Ministry recommends Ranipokhari to be built in Gumbaz style

The Ministry of Culture, Tourism and Civil Aviation asked Department of Archaeology (DoA) to reconstruct Balgopaleshwar Temple in Gumbaz structure, in spite of Granthakut style suggested by the expert panel.
The historic temple – in the middle of Rani Pokhari – has again been mired in controversy after the ministry's recommendation. The ministry has asked the Department of Archaeology to re-consider its decision of rebuilding the historic temple in Gumbaz style though the expert panel – responsible for the reconstruction of the temple – has recommended the structure be rebuilt in Granthakut style. 
The Kathmandu Metropolitan City (KMC) and the National Reconstruction Authority (NRA) had held two separate meetings with the expert panel and had almost finalised to rebuild the temple in Granthakut style. "But the ministry has asked the Department to submit a report reviewing its decision on rebuilding the historic temple in Gumbaz style,” joint secretary at the NRA Rajuman Manandhar said, adding that the Department is willing to retain the temple’s Gumbaz-style, which was used when the temple was rebuilt during the Rana regime.
The temple originally was constructed in Granthakut style in the Malla era but was reconstructed in Gumbaz sytle during the Rana regime after it was damaged by an earthquake.
The expert panel – including former deputy director general at the Department of Archaeology Bishnu Raj Karki, conservation architect Sudarshan Raj Tiwari, structural engineer Prem Nath Maskey, urban planner Surya Bhakta Sangachhe – had on Monday suggested the structure be built following a Granthakut style.
The tug of war is going to delay the reconstruction of the historic temple, though the Department has already spent around Rs 2.2 million in the reconstruction of Rani Pokhari. Likewise, Kathmandu Metropolitan City (KMC) has also spent over Rs 20 million to rebuild the temple in Gumbaz style.
The ministry has also decided to form a Rani Pokhari Reconstruction Coordination and Inspection Committee, which will include officials from the ministry, KMC, Archaeology Department and the expert panel. The National Reconstruction Authority (NRA) will coordinate the committee.

Online trading faces technical glitches on the first day

Though Nepal Stock Exchange (Nepse) started the online trading today, the system could not show the transaction due to technical glitch. 
Nepse chief executive officer Chandra Saud, however, claimed that the new system has been built as per the 'international standard', the investors and brokers said that they encountered technical glitches, while trading securities on the first day of the full-fledged implementation of the Nepse Online Trading System (NOTS).
Former president of Stock Brokers Association of Nepal (SBAN) Priya Raj Regmi said that the brokers faced technical errors in the new trading process. "The system cancelled some tradings saying insufficient fund," he said, adding that they were also unable to edit the order process that requires investors to start new order process. "We failed to get floor sheet for individual investor also."
According to the investors, they could not see trading data on Nepse's website like before. The website shows green – means the Nepse gained – and closed the market at 1,218 points but the market was closed at 1,219 points, yesterday. The wrong information has completed confused the investors, though Nepse claimed that the issues has nothing to do with the new online trading system. The Nepse claimed that it gained 11 points today. In that case the market has to close at 1,230 points, but the website shows closing at 1218 points with 11 points gain.

Auto buyers have to pay 50pc down payment

The central bank – issuing a directive today – has raised the down payment amount while buying private vehicles on loan.
The central bank has lowered the ratio of loan to value of vehicles purchased – loan-to-value ratio – to 50 per cent from the existing 65 per cent. The customers, who could purchase a private vehicle by paying only 35 per cent down payment of the value of the vehicle – as last year, the central bank, through the Monetary Policy for fiscal 2017-18, had raised the ratio to 65 per cent from 50 per cent – now have to pay half of the amount up front as down payment.
Though the central bank’s decision to squeeze financing facilities for private automobile is aimed at controlling the growing import of vehicles – especially luxury ones – the automobile dealers said that the policy will hit the business that contributes to over 20 per cent to the total government revenue.
The dealers claim that more than 60 per cent of the vehicles sold in the market is through financing and increasing the down payment will discourage the buyers. "The auto financing has made possible for the middle class to buy a car," according to the Nepal Automobile Dealers’ Association (NADA) that also expects the new policy move to discourage potential buyers.
Rise in imports of automobile is fuelled by loan from banks and financial institutions. The banks and financial institutions' loans to cars – referred to as hire purchase loans – increased by 14.5 per cent in the last fiscal year 2017-18 to Rs 171 billion from Rs 149 billion a fiscal year ago. Out of the total outstanding loan for hire purchase, nearly 40 per cent is for personal purposes.
Likewise, the number of automobiles – especially cars, jeeps, vans – register increased to 24,338 in the last fiscal year 2017-18 from 21,292 units a fiscal year ago, according to Department of Transportation Management (DoTM).
The government – though not loudly – terms automobile industry as an 'unproductive sector', complains the auto dealers, who thinks the central banks' move to reduce the slab on credit flow in the automobile industry is to check the loans being provided in the 'unproductive sector'.
The central bank has, however, not reduced the down payment for passenger vehicles with at least 40 passenger seats. Similarly, the rule will not be applicable for those vehicles that are used for the purpose of tourism, education, health and supply of goods. Likewise, the central bank has fixed the loan-to-value ratio for private electric vehicles at 80 per cent.
The central bank argues that its decision to squeeze auto financing aims at not only checking the whopping rise in trade deficit but also to address the current 'credit crunch'.

First ADB Knowledge Forum shares lessons and innovations for the future of development

More than 150 representatives from multilateral organisations, financial institutions, private sector, academia, and think tanks gathered today at the Asian Development Bank (ADB) headquarters in Manila for the opening of the first ADB Knowledge Forum.
With the theme 'Learn. Collaborate. Apply', the event is part of ADB’s efforts to make better use of latest knowledge for improving development outcomes of developing member countries.
UNESCO chair in Future Studies Sohail Inayatullah delivered a special address on the future of knowledge and took part in the opening plenary with ADB president Takehiko Nakao, former Central Bank of Pakistan governor and UNESCAP under-secretary-general Shamshad Akhtar, and Academic Committee of China Development Research Foundation member Li Shantong on 'Knowledge Work in the Development Agenda: How Can International Financial Institutions Add Value?' ADB vice-president for Knowledge Management and Sustainable Development Bambang Susantono gave the opening remarks.
Nakao, on the occasion, highlighted that ADB will foster strategic thought leadership for the region, through combining knowledge on new and emerging needs, new technologies, and local expertise. "In the face of rapid advancing technologies including mobile and digital, robotics and artificial intelligence, ADB’s continued relevance will increasingly depend on its role as a knowledge institution," Nakao said.
Under the Strategy 2030, ADB will incorporate these technologies into its work on infrastructure, education, health, financial inclusion, and governance. “Clients turn to ADB for high standards in project design and implementation; the transfer of technology and good practices; and, importantly, the sharing of knowledge, skills, and expertise accumulated over more than 50 years of ADB working in partnership with countries,” Nakao added.
ADB is also increasingly shaping the regional development agenda, for example, in the theme chapter of its flagship annual economic publication, Asian Development Outlook 2018, 'How Technology Affects Jobs', ADB provides policy recommendations for its developing member countries on how to leverage technology for an expanding job market.
This inaugural forum features two days of panel discussions and networking opportunities for experts and practitioners to discuss new insights into knowledge management and ways of thinking, for example, future thinking and foresight and nurturing a knowledge culture, in the context of emerging disruptive technologies and machine learning.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 67 members; 48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.

Foreign exchange limit for outbound Nepalis lowered to $1,500

The foreign currency exchange facility for a Nepali going for a foreign trip – except India – has been reduced to $1,500 from earlier limit of $2,500. The central bank has – issuing a directive today – reduced the maximum amount of foreign currency facility for a Nepali going abroad.
The commercial and development banks, authorised to sell foreign currency, can now sell only $1,500 per passport for a Nepali national going abroad, according to the central bank that has restricted the purchase of foreign currency due to foreign currency flight, and also depleting forex reserve. "The rising foreign currency flight is putting pressure on the foreign exchange reserves."
The rising income, in recent years, has fuelled the outbound travel – especially during long holidays – of Nepalis putting pressure on hard earned foreign currency that mostly comes in as remittance from the Nepali migrant workers.
The central bank has introduced the new rule to discourage the growing outflow of foreign currency on account of outbound tourism, according to the Forex Department of the central bank. In the last fiscal year of 2017-18, Nepalis spent Rs 79.6 billion in travel, some 40 per cent up from the amount two fiscal years ago, the department states. The country, however, earned Rs 177.47 billion in the fiscal year 2017-18 from foreign travellers coming to Nepal.
Likewise, the central bank has also reduced the limit on payments through Telegraphic Transfer (TT) to $30,000 from the earlier limit of $40,000.
The central bank has also raised the limit on loans for commercial banks from foreign banks to 50 per cent of core capital, up from 25 per cent to facilitate foreign currency borrowing by commercial banks. "The limit is being increased to facilitate the banks as they have not found possible lenders abroad due to low amount of borrowings," the central bank claimed.
The stronger dollar, in recent weeks, has also increased pressure on foreign exchange reserves. The US dollar has gone up nearly by 15 per cent from the beginning of the current fiscal year. A dollar costs Rs 117.3 today, up from Rs 102.5 on January 1.
According to the central bank, gross foreign exchange reserves has depleted to $9.75 billion as of mid-September 2018 from $10.08 billion as of mid-July 2018 also due weak Nepali rupee.

Nepse launches online trading today

The stock market has formally switched into an online system from today. Finance Minister Dr Yubaraj Khatiwada launched the Nepse Automated Online Trading System (NOTS) that will allow investors home and abroad to carry out securities trading online.
Nepal Stock Exchange (Nepse) started the online trading – based on a fully automated system – on the direction of the regulator of capital market, Securities Board of Nepal (Sebon).
The new technology, which was on trial since the starting of current fiscal year, aims at upgrading the domestic share market of an international standard. Inaugurating, the online system, the finance minister said that domestic share market has been upgraded to the international standard. “This is not only a major development for the Nepali share market but also a milestone for the government as the country heads towards e-governance and financial sector upgradation process," he added. He also said that the online trading system in the secondary market will also help strengthen the governance of the private sector.
With this new online trading system, investors will have an access to various features along with online entry of trading orders, real time details including price information, high speed matching system and multiple orders. "The NOTS features 20 modules related to internal control system such as listings, matching engine and index management, brokers management, real time information flow, risk management system, traders work stations, super administration terminal, order route management, exchange massaging system, members portal, brokers back office management, supervision system, users management, market makers and management information system and reporting," according to the Nepse.
Likewise, the new system, which will replace the existing manual trading system known as computerised trading system (CTS), will end the compulsion for investors to visit brokerage office for buying or selling their securities. "The online trading system from the open outcry in the share market has been a remarkable development," said Sebon chairman Dr Rewat Bahadur Karki. "Currently, the investors had to compulsorily visit the office of the share brokers to buy and sell shares," he said, adding that the buyers and sellers will not need to visit the share brokers to trade the stock. "All the share brokers have been associated with the new fully automated online system."
Individual’s email ID and mobile number are compulsory under personal details to be able to operate the system, which is expected to be a milestone in the domestic capital market.
"Now, investors in all 677 local units of the country have access to stock trading," he added.
It will also help increasing people’s access to the share market," Karki said, adding that investors will have to open a personal account at the broker office and then they can trade in shares through the online system from home, office or anywhere with internet facility."
The capital market regulator chair, on the occasion, also mentioned that he is very confident of the online system being risk-free and added that it would be more efficient now for Nepalis to trade shares from home or abroad.
However, stockbrokers are not confident on the online trading system. "Stockbrokers are going to face problems when making settlements as the four banks – Global IME Bank, Prabhu Bank, Nepal Investment Bank and Siddhartha Bank – assigned the authority to make settlements were yet to integrate their systems with Nepse’s online system," Stock Brokers Association of Nepal chairman Bharat Ranabhat said, adding that the government also needs to immediately establish a settlement guarantee fund for secure transaction for share traders. " Apparently, the government had earlier committed to establishing such a guarantee fund worth Rs 4 billion."
But the Nepse has claimed that it will take the responsibility for all transactions conducted through the online system.

ILO commends reforms of Qatar towards workers' rights

The governing body of the International Labour Organisation (ILO GB) – during its session held today in Doha – reviewed the important achievements and legislative reforms undertaken by the State of Qatar as part of its ongoing efforts to promote and protect the rights of expatriate workers.
The head of the International Labour Office in Doha presented a report on the important steps and actions made by the State of Qatar in a short period of time, and its cooperation with the ILO through the implementation of a number of programmes and activities relating to the promotion of the wage protection system, the development of plans and training for Labour Inspectors, combatting trafficking in human beings, and measures relating to the  recruitment process, the contract system and the strengthening of the complaint mechanisms.
The members of the ILO governing body among governments, in particular the United States (US) government, the governments of the European Union (EU) and Canada, as well as the Employers 'and Workers' groups commended the reforms undertaken by the State of Qatar, including the abolition of the exit visas, the creation of a workers' support fund and the creation of joint workers’ committees.
The members of the governing body also welcomed the constructive cooperation and the partnerships between the government of the State of Qatar and a number of governments, including the United States of America (USA), the United Kingdom (UK), Switzerland, the Netherlands, as well as with the social partners including the International Organisation for Employers (IOE), the International Federation of Building and Wood Workers (BWI) and the International Transport Workers Federation (ITF).
On the occasion, assistant undersecretary for labor affairs Mohammed Hassan Al Obaidli – at the meeting – stressed the cooperation and desire of the State of Qatar to ensure a productive working environment that is beneficial to all parties in the work system and to abide by the international labor standards and the ratified conventions and to continue   With all partners to provide a safe working environment and protect the rights and interests of all parties of.
He – on the occasion – extended thanks and appreciation to the partners of the State of Qatar from governments and employers 'and workers' organisations for their support of the efforts of the State and the International Labour Office in achieving activities and objectives of the Technical Cooperation Programme.