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108 | 209 | 0 | Construction | Civil Group to Invest Rs 1.5 Billion in Housing Civil Group is planning to invest Rs 1.5 billion in the housing industry. The group is conducting a feasibility study in order to develop housing projects in four cities outside the Kathmandu Valley. According to the Chairman of the group, Ichchha Raj Tamang, the study will be completed within the current fiscal year. Tamang said that the group plans to expand real estate market outside the Kathmandu Valley. The feasibility study is being carried out in cities such as Pokhara, Hetauda, Dharan and Itahari. Tamang stated that the construction process will begin within the next fiscal year. He also added, “Lately, people are attracted towards individual houses rather than to apartments. So, we have planned to increase investment in the housing.” As of now, the group has been investing in projects only based in Kathmandu Valley. So far, Rs 7 billion is the amount invested by the group in developing housing, apartments and commercial complexes. The group says that the houses that will be built outside the valley will be comparatively cheaper. Tamang stated that the houses will be built taking into consideration consumer’s demands and buying capacity. The housing sector has been experiencing a slowdown for the last three years but it has been showing signs of improvement lately. Tamang said that the expansion to newer cities is being done to address upcoming demands. Civil Group is planning to expand to more cities in the future. 400 MW of Clean Energy to Be Developed New Generation Power (NGP), a Chicago-based renewable energy company, and Hydro Solutions (HSL), a Nepali hydropower company, have signed a Memorandum of Understanding (MoU) to develop clean energy projects with a total capacity of around 400MW in Nepal. The MoU was signed by Dr. Chirinjeev Kathuria, Chairman and Nisha Joshi, Senior Vice-President (International) of NGP and Gyanendra Lal Pradhan, Executive Chairman of Hydro Solutions and Suman Neupane, President of NIC. Manish Miglani, the founder of MEI, facilitated this signing of MoU between NGP and HSL. According to Pradhan, the companies will now jointly work to develop, manage and even acquire clean energy projects in Nepal. HSL and NGP will also form a consortium including two of the latter’s partners -Nepal Infrastructure Consult (NIC) and Moksha Energy International (MEI) – to work together to develop and manage clean energy projects in the country,” Pradhan said. NGP, in association with some of its partners such as Panasonic, Martifer Solar or Toshiba,, has already built renewable energy projects (solar, biomass, wind, hydro, waste to energy, and geo-thermal energy) worth over 200MW in different parts of the world. Other projects, with a total capacity of around 3,000 MW, are still in the pipeline. HSL is a rapidly expanding energy company in Nepal. The company is already operating the 4.2MW Baramachi hydel project in Sindhupalchowk. Similarly, the 3.5 MW Charnawati in Dolakha, 10MW Upper Mai in Ilam, 20MW Lower Modi in Parbat and the 6.1MW Upper Mai ‘C’ in Ilam are in the final stage of construction. Likewise, the 42.9MW Ankhu in Dhading, 280MW Kaligandaki Gorge in Mustang and the 2.4MW Lower Charnawati in Dolakha are in the pre-construction phase, according to HSL’s website. NIC is a New York-based company which represents NGP in Nepal. MEI explores viable and creditable clean energy projects from around the globe on behalf of NGP. “HSL has its own portfolio of projects whose cumulative capacity is more than 400MW. So, finding suitable projects is not going to be a problem. Also, we may acquire other projects as well,” said Pradhan. |
1 | 2013-07-03 00:00:00 | 0000-00-00 00:00:00 | new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal | new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal | 94 | 1 | View Edit Delete | |||
109 | 209 | 0 | Banking May 2013 | Central Bank to Continue Managing NBL Nepal Rastra Bank (NRB) has decided to continue supervising the management of the Nepal Bank Limited (NBL) for nine more months. The board meeting of the Central Bank decided recently to extend the time to look after the management of the NBL and complete its recapitalisation within that period. The management of the NBL is led by the NRB’s Director, Maheshwor Lal Shrestha. The earlier tenure expired on mid- April. As the bank’s capital is yet to be improved, the management will be handed over to the NBL after the recapitalisation plan is completed within the extended time period, said the representatives of the Central Bank. As per the recapitalisation plan, the bank will issue 1:9.5 rights shares to its stakeholders to increase paid-up capital to Rs. 4 billion, from the current Rs. 380 million. The country’s oldest bank is also set to sell its fixed assets to increase its capital. The bank has also targeted to increase the public share to 49.94 percent as per the plan. Currently, government holds 41 percent stake in NBL while 50 percent is owned by public shareholders and the remaining belongs to different financial institutions. BFIs Increases Investment in Health Sector Investment in the health sector by Banks and Financial Institution (BFIs) has increased around 61 per cent until mid February 2013 in comparison to the same period previous year. The investment from BFIs in these sectors was Rs 9.79 billion till mid February 2013, while it was Rs 6.9 billion during the same period last year. According to the canalysts, different factors such as less risks, various facilities from government, discount in buying medical goods or high returns within short period have attracted more investments to the health sector, compared to other investment areas. The higher number of patients and the general increase of population have also attracted investment prospects in health sectors, mainly in medical centers, hospitals and nursing homes. Similarly, the investment by BFIs in the service sector, excluding education, has also increased up to 21 per cent during the same period, with total investment of Rs 66.83 billion. The investment in the same sector was Rs 55.14 billion in the corresponding period of previous year. |
1 | 2013-07-03 00:00:00 | 2013-07-03 00:00:00 | new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal | new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal | 95 | 1 | View Edit Delete | |||
110 | 209 | 0 | Tourism May 2013 | Standard of Star Hotels to be Upgraded to Int’l Levels Star hotels already established in Nepal and those that will soon be operating will have to meet the international standards. According to the Hotel Association of Nepal (HAN), the process to prepare new standards of all hotels, rated one to five stars, is still in the pipeline. According to HAN representatives, even though Nepali star hotels are said to meet international standards, the reality is different and they do not completely qualify. Prabin Pandey, Coordinator of hotel rating revision committee at HAN, said, “Nepali hotels are being enforced international standards to promote them in the international market.” A six-member committee was formed for this purpose after the Ministry of Culture, Tourism and Civil Aviation directed to revise standards of star hotels on March 21. According to the suggestions given by the committee, member hotels will be directed to follow the standards, said a representative of HAN. The committee will determine the number of rooms as well as the standards of suites, clubs and all kinds of rooms. Similarly, food quality and sanitation, along with the use of latest technology and electric doors will also be set as minimum standards. Currently, there are 10 five star hotels and two four star hotels in Nepal. Three and other star hotels are operating across the country. Yak & Yeti to Spend Rs 800m on Renovation Five-star Yak & Yeti will be investing nearly Rs 800 million on renovation and refurbishing of its standard rooms, according to Bharat Joshi, resident manager of the hotel. “We haven’t renovated our standard rooms for the past 32 years. We want to do it in the New Nepali year 2070 BS,” said Joshi, “We will also add new modern amenities.” The hotel plans to spend nearly Rs 500 million for the renovation of the 110 standard rooms it has. “The remaining amount will be spent on the amenities and kitchen and laundry services,” he added. Earlier, Yak & Yeti was planning to add 100 new rooms. But now that plan has been put off. “New rooms will be added when we achieve better occupancy rates,” he said. The hotel had an occupancy rate of 66 per cent in 2012 and plans to raise it to above 68 per cent in 2013.
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1 | 2013-07-03 00:00:00 | 0000-00-00 00:00:00 | new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal | new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal | 96 | 1 | View Edit Delete | |||
112 | 209 | 0 | Industries May 2013 | Commercial Code of Conduct in the Offing With an aim to make Nepali industries and corporate houses responsible and ethical, an extensive code of conduct is in the pipeline. National Business Initiative (NBI), a Nepali private sector NGO, has been working on a project about ethical practices in business. “This project was initiated to develop responsible and conducive business environment,” said Saroj Raj Pandey, Coordinator of the project. Although few business asociations have already developed a code of conduct of their own, it has not been implemented yet. Similarly, ethics developed some years ago have become outdated with the changing business styles and technology. Pandey stated that a project like this was initiated with the purpose of addressing such issues and also to encourage implementation of ethics throughout the country. Some institutions like the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Trekking Agencies’ Association of Nepal (TAN)the Hotel Association of Nepal (HAN) and the Nepal Association of Foreign Employment Agencies (NAFEA) each have a separate code of conduct for their respective sectors already but it is said to be ineffective. The project has four phases. The first one is expected to be completed within two years. This first phase will be a baseline survey. Later phases will be developing the code of conduct based on survey results, announcing the ethical codes and also working for its implementation. NBI representatives said that the project not only will be implementing ethics but also rewarding companies with best corporate practices. SMSI: Employing Women
Around 454,000 women are finding jobs in small and medium scale industries (SMSI). According to Women Entrepreneurs Association of Nepal (WEAN), female employees occupy almost half one million jobs created in this sector. “The increasing number of women getting employment in these industries is encouraging,” said Chhaya Sharma, President of the WEAN, in a summit organized by Young Women’s Entrepreneurs (YWEs). According to Sharma, there are 14,251 small and medium cottage industries run by women, out of 111,442 the total SMSIs across the country. Ajay Pradhananga, President of Nepalese Young Entrepreneur’s Forum (NYEF), said that women’s participation is increasing because of the ability of SMSIs to generate long term employment. He said, “Though the number of women entering this sector is increasing, the lack of access to banks and financial institutions and expertise in information and communication technology (ICT) have made them less competitive.” |
1 | 2013-07-03 00:00:00 | 0000-00-00 00:00:00 | new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal | new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal, current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events, ongoing biz news news of nepal | 98 | 1 | View Edit Delete |