Himalayan General Insurance Co. Ltd organized its 15th annual general meeting today (12 June, 2009). The meeting has decided to provide 5.26 % cash dividend amounting to Rs. 33, 15,789 to its shareholders. According to the financial report of fiscal year 2064/65, it had earned Rs. 6.685 million as a profit, where as it was Rs. 7.537 million during fiscal year 2063/64. During the year 2064/65, company had net worth of Rs. 100.098 million, 0.30 million units of shares, earning per share of Rs. 10.61 and market price per share Rs. 345. It has seven branches across Nepal.
According to the unaudited financial report of the first 9 month of the current fiscal year, it had collected 240 million as a premium from more than seven insurance products and invested RS. 190.26 million.
Source:
Jamb News Service
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Saturday, June 13, 2009
Central Bank orders KBL to move out Rana from the Board
Central bank of Nepal has ordered Kumari Bank Ltd. to move out Noor Pratap Rana from its Board of director. The promoter shareholder had decided to appoint Rana in the board one day before its Annual General meeting. There was huge dissatisfaction regarding this matter in the AGM. There after, the President of the Bank, Shivaratan Sharada had requested for opinion from the Central Bank.
The board members of the KBL is in fragment. Central Bank had called the board member on dialogue and asked to settle down the dispute. Bank's board of director had sent a written letter to the Central Bank specifying no to clash on the issue anymore. The board has, Shivaratan Sharada as a president, and Amir Pratap Rana, Santu Shrestha, Shyamshan Rana, Jagdish Prasad Chaudhary, Shovakanta Dhakal, Rashendra Bahadur Malla and Noor Pratam Rana as a member.
Kumari Bank has earned Rs.170 million as a profit during the nine month of the current fiscal year, where as it had accumulated Rs. 144.90 million net profit during the corresponding previous year for the same duration.
Source:
Jamb News Service
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The board members of the KBL is in fragment. Central Bank had called the board member on dialogue and asked to settle down the dispute. Bank's board of director had sent a written letter to the Central Bank specifying no to clash on the issue anymore. The board has, Shivaratan Sharada as a president, and Amir Pratap Rana, Santu Shrestha, Shyamshan Rana, Jagdish Prasad Chaudhary, Shovakanta Dhakal, Rashendra Bahadur Malla and Noor Pratam Rana as a member.
Kumari Bank has earned Rs.170 million as a profit during the nine month of the current fiscal year, where as it had accumulated Rs. 144.90 million net profit during the corresponding previous year for the same duration.
Source:
Jamb News Service
Read More
Bullion yo-yos in market
Gold price in the domestic is kept fluctuating all week . This week, gold opened at Rs 23,875 per 10 gram on Sunday whereas the opening price of gold last week was Rs 24,220 per 10 gram. Gold remained at Rs 23,875 on
Monday. On Tuesday, it decreased to Rs 23,835. On Wednesday, gold was traded at the same price but on Thursday it rose by Rs 20 to 23,855 per 10 gram. Gold closed at Rs 23,855 per 10 gram this week, that is a fall of Rs 20 compared to the opening price.
According to Nepal Gold and Silver Dealers’ Association (NEGOSIDA), the price of gold in the international market on Sunday was $955 per ounce while the international market for gold closed at $954 per ounce.
Meanwhile, silver opened at Rs 381 per 10 gram on Sunday. On Monday, it was traded at the same price. It fell by Rs 2 to Rs 379 on Tuesday and remained at the same price till Wednesday. On Thursday, silver priced at Rs 380 and closed at the same price on Friday.
According to internationl analysts, silver is a great investment right now and prices could easily shoot above $20 per ounce by the end of this year. Silver is a precious metal. Therefore, it does great when people get worried about the stock market and inflation.
According to recent 10-months’ comparative data of Federation of Handicraft Association of Nepal (FHAN), silver jewellery contributed to 12 per cent of the total handicraft export. Compared to the same period last month, silver jewellery export rose by seven per cent. Total value of silver jewellery exported, according to the 10-months’ data of the present fiscal year, was Rs 2,99,539,359.75.
Source: THT
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Monday. On Tuesday, it decreased to Rs 23,835. On Wednesday, gold was traded at the same price but on Thursday it rose by Rs 20 to 23,855 per 10 gram. Gold closed at Rs 23,855 per 10 gram this week, that is a fall of Rs 20 compared to the opening price.
According to Nepal Gold and Silver Dealers’ Association (NEGOSIDA), the price of gold in the international market on Sunday was $955 per ounce while the international market for gold closed at $954 per ounce.
Meanwhile, silver opened at Rs 381 per 10 gram on Sunday. On Monday, it was traded at the same price. It fell by Rs 2 to Rs 379 on Tuesday and remained at the same price till Wednesday. On Thursday, silver priced at Rs 380 and closed at the same price on Friday.
According to internationl analysts, silver is a great investment right now and prices could easily shoot above $20 per ounce by the end of this year. Silver is a precious metal. Therefore, it does great when people get worried about the stock market and inflation.
According to recent 10-months’ comparative data of Federation of Handicraft Association of Nepal (FHAN), silver jewellery contributed to 12 per cent of the total handicraft export. Compared to the same period last month, silver jewellery export rose by seven per cent. Total value of silver jewellery exported, according to the 10-months’ data of the present fiscal year, was Rs 2,99,539,359.75.
Source: THT
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Kumari at Butwal
Kumari Bank Limited on Friday opened its new branch at Butwal of Rupendehi district.
Mr. Siva Ratan Sardha, chairman of the Bank inaugurated the new branch amidst a function.
On the occasion, Mr. Sardha said that his bank had committed to provide modern service as per the customer’s preference. He also made public that the Kumari Bank is the pioneering banking institution to launch Internet Banking Service, which is also providing ATMs, Debit Card, and Remittance among other facilities to its customers.
Mr. Bhusan Rana, acting Chief Executive Officer (CEO) said the Kumari Bank, since its inception had been bringing various services and products to facilitate its customers.
According to him, the bank accumulated Rs.174.9 million as profit within the current fiscal year. He said that the bank had been focusing its plan to invest in new projects that are behind to recognize environment development but are possibly economically viable.
Source: arthakoartha.com
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Mr. Siva Ratan Sardha, chairman of the Bank inaugurated the new branch amidst a function.
On the occasion, Mr. Sardha said that his bank had committed to provide modern service as per the customer’s preference. He also made public that the Kumari Bank is the pioneering banking institution to launch Internet Banking Service, which is also providing ATMs, Debit Card, and Remittance among other facilities to its customers.
Mr. Bhusan Rana, acting Chief Executive Officer (CEO) said the Kumari Bank, since its inception had been bringing various services and products to facilitate its customers.
According to him, the bank accumulated Rs.174.9 million as profit within the current fiscal year. He said that the bank had been focusing its plan to invest in new projects that are behind to recognize environment development but are possibly economically viable.
Source: arthakoartha.com
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Remittance no solution: NRB guv
Remittance contributes to one-fifth of the gross domestic product (GDP)
but it is a temporary phenomenon only, said Nepal Rastra Bank governor Dipendra Bahadur Kshetry at an interaction, ‘Remittance from UK to Nepal (formal and informal),’
organised jointly by Link Nepal in association with Kumari Bank, Samsara Pvt Ltd and Samsara Financial Services-UK. “The country cannot depend on remittance for economic development in the long run,” he added.
Nepal received Rs 154 billion in remittance in the first nine months of the current fiscal year. “Remittance agencies need to be more transparent,” Kshetry said adding they should expand their network in the source countries.
Kshetry said remittance has not been used in productive sectors. However, the rise in number of white-collar and blue-collar job-holding Nepalis in foreign lands has pushed the remittance flow up.
“Most of the remittance agencies are concentrating on Gulf countries while there is still a huge untapped market in Europe, especially the UK,” said Rajaram Giri of Samsara Nepali Financial Services-UK. Remittance from Gulf countries is higher than from any other countries. For instance, remittance from Qatar contributes to about 40 per cent of the total remittance.
“The steep transfer charge discourages remittance flow from the UK,” he said adding a supportive policy at the government’s level would encourage Nepalis in European countries to remit their money through banking channels. At present, money comes via non-banking channels.
Nepal Chambers of Commerce president Surendra Bir Malakar supported Giri. “Remittance kept the economy afloat during the conflict era and also helped reduce poverty,” he added.
According to Nepal Living Standards Survey-IIthe remittance has had a positive impact on economy through various channels like savings, investment, growth, consumption, poverty alleviation and income distribution. Remittance has also surpassed exports to become the top contributor to foreign exchange earnings.
The share of remittance in the total foreign
exchange earnings increased from 36.6 per cent in 2003-0-4 to 47.7 per cent in 2005-06.
“However, surveys show that the unrecorded flow through informal channels is very high,” Giri added.
There are 1,00,000 Nepalis in the UK. Of the total Nepali populace there, 15 per cent send home money regularly. Of them, 35 per cent send only during festivals, 25 per cent send once in a while and 25 per cent do not send at all. “Of total remittance from the UK, 20 per cent comes through banking channels while 80 per cent comes through non-banking channels,” said Giri.
Nepal Remitters’ Association president Chandra Dhakal said that nine years ago IME started the remittance business to send home money through banking channels.
“Now all commercial banks are into the remmittance business,” he said adding that the non-banking channels should be
discouraged.
Source: THT
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but it is a temporary phenomenon only, said Nepal Rastra Bank governor Dipendra Bahadur Kshetry at an interaction, ‘Remittance from UK to Nepal (formal and informal),’
organised jointly by Link Nepal in association with Kumari Bank, Samsara Pvt Ltd and Samsara Financial Services-UK. “The country cannot depend on remittance for economic development in the long run,” he added.
Nepal received Rs 154 billion in remittance in the first nine months of the current fiscal year. “Remittance agencies need to be more transparent,” Kshetry said adding they should expand their network in the source countries.
Kshetry said remittance has not been used in productive sectors. However, the rise in number of white-collar and blue-collar job-holding Nepalis in foreign lands has pushed the remittance flow up.
“Most of the remittance agencies are concentrating on Gulf countries while there is still a huge untapped market in Europe, especially the UK,” said Rajaram Giri of Samsara Nepali Financial Services-UK. Remittance from Gulf countries is higher than from any other countries. For instance, remittance from Qatar contributes to about 40 per cent of the total remittance.
“The steep transfer charge discourages remittance flow from the UK,” he said adding a supportive policy at the government’s level would encourage Nepalis in European countries to remit their money through banking channels. At present, money comes via non-banking channels.
Nepal Chambers of Commerce president Surendra Bir Malakar supported Giri. “Remittance kept the economy afloat during the conflict era and also helped reduce poverty,” he added.
According to Nepal Living Standards Survey-IIthe remittance has had a positive impact on economy through various channels like savings, investment, growth, consumption, poverty alleviation and income distribution. Remittance has also surpassed exports to become the top contributor to foreign exchange earnings.
The share of remittance in the total foreign
exchange earnings increased from 36.6 per cent in 2003-0-4 to 47.7 per cent in 2005-06.
“However, surveys show that the unrecorded flow through informal channels is very high,” Giri added.
There are 1,00,000 Nepalis in the UK. Of the total Nepali populace there, 15 per cent send home money regularly. Of them, 35 per cent send only during festivals, 25 per cent send once in a while and 25 per cent do not send at all. “Of total remittance from the UK, 20 per cent comes through banking channels while 80 per cent comes through non-banking channels,” said Giri.
Nepal Remitters’ Association president Chandra Dhakal said that nine years ago IME started the remittance business to send home money through banking channels.
“Now all commercial banks are into the remmittance business,” he said adding that the non-banking channels should be
discouraged.
Source: THT
Read More
NDB depositors to get money back
Individual depositors of the troubled Nepal Development Bank (NDB) need not worry as according to Nepal Rastra Bank (NRB), NDB has Rs 16.5 million cash and Rs 160.3 million bank deposit — including Rs 95 million deposit in Nepal Cooperative — Rs 95.7 million savings deposit, Rs 84.9 million fixed deposit and Rs 193.5 million other deposits.
“The findings of NRB show that except institutional depositors — Employee Provident Fund (Rs 331.4 million) and Nepal Army (Rs 180 million) — individual depositors need not worry as they will get their deposits back,” the central bank said. The NDB has not been able to return the Nepal Army’s and Employee Provident Fund’s (EPF) term deposits even
after maturity and they might
lose their deposits. Nepal Army and EPF have been asking for their money back repeatedly but the bank is unable to return it.
On June 2, NRB decided to ask NDB why should it be not sent into liquidation on June 2. It sent a letter on June 3 to NDB seeking clarification.
According to clause 86 of the Nepal Rastra Bank Act, NRB has given
a 15-day deadline for the clarification to NDB. If the clarification is not
satisfactory, NRB will file a case at Patan Appellate Court under clause 74 of Banks and Financial Institutions Act (BAFIA) to begin the process of NDB’s liquidation.
After seeking clarification, NRB seized all the cash, cheques and securities of the bank and froze its accounts in various financial institutions.
NDB — Nepal’s first development bank — started operations in 1998 and has a paid-up capital of Rs 320 million but its accumulated loss is more than double the paid-up capital, Rs 690.2 million by the end of mid-March. Its non-performing assets (NPA) is at 55.09 per cent and capital adequacy ratio (CAR) at a whopping 48.31 per cent. A bank must maintain its CAR at 11 per cent.
The NDB top brass has blamed NRB for taking biased action. “NRB treats other financial institutions and NDB unequally,” blamed NDB chairman Amar Gurung.
However, NRB governor Dipendra Bahadur Kshetry that other financial institutions obeyed the NRB directives and have been improving. “Over the last four years,
the NDB board never followed NRB’s directives,” Kshetry said adding
that had NDB paid heed to the directives the condition of the bank would have improved.
The central bank has declared
it a ‘problematic bank’ on October 11, 2007 after NDB and its board repeatedly flounted the central bank’s directives. “NDB board members constantly failed to abide by NRB directives, were involved in personal gain and put depositors’ money at risk,” said NRB. “Financial institutions are custodians of public money and they have no right to put public money at risk.”
Nepal Bankers’ Association (NBA) has suggested NDB come up with a concrete plan within 15 days to revive itself. “NDB still has time to furnish its explanation with a convincing business plan to save itself,” said Sashin Joshi, president of NBA and CEO of NIC Bank.
Source: THT
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“The findings of NRB show that except institutional depositors — Employee Provident Fund (Rs 331.4 million) and Nepal Army (Rs 180 million) — individual depositors need not worry as they will get their deposits back,” the central bank said. The NDB has not been able to return the Nepal Army’s and Employee Provident Fund’s (EPF) term deposits even
after maturity and they might
lose their deposits. Nepal Army and EPF have been asking for their money back repeatedly but the bank is unable to return it.
On June 2, NRB decided to ask NDB why should it be not sent into liquidation on June 2. It sent a letter on June 3 to NDB seeking clarification.
According to clause 86 of the Nepal Rastra Bank Act, NRB has given
a 15-day deadline for the clarification to NDB. If the clarification is not
satisfactory, NRB will file a case at Patan Appellate Court under clause 74 of Banks and Financial Institutions Act (BAFIA) to begin the process of NDB’s liquidation.
After seeking clarification, NRB seized all the cash, cheques and securities of the bank and froze its accounts in various financial institutions.
NDB — Nepal’s first development bank — started operations in 1998 and has a paid-up capital of Rs 320 million but its accumulated loss is more than double the paid-up capital, Rs 690.2 million by the end of mid-March. Its non-performing assets (NPA) is at 55.09 per cent and capital adequacy ratio (CAR) at a whopping 48.31 per cent. A bank must maintain its CAR at 11 per cent.
The NDB top brass has blamed NRB for taking biased action. “NRB treats other financial institutions and NDB unequally,” blamed NDB chairman Amar Gurung.
However, NRB governor Dipendra Bahadur Kshetry that other financial institutions obeyed the NRB directives and have been improving. “Over the last four years,
the NDB board never followed NRB’s directives,” Kshetry said adding
that had NDB paid heed to the directives the condition of the bank would have improved.
The central bank has declared
it a ‘problematic bank’ on October 11, 2007 after NDB and its board repeatedly flounted the central bank’s directives. “NDB board members constantly failed to abide by NRB directives, were involved in personal gain and put depositors’ money at risk,” said NRB. “Financial institutions are custodians of public money and they have no right to put public money at risk.”
Nepal Bankers’ Association (NBA) has suggested NDB come up with a concrete plan within 15 days to revive itself. “NDB still has time to furnish its explanation with a convincing business plan to save itself,” said Sashin Joshi, president of NBA and CEO of NIC Bank.
Source: THT
Read More
Friday, June 12, 2009
Oil may be saying recession is receding: IEA
Oil may be signalling that the global recession is on the turn, the IEA said on Thursday, raising its estimate for overall demand for the first time for many months.
The data suggested that this slight upward boost came from leading industrialised economies, and particularly from activity in the United States.
A recent 20-dollar surge in the oil price and unexpectedly strong US consumption were among signals that the recession may be receding, the International Energy Agency said in its June report.
Some of the price rise was driven by investors on futures markets anticipating trends on stock and money markets, and the price surge appeared "difficult to justify from fundamental factors alone," the IEA warned.
But overall data did suggest that industrial demand was picking up while consumption by the transport and services sectors remained depressed.
"While rapid price swings can prove destabilising, higher prompt prices, if symptomatic of a gradually recovering global economy, in themselves may be no bad thing," and might encourage investment in oil production.
Raising its estimate for global oil demand this year by 120,000 barrels per day from the figure in the May report, the IEA said this reflected "stronger-than-expected early-year OECD demand."
It said its revisions "do not necessarily imply the beginnings of a global economic recovery, and may only signal the bottoming out of the recession."
It said: "While the bull run in prices since mid-February was largely driven by market sentiment that a recovery in the global economic outlook was nearing, the latest surge in crude oil markets was partly fuelled by signs of slightly stronger fundamental factors."
Global oil demand was now estimated to be 83.3 million barrels per day this year, a fall of 2.5 million barrels per day or of 2.9 percent from the level last year.
The IEA, the energy-monitoring arm of the 30-nation Organization for Economic Co-operation and Development, said it had raised slightly its estimate for OECD demand this year to 45.2 million barrels per day, to show a fall of 2.3 mpd or 4.9 percent than last year.
This was 120,000 barrels per day higher than previously expected.
The agency also said it had revised upwards OECD consumption in March by 650,000 barrels per day, to show a fall of 3.2 percent over 12 months instead of 4.5 percent calculated earlier. Three quarters of that revision was attributable to the United States.
However some of this might reflect a rebuilding of oil held by industry in inventories, and the IEA said it was not factoring all such revisions into its estimates until stronger evidence emerged.
The agency said that members of the Organization of Petroleum Exporting Countries had raised their output again in May, by 160,000 barrels per day to 28.4 mpd.
And the so-called OPEC-11 countries had raised output by 110,000 bpd to 26.0 mpd, or 1.1 mpd above the OPEC target of 24.85 mpd, confirmed at a meeting on May 28.
Source: gorkhapatra.org
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The data suggested that this slight upward boost came from leading industrialised economies, and particularly from activity in the United States.
A recent 20-dollar surge in the oil price and unexpectedly strong US consumption were among signals that the recession may be receding, the International Energy Agency said in its June report.
Some of the price rise was driven by investors on futures markets anticipating trends on stock and money markets, and the price surge appeared "difficult to justify from fundamental factors alone," the IEA warned.
But overall data did suggest that industrial demand was picking up while consumption by the transport and services sectors remained depressed.
"While rapid price swings can prove destabilising, higher prompt prices, if symptomatic of a gradually recovering global economy, in themselves may be no bad thing," and might encourage investment in oil production.
Raising its estimate for global oil demand this year by 120,000 barrels per day from the figure in the May report, the IEA said this reflected "stronger-than-expected early-year OECD demand."
It said its revisions "do not necessarily imply the beginnings of a global economic recovery, and may only signal the bottoming out of the recession."
It said: "While the bull run in prices since mid-February was largely driven by market sentiment that a recovery in the global economic outlook was nearing, the latest surge in crude oil markets was partly fuelled by signs of slightly stronger fundamental factors."
Global oil demand was now estimated to be 83.3 million barrels per day this year, a fall of 2.5 million barrels per day or of 2.9 percent from the level last year.
The IEA, the energy-monitoring arm of the 30-nation Organization for Economic Co-operation and Development, said it had raised slightly its estimate for OECD demand this year to 45.2 million barrels per day, to show a fall of 2.3 mpd or 4.9 percent than last year.
This was 120,000 barrels per day higher than previously expected.
The agency also said it had revised upwards OECD consumption in March by 650,000 barrels per day, to show a fall of 3.2 percent over 12 months instead of 4.5 percent calculated earlier. Three quarters of that revision was attributable to the United States.
However some of this might reflect a rebuilding of oil held by industry in inventories, and the IEA said it was not factoring all such revisions into its estimates until stronger evidence emerged.
The agency said that members of the Organization of Petroleum Exporting Countries had raised their output again in May, by 160,000 barrels per day to 28.4 mpd.
And the so-called OPEC-11 countries had raised output by 110,000 bpd to 26.0 mpd, or 1.1 mpd above the OPEC target of 24.85 mpd, confirmed at a meeting on May 28.
Source: gorkhapatra.org
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3,000 NDBL depositors
It has been found that as many as 3,000 depositors had deposited their Rs. 190 million in Nepal Development Bank Limited (NDBL).
In a briefing at the board meeting of Nepal Rastra Bank (NRB) on Thursday, it was also revealed that the bank had lending of Rs. 340 million. "As much as 55 percent of those loans are unlikely to be recovered," said a source.
The NRB board discussed financial status of the ill-fated NDBL. NRB governor Dipendra Bahadur Kshetry said the NRB assessment of NDBL's financial status showed that ordinary depositors need not panic.
Source: Ekantipur
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In a briefing at the board meeting of Nepal Rastra Bank (NRB) on Thursday, it was also revealed that the bank had lending of Rs. 340 million. "As much as 55 percent of those loans are unlikely to be recovered," said a source.
The NRB board discussed financial status of the ill-fated NDBL. NRB governor Dipendra Bahadur Kshetry said the NRB assessment of NDBL's financial status showed that ordinary depositors need not panic.
Source: Ekantipur
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What ails Nepal’s eco growth
A study has identified four constraints, namely weak governance, inadequate infrastructure, poor industrial relations and inability to address market failure as impeding private investment and growth.
The report titled ‘Nepal: Critical Development Constraints’ prepared jointly by the Asian Development Bank (ADB), the UK Department of International Development (DFID) and the International Labour Organisation (ILO) has also suggested short-, medium- and long-term measures to be taken to address these constraints.
According to the report, Nepal's governance condition worsened over the last one decade due to civil war that nurtured political instability, crime and insecurity, political and criminal extortions, trade union militancy, strikes and road blocks.
"Both public and private sector investments are constrained by a lack of government capacity to enforce its authority for ensuring good governance," the report states.
The report made public on Thursday stated that both public and private investments in infrastructure had been low. Investment levels in infrastructure were well below the estimated annual investment needs at 6-7 percent of Gross Domestic Product (GDP) for South Asian countries, the report says.
During 1990-2007, government spending on electricity, gas and water declined by 58, 49 and 32 percent respectively. Lack of reliable electricity supply, higher power tariff rates, inadequate and unreliable transport network and poorly maintained irrigation infrastructure are hampering growth.
Labour related laws and regulations in Nepal, which are among the most rigid in South Asia, coupled with militant labour are hampering the business environment in Nepal.
On the other hand, the report has also mentioned that economic growth has failed to benefit the poor, disadvantaged and excluded.
The report has suggested strengthening governance, accelerating infrastructure development, improving labour relations and promoting economic and social inclusion by making short-, medium- and long-term plans.
Speaking at the launching ceremony, Muhammad Eshan Khan, lead author of the report, said that Nepal needed accelerated inclusive growth to create and maintain stability in the long run. "The difficulties are related to internal and structural which can be addressed only through political will," he added.
ADB country director Barry J. Hitchcock said that the report suggested to the international community not to made excessive development demands from Nepal given its limited resources
and the country's political transition.
Source: Ekantipur
Read More
The report titled ‘Nepal: Critical Development Constraints’ prepared jointly by the Asian Development Bank (ADB), the UK Department of International Development (DFID) and the International Labour Organisation (ILO) has also suggested short-, medium- and long-term measures to be taken to address these constraints.
According to the report, Nepal's governance condition worsened over the last one decade due to civil war that nurtured political instability, crime and insecurity, political and criminal extortions, trade union militancy, strikes and road blocks.
"Both public and private sector investments are constrained by a lack of government capacity to enforce its authority for ensuring good governance," the report states.
The report made public on Thursday stated that both public and private investments in infrastructure had been low. Investment levels in infrastructure were well below the estimated annual investment needs at 6-7 percent of Gross Domestic Product (GDP) for South Asian countries, the report says.
During 1990-2007, government spending on electricity, gas and water declined by 58, 49 and 32 percent respectively. Lack of reliable electricity supply, higher power tariff rates, inadequate and unreliable transport network and poorly maintained irrigation infrastructure are hampering growth.
Labour related laws and regulations in Nepal, which are among the most rigid in South Asia, coupled with militant labour are hampering the business environment in Nepal.
On the other hand, the report has also mentioned that economic growth has failed to benefit the poor, disadvantaged and excluded.
The report has suggested strengthening governance, accelerating infrastructure development, improving labour relations and promoting economic and social inclusion by making short-, medium- and long-term plans.
Speaking at the launching ceremony, Muhammad Eshan Khan, lead author of the report, said that Nepal needed accelerated inclusive growth to create and maintain stability in the long run. "The difficulties are related to internal and structural which can be addressed only through political will," he added.
ADB country director Barry J. Hitchcock said that the report suggested to the international community not to made excessive development demands from Nepal given its limited resources
and the country's political transition.
Source: Ekantipur
Read More
Nepse index tumbles down again
After two consecutive days gain, Nepal Stock Exchange (NEPSE) recorded minimal loss on Thursday. NEPSE index closed at 684.39 points at the close of the last trading day of the week.
It was the day when trading of two new commercial banks - Citizens Bank International and Bank of Asia Nepal - commenced. Among them, Citizens Bank International got better price than the Bank of Asia. Bank of Asia's price reached a peak of Rs. 533 and closed at Rs. 474. Similary, Citizen Bank International's stock went up to Rs. 588 but closed at Rs. 572.
Thursday saw trading of 4,430 units of Citizens Bank shares whereas the number of Bank of Asia was 5,870 units.
Shares of 19 commercial banks were traded on Thursday with the stock prices of seven banks showing an increase. Standard Chartered Bank lost the most on the floor with a 80-point decline.
Among the 10 development banks whose shares were traded on NEPSE, four saw its share prices going up. The top gainer among development banks was Triveni Bikas Bank whose stock rose 30 points while Ace Development Bank was the biggest loser with its stock shedding 15 points.
Triveni Bikas Bank, Nepal Bangladesh Bank, Pashupati Development Bank, Kaski Finance and Gorkha Development Bank were the top gainers at NEPSE. People's Finance, Global Bank, Nepal Express Finance, Pokhara Finance and DCBL bank were the top five losers.
Source: Ekantipur
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It was the day when trading of two new commercial banks - Citizens Bank International and Bank of Asia Nepal - commenced. Among them, Citizens Bank International got better price than the Bank of Asia. Bank of Asia's price reached a peak of Rs. 533 and closed at Rs. 474. Similary, Citizen Bank International's stock went up to Rs. 588 but closed at Rs. 572.
Thursday saw trading of 4,430 units of Citizens Bank shares whereas the number of Bank of Asia was 5,870 units.
Shares of 19 commercial banks were traded on Thursday with the stock prices of seven banks showing an increase. Standard Chartered Bank lost the most on the floor with a 80-point decline.
Among the 10 development banks whose shares were traded on NEPSE, four saw its share prices going up. The top gainer among development banks was Triveni Bikas Bank whose stock rose 30 points while Ace Development Bank was the biggest loser with its stock shedding 15 points.
Triveni Bikas Bank, Nepal Bangladesh Bank, Pashupati Development Bank, Kaski Finance and Gorkha Development Bank were the top gainers at NEPSE. People's Finance, Global Bank, Nepal Express Finance, Pokhara Finance and DCBL bank were the top five losers.
Source: Ekantipur
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Vibor IPO sees blanket sale
All the Initial Public Offerings (IPOS) floated by Vibor Bikas Bank Limited have been over subscribed by Thursday, according to its issue manager NMB Bank Limited.
Vibor, which announced IPOS on Wednesday, has issued 2.65 million ordinary shares worth Rs. 265 million. NMB said the issuance of shares will be closed on Saturday.
According to Samir Chhetri, chief of investment banking department at NMB, the shares worth Rs. 138 million were subscribed on Wednesday, while Thursday saw shares worth more than Rs. 140 million subscribed.
"We are yet to get reports from 10 collection centres about the progress on Thursday," Chhetri told the Post on Thursday evening. There are 39 collection centres for share applications. More than 22,000 people have subscribed Vibor shares so far, according to Chhetri.
Source: Ekantipur
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Vibor, which announced IPOS on Wednesday, has issued 2.65 million ordinary shares worth Rs. 265 million. NMB said the issuance of shares will be closed on Saturday.
According to Samir Chhetri, chief of investment banking department at NMB, the shares worth Rs. 138 million were subscribed on Wednesday, while Thursday saw shares worth more than Rs. 140 million subscribed.
"We are yet to get reports from 10 collection centres about the progress on Thursday," Chhetri told the Post on Thursday evening. There are 39 collection centres for share applications. More than 22,000 people have subscribed Vibor shares so far, according to Chhetri.
Source: Ekantipur
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3rd Quarter Financial Report(2065/66): Public
Public Development Bank Ltd. has posted Rs. 7.221 million net profit (unaudited figure) for the 3rd quarter of fiscal year 2065/66.
Source: Jamb News Service
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Source: Jamb News Service
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3rd Quarter Financial Report(2065/66): VIBOR
Vibor Bikas Bank Ltd. has posted Rs. 12.057 million net loss (unaudited figure) for the 3rd quarter of fiscal year 2065/66.
Source: Jamb News Service
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Source: Jamb News Service
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Upcoming 4th AGM : LGIL
Lumbini General Insurance Ltd. has announced its forthcoming 4th annual general meeting to be held on 3rd July 2009 (2066 Ashad 19).
Source: Jamb News Service
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Source: Jamb News Service
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Book Closure: GFL
General Finance Ltd. is having its book closure on 19th June 2009 (2066 Ashad 5) for the purpose of issuing 1:1 right share.
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Thursday, June 11, 2009
Today's Share Price (As of 2009-06-11)
| S.No. | Traded Companies | No.of Transaction | Max. Price | Min. Price | Closing Price | Total Share | Amount | Previous Closing | Difference Rs. |
| 1 | Ace Development Bank Limited | 6 | 572 | 560 | 560 | 870 | 489,900 | 575 | -15 |
| 2 | Annapurna Finance Company Limited | 1 | 951 | 951 | 951 | 19 | 18,069 | 970 | -19 |
| 3 | Bank of Asia Nepal Limited | 76 | 533 | 471 | 474 | 5,870 | 2,861,990 | 0 | 474 |
| 4 | Bank of Kathmandu | 13 | 1,530 | 1,500 | 1,530 | 1,002 | 1,513,555 | 1,529 | 1 |
| 5 | Clean Energy Development Bank Limited | 67 | 785 | 770 | 784 | 4,240 | 3,305,640 | 780 | 4 |
| 6 | Chilime Hydro power Co. | 14 | 1,245 | 1,175 | 1,240 | 2,090 | 2,537,600 | 1,225 | 15 |
| 7 | Citizen Investment Trust | 1 | 670 | 670 | 670 | 10 | 6,700 | 667 | 3 |
| 8 | Cosmic Mer.Bank & Fin. | 1 | 495 | 495 | 495 | 38 | 18,810 | 499 | -4 |
| 9 | Citizens Bank International Limited | 57 | 588 | 535 | 572 | 4,430 | 2,557,500 | 0 | 572 |
| 10 | DCBL Bank Ltd. | 6 | 404 | 392 | 400 | 540 | 214,159 | 412 | -12 |
| 11 | Everest Bank Ltd | 1 | 2,300 | 2,300 | 2,300 | 106 | 243,800 | 2,300 | 0 |
| 12 | Global Bank Limited | 56 | 572 | 521 | 527 | 3,370 | 1,881,470 | 561 | -34 |
| 13 | Gurkha Development Bank | 1 | 619 | 619 | 619 | 60 | 37,140 | 607 | 12 |
| 14 | General Finance Co. Ltd. Promoter Share | 8 | 115 | 115 | 115 | 44,494 | 5,116,810 | 115 | 0 |
| 15 | Himalayan Bank Ltd. | 5 | 1,630 | 1,610 | 1,630 | 335 | 543,010 | 1,602 | 28 |
| 16 | ICFC Bittya Sanstha Ltd. | 8 | 475 | 465 | 475 | 935 | 437,310 | 470 | 5 |
| 17 | International Leasing & Fin. Co. | 18 | 600 | 579 | 585 | 3,004 | 1,761,318 | 600 | -15 |
| 18 | IME Financial Institution | 4 | 887 | 853 | 887 | 750 | 645,870 | 870 | 17 |
| 19 | Kaski Finance Limited | 25 | 851 | 846 | 850 | 410 | 348,070 | 830 | 20 |
| 20 | Kumari Bank Ltd | 5 | 629 | 615 | 615 | 1,085 | 669,517 | 625 | -10 |
| 21 | KIST Bank Limited | 4 | 380 | 370 | 380 | 1,250 | 465,450 | 377 | 3 |
| 22 | Lord Buddha Financial Institutional Limited | 8 | 455 | 448 | 455 | 660 | 299,600 | 457 | -2 |
| 23 | Lumbini General Insurance | 20 | 203 | 203 | 203 | 400 | 81,200 | 203 | 0 |
| 24 | Machhachapuchhre Bank Ltd | 2 | 417 | 416 | 416 | 442 | 184,106 | 421 | -5 |
| 25 | Malika Bikash Bank Limited | 3 | 1,220 | 1,220 | 1,220 | 100 | 122,000 | 1,224 | -4 |
| 26 | Merchant Finance Company Limited | 1 | 333 | 333 | 333 | 30 | 9,990 | 339 | -6 |
| 27 | Nabil Bank Ltd. | 4 | 4,300 | 4,280 | 4,300 | 255 | 1,093,700 | 4,280 | 20 |
| 28 | Nepal Bangladesh Bank Ltd. | 12 | 272 | 257 | 272 | 2,095 | 545,520 | 261 | 11 |
| 29 | Nepal Credit & Com. Bank | 9 | 298 | 289 | 295 | 2,630 | 769,950 | 293 | 2 |
| 30 | Nepal Express Finance Limited | 18 | 315 | 303 | 303 | 576 | 180,768 | 314 | -11 |
| 31 | Nepal Investment Bank Ltd. | 3 | 1,215 | 1,215 | 1,215 | 239 | 290,385 | 1,215 | 0 |
| 32 | Nepal Industrial & Co.Bank | 8 | 962 | 950 | 955 | 442 | 423,574 | 961 | -6 |
| 33 | NMB Bank Ltd. | 2 | 465 | 465 | 465 | 440 | 204,600 | 460 | 5 |
| 34 | Nepal Share Markets Ltd. | 55 | 897 | 840 | 870 | 8,140 | 6,970,670 | 860 | 10 |
| 35 | Nepal Share Markets Limited Promoter Share | 1 | 673 | 673 | 673 | 40,000 | 26,920,000 | 673 | 0 |
| 36 | Nepal Doorsanchar Company Limited | 9 | 550 | 540 | 550 | 1,820 | 996,000 | 550 | 0 |
| 37 | Peoples Finance Limited. | 6 | 359 | 330 | 330 | 400 | 137,840 | 366 | -36 |
| 38 | Pokhara Finance Ltd. | 4 | 406 | 392 | 406 | 1,460 | 588,020 | 406 | 0 |
| 39 | Purwanchal Grameen Bikash Bank Limited | 5 | 1,110 | 1,095 | 1,110 | 80 | 88,000 | 1,090 | 20 |
| 40 | Pashupati Development Bank Limited | 13 | 479 | 465 | 479 | 530 | 249,310 | 465 | 14 |
| 41 | Reliable Finance Limited | 22 | 663 | 650 | 663 | 990 | 645,240 | 651 | 12 |
| 42 | Sanima Vikash Bank Ltd. | 5 | 620 | 613 | 620 | 308 | 190,596 | 624 | -4 |
| 43 | Nepal SBI Bank Limited | 17 | 1,780 | 1,715 | 1,720 | 2,434 | 4,228,526 | 1,765 | -45 |
| 44 | Siddhartha Bank Limited | 5 | 940 | 923 | 923 | 416 | 386,802 | 930 | -7 |
| 45 | Shikhar Bittiya Sanstha Limited | 43 | 318 | 306 | 306 | 1,190 | 373,200 | 305 | 1 |
| 46 | Standard Chartered Bank Ltd. | 8 | 5,685 | 5,600 | 5,600 | 509 | 2,864,850 | 5,680 | -80 |
| 47 | Siddhartha Development Bank Limited | 2 | 290 | 289 | 290 | 80 | 23,150 | 294 | -4 |
| 48 | Shree Investment Finance Co. Ltd | 3 | 820 | 804 | 804 | 150 | 122,200 | 820 | -16 |
| 49 | Siddhartha Insurance Limited | 78 | 184 | 184 | 184 | 1,520 | 279,680 | 183 | 1 |
| 50 | Standard Finance Ltd. | 13 | 378 | 338 | 378 | 566 | 198,798 | 375 | 3 |
| 51 | Subhechha Bikas Bank Limited | 14 | 714 | 700 | 700 | 360 | 255,840 | 700 | 0 |
| 52 | Swabalamwan Bikash Bank | 2 | 625 | 625 | 625 | 62 | 38,750 | 625 | 0 |
| 53 | Triveni Bikas Bank Limited | 9 | 645 | 633 | 633 | 350 | 222,530 | 603 | 30 |
| 54 | World Merchant Bank Ltd | 1 | 410 | 410 | 410 | 100 | 41,000 | 418 | -8 |
| Total Traded Amount Rs.: | 75,700,083 |
| Total Traded Shares: | 144,682 |
| Total Transactions: | 782 |
Source: www.nepalstock.com
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