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Tuesday, October 7, 2008
NIC Bank recommends 20pc bonus shares
NIC Bank has announced that its board has recommended 20 percent bonus shares (two shares for every 10) and 1.05 percent dividend to shareholders for Fiscal Year 2007/08. Issuing a statement, the bank said that the decision was subject to approval by Nepal Rastra Bank and its annual general meeting, which is to be held shortly. NIC Bank said it made a net profit of Rs. 243 million in the last fiscal year, which was 53 percent higher than in the previous year.
Source: Ekantipur
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Source: Ekantipur
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United Finance proposes 10pc bonus shares
The 68th meeting of Board of Directors of United Finance has proposed issuing 10 percent bonus shares from its annual profits and the company bearing the tax payable to the government. In a press statement issued here today, the board meeting also proposed rights issue in the ratio of 1:1 within the current fiscal year after the issuance of bonus shares. The proposals will be forward to Nepal Rastra Bank for its final approval.
Source: Ekantipur
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Source: Ekantipur
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NMBL's third branch
NMB Bank Ltd inagurated its third branch at Durbarmarg on Wednesday. The bank plans to establish four more branches within this fiscal year.
Source: THT
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Source: THT
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Peoples bank gets approval from NRB
Peoples Bank Ltd. got approval from Nepal Rastra Bank to operate as a commercial bank. The bank has Rs. 2 billion paid up capital and will be established as 26th commercial bank of Nepal. With the investment of 898 shareholders, PBL will come into action within 2065.
Source: Jamb News service
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Source: Jamb News service
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New Monetary Policy out
Nepal Rastra Bank today announced the Monetary Policy for the fiscal year 2008-09. NRB said it would limit the year's price rise to 7.5 per cent. In Shrawan month of the fiscal year 2007-08, price rise was 13 per cent. NRB said that it had hoped to limit the price hike to just six per cent but the hike at year-end was 11 per cent.
NRB also said that this year's crop price hike by 20 per cent would fetch farmers good returns. Referring to the rise in the prices of petroleum products, NRB said, "If no adjustment is made in the price of petroleum products, it might lead to inflation this fiscal year by 7.5 per cent." It also said that the current budget had assured of limiting the petroleum products price hike to 7.5 per cent. NRB also has given priority to foreign exchange for imports and services for a period of at least six months. To meet the seven per cent price hike, NRB will opt for price liquidity management. The new monetary policy will provide short term liquidity facility, development of treasury bills and credit letters for development banks and finance companies.
For increase in the rate of competition capacity of export and increase in flow of Nepali currency (punah karjadar) has been lowered from 2.5 to 2 per cent.
The policy says that credit facility should be provided to deprived classes by commercial banks (@ three per cent), development banks (@ 1.5 per cent) and finance companies (@ 1 per cent). It also mentioned forwarding support to finance companies started with World Bank support and make an effective monitoring policy for the proper management of banks by NRB. The Monetary Policy is customarily announced after the budget each year.
Monetary Policy (in Nepali) 2065-66 Press Release
Monetary Policy (in Nepali) 2065-66 Full Text
Monetary Policy (in Nepali) 2065-66 (Tables)
Source: THT
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NRB also said that this year's crop price hike by 20 per cent would fetch farmers good returns. Referring to the rise in the prices of petroleum products, NRB said, "If no adjustment is made in the price of petroleum products, it might lead to inflation this fiscal year by 7.5 per cent." It also said that the current budget had assured of limiting the petroleum products price hike to 7.5 per cent. NRB also has given priority to foreign exchange for imports and services for a period of at least six months. To meet the seven per cent price hike, NRB will opt for price liquidity management. The new monetary policy will provide short term liquidity facility, development of treasury bills and credit letters for development banks and finance companies.
For increase in the rate of competition capacity of export and increase in flow of Nepali currency (punah karjadar) has been lowered from 2.5 to 2 per cent.
The policy says that credit facility should be provided to deprived classes by commercial banks (@ three per cent), development banks (@ 1.5 per cent) and finance companies (@ 1 per cent). It also mentioned forwarding support to finance companies started with World Bank support and make an effective monitoring policy for the proper management of banks by NRB. The Monetary Policy is customarily announced after the budget each year.
Monetary Policy (in Nepali) 2065-66 Press Release
Monetary Policy (in Nepali) 2065-66 Full Text
Monetary Policy (in Nepali) 2065-66 (Tables)
Source: THT
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FM presents revised budget
After two days of continuous obstruction, the parliament session resumed today after Finance Minister Dr. Babu Ram Bhattarai presented the revised document of the government's annual budget at Monday's meeting, as demanded by Nepali Congress members.
Finance Minister Bhattarai came to the meeting today and assured the members that he had corrected the budget document under 14 headings without changing the proposed budgetary figures.
Nepali Congress lawmakers had disturbed three consecutive meetings since Friday demanding that the government table a revised budget document as pledged by the finance minister on Wednesday.
During his reply to questions raised by members last Wednesday, Bhattarai had pledged he would present a document after correcting mistakes in the budget document and incorporating "constructive" suggestions from members.
According to Bhattarai, the government will integrate public school students from endangered and extremely marginalized communities under its free education programme up to Class 12. Earlier, Bhattarai had allocated Rs. 1.9 billion for free school education programme for all public school students in Karnali Zone and Dalit communities from across the country.
Similarly, Bhattarai said the Finance Ministry would release necessary budget from its "Contingency Expenditure for Development Programmes" to initiate the process of converting 47 private campuses into constituent campuses of Tribhuvan University. The initially allocated amount was Rs. 9.2 million and it aimed to convert only eight of such campuses.
He informed that the government would provide necessary budget for infrastructure development and promotion of tourism business in Rara Lake of Mugu district and Janakpur area of Dhanusha.
According to Bhattarai, the government has allotted Rs. 80 million to provide public welfare advertisements to media and decided to waive royalty and renewal fees for FM radio stations, cable TV companies and private television stations as in the past.
The government has also decided to waive land registration fee for family members of those killed during the April Uprising in 2006, Maoists' People's War and Madhes movement.
Bhattarai changed his promise made on Wednesday to set up a chemical fertilizer industry and said the government would take initiative to conduct feasibility study for the industry with private sector support.
Though today's meeting was supposed to continue deliberations on allocation to the Ministry of Defence, Water Resources and Physical Planning and Works, Speaker Subas Nembang adjourned the meeting till Monday.
According to the Business Advisory Committee, the House will discuss appropriation bills under headings of Ministry of Finance and Home Affairs on Monday.
Source:
eKantipur
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Finance Minister Bhattarai came to the meeting today and assured the members that he had corrected the budget document under 14 headings without changing the proposed budgetary figures.
Nepali Congress lawmakers had disturbed three consecutive meetings since Friday demanding that the government table a revised budget document as pledged by the finance minister on Wednesday.
During his reply to questions raised by members last Wednesday, Bhattarai had pledged he would present a document after correcting mistakes in the budget document and incorporating "constructive" suggestions from members.
According to Bhattarai, the government will integrate public school students from endangered and extremely marginalized communities under its free education programme up to Class 12. Earlier, Bhattarai had allocated Rs. 1.9 billion for free school education programme for all public school students in Karnali Zone and Dalit communities from across the country.
Similarly, Bhattarai said the Finance Ministry would release necessary budget from its "Contingency Expenditure for Development Programmes" to initiate the process of converting 47 private campuses into constituent campuses of Tribhuvan University. The initially allocated amount was Rs. 9.2 million and it aimed to convert only eight of such campuses.
He informed that the government would provide necessary budget for infrastructure development and promotion of tourism business in Rara Lake of Mugu district and Janakpur area of Dhanusha.
According to Bhattarai, the government has allotted Rs. 80 million to provide public welfare advertisements to media and decided to waive royalty and renewal fees for FM radio stations, cable TV companies and private television stations as in the past.
The government has also decided to waive land registration fee for family members of those killed during the April Uprising in 2006, Maoists' People's War and Madhes movement.
Bhattarai changed his promise made on Wednesday to set up a chemical fertilizer industry and said the government would take initiative to conduct feasibility study for the industry with private sector support.
Though today's meeting was supposed to continue deliberations on allocation to the Ministry of Defence, Water Resources and Physical Planning and Works, Speaker Subas Nembang adjourned the meeting till Monday.
According to the Business Advisory Committee, the House will discuss appropriation bills under headings of Ministry of Finance and Home Affairs on Monday.
Source:
eKantipur
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Nabil approves 60 pc dividends and 40 pc bonus share
Nabil Bank held its 24th annual general meeting (AGM) Yesterday. The Meeting approved the directors' report 2007-08 and financial statements relating to the fiscal year 2007-08 together with the auditor's report. The AGM also approved a 60 per cent cash dividend for a share with Rs 100 par value and the issuance of 40 per cent bonus shares. The meeting appointed GP Rajbahak & Co the statutory auditor of the bank for FY 2008-09. It also approved the amendment proposed in the Articles of Association and Memorandum of Association as proposed in the agenda.
Source: Jamb News Service
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Source: Jamb News Service
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KMBF to give right share
The Board of Director meeting of Kist Merchant Banking & Finance finalized to conduct its AGM on 6th December 2008 (2065 Mangshir 21). It has decided to propose 5% dividend in the upcoming AGM. In order to upgrade itself as an "A" grade company, KMBF has got approval to distribute 1:1.5 right shares. Meanwhile, an announcement of book closure on 24th October 2008 (2065 Kartik 8) has been made. KMBF was incorporated in the 2002 as a 55th Finance Company. Furthermore, KMBF has posted Rs. 53.360 million profit for the 4th quarter of fiscal year 2064/65.
Source: Jamb News service
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Source: Jamb News service
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Govt to amend Industrial Law
The government has initiated the process of amending the Industrial Law, a move it hopes will spur industrialization and revive the ailing industries in the country, Minister for Industry Asthalaxmi Shakya said Saturday.
"Once we settle the existing issues relating to workers' rights, we will make the necessary amendments to the Industrial Law to bring the sick industries across the country back into operations," said Shakya at the 28th Annual General meeting of Rupandehi Industry Association.
Shakya said that while reviving the sick industries, government would be involving private companies to give new structure and management to them.
"For this we will make the changes in the present policies and regulations in coordination with other concerned ministries," said Shakya, who is on a two-day inspection visit of different ailing industries in Rupandehi district.
She also assured of making attempt for the resumption of the operation of Butwal Thread Factory with new management team soon. The factory has remained closed for the last seven months due to problems in its management. Around four hundred workers were employed by the factory, before it was closed.
Meanwhile, local business people asked the minister Shakya to make efforts to regularise electricity supply, establish a new industrial estate in the district, put an end to scrap taxes and medicinal herb tax, and reduce the customs rate for raw materials.
Source:
Ekantipur
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"Once we settle the existing issues relating to workers' rights, we will make the necessary amendments to the Industrial Law to bring the sick industries across the country back into operations," said Shakya at the 28th Annual General meeting of Rupandehi Industry Association.
Shakya said that while reviving the sick industries, government would be involving private companies to give new structure and management to them.
"For this we will make the changes in the present policies and regulations in coordination with other concerned ministries," said Shakya, who is on a two-day inspection visit of different ailing industries in Rupandehi district.
She also assured of making attempt for the resumption of the operation of Butwal Thread Factory with new management team soon. The factory has remained closed for the last seven months due to problems in its management. Around four hundred workers were employed by the factory, before it was closed.
Meanwhile, local business people asked the minister Shakya to make efforts to regularise electricity supply, establish a new industrial estate in the district, put an end to scrap taxes and medicinal herb tax, and reduce the customs rate for raw materials.
Source:
Ekantipur
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NRB stumbles on merge unease
Narayani Finance, National Finance and Paschimanchal Finance were about to merge to form a development bank. They even signed Memorandum of Understanding four months back which has been broken now. The new merger policy of Nepal Rastra Bank has brought about the turmoil. According to the new policy of NRB, the upgrading companies must increase their capital first then only step towards advancement. All the merger procedures had to be carried out all over again, and also because of lack of internal understanding between these companies, Paschimanchal stepped backwards. However, Narayani Finance and National Finance are about to carry out all the merger process all over again without the participation of Paschimanchal Finance.
Source: Jamb News Service
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Source: Jamb News Service
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LBL's new scheme for women
Laxmi Bank Limited (LBL) has launched ‘Super Woman Savings', a new scheme for women above 16 years of age. It needs a minimum balance of Rs 500 and the bank will provide an interest rate of 6.5 per annum. According to a press statement, the scheme's customers are entitled to a host of benefits and services from LBL's 14 branches. As a special introductory feature, the scheme's customers can also purchase various life insurance solutions through the bank and receive rewards certificates up to Rs 1,500 encashable at Bhatbhateni and Blue Bird departmental stores.
Source: THT
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Source: THT
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NCM to give dividends and right share
NIDC Capital Markets Ltd. has proposed 30% Bonus Share, 5% Cash Dividend and 1:2 right share on approval of Nepal Rastra Bank. As indicated by of the unaudited 4th quarter financial report, NCM posted Rs. 41.909 million profit and after the study of Preliminary Audit Report of the auditor the company took this decision. NIDC Capital Markets Ltd, (NCML) is the first merchant bank in Nepal. A s a pioneer in Merchant Banking, NCML has successfully handled the activities as a Market Maker, Issue Manager and Registrar to the Issue. NCML has always been proactive in introducing new instruments in the market.
Source: Jamb News Service
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Source: Jamb News Service
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Govt to accomodate suggestions on budget
Finance Minister Dr Baburam Bhattarai today pledged to make changes in the government budget presented at the Legislature-Parliament, to incorporate constructive suggestions.
Furnishing clarifications in response to the queries raised by members during three days of deliberations, Minister Bhattarai said he has received very constructive suggestions from the lawmakers in the course of the budget deliberations.
"Even the CPN-UML, a major constituent in the ruling six-party alliance, has furnished written suggestions, which I want to incorporate into the budget to make it more comprehensive," he said, adding, "I seek permission from the House to incorporate the suggestions in the budget."
Referring to claims by opposition Nepali Congress members that the jumbo budget would lead to inflation, Bhattarai said it was the need of the hour to achieve high economic growth, reconstruct destroyed infrastructures and provide relief to the conflict victims.
"Though the implementation part seems to be very tough and challenging, we can meet the target through collective endeavours and a politics of consensus," he added.
He claimed that the government has sufficient basis for the control of price hikes and inflation through adoption of effective measures to increase revenue, production and supplies.
Expressing commitment to meeting the government's target of collecting 15 percent revenue, Bhattarai said, "The government is determined to control corruption and revenue leakages.
He said that the government wanted to promote a public-private partnership approach and attract national and international private investors to achieve rapid economic growth in the country.
In this regard the government would introduce special law for the financial sector in the near future, he added.
Defending the government's plan to set up a high-level economic council under the convenorship of the prime minister, the finance minister said this was meant not to control the line ministries and centralize power but to make the monitoring mechanism more effective.
Replying to queries about the heavy dependence on foreign aid, Bhattarai said that it was not a big target. "I have increased the figure for foreign loans by around Rs 8 billion from the Advance Budget presented by former [finance] minister Dr. Ram Sharan Mahat under which the expectation was to collect about Rs 57 billion."
When asked about the government's economic policy, Bhattarai replied that since the country was in a transitional phase, the Maoist-led coalition government's budget was based on capitalism heading toward socialism. Talking about the sluggish economic growth rate, Bhattarai said that the structural problem should be addressed to achieve the expected economic growth.
Referring to the existing VAT rate, he said that though the government wanted to adopt multiple tax rates, it could not incorporate this in the budget due to delayed submission of its report of the Revenue Advisory Committee.
Source:
Ekantipur
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Furnishing clarifications in response to the queries raised by members during three days of deliberations, Minister Bhattarai said he has received very constructive suggestions from the lawmakers in the course of the budget deliberations.
"Even the CPN-UML, a major constituent in the ruling six-party alliance, has furnished written suggestions, which I want to incorporate into the budget to make it more comprehensive," he said, adding, "I seek permission from the House to incorporate the suggestions in the budget."
Referring to claims by opposition Nepali Congress members that the jumbo budget would lead to inflation, Bhattarai said it was the need of the hour to achieve high economic growth, reconstruct destroyed infrastructures and provide relief to the conflict victims.
"Though the implementation part seems to be very tough and challenging, we can meet the target through collective endeavours and a politics of consensus," he added.
He claimed that the government has sufficient basis for the control of price hikes and inflation through adoption of effective measures to increase revenue, production and supplies.
Expressing commitment to meeting the government's target of collecting 15 percent revenue, Bhattarai said, "The government is determined to control corruption and revenue leakages.
He said that the government wanted to promote a public-private partnership approach and attract national and international private investors to achieve rapid economic growth in the country.
In this regard the government would introduce special law for the financial sector in the near future, he added.
Defending the government's plan to set up a high-level economic council under the convenorship of the prime minister, the finance minister said this was meant not to control the line ministries and centralize power but to make the monitoring mechanism more effective.
Replying to queries about the heavy dependence on foreign aid, Bhattarai said that it was not a big target. "I have increased the figure for foreign loans by around Rs 8 billion from the Advance Budget presented by former [finance] minister Dr. Ram Sharan Mahat under which the expectation was to collect about Rs 57 billion."
When asked about the government's economic policy, Bhattarai replied that since the country was in a transitional phase, the Maoist-led coalition government's budget was based on capitalism heading toward socialism. Talking about the sluggish economic growth rate, Bhattarai said that the structural problem should be addressed to achieve the expected economic growth.
Referring to the existing VAT rate, he said that though the government wanted to adopt multiple tax rates, it could not incorporate this in the budget due to delayed submission of its report of the Revenue Advisory Committee.
Source:
Ekantipur
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Govt determined to keep inflation low, says FM Bhattarai
Finance Minister Dr Baburam Bhattarai has said the government is committed to keep inflation low -- around 7.5 percent as projected in the budget estimate for the new fiscal year.
According to him, significant decline in the price of oil in the global market and the government's efforts to increase growth and improve efficiency of the supply mechanisms will be instrumental in checking price rise, which currently stands at 12 percent.
Bhattarai was answering the queries raised by lawmakers during the parliamentary debate on the budget.
Saying that the government is committed to check misuse of resources, the Finance Minister, who presented a Rs 2.36 billion budget that has been dubbed by experts as inflated and ambitious, claimed that the government is able to implement its programmes thanks mainly to improved revenue collection.
Bhattarai also complained of what he called biased judgement of some parties on the budget, and called for cooperation in achieving the objectives laid out in the budget.
Source:
Jamb News Service
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According to him, significant decline in the price of oil in the global market and the government's efforts to increase growth and improve efficiency of the supply mechanisms will be instrumental in checking price rise, which currently stands at 12 percent.
Bhattarai was answering the queries raised by lawmakers during the parliamentary debate on the budget.
Saying that the government is committed to check misuse of resources, the Finance Minister, who presented a Rs 2.36 billion budget that has been dubbed by experts as inflated and ambitious, claimed that the government is able to implement its programmes thanks mainly to improved revenue collection.
Bhattarai also complained of what he called biased judgement of some parties on the budget, and called for cooperation in achieving the objectives laid out in the budget.
Source:
Jamb News Service
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Unilever Nepal's Book Closure
Unilever Nepal Ltd. is having its book closure for 27 days, from 17th October, 2008 to 12th November, 2008 (2065 Kartik 1 to 2065 Kartik 27) for the purpose of conducting it AGM
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Bhajuratna Finance and Saving's Special General Meeting
Bhajuratna Finance and Saving Ltd. (Bittiya Sanstha) has announced its special general meeting to be held on 20th October 2008 (4th Kartik 2065).
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Union Finance's Right Share Issue
Union Finance Ltd. is issuing 725153 right share in the ratio 1:1 from 21st October 2008 (2065 Kartik 5).
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ASIAN Life Insurance's Upcoming 1st AGM
ASIAN Life Insurance Co. ltd. has announced its first annual general meeting to be held on 25th October 2008 (2065 Kartik 9)
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Laxmi Bank's Redeemable Debenture Issue
Laxmi Bank Ltd. is issuing 7 years redeemable debenture at 8.5% interest rate from 12th October, 2008 (2065 Ashwin 26).
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Chhimeki Bikash Bank's Upcoming 7th AGM
Chhimeki Bikash Bank Ltd. (Bittiya Sanstha) has announced its seventh annual general meeting to be held on 23rd October 2008 (2065 Kartik 7).
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Uniliver Nepal's Dividend Distribution
Uniliver Nepal Ltd. is distributing Rs. 275 interim dividend to its shareholders from 1st October 2008 (2065 Ashwin 15).
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NABIL Bank's Dividend Distribution
NABIL Bank Ltd. is distributing 60% cash dividend from 1st October 2008 (2065 Ashwin 15) according to the given schedule.
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Sahayogi Bikas Bank's Right Share Allotment
Sahayogi Bikas Bank Ltd. has allotted its right shares on 29th September 2008 (2065 Ashwin 13)
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Siddhartha Bank's Reedemable Bond Issue
Siddhartha Bank Ltd. is issuing 7 years reedemable bond at 8% interest rate from 5th October, 2008 (2065 Ashwin 19).
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Himalayan General Insurance's Right Share Allotment
Himalayan General Insurance Co. Ltd. has allotted its right share on 25th September 2008 (2065 Ashwin 9).
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Machhapuchchhre Bank's Right Share Allotment
Machhapuchchhre Bank Ltd. has allotted its right shares on 25th September 2008 (2065 Ashwin 9)
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Reliable Investment Bank's Share Slip Distribution
Reliable Investment Bank is distributing its share allotment slip from 27th September 2008 (2065 Ashwin 11)
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Clean Energy Dev. Bank's Share Slip Distribution
Clean Energy Dev. Bank Ltd. is distributing its share allotment slip from 26th September 2008 (2065 Ashwin 10)
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Sunrise Bank's Upcoming 1st AGM
Sunrise Bank Ltd. has announced its forthcoming 1st annual general meeting to be held on 24th October 2008 (2065 Kartik 8)
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Yeti Finance's Dividend Collection Notice
Yeti Finance Company Limited has published a notice for its shareholders to collect their dividend amount.
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Nepal Hydro Power Company's Right Share Issue Date Extended
Nepal Hydro Power Company Ltd. has extended its right share issue date upto 13th November 2008 (2065 Kartik 28).
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Neco Insurance's Right Share Issue Date Extended
Neco Insurance Ltd. has extended its right share issue upto 12th October 2008 (2065 Ashwin 26)
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Reliable Investment Bittiya Sanstha's Share Slip Distribution
Reliable Investment Bittiya Sanstha Ltd. is distributing its share allotment slip from 24th September 2008 (2065 Ashwin 8)
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United Finance Ltd's Right Share Certificate Distribution
United Finance Ltd. is distributing its right share certificate from 28th September 2008 (2065 Ashwin 12).
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Siddhartha Dev. Bank's Registrar To Share Changed
Siddhartha Dev. Bank Ltd. has appointed Allite Capital Ltd. as its new Registrar to Share.
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National Life Insurance's Bonus Share Certificate Distribtion
National Life Insurance Co. Ltd. is distributing its bonus share certificate from 28th September 2008 (2065 Ashwin 12)
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Nepal Life Insurance's Bonus Rate Finalized
Nepal Life Insurance Co. Ltd. has decided the bonus rate for the insurance holders
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Premier Insurance Bonus Share Certificate Distribution
Premier Insurance Co. Ltd. is distributing its bonus share certificate from 24th September 2008 (2065 Ashwin 8)
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