Business News

Dadiseth Moves up to Unilever

Chairman of Nepal Lever Ltd. (NLL) KB Dadiseth has been elevated to the main Board (Executive Committee) of Unilever. And it is likely that MS Banga will replace Dadiseth as NLL Chairman.

NLL is a subsidiary of Hindustan Lever Ltd. (HLL) and as the precedence has it, HLL chairman heads the Board of NLL as well. With Dadiseth’s movement to Unilever, Banga is stated to be appointed HLL chairman, according to information received.

Banga was senior vice president in the Home & Personal Care category in Unilever. Earlier, till the end of December 1998, he was a Director in the Board of NLL.

 Nepal India Friendship Nite

Nepal Pavilion Company said in a press meet that in collaboration with the Calcutta based Event Millennium Management Pvt. Ltd., it would organize a programme entitled ‘Nepal India Friendship Nite’ to take place on March 25.

The president of the seven month old private sector company, Naresh Shrestha, revealed that the main purpose of the programme - which would feature live performances by several Indian and Nepali cine stars, playback singers and dancers - would be to enhance friendship between the people of the two countries, notwithstanding the political tensions created especially by the Indian Airlines plane hijack.

Shrestha also said that the estimated cost of the programme was Rs. 7 million. The amount included the fees, lodging and fooding and the travel costs of the stars, the rent of the venue (Dasharath Stadium) and also insurance costs.

 KUSOM’s Vision

Students of Kathmandu University School of Management (KUSOM) fourth semester have launched an annual magazine "Business Vision". Each year the KUSOM students bring out a journal during their fourth semester under one title or the other, but from this year onward the title ‘Business Vision’ has been institutionalized, according to Dr. Bijaya K.C., the dean of KUSOM.

The 66-page magazine this year includes 14 articles on various aspects of management, economic policy, consumer trends and the like including humour as well as serious writings. The contributors are mainly students and teachers of KUSOM. Extra-mural articles include one from Dr. Minendra Rijal, Executive Director, Road Management Committee and one from Amit Dasgupta, Director (Economic, Trade and Transport), SAARC Secretariat.

The magazine opens with an interview with FNCCI President P K Shrestha, and concludes with introduction to KUSOM and its faculty members.

 TIPs in Nepal

TIPs Global Business Access, a trade related information service, was recently opened in Kathmandu. It was jointly inaugurated by FNCCI president, Pradeep Kumar Shrestha and First Counselor for Delegation of the European Union in India, Rudiger Wenk.

Tips, which originated in 1996 as an interregional project of the United Nations Development Programme (UNDP) and the United Nations Fund for Science and Technology (UNFSTD), seeks to promote viability and competetiveness of mainly small and medium scale enterprises (SMEs). Tips, at present, is executed by DEVNET Association, a Rome based INGO and is supported by the government and private sector organizations in the 44 Tips host countries.

The Tips National Bureau in Nepal began operation in June 1999. Hosted by FNCCI, it was established with assistance from the European Commission.

The bureau’s major functions are to facilitate the matching of potential business partners through identification of local business opportunities for inclusion in the Tips Network Database, disseminate company information on trade, technology, investment, etc, for short and long-term planning, and facilitate establishment of business co-operation between SMEs of Nepal and the European Union.

The Tips National Bereau in Nepal offers information services under two categories-free services and prepaid services. Dissemination of business offers and response in the Tips Network, and assistance in the preparation of proposals for grant-funding under the Asia-Invest programme come within the bureau’s free services. The prepaid service provides two options. One is acquisition of full access to information in the Tips database through the internet and the second is subscription to the Sectoral Bulletin in hard copy format.

 NFTA's Silver Jubilee

A programme was recently organized to mark the silver jubilee and 25th AGM of the Nepal Foreign Trade Association (NFTA).

Speaking at the programme, Finance and Foreign Affairs Minister Ram Sharan Mahat stressed the need for diversification and enhancement of competetiveness of Nepali goods in the context of a globalized economy.

President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Pradeep Kumar Shrestha stressed the need to bridge the existing trade deficit of Rs. 51 billion.

On the occasion, NFTA president Lokmanya Golcha highlighted some of the major problems faced by the business sector, pointing out that the mode of income tax collection and untransparent revenue collection system had posed serious setbacks for the trade sector.

 Need for Training Center

Employers' Council of FNCCI has felt a recent need for setting up a national level training center to enhance the skill level of the Nepali industrial workers.

Releasing the conclusions of a labour survey, Rajendra Kumar Khetan, President of Employers’ Council, informed that besides pointing out the need for the training center, the survey has also recommended to make clear provisions in the labour policy and laws whether the employees are entitled for salary during the strike.

The report was prepared after a survey of 220 industrial units in Kathmandu and other major industrial towns. The survey was carried out with cooperation from Japan Federation of Employers Associations (Nikkeiren).

 Himalayan Bank’s Profits up

Recording a satisfactory 21.5% increase in its profits in 1998/99, Himalayan Bank Ltd. declared 50% cash dividend and 25% stock dividend to its shareholders at its recently concluded AGM. It includes 15% interim cash dividend distributed earlier.

The bank made a net profit of Rs. 165.25 million in 1998/99 as compared to Rs. 135.97 million in 1997/98.

Presenting the annual report to the shareholders in the bank’s recently concluded seventh annual general meeting, outgoing chairman of the bank Narsingh Bahadur Shrestha informed that as of mid-January, 2000, the bank’s deposit collection stood at Rs. 11540 million, and lending at Rs. 5870 million. Shrestha claimed that the figures are 8.8% of the total deposits and 6.6% of total lendings of the country’s banking sector. The share of the Himalayan Bank same day last year was 8.36% and 6.55% respectively, according to Shrestha.

At the retirement of Shrestha, the bank has now elected Himalayan SJB Rana as its new Chairman. Rana has the rare distinction of being the first Governor of Nepal’s central bank. He also served as the founding Chairman of Himalayan Bank.

Financial Indicators of Himalayan Bank Ltd.

PERFORMNCE INDICATORS (Rs in million)

Carlsberg Snooker, Khukuri Cup in Final Stage

The Carlsberg Open Snooker Championship, after almost two weeks of grueling preliminary rounds of snooker, has entered the final leg, being played at the Tripureswor Covered Hall.

The final round which features a total 85 match-ups between 86 first round qualifiers, will distingwish the best snooker player in the country. The first prize carries a purse of Rs. 50,000.

The cost of the tournament is estimated to total Rs. 1.5 million, according to Ashish Bista, Brand Manager of Gorkha Brewery Ltd. (GBL), the brewery that produces Carlsberg brand of beer in Nepal.

Carlsberg, an international brand owned by Carlsberg A/S (an MNC based in Denmark), was launched in Nepal 1998, and being positioned at the premium segment. Snooker also is a relatively recent game in Nepal gaining popularity among the prospects of Carlsberg. The green table of the snooker game and the "green moments" theme of Carlsberg slogan are the perfect match, says Bista.

The initial rounds of Carlsberg open were played in some 32 pool houses in and outside Kathmandu Valley.

The Khukuri Gold Cup is also in its last stage. The tournament organized by Surya Tobacco Co. (P) Ltd. in association with the All Nepal Football Association, saw a total 34 teams fighting it out for the final round.

Eight teams will vie it out for the final spot. The winner carries home cash prize of Rs. 200,000.

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