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Tuesday, August 7, 2018 (22-04-2075) kathmandupost.ekantipur.com
HSBC to pay $765m US fine over crisis-era conduct
Inside
China tightens
controls to slow
currency’s fall
China has tightened con-
trols on trading in its
yuan to discourage spec-
ulators after a decline
against the dollar amid
a tariff dispute with
Washington fueled fears
of a damaging outflow
of capital from the
world’s second-largest
economy. Traders must
post a 20 percent deposit
starting Monday for con-
tracts to buy or sell yuan
on a future date. That
raises the cost of betting
it will drop and might
help to discourage spec-
ulative trading. The
tightly controlled yuan
has been allowed to
decline by about 8 per-
cent against the dollar
since early February.
That helps Chinese
exporters that face US
tariff hikes by lowering
their prices in dollar
terms. But it also
encourages investors to
shift money out of
China, which would
have a broader impact
by raising financing
costs for other
industries. Pg: II
Turkey lira hits
new record lows
on US strains
The Turkish lira on
Monday hit new record
lows against the dollar
and euro as strains
caused by a diplomatic
spat with the United
States compounded con-
cerns over domestic eco-
nomic policy. President
Recep Tayyip Erdogan
on Saturday said Ankara
would sanction two
American officials in
response to a similar
move by the United
States against Turkish
ministers over the deten-
tion in Turkey of pastor
Andrew Brunson.
Analysts say that while
the sanctions themselves
are almost meaningless,
the strains risk hurting
the already embattled
currency and could be a
harbinger of tougher
measures to come from
Washington. The lira,
which last week hit 5 to
the dollar for the first
time in history over the
sanctions, was trading at
5.17 to the dollar, a loss
of 1.8 percent on the day.
Against the euro, the
lira was trading at 5.97,
a loss of 1.7 percent on
the day, having earlier
tested the 6.0 ceiling for
the first time. Pg: III
Tambo Mobiles
debuts 8 new
models in Nepal
New mobile brand
Tambo Mobiles has for-
ayed into the Nepali
smartphone market with
the launch of six feature
phones and two smart-
phones. “After doing tre-
mendously well in India,
this will be Tambo’s first
foray into the interna-
tional market,” the com-
pany said in a statement.
Tambo Mobiles
launched 10 models in
April in India.
Shankaracharya Mobile
is the authorized dealer
of Tambo mobiles in
Nepal. The company
said it would release six
models of feature
phones, also called
Tambo Powerphones,
and two models of
smartphones, called
Tambo Superphones.
The TA 2 and TA 3 by
Tambo are among the
best selling smartphones
in India. They come
with several premium
features like full view
and face unlock, the
company said. Tambo
Mobiles provides a 200-
day replacement war-
ranty and 365-day screen
replacement warranty
on all models. Pg: IV
Agro products import
bill crosses Rs200b
SANGAM PRASAIN
KATHMANDU, AUG 6
Nepal’s agricultural goods
import bill crossed Rs200 bil-
lion for the first time in the
last fiscal year, propelling an
already bloated trade deficit to
its highest level on record.
According to the
Department of Customs,
Nepal imported farm products
worth Rs215.50 billion in the
last fiscal year, up 10 percent
year-on-year. The share of
agro products in the total
import bill has swelled to 17
percent. The country’s total
import bill amounted to
Rs1,243 billion in the last fiscal
year.
Nepal’s reliance on foreign
markets for agricultural goods
has increased nearly fivefold
in the last nine years. The food
import bill in 2009-10 amount-
ed to Rs44.43 billion. The
import bill jumped to Rs76.05
billion in 2011-12 and to Rs99.35
billion in 2012-13. It further
ballooned to Rs127.51 billion in
2013-14.
In 2014-15, Nepal imported
agro products worth Rs157.78
billion, pushing agro commod-
ities to the top of the list of
imports and knocking petrole-
um products from the number
one spot.
Experts said that a swelling
middle class, expanding popu-
lation and stagnant local agri-
Greece gets last
bailout tranche
AGENCE FRANCE-PRESSE
BRUSSELS, AUG 6
Greece received on Monday
the final 15-billion-euro pay-
ment from its eight-year bail-
out programme in what credi-
tors hailed as proof that tough
austerity measures were
“paying off.”
The payout by the European
Stability Mechanism (ESM),
the eurozone’s bailout fund,
comes ahead of the formal
end on August 20 of Greece’s
third financial rescue pack-
age since 2010.
The cash landed after
Eurozone finance ministers
in June reached what Greek
Prime Minister Alexis Tsipras
called a “historic” deal to end
the severe debt crisis that has
weighed down the country for
years. “The last disbursement
and the positive conclusion of
the final review send out a
message that Greece has come
a long way during the three
years of the ESM pro-
gramme,” ESM Managing
Director Klaus Regling said.
“The commitment and hard
work of the Greek people are
now paying off.” Regling said
the final set of reforms agreed
CTGC officials coming for talks on West Seti project
POST REPORT
KATHMANDU, AUG 6
Officials of China Three
Gorges Corporation (CTGC),
the potential developer of the
West Seti Hydropower Project,
are slated to visit Nepal soon
to hold final talks with
Investment Board Nepal (IBN)
to expedite the reservoir-type
project located in the coun-
try’s far western region.
Responding to an invitation
sent by IBN last week, the
Chinese company said that it
was in the process of getting
the go-ahead for the visit from
its board of directors. “The
Chinese developer has said
that its representatives will
visit us very soon to hold
talks,” said Uttam Bhakta
Wagle, spokesperson for IBN.
“Currently, they are in the pro-
cess of getting mandate from
Nepal’s agro
imports bill
Nepal’s reliance on foreign markets for
agricultural goods has increased
nearly fivefold in the last nine years
Vegetables
Rs22.67 billion Rs15.51 billion
Sugar & confectionery Oil seeds & fruits
Rs13.72 billion Rs11.34 billion
cultural production were driv-
ing up Nepal’s food imports.
The growth is unlikely to stop
due to increased migration of
farm labour to foreign job des-
tinations as the agriculture
sector has started to lose its
shine due to a low rate of
return.
Economists Keshav
by Greece in exchange for the
last payout “included impor-
tant actions in the field of tax
policy, combatting tax eva-
sion, public revenue reforms,
and the resolution of non-per-
forming loans.” In total 9.5
billion euros ($11 billion) of
the tranche will be used to
build up Greece’s cash safety
cushion to a hefty 24 billion
euros—22 months of Greece’s
financing needs after the bail-
out ends—according to the
ESM. The other 5.5 billion
euros will go on servicing
debt. Greece’s public finances
spun out of control in 2010,
sparking three international
bailouts—the last was in
2015—and threatening the
country’s membership of the
euro single currency.
In return Athens had to
bow to harsh terms imposed
by its creditors, especially
Germany, with austerity
measures and reforms strik-
ing at the heart of Greece’s
bloated public sector.
Announcing the deal in June,
leftist premier Tsipras donned
a tie for the first time since
taking office, having pledged
to wear one only when
Greece’s debt was cut.
their board.”
Last week, IBN wrote to
CTGC inviting it for talks as
approved by a meeting of its
board of directors. According
to Wagle, IBN will hold final
talks with the Chinese devel-
oper; and if they are found to
be unwilling to take the pro-
ject forward, the agreement
signed with them will be ter-
minated.
The 750 MW West Seti pro-
ject has been languishing in
uncertainty after CTGC said it
would not go ahead with the
scheme if the power purchase
rate was not increased.
A few months ago, CTGC
asked IBN to guarantee a rate
of return of 17 percent on the
project arguing that it would
not be bankable at the power
purchase rate fixed by the gov-
ernment.
As per the power purchase
Page II Britain’s Asia-focused bank HSBC on Monday revealed a $765-million US fine over the lender’s
actions in the run-up to the subprime crisis, as it also logged rising first-half profits.
Cereals
Rs44.52 billion
animal fodder Fertilizers
Rs15.23 billion
Coffee, tea & spices
Rs10.74 billion
Acharya said land is no more a
mode of production. “Today,
land has become a ‘store of
value’—an asset that can be
traded at high cost which is
way above the value of crop
production,” he said.
One of the key reasons
behind stagnant agricultural
production is labour shortage.
nParticipants of the Swiss Open 2018 fly over the Swiss Alps at the paragliding Swiss Championship in Disentis, Switzerland, on Sunday. The 7-day championship kicked off on
Sunday in Disentis. 
rate made public by the
Energy Ministry in January
2017, reservoir-type projects
like the West Seti will get
Rs12.40 per unit during the dry
cross currency
NR 110.5200 127.4600 0.9910 142.9000 110.7400 84.8400 81.6000 1.6015 Euro 127.46
INR 68.8625 79.4190 0.6179 89.0610 68.9720 52.7712 50.8430 0.6244
GBP 0.7739 0.8928 0.0069 0.7753 0.5940 0.5711 0.0112 0.0070
JPY 111.4900 128.6100 144.9275 111.7700 85.6000 82.3000 1.6184 1.0091
EUR 0.8666 0.0078 1.1201 0.8692 0.6647 0.6398 0.0126 0.0078
USD 1.1539 0.0090 1.2922 1.0023 0.7679 0.7384 0.0145 0.0090
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 horizontally is worth that amount in the currency mentioned vertically.
Vegetable fats & oils
Rs29.72 billion
Fruit & nuts
Rs14.52 billion
Animals
Rs4.13 billion
Source: Department of Customs
“And the country’s mechaniza-
tion policy failed to address
the problem of labour short-
age,” said Acharya.
Similarly, Nepali consump-
tion patterns have changed.
Currently, people are eating
larger amounts and they are
eating higher quality food due
to a rise in income levels. “As
season, which lasts from
December to May; and Rs7.10
per unit during the wet sea-
son, which lasts from June to
November.
USD EUR JPY GBP CHF CAD AUD INR NR
consumption has increased,
obviously the demand is met
by imports,” said Acharya.
A growth in the food pro-
cessing industry has also
increased the import bill.
Expansion in the livestock
industry was another reason
for the increase in the agro
product import bill. Customs
Department statistics show
that imports of animal fodder
amounted to Rs15.51 billion in
the last fiscal year.
Cereal tops the list of agro
imports followed by edible oil,
vegetables and food and ani-
mal fodder. As per the figures,
the cereal import bill amount-
ed to Rs44.52 billion in the last
fiscal year, up from Rs40.14
billion in the previous year.
Agro experts say that Nepal
started importing cereals
seven to eight years ago, and
now imports have risen to
alarming levels.
This is mainly because the
expanding population of
middle-income Nepalis pre-
fers to eat basmati rice, and
Nepal doesn’t grow such fine
rice in sufficient quantities.
Edible oil imports amounted
to Rs29.72 billion in the last
fiscal year, up from Rs28.83
billion.
Similarly, the vegetable
import bill increased to
Rs22.67 billion in the last fiscal
year from Rs21.50 billion in
the previous fiscal year.
After hearing CTGC’s posi-
tion, IBN formed a committee
last March to suggest possible
ways to break the stalemate.
The panel urged IBN to either
F ORE X
US Dollar 110.52
Pound Sterling 142.90
Japanese Yen 0.99
Chinese Yuan 16.14
Qatari Riyal 30.35
Australian Dollar 81.60
Malaysian Ringit 27.09
Saudi Arab Riyal 29.47
Exchange rates fixed by Nepal Rastra Bank
Contributory
pension scheme
proposed
RAJESH KHANAL For instance, if an employ-
KATHMANDU, AUG 6 ee retires after 20 years of
service and his last drawn sal-
The government has proposed
to set up a contributory pen-
ary was Rs30,000 per month,
the pensioner will receive a
sion scheme for civil servants
under which they will pay 6
percent of their monthly sala-
monthly pension of Rs12,000.
The government will raise
the pension amount by 10 per-
ry into the plan, and the gov- cent every three years. If the
ernment will match the person receiving the pension
amount of money that they dies, the spouse will receive 50
contribute. percent of the pension
A bill to set up the fund was amount. If both parents die,
tabled in Parliament on the children will receive the
Friday. “The provision will pension amount till they
reduce the financial liability reach the age of 18 years.
of the government while pro- Amid concerns that the
viding an opportunity to the current practice of the nation-
government to mobilise sur- al treasury paying pensions
plus amounts in the produc- may not be sustainable, the
tive sector,” states the bill. government has proposed to
As per the statement issued set up a contributory pension
by Finance Minister Yubaraj system in the Federal Civil
Khatiwada, the contributory Service Bill. The move is in
pension plan will be made line with the recommenda-
effective for all civil servants tion of the Federal
appointed from the com- Administrative Restructuring
mencement of the fiscal year Committee.
2018-19. “At a time when the The government has allo-
government has been facing cated Rs46.86 billion for pen-
an increasing liability of pen- sions and disability allowanc-
sion amount, the new provi- es in the current fiscal year.
sion will be made mandatory State spending on pensions
to run various types of social has been rising steadily in
security schemes.” recent years with the govern-
Civil servants who have ment spending Rs26.01 billion
served for at least 20 years in fiscal 2015-16 and Rs34.98
will be eligible to receive a billion in fiscal 2016-17. As per
pension. Retired government government statistics, 250,600
employees will receive a pen- civil servants received pen-
sion equivalent to 2 percent of sions worth Rs40 billion in the
the salary for the final month last fiscal year. Pension pay-
multiplied by the number of ments have almost doubled in
years of service. the past seven years.
Xinhua
scrap the deal or allow CTGC slashed installed capacity. If
to construct the project after the Chinese developer agrees,
slashing the installed capacity it will be allowed to proceed
to 600 MW as the Chinese com- with the project, according to
pany had proposed more than the source. West Seti has been
a year ago. During a meeting in limbo since CTGC subsidi-
with IBN, CTGC had proposed ary CWE Investment
decreasing the installed capac- Corporation and IBN signed a
ity citing a drop in the water memorandum of understand-
level in the river. A recent ing to construct the hydropow-
study by the Nepal Electricity er project in August 2012.
Authority (NEA), the state- It took more than five years
owned power utility and ven- to sign a joint venture agree-
ture partner of the Chinese ment between CTGC and the
company in the project, also NEA. As per the pact, the
showed that the installed Chinese company will have a
capacity needed a downward 75 percent stake in the joint
revision to fulfil the minimum venture company, while the
energy production require- NEA will hold the rest of the
ment of 35 percent during the shares. The West Seti
dry season due to a drop in the Hydropower Project will
water level in the river. extend across Baitadi,
IBN sources said the board Bajhang, Dadeldhura and Doti
would ask CTGC officials if districts, and is expected to
they were serious about devel- generate 2.8 billion units of
oping the project with the electricity per year.
C M Y K
Tuesday, August 7, 2018 | the kathmandu post world money II
news digest
Niki Lauda in China tightens controls HSBC to pay
$765m US fine
to slow currency’s fall
‘satisfying’ state
after operation
VIENNA: Three-time

over crisis-era
Formula One champion
Niki Lauda is in a “very
satisfying” state four
days after undergoing ASSOCIATED PRESS by the Chinese central bank to
an emergency lung BEIJING, AUG 6 set exchange rates have not

transplant following an
infection, Vienna’s gen-
eral hospital said on
Monday. “Already 24
hours after surgery Mr
Lauda could be extubat-
ed, was spontaneously
breathing and had full
consciousness,” the hos-
pital said in a state-
ment. “During the fol-
lowing days his condi-
tion has further
improved continuously
and all organs are func-
tioning well,” it went
on. Lauda, 69, had cut
short his holiday in
Ibiza at the end of July
and returned to Vienna
for treatment after
developing a lung infec-
tion. He was made a pri-
ority for a transplant
after having to be put
on an artificial lung.
The poisonous gases
inhaled during his infa-
mous 1976 accident—
where rescuers took
almost a minute to pull
him from his burning
car—have caused a
steady decline in the
strength of his
lungs. (AFP)
Indra Nooyi
stepping
down as CEO
NEW YORK: Pepsico
announced Monday that
Indra Nooyi is stepping
down as chief executive
after 12 years at the
helm of the US soft
drinks and snacks
giant. She will be
replaced by President
Ramon Laguarta on
October 3, but will
remain as chair of the
board until early 2019 to
oversee the transition.
“Her leadership and
vision propelled our
performance, trans-
formed our company
and embedded sustaina-
bility into everything
we do. Thank you, @
IndraNooyi!” Pepsico
said on its Twitter
account, announcing
the change. Nooyi, who
has been with the com-
pany for 24 years, led a
strategic shift away
from junk foods toward
healthier options dur-
ing her 12 years
as CEO. (AFP)
BMW apologises
for engine fires
SEOUL: German auto-
maker BMW apologised
Monday for a spate of
engine fires in South
Korea that angered con-
China has tightened controls
on trading in its yuan to dis-
courage speculators after a
decline against the dollar
amid a tariff dispute with
Washington fueled fears of a
damaging outflow of capital
from the world’s second-larg-
est economy.
Traders must post a 20 per-
cent deposit starting Monday
for contracts to buy or sell
yuan on a future date. That
raises the cost of betting it
will drop and might help to
discourage speculative trad-
ing.
The tightly controlled yuan
has been allowed to decline by
about 8 percent against the
dollar since early February.
That helps Chinese export-
ers that face US tariff hikes by
lowering their prices in dollar
terms. But it also encourages
investors to shift money out of
China, which would have a
broader impact by raising
financing costs for other
industries.
On Friday, the yuan slipped
to a 13-month low of 6.91 to the
dollar, close to the highly sym-
bolic level of 7, before
strengthening to 6.83 after the
margin requirement was
announced.
The deepening US-Chinese
tariff fight prompted sugges-
tions Beijing might weaken
nIn this file photo taken on May 18, 1984, French chef Joel Robuchon poses holding a fish in Port Grimaud, southeastern France. Joel Robuchon, the world’s most-starred
Michelin chef who tore down kitchen walls to give diners new insights into the art of haute cuisine, has died at 73, a French government spokesman said on Monday. 
the yuan to help exporters.
But analysts say the decline
has been driven mostly by
China’s slowing economic
growth and the diverging
direction of US and Chinese
interest rates.
Washington imposed 25 per-
cent tariffs on $34 billion of
Chinese goods on July 6 and is
considering an increase on an
additional $16 billion, with
another $200 billion list of
goods threatened. Beijing
matched Washington’s first
round of increases and on
Friday threatened penalty
charges on another $60 billion
of US imports.
Communist leaders have
tried to stick to long-term eco-
nomic plans, resisting US
President Donald Trump’s
demands to change industry
development strategies
Washington and other govern-
ments say violate their mar-
ket-opening commitments.
That business-as-usual
approach has included the
People’s Bank of China allow-
ing the yuan to fluctuate more
widely. Beijing wants to make
the exchange system more
market-oriented and efficient.
The central bank “had been
largely tolerant” of the yuan’s
decline, said Jingyi Pan in a
report. But the latest changes
“may have gathered concerns
including capital flight.”
The margin of decline
against the dollar has been
unusually wide because other
currencies in the basket used
conduct
risen along with the green-
back. Compared with the over-
all basket, the yuan has
declined by a smaller margin
of 4 percent, according to Carl
B. Weinberg of High-
Frequency Economics.
“These are trivial moves in
the medium term, despite vol-
atility recently,” said Weinberg
in a report. Beijing imposed
similar controls in October
2015 after a change in the
exchange rate mechanism
prompted markets to bet the
yuan would fall, according to
Philip Wee and Eugene Leow
of DBS Group. The currency
temporarily steadied but fell
further the following year.
Making it harder to bet on
the yuan “did not insulate it
from the currency war,” said
Wee and Leow in a report.
The effectiveness of the lat-
est controls will be limited,
analysts said. The yuan still
faces downward pressure as
Chinese and US interest rates
head in opposite directions.
The Federal Reserve is rais-
ing US rates while Beijing
eases access to credit to pep up
cooling economic growth.
That encourages investors to AGENCE FRANCE-PRESSE and in terms of estimating
convert money into dollars in LONDON, AUG 6 potential impact it’s diffi-
search of higher returns. cult because we don’t quite
Due to that, “the outlook of Britain’s Asia-focused bank know what the substance
yuan remains weak,” said HSBC on Monday revealed of the trade war will be.
Margaret Yang of CMC
Markets in a report.
a $765-million US fine over
the lender’s actions in the
“We’ve got some tariffs
in place and some coming,
run-up to the subprime cri- but the full impact is very
sis, as it also logged rising difficult to estimate.
first-half profits. “It is possible that it will
HSBC said it has agreed shave China’s GDP growth
to pay the large US penalty by a modest amount but (it
over its conduct in residen- is) too early too start pre-
tial mortgage-backed secu- dicting.”
rities (RMBS), a type of Turning to Britain’s
investment derivative that looming departure from the
bundled home loans into European Union next year,
securities and was sold to the bank chief stressed that
investors before the 2008 its cost estimate for a
financial meltdown. so-called hard Brexit
“HSBC reached a settle- remained unchanged.
ment-in-principle to resolve The lender had warned
the Department of Justice’s late last year that a chaotic
civil claims relating to its Brexit could cost it up to
investigation of HSBC’s $300 million.
legacy RMBS origination It had also outlined ten-
and securitisation activi- tative plans to switch 1,000
ties from 2005 to 2007,” the jobs to Paris from London
lender announced in a owing to Britain’s depar-
results statement. ture from the European
“Under the terms of the Union due in 2019.
settlement, HSBC will pay “Our role has been to
the DoJ a civil money pen- ensure that we are in a posi-
alty of $765 million.” tion to secure customers’ ...
The London- needs across the UK,
headquartered giant is the Europe and the network
latest global bank to reach a that we serve in 67 markets
US settlement over conduct across the world,” added
in the run-up to the notori- Flint on Monday.
ous subprime crisis “Our planning from the
which sparked a worldwide outset has been based on
recession. what is euphemistically
However, the deal was called a hard Brexit, and
AFP/rss agreed in July and there- therefore the cost guidance
fore was not included in that we have given in that
HSBC’s first half results, regard remains absolutely
which cover the six months consistent with what we

Saudi Arabia freezes new trade with Canada

sumers and sparked a
government investiga-
tion into an alleged
delay in recalling more
than 100,000 cars. More
than 30 BMW cars—
mostly the 520d sedan
model—have caught fire
this year in South
Korea, forcing the firm
to issue a recall last
month to fix a faulty
component that was
aimed at reducing
emissions from
diesel engines. “We
offer our sincere
apology with our
heads down for causing
concern and anxiety
among customers, the
public and the govern-
ment due to recent fire
accidents,” said Kim
Hyo-joon, head of
BMW’s Korea unit. (AFP)
REUTERS
RIYADH/OTTAWA, AUG 6
Saudi Arabia froze new trade
and investment with Canada
and expelled the Canadian
ambassador, in a stern gesture
of retaliation after Ottawa
urged it to free arrested civil
society activists.
The sudden sharp response
to criticism shows the limits
of reforms by Saudi Arabia’s
32-year-old Crown Prince
Mohammed bin Salman, who
runs its day-to-day govern-
ment. He has launched a cam-
paign of social and economic
change, but has not eased the
absolute monarchy’s total ban
on political activism.
In recent months Saudi
Arabia has lifted a ban on
women driving, but it has also
arrested activists, including
more than a dozen high profile
campaigners for women’s
rights. Riyadh recalled its own
ambassador from Canada and
gave the Canadian ambassa-
dor 24 hours to leave, a Saudi
foreign ministry statement
said late on Sunday. It retained
“its rights to take further
action”, it added.
The announcement, carried
on the official Saudi Press
Agency caught diplomats in
Riyadh off guard. Both the
Saudi and Canadian ambassa-
dors were away on leave when
it was made.
It was not immediately
clear what effect, if any, the
ban on new trade would have
on existing annual Saudi-
Canadian trade of nearly $4
billion and on a $13 billion
defense contract.
A spokeswoman for the
Canadian Foreign Ministry
said Canada was “seriously
concerned” about Saudi
Arabia’s decision, but stand-
ing its ground on human
rights comments. “Canada
will always stand up for the
protection of human rights,
very much including women’s
rights, and freedom of expres-
sion around the world,” said
spokeswoman Marie-Pier
Baril. On Friday, Canada had
expressed concern over the
arrests of activists in Saudi
Arabia, including prominent
women’s rights campaigner
Samar Badawi.
“We urge the Saudi authori-
ties to immediately release
them and all other peaceful
human rights activists,”
Global Affairs Canada said on
its Twitter feed. Riyadh said
that amounted to “a blatant
interference in the Kingdom’s
domestic affairs, against basic
international norms and all
international protocols”.
“It is quite unfortunate to
see the phrase ‘immediate
release’ in the Canadian state-
ment, which is a reprehensible
and unacceptable use of lan-
guage between sovereign
states.” The kingdom will sus-
pend educational exchange
programs with Canada and
move Saudi scholarship recip-
ients to other countries, Saudi-
owned Al Arabiya reported on
Monday. Neighbors and allies
Bahrain and the United Arab
Emirates said they stood with
Riyadh, although they did not
announce similar measures.
Crown Prince Mohammed,
as heir to the throne, is in line
to become the first Saudi king
from a new generation after a
succession of six brothers dat-
ing to 1953. He has ambitions
to diversify the economy from
oil exports and ease some
social restrictions. But his
reforms include no changes
that would liberalize a politi-
cal system that allows no pub-
lic dissent. Amnesty
International said the
response to Canada showed
that it was important Western
countries not be intimidated
into silence over Riyadh’s
treatment of dissenters.
to June. HSBC posted
advancing first-half profits
and expressed optimism
over the outlook—despite
headwinds from rising
costs, the China-US trade
war and Brexit.
Pre-tax profit rose almost
five percent to $10.7 billion
in the six months to the end
of June compared with a
year earlier.
Net profit or earnings
after taxation gained 2.5
percent to $7.173 billion,
boosted by high-growth
markets—particularly in
Asia and the Middle East.
“We haven’t yet seen any
impact on our business or
through our customers,”
chief executive John Flint
told reporters when asked
about the impact of the
China-US trade spat.
“It’s still too early to tell
have talked about in the
past.” Revenues were up
four percent at $27.3 billion
in the reporting period—
but operating expenses
grew seven percent to $17.5
billion.
In late morning deals,
HSBC shares fell 0.53 per-
cent to 712 pence on
London’s rising FTSE 100
index. “The market has
reacted cautiously to the
numbers ... because the
group reported costs rising
significantly faster than
income,” noted Hargreaves
Lansdown analyst Steve
Clayton.
After wide-ranging cut-
backs that saw 50,000 jobs
axed in an overhaul
announced in 2015, the
bank added on Monday that
it was now hiring again as
it seeks new growth areas.

r e n e w i n g t h r e at s

Iran receives more airplanes ahead of renewed US sanctions

ASSOCIATED PRESS
TEHRAN (IRAN), AUG 6
Iran acquired five new commer-
cial aircraft on Sunday, a day
before the US begins restoring
sanctions that had been lifted
under the 2015 nuclear accord
with world powers.
The arrival of the ATR72-600
airplanes at Tehran’s Mehrabad
International Airport represented
perhaps the last benefits Iran will
see under the nuclear deal after
President Donald Trump with-
drew from it in May. Economic
woes are sparking sporadic, lead-
erless protests across the country.
The rhetoric between the US
and Iran remains heated, despite
Trump tweeting last week that he
would be willing to meet with
Iranian President Hassan
Rouhani. Iran’s powerful
Revolutionary Guard on Sunday
acknowledged conducting recent
naval exercises near the crucial
Strait of Hormuz after renewing
threats to cut off the waterway to
oil traders.
Iran’s state-run IRNA news
agency reported the arrival of the
five ATR72-600 airplanes, which
are twin-engine turboprops used
for short-distance regional flights.
Their arrival means state carrier
Iran Air has received 13 of the 20
it ordered from the French-Italian
manufacturer in April 2017. The
deal had a list value of $536 mil-
lion, though buyers and manufac-
turers typically negotiate lower
prices.
ATR, jointly owned by
European consortium Airbus and
Italy’s Leonardo, has been push-
ing US officials to allow it to finish
its delivery of aircraft to Iran. The
US Treasury must approve the
sale of airplanes whose compo-
port for the Syrian government
and regional militant groups, two
issues not covered by the 2015
deal.
Iran “has treated its people very
poorly, and that’s led to terror.
They’re the world’s largest state
sponsor of terror. That’s what
America is trying to get Iran to
stop doing. That’s the behavioral
change that we’re looking for from
the Iranian regime,” Secretary of
State Mike Pompeo told Metro TV
in Jakarta.
n Iran Air’s new commercial aircrafts are parked at Mehrabad airport in Tehran, “The president has always said
Iran, on Sunday.  AP he is prepared to talk, but it’s
important that Iran has to be com-
nents are at least 10 percent allowing regular inspections. UN mitted to changing its ways in
American-made, like the AT72-600. inspectors said Iran was comply- order for those discussions to
The Toulouse, France-based ing with the deal, but Trump felt prove of any value,” he added.
firm did not immediately respond the agreement did not go far Trump himself was more blunt
to a request for comment. enough. He has called for a new in a tweet he posted Saturday,
The nuclear deal lifted interna- accord that would include a radi- writing: “Iran, and it’s economy, is
tional sanctions in return for Iran cal transformation of Iran’s poli- going very bad, and fast! I will
limiting its nuclear program and cies, including its military sup- meet, or not meet, it doesn’t mat-
ter—it is up to them!”
Iran had hoped the lifting of
sanctions would allow it to replace
its aging commercial airline fleet,
but the US withdrawal has halted
billion-dollar deals struck with
Airbus and Boeing. European
countries, along with Russia and
China, remain committed to the
nuclear deal, but European com-
panies are unlikely to risk US
sanctions to do business with
Iran. Iran’s economy has rapidly
deteriorated in recent months due
in part to uncertainty over the
atomic accord, fueling protests.
The Iranian rial has fallen to
99,000 to the US dollar despite a
government-imposed rate of
44,000.
In recent days, protests have
broken out in several cities, with
at least one person shot and killed.
Some protesters have shouted
“Mullahs get lost!” and “Death to
the dictator!” the semi-official
Fars news agency has reported.
US sanctions targeting Iranian
trade in automobiles, gold and
other key metals will be re-im-
posed on Monday, while sanctions
targeting the country’s energy and
banking sector will resume Nov. 4.
The sanctions targeting Iran’s oil
industry could cut off a crucial
source of hard currency.
The US has been pushing its
allies to halt their import of
Iranian oil ahead of the November
deadline. Among the top import-
ers of Iranian oil are China, India,
Turkey and South Korea.
Rouhani has suggested Iran
might block the Strait of Hormuz
in response to a shutdown of its
oil exports. The strait at the
mouth of the Persian Gulf is cru-
cial to global energy supplies as
about a third of all oil traded at
sea passes through it.

C M Y K
III money economy the kathmandu post | Tuesday, August 7, 2018

news digest returning in droves

Trade war woes
linger on global
markets
LONDON: World stock
markets slipped
Monday as trade war
fears continued to ham-
per investor sentiment,
dealers said. Key
European markets
reversed early slight
gains to trade lower by
mid-afternoon. Wall
Street also dipped at the
New York opening bell
“as escalated trade ten-
sions between China
and the US continue to
curb conviction”, ana-
lysts at the Charles
Schwab brokerage said.
Earlier, an equities rally
in Asia petered out on
concerns about the
brewing China-US trade
war, while the yuan
struggled to maintain
momentum after the
Chinese central bank
moved to support the
unit. “European bours-
es are struggling to
keep their heads above
water ... as trade war
fears eroded gains in
Asian markets,” said
Fiona Cincotta, analyst
at City Index. (AFP)
Carrefour, Tesco
seal purchasing
deal
PARIS: Carrefour and
Tesco, two of Europe’s
largest retailers, said
Monday they had final-
ised a purchasing alli-
ance to increase their
leverage with suppliers
in the fiercely competi-
tive supermarket sector.
The French and British
supermarket giants said n Foreign tourists carry their belongings on the beach as they leave Gili Trawangan island after an earthquake hit Lombok island in Pamenang, Indonesia on Monday. REUTERS
in a joint statement that
they expect the alliance
to become operational

Trump’s trade ‘extortion’ won’t Turkey lira hits

in October. Tesco chief
executive Dave Lewis
said in June when the
plan was announced

new record lows

that the alliance would

work, China state media says

enable the supermarket
chains to “serve our
customers even better,

further improving
choice, quality and
value.” Other European
rivals are similarly
scrambling to reduce
supply costs. Britain’s
second and third-big-
gest supermarket
chains, Sainsbury’s and
Walmart-owned Asda,
have agreed to
merge. (AFP)
German
industrial orders
plunge in June
FRANKFURT: Industrial
orders in Germany fell
more than expected
June, official data
showed Tuesday, as
global trade tensions
weighed on Europe’s
top economy. New con-
tracts at industrial
firms plunged four per-
cent month-on-month,
federal statistics
authority Destatis said
in figures adjusted for
seasonal swings, follow-
ing a 2.6 percent
increase in May.
Analysts surveyed by
Factset had predicted a
far smaller drop of 0.25
percent in June.
Analyst Carsten
Brzeski from ING Diba
bank described the
June reading as a “cold
summer shower”.
“Disappointing new
orders data show tenta-
tive signs of trade ten-
sions hitting the
German economy,
which doesn’t bode well
for the industrial out-
look in the 2nd half of
the year,” he said. (AFP)
REUTERS
SHANGHAI/BEIJING, AUG 6
Chinese state media on
Monday lambasted US
President Donald Trump’s
trade policies in an unusually
personal attack, and sought to
reassure investors anxious
about China’s economy as
growth concerns battered its
financial markets.
China’s strictly controlled
news outlets have frequently
rebuked the United States and
the Trump administration as
the trade conflict has escalat-
ed, but they have largely
refrained from specifically tar-
geting Trump.
The latest criticism from
the overseas edition of the rul-
ing Communist Party’s
People’s Daily newspaper sin-
gled out Trump, saying he was
starring in his own “street
fighter-style deceitful drama
of extortion and intimida-
tion”.
Trump’s desire for others to
play along with his drama is
“wishful thinking”, a com-
mentary on the paper’s front
page said, arguing that the
United States had escalated
trade friction with China and
turned international trade
into a “zero-sum game”.
“Governing a country is not
like doing business,” the paper
said, adding that Trump’s
actions imperilled the nation-
al credibility of the United
States.
The heated dispute between
the world’s two biggest econo-
mies has roiled financial mar-
kets including stocks, curren-
cies and the global trade of
n A worker packs bottles of soybean oil made from the US imported soybeans at the plant of Liangyou
Industry and Trade Co., Ltd in Qufu, Shandong province, China.
commodities from soybeans to
coal in recent months. Last
month, the International
Monetary Fund warned that
escalating trade conflicts fol-
lowing US tariff actions on its
trading partners threaten to
derail the global economic
recovery.
The United States and
China implemented tariffs on
$34 billion worth of each oth-
er’s goods in July. Washington
is expected to soon implement
tariffs on an additional $16 bil-
lion of Chinese goods, which
China has already said it will
match immediately.
On Friday, China’s finance
ministry unveiled new sets of
additional tariffs on 5,207
goods imported from the
United States worth $60 bil-
lion.
That move was in response
to the Trump administration’s
proposal of a 25-percent tariff
on $200 billion worth of
Chinese imports.
The trade war, rising corpo-
rate bankruptcies, and a steep
decline in the value of the
yuan versus the dollar have
raised concerns that China’s
economy could face a steeper
slowdown.
Recent data showed growth
has already started to cool.
The government has respond-
ed by releasing more liquidity
into the banking system,
encouraging lending and
promising a more “active” fis-
cal policy.
REUTERS
US companies are putting
in place measures to cushion
the impact of the trade row,
including price hikes, and a
number of companies—from
industrial firms to home fur-
nishers and toymakers—have
said they will move some
sourcing and manufacturing
outside of China.
China’s exports are expect-
ed to have maintained solid
growth in July despite the new
tariffs on billions of dollars of
shipments to the United
States, though the outlook has
darkened as both sides raised
the stakes in the trade brawl.
The vitriol from the People’s
Daily follows Trump’s com-
ments on Twitter from
Saturday in which he boasted
that his strategy of placing
steep tariffs on Chinese
imports was “working far bet-
ter than anyone ever anticipat-
ed”, and that Beijing was now
talking to the United States
about trade.
Trump cited losses in
China’s stock market as he
predicted the US market could
“go up dramatically” once
trade deals were renegotiated.
China’s stocks were lower
on Monday as Beijing’s latest
tariff threats escalated the tit-
for-tat Sino-US trade war,
while the yuan weakened after
briefly edging up despite the
central bank’s latest efforts to
shore up the tumbling curren-
cy.
Michael McCarthy, Sydney-
based chief market strategist
at CMC Markets and
Stockbroking, wrote in a note
to clients that while China’s
proposed new tariffs appeared
proportionate, “White House
tweets claiming an upper hand
for the US over the weekend
risk another round of confi-
dence sapping exchanges.”
A flurry of articles in
Chinese state media empha-
sised the resilience of China’s
economy and downplayed con-
cerns about the impact of the
Sino-US trade war.
“Market participants fore-
see a relatively stable Chinese
currency in the near term,
without fear of impacts from
the US-China trade dispute.
They expect solid economic
growth momentum amid poli-
cy fine-tuning,” an article in
the official English-language
China Daily newspaper said,
citing Chinese economists.
on US strains
AGENCE FRANCE-PRESSE
ISTANBUL, AUG 6
The Turkish lira on Monday
hit new record lows against
the dollar and euro as strains
caused by a diplomatic spat
with the United States com-
pounded concerns over
domestic economic policy.
President Recep Tayyip
Erdogan on Saturday said
Ankara would sanction two
American officials in
response to a similar move by
the United States against
Turkish ministers over the
detention in Turkey of pastor
Andrew Brunson.
Analysts say that while the
sanctions themselves are
almost meaningless, the
strains risk hurting the
already embattled currency
and could be a harbinger of
tougher measures to come
from Washington.
The lira, which last week
hit 5 to the dollar for the first
time in history over the sanc-
tions, was trading at 5.17 to
the dollar, a loss of 1.8 percent
on the day.
Against the euro, the lira
was trading at 5.97, a loss of
1.7 percent on the day, having
earlier tested the 6.0 ceiling
for the first time.
The currency was also pres-
sured by an announcement by
the Office of the US Trade
Representative it was review-
ing Turkey’s eligibility of a
scheme that allows the export
of certain products to the US
duty free.
The row with the United
States had added to concerns
about economic and mone-
tary policy in Turkey after the
re-election of Erdogan for a
new term with strengthened
powers on June 24.
One of Erdogan’s first
moves after his inauguration
was to jettison the relatively
trusted economic policymak-
ing team and hand a
newly expanded finance min-
istry to his son-in-law Berat
Albayrak.
Meanwhile, Turkey’s
central bank—which is theo-
retically independent—
disappointed markets on
July 24 by leaving rates
unchanged despite inflation
that has now reached almost
16 percent.
Erdogan has repeatedly
urged the central bank to
lower rates to boost growth,
baffling markets by express-
ing the unorthodox view that
lower interest rates can help
bring down inflation.
“The current level of real
policy rate is insufficient to
compensate for the height-
ened geopolitical risk premi-
um after US sanctions, which
will keep the lira vulnerable
to a further escalation of geo-
political tensions,” said Inan
Demir, economist at Nomura,
in a note to clients
He added the central bank’s
latest comments indicate that
it is “not in a position to raise
rates and the most that can be
expected is to keep rates
unchanged for an extended
period.”
“This means the risk-re-
ward profile for the lira is still
unattractive,” he added.

surge of interest

Hopes of North Korea economic reform spur surge in Chinese tourism

REUTERS
DANDONG (CHINA), AUG 6
North Korea’s proclaimed shift in
national focus to economic devel-
opment from nuclear arms is
prompting cautious optimism
across the Chinese border in
Dandong, a trading hub hit hard
by United Nations sanctions
against Pyongyang.
Travel agents in the Chinese
city say they have seen a surge of
interest from across the country
in recent weeks, boosting an
already strong peak tourism sea-
son. North Korean leader Kim
Jong Un’s economic reform plans
and warming ties between
Pyongyang and its main backers
in Beijing were behind the jump
in activity, agents said.
“People who may have long
been curious about seeing North
Korea may think that now it is
safer than ever,” said tour guide
Teng Yi, who returned from lead-
ing a tour to Pyongyang on
Sunday.
After meeting with Chinese
President Xi Jinping in Beijing on
June 19, their third such summit
since March, Kim spent the subse-
quent month inspecting factories
and industrial projects along the
Chinese border region.
The unusually long trip, plus
meetings with U.S Secretary of
State Mike Pompeo and South
Korea’s unification minister,
underlined Kim’s desire to rally
support at home for his economic
drive and convincing outsiders of
his willingness to denuclearise.
A dip in visitors after a tour bus
crash killed 32 Chinese nationals
in April proved a mere blip. Half-
day and one-day tours to the
neighbouring North Korean city
of Sinuiju now book out within an
n A file photo shows tourists waiting at the Dandong Customs before crossing
the border with North Korea in Dandong, Liaoning province, China.
hour of tickets being released,
travel agents in Dandong say.
Four-day tours, which take in
the capital Pyongyang and the
Panmunjom truce village are fully
booked through to the end of
August, despite increased capacity
through more frequent trains and
REUTERS
coaches.
Tourism is one of the few
remaining reliable sources of for-
eign income for North Korea, after
the UN imposed sanctions target-
ing 90 percent of its $3 billion
annual exports including com-
modities, textiles and seafood.
China has not provided a break-
down of the number of tourists
travelling to North Korea since
2013. The Korea Maritime
Institute, a South Korean think-
tank, estimates tourism generates
$44 million a year for the isolated
country, with Chinese tourists
making up about 80 percent of all
foreign visitors to the North.
At a plenary meeting of the rul-
ing Workers’ Party central com-
mittee in April, Kim said the
North would shift its national
focus away from a “two-track”
strategy of developing the econo-
my in tandem with developing
nuclear weapons, having success-
fully concluded the latter. The
national focus, he said, would now
solely be on developing the econo-
my. Betting on Pyongyang’s pledge
to rebuild its economy, property
speculators pushed up home pric-
es in Dandong to such an extent
that local authorities stepped in to
impose purchase restrictions in
May. However, questions remain
about Kim’s willingness to give up
his nuclear weapons programme
and whether he continues to
develop missiles and nuclear
material.
The unpredictability of Kim
and the continued uncertainty
since his meeting with Donald
Trump in June has meant most
traders and businesses in
Dandong continue to hold out a
pragmatic ‘wait and see’ attitude.
But those with a more optimis-
tic bent in Dandong told Reuters
they saw Kim’s travels in the
Chinese border region, including
to the island of Hwanggumpyong,
as a signal the long-dormant spe-
cial economic zone marked out
there between the two countries
in 2011 could be revived if things
progress well. The plans for
Hwanggumpyong, adjacent to
Dandong, were announced to
much fanfare, but already stutter-
ing progress was curtailed in 2013
when Kim executed his uncle
Jang Song Thaek—a top official
who handled most of the North’s
dealings with China.
The value of new property
developments in the Dandong New
Zone, designed to feed the
Hwanggumpyong joint economic
zone, spiked by more than 30 per-
cent immediately after Kim first
announced his economic focus,
but has since cooled slightly as the
US maintains pressure to keep
sanctions in place.
Sanctions have weighed on
traders in Dandong who deal with
North Korean coal and other
heavy commodities, as well as fac-
tories and restaurants who
employ cheaper North Korean
labour.

C M Y K
Tuesday, August 7, 2018 | the kathmandu post bazaar money IV
shares
Tambo Mobiles debuts
market watch

Nepse 1,189.67pts
-0.02%
RETAIL PRICE

8 new models in Nepal

Vegetables Unit Price (Rs)
highest losers
Red Potato kg Rs58
MPFL CEFL NNLB SLBS HATH UMHL
-8.63% -3.66% -3.44% -2.73% -2.36% -2.35% White Potato kg Rs48

moderate losers Onion (Indian) kg Rs48

JFL JSLBB KRBL NEF BHBL MLBL POST REPORT and 365-day screen replacement Tomato Small kg Rs45
-2.08% -1.96% -1.85% -1.58% -1.57% -1.55% KATHMANDU, AUG 6 warranty on all models.
“We are happy to introduce Carrot kg Rs125
moderate gainers New mobile brand Tambo Mobiles Tambo mobile phones in Nepal.
has forayed into the Nepali Nepali customers will be able to Tomato Big kg Rs55
AMFI GUFL NMFBS IGI AKPL RADHI smartphone market with the purchase quality mobile phones
1.85% 1.90% 1.96% 1.99% 2.4% 2.67% launch of six feature phones and at reasonable prices. We are com- Squash kg Rs65
two smartphones. mitted to bringing phones as per
highest gainers “After doing tremendously well customer interest in the days to Cabbage kg Rs55
SLBBL STC CBBL RHPC PROFL SMB in India, this will be Tambo’s first come as well,” said Sudhir Kumar,
foray into the international mar- CEO of Tambo Mobiles. Brinjal Long kg Rs55
3.78% 3.84% 3.93% 4.34% 8.33% 9.95%
ket,” the company said in a state- All Tambo phones sold in
ment. Tambo Mobiles launched 10 Nepal have features like full
Cow Pea kg Rs85
models in April in India. view display, face recognition Cauliflower kg Rs75
Shankaracharya Mobile is the and fingerprint sensor which
Nepal Stock Exchange authorized dealer of Tambo are generally available on
Singhadurbar Plaza, Kathmandu Fruits Unit Price (Rs)
August 06, 2018 mobiles in Nepal. The company premium smartphones only.
said it would release six models of These phones support 4G VoLTE Apple kg Rs115
Trading Information Trading Price
feature phones, also called Tambo and include features like wi-fi,
SN Company Max Min Closing No Shares
Powerphones, and two models of Bluetooth, GPS and headphone
Pomegranate kg Rs190
1 Agriculture Dev Bank Ltd 328 325 326 9520
2 Api Power Co Ltd 271 266 270 964 smartphones, called Tambo jack. Pineapple kg Rs105
3 Arambha MicroFin Bittiya Sanstha Ltd 658 658 658 10 Superphones. Established in 2017 in India,
4 Arun Kabeli Power Ltd 257 249 256 1252 The TA 2 and TA 3 by Tambo Tambo aims to do business
5 Arun Valley Hydropower Dev Co Ltd 141 137 141 2309 Cucumber kg Rs55
6 Asian Life Insurance Co Ltd 631 630 630 534 are among the best selling smart- differently and efficiently,
7 Bank of Kathmandu Ltd 264 259 263 2903 phones in India. They come with and is driven by systems to give Papaya kg Rs85
8 Barun Hydropower Co Ltd 136 136 136 20 several premium features like full maximum value to its customers,
9 Best Fin Co Ltd 103 103 103 800 view and face unlock, the compa- partners and people, the of Superphones and Powerphones “Through its products, Tambo Banana Doz Rs95
10 Bhargav Bikash Bank Ltd 125 125 125 10
11 Bottlers Nepal (Terai) Ltd 5401 5400 5400 50 ny said. Tambo Mobiles provides company said. to enable greater flexibility and aims to deliver delight, durability
12 Butwal Power Co Ltd 447 439 441 1320 a 200-day replacement warranty Tambo has a product portfolio mobility in people’s lives. and design,” it said. Lime 100Pcs Rs225
13 Central Fin Co Ltd 116 114 116 600
14 Century Commercial Bank Ltd 170 168 168 7047
15 Chhimek Laghubitta Bikas Bank Ltd 905 880 899 13184
16 Chhyangdi Hydropower Ltd 126 125 125 118 daily commodities
17
18
Chilime Hydropower Co Ltd
Citizen Bank International Ltd
742
233
739
231
740
232
2336
9905 ostrich farm Commodities Unit Price (Rs)
19 Citizen Investment Trust 2431 2417 2417 763
20 Citizens Mutual Fund -1 8.98 8.98 8.98 500
21 City Express Fin Co Ltd 108 105 105 470 Pokhreli Rice kg Rs75
22 Civil Bank Ltd 150 147 148 12463
23 Civil Laghubitta Bittiya Sanstha Ltd 730 730 730 10 Jeera Masino Rice kg Rs70
24 Deprosc Laghubitta Bittiya Sanstha Ltd 701 700 700 225
25 Deva Bikas Bank Ltd 128 127 127 784
26 Dibyashwori Hydropower Ltd 106 106 106 20 Indian Basmati Rice kg Rs120
27 Everest Bank Ltd 668 664 665 6285
28 Everest Insurance Co Ltd 1286 1280 1280 709 Mansuli Rice kg Rs55
29 Excel Dev Bank Ltd 325 324 324 320
30 First Micro Fin Dev Bank Ltd 500 492 494 4366
31 Forward Community MicroFin Bittiya Sanstha Ltd 2115 2078 2109 543
Sona Rice kg Rs50
32 Gandaki Bikas Bank Ltd 193 192 192 5585
33 Garima Bikas Bank Ltd 186 183 186 2828 Beaten Rice(Taichin) kg Rs130
34 Global IME Bank Ltd 299 293 295 9287
35 Goodwill Fin Co Ltd 122 122 122 220 Beaten Rice kg Rs70
36 Grameen Bikas Laghubitta Bittiya Sanstha Ltd 579 561 573 6869
37 Gurkhas Fin Ltd 107 107 107 60
38 Hathway Fin Co Ltd 126 124 124 1370 Big Mas kg Rs110
39 Himalayan Bank Ltd 556 551 555 265
40 Himalayan General Insurance Co Ltd 429 425 426 1220 Small Mas kg Rs90
41 Himalayan Power Partner Ltd 272 266 272 950
42 ICFC Fin Ltd 165 163 165 891
43 IME General Insurance Ltd 819 819 819 10 Big Mung kg Rs100
44 Jalabidyut Lagani tatha Bikas Co Ltd 165 160 161 7440
45 Janaki Fin Ltd 195 188 188 2652 Musuro(No. 1) kg Rs100
46 Janata Bank Nepal Ltd 154 153 154 7045
47 Janautthan Samudayic Laghubitta Bikas Bank Ltd 2800 2794 2794 122 Musuro(No. 2) kg Rs90
48 Jebils Fin Ltd 102 102 102 281
49 Jyoti Bikas Bank Ltd 140 137 138 1020
50 Kailash Bikas Bank Ltd 220 218 219 9652 Rahar kg Rs110
51 Kalika Microcredit Dev Bank Ltd 1257 1257 1257 11
52 Kamana Sewa Bikas Bank Ltd 144 142 144 9856 Chana(Big) kg Rs200
53 Kankai Bikas Bank Ltd 128 124 126 449
54 Karnali Dev Bank Ltd 106 106 106 36
55 Khanikhola Hydropower Co Ltd 112 107 111 242 Chana(Small) kg Rs150
56 Kumari Bank Ltd 200 196 198 7464
57 Laxmi Bank Ltd 249 246 246 6408 Chilli Powder kg Rs300
58 Laxmi Equity Fund 8.10 8.10 8.10 1000
59 Laxmi Laghubitta Bittiya Sanstha Ltd 1020 1016 1020 176
60 Laxmi Value Fund-1 10.23 10.10 10.10 26500
61 Life Insurance Co Nepal 1600 1590 1600 332
62 Lumbini Bikas Bank Ltd 157 154 154 5058
gasoline watch
63 Lumbini General Insurance Co Ltd 515 510 514 1930
64 Machhapuchhre Bank Ltd 209 206 207 6895
65 Mahalaxmi Bikas Bank Ltd 190 187 190 3584
66 Mahuli Samudayik Laghubitta Bittiya Sanstha Ltd 2483 2465 2472 487
67 Mega Bank Nepal Ltd 165 162 165 8575
68 Mero MicroFin Bittiya Sanstha Ltd 1039 1020 1020 132
69 Mirmire LaghuBitta Bittiya Sanstha Ltd 1500 1500 1500 15
70 Mission Dev Bank Ltd 170 170 170 150
71 Miteri Dev Bank Ltd 281 276 276 907
72 Muktinath Bikas Bank Ltd 383 378 378 4374
73 Multipurpose Fin Co Ltd 295 275 275 100
74 Nabil Bank Ltd 907 900 903 6662 n Ostriches gather in an enclosure at Kledu farm, some 30kms north of Bamako on Saturday. A Malian businessman decided some 15 years ago to
75 NABIL Bank Ltd Promotor Share 714 709 713 2195 reintroduce ostriches to his country and now has some 3000 on his three hundred hectare farm near the Malian capital.  AFP/rss
76 Nabil Equity Fund 8.75 8.70 8.70 20724
77 NagBeli LaghuBitta Bikas Bank Ltd 1137 1115 1115 480
78 National Hydro Power Co Ltd 80 79 80 3400
79 National Life Insurance Co Ltd 761 755 761 1737 worldwide competition
80 National MicroFin Bittiya Sanstha Ltd 2175 2115 2175 130

Palestinian teens reach finals

81 Naya Nepal Laghubitta Bikas Bank Ltd 713 700 700 370
82 Neco Insurance Co Ltd 522 512 522 1961
83 Nepal Bangladesh Bank Ltd 207 203 207 9982
84 Nepal Bank Ltd 290 282 282 14067
85 Nepal Community Dev Bank Ltd 120 120 120 187
86 Nepal Credit And Commercial Bank Ltd 180 176 178 3116

of Silicon Valley app pitch

87 Nepal Doorsanchar Comapany Ltd 724 721 724 210
88 Nepal Hydro Developers Ltd 168 163 165 70
89 Nepal Insurance Co Ltd 545 538 540 1340
90 Nepal Investment Bank Ltd 626 618 619 4925
91 Nepal Investment Bank Ltd Promoter Share 559 549 553 12134
92 Nepal Life Insurance Co Ltd 1030 1004 1005 8000
93 Nepal SBI Bank Ltd 505 501 505 4282
94 Nerude Laghubita Bikas Bank Ltd 628 616 628 733 ASSOCIATED PRESS al-Sayed and her teammates,
95 Ngadi Group Power Ltd 163 160 161 160
96 NIC Asia Bank Ltd 318 314 315 6141 NABLUS (WEST BANK), AUG 6 Zubaida al-Sadder, Masa Halawa
97 Nirdhan Utthan Laghubitta Bittiya Sanstha Ltd 984 965 965 2352 and Tamara Awaisa.
98 NLG Insurance Co Ltd 845 835 845 320 Four Palestinian high school They are now determined to
99 NMB MicroFin Bittiya Sanstha Ltd 1500 1490 1500 122
100 NMB Bank Ltd 317 314 315 6278 friends are heading to California pursue careers in technology.
101 NMB Hybrid Fund L-1 9.16 9.16 9.16 1248 this week to pitch their mobile “Before this program, we had a
102 NMB Sulav Investment Fund-1 12.48 12.35 12.35 7264 app about fire prevention to vague idea about the future,” said
103
104
Om Dev Bank Ltd
Oriental Hotels Ltd
173
500
170
495
172
500
5796
1823
Silicon Valley’s tech leaders, after al-Sayed, speaking at a computer bullion Price Per tola

105 Pokhara Fin Ltd 139 137 137 422 winning a slot in the finals of a lab at An Najah University in her
106 Prabhu Bank Ltd 186 183 186 3463 worldwide competition among native Nablus, the West Bank’s
107 Prabhu Insurance Ltd 500 497 497 3141 more than 19,000 teenage girls. second largest city. “Now we have
108 Premier Insurance Co Ltd 1065 1037 1037 2089
For the 11th graders from the a clear idea. It helped us pick our Fine Gold Rs56,100
109 Prime Commercial Bank Ltd 289 286 289 8511
110 Prime Life Insurance Co Ltd 517 515 516 1751 Israeli-occupied West Bank, the path in life.”
111 Progressive Fin Ltd Promoter Share 101 101 101 241000 ticket of admission to the World The teens first heard about the
112 ProgressiveFin Ltd 118 108 117 86029
113 Purnima Bikas Bank Ltd 172 169 169 300
Pitch Summit signals a particu- competition a few months ago Silver Rs735
114 Radhi Bidyut Co Ltd 230 224 230 1650 larly dramatic leap. from an IT teacher at their school
115 Rairang Hydropower Dev Co Ltd 155 151 152 1070 They come from middle class in a middle-class neighborhood Source: FENEGOSIDA
116 Rastriya Beema Co Ltd Promoter Share 9761 9405 9460 195 families that value education, but in Nablus, where IT classes are a
117 Reliance Fin Ltd 123 120 121 7369
118 Ridi Hydropower Dev Co Ltd 121 117 120 342 opportunities have been limited modest affair, held twice a week,
119 RMDC Laghubitta Bittiya Sanstha Ltd 660 645 647 1853 because of the omnipresent with two students to a computer.
120 RSDC Laghubitta Bittiya Sanstha Ltd 520 515 520 383 Israeli-Palestinian conflict, pre- n Tamara Awaysa (left), Wassan al-Sayyed (center) and Massa Halawa (right) The girls, friends since 10th Int’l market
121 Sahayogi Bikas Bank Ltd 201 198 198 1810
122 Salt Trading Corporation 270 265 270 201
vailing norms of patriarchy in pose for a photo with their mentor Yamama Shakaa in the West Bank city of grade, each had a laptop at home
their traditional society and typi- Nablus.  AP/rss though, and worked with Energy Price (US$)%Change
123 Samata MicroFin Bittiya Sanstha Ltd 1307 1285 1290 456
124 Sana Kisan Bikas Bank Ltd 1110 1092 1109 425 cally underequipped schools with Yamama Shakaa, a local mentor Brent Crude Futr (Bbl) 73.95 1.01
125 Sanima Bank Ltd 318 315 317 6266 outdated teaching methods. group said 60 percent of the US the West Bank and 73 percent in provided by the competition
126 Sanima Mai Hydropower Ltd 314 308 314 16914 Gas Oil Fut (Ice) (Mt) 657.75 0.88
127 Saptakoshi Dev Bank Ltd 115 115 115 98 “We are excited to travel in a participants enroll in additional the Gaza Strip, according to the organizers. The teens “did
128 Shangrila Dev Bank Ltd 145 144 145 5454 plane for the first time in our computer science courses after Palestinian Central Bureau of everything by themselves, with Gasoline Rbob Fut (Gal) 207.54 0.48
129 Shikhar Insurance Co Ltd 915 909 915 4972 lives, meet new people and see a the competition, with 30 percent Statistics. very few resources,” said Shakaa. Natural Gas Futr (Mmbtu) 2.83 -0.98
130 Shine Resunga Dev Bank Ltd 276 274 274 700
new world,” said team member majoring in that field in college, Unemployment is particularly The team produced a virtual
131 Shree Investment Fin Co Ltd 149 149 149 200 Agriculture Price (US$)%Change
132 Siddhartha Bank Ltd 305 302 305 16893 Wasan al-Sayed, 17. “We are excit- well above the national rate high among female university reality game, “Be a firefighter,” to
133 Siddhartha Equity Fund 9.10 9.03 9.10 11000 ed to be in the most prestigious among female US college stu- graduates, in part because young teach fire prevention skills. Cocoa Future (Mt) 2,122.00 0.38
134 Soaltee Hotel Ltd 240 238 239 4486 IT community in the world, dents. Two-thirds of internation- women are expected to marry The subject is particularly rele-
135 Standard Chartered Bank Ltd 739 729 735 6009 Coffee ‘C’ Future (Lb) 107.9 0.14
136 Sunrise Bank Ltd 218 216 217 2990 Silicon Valley, where we can meet al participants show an interest and raise children, while young vant in some parts of the Corn Future (Bu) 385.5 0.33
137 Support MicroFin Bittiya Sanstha Ltd 1027 980 1027 70 interesting people and see how in technology-related courses, the men are considered the main Palestinian territories, such as
138 Surya Life Insurance Co Ltd 560 550 550 260 the new world works.” group said. breadwinners. However, employ- the Gaza Strip, where a border Cotton No.2 Futr (Lb) 88.01 -0.12
139 Suryodaya Laghubitta Bittiya Sanstha Ltd 1463 1421 1424 680 Rough Rice (Cbot) (Cwt) 11.52 0.17
140 Swabalamban Laghubitta Bittiya Sanstha Ltd 1226 1200 1205 1973
Twelve teams made it to the Palestinian Education Minister ers also complain that graduates blockade by Israel and Egypt—
141 Swadeshi Laghubitta Bittiya Sanstha Ltd 1630 1610 1630 618 finals of the “Technovation Sabri Saidam counts on technolo- studying outdated or irrelevant imposed after the takeover of the Soybean Future (Bu) 891.50 -1.19
142 Swarojgar Laghu Bitta Bikas Bank Ltd 768 754 768 90 Challenge” in San Jose, gy—along with a new emphasis courses often lack the needed Islamic militant group Hamas in
143 Synergy Power Dev Ltd 118 113 116 288 Soybean Meal Futr (T) 328.5 -0.99
California, presenting apps that on vocational training—to over- skills for employment. 2007—has led to hours-long daily
144 Taragaon Regency Hotel Ltd 270 263 265 530 Soybean Oil Futr (Lb) 28.84 -0.07
145 United Insurance Co (Nepal) Ltd 875 868 868 1132 tackle problems in their commu- haul Palestinian schools, where Saidam said Palestinian power cuts and the widespread
146 United Modi Hydropower Ltd 170 164 166 1246 nities. The Palestinian teens com- many students still learn by rote schools have received 15,000 com- use of candles and other poten- Sugar #11 (World) (Lb) 10.92 0.65
147 Unnati MicorFin Bittiya Sanstha Ltd 1810 1790 1809 210 pete in the senior division in crowded classrooms. puters in the last couple of years. tial fire hazards.
148 Womi MicroFin Bittiya Sanstha Ltd 1334 1310 1311 198 Wheat Future(Cbt) (Bu) 584 0.73
against teams from Egypt, the Youth unemployment, particu- His ministry has also established The teens now hope to expand
Total Traded Amount Rs.: 191,748,120 Sub-Indices Current Pts Change %Change United States, Mexico, India and larly among university graduates, 54 bookless “smart schools” for their app to include wildfire pre- Industrial Metals Price (US$) %Change
Total Traded Shares: 796,734 Banking 1,015.53 1.23 0.12 Spain, for scholarships of up to is a central problem across the grades one to six where students vention. They will also present a
Total Transactions: 2,874 Trading 198.80 2.11 1.07 Copper Future (Lb) 271.7 -1.68
$15,000. Arab world, in part because of a use laptops and learn by doing, business and marketing plan at
Hotels 1,806.66 6.03 0.33 The competition, now in its demographic “youth bulge.” Last including educational trips and the California pitching session.
Index Current Pts Change %Change Precious Metals Price (US$)%Change
NEPSE 1,189.67 0.21 0.02 Dev Bank 1,419.80 4.98 0.35
HydroPower 1,426.13 0.85 0.06
ninth year, is run by Iridescent, a year, unemployment among involvement with their society. After the competition, they
Sensitive 250.91 0.06 0.02 Gold 100 Oz Futr (T Oz) 1,215.70 -0.61
Float 85.48 0.04 0.05 Finance 608.31 1.18 0.19 global nonprofit offering opportu- Palestinian college graduates Meanwhile, the Technovation will give the app to the
nities to young people, especially under the age of 30 reached 56 Challenge has already been a Palestinian Education Ministry Silver Future (T Oz) 15.31 -0.98
Base: 16/07/2006, (Adjusted on 10/04/2007) = 100 girls, through technology. The percent, including 41 percent in life-changing experience for for use in schools.

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