Tuesday, December 31, 2013

Government plans to revive Nepal Drugs

The government plans to revive Nepal Drugs that has been closed since last three years.
"The government has decided to restart the closed Nepal Drugs to save the first drugs manufacturer and supply cheap but quality drugs to the people," said finance minister Shankar Prasad Koirala, here today during the discussion on Public Enterprises (PEs).
The government will prepare a short-term plan to run Nepal Drugs, he said, adding that the government enterprises should run professionally and competitively to take the market, instead of discussing on jurisdiction.
The participants, on the occasion, showed serious concern on low productivity of the state-owned enterprises.
Nepal Drugs will restart its operation under the Health Ministry but it has to be competitive to remain in the market, suggested finance secretary Shanta Raj Subedi. He also suggested the public enterprises not to dream of doing business from the loan of the government. "
The government buys Rs 1.20 billion worth medicines. "Nepal Drugs should be operated in professional manner with quality control," suggested health secretary Dr Prabin Mishra, on the occasion.
Nepal Drugs that used to manufacture anti-diarrhea mixture Jeeval Jal, Citamol, and saline water, has 240 employees, currently.
The participants also recommended lay off of one fourth staff and government guarantee to purchase its products.
However, the employees of Nepal Drugs have been opposing the plan to pay them off.
In the past too, the government had tried to revive some of the closed industry that could not become successful due to chronic political bickering and politics of the employees unions that have eroded the productivity but are getting salary from the national coffer misusing the people's hard earned money paid as tax.
The Public Enterprise Board had earlier valued the loss-making Nepal Drugs factory’s liabilities at around Rs 1.26 billion, whereas it has fixed assets worth Rs 5.37 billion.

Traders ask Department of Money Laundering Investigation not to discourage investors

The foreign trade association has asked the Department of Money Laundering Investigation not to discourage the investor while taking action against the money laundering.
During a meeting with the director general of the department Chudamani Sharma, at his office, today, the team of Nepal Foreign Trade Association led by its president Ashok Kumar Agrawal, asked the government to investigate the property of those, who are involved in drugs and human trafficking, arms trading, terrorism, and kidnapping only.
"Those, who have been in agriculture, industry and trading since long have not kept their records as it was not necessary," they said, adding that the department should consider the back ground and history while bringing them under the Money Laundering jurisdiction for action. "The investors should not be discouraged."
Sharma, on the occasion, told them that the department will always take stock of the situation and check back ground. "However, there are also legal hurdles," he said, asking the traders to inform the department of illegal trading.
The department will take action against the people involved in five – human and drugs trafficking, arms trading, terrorism, and kidnapping – restricted sectors that are under the money laundering, he added.

Tourism minister blames CAAN for Nepal being blacklisted in EU

Tourism Minister Ram Kumar Shrestha blamed the Civil Aviation Authority of Nepal (CAAN) for Nepal being blacklisted by the European Union (EU).
"The EU blacklisted Nepal due to weakness of CAAN," he said addressing the 15th anniversary of the CAAN today.
"The EU had been suggesting Nepal to improve air safety since 2009," he said, adding that the CAAN's failure in improving the air safety – even after repeated reports – has forced the EU to blacklist Nepali aircraft flying to the European countries. "CAAN is the regulatory authority of the aviation sector, howver, it has failed to perform."
Chinese aircraft have been flying to all over the world, but they are not blacklisted, how come Nepal us blacklisted for buying Chinese aircraft, he asked, trying to clearing the air that Nepal was blacklisted because of its decision to buy Chinese aircraft.
Suggesting to improve the air safety before the EU team's Nepal visit, he lectured the bureucrats to be responsible and improve the air safety sooner.
On the occasion, Airlines Operator Association of Nepal president Rameshwor Thapa suggested the government not to construct airport on whimsical basis. "It will increase danger on air safety," he suggested.

CG|Cement in the market

Chaudhary Group, one of Nepal’s leading business conglomerates, has introduced ‘CG|Cement’ in the market.
The company has partnered with renowned cement owners to bring cement of the international standards, said the Chaudhary Group (CG), claiming that the cement meets Nepal Bureau of Standards and Metrology criteria/
CG cement meets the international standard, executive director of Chaudhary Group Varun Chaudhary said.
"I strongly believe that the product will help change perspective of Nepali customers on cement as it meets the international standards,” he said, adding that the quality of the cement can compete with any cement in the world.
CG|Cement has introduced OPC cement and is planning PPC and PSC cement in near future.
CG|Cement is manufactured at Dumkibas-based state of the art plant that fully automated one that uses the latest 'Closed Circuit with Centralised Control Room (CRR) Monitoring' technology. The plant has been custom designed to make it a very compact unit and also ensure that pollution is reduced to a minimum level, the company added.
High compressive strength, crack proof, high blanc capacity, quick setting and long lasting are the qualities of the CG|Cement, said the Chaudhary Group that is planning also planning a cement plant in Palpa.
Chaudhary Group products have been renowned for its high quality around the globe and the Group believes that CG|Cement will live up with people’s expectations and trust.

After missing AGM deadline two months ago, Rastriya Beema Sansthan starts stock trading at Nepse from today

After failing to hold its 29th annual general meeting (AGM) – two months ago on October 10 – that was supposed to approve Rastriya Beema Sansthan's financial statements of three fiscal years 2003-04, 2004-05, 2005-06, and distribute 39 per cent, 39 per cent and 15 per cent bonus from the profits of the three fiscal years, the state insurance agency has asked today to let it start staock trading. The Nepse has also opened its stock trading on the request of Rastriya Beema Sansthan.
Despite being an old and trusted insurance agency, the Rastriya Beema Sansthan has not yet been transparent in its financial statements. Without the approval of the Insurance Board – the regulator of the insurance market – the company distributed bonuses to its staffs and performance allowances too.
The insurance company has failed to hold its AGM since last one decade also due to bad corporate governance and militancy of the employees, who have already received Rs 27.25 million bonus from the profits of fiscal year 2006-07 without the Insurance Board and AGM's approval, according to the law of the land.
The anti-graft body has become active and started looking into illegal bonuses of the employees.
The Commission for Abuse of Authority has summoned the insurance company's administrator and two financial chiefs, who are looking after its life and non-life businesses.
After a Cabinet decision in 1994 allowed the insurance company to award and reward, it has already distributed around Rs 100 million till last year without the approval of the regulator and shareholders.
As a listed company, not a single penny can be spent without the shareholders approval, but the state-owned insurance company has been bypassing the shareholders not only the regulators and pampering its staff in the pressure of employees union.
It has not been able to split its business into life and non-life even after the insurance regulator's repeated directives that states that an insurance company can not do both life and non-life business.