money

kathmandupost
the
cross currency F ORE X
USD EUR JPY GBP CHF CAD AUD INR NR US Dollar 108.98
NR 108.9800 114.6000 9.3200 134.5100 107.0100 81.1300 78.6400 1.6015 Euro 114.60
INR 67.9445 71.4300 0.5811 83.8440 66.6780 50.5728 49.0220 0.6244 Pound Sterling 134.51
Japanese Yen 9.32
GBP 0.8104 0.8518 0.0069 0.7949 0.6029 0.5844 0.0119 0.0074
Chinese Yuan 15.69
JPY 116.8700 123.1400 144.9275 114.6900 87.0400 84.3200 1.7209 0.1073
Qatari Riyal 29.93
EUR 0.9512 0.0081 1.1740 0.9329 0.7031 0.6859 0.0140 0.0087
Australian Dollar 78.64
USD 1.0513 0.0086 1.2340 0.9825 0.7446 0.7215 0.0147 0.0092
Malaysian Ringit 24.29

finance&economy How to read the table

The chart shows the rates of nine world currencies. Move across the table to find rates of exchange between any two
currencies. One unit of the currency mentioned vertically is worth that amount in the currency mentioned horizontally.
Saudi Arab Riyal 29.06
Exchange rates fixed by Nepal Rastra Bank

Monday,January 2, 2017 (18-09-2073) kathmandupost.ekantipur.com

Modi defends cash ban, announces incentives Page II Indian Prime Minister Narendra Modi announced a series of incentives to the poor, farmers, women and
small businesses on Saturday, and defended his recent decision to abolish high denomination bank notes.

Inside
Five financial institutions Dishonest traders MPs spending funds for
merge, start joint ops
unproductive purpose
may be fined up to
Nepal Credit and Commerce Bank
Limited, Infrastructure Development
Bank Limited, Apex Development
Bank Limited, Suprim Development EASTERN BUREAU
Bank Limited and International

Rs100k on the spot

Development Bank Limited have com-
pleted their merger and started opera-
tion as a single entity—Nepal Credit
and Commerce (NCC) Bank Limited—
from Sunday. Nepal Rastra Bank
Governor Chiranjibi Nepal inaugurat-
ed the operation of the merged entity
amid a ceremony at NCC’s corporate
office in Bagbazar, Kathmandu. After
the merger, the paid-up capital of the
bank has reached Rs4.67 billion. Pg: III
Taxi receipt system
formally launched
Three taxi cabs were fitted with
meters that print out receipts on
Sunday, marking the formal inaugura-
tion of the taxi receipt system in
Nepal. From now on, taxi drivers will
have to provide a receipt to their pas-
sengers at the end of the journey. The
slip contains details about the dis-
tance travelled, the fare and the vehi-
cle’s registration number. The Nepal
Bureau of Standards and Metrology
(NBSM) had issued a deadline to all
taxis operating in the Kathmandu
Valley that they should install the
new meter from Sunday.  Pg: IV
POST REPORT
KATHMANDU, JAN 1
Dishonest traders may be fined up to
Rs100,000 on the spot under a new
Consumer Protection Act the
Supplies Ministry is currently
preparing.
Concerned by proliferating inci-
dences of adulteration, arbitrary
pricing and sales of expired prod-
ucts, the government has planned to
give teeth to the law as wrongdoers
have been getting away most of
the time.
Gokul Prasad Dhital, director gen-
eral of the Department of Supplies
Management, said a draft of the act
the ministry has prepared contains a
provision for instant fines.
The existing Consumer Protection
Act 1998 has provisioned a cash pen-
alty of Rs50,000 to Rs300,000 depend-
ing on the severity of the offence. If
there is a threat to life, the con-
cerned traders can be fined up to
Rs500,000.
from government lawyers.
The lengthy investigation process
allows wrongdoers to destroy evi-
dence before government officials
can begin legal proceedings and
escape punishment. “The proposed
provision will help minimise such
problems,” Dhital said.
According to him, the government
will also be including a provision for
the establishment of consumer
courts in each of the 75 districts.
records show it conducted checks of
1,245 business outlets in the first
four months of this fiscal year.
Among them, 243 sellers were
found operating without displaying
price lists, 307 had not renewed their
licences and 148 were found selling
expired products. The department
sealed 66 outlets among them.
During the special market moni-
toring carried out last August,
the department had sealed 50
BIRATNAGAR, JAN 1
Most of the lawmakers in the
country’s eastern region have
proposed to spend grants
under the Constituency
Development Programme to
build temples and pilgrims’
rest house or support local
clubs, substantiating fears
that funds allocated through
the programme would be used
in unproductive areas.
Lawmaker Rishikesh
Pokhrel of Morang-1, for
instance, has allocated support development works in support mobile computer
Rs250,000 to build a temple in their electoral constituencies. training programme operated
Bardanga, another Rs250,000 The amount was raised to by Kritika Education and
to donate to Brahmakumari Rs5 million per year from this Health Foundation. Golchha
Rajyog, a religious movement, fiscal year from Rs2 million in is also the promoter of the
Rs300,000 for Triveni Youth the past, despite warnings foundation which is receiving
Club, and another Rs300,000 from different sectors that the money.
for renovation of Singari these spending would have lit- The projects for the
Temple at Jhurkiya-9. tle developmental impact, as a Constituency Development
Chandi Rai, a lawmaker big chunk of these funds are Programme are selected by a
from Morang-2, and Amrit used to build small projects or committee comprising law-
Aryal, a lawmaker from secure vote banks. maker selected through pro-
Morang-5, have also proposed Most of the lawmakers, this portional representation sys-
to use funds made available year too, have proposed to use tem, local development officer,
through Constituency the money to build or reno- chief engineer of district
Development Programme for vate temples, conduct train- technical office, chief of roads
construction or renovation of ing, construct community office and chief executive of
nine and 13 temples, respec- buildings, purchase goods for the municipality.
tively. This is the same in various projects and build But since the committee is

China to tighten However, the inspection teams

that keep a watch on the market have
no authority to take action on the
“Separate courts will help to provide
fast and effective decisions regard-
ing consumer issues to ensure
outlets. It had begun proceedings
against 13 errant firms, but the
charges had to be dropped for lack of
Siraha, where different law-
makers have allocated Rs4.3
million to build or renovate
small segments of roads, said
the Morang
Development Committee.
District
headed by the lawmaker of
the respective electoral con-
stituency who won a seat in

controls to curb spot. They are permitted to conduct

tests of the products on sale and
place a ban on their production and
their rights.”
This is not the first time that the
government has tried to set up con-
strong evidence.
Supplies Minister Deepak Bohara
said that the ministry had planned to
temples in different locations.
Districts such as Udaypur and
others in the east are witness-
Nepali Congress lawmaker
Sujata Koirala, for instance,
has allocated Rs1.9 million to
Parliament through direct
election, the parliamentarian,
it is said, often has a greater

capital flight
Agence France-Presse
BEIJING, Jan 1
China will further tighten controls on indi-
viduals’ foreign currency purchases to try to
curb massive capital flight from the country
supply for a certain period if they
are found to be falling short of gov-
ernment standards.
Similarly, inspection officers can
file a lawsuit within 35 days from the
date of the completion of the investi-
gation after getting the go-ahead
sumer courts. An attempt had been
made two years ago, but the plan
unravelled. The department has
been able to take action against only
a few offending firms in the absence
of a provision for spot-based action
consumer courts. The department’s
set up consumer courts by including
a provision in the new act.
“We are in the process of obtain-
ing the consent of stakeholders, and
will soon submit the draft act to the
Cabinet after finalising it,” said
Minister Bohara.
ing similar trend.
The government from this
fiscal year started extending
Rs5 million to each of around
build three buildings in mem-
ory of her late father, former
prime minister Girija Prasad
Koirala.
say in how the funds should be
used.
(With inputs from Lila
Ballav Ghimire in Biratnagar,
600 lawmakers under the Lawmaker Rajya Laxmi Bharat Jargha Magar in
Constituency Development Golchha, on the other hand, Siraha and Dilliram
Programme to enable them to has allocated Rs2 million to Khatiwada in Udaypur)

Nepal headed for largest paddy harvest in history

as the yuan falls sharply against the dollar.
Individuals wishing to convert yuan to
foreign currencies will now have to provide
more detailed information to their bank,
including an explanation of the funds con-
cerned in addition to their identity papers,
said the State Administration of Foreign
Exchange (SAFE).
Each year individuals can convert up to
the equivalent of $50,000, a maximum sum
that will not change, it said on its website.
The tighter controls are aimed at preventing
attempts to circumvent this quota. The idea
is to “combat illegal transactions, mon-
ey-laundering and clandestine banks”, the
agency said, vowing to multiply random
checks and toughen its sanctions.
Banks must verify the authenticity of the
information provided. In addition, from
July, financial institutions will have to
report to the central bank any international
transfer exceeding 200,000 yuan ($28,800), in
order to fight laundering, the central bank
announced on Friday.
The tighter controls are part of an array
of measures taken by the Communist gov-
ernment to curb huge capital outflows. The
equivalent of about one trillion dollars was
transferred out of China in 2015 and another
$690 billion in the first ten months of 2016,
according to Bloomberg Intelligence esti-
mates. Slower growth in China, the weak-
ness of the yuan and the recent rise in US
interest rates are encouraging savers to
invest their money in other currencies. The
yuan is at its lowest in eight years against
the dollar and the outflows are putting fur-
ther pressure on the currency.
Authorities are trying to support it by
buying yuan, drawing on China’s foreign
exchange reserves which fell by nearly $70
billion in November.
SANGAM PRASAIN
KATHMANDU, JAN 1
Nepal is headed for the largest
paddy harvest in history as the
heavens have smiled on farmers
and sent down an above average
monsoon, according to a prelimi-
nary crop production report
released by the Agricultural
Ministry on Sunday.
Paddy production has been
projected to jump 21.66 percent to
5.23 million tonnes this fiscal
year, after two consecutive years
of falling harvests triggered by
drought. The country produced
an additional 931,248 tonnes of
paddy this year. In the last fiscal
year, a crippling drought hit
paddy production severely, drag-
ging it down by 10.22 percent to
4.29 million tonnes.
Based on the average price of
Rs21.45 per kg set by the ministry,
this year’s output is valued at
Rs113 billion, excluding the value
of straw and husk.
Ministry officials said that the
record harvest was expected to
bring down the country’s rice
import bill, and help the GDP to
grow as the economy was strong-
ly dependent on farm production.
“Timely and regular monsoon
was a key factor behind the
robust paddy output,” said Ram
Krishna Regmi, chief statistician
at the ministry. “The average
monsoon rainfall this year was
the best in the last eight years.”
Besides, increased use of
improved seed varieties, timely
availability of chemical fertiliz-
ers and growing farm mechaniza-
tion have helped the country to
record a high paddy output, he
said. The bumper harvest has
also halved the annual food defi-
cit to 400,000 tonnes from 800,000
tonnes in the last fiscal year. “If
the winter wheat crop harvest
remains the same as last year, we
may be able to record a 800,000-
tonne food surplus,” he said.
According to the ministry, the
country had the highest food defi-
cit of 485,000 tonnes in 1994-95. In
the fiscal years 2009-10 and 2008-
09, the food deficit reached 330,000
tonnes and 132,000 tonnes respec-
tively. However, in 2010-11, the
government had projected higher
food reserves as the census had
shown the population to be lower
than estimated. As a result,
Nepal’s food reserves increased
to 443,057 tonnes.
In 2011-12, food reserves
jumped to 886,307 tonnes due to a
bumper harvest. In 2012-13, 2013-
14 and 2014-15, Nepal had surplus
food reserves of 455,000 tonnes,
789,890 tonnes and 155,012 tonnes
respectively.
The ministry said that good
rains this year allowed the coun-
try’s paddy acreage to increase
13.91 percent to 1.55 million hec-
tares. Paddy productivity rose
6.81 percent to 3.36 tonnes per
hectare. “Fiscal 2016-17 has been
a productive year in the agricul-
tural sector,” said Yogendra
Kumar Karki, spokesperson for
the ministry. “We expect produc-
tion to grow in the next fiscal
year too as the government has
implemented the Rs130-billion
Prime Minister Agriculture
Modernisation Project, which
envisages adopting modern farm
techniques to increase output.”
He added that increasing pro-
ductivity remained the main
challenge. “We have the lowest
Morang overtakes Jhapa
as largest paddy producer
KATHMANDU: Morang has over- pocket areas of 10 hectares
taken Jhapa as the largest each, 150 blocks of 100 hec-
paddy producer for the first tares each, 30 zones of 500 hec-
time, according to the statis- tares each and seven super
tics of the Ministry of zones of 1,000 hectares each.
Agricultural Development. Under the super zone pro-
Output (2016-17) Morang produced 88,000
tonnes of paddy in this fiscal
gramme, Jhapa will be pro-
moted for paddy, Bara for fish,
District Output (in tonnes) year to knock Jhapa down into Kaski for vegetables,
Morang 88,000 second place. Jhapa district Kavrepalanchok for potato,
produced 87,500 tonnes of Dang for maize, Jumla for
Jhapa 87,500 paddy. Likewise, Kapilvastu, apple and Kailali for wheat.
Kapilvastu 72,000 Kailali, Rupandehi, Dhanusha, The government plans to
Kailali 71,700 Bara, Sunsari, Saptari and spend Rs5.78 billion to adopt
Rupandehi 69,600 Siraha were the top paddy pro- modern farming practices
Dhanusha 65,540 ducing districts. in the first year of the
Meanwhile, Prime Minister 10-year scheme. The plan
Bara 63,400 Pushpa Kamal Dahal is sched- envisages making the
Sunsari 55,000 uled to launch a super zone country self-reliant in farm
Saptari 54,000 programme in Jhapa on products by promoting mecha-
Siraha 51,575 Tuesday. As per the Prime nization, technology and prop-
Minister Ag riculture er and efficient use of seeds
(Source: Agriculture Ministry)
Modernisation Project, the and fertilizers to increase
government will create 2,100 productivity. (PR)
productivity in South Asia, and
this is both a challenge and an average paddy productivity in the to grow. Maize output is expected
opportunity for us,” he said, add- last 10 years was 3 tonnes per to grow 1.25 percent to 2.25 mil-
ing that if Nepal could increase hectare. The statistics show that lion tonnes, millet by 1.26 percent
productivity, it could be in a posi- the summer crops—maize, millet to 306,215 tonnes and buckwheat
tion to export rice. The country’s and buckwheat—are also likely by 1.78 percent to 11,847 tonnes.

U n co n v e n t i o n a l p ract i c e

Italy’s philosopher tycoon shapes landscape of his legacy

Agence France-Presse
SOLOMEO, Jan 1
Brunello Cucinelli says he
feels like the Roman emperor
Hadrian: Responsible for the
beauty of the world.
And as he gazes out from his
glass-walled office to the snow-
flecked hills of central Italy, the
luxury fashion magnate always
spots something more he can do.
“It is like another emperor,
Marcus Aurelius, said—live each
day as if it was your last—but
plan as if it was for eternity,” he
tells AFP in an interview at
Cucinelli headquarters in his
native Umbria.
Now 63, Cucinelli has long
been celebrated for combining
enlightened employment practic-
es with commercial success. He is
the tycoon who bans his staff
from working after 5:30 pm and
checking emails outside office
hours. “Why wouldn’t I?” he says.
“We already work too much,
we’re too connected. For all of
history, man has been afflicted by
a sickness of the soul, and in our
permanently connected world
this sickness has gotten worse.”
Lunch at Cucinelli’s airy facto-
ry is a 90-minute affair: long
enough to pop home for a nap
after a few courses in a company
canteen serving up outstanding
fare sourced from local farmers
and on-site kitchen gardens.
Ask him why he went to the
expense of fitting his factory
with floor-to-ceiling windows and
he cites the French philosopher
Jean-Jacques Rousseau’s observa-
tion that proximity to creation
drives creativity.
Cucinelli has poured millions
into Solomeo, the lovingly reno-
vated 13th-century hilltop village
that is home to his empire. Work
started with the medieval castle
and, over three decades, he has
added a theatre, a library and a
school offering practical courses
in art, gardening and tailoring.
But now, as he contemplates
his remaining time, Cucinelli’s
focus has switched to the town’s
surroundings.
“Particularly in Italy, but it is
also true for much of Europe, the
historic centres of our towns
have generally been well looked
after and restored,” he tells AFP.
“But things have not gone so well
in our peripheral areas and yet
that is where 70 percent of
human beings live. We have to
make them livable spaces linked
to the historic centres.”
The project has involved reno-
n Brunello Cucinelli
vating or demolishing abandoned
industrial buildings to create new
production facilities for
Cucinelli’s own workforce along-
side two other parks—one provid-
ing six hectares of playing and
sporting space for children, the
other a 70-hectare park producing
everything from apricots and
broccoli to wheat. “When we
started the renovation of
Solomeo in 1985 I was inspired by
something that Rousseau said
about needing to withdraw from
the cities, go back to our villages
and rethink the future of human-
ity,” he said. “In this little ‘borgo’
there is silence, there is culture,
spirituality. Loneliness cannot
take over and I think that is
something very important at this
moment in history.”
Similar themes run through
Cucinelli’s musings on work and
how to run a company that is on
track to shift 450 million euros
($470 million) worth of eye-water-
ingly expensive clothes and acces-
sories this year. Cucinelli imports
his key raw material, cashmere,
from China and Mongolia. But
unlike many of his rivals he has
kept all his manufacturing opera-
tion in Italy. Shareholders may
grumble about the 20 percent pre-
mium over industry norms that
the Solomeo workers receive. But
they knew what they were buying
into when the company was float-
ed in 2012. The company’s ethics
and clearly identifiable roots in
the Italian countryside are
important elements of a brand
that has quadrupled in size in a
decade and has yet to disappoint
investors.
Its leader says he is not chal-
lenging the bottom-line tenets of
capitalism: simply trying to give
them a more human face, some-
thing he says has becoming more
pressing in light of the wide-
spread disaffection among
Western workforces that has been
linked to the rise of Donald
Trump and Brexit.
“It is exactly right to say that
many people feel forgotten,”
Cucinelli says. “The internet has
redrawn the map of the world of
work. Italy, and Europe as a
whole, can no longer compete at
the lower level and this has creat-
ed some unemployment. But the
essential problem is one of digni-
ty. “We cannot have companies
that earn incredible amounts and
our workers earning tiny sums to
work 12 hours a day staring at a
wall under an electric lamp. We
have to put dignity back at the
heart of our economic activity.”
It is a vision, he says, that was
born of witnessing his father’s
struggle to survive, as a tenant
farmer and later as a factory
worker. “It is something that
has always stayed with me, a bit
painfully,” he admits, insisting
that he will take the time to enjoy
the fruits of a business he built
from scratch.

C M Y K
Monday, January 2, 2017 | thekathmandupost
news digest
Brazil jobless
rate rises
RIO DE JANEIRO: Brazil’s
unemployment rate rose
to a new high from
September to November,
official data showed
Thursday, the latest sign
the recession-hit Latin
American giant has still
not entered recovery. The
figure came in at 11.9
percent, the highest level
registered since the cur-
rent data set began in
2012, the national statis-
tics institute IBGE said.
In the earlier three
months to October, the
figure reached 11.8 per-
cent—the previous high.
A total of 12.1 million
Brazilian workers are
now unemployed, three
million more than a year
ago. Brazil’s economy,
Latin America’s largest,
is struggling through its
worst recession in more
than a century. (AFP)
Madrid lifts
ban on cars
MADRID: Madrid on
Thursday lifted an
unprecedented ban on
half of most private cars
as pollution in the
Spanish capital eased up.
A day earlier and for the
first time in Spain,
authorities decided to
implement a measure
already used in other cit-
Modi defends cash ban, China factory
announces incentives growth slows
REUTERS
NEW DELHI, JAN 1
Indian Prime Minister
Narendra Modi announced a
series of incentives to the
poor, farmers, women and
small businesses on Saturday
in a New Year’s address, and
defended his recent decision
to abolish high denomination
bank notes.
The televised speech was
widely seen as an opportunity
for Modi to shore up support
after a radical move on
Nov. 8 to withdraw all 500 and
1,000 rupee bills, accounting
for 86 percent of currency in
circulation.
Millions of Indians were
forced to queue outside banks
for hours to deposit old money
and withdraw as much new
currency as was permitted,
causing widespread anger and
raising concerns about India’s
economic growth in the cur-
rent quarter.
The so-called “demonetisa-
tion” was designed to crush
India’s huge shadow economy,
increase tax revenues and pro-
mote the use of bank accounts
and digital transactions, but
perceptions that the ambi-
tious operation was botched
have hurt Modi’s standing.
It comes only weeks before
Uttar Pradesh, India’s most
populous state with 200 mil-
lion people, holds an election
that will test whether the pop-
ular leader has been signifi-
cantly weakened.
Modi praised Indians for
their forbearance. “In this
fight against corruption and
black money, it is clear that
you would like to walk shoul-
der to shoulder with us (the
government),” Modi said.
“For us in government, this
is a blessing ... Corruption,
black money, and counterfeit
notes had become so rampant
in India’s social fabric, that
even honest people were
brought to their knees.”
In welcoming news for
Modi’s government, State
Bank of India, the country’s
largest lender by assets,
announced on Sunday it
would cut lending rates by 90
basis points, after a surge in
deposits in old notes. Lower
lending rates could increase
credit growth and spark a
revival in private invest-
world
n Indian PM Narendra Modi
India govt to increase
credit guarantees for small
businesses and provided
additional incentives for
digital transactions
ments. On Saturday Modi had
urged banks to do more to
increase lending for the poor,
while announcing a slew of
measures including an offer
of a 4 percent discount on
interest rates for home loans
for up to 900,000 rupees
($13,200) taken out in 2017 by
middle class Indians.
Modi also said the govern-
ment would increase credit
guarantees for small business-
es and provided additional
incentives for digital transac-
tions. There were steps to help
pregnant women and senior
citizens, as well as financial
support for farmers, an appar-
ent bid to win backing among
the huge rural population of
Uttar Pradesh that has been
hit hard by the cash overhaul.
Modi did not say how the
government would pay for the
measures, although econo-
mists said the package was
unlikely to be too costly. It was
unveiled as the government
gears up to announce its
annual budget, probably some
time in February.
“It’s clear that Modi is chas-
tened and he had no big bang
offerings today,” said Mohan
Guruswamy, chairman of the
independent economic think-
tank Centre for Policy
Alternatives. “He is clearly
doing this to win back politi-
cal support.”
The Uttar Pradesh poll will
be a litmus test for Modi and
his ruling Bharatiya Janata
Party, and will go some way to
determining the prime minis-
ter’s chances of winning a sec-
ond term in office in national
polls scheduled for 2019.
While he has introduced
several major reforms to
Asia’s third largest economy,
the cash ban is seen as his
biggest political gamble to
date.
Members of the main oppo-
sition Congress party were
quick to criticise the speech.
One senior member, Prithviraj
Chavan, said the address was
vague and lacked accurate
accounting details. “It was his
day to present a report card
and specifically disclose the
benefits of ‘demonetisation’,
but clearly the entire drive
has been a failure,” he said.
In his speech, Modi sought
to cast the move as something
all Indians should support. “I
urge all parties and leaders to
move away from a ‘holier than
thou approach’, to come
together in prioritising trans-
parency, and take firm steps to
free politics of black money
and corruption.”
money
Agence France-Presse
BEIJING, Jan 1
Manufacturing activity in
China slowed slightly in
December, official figures
showed Sunday, as the world’s
second largest economy
stabilises.
The official purchasing
managers’ index (PMI), which
gauges conditions at factories
and mines, came in at 51.4 in
December, down from 51.7 the
previous month which
marked its fastest growth for
two years. A figure above 50
marks an expansion of manu-
facturing activity, and below
50 a contraction. Analysts sur-
veyed by Bloomberg had
expected an average of 51.5 for
December.
The key manufacturing sec-
tor had been struggling in the
face of sagging world demand
for Chinese products and
excess industrial capacity left
over from the country’s infra-
structure boom. But an
upturn in the housing
and construction markets
thanks to cheap credit—fol-
lowing a series of monetary
easing measures—has con-
tributed to a sharp rebound in
II
The official PMI came in
at 51.4 in December, down
from 51.7 previous month
manufacturing activity.
However, an alternative
index calculated independent-
ly by the research firm Caixin
Insight Group, which focuses
on small and medium-sized
companies, shows a sharp
decline in growth in recent
months. Its assessment for
December will be published
next week. It is mainly large
groups that have so far bene-
fited from the government’s
fiscal stimulus, notably
through tax cuts and
increased public spending on
infrastructure.
China is a vital driver of
global growth, but its econo-
my expanded only 6.9 percent
in 2015—its weakest rate in a
quarter of a century—and is
predicted to have slowed fur-
ther last year. Beijing has said
it wants to reorient the econo-
my away from relying on debt-
fuelled investment and
towards a consumer-driven
model, but the transition has
proven challenging.

Spat with Cyrus Mistry gets

ies abroad by ordering
vehicles with even-num-
ber registration plates to high-speed railway
drive on even-number
days, and cars with

Tata group global bad press

odd-number plates on
odd-number days. The
measure took effect on
Thursday, but it was
short-lived. In a tweet,
Madrid city hall said it
had lifted the partial ban
from Friday “given the
improvement in NO2
(nitrogen dioxide) and
(weather) forecasts.” The
partial ban on cars is
activated when levels of
harmful NO2 in the
atmosphere go above 200
microgrammes per cubic
metre in at least two
measuring stations for a
specific period of time,
and if the air is unlikely
to clear imminently. (AFP)
US jobless
claims fall
WASHINGTON: New US
claims for jobless bene-
fits fell in the week
before the Christmas hol-
iday, continuing a record
streak of low levels, the
Labor Department
reported Thursday. First-
time claims for unem-
ployment insurance fell
10,000 in the week ending
December 24 to 265,000
from the previous week,
seasonally adjusted. The
result marked 95 straight
weeks of claims below
300,000, the longest
stretch under that level
since 1970. Analysts had
forecast a decline of just
2,000 in the volatile indi-
cator that can be used to
gauge the prevalence of
layoffs and the health of
labor markets. (AFP)
Indo-Asian News Service
New Delhi, Jan 1
As the Tata-Mistry tussle con-
tinues, an unintended conse-
quence for the multi-billion
dollar image-conscious group
has been the bad press it—and
its “patriarch” Ratan Tata,
78—has received globally.
From a piece in The
Economist headlined
“Ratantrum” and a New York
Times report that dwelt on
some of the Tata Group’s
alleged murky deals, to a
Financial Times columnist
who said “much of the fiasco
is Mr Tata’s fault”, a good bit
of the reporting and analysis
has been critical of the man-
ner in which Tata’s hand-
picked successor Cyrus
Mistry was suddenly ousted
from the $100 billion “salt to
software” conglomerate—
India’s first true multination-
al.
The Economist of Britain—
where Tata is a familiar name
because of its takeover of
Corus Steel and Jaguar Land
Rover—bluntly said: “One of
Asia’s most important firms
has descended into chaos. Its
patriarch, Ratan Tata, is
largely to blame.”
Describing the Tata Group
as a “rare beacon of good gov-
ernance in Asia”... “until few
months ago”, the magazine—
which calls itself a newspa-
per—said: “That reputation
has now been shredded owing
to a brutal fight for control
between Ratan Tata... and
Cyrus Mistry... The battle is
bad for Tata, rotten for its out-
side investors... and damaging
to India.”
The Economist said that
Mistry, who took over in 2012
when Ratan Tata stepped
down after decades at the
helm, has been grappling with
two problems. One, that the
group is “worryingly flabby”
thanks to “an expansion binge
at home and abroad” during
Ratan Tata’s reign, with “vast
chunks of the group are not
making enough money”—a
reference to the UK steel
acquisitions and the small-car
Nano.
And two, the group’s
“Byzantine structure”, with
companies “controlled by a
private holding company”
which, in turn, is “controlled
by murky and secretive chari-
table trusts set up in 1919 and
1932. Until recently they were
widely viewed as benign and
passive, but they now appear
to be under Mr Tata’s sway”.
It added: “Mr Mistry may
have thought he had a free
hand. Far from it. Mr Tata
was breathing down his neck
from the start. On October
24th Mr Tata, through the
trusts, orchestrated the firing
of Mr Mistry from the holding
company.”
It concluded that, “Not long
ago he (Ratan Tata) was
among the most revered fig-
ures in the past half century
of Indian public life. Now he
is flirting with disgrace.”
A long report in The New
York Times dwelt on allega-
tions levelled by “crusading”
BJP MP Subramanian Swamy
that a government report had
suggested “that Mr Tata in
2008 used a front company to
apply for a telecommunica-
tions license, potentially cir-
cumventing the limits on the
number of licenses one inves-
tor could hold”. The Tata
Group has, however, said it
was part of a “bona fide real
estate deal” that had nothing
at all to do with telecoms
licensing.
The NYT report also said
that Mistry’s ouster was trig-
gered in part because he had
“begun reining in some
favours that the company had
previously extended to Mr
Tata’s personal friends”.
A report in the Financial
Times quoted Mistry’s warn-
ing to shareholders that “we
have witnessed an unmatched
erosion of ethical values...
replaced by whims, fancies
and personal agenda”, and
blamed the “fiasco” on Ratan
Tata. “He either badly mis-
judged Mr Mistry in the rush
to name a successor five years
ago, or he could not adjust to a
new Tata chairman ditching
parts of his legacy. Either way,
he fell into the trap he always
wanted to avoid,” the report
said.
The Financial Times report
underlined the need to profes-
sionalise the group’s manage-
ment, noting that it “urgently
needs to outgrow its patri-
arch... That means a profes-
sional chairman being given
real power at Tata Group”.
Among other reports, The
Wall Street Journal said
investors have raised ques-
tions about whether inde-
pendent directors at the vari-
ous Tata companies are play-
ing their proper role.
And Japan’s Nikkei Asian n A G4136 train runs on the Shuitongmuzhai bridge of the Shanghai-Kunming high-speed railway in
Review pointed out that Tata Anshun, southwest China’s Guizhou Province. China has put into operation one of the world’s longest
group members have lost a high-speed railways, linking the country’s prosperous eastern coast to the less-developed southwest.
combined $11 billion in mar- The Shanghai-Kunming line—2,252 km in length—traverses the five provinces of Zhejiang, Jiangxi,
ket capitalisation since Mistry Hunan, Guizhou and Yunnan and cuts travel time from Shanghai to Kunming from 34 to 11 hours,
was sacked as chairman in according to China Railway Corporation. Xinhua
October.

new business models

Would-be carmakers tap the wisdom, and dollars, of crowds

ERIC A TAUB
NEW YORK, JAN 1
After Ford Motor came close to
bankruptcy in the late 1970s, the
company decided to bet the store
on what was then a radical new
design: What would come to be
known as the Ford Taurus.
To develop, manufacture and
market the car, Ford earmarked
$3 billion—about $8 billion in
today’s dollars—in hope of turn-
ing the company around.
These days, various entrepre-
neurs are betting they can build
radically new vehicles using a
tiny fraction of the investment
Ford required. Their business
models call for production of
vehicles that range from three-
wheeled cars priced below $10,000
to luxury vehicles meant to sell
for six figures.
And unlike Ford, they are
largely wagering with other peo-
ple’s money.
These would-be carmakers are
raising money through online
crowdfunding, taking money in
small amounts from people who
in many cases have only modest
incomes. There’s a lot of faith
involved, in other words—on the
part of the entrepreneurs, who
are betting they can beat the auto
industry at its own game, as well
as the small investors putting up
the table stakes, a few dollars at a
time.
“The wisdom of the crowd
determines the viability of these
companies,” said Ron Miller,
chief executive of StartEngine in
Santa Monica, Calif. His company
provides marketing and financial
services to start-ups that are rais-
ing money through crowdfund-
ing. “A large number of unso-
phisticated people,” he said, “are
likely to be more accurate than a
handful of sophisticated people.”
StartEngine’s clients include
Storm Sondors, who now makes
electric bicycles but is raising
money for the three-wheeled car
he intends to sell for $10,000. As
of Tuesday the Sondors Electric
Car Company had raised $897,900
from 1,368 investors.
Sondors aims to raise $1 mil-
lion to create prototypes,
although he expects to need $12
million to start production in two
years, if all goes according to
plan. “Whatever I create is bold
but proven technology,” Sondors
said, citing his experience in elec-
tric bikes, of which he has sold
more than 15,000 for $500 or more
each. “I want to figure out how to
make an electric car cost-effi-
ciently,” he said. One way to do
that is to use three wheels rather
than four.
The government currently
classifies a vehicle with three
wheels as a motorcycle.
Consequently those manufactur-
ers do not have to meet federal
regulations that pertain to safety
and crash protection for cars. But
it is yet another set of federal
rules that makes it possible for
n A prototype of the three-wheeled, gasoline-powered vehicle (centre) that Elio
Motors wants to build. The company’s founder says it would get 84 miles per
gallon and have a $7,300 starting price. 
start-ups like Sondors Electric
Car to raise financing.
Under securities rules some-
times referred to Regulation
A-Plus, which took effect late last
year, small companies are
allowed to raise up to $50 million
each year through stock or debt.
Much of it can come from indi-
viduals who are not “qualified”—
that is, from people making less
than $200,000 per year, or having
net assets below $1 million.
To prevent swindlers from try-
ing to shake down naïve inves-
tors, the Securities and Exchange
Commission bars certain “bad
actors” from being on a compa-
ny’s management team. That
includes those with certain crim-
inal convictions, or those who
have engaged in fraudulent activ-
AP/RSS
ities or are subject to cease-and-
desist orders.
Even so, an unsophisticated
investor who does not know how
to evaluate a start-up could easily
wind up losing substantial sums
of money.
Darren Marble, chief executive
of CrowdfundX, which handles
marketing and advertising for
crowdfunding efforts, recom-
mends that a nonqualified indi-
vidual never invest more than 5
percent of his or her investable
assets in Regulation A-Plus deals.
“And diversify,’’ Marble advised.
“Invest that 5 percent over 10 or
20 companies.”
The aspiring carmakers who
have resorted to crowdfunding
invariably think they see an
angle that the mainstream auto-
makers have either missed or are
too big and bureaucratic to pur-
sue.
So far, the most successful
start-up of the group—at least in
money-raising prowess—is Elio
Motors, which has no product yet
but has attracted $17 million from
6,300 people. “Crowdfunding is all
about storytelling,” said Marble,
who conducted Elio Motors’
effort. “You need to tell a story
that emotionally inspires people.
Financial return is secondary to
this for investors.”
The storyteller in Elio Motors’
case is Paul Elio, the founder. He,
like Sondors, spins a vision of a
three-wheeler. But in Elio Motors’
tale, it will be a gasoline-powered
vehicle that gets 84 miles per gal-
lon, with a $7,300 starting price,
to be built in a former General
Motors plant in Shreveport, La.
To date, 63,000 buyers have
reserved an Elio, depositing up to
$1,000 to secure a place in line. At
least some of the deposits are
non-refundable.
Crowdfunding may have put
Elio Motors on the map, but Elio
acknowledges that he still needs
considerably more funding to
make his project a reality. He has
had to postpone the debut several
times, and now expects to begin
selling his car in late 2017 or
early 2018.
To date, he has raised $100 mil-
lion through various sources, and
says he needs $300 million for the
venture to be self-sustaining. If
he can pull it off, that would be
much less than the billions it typ-
ically takes a major automaker to
create a car.
He plans to use the former GM
plant’s assembly equipment and
components from outside suppli-
ers. Using someone else’s steering
wheel, he said, cut out $1 million
in testing costs. “Most of our
vehicle content is out of some-
thing else,” said Elio, a mechani-
cal engineer who formerly
worked for Johnson Controls, a
big maker of automotive parts.
For Elio and others, crowd-
funding is not meant to be the
sole source of capital. Rather, by
raising capital through many
less-wealthy people, companies
hope to pique the interest of larg-
er investors who otherwise would
not give them the time of day.
“When they don’t see a revenue
stream, their heads pop off,” Elio
said. “Venture capitalists say,
‘Hey, it’s great, but I only do bio-
tech.’ No venture capitalists spe-
cialize in car companies. But the
public just sees a good company.”
One company that already sells
a car is looking to crowdfunding
for additional capital. Campagna
Motors, based in Montreal, has
sold 1,000 of its high-end, futuris-
tic, three-wheeled, gasoline-pow-
ered T-Rex and V13R vehicles in
the United States using a small,
six-dealer network.
Now Campagna wants to
expand, aiming to increase its
sales and service network tenfold.
The company also wants to devel-
op a new vehicle that would sell
in the $30,000 range, compared to
current prices that start at
$54,000.
So far, Campagna has raised
$26,500 from 67 investors. The
company wants to raise at least
$100,000. “We looked at tradition-
al venture capital funding, but
manufacturing in North America
is not sexy to this group,” said
André Morissette, Campagna
Motors’ president. “We now have
investors who have tattoos.”
Many of the start-ups are aim-
ing for niche markets with small,
offbeat cars meant to attract peo-
ple who are open to experimenta-
tion or aren’t interested in con-
ventional automobiles. Ronn
Ford, though, aims to build a bet-
ter sports car. An electric one.
Ford, no relation to the auto-
motive family of the same name,
has spent his professional life
restoring high-end vehicles. He
expects to sell his 350-mile-range
electric sports car for $140,000.
He has just begun crowdfund-
ing efforts for his company, Ronn
Motor Group, in Scottsdale, Ariz.
“I’m not a wallowing behemoth
with a giant bureaucracy,” Ford
said. “You can do all your crash
testing via computer. We’ll buy
off-the-shelf componentry to be
more efficient. We can buy after-
market bodies and do 3-D print-
ing for prototypes. It’s just not
that difficult.”
 —©2017 The New York Times

C M Y K
III money economy thekathmandupost | Monday, January 2, 2017

news digest
GIC buys stake Stakeholders urge swift Nepse
shares
1,465.72pts

passage of Cooperative Bill

in British mall
SINGAPORE: Singapore
sovereign wealth fund
GIC will pay close to $60
million for a 50 percent
stake in a leisure and
dining development in
Britain, a joint statement
said on Friday. GIC, one
of the world’s top 10 state
investment funds, will
pay British property
firm Hammerson £48.5
million ($59.6 million) for
a larger stake in the
newly opened
Watermark development
in Southampton, the
statement said. GIC
already has a stake in
the newly-opened life-
style complex—which is
expected to bring in £5.5
million ($6.7 million)
yearly—through a joint
venture with
Hammerson, and the
partnership is to be
extended. “As a long-
term investor, we
focus on ensuring that
income streams from
our investments are
POST REPORT
KATHMANDU, JAN 1
Expressing discontent over
slow progress in getting
approved the new Cooperative
Bill that is currently under
discussion at the Legislature
Parliament, stakeholders have
urged swift passage of the bill.
They have also urged law-
makers not to remove stern
provisions proposed in the bill
against those involved in mis-
appropriation of general pub-
lic’s money.
The Cooperative Bill, which
was tabled at the Parliament
some three and a half months
ago, includes stringent laws
such as barring a person from
taking membership of more
than one cooperative of simi-
lar nature, and prohibiting a
board director from becoming
a staff member of another
cooperative.
Similarly, more than one
member of the same family
cannot become a candidate or
be elected as board director of
a cooperative. The bill has
also envisioned granting
authority to the Ministry of
Cooperatives and Poverty
(MoCPA) to declare any coop-
erative “troubled” after its
monitoring and inspection.
If cooperatives work
against the interest of mem-
bers, do not have the capacity
to pay their liabilities, fail to
return deposits, and are head-
ing towards insolvency, the
government at the recommen-
dation of the registrar of the
Department of Cooperative
can declare such cooperatives
“crisis-ridden”, according to
the bill.
They have urged lawmakers
not to remove stern
provisions in the bill
against those involved in
misappropriation of funds
The bill has also provi-
sioned a maximum 10-year
imprisonment for financial
crimes.
Cooperative Minister
Hridaya Ram Thani assured
the provisions in the new
Cooperative Bill would not be
removed or changed. “The
government wants to main-
tain stringent provisions
in the new Act to safeguard
people’s money,” said Thani
at a programme organised at
the 24th annual general meet-
ing of National Cooperative
Federation of Nepal here on
Sunday.
According to the
Department of Cooperatives,
there are 32,274 cooperatives
operating in the country.
They have more than Rs231
billion in deposits, while their
loan disbursements stand at
Rs217 billion.
There have been several
instances of cooperative pro-
moters embezzling billions of
rupees, leaving small deposi-
tors in the lurch. According to
High Level Commission to
Probe Irregularities in
Cooperatives, depositors have
so far lost more than Rs11 bil-
lion—half of the amount
embezzled by Oriental
Cooperative alone.
Lawmaker Rajendra
Pandey accused big political
parties of creating hurdles to
approve the new bill. “The
new bill will be endorsed
without any tweaks only if
the lawmakers of these politi-
cal parties come to a consen-
sus on safeguarding the peo-
ple’s money,” he said.
Mohan Krishna Sapkota,
secretary of MoCPA, said
there was a need for instilling
good governance in the coop-
eratives sector.
“Qualitative growth can
be achieved only if
cooperatives abide by regula-
tory discipline and code of
conduct,” he said.
Saroj Kumar Sharma,
co-chairman of National
Cooperative Development
Board, stressed on the need
for capacity building of coop-
erative members and dis-
trict-based cooperative associ-
ations for effective output.
1.55%
highest gainers
MFIL HAMRO PIC DBBL SHINE NGPL
8.92% 7.88% 6.69% 6.41% 6.15% 5.72%
moderate gainers
EBL BARUN RMDC CBBL SKBBL SDBL
5.55% 5.45% 5.44% 5.18% 5.10% 4.68%
moderate losers
NCDB VLBS LFC NLIC UNL RHPC
-1.72% -1.77% -1.82% -1.85% -1.99% -2.54%
highest losers
EIC LICN GRDBL API BNT GFCL
-2.60% -2.62% -3.25% -3.46% -3.92% -4.74%
Nepal Stock Exchange
Singhadurbar Plaza, Kathmandu
January 01, 2017
Trading Information Trading Price
SN Company Max Min Closing No Shares
1 Agriculture Dev Bank Ltd 555 535 545 18373
2 Alpine Dev Bank Ltd 321 320 320 571
3 Api Power Co Ltd 412 390 390 1833
4 Arun Fin Ltd 166 160 166 290
5 Arun Valley Hydropower Dev Co Ltd 260 246 250 10091
6 Asian Life Insurance Co Ltd 1428 1400 1410 7194
7 Bank of Kathmandu Lumbini Ltd 631 620 625 29831

Five FIs merge,

stable and resilient,” 8 Barun Hydropower Co Ltd 290 280 290 40

flower park
said Madeleine 9 Bhargav Bikash Bank Ltd 347 339 345 610
Cosgrave, regional head 10 Bottlers Nepal (Terai) Ltd 4147 4065 4065 20
11 Butwal Power Co Ltd 562 550 559 9760
of GIC Real Estate in
12 Century Commercial Bank Ltd 340 332 340 10815
Europe. (AFP)

start joint ops

Venezuela delays
banknote ban
CARACAS: Venezuelan
President Nicolas
Maduro again delayed
removing the country’s
largest bank note from
circulation Thursday,
after a botched plan to
retire it triggered violent
protests. The 100-bolivar
note will now remain
legal tender until
January 20 instead of the
2nd, “so everyone can
spend their New Year’s
in calm,” Maduro
announced in a national
address. The central
bank announced the
arrival of new 20,000-
bolivar bills, meant to
replace the old money as
Venezuela grapples with
the world’s highest infla-
tion rate—set to hit 475
percent this year, accord-
ing to the International
Monetary Fund. As
Venezuela flounders
through a devastating
economic crisis, inflation
has gutted the value of
the bolivar. The 100-boli-
var note is worth just 15
US cents at the highest
exchange rate. (AFP)
China expands
forex basket
BEIJING: China said
Thursday it would
almost double the num-
ber of foreign currencies
it uses to determine the
official value of the
yuan, thereby diluting
the role of the dollar. The
move to expand the for-
eign exchange basket
used to set a daily refer-
ence rate for the yuan, or
renminbi, will help
Beijing shake off the
POST REPORT
KATHMANDU, JAN 1
Nepal Credit and Commerce
Bank Limited, Infrastructure
Development Bank Limited,
Apex Development Bank
Limited, Suprim Development
Bank Limited and
International Development
Bank Limited have completed
their merger and started oper-
ation as a single entity—Nepal
Credit and Commerce (NCC)
Bank Limited—from Sunday.
Nepal Rastra Bank
Governor Chiranjibi Nepal
inaugurated the operation of
the merged entity amid a
ceremony at NCC’s corporate
office in Bagbazar,
Kathmandu. “As the bank has
strengthened its capital
base, it should now concen-
trate investing in infrastruc-
ture and productive sectors,”
said Nepal.
After the merger, the paid-
up capital of the bank has
reached Rs4.67 billion, with
total deposit of Rs55 billion
and total lending of Rs44 bil-
lion.
The five entities had filed
an application at NRB on 27
November 2015, seeking per-
mission to merge. They got
the approval in principle from
the regulator in mid-March
2016.
The five institutions also
got approval from their
respective annual general
meetings and conducted due
diligence audit, before getting
final approval from NRB on
5th December 2016.
The merged entity acquired
approval from Office of
Company Registrar recently
for starting joint operation.
The bank has said existing
NCC Bank CEO Ramesh Raj
Aryal will continue to lead the
merged entity.
Earlier, Kumari Bank
was also supposed to get
merged with the five institu-
tions making it one of the
biggest merger in the Nepali
banking industry, but it pulled
out mid-way.
13 Chhimek Laghubitta Bikas Bank Ltd 1166 1100 1136 2236
14
15
Chilime Hydropower Co Ltd
Citizen Bank International Ltd
824
482
808
469
815
470
12046
23819
16 Citizen Investment Trust 3740 3690 3700 750
17 Civil Bank Ltd 257 252 256 23115
18 Deprosc Dev Bank Ltd 2220 2180 2180 2427
19 Deva Bikas Bank Ltd 318 296 315 47805
20 Everest Bank Ltd 1820 1740 1805 15605
21 Everest Insurance Co Ltd 1650 1605 1605 3240
22 Excel Dev Bank Ltd 592 582 585 1350
23 First Micro Fin Dev Bank Ltd 950 945 950 830
24 Garima Bikas Bank Ltd 393 385 392 11519
25 Global IME Bank Ltd 435 420 420 15183
26 Global IME Samunnat Scheme-1 10.40 10.40 10.40 7247
27 Goodwill Fin Co Ltd 290 281 281 1000
28 Green Dev Bank Ltd 430 416 416 561
29 Gurans Life Insurance Co Ltd 725 686 686 4176
30 Hamro Bikas Bank Ltd 438 413 438 1780
31 Himalayan Bank Ltd 860 826 850 2347
32 Himalayan General Insurance Co Ltd 1270 1240 1265 3160
33 ICFC Fin Ltd 265 255 255 947
34 ILFCO MicroFin Bittiya Sanstha Ltd 710 701 705 620
35 Jalabidyut Lagani tatha Bikas Co Ltd 232 224 227 25955
36 Janaki Fin Ltd 250 250 250 550
37 Janautthan Samudayic Laghubitta Bikas Bank Ltd 1849 1849 1849 10
38 Jyoti Bikas Bank Ltd 285 278 285 2829
39 Kabeli Bikas Bank Ltd 565 565 565 50
40 Kailash Bikas Bank Ltd 382 354 369 2367
41 Kanchan Dev Bank Ltd 300 300 300 50
42 Kumari Bank Ltd 528 518 526 23672
43 Lalitpur Fin Ltd 161 158 161 3792
44 Laxmi Bank Ltd 710 699 700 6245
45 Laxmi Laghubitta Bittiya Sanstha Ltd 1223 1205 1210 306
46 Laxmi Value Fund-1 11.88 11.70 11.88 52000
47 Life Insurance Co Nepal 2545 2480 2490 9082
48 Lumbini Fin Ltd 370 370 370 198
49 Lumbini General Insurance Co Ltd 1300 1273 1280 6499
50 Machhapuchhre Bank Ltd 420 408 410 12664
51 Mahila Sahayatra MicroFin Bittiya Sanstha Ltd 710 709 710 140
52 Manjushree Fin Ltd 184 170 183 10446
53 Mega Bank Nepal Ltd 495 480 493 14110
54 Mirmire MicroFin Dev Bank Ltd 1708 1708 1708 10
55 Mission Dev Bank Ltd 580 569 569 80
56 Miteri Dev Bank Ltd 530 520 530 1386
57 Muktinath Bikas Bank Ltd 825 800 816 3388
58 Nabil Balance Fund 1 18.82 18.80 18.80 20000
59 Nabil Bank Ltd 1548 1525 1530 3097
60 NABIL Bank Ltd Promotor Share 1133 1111 1126 3567
61 Namaste Bittiya Sanstha Ltd 410 410 410 50
62 National Hydro Power Co Ltd 141 136 138 2674
63 National Life Insurance Co Ltd 2080 2010 2055 3447
64 NB Insurance Co Ltd 648 636 648 180
65 NB Insurance Co Ltd Promoter Share 100 100 100 55674
66 Neco Insurance Co Ltd 845 800 830 12582
67 Nepal Bangladesh Bank Ltd 747 725 739 17259
68 Nepal Bank Ltd 408 387 395 11546
69 Nepal Community Dev Bank Ltd 290 285 285 220
70 Nepal Doorsanchar Comapany Ltd 700 689 698 136420
71 Nepal Grameen Bikas Bank Ltd 535 516 516 3696
72 Nepal Insurance Co Ltd 869 838 855 9663
n Tourists
view flowers at Mingyang Industrial Park in the suburb in Nanning, south China’s Guangxi 73 Nepal Investment Bank Ltd 724 712 717 13702
Zhuang Autonomous Region, on Sunday. Xinhua 74 Nepal Investment Bank Ltd Promoter Share 650 630 650 526
75 Nepal Life Insurance Co Ltd 2900 2721 2748 10274
76 Nepal SBI Bank Ltd 1475 1430 1456 2371
77 Nerude Laghubita Bikas Bank Ltd 1478 1421 1421 507

NTB to launch tourism campaign in Europe

weakness of the curren-
cy against the greenback
and project an image of
stability in the unit. The
dollar will see its promi-
nence in the basket dent-
ed by the newcomers,
with its share falling
from 26.4 percent to 22.4
percent. It is followed by
the euro at 16.34 percent.
Among the 11 currencies
to join the 13 existing
ones are the South
Korean won, the South
African rand, the
Hungarian forint, the
Turkish lira and the
Polish zloty, according to
the Chinese Foreign
Exchange Trade System,
which is run by the cen-
tral bank. (AFP)
POST REPORT
KATHMANDU, JAN 1
The Nepal Tourism Board
(NTB) has announced a cam-
paign to boost arrivals from
Europe by 30 to 40 percent.
Launching a promotional
drive named Visit Nepal-
Europe 2017 amid the celebra-
tion of its 18th anniversary,
the NTB said that the cam-
paign would lay the ground-
work for promoting Nepal
tourism all over the world
in 2018.
“Tourists from Europe have
contributed significantly to
Nepal`s tourism industry, and
we expect to increase arrivals living in the UK will be urged
by celebrating 2017 as visit to put NTB stickers on
Nepal year for European tour- their cars to publicize Nepal
ists,” said Deepak Raj Joshi, tourism.
CEO of the NTB. Joshi explained that virtual
He also unveiled plans to campaigns such as
seek help from the Nepali #NepalNOW and Facebook
diaspora in Europe. Nepalis posts had significantly helped
c r e at in g m o r e f o r m a l j o b s
the Nepali tourism industry
to rebound faster than the
national economy after the
Gorkha earthquake.
The NTB plans to launch
the European promo from
London in March. Talks on
mountaineering, send a friend
to Nepal campaign, dissemi-
nation of tourist information
from Nepali restaurants and
photo exhibitions on Nepal
have been planned under the
programme.
“A number of tourism pro-
motion programmes for 2017
have been planned in Ireland,
the UK, Switzerland, Russia,
the Netherlands, Belgium,
Spain and Denmark,” said
Deepesh Man Shakya, NTB’s
honorary public relations rep-
resentative in Ireland.
Speaking as the chief
guest at the anniversary func-
tion, Minister for Culture,
Tourism and Civil Aviation
Jeeban Bahadur Shahi
pledged his cooperation in the
campaign.
Likewise, hotel entrepre-
neur Karna Sakya said,
“Directly or indirectly, the
Nepali diaspora has signifi-
cant potential to help Nepal’s
tourism industry, and
stakeholders should bring
them on board.”
78 Ngadi Group Power Ltd 285 266 277 193
79 NIC Asia Bank Ltd 516 502 510 7855
80 Nirdhan Utthan Bank Ltd 1270 1240 1260 3780
81 NLG Insurance Co Ltd 1250 1207 1230 1658
82 NMB MicroFin Bittiya Sanstha Ltd 1494 1494 1494 50
83 NMB Bank Ltd 516 501 513 6252
84 NMB Sulav Investment Fund-1 12.65 12.55 12.65 7000
85 Oriental Hotels Ltd 476 476 476 10
86 Pokhara Fin Ltd 246 242 242 560
87 Prabhu Insurance Ltd 1100 1065 1081 5207
88 Premier Insurance Co Ltd 1339 1275 1339 7738
89 Prime Commercial Bank Ltd 515 500 500 12533
90 Prime Life Insurance Co Ltd 1661 1600 1625 4274
91 ProgressiveFin Ltd 158 155 158 150
92 Prudential Insurance Co Ltd 1190 1150 1173 5498
93 Raptibheri Bikas Bank Ltd 375 370 371 492
94 Rastriya Beema Co Ltd 11799 11568 11799 20
95 Rastriya Beema Co Ltd Promoter Share 10800 10800 10800 10
96 Reliance Fin Ltd 209 201 209 445
97 Ridi Hydropower Dev Co Ltd 239 228 230 822
98 Rural MicroFin Dev Centre Ltd 609 580 600 1067
99 Sagarmatha Fin Ltd 265 256 260 1295
100 Sagarmatha Insurance Co Ltd 1160 1130 1140 2036
101 Sajha Bikas Bank Ltd 270 270 270 36
102 Sana Kisan Bikas Bank Ltd 1049 992 1030 1876
103 Sanima Bank Ltd 540 525 528 13281
104 Sanima Mai Hydropower Ltd 799 770 799 2395
105 Saptakoshi Dev Bank Ltd 236 236 236 310
106 Shangrila Dev Bank Ltd 346 340 340 699
107 Shikhar Insurance Co Ltd 2120 2053 2080 4396
108 Shine Resunga Dev Bank Ltd 368 336 362 2329
109 Shree Ram Sugar Mills Ltd 100 100 100 2000

India Jobs market eyes 875,000 hiring in 2017

Press Trust of India
New Delhi, Jan 1
The New Year is expected to bring
good news for job seekers with
India’s organised sector set to gener-
ate about 875,000 new jobs, though
the average salary hike is likely to
be in single digit, say experts.
The hiring outlook for India got a
significant blow post-demonetisa-
tion and segments like real estate,
construction, infrastructure and
high-end automobiles are expected
to be impacted in the longer term,
experts said but will eventually ben-
efit by creating more “formal” jobs.
According to the latest results of
MyHiringClub.com & JobPortal.co.
in Employment Trend Survey
(MJETS) 2017, that covered 6,790
companies across 12 industry sec-
tors in 21 major cities, the organised
sector in India is set to create about
875,000 new jobs in 2017.
“In current economical and politi-
cal condition manufacturing & engi-
neering sector is the top list to cre-
ate more new jobs in 2017,” Rajesh
Kumar, CEO, MyHiringClub.com &
JobPortal.co.in said. Kumar said
“tier II and tier III cities will create
more new jobs compare to metros
with companies preferring to set-up
their units in these cities compared
to metros and attrition will be low-
est in 2017 since last 5 years”.
As per survey, Indian employees
are expected to see an overall pro-
jected salary increase of 9 percent
percent. Projected salary increases
were highest in the manufacturing
and engineering sector at 9.9 per-
cent, followed by banking and finan-
cial services at 9.7 percent, while the
lowest sectorial increments were in
hospitality sectors at 5.3 percent.
Though overall job market out-
Indian employees are expected to
see an overall projected salary
increase of 9 percent percent,
according to the survey
look looks a little bleak, top per-
formers would have little to worry
as companies would look at retain-
ing talent as they would want to
avoid cost incurred in hiring new
talent, experts said.
According to workforce solutions
provider Kelly Services India
Managing Director Thammaiah BN,
more global product companies are
expected to setup their offshore
operations in India creating a
demand for skilled resources.
“We also expect a boost in con-
tract jobs and skilled employees will
be sought after. Central govern-
ment’s programmes such as Digital
India, Smart Cities will see more
companies capitalising on this
opportunity. We expect 30,000-50,000
new IT jobs being added in 2017.”
Moreover, process, industrial sec-
tors will also see an increase in
employment because of urban infra-
structure growing and the focus on
smart cities. Building materials,
cements, automation and the plastic
sector will also see an increase in
employment. Overall, these sectors
will create upwards of 1,50,000 jobs
in 2017, Thammaiah added.
The two key factors that are likely
to impact certain sectors in the New
Year are the Centre’s demonetisa-
tion move and the election of
Donald Trump as US President.
Some experts said that with
Trump’s emphasis on bringing jobs
back to the US, his anti-immigrant
stand and his stated aversion for
H-1B Visa might have a negative
impact on the Indian IT industry.
“On the surface it may seem that
some manufacturing jobs may move
back to the US, I believe the net
impact will be positive, as the invest-
ments are stepped up,” Suresh
Raina, Managing Partner Hunt
Partners, leadership talent advisory
firm said. Moreover, Trump’s
anti-China stand also helps
improved focus on India, again a
positive. Indian industry including
chemical, pharmaceuticals and
engineering will be positively
impacted by this shift, Raina said.
Post demonetisation, the positive
side would see banks able to source
fresh capital to give more loans to
companies and strengthen economic
growth. Sectors with a positive out-
look for hiring will be Fintech,
Infrastructure, and Financial
Services.
110 Siddhartha Bank Ltd 992 956 980 14576
111 Siddhartha Dev Bank Ltd 335 325 335 12823
112 Siddhartha Equity Orineted Scheme 12.20 12.10 12.19 72000
113 Siddhartha Insurance Ltd 1311 1282 1311 2907
114 Siddhartha Investment Growth Scheme-1 24 24 24 900
115 Soaltee Hotel Ltd 328 318 322 7800
116 Standard Chartered Bank Ltd 1952 1915 1940 4231
117 Summit Micro Fin Dev Bank Ltd 1680 1680 1680 10
118 Sunrise Bank Ltd 500 489 490 5823
119 Surya Life Insurance Co Ltd 718 692 704 3330
120 Swabalamban Bikas Bank Ltd 1340 1275 1300 1890
121 Swarojgar Laghu Bitta Bikas Bank Ltd 1769 1769 1769 10
122 Synergy Fin Ltd 137 135 135 1991
123
124
Taragaon Regency Hotel Ltd
Tinau Dev Bank Ltd
220
363
217
357
220
363
1200
998
125 Tourism Dev Bank Ltd 440 435 440 322
126 Uniliver Nepal Ltd 27500 27000 27000 470
127 Union Fin Co Ltd 180 180 180 207
128 United Fin Ltd 284 280 284 870
129 United Insurance Co (Nepal) Ltd 1190 1130 1146 4708
130 Vibor Society Dev Bank Ltd 180 174 175 18672
131 Vijaya laghubitta Bittiya Sanstha Ltd 776 776 776 10
132 Western Dev Bank Ltd 299 288 299 360
133 Womi MicroFin Bittiya Sanstha Ltd 1240 1240 1240 50
134 Yeti Dev Bank Ltd 290 285 285 1506
Total Traded Amount Rs.: 573,350,200 Sub-Indices Current Pts Change %Change
Total Traded Shares: 1,008,406 Banking 1,394.42 29.34 2.15
Total Transactions: 4,323 Hotels 1,920.87 35.64 1.89
Dev Bank 1,545.21 23.21 1.52
Index Current Pts Change %Change
NEPSE 1,465.72 22.34 1.55 HydroPower 1,736.44 26.1 1.53
Sensitive 316.72 5.08 1.63 Finance 695.28 0.47 0.07
Float 109.01 1.88 1.75 Insurance 6,813.71 27.67 0.41
Base: 16/07/2006, (Adjusted on 10/04/2007) = 100

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Monday, January 2, 2017 | thekathmandupost bazaar money IV
bizline
Taxi receipt system
market watch

RETAIL PRICE
Soaltee hosts musical programme

formally launched
KATHMANDU: Soaltee Crowne Vegetables Unit Price (Rs)
Plaza Kathmandu organised Red Potato kg Rs55
a musical broadway “Start
the Countdown” last White Potato kg Rs 45
Saturday to mark the New
Year 2017. The programme Onion (Indian) kg Rs35
was an amalgamation of
various scintillating inter- POST REPORT receipt system, and published a Tomato Small kg Rs55
national music by dashing KATHMANDU, JAN 1 timetable based on their registra-
Ali Quli Mirza, a Mumbai- tion numbers. Carrot kg Rs100
based actor and a singer. Ali Three taxi cabs were fitted with Tax cabs with numbers Ba2Ja
sung popular tracks from meters that print out receipts on 3000 to Ba2Ja 3200 have been told Tomato Big kg Rs55
“Bore Bore Hum” from Sunday, marking the formal inau- to install the receipt printing sys-
Bollywood movie “Bluff- guration of the taxi receipt sys- tem from January 1-7. The regula- Squash kg Rs45
master” and other songs tem in Nepal. tor has given a deadline of July 22
From now on, taxi drivers will for all taxis in the Valley. Cabbage kg Rs40
from his albums. The show
witnessed scintillating performances by Bollywood danc- have to provide a receipt to their Pudasaini said they expected all
passengers at the end of the jour- taxis to install the new machine Brinjal Long kg Rs45
ers, read a statement. (PR)
ney. The slip contains details within the time limit.
‘HTC by GENXT Contest’ abbounced about the distance travelled, the The receipt system is also
Cow Pea kg Rs95
fare and the vehicle’s registration expected to prevent cases of taxi Cauliflower kg Rs55
number. The Nepal Bureau of drivers misbehaving with passen-
Standards and Metrology (NBSM) gers or scamming them by tam- Fruits Unit Price (Rs)
had issued a deadline to all taxis pering with the meter.
operating in the Kathmandu Travellers often find them- Apple kg Rs125
Valley that they should install the selves at the mercy of cabbies at
new meter from Sunday. didn’t enough money on them,” 500 taxis weekly. The NBSM had locations such as hospitals, bus Pomegranate kg Rs265
NBSM Director General he said. planned to launch the taxi receipt parks and airports where they
Pineapple kg Rs125
Bishwo Babu Pudasaini said that As per the NBSM, the new taxi system as a pilot project on have no choice but to take a taxi.
KATHMANDU: GENXT, authorized distributor of HTC, has three taxi operators had installed meters cost Rs5,000-Rs8,000 each. December 5, making it mandatory The receipt system is also Cucumber kg Rs60
announced “HTC by GENXT Contest” on GENXT new meters equipped with the “Cab drivers do not have to pay for cabs renewing their meters to expected to prevent cab drivers
Facebook page, where lucky winners will win an HTC billing system. “Around 25-30 cab any additional charge, just the install the new equipment. from overcharging travellers Papaya kg Rs80
Desire mobile phone every week. Besides, HTC buyers drivers had visited the NBSM cost of the meter,” Pudasaini said. On December 20, the NBSM citing shortage of public
will get 2 movie tickets of Cine De Chef. Heavy discount office to buy the new meters, but According to him, they have issued a public notice saying that vehicles during festivals and Banana Doz Rs70
facility has also been arranged for Newroad Mobile they returned saying that they planned to install new meters on all taxis would have to install the Nepal bandas.
Lime 100Pcs Rs475
Expo. To participate in the contest, one has to take a self-
ie with HTC checkered board in the background placed
at the New Road Mobile Expo and send it in message on
daily commodities
GENXT Facebook page. Later the pictures will be added
to contest page album. The entry with highest likes at
street business
the end of the campaign will win HTC desire 626+ Commodities Unit Price (Rs)
mobile. This contest will run till January 2. Participants
can collect their likes till January 3 until 5pm and the Pokhreli Rice kg Rs75
winner will be announced on the same day. (PR)
Jeera Masino Rice kg Rs70
Syakar Trading CSR campaign
Indian Basmati Rice kg Rs100
Mansuli Rice kg Rs55
Sona Rice kg Rs50
Beaten Rice(Taichin) kg Rs130
Beaten Rice kg Rs60
Big Mas kg Rs260
Small Mas kg Rs240
Big Mung kg Rs180
Musuro(No. 1) kg Rs170
KATHMANDU: Syakar Trading Company, authorized dis-
tributor for Honda Motorcycles and Scooters, in partner- Musuro(No. 2) kg Rs150
ship with eight various NGOs kicked off its social media-
Rahar kg Rs240
based CSR campaign named “I DIO’d IT” on Sunday. “I
DIO’d IT” is a platform where the eight NGOs will be Chana(Big) kg Rs210
awarded Rs100,000 each in a span of eight weeks. The
competition is based on social media likes and shares. To Chana(Small) kg Rs180
participate in the competition, each participant needs to
make crazy, funny, hilarious video mentioning the cause Chilli Powder kg Rs400
which they want to support and end the video by saying
“I DIO’d IT”. They then need to upload the video onto
Honda Nepal’s FB page—facebook.com/hondanepal. Customers gather at a ‘pani puri’ stall in Tankeshwor, Kathmandu, on Sunday.
Participants then need to share the video to gather maxi-
n Post PHOTO: SANJOG MANANDHAR
gasoline watch
mum likes. Each week, based on the likes, one partici-
pant with maximum likes will get an opportunity to

China unveils green Swiss watch

donate Rs100,000 to the social cause of their choice along
with Rs25,000 cash prize which Honda is going to pro-
vide. At the end, video with the highest likes will win

sector set for

Rs100,000 cash prize. (PR)
CE Construction hands over jackets
KATHMANDU: CE Construction has distributed jackets to
40 children of Navakiran Orphan and Helpless Children
Society in Dhapakhel, Lalitpur, on Friday. With the aim
of providing assistance to children residing in shelter
homes to combat capital-cold, CE conducted the pro-
vehicle subsidy caps ‘smartwatch boom’
REUTERS
Geneva, Jan 1
gramme with the slogan “Making this Winter Warm”, REUTERS
read a statement. Three founders of the company—Bijay BEIJING, JAN 1 Switzerland’s luxury watch sector can profit
Rajbhandary, Gopal Manandhar, Shyam Milan from a smartwatch boom as more consumers
Shrestha—along with other CE representatives handed China will cap subsidies and seek high-end versions of the technology, an
the jackets over to the children. (PR) increase technical require- industry veteran was quoted as saying.
Russia inflation lowest since fall of USSR ments for green energy vehi- Swiss watchmakers, who once dismissed
MOSCOW: Russian inflation fell to 5.4 percent in 2016, the cles starting next year in the smartwatches as a fashion accessory, are rac-
lowest annual rate since the collapse of the Soviet Union wake of a subsidy cheating ing to grab a share of a fast-growing market
a quarter century ago, a preliminary estimate from the scandal, according to docu- via technology partnerships and stepping up
Rosstat national statistics agency showed on Friday. The ments posted on the Ministry investments.
previous record for the lowest annual inflation rate was of Finance website on “If it is true that Apple has sold around 20
in 2011, when consumer prices rose by 6.1 percent. Thursday. million Apple Watches and has a market
Russian inflation slowed sharply over 2016 from the 12.9 The measures include a share of around 50 percent, then the potential
percent recorded in 2015, providing some much needed new formula for calculating is enormous,” said Jean-Claude Biver, head
relief for consumers who have struggled to keep up with central government subsidies of LVMH watch brands including TAG Heuer,
rising prices for food and other goods. (AFP) and subsidy caps for electric Hublot and Zenith. “A luxury market arises
and plug-in hybrid coach as soon as people want to differentiate them-
India fiscal deficit 86pc of yearly target buses, with a maximum subsi- China has spent heavily on sales of electric and plug-in selves from the masses. That is the case here
MUMBAI: India’s fiscal deficit during the first eight dy of 300,000 yuan ($43,000) green vehicle subsidies, hybrid cars in 2015 and fuelled as well. With our know-how, Swiss quality bullion Price Per tola

months to November was 4.58 trillion rupees ($67.46 bil- per vehicle, roughly half of
lion) or 85.8 percent of the budgeted target for the fiscal the previously listed highest
year ending next March, government data showed on subsidy of 600,000 yuan.
Friday. The fiscal deficit was 87 percent of the full-year Local subsidies are also
target during the same period a year ago. Net tax receipts capped at 50 percent of those
in the first eight months of 2016/17 fiscal year was 6.21 awarded by the central gov-
trillion rupees, the data showed. (REUTERS) ernment under the new policy,
which goes into effect Jan. 1.
spending $4.5 billion last year
alone, to encourage its auto-
motive industry to leap frog
ahead of global competitors
in electric vehicle technology
and combat heavy pollution in
much of the country. The pro-
gramme helped quadruple
a 60 percent jump this year.
Prominent manufacturers
of plug-in hybrid and electric
vehicles in China include
BAIC Motor Corp Ltd and
BYD Co Ltd, with Germany’s
BMW also making a signifi-
cant number.
and prestige we have the best preconditions
to master this segment too,” he told Swiss
paper SonntagsBlick.
TAG Heuer, for instance, partnered with Hallmark Gold Rs52,700
US technology firms Google and Intel for its
TAG Heuer Connected watch, whose first Tejabi Gold Rs52,450
units offered at just under 1,400 Swiss francs
($1,375) apiece sold out quickly last year. Silver Rs755
Source: FENEGOSIDA

niche market

Enduring lure of pen and paper boosts Moleskine

Agence France-Presse
MILAN, Jan 1
From spelling out New Year’s
resolutions to jotting down
designer brainwaves, sometimes
only a pen and paper will do,
even in the digital era.
And those are the kind of
niches that have enabled Italian
notebook manufacturer
Moleskine to leverage its histor-
ically evocative brand into the
kind of rapid growth not usual-
ly associated with the staid
world of stationery.
The Italian group’s sales have
more than tripled in the last
seven years. Turnover in 2015
was 128 million euros ($134 mil-
lion); 200 million is the target
for 2018 with Asia in the front-
line of the company’s plans to
expand its retail network from
80 outlets to 120 over the same
period. According to business
expert Alessandro Brun, the
growth has been driven by
Moleskine’s ability to success-
fully pitch an “extremely ordi-
nary” item as being an object of
desire imbued with history and
an essential lifestyle tool for the
contemporary creative. “It is
fair to talk about a Moleskine
phenomenon,” said Brun, pro-
fessor of company management
at Milan Polytechnic.
From its launch as a brand in
1997, under then-owner
Milanese publisher Modo &
Modo, Moleskine has hammered
away at the idea that it has
revived the classic notebooks
favoured by the likes of Picasso,
Van Gogh and Hemingway.
Those now sold under the
Moleskine brand are indeed
modelled on those once manu-
factured by a French provincial
bookbinder for Paris stationers.
But they are made in China,
rather than the Loire valley.
With their rounded edges and
distinctive elastic binder, the
original notebooks were known
as “carnets moleskines” in
French, because their smooth
black covers were thought to
resemble moleskin. They were a
classic of simple design but pro-
duction stopped in 1986 when
their original manufacturer,
based in the town of Tours,
closed.
Famously, travel writer Bruce
Chatwin was so distraught he
went round buying up as many
as he could find, then wrote a
lament to the notebooks in his
book “The Songlines” that came
out the following year.
Inspired by that account,
Modo & Modo registered
Moleskine as a trademark
almost a decade later and the
notebooks are still instantly rec-
ognisable, even if the new own-
ers have substantially expanded
the range of sizes, formats and
paper quality on offer.
So who buys them? According
to company boss Arrigo Berni
the primary market is among
so-called “knowledge work-
ers”—designers, architects,
engineers and lawyers. “Our
customers are marked out not
so much by their level of
income as by their level of edu-
cation,” Berni said.
The advent of the digital era
has not reduced the importance
of physical experiences, he
argues. If anything, the opposite
is true, particularly for the
30-something generation.
“Consumers are sometimes a
little more astute and intelligent
than financial analysts give
them credit for,” Berni adds.
As with the revival of vinyl
in music, an aesthetically-pleas-
ing, robust notebook provides
an add-on to what the iPhone or
a laptop can do, he argues, cit-
ing a survey of 4,000 designers
which found 65 percent of them
prefer a pen/notebook combina-
tion for recording ideas.
So how does he explain
Moleskine growing sales at 20
percent a year in a global sta-
tionery market expanding
at 3-4 percent? “Beyond having a
quality product, it’s about sell-
ing a brand and a sense of
belonging (to a community),
which is exactly what Apple
does,” he said.
Int’l market
Energy Price (US$)%Change
Brent Crude Futr (Bbl) 56.82 -0.05
Gas Oil Fut (Ice) (Mt) 504.75 -0.35
Gasoline Rbob Fut (Gal) 167.09 -0.53
Natural Gas Futr (Mmbtu) 3.72 -2.05
Agriculture Price (US$)%Change
Cocoa Future (Mt) 2,126.00 -1.80
Coffee ‘C’ Future (Lb) 137.05 1.18
Corn Future (Bu) 352 0.64
Cotton No.2 Futr (Lb) 70.65 0.21
Rough Rice (Cbot) (Cwt) 9.61 1.10
Soybean Future (Bu) 1,004.00 -0.86
Soybean Meal Futr (T) 316.6 -0.75
Soybean Oil Futr (Lb) 34.66 -0.37
Sugar #11 (World) (Lb) 19.51 0.10
Wheat Future(Cbt) (Bu) 408 0.80
Industrial Metals Price (US$) %Change
Copper Future (Lb) 250.55 0.70
Precious Metals Price (US$)%Change
Gold 100 Oz Futr (T Oz) 1,151.70 -0.55
Silver Future (T Oz) 15.99 -1.41

C M Y K