money

kathmandupost
the
cross currency F ORE X
USD EUR JPY GBP CHF CAD AUD INR NR US Dollar 112.20
NR 112.2000 127.6200 10.1760 143.0000 112.8000 85.2500 81.5600 1.6015 Euro 127.62
INR 70.0150 0.8774 0.6344 89.3050 70.1850 53.1549 50.8520 0.6244 Pound Sterling 143.00
Japanese Yen 10.17
GBP 0.7835 0.8920 0.0071 0.7879 0.5953 0.5692 0.0112 0.0070
Chinese Yuan 16.30
JPY 110.3200 125.5800 140.8451 110.9200 83.8100 80.1300 1.5763 1.0799
Qatari Riyal 30.82
EUR 0.8783 0.0080 1.1211 0.8831 0.6673 0.6379 0.0125 0.0080
Australian Dollar 81.56
USD 1.1386 0.0091 1.2763 1.0056 0.7597 0.7261 0.0143 0.0099
Malaysian Ringit 27.42

finance&economy 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.
Saudi Arab Riyal 29.92
Exchange rates fixed by Nepal Rastra Bank

Tuesday, August 14, 2018 (29-04-2075) kathmandupost.ekantipur.com

Malaysia’s Mahathir aims to scrap China deals Page II Malaysia’s prime minister said Monday he will seek to cancel multibillion-dollar Chinese-backed infrastructure
projects that were signed by his predecessor as his government works to dig itself out of debt

Inside
Turkey attempts
to calm markets
GMR, Bangladesh to sign Rupee hits
record low of
power purchase pact
as lira hit again

112.20 per dollar

Turkey’s central bank
on Monday sought to
calm markets rattled by
the precipitous plunge
of the Turkish lira as a
defiant President Recep
Tayyip Erdogan chas-
tised the US for seeking
to stab Ankara “in the
back.” A dispute
between NATO allies
Turkey and the United
States—which reached
new intensity over the
detention of an
American pastor—has
hammered the lira
and also raised ques-
tions over the future
partnership between
Washington and
Ankara.  Pg: II
‘Hyundai Town’
faces grim
future amid
competition
When Lee Dong-hee
came to Ulsan to work
for Hyundai Heavy
Industries five years
ago, shipyards in the
city known as Hyundai
Town operated day and
night and workers could
make triple South
Korea’s annual average
salary. But the 52-year-
old was laid off in
January, joining some
27,000 workers and sub-
contractors who lost
their jobs at Hyundai
Heavy between 2015 and
2017 as ship orders
plunged.  Pg: III
Bajaj rolls out
all-new Pulsar
150 TD bike
HH Bajaj, the sole dis-
tributor of Bajaj motor-
cycles in Nepal, has
launched the all-new
Pulsar 150 TD (Twin
Disc). The much-awaited
Bajaj Pulsar 150 TD
comes at an introducto-
ry price of Rs255,900.
The Bajaj Pulsar 150
TD features twin
disc brakes, sharper
design and new colour
schemes.  Pg: IV
Corrigendum
The news report “170MW
solar power plant
gets $200b investment”
(Money I, August 13)
should have been ‘$200
million’, instead of what
was inadvertently pub-
lished. The error is
regretted. – Ed
BIBEK SUBEDI
KATHMANDU, AUG 13
GMR Upper Karnali
Hydropower, the Indian com-
pany building the 900 MW
Upper Karnali Hydropower
Project located in western
Nepal, is close to signing a
power purchase agreement
(PPA) with the Bangladeshi
government to export electric-
ity generated by the plant.
Under the PPA, GMR will
export up to 500 MW to
Bangladesh using Indian
transmission lines. GMR and
the Bangladesh Power
Development Board (BPDB), a
statutory body of the
Bangladeshi government,
have agreed to the commercial
terms of the PPA. The BPDB
has sent the agreement to the
office of the Bangladeshi
prime minister for approval,
according to a highly placed
GMR source.
“After their government
approves the commercial
terms, we will start negotiat-
ing the power purchase rate
with the tariff committee, a
horseback riding
n Toursits enjoy horse ride at Lakeside in Pokhara. Tourist arrivals in Nepal is excepted to reach 1.2 million this year. 
n A file
photo shows Minister for Energy Barshaman Pun (3rd right) and Bangladesh’s State Minister for
Power and Energy Nasrul Hamid (4th right) after signing an MoU in Kathmandu. 
secretary-level body of the
Bangladeshi government,”
said the source. “Once the tar-
iff rate is finalised, we will
sign the PPA with the
Bangladeshi government.”
The entire process, according
to the source, will take around
three to four months.
The BPDB has already
signed a memorandum of
understanding (MoU) with
India’s NTPC Vidyut Vyapar
Nigam (NVVN) which will
allow it to import electricity
generated by the Upper
Karnali scheme through the
Indian power grid. The under-
standing was signed during
Bangladeshi Prime Minister
Sheikh Hasina’s visit to India
in April 2017
As Indian laws don’t allow
private developers to export
electricity produced in third
countries over Indian trans-
mission lines, Bangladesh
signed the MoU with the
Post file Photo
Indian state-owned cross-bor-
der electricity trading agency
while GMR endorsed the pact
as one of the signatories.
The latest development has
come as a respite to the Indian
developer of the Upper
Karnali project which is strug-
gling to arrange funds for the
construction of one of the
largest large hydropower
projects in Nepal. The PPA
will help GMR find potential
lenders to finance the con-
struction of the project.
Likewise, the PPA will also
act as a guiding framework for
Nepal to export surplus elec-
tricity to Bangladesh that
Nepal is expected to produce
in a few years. Last week,
Nepal and Bangladesh signed
a cooperation agreement in
the energy sector with the aim
of exploring the possibilities
of initiating electricity trade
between the two countries.
Bangladesh is an energy
hungry nation, and it plans to
import electricity from neigh-
bouring countries to sustain
the high economic growth rate
that it has been achieving for
the last few years. Also, the
price of electricity in
Bangladesh is good compared
to Nepal and India which
will make a large number
of hydropower projects in
Nepal financially viable,
according Khadga Bahadur
Bisht, former president The depreciation of the domestic currency
of the Independent Power
Producers Association, an could further exert pressure on the
umbrella organisation of the balance of payments
country’s private hydropower
producers.
POST REPORT trolled even by maintaining
KATHMANDU, AUG 13 a strong reserve of the US
dollar, NRB Foreign
The Nepali rupee plunged
to a record low against the
Exchange
Chief
Department
Bhisma Raj
US dollar with Nepal Dhungana said.
Rastra Bank (NRB) fixing The depreciation of the
the exchange rate at 112.20 domestic currency could
per dollar for Tuesday. The further exert pressure on
rupee’s free fall is an effect the balance of payments
of the steady depreciation which suffered a deficit of
of the Indian rupee with Rs18.93 billion in the first
which it is pegged. 10 months of the fiscal year
According to the Indian as shown by NRB statistics.
media, the Indian rupee In addition, it could raise
has slumped to an all-time market prices significantly
low as emerging market as the country is highly
currencies weakened amid dependent on imported
concerns over the risk of goods for consumption.
contagion from Turkey’s Even though the fall in
financial market turmoil. the value of the Nepali
The Indian rupee ended rupee vis-à-vis the green-
at an all time low of 69.93 back makes domestic prod-
per dollar, down 1.56 per- ucts cheaper for foreign
cent, its steepest fall since buyers, Nepal can hardly
September 3, 2013, from its benefit from it as its export
previous close of 68.84, basket is too small com-
according to Livemint.com. pared to imports. The coun-
Livemint quoted analysts try shipped goods worth
as saying contagion wor- Rs66.65 billion while
ries from Turkey’s curren- imports swelled to a stag-
cy crisis are spilling over to gering Rs985.83 billion as of
the Asian space, as it’s the first 10 months of this
manifesting through a
stronger dollar.
fiscal year.
On the bright side, the
NRB, the central bank, appreciation of the dollar
said it couldn’t take any can attract more tourists
measures to control the free to Nepal as it raises their
fall of the Nepali rupee as purchasing power. Also, it
the depreciation of the can benefit remittance
Indian currency against earners as the US dollars
the US dollar was the main migrant workers send
reason behind the decline. home will buy more
Post photo: Lal Prasad Sharma The free fall can’t be con- Nepali rupees.

i m p rov i n g m ass t ra n s p o rt

High-tech, low-emission buses replace micros

POST REPORT
KATHMANDU, AUG 13
A fleet of 17 high-tech, low-emis-
sion buses have been put on the
streets of Kathmandu in a bid to
reduce congestion and pollution
as part of a project funded by the
Asian Development Bank (ADB).
The new 25-seater buses will be
used on a pilot route called S5—
from Gongabu to Sinamangal—
replacing 26 ageing microbuses
and 35 tempos that ply the route.
The initiative is part of the
ADB Kathmandu Sustainable
Urban Transport Project, which is
promoting the use of low-emis-
sion vehicles and helping improve
mass transport in the Kathmandu
Valley. Population growth, rapid
urbanisation and the increasing
number of vehicles in the Valley
have led to traffic congestion,
road accidents, environmental
degradation and poor public
transport operation and services
in recent years. “ADB is pleased to
work closely with the Department
of Transport Management on this
project to provide the city with a
more efficient urban transport
system,” said ADB Country
Director for Nepal Mukhtor
The total cost of the project
is $22.37 million, with
the Nepal government
contributing $7.9 million
Khamudkhanov.
“What is really commendable is
that the effort to improve the
urban transport system is being
led by a public-private partner-
ship, and this partnership will be
the key to the system’s sustaina-
bility in the long run.”
The owners of the microbuses
and tempos came together to form
a private limited company that
now runs the bus service. The
capital for this initiative was pro-
vided by the government-man-
aged Town Development Fund
financed by the ADB, grants from
the Global Environment Facility
and equity financing from the
company itself.
“The incentive for the owners
who had to shut down the ageing
microbus and tempo service in
the designated routes and operate
the newer and cleaner buses is
that they are now shareholders of
the new company and will get reg-
ular dividends,” said Project
Director Ananta Acharya. “So, it’s
a win-win for transport operators,
passengers, and most importantly,
for the environment.”
The new buses use Euro-4 emis-
sion standard engines that reduce
the levels of harmful exhaust
emissions such as carbon monox-
ide. They also use a Global
Positioning System (GPS) ena-
bling passengers to track the
buses in real time. Passengers can
also use a card to pay their fare,
while the buses themselves are
disabled-friendly.
The project is helping to
improve traffic management in
the city centre and making it
more walkable through pedestri-
anisation of heritage routes and
supporting the Department of
Transport Management to build
up knowledge and skills in urban
transport management.
The total cost of the project is
$22.37 million, with the Nepal gov-
ernment contributing $7.9 mil-
lion. The total cost of the imple-
mentation of the bus service on
the pilot route, including e-ticket-
ing, GPS tracking and other com-
munication equipment, is
$900,000. n Minister for Physical Infrastructure and Transport Raghubir Mahaseth (centre) flags off a bus in Kathmandu, on Monday.

C M Y K
Tuesday, August 14, 2018 | the kathmandu post world money II
news digest
Iran offers Malaysia’s Mahathir aims Turkey attempts
to calm markets
to scrap China deals
discount
oil to Asia
TEHRAN: Iran is selling

as lira hit again

oil and gas at a discount
to Asian customers as it
prepares for the return
of US sanctions, state
news agency IRNA
reported on Monday.
The “informed source”
in Iran’s oil ministry
did not give details of
the discount, but sought
to downplay the move
as common industry
practice. “Discount is
part of the nature of
the global markets
being offered by all oil
exporters,” the source
told IRNA. Bloomberg
reported on Friday that
the state-run National
Iranian Oil Company
was reducing official
prices for September
sales to Asia to their
lowest level in 14 years,
compared with Saudi
crude. The United
States will seek to block
Iran’s international oil
sales from November 5,
when the second phase
of sanctions are reim-
posed as part of
Washington’s withdraw-
al from the 2015
nuclear deal. (AFP)
Bayer shares
plunge after
Monsanto ruling
FRANKFURT: Shares in
German chemicals and
pharmaceuticals giant
Bayer tumbled more
than 10 percent as mar-
kets opened Monday, as
investors reacted to a
shock US ruling against
freshly-acquired
Monsanto. Stock in the
Leverkusen-based
group fell 10.4 percent
to 83.61 euros ($95.19)
around 9:25 am (0725
GMT), after a California
jury on Friday awarded
a dying groundskeeper
damages of almost $290
million, saying
Monsanto should have
warned buyers that its
flagship Roundup
weedkiller could cause
cancer. (AFP)
Thailand plans
to export 11m
tonnes of rice
BANGKOK: Thailand is
expected to export an
estimated 11 million
tonnes of rice through-
ASSOCIATED PRESS
PUTRAJAYA (MALAYSIA), AUG 13
Malaysia’s prime minister
said Monday he will seek to
cancel multibillion-dollar
Chinese-backed infrastructure
projects that were signed by
his predecessor as his govern-
ment works to dig itself out of
debt, and he blasted
Myanmar’s treatment of
Rohingya Muslims as “grossly
unjust.”
Mahathir Mohamad made
the comments during a
wide-ranging interview with
The Associated Press days
before the 93-year-old leader
heads to Beijing for his first
visit there since returning to
power in an electoral upset
three months ago.
Mahathir said he wants to
maintain good relations with
China and welcomes its invest-
ment, so long as the projects
benefit Malaysia.
But he took his toughest
stance yet on Chinese-backed
energy pipelines and a rail
project along peninsular
Malaysia’s eastern coast that
were struck by his predeces-
sor, Najib Razak. The former
premier faces trial on multiple
charges related to the alleged
multibillion-dollar looting of
the 1MDB state investment
fund. He denies wrongdoing.
“We don’t think we need
those two projects. We don’t
think they are viable. So if we
can, we would like to just drop
the projects,” he said from his
office in the administrative
center of Putrajaya.
During his time in power,
Najib drew Malaysia closer to
China, which sees the multi-
ethnic Southeast Asian coun-
try as a key part of its ambi-
tious One Belt, One Road glob-
al trade initiative. The former
prime minister reached deals
for the 688-kilometer (430-mile)
East Coast Rail Link and the
two gas pipelines in 2016.
Malaysia’s new government
has already suspended work
stock exchange
nMalaysia’s Prime Minister Mahathir Mohamad listens during an interview with The Associated Press in
Putrajaya, Malaysia, Monday.
on the projects, being built by
Chinese state-backed compa-
nies, and called for drastic
cuts in their ballooning cost,
which it estimates at more
than $22 billion. Some of that
money has already been paid
and could be difficult to
recoup.
If scrapping the projects
altogether isn’t doable,
Malaysia will need to at least
put them on hold until the
future, Mahathir said.
Mahathir also urged China
to respect the free movement
of ships throughout the South
China Sea. China and multiple
Southeast Asian nations
including Malaysia have com-
peting claims on islands and
reefs in the sea—along with
the rich fishing grounds and
potential fossil fuel deposits
around them.
China claims much of the
sea as its own and has built up
several man-made islands
equipped them with runways,
hangers, radar and missile sta-
tions to bolster its claim. It has
accused the US, which rou-
tinely deploys aircraft carri-
ers, other warships and planes
to the sea, of meddling in a
purely Asian dispute. Chinese
ships also patrol the sea.
“We are all for ships, even
warships, passing through,
but not stationed here,”
Mahathir said. “It is a warn-
ing to everyone. Don’t create
tension unnecessarily.”
Mahathir was scathing in
his criticism of Myanmar, a
country whose inclusion into
the Association of Southeast
Asian Nations he had pushed
for in 1997 despite concerns
over human rights abuses and
protests by the US
“It is grossly unjust to do
what they have done, killing
people, mass murder, that’s
not the way civilized nations
behave,” he said.
The previous government
of predominantly Muslim
Malaysia strongly supported
the Rohingya, a persecuted
minority in Myanmar who
have fled by the hundreds of
AP/rss
thousands to neighboring
Bangladesh after a crackdown
last year that some have called
ethnic cleansing. Malaysia has
said the displacement of
Rohingya is no longer a
domestic issue for Myanmar,
in a rare departure from
ASEAN’s non-interference
policy in each other’s affairs.
Mahathir added that he was
“very disappointed” in
Myanmar leader Aung San
Suu Kyi’s failure to halt the
oppression.
“Obviously she appears to
be with the government of the
day on how they treat the
Rohingyas. It’s a question of
justice and human rights. You
can’t do that,” he said.
He stopped short of commit-
ting Malaysia to taking in
more Rohingya refugees, how-
ever, saying the 7 million legal
and undocumented foreigners
Malaysia already hosts are
“far too many.”
Mahathir is a larger-than-
life figure in Malaysia, with
his influence dominating the
multiethnic country’s politics
from the Cold War into a new
millennium.
His first turn as prime min-
ister stretched for 22 years,
coming to an end only in 2003.
He rose to prominence by con-
troversially championing the
county’s indigenous Malays,
whom he saw as disadvan-
taged compared to the coun-
try’s Chinese minority, and he
oversaw the rapid develop-
ment of his young country
while concentrating power
under his increasingly auto-
cratic rule.
Mahathir long seemed to
relish his role as an antagonist
to the West. He frequently crit-
icized the US and its close
allies—often with colorful and
at times offensive language—
while promoting what he saw
as Asian values and interests.
A longtime champion of
Palestinian causes, he doubled
down Monday when asked
about his record of comments
seen as anti-Semitic, saying
that “we should be able to crit-
icize everybody” while assail-
ing laws denying the scale of
the Holocaust.
“Anti-Semitic is a term that
is invented to prevent people
from criticizing the Jews for
doing wrong things,” he said.
Mahathir’s criticism of
Western leaders has extended
to President Donald Trump,
whom he described as an
“erratic man” during an AP
interview last year. His return
to office hasn’t tempered his
opinion.
“So far he has not indicated
that I should change my
views,” he said of Trump on
Monday. “He changes his
mind within 24 hours. I mean
it is difficult to deal with any
person whose mind is not
made up.”
Still, Malaysia would con-
tinue to welcome American
investment, particularly in
high-tech sectors, he said, as
he promised tax breaks and
other incentives.
Independent
labels urge EU
AGENCE FRANCE-PRESSE
ISTANBUL, AUG 13
Turkey’s central bank on
Monday sought to calm
markets rattled by the pre-
cipitous plunge of the
Turkish lira as a defiant
President Recep Tayyip
Erdogan chastised the US
for seeking to stab Ankara
“in the back.”
A dispute between NATO
allies Turkey and the
United States—which
reached new intensity over
the detention of an
American pastor—has
hammered the lira and also
raised questions over the
future partnership between
Washington and Ankara.
As the latest develop-
ments caused the lira to
plunge further in value,
investors fretted over
potential economic conta-
gion from Turkey, particu-
larly to European banks.
The already embattled
Turkish lira tumbled some
16 percent against the dol-
lar on Friday as US
President Donald Trump
said he had doubled tariffs
on steel and aluminium
from Turkey. “We are
together in NATO and then
you seek to stab your strate-
gic partner in the back. Can
such a thing be accepted?”
Erdogan said at a confer-
ence in the capital Ankara.
After Erdogan’s speech,
the lira was trading back at
6.9 to the dollar, a loss of
seven percent on the day,
recovering from even
sharper losses in earlier
Asian trade where it struck
a record low of 7.2362 to the
greenback.
In its first statement
since what was dubbed
“Black Friday” in Turkey,
the central bank said it was
ready to take “all necessary
measures” to ensure finan-
cial stability, promising to
provide banks with “all the
liquidity” they need.
The bank also revised
reserve requirement ratios
for banks, in a move also
aimed at staving off any
liquidity issues.
But to the dismay of mar-
kets, the statement gave no
clear promise of rate hikes,
which is what most econo-
mists and analysts say is
needed to ease the crisis.
Erdogan said Turkey
was facing an “economic
siege”, slamming the cur-
rency movements as an
“attack against our coun-
try.” The Turkish leader
has been sanguine over the
punitive measures
announced by the US, say-
ing that while Turkey’s
relationship with
Washington is at stake it
will look for other partners.
Analysts say that while
Washington’s sanctions
against Ankara sparked the
immediate crisis, Turkey’s
economy has been risking
trouble for a while due to
high inflation and the weak
lira. The central bank has
over the last few weeks
defied calls from markets
for rate hikes to combat
these problems, raising
fears of interference from
Erdogan who has repeated-
ly called for low interest
rates. Erdogan had on
Saturday described interest
rates as a “tool of exploita-
tion”, in remarks unlikely
to impress the markets.
“Investors need to see
serious economic measures
and not political ones to
prevent things getting com-
pletely out of control,” said
Hussein Sayed, chief mar-
ket strategist at FXTM, say-
ing this had to include an
emergency rate hike.
But Erdogan advised
Turks not to worry.

out this year, said a sen-
ior government official
on Monday. The 11-mil-
lion-ton rice for export
throughout this year
projected by the
Ministry of
Commerce’s Depart-
ment of Foreign Trade
compared to some 9.5
million tonnes earlier
forecast by the Thai
Rice Exporters
Association. According
to Adul Chotinisakorn,
Director General of the
Department of Foreign
Trade, some 6.7 million
tonnes of the Thai rice
has already been
exported so far this
year. The Thai rice
sales volumes have
apparently increased
due to rising demands
in the world rice mar-
ket, including Indonesia
which has accounted
for a 679 percent
increase in the pur-
chase orders of the
Thai rice, Malaysia
which has accounted
for a 53 percent
increase and the
Philippines which has
marked a 25 percent
increase, Adul
said. (XINHUA)
to block Sony’s
$2.3b bid for EMI
REUTERS
BRUSSELS, AUG 13
Independent music labels
group Impala has called on
EU antitrust regulators to
block Sony Corp’s bid to
become the world’s largest
music publisher with its $2.3
billion offer for control of
EMI, saying the combination
would have too much market
power.
Sony announced the deal in
May, the boldest strategy
move by its new CEO
Kenichiro Yoshida, which
would give it rights to 2.1 mil-
lion songs from artists such as
Drake, Sam Smith, Pharrell
Williams and Sia.
The Japanese conglomer-
ate, which currently owns a 30
percent stake in EMI, wants to
buy Mubalada Investment
Co’s 60 percent stake. Last
month, it acquired the estate
of Michael Jackson’s minori-
n Pedestrians walk past an electoronic board showing share prices on the Tokyo Stock Exchange (top centre) and the world’s major markets in Tokyo on Monday. Tokyo’s ty share of EMI.
benchmark Nikkei index dropped 2 percent as Turkey’s lira plunged on tensions between Ankara and Washington, fanning fears of possible wider financial instability.  AFP/rss The growing popularity of
fixed-price music streaming
services such as Spotify, Apple
Music, Google Play,
SoundCloud and YouTube has
boosted the industry.
Sony’s control of EMI
would give it the power to do
what it wants, said Helen
Smith, Impala’s executive
chair. “The market needs big
operators, but not when they
are allowed to acquire so
much power that they start to
strangle it and squeeze out
the independents who are the
ones taking the risks,” she
said, adding that 80 percent of
new releases come from inde-
pendent labels.
She said the deal would give
Sony the clout to negotiate
online rights for both its
recording and publishing cat-
alogues, promote its global
repertoire both on radio and
in playlists, and be better able
to attract songwriters with
better terms. There was also a
risk that Sony might focus
more on bigger-selling Anglo-
American hits rather than
local songs, Smith said.

u s - c h i n a t r a d e wa r

The Chinese street’s view of the trade war: Some say they won’t buy US goods
REUTERS
BEIJING/SHANGHAI, AUG 13
Chinese officials have been mostly
measured and moderate in their
response to US President Donald
Trump’s ratcheting up of a trade
war with Beijing in recent weeks
through his announcement of a
series of punitive tariffs. They
have generally avoided adding to
tensions, allowing the Communist
Party’s official media to make the
most bellicose comments.
But the mood on the streets of
Beijing and Shanghai is a little
less accepting. Reuters talked to a
cross section of 50 people, mainly
from the two cities, about how
concerned they are about the
trade war, what they think
Beijing’s response would be, and
whether they think Chinese peo-
ple should boycott American prod-
ucts in retaliation.
The interviews showed there is
no palpable sense of crisis or
panic yet. There is division and
confusion over how China should
respond to Trump, with some
arguing that Beijing should strike
back at American interests but
others saying they didn’t know
what could be done.
But perhaps most worrying for
American businesses selling in
China, a significant minority of
the people interviewed—14, or 28
percent—want to stop buying
American products now, and some
say they are already boycotting
anything made in the US Others
said they would continue to buy
American but that could change
in the future.
If that was representative of
the whole of China—and words
were turned into action—it might
start to put a dent in sales of
Apple’s iPhones, Disney’s movies,
tional opening ceremony for the
Beijing Olympics, nationalist sen-
timent is rarely far below the sur-
face.
The straw poll’s sample is very
small and clearly not scientific.
The interviews were also conduct-
ed in a country where people are
often guarded and may well not let
foreign media know their real
views. Any individual’s comments
deemed inappropriate—criticism
of Xi would fall into this catego-
ry—could lead to trouble with the
authorities.
But the views expressed in the
50 interviews are more than the
basis for idle curiosity.
n Vendor Zhao Baoxin, 61, speaks during a street interview on US-China trade
war at his shop in Beijing, China.  REUTERS Here are the results of the
straw poll:
Starbucks’ drinks and General ised by the government or activ- lAsked whether they were wor-
Motors’ cars, among other ists. ried about the trade war, only 11
American products—and that’s A decade after China basked in of the 50 (22 percent) said they
without any boycott being organ- the patriotic glory of an inspira- were, and 39 (or 78 percent) said
they weren’t concerned.
lAsked what Beijing should do in
response to Trump’s punitive tar-
iffs, 19 (or 38 percent) said that it
should strike back hard. The rest
came up with various responses,
including a refocus on develop-
ment of the domestic economy,
building other export markets,
while 8 (or 16 percent) said they
had no idea what the government
should do.
lAsked whether they would stop
buying US products, 14 said they
would, 31 said they wouldn’t
(some indicated their views could
change if the trade war intensi-
fies), and five didn’t have a view.
Here are some of the com-
ments from those interviewed:
“Of course I’m concerned. It’s a
clash between the largest and sec-
ond-largest economy,” said
Shanghai stockbroker Cai Qing,
40. “None of the relevant parties
were fully prepared for the trade
war. Policies were rushed, includ-
ing US policies,” he added.
“To put it bluntly, Americans
have always been so arrogant—
they make everyone their manu-
facturer so they can reap the eco-
nomic fruit,” said Qu Xinjun, who
works in the steel industry in
Shanghai. “Trump is waging a
psychological war with China. He
was trying to intimidate China.
From a psychological standpoint,
we should not worry about the
trade war, but rather focus on
domestic development,” he said.
“We should trust our country and
the leadership and trust that we
can win the war.”
“China has to hit back, which
could show its great power status.
China has to win this match,” said
Beijing interior decorator Zhang
Shiyou, 56.

C M Y K
III money economy the kathmandu post | Tuesday, August 14, 2018

news digest monsoon tourism

Samsung may
close operations
at China plant
SEOUL: Samsung
Electronics Co Ltd is
considering suspending
operations at one of its
mobile phone manufac-
turing plants in China
due to slumping sales
and rising labour costs,
the Electronic Times
reported on Monday.
Samsung might stop
producing mobile
phones this year at
Tianjin Samsung
Telecom Technology,
located in the northern
Chinese city of Tianjin,
the South Korean news-
paper said, describing
the move under consid-
eration as a potential
withdrawal. The world’s
biggest smartphone
maker said on Monday
that nothing had been
decided on the fate of
its Tianjin operation.
“The overall smart-
phone market is having
difficulties due to slow-
ing growth. Samsung
Electronics’ Tianjin tel-
ecom enterprise aims to
focus on activities that
increase competitive-
ness and efficiency,” it
said. (REUTERS)
n A tourist takes a selfie from Swayambhunath, an ancient religious architecture atop a hill, in the Kathmandu valley.
KKR to buy Post PHOTO: SANJOG MANANDHAR

control of REEL
for $530 million

‘Hyundai Town’ faces grim Corruption scam

HONG KONG: Private
equity firm KKR & Co
said it will acquire a 60

in Argentina fells
percent stake in India’s
Ramky Enviro

future amid competition

Engineers Ltd (REEL)
for $530 million, adding

it was one of India’s
largest buyouts. KKR
will buy the stake via a
combination of prima-
ry and secondary
investments, in a deal
that gives the waste
management company
an enterprise value of
$925 million. The deal
comes at a time when
the country is focused
on reducing pollution
and improving sanita-
tion infrastructure via
its Swachh Bharat
(Clean India) Mission—
an initiative launched
by Prime Minister
Narendra Modi. The
main aim is to elimi-
nate open defecation by
October 2019 by build-
ing individual and pub-
lic toilets. (REUTERS)
India’s July gold
imports surge
MUMBAI: India’s gold
imports rose for the
first time in seven
months in July after a
fall in prices ahead of a
jewellery exhibition
prompted jewellers to
replenish stocks, provi-
sional data from metals
consultancy GFMS
showed. The 44.2 per-
cent year-on-year jump
in gold purchases to 75
tonnes last month by
the world’s second-big-
gest consumer could
support global prices,
which on Monday
dropped to 17-month
lows. But higher gold
imports may widen the
South Asian country’s
trade deficit and put
further pressure on its
currency, the rupee that
hit a record low of 69.89
against the dollar. “The
recent rise in imports
was due to stock build-
ing due to lower prices
ahead of the jewellery
show and in anticipa-
tion that the rupee may
weaken,” said GFMS
analyst Cameron
Alexander. (REUTERS)
REUTERS
SOUTH KOREA, AUG 13
When Lee Dong-hee came to
Ulsan to work for Hyundai
Heavy Industries five years
ago, shipyards in the city
known as Hyundai Town oper-
ated day and night and work-
ers could make triple South
Korea’s annual average salary.
But the 52-year-old was laid
off in January, joining some
27,000 workers and subcon-
tractors who lost their jobs at
Hyundai Heavy between 2015
and 2017 as ship orders
plunged.
To support their family,
Lee’s wife took a minimum
wage job at a Hyundai Motor
supplier. His 20-year-old
daughter, who entered a
Hyundai Heavy-affiliated uni-
versity hoping to land a job in
Ulsan, is now looking for work
elsewhere.
The Lee family’s fortunes
mirror the decline of Ulsan,
which is now reeling from
Chinese competition, rising
labour costs and its over-reli-
ance on Hyundai—one of the
giant, family-run conglomer-
ates or chaebol that dominate
South Korea.
Generations of Hyundai
workers like Lee powered
South Korea’s transformation
from the ashes of the 1950-53
Korean War to an industrial
and manufacturing power-
house, making the southeast-
ern port of Ulsan the coun-
try’s richest city by 2007.
But some experts say the
chaebols have now become
complacent and risk averse,
failing to keep pace with their
overseas competitors.
South Korea’s focus on
exports has also made Asia’s
fourth-largest economy vul-
nerable to growing protection-
ism by major trade partners
and other external shocks.
“Hyundai was everything to
me. I feel hopeless,” Lee said at
his apartment, a high-rise
complex popular with
Hyundai Motor workers 10 km
n A man on a motorbike waits for a traffic signal in front of Hyundai Heavy Industries’ Shipyard in Ulsan,
South Korea.
(6 miles) from the automaker’s
factory.
With young people fleeing
in search of jobs, Ulsan is now
the fastest-aging city in the
country, according to Statistics
Korea. The city’s population
of 1.1 million has more than
quadrupled since 1970, but fell
for the first time in 2016 even
as population grew in the rest
of the country.
In many ways, the challeng-
es facing Ulsan mirror those
faced in the American
Midwest in the 1970s and 1980s,
when the once prosperous
industrial heartland was hit
by massive job and population
losses.
Some experts and industry
executive warn Ulsan—home
to the world’s biggest ship-
builder and largest carmaking
complex—might be
South Korea’s ‘Rust Belt’ in
the making.
“It could be worse here,
since it’s all about Hyundai
and its suppliers,” said Mo
Jong-ryn, a professor of inter-
national political economics at
Yonsei University in Seoul.
“There is no alternative.”
Legendary businessman
Chung Ju-yung founded
Hyundai Motor in Ulsan in
1967 and Hyundai Heavy six
years later, turning the small
fishing village known for
whale hunting into a giant
company town.
For decades, job seekers
flocked to the city, drawn by
high wages, company-subsi-
dised housing and generous
benefits. Hyundai’s domi-
nance is still keenly felt.
Workers wearing gray
Hyundai uniforms drive
Hyundai cars, shop at Hyundai
department stores, live in
Hyundai apartments and go to
Hyundai hospitals for
medical service. Their chil-
dren go to Hyundai schools
and universities.
In the wake of the down-
turn, Hyundai Heavy has been
selling assets such an employ-
ees’ dormitory, and a large for-
eign community complex it
REUTERS
used for clients such as BP and
Exxon Mobil and their fami-
lies, officials say. The foreign-
ers’ complex featured town-
houses, a golf course, a swim-
ming pool and school.
A spokesman said Hyundai
Heavy was doing its utmost to
“normalize our company”,
working with labour unions to
address a lack of work and an
idled workforce.
Ripples from Hyundai’s
struggles spread throughout
Ulsan.
Eom Soon-ui runs a small
noodle place in a traditional
market blocks away from
Hyundai Heavy’s headquar-
ters. One recent workday, the
market was mostly empty,
with about a dozen restau-
rants as well as uniform shops
catering to shipyard workers
closed.
“Hyundai makes or breaks
for merchants like us. They’re
doing poorly, so I’m struggling
to make ends meet,” she said.
Ulsan accounted for 12 per-
cent of South Korea’s exports
last year, the lowest since 2000
and down from its peak of 19
percent in 2008, according to
customs data.
The city also has seen a ris-
ing number of suicides and
now has the highest suicide
rate in the country for those
aged between 25 and 29,
according to Statistics Korea.
Ulsan University Hospital,
run by Hyundai Heavy, record-
ed 182 suicide attempts in the
first half of this year, com-
pared to about 150 a year earli-
er, a hospital official said.
Taxi drivers have been told
by police not to drop people off
on Ulsan’s newly built bridge
after three people killed them-
selves there in just one month.
“People believed that if they
work hard, they will be better
off, and if their children study
hard, they will be better off,”
said Park Sang-hoon, an offi-
cial at an Ulsan suicide pre-
vention centre. “Confronting a
different reality now, it seems
that many of them are getting
to a point of hopelessness, and
some are even making extreme
choices.”
After massive shipbuilding
job losses, auto workers fear it
could be their turn next.
Hyundai Motor has been
already moving some produc-
tion offshore, and an internal
forecast seen by Reuters shows
domestic output is expected to
fall to 37 percent this year,
down from nearly 80 percent
in 2004.
Executives say that’s neces-
sary because of high labour
costs and strong unions at
home. But workers say many
of Hyundai’s problems are its
own making, like failing to
forecast a SUV boom in the
key US market and missing
the shift to electric cars.
Hyundai Motors declined to
comment for this story. Earlier
this year, it pledged to hire
45,000 across the group over
the next five years and invest
heavily in new businesses
including “wearable robots”
and artificial intelligence.
titans of business
The scandal involves under-the-table payments to the
governments of Nestor and Cristina Kirchner, the
Peronist couple who ruled before the current president
AGENCE FRANCE-PRESSE
BUENOS AIRES, AUG 13
Records kept in notebooks of
the kinds used by schoolchil-
dren are bringing down titans
of Argentina’s industry in a
multimillion-dollar corrup-
tion scandal.
Dirty dealings are nothing
new in Argentina.
What sets this case apart is
the large number of people
going down—around 20 so far,
with additional names surfac-
ing regularly—and their
high-flying status in the busi-
ness world.
The scandal involves under-
the-table payments to the gov-
ernments of Nestor and
Cristina Kirchner, the
Peronist couple who ruled
before the current president,
Mauricio Macri.
One big mystery is whether
the money went to enrich gov-
ernment officials personally
or was helped finance election
campaigns. Investigative
Magistrate Claudio Bonadio
is raising eyebrows by aggres-
sively ordering the arrest and
questioning of so many busi-
ness leaders, from both ends
of the political spectrum in
Argentina. Most of the arrests
happened on August 1.
“It is not the first time that
major businessmen have gone
to jail. What is new is the
number and the reason,” said
Sergio Morresi, a political sci-
entist at San Martin National
University.
Prosecutor Carlos Stornelli
has said bribes paid in the so
called “corruption copy-
books” case total $160 million.
Bonadio began jailing
tycoons after the publication
of the records by Oscar
Centeno, who worked as a
driver for the deputy planning
and public works minister
Roberto Baratta. In these
notebooks, Centeno meticu-
lously recorded the alleged
receipt of sacks of money
from 2005 to 2015. The whistle-
blower had been expelled
from the army for bad behav-
ior. “There is no doubt that
the copybooks describe in
detail the way in which the
Kirchners raised money ille-
gally for seven years without
any alarm going off at any
oversight agency,” said
Nicolas Solari of the consul-
tancy Poliarquia.
So far, eight business lead-
ers have confessed and struck
plea-bargain deals. Angelo
Calcaterra, a cousin of Macri,
acknowledged having ordered
the payment of cash request-
ed as a bribe in order to
receive government contracts.
Testifying before the judge,
he said he thought this was a
mandatory election campaign
contribution. Leaders of big
multinational companies
such as Argentina’s Techint
and Isolux of Spain have paid
a visit to Bonadio’s office.
“The indictment and arrest
of business leaders is new,
and considering the unpopu-
larity and impunity that big
business people enjoy, it will
probably be well received by
public opinion,” said sociolo-
gist Ricardo Rouvier.
Morresi, the political scien-
tist, said “one possible result
is real progress in transparen-
cy and criminal convictions.”
Alberto Fernandez, who
served as chief of staff to the
late Nestor Kirchner, has
complained that only busi-
ness leaders who supported
the Kirchners and their
leftist Peronist governments
have ended up behind
bars—not those close to the
current, conservative Macri
government.

booming construction industry

Indian miners drowning for sand despite government crackdown

REUTERS
MUMBAI, AUG 13
Raghunath Bartade watched help-
lessly as his brother was dragged
off the sand-mining boat, his leg
tangled in the anchor rope and his
arms flailing as he sank into the
murky creek near Mumbai.
Moments earlier, Raghunath
and Babban Bartade had been
dredging sand by hand from the
bottom of the creek—an often
deadly trade that fuels India’s
booming construction industry,
and continues despite an official
crackdown.
“We found his body within min-
utes,” said Bartade, adding that
he has witnessed several drown-
ings since he began mining sand
13 years ago.
“The miners usually drift away
in the water and their body sur-
faces days later,” he said, standing
outside his hut in Bharatpada vil-
lage in Palghar district adjoining
Mumbai on a rainy afternoon
with his brother’s children hover-
ing close by.
Babban’s death in June came a
year after a Thomson Reuters
Foundation investigation revealed
workers were drowning while ille-
gally mining sand in Vasai Creek,
one of the two main distributaries
of the Ulhas River.
The investigation found about
75,000 men, many from India’s
poorest areas, were risking their
lives and health by spending up to
12 hours a day diving 40 feet (12
metres) into pitch-black waters
with iron buckets to fill with
sand.
In response, the Maharashtra
state government promised to end
illegal mining along the creek,
impose regulations, and provide
alternate jobs.
n Workers empty sand from a boat on the shore of Vasai creek on the outskirts
of Mumbai, India. 
Almost one year later, there are
far fewer sand mining boats on
the creek, but the promised jobs
have not materialised with offi-
cials at different levels of govern-
ment passing responsibility for
the employment plan on to others.
Siddharam Salimath, deputy
Reuters
commissioner in the Maharashtra
state revenue department, said
district heads were responsible
for enacting the order he issued
last year to provide alternative
employment to sand miners.
But Anil Pawar, deputy collec-
tor for Thane district where the
creek flows, said it is the state
government that has the resourc-
es to create job opportunities for
former sand miners.
“We have raided sand ports,
seized sand. But worker rehabili-
tation is a policy decision that the
(state) government has to take,”
he told the Thomson Reuters
Foundation.
Kapil Patil, a member of parlia-
ment for Bhiwandi region, which
Vasai Creek flows through, said
he wrote to Maharashtra Chief
Minister Devendra Fadnavis
about four months ago, asking for
a meeting to discuss the issue.
Patil said he thought Fadnavis
was “positive” about the plan to
provide other jobs but the meeting
has yet to be scheduled.
An official from the chief min-
ister’s office, who asked not to be
named because he was not author-
ised to speak to the media, said
the “welfare of the workers is
under active consideration”.
But local activist Nandkumar
Pawar said that since most work-
ers were engaged in illegal min-
ing, there was no record that they
worked there and may not be even
enlisted for rehabilitation once
the government starts giving jobs.
A recent visit to sand mining
hotspots by the Thomson Reuters
Foundation showed the industry
has slowed considerably since the
crackdown, but poverty still
drives some men to brave the
creek’s depths.
“If there were 100 boats, there
are 25 now,” said Harnam Raj,
who migrated from the northern
state of Uttar Pradesh eight years
ago to work as a miner.
Raj works on a boat owned by
Murari Babu, the elected leader
of Kalher, a village on Vasai
Creek, who said he plans to con-
tinue his business. “The govern-
ment has said that workers can-
not go down the creek as much,”
Babu said. “But workers have
been doing this work for long, and
they can continue doing it.”
Raj said the pay makes the
work worth the risks.
“My ears and nose bleed all the
time,” he said, as workers shifted
sand from boats into piles on the
creek side. “But where can I find
more work? What if I don’t make
as much money?”
Divers can make about 1,200
rupees ($15) in a day for a boat-full
of sand and gravel—much higher
than the average daily wage in
India of about 270 rupees.
The wage difference makes it
hard to convince sand miners to
sign on to government-backed
work programmes, said Prashant
Narnaware, the head of Palghar
district adjoining Mumbai.

C M Y K
Tuesday, August 14, 2018 | the kathmandu post bazaar money IV
shares
Bajaj rolls out all-new
market watch

Nepse 1,174.37pts
0.90%
RETAIL PRICE

Pulsar 150 TD bike

Vegetables Unit Price (Rs)
highest gainers
Red Potato kg Rs58
AMFI GRDBL BFC MSMBS BOKL NIBSF1
9.04% 6.15% 6% 5.80% 4.4% 4.09% White Potato kg Rs53

moderate gainers Onion (Indian) kg Rs53

NLIC ODBL TRH NHPC GUFL NLBBL POST REPORT A high ground clearance of 165 Tomato Small kg Rs55
4.06% 3.93% 3.92% 3.89% 3.80% 3.61% KATHMANDU, AUG 13 mm ensures a smooth and com-
fortable ride on all terrains. Carrot kg Rs125
moderate losers HH Bajaj, the sole distributor of Following the trend of modern
Bajaj motorcycles in Nepal, has bikes, the Pulsar 150 TD comes Tomato Big kg Rs65
SMB MPFL NCDB TNBL EBLCP PURBL launched the all-new Pulsar 150 equipped with a 5-gear system.
-9.91% -8.88% -3.90% -2.92% -1.98% -1.93% TD (Twin Disc). The much-await- Other new features are wet mul- Squash kg Rs55
ed Bajaj Pulsar 150 TD comes at ti-plate clutch, air cooling system
highest losers an introductory price of Rs255,900. and 5-Map CDI ignition system. Cabbage kg Rs55
IGI NHDL AKPL CHL SHL BARUN The Bajaj Pulsar 150 TD fea- The three new colours are availa-
tures twin disc brakes, sharper ble exclusively for the twin disc Brinjal Long kg Rs55
-1.82% -1.81% -1.60% -1.58% -1.58% -1.42%
design and new colour schemes. It variant of the Pulsar 150.
is available in three dual tone col- Shekhar Golchha, managing
Cow Pea kg Rs85
ours—black blue, black red and director of Hansraj Hulaschand Cauliflower kg Rs85
chrome black. Co, stated that one key factor
Nepal Stock Exchange Apart from the dual disc brake behind Bajaj leading this market
Singhadurbar Plaza, Kathmandu Fruits Unit Price (Rs)
August 13, 2018 set-up, the new Pulsar 150 also is its focus on outstanding prod-
gets split seats, split grab rails, uct design and superior engine Apple kg Rs115
Trading Information Trading Price
longer wheelbase and a wider and technology.
SN Company Max Min Closing No Shares
fat 37 mm front fork and wide 120 “When it comes to product
Pomegranate kg Rs190
1 Agriculture Dev Bank Ltd 319 315 317 2778
2 Api Power Co Ltd 261 253 261 2175 mm rear tyre. The Pulsar 150 TD design and engine technology, Pineapple kg Rs105
3 Arambha Microfinance Bittiya Sanstha Ltd 820 789 820 30 variant has also undergone signif- Bajaj has always proved to be out-
4 Arun Kabeli Power Ltd 252 245 245 878 icant improvements in noise, standing. With the addition of
5 Arun Valley Hydropower Dev Co Ltd 137 134 137 11781 Cucumber kg Rs55
6 Asian Life Insurance Co Ltd 614 595 607 1983 vibration and harshness due to this powerful model, we are con-
7 Bank of Kathmandu Ltd 261 253 261 4578 the optimization of engine and Pulsar 150 TD is a no-frills variant same overall, displacing the same tinuing its legacy. And with Papaya kg Rs75
8 Barun Hydropower Co Ltd 140 138 138 20 chassis touchpoints. of the new Pulsar 150 which 149.5 cc, and putting out 14 PS at this new addition to the Pulsar
9 Best Finance Co Ltd 106 102 106 70
10 Bottlers Nepal (Terai) Ltd 5345 5300 5310 40 The company said that the new skimps on the graphics, long 8,000 rpm and peak torque of family, we shall again steer the Banana Doz Rs85
11 Butwal Power Co Ltd 440 431 437 1390 Pulsar 150 TD was targeted at wheel base, sporty split-seat, rear 13.4 NM at 6,000 rpm. It has a top conception of a new industry seg-
12 Central Finance Co Ltd 114 112 114 1484 Lime 100Pcs Rs225
13 Century Commercial Bank Ltd 167 163 165 8088 modern youths who get comfort disc brake and relatively low cost. speed of 110 kmph and weighs ment. We are confident that the
14 Chhimek Laghubitta Bikas Bank Ltd 894 885 894 2820 in performance and mileage but The thoroughness of the 144 kg. The fuel tank has a capaci- Pulsar 150 TD will meet riders’
15 Chhyangdi Hydropower Ltd 126 124 124 70 also look for a sportier option. The 4-stroke DTS-i engine remains the ty of 15 litres. expectations.”
16
17
Chilime Hydropower Co Ltd
Citizen Bank International Ltd
725
233
709
228
725
232
3961
5544 daily commodities
18 Citizen Investment Trust 2410 2370 2410 1552
19 Civil Bank Ltd 149 146 148 7022
Commodities Unit Price (Rs)
dry fish
20 Civil Laghubitta Bittiya Sanstha Ltd 670 669 670 26
21 Deprosc Laghubitta Bittiya Sanstha Ltd 689 664 685 952
22 Deva Bikas Bank Ltd 128 127 128 262 Pokhreli Rice kg Rs75
23 Dibyashwori Hydropower Ltd 105 105 105 10
24 Everest Bank Ltd 651 641 650 10140
25 Everest Bank Ltd Con. Pref. 592 592 592 12 Jeera Masino Rice kg Rs70
26 Everest Insurance Co Ltd 1264 1240 1260 324
27 First Micro Finance Dev Bank Ltd 439 417 435 5340 Indian Basmati Rice kg Rs100
28 Forward Community Microfinance Bittiya Sanstha Ltd 2060 2040 2060 166
29 Gandaki Bikas Bank Ltd 193 189 193 4115
30 Garima Bikas Bank Ltd 184 182 183 4543 Mansuli Rice kg Rs55
31 Global IME Bank Ltd 294 288 291 9845
32 Global IME Laghubitta Bittiya Sanstha Ltd 1080 1070 1070 40 Sona Rice kg Rs50
33 Global IME Samunnat Scheme-1 8.60 8.60 8.60 3500
34 Goodwill Finance Co Ltd 124 118 122 1509
35 Grameen Bikas Laghubitta Bittiya Sanstha Ltd 558 533 558 700 Beaten Rice(Taichin) kg Rs130
36 Green Dev Bank Ltd 138 132 138 571
37
38
Gurans Life Insurance Co Ltd
Gurkhas Finance Ltd Promoter Share
815
100
800
100
815
100
2327
4563
Beaten Rice kg Rs60
39 Gurkhas Finance Ltd 109 103 109 6307
40 Himalayan Bank Ltd 555 550 555 1149 Big Mas kg Rs260
41 Himalayan General Insurance Co Ltd 422 409 422 3526
42 Himalayan Power Partner Ltd 256 248 254 330 Small Mas kg Rs240
43 ICFC Finance Ltd 159 158 159 374
44 IME General Insurance Ltd 825 809 809 635
45 Jalabidyut Lagani tatha Bikas Co Ltd 164 160 164 3830 Big Mung kg Rs180
46 Janata Bank Nepal Ltd 153 151 153 6402
47 Jebils Finance Ltd 101 100 100 70
48 Jyoti Bikas Bank Ltd 139 134 139 2749 Musuro(No. 1) kg Rs150
49 Kailash Bikas Bank Ltd 223 219 223 2837
50 Kalika Microcredit Dev Bank Ltd 1210 1210 1210 100 Musuro(No. 2) kg Rs130
51 Kamana Sewa Bikas Bank Ltd 142 140 141 1840
52 Kankai Bikas Bank Ltd 120 120 120 512
53 Karnali Dev Bank Ltd 105 105 105 103 Rahar kg Rs200
54 Khanikhola Hydropower Co Ltd 106 104 106 72
55 Kisan Microfinance Bittiya Sanstha Ltd 1520 1465 1520 96 Chana(Big) kg Rs220
56 Kumari Bank Ltd 195 193 194 3800
57 Laxmi Bank Ltd 241 233 240 3450
58 Laxmi Equity Fund 8.05 8.05 8.05 1000 Chana(Small) kg Rs180
59 Laxmi Laghubitta Bittiya Sanstha Ltd 1020 1000 1000 243
60
61
Laxmi Value Fund-1
Life Insurance Co Nepal
10.01
1589
10.01
1540
10.01
1580
100
679
Chilli Powder kg Rs350
62 Lumbini Bikas Bank Ltd 154 152 154 1808
63 Lumbini General Insurance Co Ltd 514 495 510 2960
64 Machhapuchhre Bank Ltd 206 200 206 12823
65 Mahalaxmi Bikas Bank Ltd 188 182 188 2536 gasoline watch
66 Mahila Sahayatra Microfinance Bittiya Sanstha Ltd 656 632 656 51
67 Mahuli Samudayik Laghubitta Bittiya Sanstha Ltd 2335 2255 2335 220
68 Mega Bank Nepal Ltd 161 157 161 28928
69 Mero Microfinance Bittiya Sanstha Ltd 1000 990 1000 69
70 Mission Dev Bank Ltd 173 173 173 200
71 Mithila LaghuBitta Bittiya Sanstha Ltd 870 865 870 100
72 Muktinath Bikas Bank Ltd 379 375 378 2325
73 Multipurpose Finance Co Ltd 221 205 205 50
74 Nabil Bank Ltd 907 900 907 5383
75 NABIL Bank Ltd Promotor Share 714 709 710 1879
76 Nabil Equity Fund 8.50 8.50 8.50 910
77 NagBeli LaghuBitta Bikas Bank Ltd 1091 1040 1091 477
78 National Hydro Power Co Ltd 80 75 80 12720 n A fisherman loads shortjaw tapertail anchovies fish onto a boat in the Hongze Lake area of Huai’an City, east China’s Anhui Province, on Sunday.  Xinhua
79 National Life Insurance Co Ltd 742 700 720 2075
80 National Microfinance Bittiya Sanstha Ltd 2100 2051 2100 224
81 Naya Nepal Laghubitta Bikas Bank Ltd 650 640 650 430
82 Neco Insurance Co Ltd 514 500 507 2905
83 Nepal Bangladesh Bank Ltd 207 200 205 10904 like it or not
84 Nepal Bank Ltd 283 280 281 12148

Google tracks your movements

85 Nepal Community Dev Bank Ltd 128 123 123 4303
86 Nepal Credit And Commercial Bank Ltd 177 172 173 3498
87 Nepal Doorsanchar Comapany Ltd 738 721 730 2178
88 Nepal Hydro Developers Ltd 162 153 162 90
89 Nepal Insurance Co Ltd 520 495 511 4399
90 Nepal Investment Bank Ltd 622 616 621 7594
91 Nepal Investment Bank Ltd Promoter Share 559 549 555 2548
92 Nepal Life Insurance Co Ltd 947 874 947 13127 ASSOCIATED PRESS daily travels. It does not stop
93 Nepal SBI Bank Ltd 498 495 496 4599 SAN FRANCISCO, AUG 13 Google’s collection of other loca-
94 Nerude Laghubita Bikas Bank Ltd 576 543 574 820
95 Ngadi Group Power Ltd 159 148 156 4123 tion markers. You can delete
96 NIBL Pragati Fund 7.90 7.90 7.90 606 Google wants to know where you these location markers by hand,
97 NIBL Samriddhi Fund 1 10.67 10.46 10.67 30000 go so badly that it records your but it’s a painstaking process
98 NIC Asia Bank Ltd 310 305 309 4058
99 NIC Asia Growth Fund 8.89 8.89 8.89 5000 movements even when you since you have to select them
100 Nirdhan Utthan Laghubitta Bittiya Sanstha Ltd 952 935 940 1165 explicitly tell it not to. individually, unless you want to
101 NLG Insurance Co Ltd 820 806 806 1187
102 NMB Microfinance Bittiya Sanstha Ltd 1459 1430 1442 226
An Associated Press investiga- delete all of your stored activity.
103 NMB Bank Ltd 313 305 311 7615 tion found that many Google ser- You can see the stored location
104 NMB Hybrid Fund L-1 9.10 9.10 9.10 100 vices on Android devices and markers on a page in your Google
105 Om Dev Bank Ltd 187 180 185 21815
106 Oriental Hotels Ltd 496 485 496 1071 iPhones store your location data account at myactivity.google.com,
107 Pokhara Finance Ltd 139 137 138 522 even if you’ve used privacy set- although they’re typically scat-
108 Prabhu Bank Ltd 190 183 187 12367 tings that say they will prevent it tered under several different
109
110
Prabhu Insurance Ltd
Premier Insurance Co Ltd
485
1020
476
983
477
1012
5475
2539 from doing so. headers, many of which are unre- bullion Price Per tola
111 Prime Commercial Bank Ltd 283 280 281 16910 Computer-science researchers lated to location.
112 Prime Life Insurance Co Ltd 510 500 501 3083 at Princeton confirmed these To demonstrate how powerful
113 Prudential Insurance Co Ltd 715 692 710 5693
114 Purnima Bikas Bank Ltd 152 152 152 30 findings at the AP’s request. these other markers can be, the
115 Radhi Bidyut Co Ltd 224 217 221 200 For the most part, Google is AP created a visual map of the Fine Gold Rs 56,400
116 Rairang Hydropower Dev Co Ltd 151 143 149 1320
117 Rastriya Beema Co Ltd 10400 10200 10400 40 upfront about asking permission movements of Princeton postdoc-
118 Rastriya Beema Co Ltd Promoter Share 9400 9400 9400 10 to use your location information. toral researcher Gunes Acar, who
119
120
Reliance Finance Ltd
Ridi Hydropower Dev Co Ltd
120
117
116
115
120
117
773
527
An app like Google Maps will carried an Android phone with Silver Rs 740
121 RMDC Laghubitta Bittiya Sanstha Ltd 635 635 635 126 remind you to allow access to n A file photo shows people walking inside the Oculus, the new transit station Location history off, and shared a
122 RSDC Laghubitta Bittiya Sanstha Ltd 489 480 489 668 location if you use it for navigat- at the World Trade Center in New York.  AP/rss record of his Google account. Source: FENEGOSIDA
123 Sagarmatha Insurance Co Ltd 1314 1310 1310 440 ing. If you agree to let it record The map includes Acar’s train
124 Sahayogi Bikas Bank Ltd 197 196 196 398
125 Samata Microfinance Bittiya Sanstha Ltd 1225 1180 1225 94 your location over time, Google nothing to do with location, like perfectly clear. commute on two trips to New
126 Sana Kisan Bikas Bank Ltd 1115 1099 1115 675 Maps will display that history for “chocolate chip cookies,” or “kids “There are a number of differ- York and visits to The High Line
127 Sanima Bank Ltd 311 305 309 14533
you in a “timeline” that maps out science kits,” pinpoint your pre- ent ways that Google may use park, Chelsea Market, Hell’s Int’l market
128 Sanima Bank Ltd Promoter Share 170 170 170 20262
129 Sanima Equity Fund 9.30 9.25 9.30 6950 your daily movements. cise latitude and longitude - accu- location to improve people’s expe- Kitchen, Central Park and
130 Sanima Mai Hydropower Ltd 303 298 300 10168 Storing your minute-by-minute rate to the square foot - and save rience, including: Location Harlem. To protect his privacy, Energy Price (US$)%Change
131 Saptakoshi Dev Bank Ltd 113 113 113 44
132 Shangrila Dev Bank Ltd 145 141 144 3912 travels carries privacy risks and it to your Google account. The History, Web and App Activity, The AP didn’t plot the most tell- Brent Crude Futr (Bbl) 72.74 -0.10
133 Shikhar Insurance Co Ltd 906 890 890 4286 has been used by police to deter- privacy issue affects some two and through device-level Location ing and frequent marker - his Gas Oil Fut (Ice) (Mt) 656.25 -0.04
134 Shine Resunga Dev Bank Ltd 270 268 270 767 mine the location of suspects - billion users of devices that run Services,” a Google spokesperson home address.
135 Shree Investment Finance Co Ltd 148 146 146 29
such as a warrant that police in Google’s Android operating soft- said in a statement to the AP. “We Huge tech companies are Gasoline Rbob Fut (Gal) 203.18 -0.36
136 Siddhartha Bank Ltd 305 300 305 5851
137 Siddhartha Equity Fund 9.36 9.11 9.36 2550 Raleigh, North Carolina, served ware and hundreds of millions of provide clear descriptions of under increasing scrutiny over Natural Gas Futr (Mmbtu) 2.93 -0.61
138 Siddhartha Equity Orineted Scheme 11.43 11.43 11.43 5998 on Google last year to find devic- worldwide iPhone users who rely these tools, and robust controls their data practices, following a
139 Siddhartha Insurance Ltd 658 635 658 5157 Agriculture Price (US$)%Change
140 Soaltee Hotel Ltd 254 243 248 4790 es near a murder scene. So the on Google for maps or search. so people can turn them on or series of privacy scandals at
141 Standard Chartered Bank Ltd 734 725 726 5630 company will let you “pause” a Storing location data in viola- off, and delete their histories at Facebook and new data-privacy Cocoa Future (Mt) 2,129.00 0.52
142 Summit Micro Finance Dev Bank Ltd 880 870 880 134
143 Sunrise Bank Ltd 220 213 220 3115 setting called Location History. tion of a user’s preferences is any time.” rules recently adopted by the Coffee ‘C’ Future (Lb) 108.75 -1.18
144 Support Microfinance Bittiya Sanstha Ltd 1009 927 927 120 Google says that will prevent wrong, said Jonathan Mayer, a To stop Google from saving European Union. Last year, the Corn Future (Bu) 367.25 -1.21
145 Surya Life Insurance Co Ltd 540 528 535 1179 the company from remembering Princeton computer scientist and these location markers, the com- business news site Quartz found
146 Suryodaya Laghubitta Bittiya Sanstha Ltd 1356 1320 1356 201
where you’ve been. Google’s sup- former chief technologist for the pany says, users can turn off that Google was tracking Android Cotton No.2 Futr (Lb) 84.43 -0.94
147 Swabalamban Laghubitta Bittiya Sanstha Ltd 1210 1200 1200 1430
148 Swadeshi Laghubitta Bittiya Sanstha Ltd 1542 1515 1540 558 port page on the subject states: Federal Communications another setting, one that does not users by collecting the addresses Rough Rice (Cbot) (Cwt) 10.55 -1.77
149 Swarojgar Laghu Bitta Bikas Bank Ltd 735 707 721 659 “You can turn off Location Commission’s enforcement specifically reference location of nearby cellphone towers even
150 Synergy Power Dev Ltd 110 110 110 29 Soybean Future (Bu) 853.50 -0.96
151 Taragaon Regency Hotel Ltd 265 250 265 5580 History at any time. With bureau. A researcher from information. Called “Web and if all location services were off.
Soybean Meal Futr (T) 321.9 -0.43
152 Tinau Dev Bank Ltd 168 165 166 2802 Location History off, the places Mayer’s lab confirmed the AP’s App Activity” and enabled by Google changed the practice and
153 United Insurance Co (Nepal) Ltd 867 836 842 2497
you go are no longer stored.” findings on multiple Android default, that setting stores a vari- insisted it never recorded the Soybean Oil Futr (Lb) 28.16 -0.88
154 United Modi Hydropower Ltd 168 164 164 3352
155 Unnati Micorfinance Bittiya Sanstha Ltd 1745 1705 1745 240 That isn’t true. Even with devices; the AP conducted its ety of information from Google data anyway. Critics say Google’s Sugar #11 (World) (Lb) 10.38 -1.52
156 Vijaya laghubitta Bittiya Sanstha Ltd 680 647 680 754 Location History paused, some own tests on several iPhones that apps and websites to your Google insistence on tracking its users’
157 Womi Microfinance Bittiya Sanstha Ltd 1270 1240 1270 365 Wheat Future(Cbt) (Bu) 559.25 -1.80
Google apps automatically store found the same behavior. account. locations stems from its drive to
Total Traded Amount Rs.: 169,661,431 Sub-Indices Current Pts Change %Change time-stamped location data with- “If you’re going to allow users When paused, it will prevent boost advertising revenue. Industrial Metals Price (US$) %Change
Total Traded Shares: 533,492 Banking 1,005.49 7.54 0.76 out asking. For example, Google to turn off something called activity on any device from being “They build advertising infor-
Total Transactions: 3,001 Hotels 1,849.17 2.5 0.14 Copper Future (Lb) 272.05 -0.80
stores a snapshot of where you ‘Location History,’ then all the saved to your account. But leav- mation out of data,” said Peter
Dev Bank 1,420.17 16.22 1.16 are when you merely open its places where you maintain loca- ing “Web & App Activity” on and Lenz, the senior geospatial ana-
Index Current Pts Change %Change Precious Metals Price (US$)%Change
NEPSE 1,174.37 10.43 0.9 Hydropower 1,389.36 3.98 0.29
Finance 601.93 2.36 0.39
Maps app. Automatic daily weath- tion history should be turned turning “Location History” off lyst at Dstillery, a rival advertis-
Sensitive 247.94 2.24 0.91 Gold 100 Oz Futr (T Oz) 1,205.30 -1.12
Float 84.30 0.78 0.93 Non Life Ins 5,725.62 75.55 1.34 er updates on Android phones off,” Mayer said. “That seems like only prevents Google from adding ing technology company. “More
pinpoint roughly where you are. a pretty straightforward position your movements to the “time- data for them presumably means Silver Future (T Oz) 15.13 -1.08
Base: 16/07/2006, (Adjusted on 10/04/2007) = 100 And some searches that have to have.” Google says it is being line,” its visualization of your more profit.”

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