Monday, November 13, 2017

Sebon warns against market manipulation

Securities Board of Nepal (Sebon) has directed the merchant bankers and share brokers not to disseminate sensitive information that could manipulate the movement of secondary market.
After receiving numerous grievances from the investors, the capital market regulator issuing a directive today said that share market seems to have been manipulated due to dissemination of sensitive information by the broker companies and merchant bankers. "In recent days, we have received many complaints about the market movement being swayed due to release of sensitive information,” said joint spokesperson for Sebon Niranjaya Ghimire. "The brokerage firms and merchant bankers are engaging in market manipulation through media and other platforms."
The regulator has also directed merchant bankers and share brokerage firms not to make any comments on the price of individual company or sub-index.
The Sebon has also warned to take strict action against the brokerage firms found to be disseminating information based on speculations related to individual company or sub-index.
Nepal Investors’ Forum Working Committee members yesterday had met Nepal Stock Exchange (Nepse) officials and chairman of Sebon to discuss the market.

South Asia Economic Summit from tomorrow

Nepal is hosting a three-day regional economic summit to strengthen economic integration in the South Asia and sub-region.
The tenth South Asia Economic Summit (SAESX) – with the theme Deepening Economic Integration for Inclusive and Sustainable Development in South Asia – will start tomorrow. It will be attended by more than 200 delegates, including ministers, members of Parliament, planners, senior government officials and leading think tanks and researchers from South Asian countries to discuss on inclusive and sustainable development, according to a press note from the National Planning Commission (NPC).
The main theme of the summit will be strengthening economic integration in the sub-region for attaining inclusive and sustainable development, it added.
National Planning Commission and Commerce Ministry in collaboration with South Asia Watch on Trade, Economics and Environment (SAWTEE) is organising the summit that consists of 18 sessions in which a wide range of issues, including regional trade potentials, cooperation on power trade, collaboration for reducing disaster impacts, intellectual property relating to herbs, employment generation, trade facilitation, collaborate on climate change, international labour migration will be discussed.
South Asia Economic Summit is a civil society initiative – almost a track 2 initiative – of the South Asian think-tanks and is organised in different countries of South Asia. Five South Asian think-tanks including South Asia Watch on Trade, Economics and Environment (SAWTEE), Nepal, Centre for Policy Dialogue (CPD) Bangladesh, Research and Information System for Developing Countries (RIS) India, Sustainable Development Policy Institute (SDPI) Pakistan and Institute of Policy Studies of Sri Lanka (IPS) Sri Lanka take turns to organise the annual event in one of the SAARC countries.
Established in 2008 the regional economic platform has also initiated debate and discussions on various issues relating to South Asian development challenges and succeeded in developing itself as an effective medium of regional integration and economic collaboration in less than a decade, said vice chair of NPC Swornim Wagley.
The main objective of the summit is to help the South Asian Association for Regional Cooperation (SAARC) process on economic development.
Wagle said the conference would help to develop consensus among the participating countries on the main agendas and challenges of development issues as the South Asian region is known as the least integrated region of the world due to lack of connectivity. Intra-regional trade and investment among South Asian countries is just around five per cent of the total trade and investment of South Asian countries with the countries beyond the region.

Thursday, November 2, 2017

NOC rolls back petro price hike

Nepali Oil Corporation (NOC) has rolled back its decision to hike the prices of petroleum products after Prime Minister Sher Bahadur Deuba asked them to take it back.
The state-owned petro monopoly had increased the prices of petrol, diesel, kerosene and cooking gas on Wednesday night but the premier has today morning asked the NOC to take the decision back as the country is nearing election.
NOC had increased Rs 2 per litre in petrol, Rs 1.5 each in diesel and kerosene, and Rs 25 per cylinder in cooking gas effective from Wedbesday midnight.
"But NOC withdrew its decision to increase the prices of petroleum products under the directive of prime minister Sher Bahadur Deuba," according to the government oil monopoly.

Global IME Bank launches 3D secure services to make online transactions more secure

Global IME Bank from today launched 3D secure services for its credit cardholders to perform online transactions and now part of initial few banks that offer such services in Nepal.
"The service allows Global IME Bank credit card holders to use their cards during online transactions and allow them to participate in verified by visa process," the bank said, adding that the new value-added service by Global IME Bank is an extension of the banks mission to reiterate its commitment to its consumers to meet the needs of an ever-changing market in terms of security, technology, and financial solutions. "The few simple steps will enable cardholders to activate the new feature while performing first ecommerce transaction where customers need to enroll and set credentials for future usage."
Subsequent online purchases will then be validated with additional layer of security for cardholder’s authentication, said the Global IME Bank that has in association with visa partnered with Izealiant Technologies for implementing the solution that provides flexibility to choose authentication types like password or OTP depending upon customer preference.
As a direct benefit, Global IME Bank cardholders can now enjoy additional security for their online card usage on various ecommerce sites worldwide, it claimed. "It will also increase acceptance across more merchants participating in 3D secure services for using Global IME cards."
The protective feature enables the bank to authenticate not only the card but also the cardholder during payment of internet purchases thus protecting their online transactions against theft and illegal use of cards, it added.
Acting chief executive of the Global IME Bank Janak Sharma Poudyal said that the bank's new 3D Secure Services for card holders plays a significant role as it enhances security which is a critical aspect of any online business transaction. "This along with our impressive card features ensures that we always meet the evolving security needs of our customers to give them a world class banking experience," he added. 

Wednesday, November 1, 2017

NOC hikes petro price

Nepal Oil Corporation has jacked up price of petroleum products effective from midnight.
According to NOC spokesperson Birendra Goit, the corporation has increased Rs 2 per litre in petrol, Rs 1.50 per litre in diesel and kerosene, and Rs 25 per cooking gas cylinder. "As per the new price, petrol will be available on Rs 100, diesel on Rs 75.50 and a cooking gas cylinder on Rs 1350," he added.
Since Nepal has been importing petroleum products from the Indian Oil Corporation (IOC), NOC fixes price of the petroleum products based on price list sent in by the IOC on 1st and 16th of every Gregorian month.
The government owned oil monopoly said that it has increased the price of petrol, diesel and kerosene and liquefied petroleum gas – popularly known as cooking gas – today as the price of the crude oil in the international market has seen increament. "We had to adjust the prices of other products due to increment in prices in the international market," he added.
NOC has, however, has not changed the price of aviation fuel. 
Even with the increment in the price of petroleum products, NOC will make profit of only Rs 19.70 million due to heavy loss in cooking gas, the NOC claimed, adding that it bears Rs 115 million loss per month even after implementation of the new rate.
Though, NOC has adopted automatic pricing system to adjust price of petroleum products according to the international price, it has not changed the fuel price since February.