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finance&economy
Monday, August 13, 2018 (28-04-2075) kathmandupost.ekantipur.com
Trump’s trade beef with China may backfire
Inside
Saudi fund not
interested in
Tesla buyout
Saudi Arabia’s Public
Investment Fund (PIF)
has shown no interest so
far in financing Tesla
Inc CEO Elon Musk’s
proposed $72 billion deal
to take the US electric
car maker private,
despite acquiring a
minority stake in the
company this year, two
sources familiar with
the matter said. The
47-year-old investor and
engineer stunned finan-
cial markets on Tuesday
when he said on Twitter
that he was considering
a take-private deal for
Tesla, an auto manufac-
turing pioneer that
developed the world’s
first luxury all-electric
sedan car. He also said
he had secured funding
for the proposal, without
providing details.
Investors and analysts
viewed PIF as a natural
financing partner. Pg: II
Ex-Nike staff
sue company
over pay dispute
Four women who used
to work for Nike filed a
federal lawsuit alleging
the company violated
state and US equal-pay
laws and fostered a work
environment that
allowed sexual harass-
ment. The suit filed
Thursday in Portland,
Oregon, is among the
first to hit the company
since complaints about
pay and bad managers
became public earlier
this year, The Oregonian
reported. Nike, based
near Portland, respond-
ed to the controversy by
ousting at least 11 execu-
tives earlier this year.
However, attorney Laura
Salerno Owens, who
filed the lawsuit, said
Nike continues to have a
“good-old-boy’s culture”
in which women enter
the company with lower
pay and receive smaller
raises and bonuses. Pg: II
Traffic jams cost
Swiss almost
$2 billion
Traffic jams are costing
Swiss more each year,
with 1.9 billion Swiss
francs ($1.9 billion) cost
in 2015, 7 percent more
compared with 2010, the
Swiss Office for Spatial
Development (ARE)
reports. That represents
about 0.3 percent of the
Swiss GDP in 2015,
according to the Swiss
Federal Statistics Office.
Authorities are looking
for ways to reduce it.
ARE said in a latest
statement that most of
the traffic jam costs (69
percent) were seen in
time lost in waiting. The
rate rise in the total traf-
fic costs by 7 percent
was slightly higher than
the increase in popula-
tion growth which rose 6
percent from 7.9 to 8.3
million over the same
period. Pg: III
China’s Anker
looks to make a
splash in Nepal
China’s leading consum-
er electronics brand
Anker is looking to
make a splash in Nepal.
The brand is famous for
its range of advanced
portable electronic
goods such as Anker
power banks, portable
projectors, USB cables
and more. Pashupati
Trade Link is the official
distributor of Anker
products in Nepal.
Anker will be launching
products such as blue-
tooth airphone, wireless
charger, wall charger,
power banks, usb cables
and Bluetooth speakers
in the initial stage.  Pg: IV
170MW solar power plant
gets $200m investment
It is the first phase of an ambitious project to generate 850MW of electricity from solar power
RAJESH KHANAL
KATHMANDU, AUG 12
The Investment Board of
Nepal (IBN) has approved for-
eign investment of $200 mil-
lion for the development of a
170 megawatt solar power
plant, the largest-ever solar
project in Nepal.
It is the first phase of a pro-
ject to build solar plants with a
total installed capacity of 850
megawatt in Nepal.
The project envisages pro-
ducing 850 megawatt from
solar energy within seven
years, which represents the
total installed capacity of elec-
tric power generation in Nepal
as of 2016. The ambitious pro-
ject is funded by a European
group under Dolma Impact
Fund.
Recently, the government
had laid the foundation stone
for the construction of 25MW
solar plant at Devighat
Hydropower Station in
Nuwakot—which till date was
Nepal’s largest solar power
plant at a single location.
The government has target-
ed to complete the project
within a year. The government
has targeted to build solar
plants with a total installed
capacity of 500 MW within the
next five years.
selling livestock
n Men wait to sell sacrificial camels at a cattle market ahead of the Eid al-Adha festival in Karachi, Pakistan. 
Shree Airlines gets nod to add three new Bombardier aircraft
POST REPORT
KATHMANDU, AUG 12
Nepal’s domestic aviation
market is set for a major
shake-up as the new entrant,
Shree Airlines has been
given approval to add three
Bombardier Q400 turboprop
aircraft into its fleet, a
year after it commenced ser-
vice with its first CRJ 200
aircraft.
The Civil Aviation
Ministry on Sunday
approved Shree’s proposal to
add three 78-seater
Bombardier Dash 8 Q400 tur-
boprops to its fleet following
the nod from the aviation
regulator—the Civil Aviation
Authority of Nepal (Caan). It
is currently a Bombardier-
only airline and operates two
CRJ-200s and two CRJ-700s.
Shree commenced service on
August 11 last year.
The industry insiders said
that the startup carrier is
seeking to challenge the sta-
tus quo in the airline indus-
try. “The entry of Shree has
already intensified the air-
fare war and it’s going to be
more intense in the coming
days,” they said. With the
planned addition, Shree will
see its fleet size grow to
n A file photo shows an array of solar panels at Khotang.
Dolma, the first interna-
tional private equity fund for
Nepal, has investments in the
hydropower, technology, agri-
culture and health sectors in
Nepal. IBN Chief Executive
Officer Maha Prasad Adhikari
said the project would soon
start study on the first phase.
“We have permitted the pro-
ject to work according to its
plan based on its performance
guarantee,” Adhikari said.
The group has submitted 10
tentative locations to set up
seven aircraft within a span
of two years, the number
which two established air-
lines—Buddha Air and Yeti
Airlines—had acquired in
more than one and a half
decades. Shree plans to oper-
ate these aircraft to Simara,
Janakpur, Bharatpur,
Kathmandu and Tumlingtar
with Pokhara being the base
as per the initial proposal of
the carrier.
“We will not be operating
the aircraft from Kathmandu
as a base due to severe traf-
fic congestion at Tribhuvan
International Airport. We
have planned to fly Q400 tur-
boprops making Pokhara as
the base,” said Anil
Manandhar, corporate man-
ager of Shree Airlines.
The company has not
revealed details such as the
date for bringing the air-
craft. But some company
officials said the planes
would arrive in Kathmandu
by October—which is
the country’s peak tourist
as well as festive seasons
and during this time air
seats demand jumps
dramatically.
The Tourism Ministry had
in January 14 asked for
Caan’s suggestion on wheth-
Page II A key objective of President Donald Trump’s trade war is to pressure Beijing to ‘buy American’, but when it comes to
millions of dollars of US meat imports, China may simply take its business elsewhere.
the solar project. According to
Adhikari, the proposed loca-
tions are Lomangthang,
Lekhnath Municipality of
Pokhara, Patan of Baitadi and
Rasuwa among others. “A
detailed study in these loca-
tions will be approved based
on the company’s preliminary
report.”
“The first phase of the pro-
ject is expected to be complet-
ed within 2-3 years,” said
Adhikari, adding that the
remaining project is expected
er Shree can be issued per-
mit to expand its fleet size
with different types of air-
craft in the face of severe
traffic congestion at
Kathmandu’s airport.
The regulator responded
after eight months saying
that the carrier can be
issued the permit if it oper-
ates from a base outside
Kathmandu.
The Caan had sent its
comments on August 5 lay-
ing a few conditions.
As Bombardier Q400 turbo-
prop is a new aircraft type
and there are currently no
Q400s in the Caan’s registry,
it needs to obtain aircraft
type approval or type certifi-
cation validation before fly-
ing it in Nepali skies,” said
Rajan Pokhrel, deputy direc-
tor general of Caan.
Similarly, the airline needs
to construct its own full-
fledged hanger to manage
and maintain its aircraft,
said Pokhrel. “We are also
making mandatory for other
airlines possessing a large
number of aircraft to have
its own hangers,” he said.
After the ministry’s
approval, Shree will have to
complete a stringent five-
stage certification process—
cross currency
NR 110.4300 126.0100 0.9950 141.0100 110.9400 84.0300 80.6400 1.6015 Euro 126.01
INR 68.8850 78.5980 0.6208 87.9450 69.1890 52.4079 50.2860 0.6244
GBP 0.7830 0.8934 0.0071 0.7864 0.5957 0.5716 0.0114 0.0071
JPY 110.9200 126.5600 140.8451 111.4100 84.3900 80.9700 1.6108 1.0050
EUR 0.8763 0.0079 1.1193 0.8801 0.6667 0.6397 0.0127 0.0079
USD 1.1412 0.0090 1.2771 1.0044 0.7608 0.7300 0.0145 0.0091
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.
to be completed by another
four years.
To facilitate the mega pro-
ject, the government has now
been working to amend a num-
ber of laws related to the IBN.
While IBN is working to
amend the Investment Board
Act, the Finance Ministry has
started preparations to amend
Public Private Partnership
(PPP) Act to regulate the
board’s operation.
Adhikari said they had
planned to transform the
Q400 turboprop
n The airlines currently operates four jets—two CRJ-200s and two CRJ-700s.
pre-application, formal appli-
cation, document evaluation,
inspection and demonstra-
tion, and the certification-to
obtain the air operator’s cer-
tificate (AOC) for the new
aircraft. It will be issued a
no-objection letter to bring
the aircraft and once the air-
craft arrives, the carrier
applies for the AOC.
Successful proving flights of
the aircraft and documenta-
F ORE X
USD EUR JPY GBP CHF CAD AUD INR NR US Dollar 110.43
Pound Sterling 141.01
Japanese Yen 1.00
Chinese Yuan 16.13
Qatari Riyal 30.32
Australian Dollar 80.64
Malaysian Ringit 27.03
Saudi Arab Riyal 29.44
Exchange rates fixed by Nepal Rastra Bank
‘Time to revise
policy on foreign
aid disbursement’
Muktinath Cable
Car project gets
greenlight
KATHMANDU: The
Investment Board of
Nepal has approved the
Muktinath Cable Car pro-
ject to construct a cable
car connecting Nayapul
of Kaski to Muktinath of
Mustang district. As per
the proposal, the cable car
will be built in five sec-
According to Finance Secretary Rajan Khanal, the
tions—Birethanti, country has been able to utilise only half of the
Ghorepani, Tatopani,
Jomsom to Muktinath.
foreign aid in the last four years
The IBN Chief
Executive Officer Maha POST REPORT half of the committed amount
Prasad Adhikari said KATHMANDU, AUG 12 in foreign assistance in the
they had provided the last four years.
go-ahead to Muktinath The government has planned Apart from underperform-
Darshan Cable Car to con- to mobilise foreign assistance ing, a large chunk of foreign
duct detailed project either through budgetary con- grants and loans that Nepal
report of the project.
According to him, the
trol system or by setting up a
separate basket fund in
have been receiving are
invested in areas where there
board approved the pro- order to ensure effective utili- are already projects and pro-
ject after accepting the sation of the foreign aid and grammes set up, he said, caus-
performance guarantee grants, government officials ing duplicate projects.
of Rs40 million. told the parliamentary “So it’s time to revise the
Finance Committee meeting policy on foreign aid disburse-
on Sunday. ment.” In addition, the
board to a one-stop service Currently, donors are Finance Ministry has also
centre to attract both foreign allowed to mobilise funds via planned to adopt one-window
and local investors who are NGOs and I/NGOs after sign- system or set up a single bas-
willing to bring investment ing an agreement with the ket fund to address the exist-
projects worth more than Rs10 government agencies. ing trend of foreign assis-
billion in Nepal. If the foreign assistance is tance being underutilised,”
brought under the budgetary Khanal said.
system, the government The development partners
would have a management have committed to increase
control on it so that the
income and spending
foreign aid for smooth opera-
tion of the country’s federal
would be more transparent system. During Finance
and the fund would be utilised Minister Yubaraj Khatiwada’s
in a more productive way, recent visit to the World Bank
they said. Group headquarters in
It was discovered that Washington DC, US, the mul-
many foreign donors typically tilateral lending institution
pledge to provide a large pledged to double its support
amount of funds initially but to Nepal from 2019.
later don’t fulfill their com- At present, the World
mitments. “In many cases, Bank’s annual lending portfo-
foreign donors impose a lio for Nepal stands at around
number of conditions when $200-300 million.
they provide money as per The ministry has targeted
their commitment,” said the to increase the revenue collec-
officials. tion for this fiscal year by 35
They [donors] were even percent.
found approving money to “As the government does
projects that haven’t made not have the reserve fund of
proper preparation in the past year, we have to rely
advance. on foreign aid to run develop-
“As a result, the fund ment projects, in which the
received via foreign aid yields donors are also keen to sup-
poor performance against the port,” said Khanal.
target,” said Finance The government through
Secretary Rajan Khanal, the Finance Ministry has
speaking at the meeting. aimed to coordinate with
As per the Finance development partners for
REUTERS Ministry record, the country receiving foreign aid with less
has been able to utilise only stringent conditions, he said.
tion will enable the carrier which possesses internation- ing number of air travellers.
to fly the newly-acquired air- al licence for its helicopter Domestic airline compa-
craft for commercial pur- only, had applied for an nies saw movement of a
pose, said Pokhrel. international permit for record 2.45 million passen-
The carrier has been fixed-wing operations in gers in 2017, as travellers
eying to obtain international December 2017. chose to fly rather than drive
licence to begin cross-border 2017 remained yet another over bone-jarring national
flights. bumper year for domestic highways.
According to the airline, airlines, as they recorded The number of air
their jet aircraft will be used 39.47 percent jump in domes- travellers recorded in
for cross-border flights while tic air passenger movement 2017 is 693,794 more than in
the turboprops will serve the following addition of new 2016, according to Tribhuvan
domestic routes. Shree, aircraft to cater to the grow- International Airport (TIA).
C M Y K
Monday, August 13, 2018 | the kathmandu post world money II

Trump’s trade beef with

news digest
Auto supplier
Duerr stops
Iran business
FRANKFURT: German
automotive supplier
Duerr has halted its
activities in Iran, which
has been hit by the rein-
troduction of US sanc-
tions this week that
include threats to black-
list any companies trad-
ing with the Islamic
republic. “Business in
Iran has grown over the
past year. Now we have
stopped our activities
for the time being,”
Duerr Chief Financial
Officer Carlo Crosetto
told Boersen-Zeitung in
an interview published
on Saturday. “We’ve
won two larger con-
tracts in 2017. This is
not overly important,
but it’s not small either.
This was also an oppor-
tunity in terms of mar-
gins that we’re now los-
ing,” Crosetto said,
without providing fur-
ther details. China and
Germany on Wednesday
defended their business
ties with Iran in the
face of President
Donald Trump’s
warning that any
companies trading
with the country would
be barred from the
United States. (REUTERS)
Nafta talks
to resume
next week
WASHINGTON: US and
Mexican negotiators
will resume talks next
week on the update of
the North American
Free Trade Agreement,
Mexico’s Economy
Minister Ildefonso
Guajardo said on
Friday. At the close of
the third consecutive
week of discussions in
Washington, Guajardo
said a deal was still pos-
sible by the end of the
month. However, he
acknowledged: “We still
have a lot of work to
do.” Guajardo stressed
that the most difficult
issues had been left to
China may backfire
n A worker checks chunks of beef imported from the US at a restaurant in Shanghai. 
AGENCE FRANCE-PRESSE
SHANGHAI, Aug 12
A key objective of President
Donald Trump’s trade war is
to pressure Beijing to “buy
American”, but when it
comes to millions of dollars of
US meat imports, China
may simply take its business
elsewhere.
Beijing’s retaliatory tariffs
on US pork and beef are mak-
ing them prohibitively expen-
sive and Chinese importers
are simply turning to other
sources, a trend expected in
other sectors as well.
“When the US prices go so
expensive after the duties... we
will source from other ori-
gins,” said Zhang Lihui,
Shanghai manager for global
meat company PMI Foods.
“Like for beef, we will buy
Trade experts say some of the most valuable
US exports to China such as Boeing aircraft and
American-made cars are threatened as China can instead
import Airbus jets or autos from Europe and Japan
more from Australia, we will
buy more from South America,
and maybe a little bit more
from Canada.”
PMI Foods has already
ceased importing cuts of US
pork meat into China after
Beijing’s tariffs—imposed last
month in response to Trump’s
initial duties on Chinese
goods—drove prices up.
Shifting trade patterns
caused by the tariff battle will
“definitely” benefit other
countries at the US’s expense,
Zhang said.
“The Chinese market will
certainly look for replace-
ments,” she said.
The outcome of the trade
battle, spread across a range
of sectors, remains hard to
predict. But analysts warn
that US exporters will lose sig-
nificant China business.
The US exported around
$140 million worth of pork,
beef and related by-products
to China in June, before tariffs
kicked in, according to the US
Meat Export Federation, about
10 percent of all US beef and
pork exports. China is clearly
targeting imports of commod-
AFP/RSS
ities such as meat, soybeans,
wheat and petrochemicals that
are easily replaced in the glob-
al market, said Julian Evans-
Pritchard, a China economist
with Capital Economics.
“That’s the idea of tariffs:
you are trying to hurt the
other side while not hurting
yourself too much,” he said.
“I think (the trade
war) could lead to some quite
significant shifts in the flow—
which country getting what
from where.”
The impact on prices of
imports, however, will be
largely negligible as “the glob-
al trade system is quite flexi-
ble,” he added, and because
suppliers on both sides will
absorb much of the tariff
costs themselves to maintain
their exports.
That is the case with Lin
Zhengu, chef and owner of
Shanghai’s upscale Stone Sal
steak restaurant, which serves
mainly high-end American
and Australian beef.
Costs of prime US beef cuts
are already up 30-40 percent
due to the trade war, Lin said,
but he and his US suppliers
are eating the losses them-
selves rather than pass them
on to customers.
“The only way we will
switch to other (non-US) beef
is if the gate is totally closed.
For now, we still want to work
with our suppliers and farms,”
he said.
Trade experts say some of
the most valuable US exports
to China such as Boeing air-
craft and American-made cars
are threatened as China can
instead import Airbus jets or
autos from Europe and Japan.
Even US soybeans, seen as a
key American leverage point
due to the massive quantities
China imports, might not be
irreplaceable.
The head of Chinese state
grain trading giant Cofco
said it was looking at increas-
ing imports of soybeans
from Brazil, and other grains
from places such as Ukraine
and Russia.
Shanghai Xinshangshi
International Trade Co, a
major formerly state-owned
Chinese food importer,
brought in $40 million worth
of US beef and pork in 2017
and had planned to raise that
to $100 million this year.
But due to the trade war, its
general manager Xu Wei is
turning to Europe, Australia
and South America instead.
“The gap will be filled very
soon,” Xu said.
“So for the trade war, if we
Chinese importers still want
to maintain our trade
volumes, it would hurt the
US suppliers and exporters
the most.”
unequal pay dispute
Ex-Nike staff
sue company
n A woman chooses shoes at a Nike sportswear sale at the bazaar in
Jakarta, Indonesia. 
ASSOCIATED PRESS
PORTLAND (US), AUG 12
Four women who used to
work for Nike filed a federal
lawsuit alleging the company
violated state and US equal-
pay laws and fostered a work
environment that allowed sex-
ual harassment.
The suit filed Thursday in
Portland, Oregon, is among
the first to hit the company
since complaints about pay
and bad managers became
public earlier this year, The
Oregonian reported.
Nike, based near Portland,
responded to the controversy
by ousting at least 11 execu-
tives earlier this year.
However, attorney Laura
Salerno Owens, who filed the
lawsuit, said Nike continues
to have a “good-old-boy’s cul-
ture” in which women
enter the company with lower
pay and receive smaller raises
and bonuses.
“I think Nike wants to say
that ‘Just a couple people
were responsible for the
problem and we’ve gotten
rid of them.’ But we know
that’s certainly not the case,”
Owens said.
The plaintiffs are seeking
unspecified monetary damag-
REUTERS
es and a court order requiring
Nike to pay its employees fair-
ly without regard to gender.
Nike officials declined com-
ment on the lawsuit to The
Oregonian and did not imme-
diately return a phone mes-
sage from The Associated
Press. Plaintiff Kelly Cahill
worked for Nike for four
years—much of that time as a
brand marketing director for
Nike.com. She claimed in the
lawsuit that she was paid
$20,000 a year less in 2017 than
a male co-worker doing much
the same job.
She says she filed four com-
plaints against her boss—one
of the 11 executives who left
the company last spring.
Nike’s human resources
department took no action,
the suit alleges. Cahill quit
and went to work for Adidas.
Sara Johnston alleges that
a male co-worker made sexual
advances and retaliated when
she rejected his propositions.
She complained to her boss in
early 2016.
“In response, one of the
directors said, in effect, that
Nike has a culture that
revolves around alcohol, that
Ms. Johnston should let the
incidents go,” according to
the lawsuit.

Post-Brexit EU Saudi fund not interested in Tesla buyout

the end, including the
US demand that Nafta
be approved every five
years, a provision

sea trade links

known as a sunset
REUTERS
clause. “We are working
like we’ve been doing
DUBAI/RIYADH/LONDON, AUG 12 Tesla CEO Musk taunts short sellers
for the last three weeks
Saudi Arabia’s Public WASHINGTON: Tesla CEO That would allow the

exclude France
and making a lot of
Investment Fund (PIF) has Elon Musk used Twitter on shorts to buy back the stock
advancements. We are
shown no interest so far in late Friday to taunt at a lower price, return the
coming back next
financing Tesla Inc CEO Elon investors who have bet shares to the lender, and
week,” he told report-
Musk’s proposed $72 billion against his company, even pocket the difference.
ers. “But as I said
deal to take the US electric though his previous Shorting a stock can tem-
before: nothing is closed
REUTERS car maker private, despite Twitter comments have porarily lower its price,
until everything is
PARIS, Aug 12 At the moment much of acquiring a minority stake spurred a government making short investors a fre-
closed.” (AFP)
Ireland’s trade with in the company this year, investigation and sharehold- quent target of CEO wrath.
Dish Network France deems unacceptable a two sources familiar with the er lawsuits. The Twitter comments
CFO Swain to European Commission pro- the continent goes via matter said. The tweets are aimed at could potentially affect

step down
COLORADO: Dish
Network Corp’s chief
financial officer,
Steven Swain, is leaving
the US satellite TV
provider to become the
finance chief at
Brookdale Senior
Living. Swain, who has
been the CFO of Dish
since August 2014, will
step down effective
August 22, the company
said here in a filing on
Friday. He also resigned
as CFO of subsidiary
Dish DBS Corp. Prior to
joining Dish in 2011,
Swain spent more than
15 years in the telecom-
munications sector,
most recently at
CenturyLink Inc. Swain
is expected to start in
his new role at
Brookdale Senior in
September. (REUTERS)
posal to exclude French
ports from a re-routing of a
strategic trade corridor
between Ireland and main-
land Europe after Brexit, the
government said.
At the moment much of
Ireland’s trade with the conti-
nent goes via Britain in
trucks. However, with less
than eight months to go until
Britain leaves the European
Union there is still little clari-
ty on its future trade relations
with the bloc, nor the nature
of the Irish Republic’s border
with the British province of
Northern Ireland.
The new route put forward
by the Commission would
connect Ireland by sea with
Dutch and Belgian ports
including Zeebrugge and
Rotterdam. French ports such
as Calais and Dunkirk would
be bypassed.
“France and Ireland main-
tain important trade chan-
nels, both overland via Britain
and via direct maritime
Britain in trucks
routes. The geographical
proximity between Ireland
and France creates an obvi-
ous connection to the single
market,” French Transport
Minister Elisabeth Borne
wrote to the EU’s transport
commissioner in a letter
dated Aug. 10.
“Sur prisingly, the
Commission proposal in no
way takes this into account.
This proposal therefore is not
acceptable to France.”
At stake are jobs, millions
of dollars’ worth of port reve-
nues and possibly EU infra-
structure funding.
Borne said that French
ports had the necessary
resources to ensure they
could handle the likely
increase in trade flows,
hinting at concerns of
congestion in ports such as
Calais, France’s busiest pas-
senger port.
The 47-year-old investor and
engineer stunned financial
markets on Tuesday when he
said on Twitter that he was
considering a take-private
deal for Tesla, an auto manu-
facturing pioneer that devel-
oped the world’s first luxury
all-electric sedan car. He also
said he had secured funding
for the proposal, without pro-
viding details.
Investors and analysts
viewed PIF as a natural financ-
ing partner. Beyond amassing
a stake of just below 5 percent
in Tesla, the sovereign wealth
fund has poured tens of bil-
lions of dollars into technolo-
gy investments, including $45
billion in SoftBank Group
Corp’s (9984.T) Vision Fund
over five years.
However, a source who is
familiar with PIF’s strategy
said it was not currently get-
ting involved in any funding
process for Tesla’s take-pri-
vate deal.
A second source close to the
situation also said PIF was not
taking part in any such plan at
this stage. This source said
that the Saudi fund would not
make an investment of this
kind without seeking guid-
ance first from Softbank.
Reuters reported on
Wednesday that SoftBank was
not currently pursuing a
deal for Tesla given its invest-
ment earlier this year in rival
GM Cruise.
PIF’s reluctance will add to
the pressure on Musk to pro-
duce details of his financing
plan. Tesla’s board has not
received a detailed financing
plan from him and is seeking
more information, Reuters
reported on Thursday.
The board will make a deci-
sion on whether to hire advis-
ers and launch a formal review
of Musk’s take-private propos-
al in the coming days, based on
how much detail on the financ-
ing plan it receives from Musk,
a third source said.
The sources requested ano-
nymity because the delibera-
tions are confidential. A
spokesman for PIF was not
immediately available for
comment. A Tesla spokesman
declined to comment on behalf
of the company and Musk.
The US Securities and
Exchange Commission has
contacted Tesla to ask about
Musk’s assertion on Twitter
that funding for his proposed
deal was “secured”, the Wall
Street Journal reported on
Wednesday.
Tesla is facing a make-or-
break moment in its eight-
year history as a public com-
pany, as competition from
European automakers is
poised to intensify with new
electric vehicles from
Mercedes, Audi, BMW and
other rivals.
Taking Tesla private would
remove the pressure from
Musk coming from hedge
funds betting that the compa-
ny’s stock will drop given its
production issues and nega-
“shorts,” or investors who
borrowed shares of Tesla
and immediately sold them
with the hope that Tesla’s
share price would fall.
tive cash flow. It would also
remove the company from the
glare of Wall Street that comes
with reporting quarterly earn-
ings publicly.
In a letter to employees on
Tuesday, Musk suggested a
choice for shareholders of sell-
ing their shares for $420 each
or remaining investors in a
private Tesla.
Musk has also said he would
be looking to keep his owner-
ship of Tesla at around 20 per-
cent in a buyout deal, and that
a special purpose vehicle,
like the one that exists at his
aerospace company SpaceX,
would allow Tesla sharehold-
ers to remain invested if they
so choose.
Investment bankers and
analysts have so far reacted
Musk’s legal situation. On
Tuesday he tweeted that he
had secured funding to buy
all Tesla shares and take the
company private. (AP)
with scepticism, telling
Reuters it would be hard for
Musk, whose net worth is
pegged by Forbes at $22 bil-
lion, to raise the equity and
debt financing needed for the
deal given Tesla is not turning
a profit.
Some analysts have suggest-
ed that Musk could convince
Tesla’s top shareholders, such
as Fidelity Investments and
China’s Tencent, to roll their
equity stakes into the deal,
thereby significantly reducing
the amount of money needed
to be raised.
However, the deal structure
would come with big logistical
and legal challenges when
it comes to buying out
smaller shareholders, analysts
have said.

p e e r -t o - p e e r l o a n s

Beijing struggles to defuse anger over China’s lending crisis

REUTERS
BEIJING, Aug 12
Peter Wang was asleep at his
home in Beijing last Monday
when police officers arrived
before dawn to detain him, saying
he had helped organise a protest
planned for later that day.
Across the city, others who had
lost money investing in China’s
online peer-to-peer (P2P) lending
platforms—including some who
had travelled from as far away as
Shandong and Shanxi provinc-
es—got similar visits from police.
By the time they were released,
the demonstration they had
planned using social media chat
groups had fizzled amid a mas-
sive security response around the
China Banking and Insurance
Regulatory Commission (CBIRC)
headquarters in the heart of
Beijing’s financial district.
Instead of demanding that the
government bail out the hun-
dreds of collapsed P2P compa-
nies, those who made it to the
protest area were forced onto
buses and carted away to
Jiujingzhuang, a holding centre
for petitioners on the outskirts of
Beijing, according to two P2P
investors.
“Once the police checked your
ID cards and saw your petition
materials, they knew you are
here looking to protect your
rights. Then they put you on a
bus directly,” said Wang, who
works at an auto repair shop. He
joined a separate, smaller protest
in a different part of Beijing after
his detention. “There was no
channel to solve any problems.
All they care about was prevent-
ing any disturbance.”
n A file photo shows a yuan note. 
The size of China’s P2P indus-
try is far bigger than in the rest
of the world combined, with out-
standing loans of 1.49 trillion
yuan ($217.96 billion), according
to data tracker p2p001.com, run
by the Shenzhen Qiancheng
Internet Finance Research
REUTERS
Institute. P2P, in which platforms
gather funds from retail investors
and loan the money to small cor-
porate and individual borrowers,
promising high returns, started
flourishing nearly unregulated in
China in 2011. At its peak in 2015,
there were about 3,500 such busi-
nesses. But after Beijing began
a campaign to defuse debt bub-
bles and reduce risks in the
economy, including the country’s
enormous non-bank lending sec-
tor, cracks began to appear as
investors pulled their funds.
Since June, 243 online lending
platforms have gone bust, accord-
ing to wdzj.com, another P2P
industry data provider. In that
period, the industry saw its first
monthly net fund outflows since
at least 2014, the data provider
said.
The latest burst of anger,
which led to the planned protests,
flared up ahead of a June 30
deadline for companies to comply
with new business practice stand-
ards, which are still being final-
ised but could include bank cus-
todianship of investor funds and
tougher disclosure requirements.
Many of them shut down rath-
er than do so, Zane Wang, chief
executive of online micro-loan
provider China Rapid Finance ,
told Reuters.
That caused panic in the broad-
er market. Investors tried to pull
funds from P2P companies, caus-
ing liquidity problems for many
smaller operators, Wang said,
although larger ones are faring
better.
“Some platforms might become
a winner out of this, and some
platforms, probably a large por-
tion of the platforms, might not
be able to make it,” he said.
China’s propaganda machine
has swung into action as Beijing
seeks to reassure people that the
Chinese economy and financial
markets are healthy despite a
trade war with the United States
and steep declines in the value of
stock prices and the yuan.
No mainland Chinese media -
official mainstream papers or
more independent-leaning publi-
cations - reported the attempts to
protest in China’s capital.
Many would-be protesters
were forced to give fingerprints
and blood samples and prevented
from travelling to Beijing.
Some were even removed from
Beijing-bound trains ahead
of the protests, said a Shanghai-
based P2P investor who lost
1.3 million yuan. She declined
to be named out of fear for
her safety.
Even after the demonstrations
were effectively snuffed out,
hundreds of security personnel
patrolled around CBIRC’s
office, highlighting authorities’
sensitivity to any form of social
instability.

C M Y K
III money economy the kathmandu post | Monday, August 13, 2018

news digest high speed travel

Cuba’s tourism
industry
sees uptick
HAVANA: The number of
tourists visiting Cuba is
rising, despite US “cam-
paigns” to curb econom-
ic activity on the com-
munist island, Cuban
officials announced on
Friday. Some three mil-
lion tourists traveled to
the Caribbean nation
between January 1 and
August 9, and authori-
ties forecast that num-
ber could jump to five
million by the end of
the year, compared to
4.5 million in 2017.
Cuba’s Tourism
Ministry said the posi-
tive statistics come
“despite campaigns
organised and directed
by the US government
to reduce the flow of US
visitors to our country.”
Destruction wrought by
Hurricane Irma last
year, which impacted
many hotels, seems to
have also left the tour-
ism industry unscathed.
Cuba’s white sand
beaches, colonial charm
and natural beauty all
draw millions each
year. Last year, the
island attracted 619,523
American visitors,
more than triple the
number of 2016. (AFP)
Tribune Media
ends merger deal
with Sinclair n A driverworks on a Fuxing bullet train running on the Beijing-Tianjin intercity rail, China. China is home to the world’s longest high-speed rail network which competes heavily with domestic airlines. Of China’s 31 provinces and regions, 29 are served
by high-speed rail with only the regions of Tibet and Ningxia in the northwest yet to be connected. XINHUA
NEW YORK: Tribune
Media Co terminated
its $3.9 billion sale to

US soybean cargo Traffic jams cost Swiss

Sinclair Broadcast
Group on Thursday and
sued Sinclair for breach
of contract, claiming

almost $2 billion
the rival TV-station
owner mishandled
efforts to get the trans-

action approved by tak-
ing too long and being
too aggressive in its
dealings with regula-
tors. The collapse of the
deal, hatched 15 months
ago and backed by US
President Donald
Trump, potentially ends
Sinclair’s hopes of
building a national
Conservative-leaning
TV powerhouse that
might have rivaled
Twenty-First Century
Fox Inc’s Fox News.
Sinclair, the largest US
broadcast station owner
with 192 stations, said
Thursday it would no
longer pursue the
Tribune merger and
denied Tribune’s
allegations. (REUTERS)
ECB ends Greek
banks’ access to
cheapest credit
FRANKFURT AM MAIN:
The European Central
Bank on Friday
said it has decided to
cancel a special
lifeline giving Greek
banks access to cheap
credit when the country
exits its bailout
programme later this
month. The lifting
of the so-called
docks in China
XINHUA
GENEVA, Aug 12
Traffic jams are costing Swiss
more each year, with 1.9 bil-
The shipment had been anchored off the coast of China for over a month lion Swiss francs ($1.9 billion)
cost in 2015, 7 percent more
compared with 2010, the Swiss
REUTERS Office for Spatial Development
BEIJING, AUG 12 (ARE) reports.
That represents about 0.3
A ship carrying soybeans percent of the Swiss GDP in
from the United States docked 2015, according to the Swiss
in the port of Dalian Federal Statistics Office.
on Saturday, more than a Authorities are looking for nTraffic stacks up on the snow-covered A3 motorway near Zurich,
month after it arrived off ways to reduce it. Switzerland.  REUTERS
China’s coast just hours after ARE said in a latest state-
hefty tariffs were imposed on ment that most of the traffic in the canton of Zug. traffic jams following the
US goods, according to jam costs (69 percent) were In the longer term, the launch of a “speed harmoni-
Thomson Reuters Eikon ship- seen in time lost in waiting. problem of traffic jams could sation” system.
ping data. The rate rise in the total also be tackled using financial By conducting a test on a
The short journey into the traffic costs by 7 percent was incentives such as mobility Swiss autoroute, or freeway,
northern Chinese port was the slightly higher than the pricing. Swissinfo, the website the Federal Roads Office found
first by Peak Pegasus, which increase in population growth of the national broadcaster, that after reducing driving
has 70,000 tonnes of US soy- which rose 6 percent from 7.9 cited the Transport and speeds to 100 and 80 km an
beans on board, since it to 8.3 million over the same Environment Association hour, traffic flowed more easi-
arrived off the coast on July 6 period. (ATE) as saying that another ly and journey times were
shortly after Beijing imposed Along with developing road effective way to reduce traffic “globally reduced.”
25 percent import duties on infrastructure, ARE recom- jams is to regulate driving The harmonisation method
$34 billion worth of US goods, mends a number of measures speeds. depends on the traffic situa-
including soybeans. to cut rush hour traffic. In parallel with the Office tion, the association
The penalties were in These include flexible work for Spatial Development explained: in dense traffic,
response to a similar move and school times, more work- report, the ATE released a speed limits are reduced,
by Washington as part of a ing from home and video con- statement describing a Swiss which increases the capacity
tit-for-tat trade dispute ferencing, and road tolls, Federal Roads Office study of the road in question as well
between the world’s two something that is being tested that showed a reduction in as safety for those on the road.
largest economies.
The ship was moored in the

Jet Airways reassures investors

“waiver” was widely
expected as Greece
readies to turn the page
on a severe debt crisis
that has weighed down
the country for years.
The waiver, in place
since 2016, allowed
Greece’s stricken banks
to benefit from the
cheapest ECB credit by
exceptionally letting
them use the govern-
ment’s junk-rated bonds
as collateral. Greece is
due to leave its third
financial rescue on
August 20. (AFP)
port area just after midnight
on Sunday morning, accord-
ing to the latest data.
The move into the dock sug-
gests the cargo may be about
to be unloaded, becoming one
of the first US soybean ship-
ments to incur thwwwe new
penalties as the trade dispute
deepens. China’s state grain
stockpiler Sinograin is the
buyer of the shipment, accord-
ing to a source familiar with
the matter.
Two other ships carrying
US soybeans, Star Jennifer
and Cemtex Pioneer, have
been anchored off China’s
coast for the past few weeks.
President Donald Trump.
The short journey into the northern Chinese port was the Soybeans, which are used REUTERS deferred its quarterly earn- It said it had not been
first by Peak Pegasus, which has 70,000 tonnes of US to make cooking oil and ani- MUMBAI, AUG 12 ings report. placed in any special mention
mal feed, are the top US Jet, which is part-owned by accounts by the banks, refer-
soybeans on board, since it arrived off the coast on July 6 agricultural export to China, Indian carrier Jet Airways Abu Dhabi’s Etihad Airways, ring to the name given to
with the trade worth $12.7 bil- Ltd sought to reassure inves- was due to report quarterly accounts for borrowers that
Star Jennifer, which has attention in China as it lion in 2017. tors on Saturday, saying earnings on Thursday but are behind in their loan ser-
been sitting off Dalian since became uncertain if it would Last week, the Trump it is meeting its payment said in stock exchange filings vicing payments.
July 24, was moving on arrive in time before the administration said it would obligations to lenders and that its audit committee The chairman of State
Sunday, according to shipping duties kicked in. start collecting tariffs on other dues, such as staff had not signed off on them Bank of India, the country’s
data. Last month, Chinese state another $16 billion worth of commitments. “pending closure of certain top bank and a key lender to
It was not immediately media deployed the legume in Chinese imports from Aug. 23, India’s biggest-full service matters”. Jet, said on Friday that
clear where it was heading. a political cartoon aimed at as it tries to put pressure on airline issued the statement a “Our account with all the the airline’s loan is on the
The final stages of Peak undermining support for the China to negotiate trade con- day after its shares fell to a banks as on date is bank’s watch list and special
Pegasus’ one-month journey trade dispute among US farm- cessions. Beijing has said it three-year low following an “Standard”,” Jet Airways said mention accounts. He didn’t
to Dalian captured public ers, key supporters of US will retaliate in kind. announcement that it had in a statement on Saturday. give details.

cost of building homes

Wildfire victims among those stung by Trump’s trade war

ASSOCIATED PRESS
SANTA ROSA (CALIFORNIA), AUG 12
Add this to the challenges facing
California wildfire victims:
Tariffs.
The import tariffs imposed by
President Donald Trump are add-
ing thousands of dollars to the
cost of building homes. That
especially squeezes homeowners
who seek to rebuild quickly after
losing their houses to natural dis-
asters, such as the wildfires
scorching parts of California.
The Trump administration’s
tariffs have raised the cost of
imported lumber, drywall, nails
and other key construction mate-
rials. One building association
official said the tariffs could raise
the price of a typical new home
in California by up to $20,000, and
it could be more for individual
homes being custom-built on
short order.
That could be enough to keep
some people with inadequate
homeowners insurance from
rebuilding or force them to con-
sider a smaller house.
Other factors also are making
home construction more expen-
sive, including a shortage of
workers and increased demand
that has pushed up the price of
materials produced in the US.
The difference with the tariff-re-
lated cost increase: It’s a direct
result of a governmental policy
change.
“This comes at a bad time if
you’ve just had your neighbor-
hood swept up in a firestorm,”
said Jock O’Connell, an interna-
tional trade adviser at Beacon
Economics in California.
Wildfires have destroyed thou-
raising tariffs on US goods in
retaliation.
Tariffs now are just over 20
percent on imported Canadian
lumber and 25 percent on steel
imported from certain nations as
well as on a long list of goods
from China.
Rob Dietz, chief economist for
the National Association of
Home Builders, said typically the
price of labor, interest rates and
the availability of land are the
main variables determining the
cost of new home construction,
n Workers assemble a house in Santa Rosa, California.  ap/rss with the price of materials and
local fees also having an effect.
sands of homes in California 300,000 structures in Texas. “Now, lumber and labor are the
over the past two years, including Trump has imposed the import top two,” he said.
1,200 so far this year. tariffs on a range of goods as a The US imports about one-
It’s not just wildfire victims in way to strike back at trading third of its softwood lumber,
the West who have to deal with partners he says have not treated mostly from Canada. Among
higher construction costs. Last the US fairly. His move has set off other things, it’s used to build the
year, Hurricane Harvey flooded a trade war, with other nations wood framing for new houses.
California Building Industry
Association President Dan
Dunmoyer said contractors tell
him that the tariffs alone could
add $8,000 to $10,000 to the lumber
costs for a typical single-family
home and about the same amount
for steel products such as nails,
other fasteners and wire mesh.
Tariffs also are boosting the
cost of appliances, drywall and
solar panels, which will be
required on all new homes in
California starting in two years.
Asked for comment about the
impacts of the tariffs on building
materials, White House spokes-
woman Lindsay Walters did not
respond directly. In an email, she
said, “Instead of retaliating,
China should address the long-
standing concerns about its
unfair trading practices.”
APM Homes is rebuilding 50
houses destroyed by fire last
October in the Coffey Park neigh-
borhood of Santa Rosa, north of
San Francisco. Project manager
John Allen said rebuilding costs
have not risen as much as the
building association predicts, but
said they could in time.
Even relatively small price
increases can hit homeowners
hard, Allen said. “They’re
already maxing out their insur-
ance,” he said.
Insurance policies are another
potential obstacle for homeown-
ers wanting to rebuild and faced
with rising construction costs.
Many homeowners have
policies that do not guarantee
rebuilding a home at today’s
replacement cost but rather
an amount tied to an outdated
estimate or the value of the
mortgage.

C M Y K
Monday, August 13, 2018 | the kathmandu post bazaar money IV
shares
China’s Anker looks to
market watch

Nepse 1,163.94pts
-1.41%
RETAIL PRICE

make a splash in Nepal

Vegetables Unit Price (Rs)
highest losers
Red Potato kg Rs58
MPFL SMB NLBBL NLIC NNLB BOKL
-10% -9.97% -9.91% -5.89% -5.12% -4.58% White Potato kg Rs53

moderate losers Onion (Indian) kg Rs55

SMATA NMBHF1 MSLB UNL KMFL MDB
-4.15% -3.97% -3.96% -3.95% -3.73% -3.70% The company is renowned worldwide for its high quality consumer electronics Tomato Small kg Rs55
Carrot kg Rs125
moderate gainers POST REPORT
KATHMANDU, AUG 12 Tomato Big kg Rs65
PRVU HPPL CFCL SPDL SAEF ICFC
0.54% 0.78% 0.88% 0.90% 0.98% 1.26% China’s leading consumer elec- Squash kg Rs65
tronics brand Anker is looking to
highest gainers make a splash in Nepal. The Cabbage kg Rs65
SHL JFL ODBLPO SEF STC AMFI brand is famous for its range of
advanced portable electronic Brinjal Long kg Rs65
1.61% 1.64% 1.78% 2% 3.57% 3.86%
goods such as Anker power banks,
portable projectors, USB cables
Cow Pea kg Rs85
and more. Cauliflower kg Rs95
Pashupati Trade Link is the
Nepal Stock Exchange official distributor of Anker prod-
Singhadurbar Plaza, Kathmandu Fruits Unit Price (Rs)
August 12, 2018 ucts in Nepal.
Anker will be launching Apple kg Rs115
Trading Information Trading Price
products such as bluetooth air-
SN Company Max Min Closing No Shares
phone, wireless charger, wall
Pomegranate kg Rs195
1 Agriculture Dev Bank Ltd 322 313 320 3439
2 Api Power Co Ltd 269 256 258 3596 charger, power banks, usb cables Pineapple kg Rs105
3 Arambha MicroFin Bittiya Sanstha Ltd 752 738 752 20 and Bluetooth speakers in the ini-
4 Arun Kabeli Power Ltd 249 247 249 381 tial stage.
5 Arun Valley Hydropower Dev Co Ltd 140 136 138 8112 Cucumber kg Rs45
6 Asian Life Insurance Co Ltd 602 597 600 1096 The company will offer 18
7 Bank of Kathmandu Ltd 262 250 250 13548 months warranty replacement on Papaya kg Rs75
8 Best Fin Co Ltd 100 100 100 3005
9 Bottlers Nepal (Terai) Ltd 5257 5243 5243 120 all products, reads a press release.
10 Butwal Power Co Ltd 439 433 438 1420 One of Anker’s most popular Banana Doz Rs85
11 Central Fin Co Ltd 114 113 114 1750
12 Century Commercial Bank Ltd 167 164 165 11498 item, the Nebula Mars projector
13 Chhimek Laghubitta Bikas Bank Ltd 900 886 888 1935 will also be available for sale as Lime 100Pcs Rs225
14 Chhyangdi Hydropower Ltd 126 122 126 192 well. The projector is capable of
15 Chilime Hydropower Co Ltd 731 719 720 6933
16 Citizen Bank International Ltd 232 229 229 8108 projecting a 150 inch image with projector is the massive the best smartphones, laptops and ers to get a good product with
17 Citizen Investment Trust 2425 2386 2400 428 1280x720 resolution. Users will not 12,500mAh battery that provides electronic gadgets, they prefer equally good cables, appliances daily commodities
18 City Express Fin Co Ltd 102 102 102 120
19 Civil Bank Ltd 148 146 148 28291 have to carry around extra speak- backup of up to four hours. normal or high-copy chargers and and that Anker is the best.”
20 Civil Laghubitta Bittiya Sanstha Ltd 672 672 672 16 ers as the device features dual 10 Marketing Manager of cables. Most of them don’t know Anker was founded by an Commodities Unit Price (Rs)
21 Deprosc Laghubitta Bittiya Sanstha Ltd 678 670 670 1136 watt speakers for a complete Pashupati Trade Link Dhirendra about the cons of these products, ex-Google employee and has offic-
22 Deva Bikas Bank Ltd 129 125 126 5339
23 Dibyashwori Hydropower Ltd 104 103 103 40 media viewing experience in a Kushwaha was excited about which results in unsatisfactory es in Seattle and Shenzhen that Pokhreli Rice kg Rs75
24 Everest Bank Ltd 658 648 650 7270 single package. launching Anker products in performance, low battery life designs, develops and sells con-
25 Everest Insurance Co Ltd 1249 1236 1236 54
The portable projector runs on Nepal and said, “ This is an age of and slowing down of electronic sumer electronics. Jeera Masino Rice kg Rs70
26 Excel Dev Bank Ltd 319 313 315 810
27 First Micro Fin Dev Bank Ltd 427 421 425 5948 Android 7.1 and has built-in WiFi technology. People are using the products.” The company rose to fame by
28 Forward Community MicroFin Bittiya Sanstha Ltd 2056 2045 2050 687 and Bluetooth for easier stream- latest technologies and electronic He added, “We have brought selling high quality power banks Indian Basmati Rice kg Rs120
29 Gandaki Bikas Bank Ltd 193 190 191 1509
30 Garima Bikas Bank Ltd 183 181 182 3790 ing of Youtube and Netflix. It products in their day to day lives. Anker power banks and cables to and charging cables. The compa-
31 Global IME Bank Ltd 293 286 286 18636 Mansuli Rice kg Rs55
comes with 8GB internal storage Aside from carrying mobile Nepal, which will assure better ny claims to be pioneering power
32 Global IME Laghubitta Bittiya Sanstha Ltd 1070 1070 1070 10
33 Goodwill Fin Co Ltd 120 118 118 7789 and can supports connections via phones, people carry power battery life, performance and effi- delivery technology to charge Sona Rice kg Rs50
34 Grameen Bikas Laghubitta Bittiya Sanstha Ltd 559 544 548 3742 HDMI and USB. The standout fea- banks and charging cables. ciency of electronic products. We phones, tablets and laptops at
35 Green Dev Bank Ltd 130 130 130 40 ture of the Nebula Mars portable Though customers strive to buy would like to recommend custom- unprecedented speeds.
36 Gurans Life Insurance Co Ltd 810 786 800 3949 Beaten Rice(Taichin) kg Rs130
37 Gurkhas Fin Ltd 107 105 105 430
38 Hathway Fin Co Ltd 123 123 123 40 Beaten Rice kg Rs70
39 Himalayan Bank Ltd 560 555 555 1502
40 Himalayan Distillery Ltd 1245 1240 1240 40
41
42
43
Himalayan General Insurance Co Ltd
Himalayan Power Partner Ltd
ICFC Fin Ltd
430
256
161
415
244
159
416
256
160
912
2090
3819
finding the right note Big Mas kg Rs110

44 Jalabidyut Lagani tatha Bikas Co Ltd 167 161 164 7815 Small Mas kg Rs90
45 Janaki Fin Ltd 188 185 185 6125
46
47
Janata Bank Nepal Ltd
Janautthan Samudayic Laghubitta Bikas Bank Ltd
153
2755
150
2755
152
2755
8465
94
Big Mung kg Rs100
48 Jyoti Bikas Bank Ltd 137 135 136 5539
49 Kabeli Bikas Bank Ltd 211 211 211 13 Musuro(No. 1) kg Rs100
50 Kailash Bikas Bank Ltd 219 218 219 1213
51 Kalika Microcredit Dev Bank Ltd 1208 1185 1192 511
52 Kamana Sewa Bikas Bank Ltd 143 140 140 15519 Musuro(No. 2) kg Rs90
53 Kankai Bikas Bank Ltd 122 118 118 1234
54 Karnali Dev Bank Ltd 103 103 103 500 Rahar kg Rs110
55 Khanikhola Hydropower Co Ltd 104 104 104 98
56 Kisan MicroFin Bittiya Sanstha Ltd 1522 1493 1493 145
57 Kumari Bank Ltd 195 191 193 17835 Chana(Big) kg Rs200
58 Laxmi Bank Ltd 243 235 235 2471
59 Laxmi Laghubitta Bittiya Sanstha Ltd 1001 980 1001 387
60 Laxmi Value Fund-1 10.10 10.01 10.01 3000 Chana(Small) kg Rs150
61 Life Insurance Co Nepal 1650 1570 1570 6803
62 Lumbini Bikas Bank Ltd 151 147 150 24432 Chilli Powder kg Rs300
63 Lumbini General Insurance Co Ltd 505 497 500 2504
64 Machhapuchhre Bank Ltd 205 202 202 8614
65 Mahalaxmi Bikas Bank Ltd 188 185 185 4359
66 Mahila Sahayatra MicroFin Bittiya Sanstha Ltd 631 620 620 155
67 Mahuli Samudayik Laghubitta Bittiya Sanstha Ltd 2350 2286 2300 445 gasoline watch
68 Manjushree Fin Ltd 119 119 119 1100
69 Mega Bank Nepal Ltd 164 158 160 13367
70 Mero MicroFin Bittiya Sanstha Ltd 1000 995 1000 616
71 Mirmire LaghuBitta Bittiya Sanstha Ltd 1445 1436 1445 170
72 Miteri Dev Bank Ltd 265 260 260 1501
73 Muktinath Bikas Bank Ltd 380 374 374 8293
74 Multipurpose Fin Co Ltd 245 225 225 60
75 Nabil Bank Ltd 910 894 900 6359
76 NABIL Bank Ltd Promotor Share 716 707 710 4660
77 Nabil Equity Fund 8.53 8.53 8.53 2641
78 NagBeli LaghuBitta Bikas Bank Ltd 1057 1057 1057 35
79 National Hydro Power Co Ltd 79 77 77 3600
80 National Life Insurance Co Ltd 728 710 710 1178
81 National MicroFin Bittiya Sanstha Ltd 2120 2083 2083 580
82 Naya Nepal Laghubitta Bikas Bank Ltd 655 630 630 265
83 Neco Insurance Co Ltd 508 493 500 3642
84 Nepal Bangladesh Bank Ltd 206 198 200 8661
85 Nepal Bank Ltd 283 280 280 23024
86 Nepal Community Dev Bank Ltd 130 128 128 1232
87 Nepal Credit & Commercial Bank Ltd Promoter Share 192 192 192 1840
88 Nepal Credit And Commercial Bank Ltd 178 172 174 15180
89 Nepal Doorsanchar Comapany Ltd 725 715 721 3200
90 Nepal Hydro Developers Ltd 165 165 165 50 n Visitors look at different guitars displayed at the annual Vancouver International Guitar Festival in Vancouver, Canada. The 2-day Vancouver
91 Nepal Insurance Co Ltd 520 503 508 9483
92 Nepal Investment Bank Ltd 622 618 619 7550 International Guitar Festival kicked off on Saturday featuring an exhibition of instruments showcased by guitar builders from around the world.  XINHUA
93 Nepal Investment Bank Ltd Promoter Share 560 549 555 537
94 Nepal Life Insurance Co Ltd 962 910 910 40611
95 Nepal SBI Bank Ltd 496 490 493 1318
96 Nerude Laghubita Bikas Bank Ltd 603 554 554 7516
97 Ngadi Group Power Ltd 155 154 154 2567 E M P L OY M E N T O P P O R T U N I T Y
98 NIBL Samriddhi Fund 1 10.35 10.15 10.25 40500

Hundreds line up for gushing

99 NIC Asia Bank Ltd 314 304 304 8903
100 Nirdhan Utthan Laghubitta Bittiya Sanstha Ltd 950 923 935 899
101 NLG Insurance Co Ltd 838 800 816 979
102 NMB MicroFin Bittiya Sanstha Ltd 1485 1460 1460 246
103 NMB Bank Ltd 318 307 307 8808
104 NMB Hybrid Fund L-1 9.36 9.17 9.17 13315

West Texas oil jobs

105 NMB Sulav Investment Fund-1 11.80 11.71 11.71 10500
106 Om Dev Bank Ltd 182 175 178 13688
107 Om Dev Bank Ltd Promoter 114 112 114 6800
108 Oriental Hotels Ltd 494 479 479 9357
109 Pokhara Fin Ltd 138 137 138 2388
110 Prabhu Bank Ltd 184 181 184 6987
111 Prabhu Insurance Ltd 483 472 476 8973
112 Premier Insurance Co Ltd 1019 991 993 2752
113 Prime Commercial Bank Ltd 282 276 279 7586 REUTERS five friends, some just above the bullion Price Per tola
114 Prime Life Insurance Co Ltd 507 492 507 4458 ODESSA (TEXAS), AUG 12 legal age to work for Halliburton,
115 ProgressiveFin Ltd 101 101 101 225
116 Prudential Insurance Co Ltd 730 704 704 6360 to apply for oilfield jobs.
117 Purnima Bikas Bank Ltd 155 155 155 74 Job fairs are stocked with people Like many in attendance, they
118
119
Radhi Bidyut Co Ltd
Rairang Hydropower Dev Co Ltd
220
152
217
148
220
149
200
1690 hungry for better opportunities, heard about the fair through a Fine Gold Rs56,200
120 Rastriya Beema Co Ltd 10250 10005 10100 180 but inside the MCM Grande Facebook advertisement.
121 Rastriya Beema Co Ltd Promoter Share 9389 9202 9250 110
122 Reliance Fin Ltd 119 118 118 2213 Hotel in Odessa, Texas, oil ser- McGowan, who works as a stock-
123 Ridi Hydropower Dev Co Ltd 117 116 117 130 vices giant Halliburton is the er at a Walmart, hopes to find a Silver Rs735
124 RMDC Laghubitta Bittiya Sanstha Ltd 640 629 635 787 one doing the wooing. job providing cementing services
125 RSDC Laghubitta Bittiya Sanstha Ltd 498 485 485 1961
126 Sagarmatha Insurance Co Ltd 1325 1290 1295 1058 “We need to hire you is our for wells. Source: FENEGOSIDA
127 Sahayogi Bikas Bank Ltd 197 194 194 1555 message,” said Chris Redman, a “I’m not worried about the
128 Salt Trading Corporation 290 285 290 190
129 Samata MicroFin Bittiya Sanstha Ltd 1264 1201 1201 304 field services manager with long hours,” said McGowan, who
130 Sana Kisan Bikas Bank Ltd 1096 1083 1084 324 Summit ESP, which Halliburton is supporting a 3-year-old daugh-
131 Sanima Bank Ltd 313 305 305 14461 acquired last year. ter. He does not have a commer- Int’l market
132 Sanima Equity Fund 9.25 9.15 9.25 19000
133 Sanima Mai Hydropower Ltd 304 299 299 13624 More than 500 men and cial driver’s license, but said he
134 Saptakoshi Dev Bank Ltd 114 114 114 86 women flocked to the hotel in is prepared to get one if needed. Energy Price (US$)%Change
135 Shangrila Dev Bank Ltd 146 143 145 23670
136 Shangrila Dev Bank Ltd Promoter Share 150 150 150 16885 Odessa, Texas, on a Thursday McGowan and his friends are Brent Crude Futr (Bbl) 72.81 1.03
137 Shikhar Insurance Co Ltd 902 893 893 1738 last month to be courted by not the only job hopefuls to make Gas Oil Fut (Ice) (Mt) 656.50 1.27
138 Shine Resunga Dev Bank Ltd 273 266 266 680 Halliburton, which needs people the trek from Mississippi, where
139 Shree Investment Fin Co Ltd 151 147 147 2360 Gasoline Rbob Fut (Gal) 203.92 1.97
140 Shrijana Fin (Bittaya Sanstha) 280 280 280 30 to handle everything from oil- employment in June was 4.7 per-
141 Siddhartha Bank Ltd 305 299 301 13967 field technicians to truck driv- cent, one of the highest levels in Natural Gas Futr (Mmbtu) 2.94 -0.37
142 Siddhartha Equity Fund 9.18 9.06 9.18 24100
143 Siddhartha Insurance Ltd 653 640 640 4528 ers, as oil production booms the United States, according to
n Job seekers line up at a job fair of an oil services giant Halliburton at the
Agriculture Price (US$)%Change
144 Soaltee Hotel Ltd 252 252 252 100 and qualified workers become the Bureau of Labor Statistics.
145 Standard Chartered Bank Ltd 733 726 730 5457 more scarce. MCM Grande Fundome hotel in Odessa, Texas, US.  REUTERS The rush to apply for commer- Cocoa Future (Mt) 2,118.00 -0.52
146 Summit Micro Fin Dev Bank Ltd 873 873 873 200
147 Sunrise Bank Ltd 216 214 215 9292 The US unemployment rate is cial drivers’ licences comes as Coffee ‘C’ Future (Lb) 110.05 -0.63
148
149
Support MicroFin Bittiya Sanstha Ltd
Surya Life Insurance Co Ltd
1121
534
1029
525
1029
532 1680
80 3.9 percent, just off an 18-year Companies are facing difficulty finding enough people to fill demand for truck drivers, in the Corn Future (Bu) 371.75 -2.87
low, but job growth has slowed oil industry and elsewhere, has
150
151
Suryodaya Laghubitta Bittiya Sanstha Ltd
Swabalamban Laghubitta Bittiya Sanstha Ltd
1362
1210
1330
1200
1330
1206
721
930 more recently -- notably because positions especially those with commercial drivers’ licences and driven up wages for anyone with Cotton No.2 Futr (Lb) 85.23 -2.33
152
153
Swadeshi Laghubitta Bittiya Sanstha Ltd
Swarojgar Laghu Bitta Bikas Bank Ltd
1592
733
1532
705
1537
707
622
1159 companies are having trouble are offering $85,000 with full benefits to new hires the license. Rough Rice (Cbot) (Cwt) 10.55 -1.77
154 Synergy Power Dev Ltd 111 109 111 1731 finding people. Frank Hardin of Tennessee, Soybean Future (Bu) 861.75 -4.67
155 Taragaon Regency Hotel Ltd 262 255 255 2130 That is particularly true in the who previously drove trucks
156 Tinau Dev Bank Ltd 171 171 171 46 Soybean Meal Futr (T) 323.3 -3.46
157 Uniliver Nepal Ltd 23530 23060 23060 20 oilfields of West Texas, where more than 175 jobs a month, hir- applied for as many as 26 other delivering sand with Amerifield
158 United Insurance Co (Nepal) Ltd 875 850 850 2200 workers from local towns like ing executives say. Redman said oilfield jobs. Inc, said he recently landed a job Soybean Oil Futr (Lb) 28.41 -1.63
159 United Modi Hydropower Ltd 166 163 165 1177
160 Unnati MicorFin Bittiya Sanstha Ltd 1775 1735 1737 495 Midland and Odessa have flocked people with commercial drivers’ “I don’t care where I go. I just as a driver CIG Logistics. Sugar #11 (World) (Lb) 10.54 -2.77
161 Vijaya laghubitta Bittiya Sanstha Ltd 670 651 660 206 to the oil industry for higher pay. licences are in particular need a job, and I’ve heard the Instead of getting paid per Wheat Future(Cbt) (Bu) 569.5 -2.90
162 Womi MicroFin Bittiya Sanstha Ltd 1265 1246 1255 983 According to a June Dallas demand, but numerous attendees wages are good,” said Venables. load delivered, he now has a sala-
Total Traded Amount Rs.: 250,226,491 Sub-Indices Current Pts Change %Change Federal Reserve Bank survey of at the jobs fair do not have She lives in a recreational vehi- ried position with CIG, which Industrial Metals Price (US$) %Change
Total Traded Shares: 781,560 Banking 997.95 11.87 1.18 60 oil executives operating in that license. cle with her dog and cat, does not starts workers at as much as
Total Transactions: 4,176 Trading 203.02 2.11 1.05 Copper Future (Lb) 274.25 -0.83
West Texas, more than half cited Janice Venables, 57, drove out have a commercial driver’s $85,000 with full benefits. Hardin
Hotels 1,851.67 6.73 0.36 difficulty finding workers as a to West Texas from Mississippi a license, but has started the pro- welcomes the change.
Index Current Pts Change %Change Precious Metals Price (US$)%Change
NEPSE 1,163.94 16.69 1.41 Dev Bank 1,403.95 13.22 0.93
HydroPower 1,385.38 21.19 1.51
potential drag on growth. month ago, after being laid off cess to enroll in a commercial “That’s what everyone wants.
Sensitive 245.70 3.43 1.38 Gold 100 Oz Futr (T Oz) 1,219.00 -0.07
Float 83.52 1.26 1.49 Finance 599.57 3.59 0.6 Halliburton, the second larg- from Mississippi Power last year. driving class this fall. It’s a cakewalk for guys who’ve
est provider of oilfield services She is applying for two jobs with Kenneth McGowan, 21, drove been on the road for years,” Silver Future (T Oz) 15.3 -1.08
Base: 16/07/2006, (Adjusted on 10/04/2007) = 100 after Schlumberger, is adding Halliburton, but says she has 12 hours from Mississippi with he said.

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