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Vol.
3 : No.10 |
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Business News |
Yamaha’s Indian
operation is to operate a 100 percent subsidiary of Yamaha Motor Co. Ltd. (YMC)
Japan, the second largest manufacturer of motorcycles in the world, says a press
statement issued by Morang Auto Works, authorized distributor for Yamaha motorcycles
in Nepal.
According to the statement, the company’s Indian operations will now be completely aligned with Yamaha Motor’s worldwide operation after a decision to buy out the 26 percent stake held by the Escorts Group in the Indian joint venture.
Along with this change, the company has started implementing "Challenge 21" project, a time bound initiative that will reorient and revitalize the entire operation in South Asia and provide sustainable competitive advantage, it is said.
With this change, India has also become the only country in Asia to have a 100 percent subsidiary of YMC.
Asian Textiles and Garment Council (ATGC), the wing of the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI), appointed Brij Gopal Innani, President of Garment Association of Nepal (GAN), as Chairman for two years, says a GAN press release.
According to the release, there are altogether 18 member countries of CACCI which include Nepal, India, China, Bangladesh, Japan and S Korea. It is the first time that a Nepali has been appointed as the council’s chairman.
The twenty-third AGM of Trekking Agents Association of Nepal (TAAN) has elected a 14 member executive committee for a term of two years.
Suman Pandey, Nima Noru Sherpa, Nabang Dorje Sherpa, Phurba Gyaljen Sherpa, Hari Kandel and Sita Ram Sapkota have been elected to the posts of President, First Vice-President, Second Vice-President, General Secretary, Secretary and Treasurer of the association respectively, states a press release from the association. And adds that the AGM has also elected eight executive members.
Sange Dhoj Sherpa, treasurer of TAAN, also presented an estimated budget of Rs 4.272,500 and unveiled the financial activities of the association.
TAAN has total of 289 trekking agencies besides 11 associate members.
Nepal, out of 180 countries in the Wanderlust Travel Awards 2001, has been voted second in the Top Country Category.
The award, according to Nepal Tourism Board (NTB), is based on a survey conducted by UK based travel magazine, Wanderland Publications.
The survey, says NTB, was based on questionaires handed out to some 1,600 travellers. According to the survey, which was based on travels from January, 2001, the respondents, in all, had visited 180 countries, 557 cities, traveled with 342 airlines and had used over 500 tour operators. The final positions were based on an average score for the entry.
At a time when Nepal is witnessing continual decline in the tourism sector, it, as projected by the reader’s survey, scored 96.1%, standing only behind New Zealand which scored 97.1%.
The Fulbari Resort and Spa has launched its own travel agency, The Fulbari Express Pvt. Ltd., at Pokhara as the headquarter with its main branch office in Kathmandu.
It is stated that on behalf of the Fulbari Resort and Spa, the travel agency will provide travel related services such as sightseeing, ticketing, reservation etc as its main objectives.
The 44th Executive Committee meeting of Asia-Pacific Rural and Agricultural Credit Association (APRACA) is to be held in Nepal from October 15 to October 17.
This is the second time, according to information provided by Nepal Rastra Bank (NRB), that Nepal is hosting the meeting after the 31st meeting, held back in 1994 in Kathmandu.
Fifty – two agricultural and credit financing organisations from 21 different countries are associated with APRACA. Nepal Rastra Bank, Rastriya Banijya Bank, Nepal Bank Limited and Agriculture Development Bank are associated with the APRACA on the part of Nepal, says an NRB press release.
It is learned that apart from the executive committee’s meeting, NRB is also to organize a one day symposium entitled "Rural Financing In Nepal: Challenges and Issues."
Oriental Insurance Company Limited is shortly going to introduce a new policy ‘Nagarik Suraksha’ – or citizen security – after obtaining approval from the Insurance Board.
According to a press release issued by the non-life insurance company, the policy is a combination of personal accident and hospitalisation insurance with a graded sum insured limit and discount facilities for groups and families. The policy is said to see introduction in Nepal following huge success in India.
The company, in operation in Nepal since the last 44 years, is the largest private insurance company and second largest non-life insurance company with a total premium of Rs 160.1 million, total incured claim of Rs 84.2 million and total investment of Rs 260.1 million.
The press release also claims that the company, which has 12 operating offices countrywide, settled more than 790 claims and issued 7,263 policies last year.
Transavia Airlines
recently gave away awards to its top airticket sales agents.
According to a press release issued by the airline’s General Sales Agent for Nepal, Marco Polo Travels, Darbar Travels, Gandaki Travels and Jolly Gorkha Travels have won the Travel Agents Award.
Transavia operates two weekly flights to Kathmandu creating an additional 25,000 airseats between Kathmandu and Amsterdam, the Netherlands.
Subodh Rana, Managing Director of Marco Polo Travels, also informs that US carrier Northwest Airlines has entered into codeshare partnership with Transaria Airlines in its entire route in Europe and Asia.
Nepal Rastra Bank (NRB), the country’s central bank, in a press release has informed the issue of Letter of Intent (LoI) to two commercial banks, Siddarth Bank Limited and Laxmi Bank Limited.
The authorised capital of the two banks are said to stand at respectively Rs 1 billion and Rs 240 million.
NRB also relates that it has issued directive to the newly approved banks to come into operation within one year and also to issue public shares within another one year.
Meanwhile, NRB has also stated that it has decided to issue LoI to another bank, the Import Export Bank of Nepal, after it completes the necessary procedurals. The bank has its authorised capital of Rs 2 billion and issued capital and paid-up capital is Rs 1 billion.
The biennial election of Nepal Association of Travel Agents (NATA) has elected a new executive committee.
Joy Dewan, Managing Director of Zenith Travels, has been elected to the post of President, according to a press release issued by the association.
Similarly, SP Shrestha (Om Travels), Shshi Ram Bhandari (Shashi’s Holidays), Dhruba Narayan Shrestha (Lalima Travels), Kedar Bantawa Rai (Pacific Travels) and Arjun Sharma (Shiva Travels) have been elected as First Vice president, Second Vice president, Third Vice president, Secretary General, Secretary and Treasurer respectively.
The newly elected executive committee has Renu Bajracharya, Krishna Bahadur Shahi, Basanta Bahadur Hamal, Gautam Manadhar, Dibya Prabha Shahi and Madhu Sudan Acharya as members, the release further states.
Claimed to have been established with primary objectives of mobilizing capital in the rural sector of the country, Nepal Bank of Ceylon (NBC), in a program, revealed its future plane in the same direction.
NBC was initiated some five years back as a joint – venture between Nepal Industrial and Business Group (NB Group) and the Bank of Ceylon. NBC sources relate that as per the contract with the Sri Lankan bank, it has been receiving management and technical support enabling it to function more smoothly.
They also inform that apart from operating its business transactions through seven different branches in Kathmandu, Lumbini, Barabishe and Banepa, the bank is to establish another branch in Narayangarh in November this year. It also aims to spread its branches to Pokhara, Biratnagar and Birgunj, the sources add.
This apart, the bank informs that it has been providing free insurance service of five hundred thousand rupees and medical facilities of ten thousand rupees to its depositors.
With the objective of rendering extra services, the bank also provides computer on line service, Virtual Telebanking.
Out of its total capital, ordinary shares amounting to Rs. 150 million have been floated in the public.
Development Credit Bank Limited Kathmandu (DCBL) has earned operating profits of Rs 5.167 million and net profit of 1,23,000 in the first six months of operation, states a press release issued by the bank.
The earnings were announced at the first annual general meeting of the bank. The bank came into operation almost nine months back with authorized capital of Rs 320 million, issued capital of Rs 160 million and paid-up capital of Rs 110 million.
Promoters of the bank hold 51 percent stake in DCBL while the Bank of Kathmandu and Pan World International Pvt. Ltd. control 9.5 percent each. The bank is planning to issue the remaining 30 percent of the stake to the general public soon, the release informs.
The bank has so far been able to generate total deposits of Rs 600 million and invested Rs 500 million. The bank had generated operating profits of Rs 3.168 million during the first two months of the current fiscal year, concludes the release.
The third annual general meeting of Society of Economic Journalists – Nepal (SEJON) has re-elected Gajendra Bista as its president.
According to a SEJON press release, a new 11 member executive committee has also been formed. Gopal Tiwari, Bijay Ghimire, Kedar Bhattarai and Bidya Bajracharya have been chosen to the posts of vice president, general secretary, secretary and treasurer respectively.
Similarly, Hirdaya Raj Gautam, Bhagirath Yogi, Madan Lamsal, Raj Kumar KC, Lokendra KC and Ram Sharan Sedhai have been elected as executive members of SEJON.
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