu valley. In the fiscal year 2007-08, the bank has earned a profit of Rs 7.33 million, states a press release. It is also planning to add four more ATM counters outside the valley within this fiscal year, the bank claims.
Source: THT
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Source: THT
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Monday, August 11, 2008
Siddhartha Development Bank to give right shares
Siddhartha Development Bank Ltd. is about to give 1:5 right shares in two lots. In the first lot, 1:1 right share would be issued on the prevailing paid up capital of Rs. 107,575,500. Once the issued right shares are listed on the Nepal stock exchange, the second lot of issuance would be carried out. After the enlistment, the paid up capital will be calculated and the second lot issuance in the ratio of 1:2 will be forwarded. Both the lots of right share issue will be completed within a year. With the purpose of increasing its capital to Rs. 650 million and enhancing itself as a national level development bank, SDBL is following these strategies.
Source: eKantipur
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Source: eKantipur
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Neco Insurance Ltd issuing Right Share
Neco Insurance Ltd. is issuing 550000 right share in the ratio 1:1 from 18th August, 2008 to 21st September, 2008 (2065 Bhadra 2 to 2065 Ashoj 5). The shareholders upto 9th July, 2008 (2065 Ashad 25) are eligible to apply.
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People Finance Ltd to give 1:2 right shares
People Finance Ltd. has decided to give 1:2 right shares to its shareholders. The 11th annual general meeting held on 7th March, 2008 (24 Falgun, 2064) finalized on the matter. PFCL aims to issue its right share within first quarter of the current fiscal year. The unaudited 4th quarter financial report of the company has posted 76% more net profit than the corresponding previous quarter. PFCL has come up with various new schemes such as zero balance saving account, 7% interest rate yielding "Peoples Suvida saving account" and deposit account for which money delivery service (for both deposit and withdrawal) from and to the customer's house is provided.
Source: eKantipur
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Source: eKantipur
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SEZ important for export growth
Surendra Bir Malakar, 53, is president of the Nepal Chamber of Commerce. A graduate in humanities, Malakar is also proprietor of Shangrila Handicraft Industries, Alfa Auto Parts Traders and Nepal Vehicles Services Co. He is also a promoter of Alliance Insurance Company besides being vice president of the World Association for Small and Medium Enterprise (WASME) and former general secretary of the International Chamber of Commerce, Nepal Chapter. Winner of Commercially Important Person 2008, Malakar talked to Prem Khanal of The Kathmandu Post about the problems facing the private sector and its role in New Nepal. Excerpts:How is the private sector doing at present?
Well, the protracted transition has created a lot of difficulty for us. The private sector has not enjoyed much moments of peace. Incidences of abduction, banda and extortion are still prevalent. Highways are being closed now and again, and trade unions are hindering industrial operations. Furthermore, we do not have a government even three months after the CA polls. We don't know what the government's policy is now or what it will be tomorrow. The private sector is confused. Investors do not feel secure about their investment. New investments are coming with ease. Foreign investors are at unease. Our main concern is that the Maoists, the largest party in the CA, says it accepts an open economic policy. But it has not shown that in practice.
What has the NCC been doing to address the private sector's concerns?
We are calling attention to them regularly, and have demanded that the government take necessary action to address the problems time and again. In order to end confusion over the policy, we have also recently drawn up the private sector's priorities and will be handing them over to the new government to be included in the common minimum program and upcoming fiscal policy. For economic advancement, we have mainly asked the government to focus on four major areas: (i) Development of hydropower (ii) Promotion of tourism and special incentives for its development (iii) Strengthening of economic diplomacy and (iv) Human resource development.
How is the NCC prepared to help translate the dream of building a "New Nepal" into reality?
Well, we are prepared to make all possible contributions. We are discussing how the private sector can contribute to designing and implementing the federal structure of the state. The private sector will further contribute by creating employment opportunities, forming wealth and keeping the market vibrant and moving. Actually, it is for attaining these goals that we have set the abovementioned priorities for the government. We request the government to seriously endorse and implement them. The private sector is also ready to work with the government to build much-needed social and economic infrastructure, easy transportation and connectivity facilities and social and human capital. We have always urged the government to provide incentives to farmers, focus on agro and herb processing industries and link farms with the market - both domestic and overseas - in order to develop rural Nepal and help people enjoy the fruits of development. We have also focused on capacity building of commodity associations so that they can better serve the markets.
Nepal's export sector has entered a downward trend in recent years. What does the NCC think should be done to revive it?
Security, better industrial relations, more investment and planned industrial development efforts will be needed to revive exports. Special economic zones (SEZ), a program which has already been endorsed by the government but which has not received adequate commitment and finance, must be developed. We have also requested the Chinese government to help Nepal build an SEZ in Panchkhal. Moreover, I think the financial sector, which is among the few fast growing sectors in Nepal, need to realign their priorities and come forward strongly to support industrial development. The private sector should also work seriously towards applying their skills and know-how to tap the export potential and penetrate overseas markets.
Industrialists cite trade unions as their major problem at present. How have they been creating problems?
They are creating problems by putting forward unhealthy and impractical demands. They are not concerned about how labor productivity can be increased to achieve better production and better returns. Instead, they are working to serve the interests of political parties. This undue labor stir has sharply worsened industrial relations.
What's the status of labor law reform?
We have held serious talks and discussions on the subject at the tripartite committee which includes employers, employees and government representatives. The committee had even drafted a new law. But it got nowhere as the government wasn't much enthusiastic about taking the matter to its logical end. As a result, our long-running demands like "no work no pay" and a "hire and fire" provision in the labor law continue to fall on deaf ears. Labor law reform has been shelved for now.
There is a large number of representatives from the private sector in the Constituent Assembly (CA). Have you talked with them to push for restarting the reforms?
Yes, we have. But we must understand that the private sector's representation is not that large. Also, all the members have been nominated to the CA by political parties. Ultimately, it is the party's policy that prevails over an individual's priorities. As individuals, they cannot be expected to do much. Nonetheless, they are trying their best to convince the parties to place the economic agenda at the top.
Source: eKantipur
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ICFC Bittiya Sanstha Ltd's Right Share Allotment
ICFC Bittiya Sanstha Ltd. has allotted the right share on 10th August, 2008 (2065 Shrawan 26) that was issued from 10 June, 2008 to 14 July, 2008 (2065 Jestha 28 to 2065 Ashad 30).
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NMB's new saving account
NMB Bank has initiated 'NMB Investor's Saving Account' for the benefits of customers. Under the new scheme, the customers can conduct share related transactions through 'one window' service, according to a press release of the bank. "Through the new account the customers can directly pay money for shares in initial public offering and will also receive the money back in case they did not get the shares," says a release, adding that the aim of the service was to free the customers from all forms hassles they face while buying a share in the primary market. The bank has further stated that the customers of the new scheme will also get fresh information about the shares through SMS. The customers can open the new account with Rs 1,000, concludes the release.
Source: eKantipur
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Source: eKantipur
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Siddhartha Bank opens 8th branch
Siddhartha Bank Ltd (SBL) opened a branch in Narayangadh this week. In a statement, the bank said its Chairman Chiranjiwi Lal Agrawal inaugurated the bank's 8th branch in the country. The bank said it aims to provide easy access to banking services to entrepreneurs. Meanwhile, the bank reported an operating profit of Rs 286 million over the last fiscal year, a rise of 64 percent.
Source: eKantipur
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Source: eKantipur
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Clean Energy opens branch in Birtamod
In its first attempt to expand, Clean Energy Development Bank has opened its first branch in Birtamod, Jhapa. According to a press release, Dhananjaya Prasad Acharya, chairman of the bank, opened the branch. The bank that began operation in September 2006 had mobilized deposits of Rs 1.83 billion and disbursed loans of Rs 1.50 billion by the end of the last fiscal year. The bank, meanwhile, is in the process of allocating 960,000 units of shares that it floated in a recent initial public offering. (PR)
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Kumari Bank's branch in Bhairahawa
Kumari Bank Limited (KBL) has opened a new branch in Bhairahawa, a leading trading hub of western Nepal. Chairman of the bank, Noor Pratap JB Rana inaugurated the branch amid a function this week, the bank said in a press release. Speaking on the occasion, acting chief executive of KBL, Kapil Sharma said that the bank would continuously focus on offering new products and increase branch network in various parts of the country. The bank said it maintained deposits and loans of Rs 12.78 billion and Rs 11.34 billion respectively in the fiscal year 2007/08. During the year, the bank earned operating profit of Rs 336.184 million.
Source: eKantipur
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Source: eKantipur
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Nepse suspends brokers
Nepal Stock Exchange (Nepse) has suspended the transactions of two brokers — broker No 5, Market Securities Exchange and broker No 8, Ashutosh Brokarage and Securities — for manipulating the rules. The Nepse has also suspended broker No 5 for three days and broker No 8 for a day.
“Broker No 5 was found manipulating the All Or None system on Thursday,” states a press release. Similarly, broker No 8 has been suspended for a day after it was found guilty during electronic surveillance.
Source: THT
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“Broker No 5 was found manipulating the All Or None system on Thursday,” states a press release. Similarly, broker No 8 has been suspended for a day after it was found guilty during electronic surveillance.
Source: THT
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Sunday, August 10, 2008
Market closed for today: NEPSE down by 25.85 points
Market was halted for 15 minutes when the NEPSE decreased by 15 points. It was again suspended at 13:26:34 when the benchmark dipped down by 20 points and finally close down for the day at 14:21:41 when it plunged by 25.85 points.The trading of brokerage firms - "Market Securities & Exchange (PVT) Ltd." Khichhapokhari, with broker No 5 and "Ashutosh Brokerage & Securities (PVT) Ltd." Khichhapokhari, with broker No. 8 were suspended. These firms carried out the forbidden transaction.
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Ace Development Bank Ltd's Right Share Certificate Distribution
Ace Dev. Bank Ltd. is distributing its right share certificate to the shareholders upto 14th May, 2008 (2065 Jestha 1) from 10th August, 2008 (2065 Shrawan 26).
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Sagarmatha Insurance Co. Ltd's Right Share Certificate Distribution
Sagarmatha Insurance Co. Ltd. is distributing its share certificate to the shareholders upto 16th October, 2008 (2064 Bhadra 29) from 11th August, 2008 (2065 Shrawan 27).
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Shares up 53.69pts in record-making week
The Nepali stock market climbed to a series of new highs over the week, making a weekly gain of 53.69 points. The Nepal Stock Exchange (NEPSE) Index ended at 1,101.36 points, up from an opening of 1,047.67 points.
Investors, unnecessarily enthused over the recent publication of financial results of the listed companies, sent the prices soaring, market watchers said.
But, the stock market made a rocky start on the last day trading but reached a new high before taking a beating and lost 26.77 points during the day. Analysts said that this was the beginning of correction in the overheated prices.
Investors said they see good prospects in shares due to financial institutions' spree to issue rights shares, while analysts argued that the investors were buying on exuberance, leading to overheated prices.
Navraj Pokharel, a stock broker, said the market is entering into an inflated zone, heightening risks that it may meet with an 'accident', when it reaches a new turning point.
Reacting to the soaring prices, NEPSE has asked the investors to pick up shares by not getting carried away by whim. “They must analyze investment protection, risk, liquidity and returns prior to investment on shares,” said NEPSE, in a statement.
Over the week, commercial banks were the best performers, with their combined index rising 71.34 points. Their index rose to 1,166.98 points. Investors of the hydropower sector made remarkable growth as the sector's index rose 43.70 points to close at 1,311.54 points. The shares of finance companies gained 12.24 points, as their index finished at 1,201.21 points. The hotel sector's index increased by 2.01 points to 345.58 points.
Those investing in insurance companies and development banks however lost. The index of the insurance sector shed 9.21 points, while the index of the development banks' group declined by 11.55 points.
606,775 units of shares changed hands in the bourse to register a turnover of Rs 449.7 million. Nepal Credit and Commerce Bank kept itself ahead of others by turnover. Its shares valued at Rs 48.95 million were traded over the week.
Source: eKantipur
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Investors, unnecessarily enthused over the recent publication of financial results of the listed companies, sent the prices soaring, market watchers said.
But, the stock market made a rocky start on the last day trading but reached a new high before taking a beating and lost 26.77 points during the day. Analysts said that this was the beginning of correction in the overheated prices.
Investors said they see good prospects in shares due to financial institutions' spree to issue rights shares, while analysts argued that the investors were buying on exuberance, leading to overheated prices.
Navraj Pokharel, a stock broker, said the market is entering into an inflated zone, heightening risks that it may meet with an 'accident', when it reaches a new turning point.
Reacting to the soaring prices, NEPSE has asked the investors to pick up shares by not getting carried away by whim. “They must analyze investment protection, risk, liquidity and returns prior to investment on shares,” said NEPSE, in a statement.
Over the week, commercial banks were the best performers, with their combined index rising 71.34 points. Their index rose to 1,166.98 points. Investors of the hydropower sector made remarkable growth as the sector's index rose 43.70 points to close at 1,311.54 points. The shares of finance companies gained 12.24 points, as their index finished at 1,201.21 points. The hotel sector's index increased by 2.01 points to 345.58 points.
Those investing in insurance companies and development banks however lost. The index of the insurance sector shed 9.21 points, while the index of the development banks' group declined by 11.55 points.
606,775 units of shares changed hands in the bourse to register a turnover of Rs 449.7 million. Nepal Credit and Commerce Bank kept itself ahead of others by turnover. Its shares valued at Rs 48.95 million were traded over the week.
Source: eKantipur
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