Wednesday, October 18, 2017

Nepse suspends trading in shares of 26 firms

The Nepal Stock Exchange (Nepse) today suspended share trading of 26 companies as they have failed to pay their annual dues on time. The listed companies are required to pay their annual fee dues within the first three months – the first quarter – of completion of the fiscal year. The listed companies must – apart from paying annual fee to Nepse – also submit their annual report to the capital market regulator. But most of them every year miss the deadline.
Some 196 companies that are listed at the Nepse have to pay an annual fee ranging from Rs 15,000 to Rs 50,000 depending on their paid up capital. According to Nepse, a company with a paid-up capital of up to Rs 10 million has to pay Rs 15,000 annually, whereas a company with a paid-up capital of Rs 10 million to Rs 50 million is required to pay Rs 25,000. Likewise, a company with a paid-up capital of Rs 50 million to 100 million has to pay Rs 35,000 and those with a paid-up capital of more than Rs 100 million are required to pay Rs 50,000 as annual fee.
According to assistant spokesperson for Nepse Murahari Parajuli, trading in stocks of several companies has been halted for years. Of the total companies whose share trading has been suspended, some companies including Jyoti Spinning Mills and Gorakhkali Rubber Udyog have stopped operations and others like Hotel Yak and Yeti has applied for delisting but they have not delisted their shares yet.
"After repeated reminders, more than 20 companies cleared their dues in the last two days," Parajuli added.
Meanwhile, some of the companies have also failed to submit their report to the Securities Board of Nepal (Sebon) this year too. According to capital market regulator Sebon, some 98 companies missed the deadline to submit their reports in the last fiscal year. Apart from sending reminder to them, Sebon has not been able to take any action against them as usual as the law has not been clear on action against them.

Nepal, Jordan sign labour agreement

Nepal has signed a labour agreement with Jordan. Labour and Employment minister Farmullah Mansoor and his Jordanian counterpart Ali Ghezawi signed the agreement at the Labour Ministry of Jordan today.
Jordan has a high demand of Nepali women in garment sector and Nepal had long been preparing to sign the labour agreement with Jordan, though as many as 5,000 Nepalis are currently working in Jordan.
Nepali workers in Jordan will have strong legal rights with this agreement. Jordan is the new destination for the Nepali workers, according to Ministry for Labour and Employment.
The agreement includes working hour, insurance, rights and supply process among others.

Tuesday, October 17, 2017

PM urges NRNs for investment in Nepal

Prime Minister Sher Bahadur Deuba today urged the Non-Resident Nepalis (NRNs) to invest in Nepal with confidence, as the investment-friendly environment has been improving gradually in the country.
Speaking at the concluding session of the 8th world conference of the NRN Association (NRNA), he said that the government has been reforming the Acts and Regulations to ensure an investment-friendly climate. He also urged the NRNs to be the part of prosperious Nepal investing without any hesitation.
Investments are welcome in hydropower, tourism, energy and other sectors, the Prime Minister said, adding that Nepal has also been able to be elected to the UN Human Rights Council as a result of the role played by the NRNs. He expressed the hope that the country would take the path towards prosperity following the elections to the House of Representatives and the provincial assemblies scheduled for November.
The NRN conference today ended with the election of a new working committee led by Bhaban Bhatta.
The newly-elected working committee of NRNA also appointed Bhusan Ghimire as its new spokesperson. Ghimire has Masters in Journalism from Sofia University in Japan and is working as the chief editor of Nepal Samachar, a Nepali paper published in Tokyo. He has been residing in Japan for the past 16 years and is involved in restaurants and grocery business in Japan.
Ghimire is also the former central member of Federation of Nepali Journalists.

Neraly 400K Nepalis are below poverty line

Nearly 400,000 people are reeling under the poverty line across 25 districts – covering regions including Himalayas, hills and Terai plains – in Nepal, according to a report prepared by the Ministry of Cooperatives and Poverty Alleviation.
The report that includes the details of poor in Bhojpur, Khotang, Siraha, Sindhuli, Ramechhap, Rautahat, Gorkha, Tanahu, Baglung, Kapilvastu, Arghakhanchi, Pyuthan, Rolpa, Bardiya , Jajarkot, Dolpa, Jumla, Kalikot, Mugu, Humla, Bajura, Bajhang, Achham and Kailali and published on the occasion of the 25th International Day for the Eradication of Poverty today revealed that there are a total of 391,831 poor households. "Among them, it has classified 188,226 households as ‘extreme poor’, 119,761 as ‘mid-poor’ and 83,844 households as ‘general poor’.
According to the survey, out of the total 1.24 million households in those 25 districts, some 31.5 per cent are poor.
Unveiling the report, minister for Cooperatives and Poverty Alleviation Ambika Basnet insisted on the need of economic transformation to reduce poverty.
Likewise, minister of State for Cooperatives and Poverty Alleviation Champadevi Yadav said that the government is preparing to distribute poor identity cards to people of 25 districts where the Poor House Identification Programme is implemented shortly after the Tihar festival. Nepal has categorised the poor people into three categories extreme poor, medium poor and general poor. The government is distributing card according to the three categories – red for absolute poor, yellow for medium poor and blue for poor – according to the ministry. The poor households are eligible for government social security programmes including educational scholarship, health insurance and skill training towards food security and self-employment with the cards.
At the proclamation of the United Nations, October 17 every year is celebrated as the International Day for the Eradication of Poverty since 1993. This year, the day was marked with the theme of 'Answering the Call of October 17 to end poverty: A path toward peaceful and inclusive societies'.
Of the total population in Nepal, some 23.38 per cent fall under the poverty line, according to the Central Bureau of Statistics (CBS). The UN has set a goal – popularly known as the Sustainable Development Goals (SDGs) – of eradicating all sorts of poverty across from the world by 2030. The UN defines the poverty being based on 10 indicators of daily life including education and health, as per which an individual earning less than a dollar in a day as poor. The UN identifies individual earning less than a dollar in a day as poor.
The UN report indicates that some three billion people across the world are under the poverty line while 8 million people are deprived of sufficient food.
At the programme, National Planning Commission (NPC) former vice chair Dr Shankar Sharma, joint secretary at the Finance Ministry Kewal Prasad Bhandari and joint secretary at the Industry Ministry Pradeep Koirala presented working papers on different nature of poverty and NPC former vice chair Dr Jagdish Chandra Pokhrel and Nahakul KC commented on the papers.
With the latest report, Nepal aims at designing effective interventions to tackle poverty.
According to the report, about 71 per cent of the households in Bajura district are living below the poverty line and have low social indicators in areas such as health and education besides lacking market access.
The Poor Household Support Coordination Board Secretariat said that among the 13,619 households out of the 21,711 households in the district that have been classified as ‘poor’. Within that group, 6,393 households have been identified as ‘extreme poor’.
The board considered eight indicators including ownership of the house and its structure, types of cooking fuel, water and sanitation facilities, household size and ethnicity to calculate the poverty level.
According to a survey, some 4,228 households among the total poor households are ‘mid-poor’ while 2,998 are ‘general poor’. The study also revealed that 63.9 per cent of the total 21,989 households in Kalikot, or 12,433 in number, are living below the poverty line. Among them, 5,877 households are extreme poor.
In Humla and Bajhang, 63.2 per cent and 62.8 per cent respectively of the households are poor. Likewise, more than 50 per cent of the households in Jumla, Achham, Mugu and Dolpa districts are living under the poverty line.
Among the 25 districts, Tanahu has the lowest poverty rate with 21.1 per cent of the households being unable to manage their daily minimum requirements. "In terms of the number of households, Kailali district has 21,577 households under the poverty line, the largest among the districts surveyed."
"Nepal should focus on poverty alleviation programmes that are sustainable, inclusive and helpful to build up resilience among the poor people,” said UNDP country director Renaud Meyer on the occasion.

Monday, October 16, 2017

Bhatta elected NRNA president

The eighth global conference of Non-Resident Nepali Association (NRNA) has elected Bhaban Bhatta as the new president for the next two-year term.
Bhatta – with 1,197 votes – has defeated Jamuna Gurung Ghale, who secured 584 votes, in the election held here today. Of the total 1854 voters, 1788 voters cast their ballots.
Jamuna Gurung Ghale is the better half of the incumbent president Shesh Ghale, who is completing his second two-year term. According to the statatue of the NRNA, one can not become president for the third term.
Bhatta, who has been associated with the non-resident Nepali movement since the beginning in 2003, as the executive member of the adhoc committee in 2003 while forming the organisation in Japan and served in various positions of the international coordination council (ICC) of the NRNA.
Bhatta has been living in Japan since the last 20 years. He owns chain restaurants and a resort in Japan. Bhatta has also invested in various sectors like hospitality, media, brewery, education, aviation and planning to invest in many more in Nepal.
After being elected as the new president of NRNA, Bhatta said that he will take forward the NRNA movement to second version, which he has named NRNA V.2, and work towards making a substantiative contribution to Nepal's economy. He said that every NRNs, despite their economic status, will get an opportunity to contribute to the socio-economic development of the country through a collective investment mechanism. Bhatta also said NRNA will forward the agendas including its own headquarters construction, smart NRNA academy, Laprak Model Settlement and joint investment.
Meanwhile, the global conference also elected Kumar Panta (Germany), Kul Acharya (UK) and Sapila Rajbhandari (Russia) as vice presidents. Panta had served as vice president in the earlier executive committee, whereas Acharya was coordinator for Europe region and Rajbhandari was women coordinator in the executive committee. Likewise, DB Chhetri and Janaki Gurung (secretary), Hikmat Bahadur Thapa (treasurer) and Somnath Sapkota (co-treasurer) from some 100 candidates, who were vying for 39 different posts in the new executive committee. The election committee informed Bhuma Devi Limbu won the Woman Coordinator post while Sudan Thapa claimed victory as Youth Coordinator.
A total of 1,854 delegates cast their votes in the election held late today at Hyatt hotel in Kathmandu for the executive committee of the NRNA that was established 14 years ago and now has spread in 77 countries. 

Thursday, October 5, 2017

AEPC provides Rs 60 million to microhydro projects

The Alternative Energy Promotion Centre (AEPC) has provided support for maintenance of 48 micro hydro projects, which were completely or partially damaged by the devastating earthquakes of April and May 2015. The AEPC has provided Rs 60 million to 48 projects – out of the total 262 projects that were damaged – in the last two years for their maintenance.
AEPC is providing grant to complete maintenance of the damaged projects in 11 districts – Rasuwa, Nuwakot, Dhading, Gorkha, Kavre, Sindhupalchowk, Dolakha, Ramechhap, Sindhuli, Okhaldhunga and Makawanpur – which were highly affected by the natural calamity.
AEPC will continue its financial support to damaged projects until completion of maintenance process. According to the AEPC, micro hydro projects in Dolakha, Sindhupalchowk and Gorkha were highly affected by the earthquakes.
The AEPC is providing support for maintenance of micro hydro projects, with assistance from the United Nations Development Programme (UNDP) and Department for International Development (DfID). Likewise, fund from the government is also being utilised for maintenance of such projects.
"We are not directly involved in the maintenance process of the said projects," spokesperson for AEPC Nawa Raj Dhakal said, adding that the AEPC provides subsidy and the local community or consumer community of the project will handle the entire works.
AEPC has distinguished damaged projects in two categories; partially-damaged and fully-damaged. AEPC is sending grant through district coordination committee to projects for partially-damaged projects, whereas it directly sends the support amount to the project in the case of fully-damaged projects.
Likewise, AEPC – a government institution formed with an objective to develop and promote renewable and alternative energy technologies in the country – has also assisted the maintenance process of more than 5,000 biogas plants affected by the same natural disaster in Kavre and Gorkha districts. Likewise, it has started a study to assist the biogas plants in Nuwakot and Rasuwa districts. 

Wednesday, October 4, 2017

Finance Ministry recommends Nepse and DCGC heads

The selection committee formed by the Finance Ministry has recommended three candidates for the post of general manager (GM) of Nepal Stock Exchange (Nepse) and chief executive of Deposit and Credit Guarantee Corporation (DCGC).
After taking their interviews and studying their business plans, the selection committee – chaired by joint secretary of the ministry Uttar Kumar Khatri – recommended three
names – Chandra Singh Saud, Pramod Raj Sharma and Manoj Kumar Gnyawali – to the Cabinet today for a post of general manager of Nepse.
Chandra Singh Saud is a former chief executive officer of Nepal Insurance Company, whereas Pramod Raj Sharma is a university professor and Manoj Kumar Gnyawali is the deputy chief executive officer at Jyoti Bikash Bank.
The Cabinet meeting will select one of them as the general manager of Nepse for a term of four years. The selection committee had taken interviews of all the 13 candidates and shortlisted five on September 16 before recommending three to the Cabinet.
"The selection committee has finalised the candidates on the basis of their performance during interviews and based on their business plans,” he said, adding that Prabin Pandak and former Nepse general manager Sitaram Thapaliya, who had made it to the top five, are now out of the race.
The Finance Ministry had started the process to appoint a general manager at Nepse on August 1, after former general manager Thapaliya completed his four-year tenure on July 7.
Likewise, the Finance Ministry has finalised three candidates for the post of chief executive officer (CEO) of the Deposit and Credit Guarantee Corporation (DCGC). The selection committee led by Revenue Secretary Shishir Kumar Dhungana finalised three candidates today for the post after taking their interviews and examining their business plans.
The ministry has finalized former chief executive officer of Nepal Community Development Bank Ghamansingh Khadka, acting chief executive officer at DCGC Bishnubabu Mishra and a banker Binod Bahadur Karki as top three candidates for the chief executive of the Corporation.
The Cabinet will appoint one of them as the CEO of the Corporation for four years.
As a deposit insurer, DCGC started deposit guarantee scheme from 2010. It is a system that protects depositors against loss of their deposits placed with banks and financial institutions (BFIs) in case of BFIs’ failure.