Shares of Pashupati Development Bank Ltd. have been allotted. You can access the allotment information here.
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Thursday, November 13, 2008
Butwal Power Co. Ltd. proposed dividend
The BOD meeting of the company held on 11th November 2008 (2065 Kartik 26 ) has decided to propose 30% Dividend from the profit of fiscal year 2064/2065 on the upcoming AGM. Butwal Power Company Limited became a public company since February 1993 (registration No. Pa Li No. 3 - 49/50). After privatisation of the company in 2003 the principal shareholders of BPC are the Private Shareholders (Shangri-la Energy Limited and Interkraft Norway) and Ministry of Water Resources, Nepal Government.
Source: Jamb News Service
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Source: Jamb News Service
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Adequate liquidity
Present statistics show no liquidity problem in the current fiscal system, according to Nepal Rastra Bank. A statement by the central bank said that after the announcement of Rs 1 billion Treasury Bill, it received Rs 4222 million which reveals enough liquidity.
Source: THT
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Source: THT
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SIFCL profit up
Shree Investment and Finance company Ltd (SIFCL) posted a net profit after tax of Rs 25 million, an increment of 29.9 per cent compared to the same period last year. According to a press statement, it has an increment of 10.05 per cent in its total deposits that is Rs 778 million and has floated a loan of Rs 787 million, an increment of 15.77 per cent compared to last year.
Source: THT
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Source: THT
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Regulation to keep share market clean
Security Board of Nepal (SEBON) introduced a regulation on Wednesday which aims to control malpractice in the share market and properly manage the market.
SEBON Chairman Dr. Chiranjiwi Nepal said the board had introduced the Security Registration and Issuance Regulation after nine months of preparation. Four additional regulations are already in place to regulate the stock market.
"The new regulation is expected to make the capital market more transparent and modernise it," Nepal said, adding that the new regulation will help reduce risks connected to the stock market.
According to the regulation, a company that has completed its first year of operation can issue shares only after it makes its audited financial report public. An applicant looking to invest more than Rs. 50,000 will be required to deposit an account payee cheque.
As per the new provision, companies issuing shares have been entitled to allocate five percent ordinary shares to their employees. But, hydropower related companies and other production and processing industries benefiting the local people can allocate additional five percent shares for local people.
But, such shares cannot be sold for three years from the date of issue.
SEBON said applicants and sales managers who submit wrong details during the process of share purchase shares will be fined. "The fined money will go for public awareness programmes," it said.
The board has also allowed companies to issue premium shares. Companies earning good profits may sell their share at a premium, which will be set as per their net assets per share.
Similarly, listed companies can issue additional shares to increase their capital base and attract new investors.
A company which wants to issue shares will have to sell at least 30 percent shares against its issued capital for the general people from now on. The regulation also allows companies to sell their shares through letters and electronic media after its annual general meeting takes a decision in this regard.
As per the new regulation, all shares of a company will have to be registered with SEBON. Earlier, only ordinary shares were required to be registered with SEBON. Even promoters' shares have to be registered with the board from now on.
Companies listed with SEBON and the stock exchange will have to submit their financial details to the board every three months. Before the new provision, banks and financial institutions had to submit reports every six months and manufacturing industries were required to submit reports every year.
Source: Ekantipur
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SEBON Chairman Dr. Chiranjiwi Nepal said the board had introduced the Security Registration and Issuance Regulation after nine months of preparation. Four additional regulations are already in place to regulate the stock market.
"The new regulation is expected to make the capital market more transparent and modernise it," Nepal said, adding that the new regulation will help reduce risks connected to the stock market.
According to the regulation, a company that has completed its first year of operation can issue shares only after it makes its audited financial report public. An applicant looking to invest more than Rs. 50,000 will be required to deposit an account payee cheque.
As per the new provision, companies issuing shares have been entitled to allocate five percent ordinary shares to their employees. But, hydropower related companies and other production and processing industries benefiting the local people can allocate additional five percent shares for local people.
But, such shares cannot be sold for three years from the date of issue.
SEBON said applicants and sales managers who submit wrong details during the process of share purchase shares will be fined. "The fined money will go for public awareness programmes," it said.
The board has also allowed companies to issue premium shares. Companies earning good profits may sell their share at a premium, which will be set as per their net assets per share.
Similarly, listed companies can issue additional shares to increase their capital base and attract new investors.
A company which wants to issue shares will have to sell at least 30 percent shares against its issued capital for the general people from now on. The regulation also allows companies to sell their shares through letters and electronic media after its annual general meeting takes a decision in this regard.
As per the new regulation, all shares of a company will have to be registered with SEBON. Earlier, only ordinary shares were required to be registered with SEBON. Even promoters' shares have to be registered with the board from now on.
Companies listed with SEBON and the stock exchange will have to submit their financial details to the board every three months. Before the new provision, banks and financial institutions had to submit reports every six months and manufacturing industries were required to submit reports every year.
Source: Ekantipur
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Haphazard Premium imposing practice forbidden
The companies on the pipeline for issuing IPO are now prohibited to charge the premium exceeding their net worth. The subject under analysis for pretty long time in the ministry of finance has finally been decided. Securities Board of Nepal previously proposed on permitting the profitable companies to sell their initial public offerings by adding two to two and a half times more premium than their net worth. This has come to an end now. Till date the companies giving dividend for three consecutive years were regarded as having sound health and they could sell their shares in premium.
Based on the "Securities Act, 2063", the new "Securities registration and issue regulation" was made which is now approved by ministry of finance as well. The new regulation aims to make the registration and issue process more transparent. The board has already prepared regulations for SEBON, Nepal Stock Exchange, brokers, market makers and merchant bank and is on its way to bring about regulations for mutual funds.
In the scenario when the proposed regulation is amended and finalized by the ministry of finance, no company can issue their shares with premium more than their net worth. Hence, the companies such as Chilime Hydro Power Co. Ltd. and Arun Valley Hydropower Development Co. Ltd. who were thinking to issue their shares at heavy premium have to step back and address new price. CHCL was about to sell its shares at Rs. 600 each by adding Rs. 500 premium on the shares with Rs. 100 face value. Likewise Arun valley was about to issue its shares at Rs. 400 by adding Rs. 300 premium on each shares.
At the same time, the turmoil of the Nepal Telecom's remaining unsubscribed shares has risen. At what price will its remaining shares be sold is a big question still lingering around.
Source: Jamb News Service
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Based on the "Securities Act, 2063", the new "Securities registration and issue regulation" was made which is now approved by ministry of finance as well. The new regulation aims to make the registration and issue process more transparent. The board has already prepared regulations for SEBON, Nepal Stock Exchange, brokers, market makers and merchant bank and is on its way to bring about regulations for mutual funds.
In the scenario when the proposed regulation is amended and finalized by the ministry of finance, no company can issue their shares with premium more than their net worth. Hence, the companies such as Chilime Hydro Power Co. Ltd. and Arun Valley Hydropower Development Co. Ltd. who were thinking to issue their shares at heavy premium have to step back and address new price. CHCL was about to sell its shares at Rs. 600 each by adding Rs. 500 premium on the shares with Rs. 100 face value. Likewise Arun valley was about to issue its shares at Rs. 400 by adding Rs. 300 premium on each shares.
At the same time, the turmoil of the Nepal Telecom's remaining unsubscribed shares has risen. At what price will its remaining shares be sold is a big question still lingering around.
Source: Jamb News Service
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IMEFI in Ghorahi
IME Financial Institution Ltd. has opened its 2nd branch in Ghorahi of Dang. Its first branch is operating from Gongabhu of Kathmandu. IMEFI has started its operation from 1st August 2005 with its central office at Kantipath, Kathmandu. Recently published 1st quarter financial report of the company has posted Rs. Rs.11.942 million net profit for the fiscal year 2065/66. The company is planning to open another branch in NarayanGhat, Chitwan.
Source: Jamb News Service
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Source: Jamb News Service
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Mallika Development Bank to give right share
Mallika Development Bank proposed 1:3 right shares in order to increase its paid up capital. It is still to be approved from Nepal Rastra Bank. At present the bank has Rs. 50 million paid up capital and Rs. 100 million authorized capital. Within the fiscal year 2064/65 MDBL has collected Rs. 960 million as deposit and has distributed Rs. 510 million as loan. Likewise, it has posted Rs. 22.50 million operating profit in the same period. The bank is providing services from its three branches located at Dhangadi, Tikapur and Mahendranagar.
Source: Jamb News Service
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Source: Jamb News Service
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StanChart in Birgunj with its 16th Outlet
Standard Chartered Bank Nepal Ltd established one more mark in the Tarai region with its 16th outlet in Adarshanagar of Birgunj in Parsa district today.
The new branch, located in the heart of the city, will offer the full range of banking services, said bank CEO Sujit Mundul while inaugurating the branch.
"The expansion of branches depends on our organisation's market strategy. This particular branch is a part of our strategic strategy and also a platform to fulfill our commitment to a wide range of corporate clients operating in Birgunj," he said adding that there has been a constant addition in the number of players over the last year.
With 16 points of representation and 17 ATMs across the country, Standard Chartered Bank Nepal Ltd is in a unique position to provide truly international banking services to its customers through an extensive domestic and global network.
Standard Charted Bank Nepal Ltd, the only interna tional bank in the country, offers a full range of products and services under consumer and wholesale banking divisions catering to a wide range of customers.
"We have seen similar phenomenon in other markets but the only difference is that the other markets are growing whereas Nepal is not growing to that extent. Hence, we will adopt a strategy to appropriately respond to the new paradigm," Mundul added.
"Apparently, the Nepali financial market does not seem impacted by the global meltdown. Nevertheless, Nepal has critical dependence on larger economies both in terms of import and export, including remittance," he said.
Mundul added, "The contagion effect of the global economy cannot be overlooked under any circumstances. I would like to add that Nepal is not decoupled from the rest of economies. The government and the central bank - Nepal Rastra Bank should remain vigilant and flexible in order to manage drag effects, albeit at lower velocity in the near future."
Source:The Himalayan Times
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The new branch, located in the heart of the city, will offer the full range of banking services, said bank CEO Sujit Mundul while inaugurating the branch.
"The expansion of branches depends on our organisation's market strategy. This particular branch is a part of our strategic strategy and also a platform to fulfill our commitment to a wide range of corporate clients operating in Birgunj," he said adding that there has been a constant addition in the number of players over the last year.
With 16 points of representation and 17 ATMs across the country, Standard Chartered Bank Nepal Ltd is in a unique position to provide truly international banking services to its customers through an extensive domestic and global network.
Standard Charted Bank Nepal Ltd, the only interna tional bank in the country, offers a full range of products and services under consumer and wholesale banking divisions catering to a wide range of customers.
"We have seen similar phenomenon in other markets but the only difference is that the other markets are growing whereas Nepal is not growing to that extent. Hence, we will adopt a strategy to appropriately respond to the new paradigm," Mundul added.
"Apparently, the Nepali financial market does not seem impacted by the global meltdown. Nevertheless, Nepal has critical dependence on larger economies both in terms of import and export, including remittance," he said.
Mundul added, "The contagion effect of the global economy cannot be overlooked under any circumstances. I would like to add that Nepal is not decoupled from the rest of economies. The government and the central bank - Nepal Rastra Bank should remain vigilant and flexible in order to manage drag effects, albeit at lower velocity in the near future."
Source:The Himalayan Times
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RMBFL declaration
Royal Merchant Banking and Finance Ltd will distribute 10 per cent bonus shares, two per cent cash dividends and rights shares in the ratio of 1:1. According to a press statement issued on Sunday by the bank, it will distribute bonus shares at the rate of 10 per cent of the total paid up capital to all of its shareholders, an amount that is equal to Rs 12.1 million, and also cash dividends to the tune of Rs 24 lakh.
Source: THT
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Source: THT
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Kaski Finance Ltd: General Share Certificate Distribution
Kaski Finance Ltd. is distributing the general share certificate to its shareholders from 13th November 2008 (2065 kartik 28).
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ICFC Bittiya Sanstha Ltd: Registrar To Share Replaced
ICFC Bittiya Sanstha Ltd. has appointed Elite Capital Ltd. as its registrar to share replacing NMB Bank Ltd.
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Nepal Hydro Power Company Ltd: Right Share Issue Date Extended
Nepal Hydro Power Company Ltd. has again extended its right share issue date upto 21st December 2008 (2065 Poush 6).
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Peoples Finance Ltd: Right Share Issue
Peoples Finance Ltd. is issuing 1:2 right share from 1st December 2008 (2065 Mangshir 16). It is having its book closure on 13th November 2008 (2065 Kartik 28) for the same purpose.
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Subhechha Bikash Bank: General Share Certificate Distribution
Subhechha Bikash Bank Ltd. is distributing the general share certificate to its shareholders from 12th November 2008 (2065 Kartik 27)
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Sagarmatha Merchant Banking & Finance: General Share Certificate Distribution
Sagarmatha Merchant Banking & Finance Ltd. is distributing the general share certificate to its shareholders from 14th November 2008 (2065 Kartik 29).
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Paschimanchal Development Bank: Promoters Share Sale
Paschimanchal Development Bank Ltd. has announced the sale of its prevailing promoter share.
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Alpic Everest Finance: Promoters Share Sale
Alpic Everest Finance Co. Ltd. has announced the sale of its prevailing promoter share.
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National Finance Ltd: Right Share Issue
National Finance Ltd. is issuing 1:0.4 right shares from 18th November 2008 to 22nd December 2008 (2065 Mangshir 3 to 2065 Poush 7).
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Swabalamban Bikash Bank's Right Share Issue
Swabalamban Bikash Bank Ltd. is issuing 1:1.4 right share from 28th November 2008 (2065 Mangshir 13). For this purpose it is having its book closure on 17th November 2008 (2065 Mangshir 2).
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Lalitpur Finance Ltd's Promoters Share Sale
Lalitpur Finance Ltd. has announced the sale of its prevailing promoters share.
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Royal Merchant Banking & Finance's Upcoming 7th AGM
Royal Merchant Banking & Fin. Ltd. has declared its forthcoming 7th annual general meeting to be held on 5th December 2008 (2065 Mangshir 20).
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Swabalamban Bikash Bank's Book Closure
Swabalamban Bikash Bank Ltd. is having its book closure on 17th November 2008 (2065 Mangshir 2) for the purpose of issuing 1:1.4 right share
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Sunday, November 9, 2008
Sweta Securities suspended
Sweta Securities Pvt.Ltd.(Broker No.-25) has been suspended until next notice due to negligence while taking order from client.
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BoK's new ATM counter
Bank of Kathmandu Limited (BoK) said in a statement Saturday that it opened an ATM in Chuchchepati, Chabahil this week. The bank said it currently has 14 ATMs and plans to install 25 more across the country in the current fiscal year.
Source: Ekantipur
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Source: Ekantipur
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Prime Commercial Bank opens two branches
Prime Commercial Bank Friday opened two new branches for business. The bank said in a statement that the new branches, in New Baneshwore and Balaju, will offer services like Prime Gold Certificate, various deposit schemes, free of cost debit cards, e-banking, Any Branch Banking and SMS banking. The bank said that it would also open a new branch at Lagankhel, Lalitpur on Sunday.
Source: THT
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Source: THT
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Remittances soar 74pc, exports rebound: NRB
Nepal has witnessed a strong growth in remittance inflow and exports -- two critical sectors of the economy -- in the first two months of the current fiscal year, says a report of Nepal Rastra Bank (NRB).
During the period, the country received Rs. 31.88 billion in remittances from Nepalis working abroad. The figure is a whopping 74 percent rise over the receipts for the same period last year.
The gain has been attributed to an increase in the number of Nepalis leaving for overseas jobs and also to depreciation of the Nepali rupee vis-Ã -vis the US dollar. During the two months, the number of Nepali foreign workers grew by 17.75 percent and the Nepali currency lost value by 6.48 percent.
Likewise, the country's total exports bounced back by more than one-third and touched Rs. 13.46 billion in the first two months of 2008/09, compared to a decline of 3 percent in the same period last year.
Of the total exports, sales to India -- Nepal's largest market - went up by over 12 percent to reach Rs. 7.28 billion. Exports to other countries also soared by 82 percent and amounted to Rs. 6.17 billion.
The NRB report released on Friday has credited the rise to an upsurge in exports of readymade garments, copper wire, tooth paste and zinc sheets to India and increased sales of Nepali pulses, woollen carpets, herbs and pashmina in other countries.
Propelled by strong consumption on the back of greater remittances, Nepal's total imports also rose by 43.3 percent during the period and touched Rs. 48.22 billion.
"Imports from India grew by over 34 percent to Rs. 26.85 billion and from other countries by 56.5 percent to Rs. 21.37 billion," says the report.
With imports growing faster than exports, the country's trade deficit swelled by over 46 percent to reach Rs. 34.76 billion.
The report portrays a gloomy picture for consumers, as consumer inflation rose to 13.5 percent in mid-September 2008 compared to mid-September 2007. Prices of food items and beverages increased by 14.2 percent while non-food items and services went up by 12.8 percent during the period.
"A sharp rise in prices were recorded in the case of sugar, oil, ghee, grains, rice, pulses, restaurant meals, milk and milk products, meat, fish and eggs and spices," says the report.
The cost of transportation and communication and housing goods and services rose by 23.1 percent and 18.1 percent respectively in mid-September 2008 compared to a year ago.
Source: THT
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During the period, the country received Rs. 31.88 billion in remittances from Nepalis working abroad. The figure is a whopping 74 percent rise over the receipts for the same period last year.
The gain has been attributed to an increase in the number of Nepalis leaving for overseas jobs and also to depreciation of the Nepali rupee vis-Ã -vis the US dollar. During the two months, the number of Nepali foreign workers grew by 17.75 percent and the Nepali currency lost value by 6.48 percent.
Likewise, the country's total exports bounced back by more than one-third and touched Rs. 13.46 billion in the first two months of 2008/09, compared to a decline of 3 percent in the same period last year.
Of the total exports, sales to India -- Nepal's largest market - went up by over 12 percent to reach Rs. 7.28 billion. Exports to other countries also soared by 82 percent and amounted to Rs. 6.17 billion.
The NRB report released on Friday has credited the rise to an upsurge in exports of readymade garments, copper wire, tooth paste and zinc sheets to India and increased sales of Nepali pulses, woollen carpets, herbs and pashmina in other countries.
Propelled by strong consumption on the back of greater remittances, Nepal's total imports also rose by 43.3 percent during the period and touched Rs. 48.22 billion.
"Imports from India grew by over 34 percent to Rs. 26.85 billion and from other countries by 56.5 percent to Rs. 21.37 billion," says the report.
With imports growing faster than exports, the country's trade deficit swelled by over 46 percent to reach Rs. 34.76 billion.
The report portrays a gloomy picture for consumers, as consumer inflation rose to 13.5 percent in mid-September 2008 compared to mid-September 2007. Prices of food items and beverages increased by 14.2 percent while non-food items and services went up by 12.8 percent during the period.
"A sharp rise in prices were recorded in the case of sugar, oil, ghee, grains, rice, pulses, restaurant meals, milk and milk products, meat, fish and eggs and spices," says the report.
The cost of transportation and communication and housing goods and services rose by 23.1 percent and 18.1 percent respectively in mid-September 2008 compared to a year ago.
Source: THT
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KMBF in Manigram
KIST Merchant Banking & Finance Co. inaugurated its 9th branch in Manigram of Rupandehi. At present, it is delivering its services from Newroad, Sukedhara, Lalitpur, Butwal and Pokhara, Nepalgunj, Biratnagar and its head office located at Anamnagar. Additionally, there are 10 ATM counter operating in different places. KMBF has recently published its 1st quarter financial report according to which it has gained Rs. 13.885 million net profit. Moreover, it is issuing 1:1.5 right shares to its shareholders from 9th November 2008.
Source: Jamb News Service
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Source: Jamb News Service
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HBL's new ATMs
Himalayan Bank Ltd (HBL) has established an ATM counter each at Gairedhara and Old Baneshwor. The bank now has 31 ATM counters. It plans to instal 20 more ATMs in this fiscal year.
Source: THT
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Source: THT
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New Laxmi Bank branch
Laxmi Bank Ltd (LBL) has opened a branch in Bhatbhateni Super Store complex at Narayangopal Chowk. The new branch offers a big range of retail banking services including deposits, life insurance solutions, home loans, mortgages and credit card facility. It also provides various size safe deposit lockers.
Source: THT
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Source: THT
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Ace Gold ETF in market
Ace Development Bank Ltd. has launched Gold Exchange Traded Fund (GETF). Internationally, GETFs are the most sought after instruments by the gold investors. GETFs are safe, secured and relatively cheaper in comparison to physical gold investment with the same value of holding physical gold and Ace has made the same internationally popular investment vehicle accessible to the general Nepalese. Ace GETF is the trouble-free and secured gold investment mechanism. It will provide ample liquidity as well as fair price discovery based on the international market price to the domestic gold investors. The company will be providing authentic GETF certificate to the investors. The purity and storage management is done by the company itself. It is believed that the endeavor initiated by ACE will rationalized the domestic bullion market to some extent. Since inception in 1995, ACE has been first in introducing many innovative financial products and services to the Nepali financial market. In the future, ACE is planning to introduce some internationally acclaimed financial instruments best suited for the domestic financial market in association with renowned global brand in the industry.
Pramod Pandey, CFA from Ace Development Bank says it plans to introduce a gold ETF for Nepal's financial market on Sunday. As opposed to trading on a stand-alone exchange, the Nepalese ETF will be offered through the bank's own trading floor.
The fund will buy gold directly, according to details released announcing its introduction. On the first day of trading, the bank plans to sell 5 kilograms of gold linked to the ETFs. According to its sponsors, the ETF represents the cheapest way for investors to gain exposure to physical gold bullion other than buying it directly themselves.
Also, the ETF will begin trading on the bank's trading floor through it gold purchases. However, the secondary markets for investors will come through the Nepal Stock Exchange and the Commodities and Metal Exchange Nepal.
Ace Development Bank is positioning the gold ETF as an inflation hedge and is playing up gold's popularity with investors worldwide in the launch. The SPDR Gold Shares (NYSE: GLD) is by far the most popular gold ETF, with more than $18 billion in assets.
The ETF certificates for the bank's new ETF will be listed on the bank's trading floor and secondary market. Trading will start Sunday. Trading is expected to be available every day except Saturday, during banking hours.
Southeast Asia has seen a rapid rise in the total number of ETFs. However, while ETF listings increase in markets including Singapore, total assets have dropped in Asia, from 2007 levels. In Nepal, much of the country's population may be far from ready to invest in an ETF.
Approximately 30% of the population live below the poverty line, and 24% live on less than $1 dollar per day, according to United Nations data.
Finance represents 2.75% of the Himalayan nation's economy, compared with Agriculture, which is over 32%. Maybe an agricultural ETF with a concentration in sheep wool will be next.
According to the Barclays Global Investors' ETF research implementation strategy group, the Asian market leaders, in terms of ETF listings and assets at Q3 end were:
Source: Jamb News Service
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Pramod Pandey, CFA from Ace Development Bank says it plans to introduce a gold ETF for Nepal's financial market on Sunday. As opposed to trading on a stand-alone exchange, the Nepalese ETF will be offered through the bank's own trading floor.
The fund will buy gold directly, according to details released announcing its introduction. On the first day of trading, the bank plans to sell 5 kilograms of gold linked to the ETFs. According to its sponsors, the ETF represents the cheapest way for investors to gain exposure to physical gold bullion other than buying it directly themselves.
Also, the ETF will begin trading on the bank's trading floor through it gold purchases. However, the secondary markets for investors will come through the Nepal Stock Exchange and the Commodities and Metal Exchange Nepal.
Ace Development Bank is positioning the gold ETF as an inflation hedge and is playing up gold's popularity with investors worldwide in the launch. The SPDR Gold Shares (NYSE: GLD) is by far the most popular gold ETF, with more than $18 billion in assets.
The ETF certificates for the bank's new ETF will be listed on the bank's trading floor and secondary market. Trading will start Sunday. Trading is expected to be available every day except Saturday, during banking hours.
Southeast Asia has seen a rapid rise in the total number of ETFs. However, while ETF listings increase in markets including Singapore, total assets have dropped in Asia, from 2007 levels. In Nepal, much of the country's population may be far from ready to invest in an ETF.
Approximately 30% of the population live below the poverty line, and 24% live on less than $1 dollar per day, according to United Nations data.
Finance represents 2.75% of the Himalayan nation's economy, compared with Agriculture, which is over 32%. Maybe an agricultural ETF with a concentration in sheep wool will be next.
According to the Barclays Global Investors' ETF research implementation strategy group, the Asian market leaders, in terms of ETF listings and assets at Q3 end were:
| Market | Total Listings (9/30) | Assets ($BLN) (9/30) |
| Japan | 61 | 27.5 |
| South Korea | 35 | 3.14 |
| Singapore
| 18 (24, as of 11/4) | 1.10 |
| Hong Kong | 23 | 13.2 |
| Australia | 18 | 1.11 |
| Taiwan | 11 | 1.83 |
| India | 11 | 1.62 |
| New Zealand | 6 | 0.35 |
| China | 5 | 2.67 |
| Malaysia
| 3 | 0.30 |
| Thailand | 2 | 0.10 |
| Indonesia | 1 | 0.00 |
Source: Jamb News Service
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NMB's scheme
NMB Bank Ltd has launched a new savings deposit scheme, ‘NMB Absolute Savings Account' with an interest rate of seven per cent per annum. The saving accounts will also provide 50 percent discount on FCY/TC and Draft Issuance with banking facilities.
Source: Ekantipur
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Source: Ekantipur
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EBL opens 28th branch
Everest Bank Ltd. (EBL) has opened its 28th branch at Golfutar, Kathmandu. After the latest addition, EBL has become the bank with the largest branch network among the private sector commercial banks in the country, EBL said in a statement Tuesday.
All the branches of EBL are connected through Anywhere Branch Banking System (ABBS). EBL also said its ATM/debit cards can be accessed from more than 1,500 ATMs of Punjab National Bank in India and 150 ATMs in Nepal.
Moreover, the bank has said it would be opening new branches in Kirtipur in the Kathmandu Valley and Tulsipur in the Mid-West Region soon.
Source: Ekantipur
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All the branches of EBL are connected through Anywhere Branch Banking System (ABBS). EBL also said its ATM/debit cards can be accessed from more than 1,500 ATMs of Punjab National Bank in India and 150 ATMs in Nepal.
Moreover, the bank has said it would be opening new branches in Kirtipur in the Kathmandu Valley and Tulsipur in the Mid-West Region soon.
Source: Ekantipur
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Bhattarai highlights capital market to boost economy
Finance Minister Dr. Baburam Bhattarai said development of the capital market along with growth in industry and employment opportunities was necessary to attain economic prosperity.
Bhattarai said the objectives of socialism could be achieved with the development of capital in the market and realistic growth of real sectors.
"We want to develop the capital market which has a direct relationship with industry, production and employment generation, otherwise we will face an economic crisis," Bhattarai said Tuesday, referring to the present global economic meltdown, at the opening of Elite Capital Ltd., the first specialised merchant bank in Nepal.
Reiterating the commitment of the Maoist-led government to develop the private sector, Bhattarai, who is also a senior leader of the CPN-Maoist, said the government was ready to formulate policies and regulations favourable to private enterprise.
"We are against the idea of contracting the role of the private sector. We will play the role of facilitator so that more capital can enter the market to augment industrial capital and for infrastructure development," he added.
He also stressed simultaneous growth of the real sector along with the booming financial sector to achieve the expected level of economic development. He warned that the country's sovereignty and independence would be lost if the per capita income didn't rise to at least US$ 4,000 in 10 years. Nepal's per capita income is presently US$ 470.
Kush Kumar Joshi, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), asked the government to create an investment-friendly environment in order to encourage domestic and foreign investment to help unleash an economic revolution as envisaged by the government.
President of the Securities Board of Nepal Dr. Chiranjibi Nepal pointed out the necessity to maintain transparency to ensure realistic growth of the capital market.
Chandra Dhakal, chairman of Elite Capital Ltd., expressed the company's commitment to provide appropriate information about the capital market and corporate financial analysis of listed companies among other merchant banking services.
Source: Ekantipur
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Bhattarai said the objectives of socialism could be achieved with the development of capital in the market and realistic growth of real sectors.
"We want to develop the capital market which has a direct relationship with industry, production and employment generation, otherwise we will face an economic crisis," Bhattarai said Tuesday, referring to the present global economic meltdown, at the opening of Elite Capital Ltd., the first specialised merchant bank in Nepal.
Reiterating the commitment of the Maoist-led government to develop the private sector, Bhattarai, who is also a senior leader of the CPN-Maoist, said the government was ready to formulate policies and regulations favourable to private enterprise.
"We are against the idea of contracting the role of the private sector. We will play the role of facilitator so that more capital can enter the market to augment industrial capital and for infrastructure development," he added.
He also stressed simultaneous growth of the real sector along with the booming financial sector to achieve the expected level of economic development. He warned that the country's sovereignty and independence would be lost if the per capita income didn't rise to at least US$ 4,000 in 10 years. Nepal's per capita income is presently US$ 470.
Kush Kumar Joshi, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), asked the government to create an investment-friendly environment in order to encourage domestic and foreign investment to help unleash an economic revolution as envisaged by the government.
President of the Securities Board of Nepal Dr. Chiranjibi Nepal pointed out the necessity to maintain transparency to ensure realistic growth of the capital market.
Chandra Dhakal, chairman of Elite Capital Ltd., expressed the company's commitment to provide appropriate information about the capital market and corporate financial analysis of listed companies among other merchant banking services.
Source: Ekantipur
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Chilime Hydropower asked to issue shares
The Commission for the Investigation of Abuse of Authority (CIAA) on Monday directed Chilime Hydropower Company to issue its shares to the public within three months. The constitutional anti-graft body also directed Securities Board Nepal to enforce the law after it (CIAA) found that the hydropower company had not issued ordinary shares for three years although it had allocated shares for its employees three years ago. CIAA also ordered the board of the hydropower company to review its power purchase agreement with Nepal Electricity Authority (NEA) as the current one has been causing the company losses.
Source: eKantipur
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Source: eKantipur
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Inflation hits 13.5pc
Driven by a significant rise in the prices of foods and beverages as well as non-food items and services, inflation based on consumer price index rose to 13.5 percent in mid-September 2008 from 7 percent recorded last year.
Nepal Rastra Bank (NRB), the central bank, said in a statement that food and beverage prices swelled to a whopping 14.2 percent from 10.9 percent in the review period.
The price rise in the non-food and service group was recorded at 12.8 percent compared to 2.8 percent a year earlier. Core inflation rose to 12.1 percent from 5.4 percent previously. However, NRB said inflation according to the wholesale price index softened to 10.3 percent in mid-September compared to 11.1 percent a year earlier. "The moderation was due mainly to a decline in the prices of cash crops, fruits and vegetables under the agricultural commodities group in spite of an increase in the rates of imported commodities," the bank added in the statement.
Prices of agricultural commodities and manufactured goods increased by 0.7 percent and 15.8 percent respectively compared to 16.6 percent and 7.8 percent.
The bank also said the overall salary and wage rate index soared by 9.2 percent in mid-September compared to a rise of 12.5 percent a year ago. Regarding salary and wage rate indices, the salary index remained unchanged in the review period compared to a rise of 10.9 percent in the corresponding period last year. The wage rate index went up by 12.3 percent compared to 13.1 percent recorded last year.
Wages of agricultural, industrial and construction labourers shot up by 19.5 percent, 2.7 percent and 8.9 percent respectively in the review period. The increment in wage rates last year was recorded at 9.1 percent, 19.4 percent and 13.2 percent respectively.
Source: eKantipur
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Nepal Rastra Bank (NRB), the central bank, said in a statement that food and beverage prices swelled to a whopping 14.2 percent from 10.9 percent in the review period.
The price rise in the non-food and service group was recorded at 12.8 percent compared to 2.8 percent a year earlier. Core inflation rose to 12.1 percent from 5.4 percent previously. However, NRB said inflation according to the wholesale price index softened to 10.3 percent in mid-September compared to 11.1 percent a year earlier. "The moderation was due mainly to a decline in the prices of cash crops, fruits and vegetables under the agricultural commodities group in spite of an increase in the rates of imported commodities," the bank added in the statement.
Prices of agricultural commodities and manufactured goods increased by 0.7 percent and 15.8 percent respectively compared to 16.6 percent and 7.8 percent.
The bank also said the overall salary and wage rate index soared by 9.2 percent in mid-September compared to a rise of 12.5 percent a year ago. Regarding salary and wage rate indices, the salary index remained unchanged in the review period compared to a rise of 10.9 percent in the corresponding period last year. The wage rate index went up by 12.3 percent compared to 13.1 percent recorded last year.
Wages of agricultural, industrial and construction labourers shot up by 19.5 percent, 2.7 percent and 8.9 percent respectively in the review period. The increment in wage rates last year was recorded at 9.1 percent, 19.4 percent and 13.2 percent respectively.
Source: eKantipur
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Kist in Biratnagar
KIST Merchant Banking and Finance Ltd on Monday established its eighth branch in Biratnagar. According to a press statement, the bank will soon get A-class commercial bank's status. It has also planned to set up 15 more branches soon. The bank has eight branches and nine ATM counters at present, said the bank's press note.
Source: THT
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Source: THT
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Savings account for senior citizens
Siddhartha Bank Sunday announced a new savings account targeting senior citizens. In a statement, the bank said Siddhartha Senior Citizen Savings Account offers an annual interest rate of 7 percent. The bank said the new scheme was created with the objective of encouraging senior citizens to save. The bank's other offers include special savings, mega savings and children savings. The bank also provides debit card, internet banking and remit services, it said.
Source: Ekantipur
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Source: Ekantipur
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NIC Bank 1Q profit up 84pc
NIC Bank has announce a record 84 percent increase in its net profit to Rs. 96 million and 68 percent increase in its operating profit to Rs. 152 million in the first quarter of Fiscal Year 2008/09. A press statement issued by the bank this week said that the bank's lending increased by 27 percent to Rs. 11.8 billion and deposits by 21 percent to 12.8 billion. The bank's non-performing loans currently stand at a mere 0.9 % of total loans, it said. The bank further said that the recently launched 'NIC Super Deposit' that offers a 9 percent interest rate, the highest interest rate among the commercial banks, has been well accepted.
Source: eKantipur
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Source: eKantipur
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India's regulator cuts key rates
India's central bank — Reserve Bank of India (RBI) — cut its key short-term lending rate today and took other monetary steps to spur lending and economic growth to counter the impact of the global financial crisis. RBI reduced its key short-term lending rate, the repo, by 50 basis points to ease a credit crunch. "RBI is sending the message that it will provide stimulus for India's economy to grow by at least 7 to 7.5 percent" this financial year to March 20009, said Rupa Rege Nitsure, economist at state-run Bank of Baroda. As part of a triple-prong move, the bank also cut the amount commercial banks must keep in reserve, easing the cash reserve ratio to 6.5 percent from 5.5 percent — pumping billions of dollars into the financial system. And in another stimulus step, it cut the statutory reserve ratio — the amount banks must hold in government securities — to 24 percent from 25 percent to boost liquidity. Banks around the world have been lowering rates to spur growth, with the US Federal Reserve on Wednesday slashing its main policy rate to one per cent and neighbouring China also lowering key interest rates. Expectations swept the stock market yesterday that the bank would move soon to boost liquidity after corporate complaints that credit was extremely tight and data showed lower inflation than had been expected. But the timing was uncertain. The step came after India's inflation rate earlier in the week fell below 11 per cent for the first time since May to hit to 10.68 per cent. The moves reflected that the bank is "terribly worried", said Abheek Barua, chief economist at the HDFC Bank.
Source: THT
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Source: THT
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Rupee up, revenue growth 16pc
After free falling for almost a fortnight, the Nepali rupee appreciated against the US dollar by Rs. 1.45 Friday, thanks to a sharp rise in the equity market on expectations of fresh capital inflows in India after the US Federal Reserve slashed interest rates.
Nepal Rastra Bank, the monetary authority of Nepal, fixed the selling rate for a US Dollar at Rs. 79.35 for Saturday whereas the rate was Rs. 80.80 on Tuesday before the bank closed for three days for the Tihar festival.
The partially convertible Nepali currency, which maintains a fixed exchange rate with the Indian currency, has depreciated by around 25 percent against the US dollar in 2008. According to AFP, the US Federal Reserve slashed its key interest rate by a half point for the second time this month, to a historic low of 1.0 percent, and signaled more rate cuts were likely. Meanwhile, the government's revenue growth rate slipped to 16 percent in the first quarter of the current fiscal year, indicating that the budgetary target of raising growth rate to 32 percent might be a tougher task. According to a statement issued on Friday by the Ministry of Finance, the government mobilized revenue of Rs. 22.23 billion in the first three months of the current fiscal year and the growth rate was 16.3 percent. The budget for the current fiscal year has vowed to raise revenue mobilization by almost 32 percent to Rs. 141.72 billion compared to Rs. 107.55 billion recorded last year.
The press statement further added that the government had spent Rs. 23.84 billion during the period. Of the amount, Rs. 18.51 billion was spent under the heading of Recurrent Expenditures, Rs. 1.11 billion under Capital Expenditures and the remaining Rs. 4.21 billion was used for repaying principal of debts.
During the period, the government released Rs. 28.37 billion, the finance ministry said.
Source: eKantipur
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Nepal Rastra Bank, the monetary authority of Nepal, fixed the selling rate for a US Dollar at Rs. 79.35 for Saturday whereas the rate was Rs. 80.80 on Tuesday before the bank closed for three days for the Tihar festival.
The partially convertible Nepali currency, which maintains a fixed exchange rate with the Indian currency, has depreciated by around 25 percent against the US dollar in 2008. According to AFP, the US Federal Reserve slashed its key interest rate by a half point for the second time this month, to a historic low of 1.0 percent, and signaled more rate cuts were likely. Meanwhile, the government's revenue growth rate slipped to 16 percent in the first quarter of the current fiscal year, indicating that the budgetary target of raising growth rate to 32 percent might be a tougher task. According to a statement issued on Friday by the Ministry of Finance, the government mobilized revenue of Rs. 22.23 billion in the first three months of the current fiscal year and the growth rate was 16.3 percent. The budget for the current fiscal year has vowed to raise revenue mobilization by almost 32 percent to Rs. 141.72 billion compared to Rs. 107.55 billion recorded last year.
The press statement further added that the government had spent Rs. 23.84 billion during the period. Of the amount, Rs. 18.51 billion was spent under the heading of Recurrent Expenditures, Rs. 1.11 billion under Capital Expenditures and the remaining Rs. 4.21 billion was used for repaying principal of debts.
During the period, the government released Rs. 28.37 billion, the finance ministry said.
Source: eKantipur
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HBL's 29th ATM
Himalayan Bank Ltd (HBL) set up its 29th ATM counter on Wednesday at Ason Bazar here. The bank already has 28 ATMs in different parts of the country. It plans to set up four more ATMs in different parts of Kathmandu within the month and 20 ATMs by the end of the current financial year
Source: THT
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Source: THT
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FNCCI demands minimum wage revision
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on Friday voiced dismay at the goevrnment decision on wages of industry workers. It said the one-sided decision would make it harder for industrialists to run their industries as they would be unable to afford the minimum wage demanded by workers. FNCCI urged the government to reconsider its decision and also called for holding talks among the trade unions, FNCCI and the government.
Source: THT
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Source: THT
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MoF states accounts
Of Rs 28,37,45,00,000 released by end mid-October, current expenditure was Rs 22,35,96,00,000, capital expenditure was Rs 1,79,73,00,000 and loan repayment Rs 4,21,76,00,000, according to the Ministry of Finance (MoF). It was less by 15.1 per cent compared to last fiscal year's. According to Nepal Rastra Bank, revenue amounted to Rs 22,23,34,00,000 until end mid-October, 16.3 per cent more compared to last fiscal year's.
Source: THT
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Source: THT
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SEBON Notice
Investors need to have a bank account for investing in Initial Public Offerings (IPOs).
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Machhapuchchhre Bank distributing Right Share Certificate
Machhapuchchhre Bank Ltd. is distributing its right share certificate from 9th November 2008 (2065 Kartik 24).
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Kist Merchant: BOD Election
Kist Merchant Banking & Finance Ltd. has scheduled the Board of Director's election on the given dates, starting from 11th November 2008 (2065 Kartik 26)
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Goodwill Finance: Upcoming 14th AGM
Goodwill Finance Ltd. has announced its forthcoming 14th annual general meeting to be held on 14th November 2008 (2065 Kartik 29).
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ACEDBL: Shareholder's Election
Ace Development Bank Ltd. has scheduled its election for the promoter and general shareholders' representative on the given dates, starting from 13th November 2008 (2065 Kartik 28).
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Nepal Housing & Merchant Finance: Right Share Allotment
Nepal Housing & Merchant Finance Ltd. has allotted its right share issued on 25th June 2008 (2065 Ashad 11)
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ILFC: Right Share Certificate Distribution
International Leasing & Fin. Co. Ltd. is distributing its right share certificate from 3rd November 2008 (2065 kartik 18).
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Unilever Nepal: Shareholder's Election
Unilever Nepal Ltd. has scheduled its election for the general shareholders' representative on the given dates, starting from 3rd November 2008 (2065 Kartik 18).
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Shikhar Bittiya Sanstha:Share Certificate Distribution Notice
Shikhar Bittiya Sanstha Ltd. is distributing its share certificate from 2nd November 2008 (2065 Kartik 17).
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Book Closure: Peoples Finance Ltd
Peoples Finance Ltd. is having its book closure on 13th November 2008 (2065 Kartik 28) for the purpose of issuing 1:2 right share.
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Standard Chartered Bank: Upcoming 22nd AGM
Standard Chartered Bank Nepal Ltd. has announced its forthcoming 22nd annual general meeting to be held on 25th November 2008 (2065 Mangshir 10).
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