Ernesto Valverde will lead his team for the final time this season as the title-winners close their Liga season at home to Sociedad
Everything you need to know ahead of the champions’ last Primera Division clash of the season, which takes place at Camp Nou this weekend…
Kathmandu, May 19
The price of precious metals slipped by over one per cent in the trading week between May 13 and 18.
The improvement in treasury of western nations weighed on the gold price, according to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA).
“Strengthening of the dollar coupled with news of US central bank hiking interest rates thrice this year also caused the bullion price to fall,” the federation said in a statement.
As per the price rate published by FeNeGoSiDA, gold was priced at Rs 59,300 per tola on Sunday. Its price dipped by Rs 100 a tola to be traded at Rs 59,200 per tola on Monday and remained same the next day.
On Wednesday, bullion price fell by Rs 500 a tola to Rs 58,700 per tola.
The price of the precious yellow metal fell by Rs 300 a tola to Rs 58,400 per tola on Thursday and was unchanged on Friday, the last trading day of the week.
FeNeGoSiDA had fixed the rate of silver at Rs 775 a tola and its price was stable the next day. Over the next two days, however, the grey metal dipped by five rupees per tola each day to be traded at Rs 770 a tola on Tuesday and Rs 765 per tola on Wednesday. Silver was traded at the same rate for the rest of the week.
In neighbouring India, gold discounts widened due to sluggish demand amid high local rates, Reuters reported
In the overseas market, gold prices have corrected but in the local market prices are still elevated due to a depreciating Indian rupee, Ashok Jain, proprietor of Mumbai-based wholesaler Chenaji Narsinghji, told the news agency.
The Indian rupee has fallen more than six per cent so far in 2018, having plunged to its lowest in 16 months this week.
In top consumer China, demand for physical gold improved, with premiums of $8 to $9 an ounce being charged over the benchmark price, versus $6 to $8 last week.
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Kathmandu, May 19
The country’s sole secondary market managed to limit its loss to 8.80 points or 0.65 per cent to 1,339.65 points in the trading week between May 13 and 17, owing to Nepal Stock Exchange (Nepse) rebounding in the second half of the week.
“The movement of the market in the coming days will depend on the government’s budget,” said Ambika Prasad Poudel, president of Nepal Investors’ Forum. “The government will be introducing its policy and programme on Monday but I think it will not include anything that will affect the stock market and we will have to wait for the budget to see which direction the share market will take,” he added.
Since Sunday was a public holiday as the country celebrated Bhoto Jatra, the stock market was open from Monday only. The benchmark index had opened at 1,348.45 points on Monday and dropped by 10.28 points to close at 1,338.17 points by the end of the day. The market was down on Tuesday by another 4.32 points.
The local bourse reversed course thereafter, gaining 4.16 points on Wednesday to land at 1,338.01 points. It went up marginally by 1.64 points on Thursday.
Meanwhile, sensitive index was down by 2.29 points or 0.8 per cent to rest at 282.3 points in the review week. Similarly, the float index also declined by 0.75 point or 0.76 per cent to 96.7 points.
In the review period, four subgroups witnessed gains while six subgroups landed in the red zone.
The trading, manufacturing and hotels subgroups saw gains of above one per cent and others sub-index saw gains of below one per cent. Meanwhile, microfinance, hydropower, insurance and banking sub-indices saw losses of below one per cent and development banks and finance subgroups witnessed losses of above one per cent.
In the review week, the finance subgroup led the pack of losers, dropping by 11.94 points or 1.81 per cent to rest at 647.67 points. Likewise, the development bank subgroup shed 25.88 points or 1.64 per cent to land at 1,545.22 points and banking sub-index dipped by 10.66 points or 0.92 per cent to land at 1,147.3 points.
Meanwhile, the insurance sub-index went down by 53.81 points or 0.76 per cent to end the week at 6,957.95 points. Similarly, hydropower sub-index also decreased by 10.72 points or 0.64 per cent to 1,655.74 points and microfinance sub-index fell by 9.39 points to 1,733.54 points.
Meanwhile, trading sub-index led the group of gainers, rising by 3.72 points or 1.88 per cent to settle at 201.34 points. Likewise, manufacturing subgroup ascended by 30.94 points or 1.35 per cent to close at 2,319.13 points. The hotels subgroup, meanwhile, surged by 24.75 points or 1.26 per cent to 1,982.01 points and others sub-index also went up by 5.25 points or 0.7 per cent to rest at 751.47 points.
Altogether, 2.32 million shares of 176 companies worth Rs 1.08 billion were traded through 14,026 transactions during the week. The traded amount was 45.96 per cent less than total weekly turnover of the previous week, which was recorded at
Rs two billion. In the previous week, 4.81 million shares of 181 firms had changed hands through 29,319 transactions.
In terms of weekly turnover, Siddhartha Bank was at the top with Rs 70.18 million. It was followed by Womi Microfinance Bittiya Sanstha with Rs 45.95 million, Siddhartha Insurance with Rs 30.04 million, Standard Chartered Bank with Rs 27.69 million and Nepal Life Insurance with Rs 27.44 million.
In the review period, Siddhartha Bank was also the leader in terms of number of shares changing hands with 211,000 of its shares being transacted. In terms of number of transactions, Nepal Investment Bank was the forerunner with 652 transactions.
NEW LISTINGS
| Company | Type | Unit |
| Deprosc Laghubitta Bittiya Sanstha | Bonus | 969,793.66 |
| Miteri Development Bank | Bonus | 1,197,069.44 |
| National Microfinance Bittiya Sanstha | Bonus | 203,560.00 |
| Pokhara Finance | Rights | 983,682.74 |
| Prabhu Bank | Rights | 21,199,321.00 |
| Premier Insurance | Bonus | 695,397.00 |
| Samata Microfinance Bittiya Sanstha | Bonus | 63,200.00 |
| Shine Resunga Development Bank | Bonus | 2,757,231.00 |
| Srijana Finance | Bonus | 982,800.00 |
Source: Nepse
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Kathmandu, May 19
The government needs to be a bit more cautious about skyrocketing imports that have depleted foreign currency reserves as remittance has plummeted and transfer of foreign funds, including foreign direct investment, is also low.
Nepal Rastra Bank had said the country’s reserve position till mid-April was sufficient to cover imports for 9.7 months.
“The situation is not so alarming. However, a stronger US dollar vis-à-vis Nepali currency and stagnant remittance growth could pose a threat,” said Nara Bahadur Thapa, executive director of NRB.
As traders tend to harbour the general perception that import duties will be hiked in the new fiscal budget, they raise their imports in the last few months of the fiscal. Imports also become dearer when the US dollar appreciates. Along with appreciation of the US dollar, the price of petroleum products follow an upward trend in the global market.
“While it is difficult to curb imports, the government must adopt precautionary measures in relation to rampant imports when the foreign currency reserve is insufficient to cover import for at least eight months,” Thapa reiterated.
The country imported goods worth Rs 876.29 billion in the first nine months of this fiscal, which was a 20.6 per cent growth compared to the same period last fiscal. The country also recorded trade deficit of Rs 816.55 billion, a growth of 21.7 per cent. “There is potential of import growth as construction and reconstruction activities have gathered pace,” according to traders.
However, sources for generating foreign exchange reserves are not strong. Growth of remittance, on which Nepal has been relying since long to make its foreign exchange reserves robust, retarded to 5.6 per cent in the nine months of this fiscal compared to 6.3 per cent in the corresponding period of the previous fiscal.
In the first nine months of the fiscal, the country received Rs 540.38 billion from remittance, Rs 59.73 billion from exports, Rs 14.41 billion was transferred as foreign direct investment and Rs 50.3 billion through travel component tourism.
However, the sum of foreign exchange income was Rs 664.82 billion whereas trade deficit was Rs 816.55 billion, which experts term ‘unsustainable deficit’.
| Forex Reserve | ||
| Month | Reserve size | Import cover (based on import growth) |
| Mid-July | $10.49bn | 11.4 months |
| Md-August | $10.54bn | 12 months |
| Mid-September | $10.56bn | 11.4 months |
| Mid-October | $10.64bn | 11.2 months |
| Mid-November | $10.62bn | 11.6 months |
| Mid-December | $10.57bn | 11 months |
| Mid-January | $10.51bn | 10.6 months |
| Mid-February | $10.21bn | 9.8 months |
| Mid-March | $10.13bn | 9.7 months |
| Mid-April | $10.22bn | 9.7 months |
Source: Nepal Rastra Bank
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KATHMANDU: United Breweries Ltd, one of the leading beer companies in Asia, in association with Yeti Brewery, has announced the launch of its flagship brands, Kingfisher Premium and Kingfisher Strong in Nepal.
United Breweries’ foray into the Nepal market is part of their plan to bring the ‘Good Times’ to the consumers in Nepal, and accelerate the brand’s growth and market share across new territories, as per a media release. United Breweries Ltd is a joint venture with the global beer leader Heineken NV.
Kingfisher Premium and Strong will be present across all retail outlets in Nepal. Kingfisher Premium 650ml bottle is priced at Rs 275, while the 500ml can is priced at Rs 210. Kingfisher Strong 650ml bottle is priced at Rs 235 and 500ml can is priced at Rs 180. — HNS
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Kathmandu, May 19
Local bodies seem to be reluctant to induct account officers deployed by the federal government citing they will hire account officers through their own capacity.
During the adjustment of civil servants, the government had deployed the chief administrative officer and the account officer from the federal government. However, some local units have protested against the move of the federal government.
Kathmandu Metropolitan City (KMC), the largest metropolis of the country, can be taken as an example. The government had deployed a government secretary as chief administrative officer and an undersecretary as the account officer of the KMC Office. However, the KMC Office has refused to allow the account officer to work.
“This is a clear case of lack of transparency and accountability,” said Dinesh Kumar Thapaliya, secretary at the Ministry of Federal Affairs and General Administration.
Local bodies have started accusing the federal government of creating undue pressure on them as they now have the full right to appoint staffers as the country has already adopted the federal set-up.
However, sources say that the local bodies have been reluctant to induct account officers assigned by the federal government as the elected representatives want to hire an account officer who will obey their instructions.
“The local bodies could be a bit apprehensive about inducting account officers deployed by the federal government, as the officers may not heed the instructions of the mayor or the chair of the assembly,” a source at the Financial Comptroller General Office said.
The federal government has said that it will deploy joint secretaries as chief administrative officers in metropolitan cities, except Kathmandu, and in sub-metropolitans, and undersecretaries as account officers.
Undersecretaries will be appointed as chief administrative officers of the municipalities and officer-level staffers will be deployed as chief administrative officers of the rural municipalities, and civil servants just below the rank of chief administrative officer will look after the accounts.
As per a study of the Ministry of Federal Affairs and General Administration, a total of 57,000 staffers are required in the local bodies and there is availability of only around 19,000 employees.
The federal government has already deployed 11,000 employees of the federal government to the local level and it has been doing so based on the needs of the local bodies.
The federal government has claimed that if it allows the local bodies to appoint account officers on their own, the local bodies may not be able to spend in a prudent manner and the amount in arrears could rise.
Ramu Prasad Dotel, spokesperson for the Office of the Auditor General (OAG), said that the OAG report of last fiscal 2016-17 had shown the arrears amount to be worth Rs 14.25 billion in local bodies, which was 7.9 per cent of their total audited amount of Rs 180 billion. He underscored the need of a proper audit system to identify the loopholes in the spending mechanisms.
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Kathmandu, May 19
Hridesh Kumar Singh and Pabitra Kumar Karki won the titles of the Ballantine’s Open Golf Tournament here at the Royal Nepal Golf Club today.
Karki bagged the nett category trophy. Mithun Rai was second with 132, while Shreejay Acharya came third with 120 points.
Singh accumulated 200 points to lift the gross section title, while Pabitra Kumar Karki was second with 120. Deep Bahadur Basnet and Subash Ghising were tied on 100 points.
Similarly, Sandhya Rai lifted the women’s section trophy with the score of 200 points. All three golfers claimed the series titles after winning the third and final event which was played over nine holes today.
Karki won the nett section title on count back after he was tied on 19 points with Shree Jay Acharya, while Singh bagged the gross category trophy with 17 points. Rai won women’s section title with 12 points, while Suman Rani Shah was second with five points.
Likewise, Hari Bahadur Shrestha and Binay Raj Pandey won the senior and super senior awards respectively. Pabitra Kumar Karki, Surendra Phuyal and Kanchan Basnyat bagged the most birdies, longest drive and closest-to-the-pin awards respectively.
A total of 25 players took part in the third and final event of the series sponsored by Pernod Ricard. Country Manager of Pernod Ricard Ravinder Saini, President of Royal Nepal Golf Club Rabindra Man Shrestha, Vice-president Tashi Ghale, Vice-Captain Srihar SJB Rana and past president Prachanda Bahadur Shrestha handed over the prizes to the winners of the tournament.
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Kathmandu, May 19
Shivaram Shrestha in Nepal No 1 professional golfer and he is at the summit since 2011.
Except for the second season of the Surya Nepal Golf Tour, Shrestha has never been challenged at the summit ever since the tour was launched in 2008.
He was unable to retain the No 1 status in 2009-10 after he got injured in bike accident and failed to win a single event in the whole season. He fell behind fellow RNGC pro Rabi Khadka in the Order of Merit that season.
Shrestha bounced back in the 2010-11 season by winning five events and has never looked back. He has taken the personal tally to 41 titles, including two he won before the start of the tour. Shrestha is runaway leader in the most wins list with Rabi Khadka following him with 12 titles.
But with the 2018-19 season coming to its end with the Surya Nepal Premier next week, the No 1 status Shrestha enjoyed for so long time is under threat.
Despite winning five events out of nine tournaments, Shrestha has not been able to seal the top spot in Order of Merit.
Going into the final event that carries a total purse of Rs 1.26 million, Shrestha is ahead of Bhuwan Nagarkoti by Rs 133,700.
The Gokarna Golf Club pro Nagarkoti can leapfrog Shrestha in the Order of Merit as the top two pros will earn Rs 230,000 and Rs 140,000 respectively. If Nagarkoti wins the tournament and Shrestha finishes third or worse, the Order of Merit will go out of RNGC for the first time in 11 years.
Shrestha was well aware of the situation and confident of defending the Surya Nepal Premier title and retaining the No 1 status.
“The No 1 status is not at stake as I don’t think I will fare that bad in the tournament,” said Shrestha. “The overall performance depends on putting as I have been facing some problems with that. If I can putt well, then no one can beat me,” he added.
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Ruslan Three Star Club players and officials celebrate after winning the fifth Rumpum Udaypur Gold Cup Football Tournament at the Tharuhat Stadium in Gaighat on Saturday, May 19, 2018. Photo: THT
Gaighat, May 19
Ruslan Three Star Club defeated Laxmi Hyundai Manang Marshyangdi Club 1-0 in the final of the fifth Rumpum Udaypur Gold Cup Football Tournament here at the Tharuhat Stadium today.
Ajayi Martins scored the solitary goal of the match and that was enough for Three Star to beat MMC in the final match. The win was Three Star’s seventh consecutive against the ‘A’ Division rivals. Martins scored the winning goal in the 18th minute as Three Star won the third title of the tournament. Three Star had also won the first and third editions.
Both teams were reduced to 10 men as Three Star’s Martins and MMC’s Bimal Basnet were expelled by the referee in the 70th minute. The pitch turned into battlefield after Martins punched Bimal Basnet, who used foul language to referee Nabin Maharjan for not punishing the Three Star player. Referee Maharjan then gave marching orders to both Martins and Basnet.
With the victory, Three Star earned Rs 500,000 and runners-up MMC got Rs 300,000. Three Star’s Peter Segun was named the player-of-the-match and he received Rs 50,000. Similarly, Three Star clean swept the individual awards. Ramesh KC and Bijay Dhimal were named the best midfielder and defender respectively, while Martins was the highest scorer and Alan Neupane was the best goalkeeper. Meghraj KC was named the best coach. Udaypur’s Prajwal Chaudhary was adjudged the rising player.
All the individual award winners got Rs 10,000 each.
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