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Thursday, August 9, 2018 (24-04-2075) kathmandupost.ekantipur.com
Samsung to spend $22b on artificial intelligence, autos
Inside
German Ryanair
pilots to join
European strikes
Germany’s Ryanair
pilots will join an
unprecedented wave of
strikes against the
no-frills carrier across
Europe on Friday, esca-
lating a row over pay
and conditions at the
height of the summer
season. Germany’s pow-
erful Cockpit union said
it had asked its 400
Ryanair pilots to walk
off the job for 24 hours
from 03:01 am (0101
GMT) on Friday, affect-
ing all of the airline’s
outbound flights. “We
are extremely sorry for
the affected passengers.
The responsibility lies
with Ryanair manage-
ment,” Cockpit presi-
dent Martin Locher told
a press conference on
Wednesday. Pg: II
Start-up seeks
testing ground for
hyperloop train
A Canadian company
hoping to build what it
bills as the future of
public transportation
will seek permits this
week to set up a testing
centre in central France
for developing super-fast
“hyperloop” trains.
Transpod co-founder
Sebastien Gendron told
AFP that his company
would file its application
Friday with officials in
the Haute-Vienne region
for a three-kilometre
(1.9-mile) track, which it
claims would be the
longest in the world. It is
one of several groups
developing the technolo-
gy, which aims to trans-
port people in train-like
“pods” through low-pres-
sure tubes that would
reduce atmospheric fric-
tion, allowing travel at
nearly the speed of
sound. Pg: II
China trade
surplus with
US eases in July
China’s trade surplus
with the United States
eased in July, when
President Donald Trump
imposed stiff tariffs on
billions of dollars worth
of Chinese goods in a
showdown between the
world’s two biggest econ-
omies. The figures on
Wednesday come as the
two exchange threats of
further measures, which
have fuelled fears of a
trade war many observ-
ers warn could hammer
global business. Beijing
reported a $28.1 billion
surplus for July, down
from the record $28.9 bil-
lion seen in June.
China’s gaping trade
surplus with the US has
been a constant bone of
contention, with Trump
accusing the country of
unfair practices, stealing
American jobs and
thieving its technologi-
cal know-how. Pg: III
Uber doubles
down on freight
business
Uber Technologies Inc is
creating a standalone
business out of its long-
haul trucking business,
with plans to double its
investment in the unit to
drive growth ahead of a
much-anticipated initial
public offering. Uber
said on Tuesday its sepa-
rate freight business,
which connects truckers
with shippers, will be
led by Lior Ron, a for-
mer employee who left
the ride-services firm in
March. During Ron’s
absence, the company
negotiated a deal allow-
ing for his return that
also gave Uber Freight
more flexibility to make
acquisitions or strategic
investments. Pg: III
World Bank okays new
framework for Nepal
POST REPORT
KATHMANDU, AUG 8
The board of executive direc-
tors of the World Bank Group
(WBG) on Tuesday approved a
new Country Partnership
Framework (CPF) for Nepal
for the next five years with the
aiming of securing a stable
path to federalism and an
inclusive and prosperous
future.
In the CPF, the multilateral
lender pledged to support
institutions that are critical to
the effective implementation
of federalism and innovative
pathways to faster, equitable
growth and accountable ser-
vice delivery.
Shri Krishna Nepal, chief
of the International Economic
Cooperation Coordination
Division of the Finance
Ministry, told the Post that the
multilateral lender approved
the CPF with a commitment to
increase financial assistance
significantly in the next five
years.
The CPF noted that the fed-
eralism agenda would under-
pin the World Bank Group’s
future programmes at the stra-
tegic, policy and operational
levels. It also cautioned that
transitional vulnerabilities
could heighten in the early
days of federalism as develop-
ment roles are adjusted, and
the new structures take root.
Against this background,
the CPF focuses on three areas
of engagement: (i)
Strengthening public institu-
tions for economic manage-
ment, service delivery and
solar heater
n Solar water heaters are seen at Mahalaxmi Municipality in Dhankhuta. A farmer Padam Bahadhur Poudel uses the solar water heaters to warm up the cow’s drinking water. 
 POST PHOTO: CHANDRA KARKI
Icao to help Nepal’s aviation regulator with research, development
POST REPORT
KATHMANDU, AUG 8
The government has decided
to rope in technical experts
from the International Civil
Aviation Organisation (Icao)
to assist the Civil Aviation
Authority of Nepal (Caan) in
research and development
after it is split into regulator
and service provider.
The proposal has been
okayed by the Caan board
and has been sent to the Civil
Aviation Ministry which will
seek final approval from the
Finance Ministry, said Rajan
Pokhrel, deputy director gen-
eral of Caan.
The project was proposed
by Icao and will assist Nepal
under Icao’s Safety Fund that
aims to improve the safety of
civil aviation globally, he
said. Nepal will contribute 25
percent of the nearly Rs10
million Safety Fund.
According to Civil
Aviation Ministry officials, a
draft Integrated Civil
nFinance Minister Yuba Raj Khatiwada (right) and World Bank Vice President for South Asia Hartwig Schafer exchange documents in
Washington.
public investment; (ii)
Promoting private sector-led
jobs and growth; and (iii)
Enhancing inclusion for the
poor, vulnerable, and margin-
alised groups, with greater
resilience against climate
change, natural disasters and
other exogenous shocks.
“This partnership strategy
with the World Bank supports
our goal of giving every Nepali
equal access to security, jus-
tice, good governance, basic
services and an opportunity to
participate in our future pros-
perity,” said Finance Minister
Yuba Raj Khatiwada.
“The new partnership strat-
egy with the World Bank
Group is focused on support-
ing our transition to federal-
ism, and fits squarely within
Aviation Bill that envisages
splitting Caan into two enti-
ties—regulator and service
provider—is expected to be
submitted to the Cabinet by
October for its green light.
Although, the Law
Ministry had already given
its okay to the draft which
was written by a government
committee, a few amend-
ments need to be made, par-
ticularly with regard to the
legal aspects, said Buddhi
Sagar Lamichhane, joint sec-
retary at the Tourism
Ministry. “We are preparing
to send the draft to the Law
Ministry again,” he said.
After the draft is approved
by the Cabinet, the bill will
be presented in Parliament.
Discussions will be held on
each clause in the bill at vari-
ous parliamentary commit-
tees, and amendments may
be made at this stage. After
getting clearance from the
parliamentary committees, it
will be tabled in Parliament.
After the bill is signed into
country partnership framework
our vision and underpins a
Nepali-owned model.”
According to the frame-
work, Nepal will require
significant financing—over
and above the public and
development aid resources
currently available—to
achieve faster growth and
accelerate poverty reduction
in the context of its transition
to federalism.
The CPF stated that the gov-
ernment’s development model
of growth, fueled by higher
levels of investment, produc-
tivity and effective public
institutions to underpin
private sector dynamism,
would require carefully cali-
brated reforms to draw in pri-
vate investment in parallel
with the implementation of
s e e k i n g gu i da n c e
law, it will supersede two
existing laws—the Civil
Aviation Act 1959 and Nepal
Civil Aviation Authority Act
1996. The government will
begin the consultation pro-
cross currency
NR 110.1000 127.6700 0.9910 141.6500 110.5400 84.1600 81.6300 1.6015 Euro 127.67
INR 68.6200 79.5440 0.6178 88.2800 68.9570 52.4419 50.9030 0.6244
GBP 0.7772 0.9008 0.0070 0.7800 0.5939 0.5758 0.0113 0.0071
JPY 111.0300 128.7100 142.8571 111.4400 84.8500 82.2700 1.6188 1.0091
EUR 0.8624 0.0078 1.1101 0.8656 0.6590 0.6390 0.0126 0.0078
USD 1.1596 0.0090 1.2867 1.0036 0.7642 0.7411 0.0146 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.
Page II Samsung Electronics plans to spend a whopping $22 billion over the next three years on
artificial intelligence, auto components and other future businesses.
federalism. “Nepal’s transi-
tion to federalism unlocks
opportunities for all citizens
to participate in its develop-
ment,” said Qimiao Fan, World
Bank Country Director for
Bangladesh, Bhutan and Nepal.
“This represents a window
of opportunity for the country
to further reduce poverty,
increase the income of the bot-
tom 40 percent, and pursue its
ambitious agenda of inclusive
growth and accountable ser-
vice delivery.”
Meanwhile, the board also
approved a fourth Financial
Sector Stability Development
Policy Credit of $100 million to
help Nepal continue to
deepen its medium-term
reform programme in the
financial sector.
cess on issues like manage-
ment of employees and sepa-
ration of the organisation’s
property and liabilities
which needs a great deal of
planning. The technical
USD EUR JPY GBP CHF CAD AUD INR NR
Daily transaction
slips below
Rs150m mark
POST REPORT
KATHMANDU, AUG 8
The value of transactions on
the Nepal Stock Exchange
(Nepse) on Wednesday
plunged below Rs150 million
as potential investors held
back with a bearish trend con-
tinuing to prevail in the coun-
try’s sole bourse.
Stock prices have been fall-
ing for the past few months.
According to Nepse, the aver-
age single day transaction
amounted to Rs215.44 million
last week.
During the period mid-
June to mid-July, the average
daily transaction stood at
Rs270 million, down 23 per-
cent from the previous month.
The figure stood at Rs670 mil-
lion during the period mid-
April to mid-May.
During the period mid-
The $100 million policy, June to mid-July 2016-17, the
approved by the multilateral average daily transaction was
lender, is the final in a series Rs964 million. The figure has
of financial sector develop- dropped by around 72
ment policy credit initiated in percent during the review
2013. It has been supporting a period this year. The Nepse
government-led programme had a record high daily turno-
aimed at stabilising the sector ver of Rs2.78 billion on July
by reducing vulnerabilities 27, 2016.
and increasing transparency. According to stockbrokers,
In this phase, the pro- the stock market is sluggish
gramme has focused on imple- because there are no immedi-
menting key reforms through ate prospects of bonus and
a strengthened legal and regu- rights issues. “As most of the
latory framework, consolidat- banks and financial institu-
ing the financial sector, plac- tions have already fulfilled
ing the financial sector safety the capital requirement fixed
net on a firm footing and lay- by the regulator, they are less
ing the ground for a further
programme of reforms to
broaden and deepen access to
financial services for both
businesses and individuals.
Cathay Pacific posts
$33.5 million loss
AGENCE FRANCE-PRESSE
HONG KONG, Aug 8
Hong Kong flag carrier
Cathay Pacific said on
Wednesday its losses had nar-
rowed in the first six months
of the year but warned global
economic uncertainty would
pose a challenge as the firm
battles to revive its fortunes.
The airline posted a net loss
of HK$263 million ($33.5 mil-
lion), compared with a HK$2
billion loss for the same peri-
od in 2017.
That fell short of some ana-
lysts’ estimates as the firm
was hit hard by rising fuel
costs.
Cathay shares were down
1.82 percent at HK$11.86 at the
close of trading in Hong Kong
Wednesday.
Cathay has come under
pressure from lower-cost
Chinese carriers and Middle
East rivals, which are expand-
ing into Asia and offering
more luxury touches.
It booked the first back-to-
held in Brussels, Belgium
last January where officials
of Caan and the Tourism
Ministry were invited to
explain Nepal’s progress in
addressing air safety defi-
ciencies.
Currently, Caan has been
functioning both as regulator
and service provider from
the same office, and there is
no clear demarcation
between its duties and organ-
isational structure. As per
the draft bill, Caan will con-
tinue to act as regulator
while a separate Airport and
Air Navigation Services will
be set up to operate as ser-
vice provider.
The service provider will
be a public limited company
and be led by a CEO. Its key
responsibilities will include
airport management, termi-
experts from Icao will handle nal management, ground
these subjects. handling, airport security,
The idea of breaking up rescue and fire fighting, air-
Caan had also featured in the port infrastructure develop-
technical committee meeting ment, airport fee and tax col-
of the European Commission lection and air traffic control.
F ORE X
US Dollar 110.10
Pound Sterling 141.65
Japanese Yen 0.99
Chinese Yuan 16.10
Qatari Riyal 30.24
Australian Dollar 81.63
Malaysian Ringit 27.02
Saudi Arab Riyal 29.36
Exchange rates fixed by Nepal Rastra Bank
According to stockbrokers,
the stock market is
sluggish because there are
no immediate prospects of
bonus and rights issues
likely to issue bonus and right
shares,” said a stockbroker
who asked not to be named.
Shares of banks and financial
institutions make up around
80 percent of the stocks listed
on Nepse.
The market has also been
affected by an increase in the
supply of shares and high
interest rates. Although
banks were expected to lower
interest rates with the loana-
ble fund crisis easing off,
many of them are still charg-
ing as much as 14 percent
interest on margin loans.
In the last fiscal year, pri-
mary shares worth Rs78.59
billion were listed on Nepse,
including bonus shares worth
Rs33.08 billion issued by 112
companies. “At a time of slow
demand, the increase in sup-
ply has sent prices tumbling,”
according to a stockbroker.
On Wednesday, 474,861
shares worth Rs149.19 million
were traded. The Nepse index
declined marginally by 0.89
points to close at 1,187.32
points. Life insurance lost the
most with a drop of 22.36
points while hotels gained
37.46 points.
back annual loss in its sev-
en-decade history in March.
Analysts described the
results as “disappointing”.
“Most analysts and inves-
tors had expected the airline
to report a profit since it was
profitable in the second half
of 2017 and we are at the half-
way mark of Cathay’s three-
year transformation pro-
gramme,” Corrine Png, CEO
of Crucial Perspective, said.
The firm previously
pledged to cut 600 staff includ-
ing a quarter of its manage-
ment as part of its biggest
overhaul in two decades.
Chief executive Rupert
Hogg took over in May 2017,
replacing Ivan Chu, who
had been in the job for three
years.
There was no specific refer-
ence to the possibility of fur-
ther job cuts or restructuring
Wednesday, but chairman
John Slosar said in a state-
ment that the company’s
“transformation programme”
would continue.
Likewise, the regulator
will be responsible for licens-
ing and regulating aviation
professionals and pilots, engi-
neers, air traffic controllers,
airlines and aerodromes. The
government has been work-
ing on the new law for the
last nine years. The new law
will integrate the previous
acts to eliminate conflicts
and contradictions between
Caan and the Tourism
Ministry, a situation that has
been criticised in safety
audits conducted by global
aviation bodies.
Icao’s Universal Safety
Oversight Audit Programme
has recommended that Caan
be split to make the aviation
sector more efficient.
Breaking up Caan, which is
also among the components
of the $4.2 million Air
Transport Enhancement
Project funded by the Asian
Development Bank (ADB), is
aimed at facilitating strin-
gent enforcement of safety
measures.
C M Y K
Thursday, August 9, 2018 | the kathmandu post
news digest
Snapchat’s daily
user base fall for
the first time
NEW YORK: Snapchat’s
daily user base
declined in its latest
quarter for the first
time. Still, its parent,
Snap Inc, reported a
smaller loss than
Wall Street had been
expecting. Separately,
billionaire Saudi Prince
Alwaleed bin Talal
said in a news release
and on Twitter that
he has acquired a
2.3 percent stake in
the company for
$250 million. Snap
declined to comment.
Snap, known for its
disappearing photo and
video messaging app,
said Tuesday that its
daily user base declined
2 percent to 188 million
191 million in the first
quarter. It’s the first
time the company has
seen its user base
decline, based on
reported numbers. The
Venice, California-
based company said it
had a loss of 27 cents
per share in the quarter
that ended June 30. (AP)
Drugmaker Novo
Nordisk sales
disappoint
COPENHAGEN: Shares
in Novo Nordisk fell
on Wednesday after
sales of some of its
key drugs in the second
quarter fell short of
expectations and it said
prices in the key US
market would be
lower next year. The
world’s top maker
of diabetes drugs has
Samsung to spend $22b on
artificial intelligence, autos
ASSOCIATED PRESS
SEOUL (South Korea), AUG 8
Samsung Electronics plans to
spend a whopping $22 billion
over the next three years on
artificial intelligence, auto
components and other future
businesses as the company
maps out its strategy under
the restored leadership of
Vice Chairman Lee Jae-yong
after he was freed from prison.
The announcement
Wednesday by South Korea’s
biggest business group was
welcome news, coming at a
time of deepening unease over
slowing growth in Asia’s
fourth largest economy. It also
highlights that South Korea’s
decades-old reliance on big
businesses for jobs and invest-
ments is unlikely to end any-
time soon since the country
lacks a strong pool of small
and medium-sized companies
found in Japan or Germany.
Samsung said it will spend
the sum, amounting to 25 tril-
lion won, on hiring artificial
intelligence researchers in
about 1,000 artificial intelli-
gence centers around the
world, on ensuring it will be a
global player in next genera-
tion telecoms technology
called 5G and on deepening its
involvement in electronic
components for future cars.
“Samsung expects innova-
tions powered by AI technolo-
gy will drive the industry’s
transformation, while the
next-generation 5G telecom-
munications technology will
n Visitors try out Samsung Electronics’ Galaxy smartphones at its shop in Seoul, South Korea. 
boosting growth
create new opportunities in
autonomous driving, the
Internet of Things (IoT) and
robotics,” the company said in
a statement.
Some of the funding will go
to Samsung’s biopharmaceuti-
cal businesses. Samsung has
been beefing up its contract
drug making operations to
help counter a potential
decline in its mainstay elec-
tronics businesses.
South Korea relies heavily
on Samsung and its affiliated
companies for investment and
jobs, even after a corruption
scandal that resulted in Lee’s
conviction for bribery. Lee was
world
freed after nearly a year in jail
but former President Park
Geun-hye and a close associate
remain imprisoned for brib-
ery and other charges.
Lee kept a low profile after
his release in February but
has been emerging in his pub-
lic role in recent weeks. The
most notable appearance was
in India, where Lee met with
President Moon Jae-in and
Samsung announced plans to
expand its smartphone pro-
duction there.
Including the latest plan,
spending by Samsung
Electronics and its affiliates
on research and development
ap/rss
and capital expenditures over
the next three years will
amount to 180 trillion won
($161 billion), Samsung said.
Of that total, 130 trillion won
will stay in South Korea, the
company said. The rest will
likely be distributed to China,
Vietnam and other production
lines overseas.
Samsung also said
Wednesday that it plans to cre-
ate 20,000 more jobs over the
next three years, on top of a
previously announced 20,000
new jobs. The new investment
is expected to indirectly lead
to about 700,000 jobs in related
industries and businesses in
South Korea, Samsung said
without giving a time frame.
No company in South Korea
can match Samsung’s scale in
investment or job creation.
But even by Samsung’s stand-
ard, the size of the investment
announced Wednesday was
huge. In 2010, under the lead-
ership of Lee’s father, Lee
Kun-hee, who was then in
charge of the group, Samsung
had said it would spend 23
trillion won over the following
10 years on future businesses.
South Korean voters weary
of scandals and critical of big
businesses like Samsung elect-
ed President Moon to replace
Park after she was ousted.
Moon pledged to reform out-
dated practices and abuses in
politics and in business and
appointed a critic of big con-
glomerates, known as “chae-
bols,” to lead South Korea’s
fair-trade commission.
Such moves raised hopes for
change, but more than a year
after taking office Moon’s
administration is facing
mounting criticism over its
handling of the economy.
Youth unemployment rates
are at historic highs and
exports, apart from the boom-
ing memory chip sector, have
been slow to recover. Moon’s
approval rates have fallen to
around 60 percent for the first
time, the lowest level since he
took office.
Samsung’s investment
announcement came two days
after the finance minister vis-
ited a Samsung computer chip
factory, where he touted
Samsung’s importance in
South Korea’s economy.
money
Start-up seeks
testing ground for
hyperloop train
n A HyperloopOne test vehicle is transported at a DevLoop track in
the Nevada Desert. 
AGENCE FRANCE-PRESSE
DROUX (France) , Aug 8
A Canadian company hoping
to build what it bills as the
future of public transporta-
tion will seek permits
this week to set up a testing
centre in central France for
developing super-fast “hyper-
loop” trains.
Transpod co-founder
Sebastien Gendron told AFP
that his company would file
its application Friday with
officials in the Haute-Vienne
region for a three-kilometre
(1.9-mile) track, which it
claims would be the longest in
the world.
It is one of several groups
developing the technology,
which aims to transport peo-
ple in train-like “pods”
through low-pressure tubes
that would reduce atmospher-
ic friction, allowing travel at
nearly the speed of sound.
High-profile investors
including Elon Musk, the
II
REUTERS
running at 1,000 km/h (620
mph) by 2030, Gendron said.
The technology “will make
humans and freight travel on
earth as fast as a plane, while
feeling like you’re in the
metro,” Gendron said. It chose
the town of Droux—popula-
tion 400—north of the central
city of Limoges for the 21-mil-
lion-euro project after intense
lobbying by enthusiastic local
officials.
“The state needs to act as a
facilitator in this case
because, whether or not its
the future of transportation,
the possibility of a research
facility on this scale can only
benefit the region’s reputa-
tion and its university,” said
Raphael Le Mehaute, the gov-
ernment’s representative in
the Haute-Vienne depart-
ment. Transpod said it would
unveil French and interna-
tional partners for the project
this autumn—the national
train operator SNCF has
already invested in Virgin

German Ryanair pilots to join

entered a period of
head of electric car pioneer Hyperloop One, which

China MULLS
slower growth partly
Tesla, and Virgin’s Richard announced this week plans to
due to pricing pressure
Branson have also put their build a $500-million research
on the US market,
which accounts for joining TAPI financial muscle behind
hyperloop projects.
site in Spain.
France is already home to a

European strikes on Friday

about half of Novo’s
total sales. US President
Donald Trump has
pipeline project Transpod, which has raised
nearly 50 million euros ($58
million) from North American
research site for Hyperloop
Transportation Technologies,
an American company which
made lowering the
REUTERS and Italian investors, aims to is operating in Toulouse,
cost of prescription
ISLAMABAD, AUG 8 build its first commercial line southwest France.
drugs an issue for
AGENCE FRANCE-PRESSE
his administration
FRANKFURT AM MAIN, Aug 8 China is exploring building

India economy
and on Tuesday said he
a spur from Pakistan’s
would make an
Germany’s Ryanair pilots will territory once the mul-
announcement next
join an unprecedented wave of ti-country TAPI natural
week on reducing pric-
strikes against the no-frills gas pipeline project begins
es. Some drugmakers
carrier across Europe on operating, a Pakistani

will see growth

such as Pfizer
Inc and Switzerland’s
Novartis have said
they would not
follow through on
planned increases in
drug prices. (REUTERS)
Ahold Delhaize
profits up
15pc in Q2
THE HAGUE: Dutch-
Belgian giant food
retailer Ahold Delhaize
said on Wednesday
that it rang up a
“solid” performance in
the second quarter,
with bottom-line profits
rising 15 percent.
Ahold Delhaize,
which describes itself
as one of the world’s
largest food retail
groups, said in a state-
ment it booked “a solid
second quarter with
increased sales and
margins, unfavorably
impacted by the timing
of Easter.” Chief execu-
tive Frans Muller said
“our business contin-
ued to perform well and
we remain on track
with the execution of
our strategy.” Net profit
was up 15.3 percent
from a year earlier at
410 million euros ($476
million) in the period
April to June, while
sales fell 3.7 percent to
15.5 billion euros. (AFP)
Friday, escalating a row over
pay and conditions at the
height of the summer season.
Ger many’s powerful
Cockpit union said it had
asked its 400 Ryanair pilots to
walk off the job for 24 hours
from 03:01 am (0101 GMT) on
Friday, affecting all of the air-
line’s outbound flights.
“We are extremely sorry for
the affected passengers. The
responsibility lies with
Ryanair management,”
Cockpit president Martin
Locher told a press conference
on Wednesday.
The move piles pressure on
the Irish budget airline after
pilots in Ireland, Sweden and
Belgium also vowed to strike
on August 10, promising major
disruptions for thousands of
holidaymakers.
Europe’s second biggest air-
line has been grappling with
staff unrest since it recog-
nised trade unions for the first
time in December 2017, in a
bid to ward off widespread
strikes over the Christmas
period.
But unions say their
demands for better wages and
fairer contracts have gone
unheard, and no progress has
been made despite months of
negotiations.
Germany’s Cockpit union
said Ryanair management had
failed to respond to a Tuesday
deadline for an improved offer,
leaving them with no choice
but to strike.
“There can be no improve-
n Passengers queue at the counter of the Irish low-cost airline company Ryanair at the Schoenefeld airport
in Berlin-Brandeburg. 
ments without increasing
staff costs,” Locher said, but
added that this has been “cate-
gorically” rejected by Ryanair.
“At the same time, Ryanair
has at no stage signalled
where there might be leeway
to find solutions. Ryanair
alone is responsible for the
escalation we are now seeing.”
Ryanair is due to hold its
own press conference in
Frankfurt at 1:30 pm (1130
GMT).
Ahead of Friday’s disrup-
tions, the carrier has already
cancelled 146 flights out 2,400
scheduled in Europe.
Ryanair pilots have long
claimed that they earn less
than their counterparts at
rival budget airlines.
Unions also want the
33-year-old airline to give con-
tractors the same work condi-
tions as staff employees.
Another key complaint of
workers based in countries
other than Ireland is the fact
that Ryanair employs them
under Irish legislation, argu-
ing most of its employees
work on board Irish planes
and are therefore covered by
Irish law.
Staff counter however that
this creates huge insecurity
for them, blocking their
access to state benefits in their
country.
Ryanair, which flies in 37
countries and carried 130 mil-
lion passengers last year, has
previously said it remained
open to further talks with pilot
representatives to discuss
union recognition and collec-
tive labour agreements.
But its combative chief
executive Michael O’Leary
has also warned the airline
may shift jobs and planes to
more profitable areas if the
strikes continue.
The carrier was already hit
by a round of strikes last
AFP/RSS
month disrupting 600 flights
in Belgium, Ireland, Italy,
Portugal and Spain.
It said the 100,000 affected
passengers had all been put on
alternative flights or would
receive refunds.
After those stoppages
Ryanair threatened to move
part of its Dublin fleet to
Poland if the turmoil contin-
ues, which could cost 300 jobs,
including 100 pilot positions.
Germany’s Cockpit union
slammed what it saw as
Ryanair’s attempts to play
countries against each other.
“It has to stop that Ryanair
can just shift pilots to other
European locations from one
day to the next,” said Cockpit’s
head of industrial relations
Ingolf Schumacher, welcom-
ing the solidarity among
European unions.
“We are pleased that our
colleagues are striking side by
side with us.”
official said, with the
financial close of the pro-
ject’s first phase expected
next month.
Originating at the giant
Galkynysh gas field in
Turkmenistan, the $9.6 bil-
lion TAPI (Turkmenistan,
Afghanistan, Pakistan and
India) pipeline involves the
four countries’ own energy
companies, and would
carry 33 billion cubic
metres (bcm) of gas a year.
Turkmenistan is build-
ing the TAPI pipeline to
diversify its gas exports,
which have mostly gone to
China. But the project has
suffered lengthy delays
due to difficulties obtaining
financing and the security
risks of building a pipeline
through war-tor n
Afghanistan. Mobin Saulat,
the chief executive officer
of Pakistan’s state-owned
Inter State Gas Systems
(ISGS), told Reuters that
Chinese officials have
shown growing interest in
building a spur from
Pakistan and the line could
act as an alternative to
Beijing’s plans to build
a fourth China-to-
Turkmenistan pipeline.
“With this channel,
there is a possibility they
don’t have to do another
line and they can off-take
from this pipeline which is
passing through Pakistan,”
Saulat said.
AGENCE FRANCE-PRESSE
MUMBAI, Aug 8
India will remain one of the
world’s fastest-growing major
economies in coming years,
the International Monetary
Fund said Wednesday, in wel-
come news for Prime Minister
Narendra Modi before elec-
tions next year.
In a wide-ranging report on
Asia’s third-biggest economy,
the IMF commended govern-
ment economic reforms but
called for action to contain
inflation and increase the
number of women in the
workforce.
The Washington-based
institution forecast GDP
growth for the 2018-2019 fiscal
year at 7.3 percent, rising to
7.5 percent the following year.
The pickup follows a fall
to 6.7 percent growth in
2017-2018.
The IMF said India was fac-
ing a “broadly positive
outlook” thanks to “strength-
ening investment and robust
private consumption” but
warned of risks from
higher fuel prices and a weak-
ening rupee.
Growth expanded to 7.7 per-
cent for the quarter from
January to March, the highest
for seven quarters, as the
economy started to recover
from a rocky start to Modi’s
economic initiatives.
Despite teething problems,
the IMF commended Modi’s
government for introducing a
nationwide goods and servic-
es tax (GST) in 2017, which
replaced a myriad of state
and national taxes.
But it added that GST,
which sets different val-
ue-added taxes for different
types of goods, could be
improved.
“GST has a complex struc-
ture with a relatively high
number of rates (and exemp-
tions), which could be simpli-
fied,” it said.
India’s quarterly growth
fell as low as 5.7 percent in
mid-2017 as the economy read-
ied for GST and reeled from a
shock cash ban in late 2016.
The decision to scrap 86
percent of currency notes,
known as “demonetisation”,
in November 2016 dealt a
major blow to the economy.
The IMF noted that the
move had caused “an acute
monetary shock” but said the
economy has since recovered.
It praised the government
for taking measures to tackle
crippling debts at India’s pub-
lic-sector banks and for relax-
ing rules on foreign direct
investment, but said more
reforms were still needed.

Ta k i n g c o n t r o l

Tesla CEO drops latest bombshell with $72 billion buyout proposal
ASSOCIATED PRESS
SAN FRANCISCO, AUG 8
Tesla CEO Elon Musk is gearing
up to lead a buyout of the electric
car maker in a stunning move
that would end the maverick com-
pany’s eight-year history trading
on the stock market.
In his typically unorthodox
fashion, the eccentric Musk
dropped his bombshell on his
Twitter account, which he has
used as a platform for pranks, vit-
riol and now for a proposal to
pull off one of the biggest buy-
outs in US history.
Musk got the ball rolling
Tuesday after the stock market
had already been open more than
three hours with a tweet
announcing he had secured
funding to buy all of Tesla’s
stock at $420 per share with no
further details.
At that price, the buyout would
cost nearly $72 billion, based on
Tesla’s outstanding stock as of
July 27, but it’s unlikely the deal
would cost that much because
Musk owns a roughly 20 percent
stake in the Palo Alto, California,
company. He also said he intends
to give Tesla’s existing sharehold-
ers the option of retaining a
stake in the company through a
special fund, if they want.
“Am considering taking Tesla
private at $420. Funding secured,”
Musk wrote in his first tweet, fol-
lowing up with “good morning”
and a smiley emoji. He later
tweeted that the only uncertainty
about completing the deal is
whether he can gain shareholder
approval.
The first tweet came hours
after the Financial Times report-
ed that Saudi Arabia’s sovereign
wealth fund had built a signifi-
n Tesla Chief Executive Officer Elon Musk
cant stake in Tesla Inc., but it was
unclear if that was the funding
Musk was referring to. The
Financial Times, citing unnamed
people with direct knowledge of
the matter said Saudi Arabia’s
Public Investment Fund had built
a stake of between 3 and 5 per-
cent of Telsa’s shares.
Musk’s announcement was ini-
tially met with widespread skep-
ticism, with many people con-
necting the proposed price to
420 being a common slang term
for marijuana.
Musk also previously used his
Twitter account to joke that Tesla
was going bankrupt in an April
Fool’s Day tweet and his stability
was called into question last
month after he called a British
diver who helped rescue children
from a Thailand cave a pedophile.
That baseless tweet was quickly
deleted and Musk apologised to
the diver.
The confusion caused by
Musk’s Tuesday announcement
via Twitter also prompted regula-
tors of the Nasdaq stock market
to temporarily suspend trading in
Tesla’s stock. Although it’s unu-
sual for a CEO to make such a
major announcement over social
media, it does not appear to be
improper.
“It’s very unusual for any CEO
other than Elon Musk. This is not
how you do it and it makes you
wonder how seriously to take it,”
said Erik Gordon, a business and
law professor at the University of
Michigan.
Musk probably wasn’t violat-
ing any regulations by simply
announcing that he was consider-
ing taking the company private,
Gordon said, but his assertion
that the funding already has been
locked up could “expose him to at
least potential legal risk” if it
turns out that the financing is on
shaky footing.
Musk later brought some clari-
ty to the situation in an email to
Tesla employees that was also
posted on Tesla’s blog. Trading in
Tesla’s stock resumed shortly
after the letter’s release, and the
stock climbed 11 percent to close
at $379.57. Musk’s offer is 9 per-
cent higher than Tesla’s peak
closing price of $385 reached
nearly a year ago.
By taking Tesla private, Musk
believes that the company will be
able to sharpen its long-term
focus of revolutionising an auto-
mobile industry dominated
by fuel-combustion vehicles
without having to cater to
investors’ fixation on how the
business is faring from one quar-
ter to the next.
Making money has proven elu-
sive for Tesla while it has been
investing in electric car technolo-
gy and ramping up production of
its vehicles, including a sedan
with a starting price of $35,000 to
appeal to a broader audience.
The company has only posted a
quarterly profit twice in its histo-
ry and has never made money
during an entire calendar year,
something that Musk has been
trying to change by cutting costs.

C M Y K
III money economy the kathmandu post | Thursday, August 9, 2018

news digest
Disney quarterly
profit falls short
as costs rise
NEW YORK: Walt Disney
Co missed Wall Street
profit targets as new
technology costs rose
during the quarter
ended June 30, but
Chief Executive Bob
Iger said an exodus of
consumers from its tele-
vision channels was
slowing. Shares of
Disney, which have
climbed nearly 9 per-
cent so far this year,
slipped 1.1 percent in
after-hours trading on
Tuesday to $115.45.
Disney is trying to
transform itself into a
broad-based digital
entertainment company
as ESPN and its other
networks lose viewers
to Netflix Inc and other
streaming options. It is
on the verge of gaining
new properties in a
$71 billion purchase
of assets from
Twenty-First Century
Fox Inc. (REUTERS)
Glencore shrugs
off fraud probes
to post profit
GENEVA: Mining giant
Glencore posted higher
first-half net profit on
Wednesday, shrugging
off a number of adverse
factors, such as a cor-
ruption probe in the
United States. The
Switzerland-based com-
pany reported net profit
of $2.7 billion in the
first six months of 2018,
a 13-percent improve-
ment over the same
period last year. That
came despite the
announcement from the
US justice department
last month that it was
investigating Glencore’s
operations in Nigeria,
Venezuela and the
Democratic Republic of
Congo over possible
money laundering and
violations of the
Foreign Corrupt
Practices Act.
News of the US
probe, which had
sent Glencore shares
plunging, followed
reports that Britain’s
Ikea makes big promises China trade surplus
with first Indian store with US eases in July
n The logo of IKEA is seen outside its under construction store in Hyderabad, India. 
AGENCE FRANCE-PRESSE
HYDERABAD (India), Aug 8
Ikea’s boss promised
Wednesday to meet the “needs,
frustrations and dreams” of
local consumers with the
Swedish firm’s first Indian
store, its second attempt to
break into a vast but difficult
market.
“We bring an inspiring,
affordable and convenient
home furnishing offer,”
Jesper Brodin said a day
before the grand opening of
the furniture giant’s vast store
on the outskirts of the south-
ern city of Hyderabad.
“We promise to give great
quality at affordable prices
and try to expand quickly
and reach other parts of
the country with multiple
stores,” Brodin told a news
conference.
Ikea, whose founder Ingvar
Kamprad died in January, is
present in 49 countries. But its
previous attempt in 2006 at
reaching India’s burgeoning
middle class fell foul of local
regulations.
This time around, Ikea
expects to attract seven mil-
lion visitors per year to its
The Swedish company is investing $1.5 billion in India
as it bets big on luring a rising middle class away
from local furniture makers
13-acre (5.3 hectare)
Hyderabad site, the first of 25
outlets it hopes to open across
the country of 1.25 billion by
2025.
But Brodin admitted having
to give Ikea’s business model a
local twist of Indian spice to
try to attract a vast middle
class not used to a company
which expects them to assem-
ble products themselves.
The differences between
Hyderabad and the furniture
giant’s 400-odd outlets else-
where start in the 1,000-seater
restaurant, its biggest world-
wide and according to Ikea
“possibly India’s largest”.
Instead of beef or pork, the
company’s signature meat-
balls -- almost as famous as its
“Billy” bookshelves -- will be
either chicken or vegetarian.
Local favourite biryani is also
on the menu for 99 rupees
($1.44).
A plate of eight vegetarian
meatballs will cost 129 rupees.
“We have changed quite a
lot for India. We have two
ranges. One is the Swedish
unique range and one is the
local range,” Ikea food manag-
er Henrik Osterstrom told
AFP.
“Food is part of the total
experience. It’s a big store and
you need to have some energy
boost halfway through. So we
have sold everything here at
different parts of the day,”
Osterstrom added.
Alongside standard Ikea
furniture, on offer are “locally
relevant products” such as
masala boxes, Indian frying
pans called tawas, rice cake
makers and mattresses with a
coconut-fibre centre.
There are also more than
1,000 products under 200
rupees to satisfy consumers
whom John Achillea, Ikea
Hyderabad store manager,
says have “big aspirations for
their homes and small wal-
lets”.
A major hurdle for Ikea’s
DIY model, successful else-
reuters
where, is abundant cheap
labour and ubiquitous fami-
ly-run shops whose staff visit
customers’ homes and assem-
ble furniture.
Ikea has therefore teamed
up with UrbanClap, an online
platform that helps connect
handymen with consumers,
and the firm also met 1,000
families to try to understand
their needs.
The Swedish company is
investing $1.5 billion in India
as it bets big on luring a rising
middle class away from local
furniture makers.
After Hyderabad, Ikea plans
to open outlets in the financial
capital Mumbai next year,
followed by stores in
Bangalore and New Delhi as it
seeks to grab a share of India’s
estimated $40 billion home
goods market.
But analysts warn that prof-
its won’t come quickly or easi-
ly.
“Ikea will have to focus on
staff training, the right mix of
branding and reaching out to
more customers in smaller cit-
ies and towns. Profitability
will take time,” Satish Meena,
of research firm Forrester,
told AFP.
AGENCE FRANCE-PRESSE
BEIJING, Aug 8 China trade surplus
China’s trade surplus with the
United States eased in July,
when President Donald
with US
Trump imposed stiff tariffs on
billions of dollars worth of
$ billion 28.1
Chinese goods in a showdown
between the world’s two big- 30 28.2 28.9
gest economies.
The figures on Wednesday 25.2 24.6
come as the two exchange
threats of further measures, 25 21.9
which have fuelled fears of a
trade war many observers
warn could hammer global
business.
20
Beijing reported a $28.1 bil- 15.4
lion surplus for July, down
from the record $28.9 billion 15
seen in June. China’s gaping
trade surplus with the United
States has been a constant
bone of contention, with 10
Trump accusing the country
of unfair practices, stealing
American jobs and thieving
its technological know-how. 5
China’s global trade sur-
plus fell even more, from $41.5
billion in June to $28 billion in
July as imports and exports
soared. JA SO NDJ F MAMJ J
The dip in China’s US sur- 2017 2018
plus is unlikely to ease ten-
sions with the Trump. The
White House on July 6
Source : China customs bureau
imposed 25 percent tariffs on
$34 billion of Chinese prod- Representative Robert officials to be “cool headed”,
ucts entering the US, trigger- Lighthizer said its “exhaus- but said last week it would
ing an instant tit-for-tat tive” investigation showed impose duties on an addition-
response from Beijing. “China’s acts, policies and al $60 billion in US goods, a
US officials said Tuesday practices related to technolo- threat the White House dis-
they would slap 25 percent lev- gy transfer, intellectual prop- missed as “weak”.
ies on another $16 billion erty and innovation are Trump has boasted that
worth of Chinese imports unreasonable and discrimina- trade wars are “easy to win”
from August 23. tory and burden US com- and warned he would hit vir-
The move had been widely merce.” tually all Chinese imports if
expected but with China lin- US officials said there were Beijing does not back down
ing up retaliatory measures it 279 new goods to be targeted in and take steps to reduce its
reinforced worries that the the latest round of tariffs, $335 billion US trade deficit.
two sides are heading for an including motorcycles, trac- US industries and farmers
all-out trade war that could tors, railroad parts, electronic have been caught in the cross-
hammer the global economy. circuits, motors and farm fire, and the Trump adminis-
The US has also lined up equipment. tration announced $12 billion
another $200 billion worth of The dispute has continued in aid to help farmers hurt by
Chinese imports to target in to escalate, with Trump last Chinese duties on crops such
future. week threatening to raise to 25 as soybeans.
American imports far more percent from the planned 10 The US-China trade war
from China than the other percent tariffs on the next $200 will cut the global gross
way around, meaning Beijing billion in Chinese imports his domestic product by 0.7 per-
may at some point need to look administration plans to tar- cent by 2020, Oxford
for other means of retaliation. get. Economics said in a note on
The office of US Trade Beijing has called on US Tuesday.

Uber doubles down

Serious Fraud Office
was also investigating
the firm over its opera-
tions in DR Congo. (AFP)
Gold edges up as
dollar softens
versus yuan
BENGALURU: Gold prices
drifted higher in Asian
trade on Wednesday,
extending gains into a
second session, as the
US dollar softened
against China’s yuan
and the euro. Spot gold
rose 0.2 percent to
$1,213.02 an ounce, after
rising 0.4 percent in the
previous session. US
gold futures were also
up 0.2 pc at $1,220.80 per
ounce. “The dollar-CNH
is a bit under pressure
this morning and we’re
seeing some buying on
the back of that,” a
Hong Kong-based trader
said. China’s yuan held
firm near a one-week
high versus the dollar
on Wednesday, following
firmer equities, extend-
ing its rise after the
central bank last week
took steps to curb the
currency’s decline.
Against a basket of cur-
rencies, the dollar eased
0.1 percent as its recent
rally on concerns
over escalating trade
tensions showed signs
of fading. (REUTERS)
falling profits
on freight business
REUTERS
SAN FRANCISCO, Aug 8
Uber Technologies Inc is cre-
ating a standalone business
out of its long-haul trucking
business, with plans to double
its investment in the unit to
drive growth ahead of a
much-anticipated initial pub-
lic offering.
Uber said on Tuesday its
separate freight business,
which connects truckers with
shippers, will be led by Lior
Ron, a former employee who
left the ride-services firm in
March. During Ron’s absence,
the company negotiated a deal
allowing for his return that
also gave Uber Freight more
flexibility to make acquisi-
tions or strategic investments.
Ron co-founded a self-driv-
ing trucking company, called
Otto, which Uber acquired in
2016 and later became the cen-
terpiece of a high-stakes law-
suit over trade-secrets theft.
Uber settled that lawsuit,
brought by Alphabet’s
self-driving unit Waymo, in
February for $245 million.
As part of Uber’s reorgani-
sation, the co-founders and
nPeople queue for ATM machines outside a branch of the Commonwealth Bank in Melbourne. Australia’s biggest bank, the Commonwealth, posted a slide in annual profits on employees of Otto will receive
Wednesday, capping a tumultuous year for a troubled lender which has been rocked by scandals and board upheaval.  afp/rss an equity stake in Uber
Freight, although Uber
declined to provide details on
the value of that equity or the
number of employees receiv-
ing it. Anthony Levandowski,
who co-founded Otto with Ron
and was at the center of
Waymo’s trade-secrets theft
allegations, also received
equity in Freight. But
Levandowski, who was fired
from Uber last year, is selling
his Freight shares to a ven-
ture capital firm, Uber said.
Ron and Levandowski both
previously worked for
Alphabet. Levandowski was
not a defendant in the Waymo
lawsuit but was accused of
downloading confidential doc-
uments before leaving
Waymo. During the case, he
asserted his constitutional
right against self-incrimina-
tion.
Uber said it will double its
investment over the next year
in Freight, a brokerage ser-
vice set up in May 2017 for
truck drivers and fleet manag-
ers looking for cargo to haul
across the continental United
States. It declined to provide a
dollar amount, but said
Freight’s growth was promis-
ing. The business is doubling
the number of loads it con-
nects with truckers every
quarter, Uber said.

job opportunity

Brexit jobs feast pushes up wages in Ireland’s financial sector

REUTERS
DUBLIN/LONDON, Aug 8
Ireland’s allure as a post-Brexit
base for global financial firms
has driven wages for some roles
considerably higher with some
positions offering 15 percent
more than a year ago.
Risk and compliance staff are
particularly sought after, five of
Dublin’s leading recruitment con-
sultants told Reuters. Expertise
in data science and newer tech-
nologies such as payment plat-
forms is also in demand.
And upwards pressure on
wages could continue, with the
central bank expected to approve
more firms’ expansion plans in
the coming months.
While the higher pay is good
news for workers, it can bring
concerns for others. International
financial firms only account for 2
percent of Irish jobs but have
contributed to a sharp fall in the
overall jobless rate. The central
bank said last week the economy
could overheat if capacity con-
straints emerge in the labour
market.
“Financial services is one of
the areas seeing a definite spike
in recruitment,” said Gerard
Murnaghan, vice president at job
search site Indeed. Its first-quar-
ter postings were up 15 percent
year-on-year. Although Ireland is
widely considered the most vul-
nerable among EU members to
any change in trade after Brexit,
the financial services firms want
to keep close access to clients
after Britain leaves the European
Union in 2019.
Barclays, Legal & General
Investment Management and
Sunlight breaks through the clouds above the financial district of London. 
n
 REUTERS
Standard Life Aberdeen are
among companies to pick Ireland
as a post-Brexit base against stiff
competition from rival centres
including Luxembourg,
Frankfurt and Paris.
Robert MacGiolla Phadraig,
Sigmar Recruitment’s chief com-
mercial officer, said headhunted
personnel were securing increas-
es of between 10 percent and 15
percent, with front-office staff
able to command the highest sala-
ry jumps.
Two thirds of employers sur-
veyed by Sigmar and accounting
firm EY earlier this year said
they expected to give staff a pay
rise in order to stop poaching by
rivals, a practice already account-
ing for one in four hires.
“We have reached a tipping
point.. this is a talent crisis.”
n Risk, compliance, fund staff most
in demand
n Data science, payment platform
expertise also sought after
n Wages have risen 15 percent for
some jobs
Local banks Allied Irish Banks
and Permanent TSB both said
they had lost staff to internation-
al rivals in recent weeks, hobbled
by a salary cap and ban on share-
based remuneration.
Around a fifth of vacancies are
being filled from abroad and
more employers were also offer-
ing flexible working to help seal
the deal. Andrew Crawford, head
of Experis Ireland, said appli-
cants were coming from as far
afield as Australia and the United
States, after many had left follow-
ing the 2008 financial crisis.
Ireland’s economy has grown
faster than any other in the
European Union for the last four
years and is forecast to expand by
5.6 percent in 2018 against 2.1 per-
cent for the region.
The central bank last week
said that fast growth could lead to
“full capacity” in the economy
with a risk it overheats and cre-
ates a boom-and-bust cycle.
But Brexit also brings with it
some uncertainty for Ireland.
The central bank estimates
that if neighbouring Britain
leaves the EU without a formal
divorce agreement in March, it
would shave 3.2 percent off eco-
nomic growth over 10 years, and
result in the creation of around
40,000 fewer jobs.
An economy is considered at
its limit when unemployment is
so low that rising wages push up
prices. Ireland’s jobless rate has
dropped sharply in recent
months to 5.1 percent, in part due
to hiring at fund managers,
insurers and foreign-owned
banks.
Estelle Davis, managing part-
ner at Brightwater Executive,
said she had seen a near-20 per-
cent rise in financial services job
vacancies, with almost a quarter
of senior roles placed in the sec-
ond half of 2017 directly attribut-
ed to Brexit.

C M Y K
Thursday, August 9, 2018 | the kathmandu post bazaar money IV
shares
Over 220 firms found
market watch

Nepse 1,187.32pts
-0.07%
RETAIL PRICE

selling unsafe goods

Vegetables Unit Price (Rs)
HIGHEST LOSERS
Red Potato kg Rs58
NNLB VLBS PURBL PROFL HPPL UIC
-5.32% -5.29% -4.16% -3.73% -3.70% -3.33% White Potato kg Rs48

MODERATE LOSERS Onion (Indian) kg Rs48

KMFL MMFDB ICFC SLBS KRBL ALICL Tomato Small kg Rs55
-3.06% -3.04% -3.01% -2.88% -2.83% -2.4% 41 bottled water suppliers were found to be selling contaminated water Carrot kg Rs125
MODERATE GAINERS
POST REPORT Tomato Big kg Rs65
TRH AMFI SWBBL NUBL SADBL NLBBL
1.88% 1.90% 1.96% 1.98% 2.11% 2.13%
KATHMANDU, AUG 8 market monitoring Squash kg Rs65
The Department of Food
HIGHEST GAINERS Technology and Quality Control Cabbage kg Rs55
PFL NCDB SHL ODBL SFFIL SMB (DFTQC) filed cases against 224
firms selling substandard food Brinjal Long kg Rs55
2.22% 2.45% 3.26% 3.44% 3.63% 9.92%
items from across the country in
the last fiscal year. The depart-
Cow Pea kg Rs105
ment launched action against Cauliflower kg Rs85
them after the products that these
Nepal Stock Exchange firms sold were found to be unsafe
Singhadurbar Plaza, Kathmandu Fruits Unit Price (Rs)
August 08, 2018 for consumption posing risk to
people’s health. Apple kg Rs115
Trading Information Trading Price
Of the firms grilled by the
SN Company Max Min Closing No Shares
department, 60 were found selling
Pomegranate kg Rs195
1 Agriculture Dev Bank Ltd 327 322 325 1567
2 Api Power Co Ltd 265 261 265 322 contaminated food items. 123 Pineapple kg Rs105
3 Arambha Microfinance Bittiya Sanstha Ltd 697 697 697 10 firms were charged for selling
4 Arun Kabeli Power Ltd 255 250 251 658
5 Arun Valley Hydropower Dev Co Ltd 140 137 140 1469 sub-standard products while the n A monitoring team inspects a store in Waling Bazaar, Syangja.  POST PHOTO Cucumber kg Rs55
6 Asian Life Insurance Co Ltd 615 610 610 278 remaining stores failed to main-
7 Bank of Kathmandu Ltd 263 259 263 4965 tain proper labeling. Purnachandra Wasti said the Of the tested specimens, 101 in ry while 35 were marked in
8 Barun Hydropower Co Ltd 140 140 140 47 Papaya kg Rs75
9 Bottlers Nepal (Terai) Ltd 5350 5350 5350 10 Most of the firms that fell department filed cases against dairy products, 69 in pulse, 66 edi- general type.
10 Butwal Power Co Ltd 443 433 443 1920 under the department’s scrutiny these firms at the concerned ble oils and ghee and 32 animal Over the period, the depart- Banana Doz Rs85
11 Central Finance Co Ltd 116 113 115 2158
12 Century Commercial Bank Ltd 170 168 170 17627 were related to the sale of bottled District Administration Office. foods failed to meet government ment provided licences to 597 new
13 Chhimek Laghubitta Bikas Bank Ltd 907 891 905 3271 water. According to the depart- Over the period, the depart- set standards. During the review firms for conducting edibles busi- Lime 100Pcs Rs225
14 Chhyangdi Hydropower Ltd 126 123 126 94 ment, it filed cases against 41 bot- ment collected a total of 2,813 period, the department received nesses. The department received
15 Chilime Hydropower Co Ltd 749 738 745 2889
16 Citizen Bank International Ltd 233 230 233 11582 tled water suppliers after the specimens of food items on suspi- complaints against 44 firms. international accreditation to cer-
17 Citizen Investment Trust 2440 2410 2440 271 products they sold were found cion of being unhygienic. Of the The department provided stick- tify 21 food products under 80 dif- daily commodities
18 Citizens Mutual Fund -1 9.15 8.83 9.15 6200
19 City Express Finance Co Ltd 103 103 103 100 contaminated with harmful bacte- lab test reports on 2,485 specimens ers to 112 hotels and restaurants. ferent parameters. “To regulate
20 Civil Bank Ltd 150 148 148 6742 ria. Similarly, 38 firms related that the department has obtained Based on the grading of the food the food business, the department Commodities Unit Price (Rs)
21 Civil Laghubitta Bittiya Sanstha Ltd 698 696 698 52
22 Deprosc Laghubitta Bittiya Sanstha Ltd 708 696 700 949 with edible oil and 16 dairies also so far, 354 (14.2 percent) were quality that these eateries sold, 10 has targeted to enforce the policy
23 Deva Bikas Bank Ltd 129 127 127 5268 faced action from the regulator. found not abiding to food stand- were marked excellent, 23 were on food hygiene in the current Pokhreli Rice kg Rs75
24 Dibyashwori Hydropower Ltd 104 102 104 136 The department’s Spokesperson ards maintained by the law. labeled good, 44 were in satisfacto- fiscal year,” Wasti said.
25 Everest Bank Ltd 668 664 664 8962 Jeera Masino Rice kg Rs70
26 Everest Insurance Co Ltd 1280 1275 1275 154
27 Excel Dev Bank Ltd 324 324 324 100
28 First Micro Finance Dev Bank Ltd 451 423 438 19500 Indian Basmati Rice kg Rs120
29 Forward Community Microfinance Bittiya Sanstha Ltd 2085 2066 2076 60
30
31
Gandaki Bikas Bank Ltd
Gandaki Bikas Bank Ltd Promoter Share
194
120
191
120
193
120
3863
2386 rich in vitamins Mansuli Rice kg Rs55
32 Garima Bikas Bank Ltd 185 181 183 5417
33
34
Global IME Bank Ltd
Global IME Laghubitta Bittiya Sanstha Ltd
295
1101
293
1066
295
1101
9677
180
Sona Rice kg Rs50
35 Goodwill Finance Co Ltd 122 119 122 2940
36 Grameen Bikas Laghubitta Bittiya Sanstha Ltd 569 560 561 2300 Beaten Rice(Taichin) kg Rs130
37 Green Dev Bank Ltd 128 128 128 10
38 Gurans Life Insurance Co Ltd 845 831 832 822
39 Gurkhas Finance Ltd 107 104 105 2977 Beaten Rice kg Rs70
40 Himalayan Bank Ltd 559 554 559 988
41 Himalayan Distillery Ltd 1271 1270 1270 110 Big Mas kg Rs110
42 Himalayan General Insurance Co Ltd 433 425 433 2187
43 Himalayan Power Partner Ltd 270 259 260 1760
44 ICFC Finance Ltd 163 160 161 78 Small Mas kg Rs90
45 IME General Insurance Ltd 840 840 840 10
46 Jalabidyut Lagani tatha Bikas Co Ltd 166 160 162 6634
47 Janaki Finance Ltd 185 180 185 320 Big Mung kg Rs100
48 Janata Bank Nepal Ltd 155 152 152 12327
49 Janautthan Samudayic Laghubitta Bikas Bank Ltd 2770 2770 2770 12 Musuro(No. 1) kg Rs100
50 Jyoti Bikas Bank Ltd 140 136 136 5325
51 Kabeli Bikas Bank Ltd 211 209 211 591
52 Kailash Bikas Bank Ltd 222 218 219 4647 Musuro(No. 2) kg Rs90
53 Kalika Microcredit Dev Bank Ltd 1250 1250 1250 66
54 Kamana Sewa Bikas Bank Ltd 144 141 143 4484 Rahar kg Rs110
55 Kanchan Dev Bank Ltd 0 0 0 1
56 Kankai Bikas Bank Ltd 124 124 124 45
57 Karnali Dev Bank Ltd 104 103 103 277 Chana(Big) kg Rs200
58 Khanikhola Hydropower Co Ltd 113 113 113 10
59 Kisan Microfinance Bittiya Sanstha Ltd 1598 1551 1551 679
60 Kumari Bank Ltd 199 198 198 9271 Chana(Small) kg Rs150
61 Laxmi Bank Ltd 245 241 241 2285
62
63
Laxmi Laghubitta Bittiya Sanstha Ltd
Laxmi Value Fund-1
1030
10.16
1005
10.15
1005
10.15
650
7816
Chilli Powder kg Rs300
64 Life Insurance Co Nepal 1610 1607 1610 386
65 Lumbini Bikas Bank Ltd 155 153 153 3189
66 Lumbini General Insurance Co Ltd 520 510 515 601
67
68
Machhapuchhre Bank Ltd
Mahalaxmi Bikas Bank Ltd
210
189
206
188
207
189
5387
2361
gasoline watch
69 Mahila Sahayatra Microfinance Bittiya Sanstha Ltd 663 650 650 79
70 Mahuli Samudayik Laghubitta Bittiya Sanstha Ltd 2435 2420 2430 598
71 Manjushree Finance Ltd 119 119 119 150
72 Mega Bank Nepal Ltd 163 160 162 7468
73 Mero Microfinance Bittiya Sanstha Ltd 1024 1010 1017 272
74 Mirmire LaghuBitta Bittiya Sanstha Ltd 1500 1466 1466 202
75 Miteri Dev Bank Ltd 275 270 270 2654
76 Mithila LaghuBitta Bittiya Sanstha Ltd 889 889 889 15
77 Muktinath Bikas Bank Ltd 380 377 378 2377
78 Nabil Bank Ltd 910 903 904 2673 n A vendor sells pineapples in Pokhara. The fruit is imported from Shillong, India.  POST PHOTO: BINA THAPA
79 NABIL Bank Ltd Promotor Share 725 716 720 2682
80 Nabil Equity Fund 8.70 8.70 8.70 2752
81 NagBeli LaghuBitta Bikas Bank Ltd 1120 1099 1099 346
82 National Hydro Power Co Ltd 80 78 80 3480
83 National Life Insurance Co Ltd 740 735 738 1240 r e vivi n g s a l e s
84 National Microfinance Bittiya Sanstha Ltd 2132 2121 2130 862

Ford to launch new basic SUV

85 Naya Nepal Laghubitta Bikas Bank Ltd 684 657 658 676
86 Neco Insurance Co Ltd 521 515 519 2990
87 Nepal Bangladesh Bank Ltd 207 204 204 11049
88 Nepal Bank Ltd 288 285 286 2345
89 Nepal Community Dev Bank Ltd 127 123 125 173
90 Nepal Credit And Commercial Bank Ltd 181 178 180 889
91 Nepal Doorsanchar Comapany Ltd 727 724 727 3030
92 Nepal Hydro Developers Ltd 166 164 166 110 REUTERS
93 Nepal Insurance Co Ltd 549 531 537 3573 BEIJING, AUG 8
94 Nepal Investment Bank Ltd 623 619 621 6304
95 Nepal Investment Bank Ltd Promoter Share 564 555 559 4234
96 Nepal Life Insurance Co Ltd 1007 996 1000 4298 Ford Motor said on Wednesday it
97 Nepal SBI Bank Ltd 505 498 500 1625
98 Nerude Laghubita Bikas Bank Ltd 622 602 622 151 will launch in China early next
99 Ngadi Group Power Ltd 161 159 161 290 year a new “entry-level” sport
100 NIBL Pragati Fund 8 7.91 7.91 6605
101 NIC Asia Bank Ltd 316 310 312 10693 utility vehicle developed jointly
102 NIC Asia Growth Fund 8.90 8.90 8.90 100 with a local partner, as the US
103 Nirdhan Utthan Laghubitta Bittiya Sanstha Ltd 975 960 975 188 automaker attempts to revive its
104 NLG Insurance Co Ltd 862 825 848 1355
105 NMB Microfinance Bittiya Sanstha Ltd 1535 1501 1501 284 slumping business in the world’s
106 NMB Bank Ltd 319 314 316 15347 biggest auto market.
107 NMB Hybrid Fund L-1 9.28 9.10 9.25 16125
108 NMB Sulav Investment Fund-1 12.40 12.30 12.40 5600 The Ford Territory, developed
109 Om Dev Bank Ltd 180 173 180 12966 with Jiangling Motors Corp
110 Oriental Hotels Ltd 500 493 495 1650 (JMC) and available in three
111 Pokhara Finance Ltd 142 136 138 3192
112 Prabhu Bank Ltd 186 183 185 12328 powertrain choices including a
113 Prabhu Insurance Ltd 498 482 490 3575 plug-in hybrid version, is intend- bullion Price Per tola
114 Premier Insurance Co Ltd 1037 1027 1027 1280
115 Prime Commercial Bank Ltd 290 283 283 7063 ed to close a gap in its China
116 Prime Life Insurance Co Ltd 513 503 506 6755 strategy.
117 ProgressiveFinance Ltd 105 103 103 550 The new SUV is one of the 50
118
119
Prudential Insurance Co Ltd
Purnima Bikas Bank Ltd
730
166
726
161
730
161
710
558 new or redesigned vehicles Ford Fine Gold Rs56,100
120 Radhi Bidyut Co Ltd 224 220 222 200 has said it plans to launch in
121 Rairang Hydropower Dev Co Ltd 158 149 152 3530
122 Rastriya Beema Co Ltd 10400 10336 10400 117 China starting this year and
123 Rastriya Beema Co Ltd Promoter Share 9500 9300 9300 240 through 2025, which include the Silver Rs735
124 Reliance Finance Ltd 120 119 120 595 redesigned Ford Focus car due to
125 Ridi Hydropower Dev Co Ltd 118 118 118 216
126 RMDC Laghubitta Bittiya Sanstha Ltd 655 645 645 620 hit showrooms later this year. Source: FENEGOSIDA
127 RSDC Laghubitta Bittiya Sanstha Ltd 507 493 502 851 It will make it possible for
128 Sagarmatha Insurance Co Ltd 1330 1328 1328 382
129 Sahayogi Bikas Bank Ltd 199 198 199 1037 Ford to compete with indigenous n Attendees visit the Ford booth during Auto China 2018 show held in Beijing, China.  AP/RSS
130 Samata Microfinance Bittiya Sanstha Ltd 1290 1280 1280 140 Chinese automakers such as
131 Sana Kisan Bikas Bank Ltd 1115 1110 1115 2035
Geely and Great Wall Motor that instantaneous turnaround of now in China are imported from be able to generate some good Int’l market
132 Sanima Bank Ltd 315 312 313 8244
133 Sanima Equity Fund 9.19 9.01 9.19 6400 are pumping out hot-selling com- our business in China, but you’re the United States and face a 40 volume,” said Yale Zhang, head
134 Sanima Mai Hydropower Ltd 312 309 310 3380 pact SUVs with competitive qual- going to see a series of actions, a percent tariff Beijing levies on of Shanghai-based consultancy Energy Price (US$)%Change
135 Saptakoshi Dev Bank Ltd 117 115 116 958
136 Shangrila Dev Bank Ltd 145 143 145 6987 ity and lower price tags. series of products and a series of US-made cars in retaliation for Automotive Foresight. “It should Brent Crude Futr (Bbl) 74.54 -0.15
137 Shangrila Dev Bank Ltd Promoter Share 150 150 150 18147 Ford did not discuss on moves that will return us to US trade actions. contribute to the company’s Gas Oil Fut (Ice) (Mt) 663.50 0.42
138 Shikhar Insurance Co Ltd 925 908 909 1240
139 Shine Resunga Dev Bank Ltd 271 268 268 4064 Wednesday a specific pricing being a very successful growth Fleet said the new SUV, which effort to turnaround sales.”
140 Shree Investment Finance Co Ltd 149 143 145 2641 strategy for the Territory, but business in China.” will be available in gasoline, To compete in the market for Gasoline Rbob Fut (Gal) 208.73 -0.79
141 Shrijana Finance (Bittaya Sanstha) 285 280 285 120 two individuals familiar with the Ford’s business in China has so-called mild-hybrid and plug-in low-priced, no-frills cars, Ford’s Natural Gas Futr (Mmbtu) 2.9 -0.07
142 Siddhartha Bank Ltd 309 300 309 11847
143 Siddhartha Insurance Ltd 664 655 664 456 new car said it will likely have a been faltering since last year. Its hybrid versions, has been competitors such as General
Agriculture Price (US$)%Change
144 Soaltee Hotel Ltd 253 249 253 200 price tag of around 150,000 yuan vehicle sales tumbled 25 percent designed as an entry vehicle “for Motors and Nissan Motor Co
145 Standard Chartered Bank Ltd 744 729 729 5366 Cocoa Future (Mt) 2,137.00 -0.14
146 Summit Micro Finance Dev Bank Ltd 902 901 902 822 ($21,990.27). in the first half of 2018 from the younger families in emerging cit- have created local China-only
147 Sunrise Bank Ltd 219 215 215 9041 The car puts the company in a same period a year ago to 400,443 ies” of China. brands of their own, such as Coffee ‘C’ Future (Lb) 108 -0.96
148 Support Microfinance Bittiya Sanstha Ltd 1241 1185 1241 360 segment it has never competed vehicles, which led to a sec- The Dearborn Michigan-based Baojun and Venucia, respective-
149 Surya Life Insurance Co Ltd 551 542 546 1388 Corn Future (Bu) 386.5 0.52
150 Suryodaya Laghubitta Bittiya Sanstha Ltd 1425 1380 1380 367 in before and which is witness- ond-quarter pre-tax loss of $483 car maker needs a product such ly. Those brands complete head
151 Swabalamban Laghubitta Bittiya Sanstha Ltd 1248 1224 1248 1397 ing surging demand from small- million for its China operations. as the low-priced Territory on with the likes of Geely and Cotton No.2 Futr (Lb) 87.65 -0.28
152 Swadeshi Laghubitta Bittiya Sanstha Ltd 1610 1593 1601 487
153 Swarojgar Laghu Bitta Bikas Bank Ltd 746 735 746 629 er, but fast-growing interior cit- According to consultancy because the company is “run- Great Wall’s Haval. Rough Rice (Cbot) (Cwt) 10.83 -0.73
154 Synergy Power Dev Ltd 114 112 113 192 ies across China that indigenous LMC Automotive, it was Ford’s ning a scale business” and needs Ford is now coming up with Soybean Future (Bu) 909.75 0.44
155 Taragaon Regency Hotel Ltd 270 270 270 210
Chinese automakers have capi- biggest first-half percentage to expand its market share and such entry-level cars within the
156 Uniliver Nepal Ltd 0 0 0 2 Soybean Meal Futr (T) 334.3 0.51
157 United Finance Ltd 163 163 163 644 talised on to grow rapidly. decline in sales volume since revenue base, he said. Ford brand and is likely to offer
158 United Insurance Co (Nepal) Ltd 891 870 870 350 “Clearly this’s been a difficult starting operations in China Ford officials indicated late more models in the future to Soybean Oil Futr (Lb) 29.19 0.34
159 United Modi Hydropower Ltd 170 166 170 1010
160 Unnati Micorfinance Bittiya Sanstha Ltd 1799 1785 1785 426 year for Ford in China. But this in 2001. last month that an array of meet demand for no-frills cars. Sugar #11 (World) (Lb) 10.79 -0.83
161 Vijaya laghubitta Bittiya Sanstha Ltd 708 680 680 472 new vehicle is part of our Ford blames its weak China sport utility vehicles it plans to “This vehicle has been engi- Wheat Future(Cbt) (Bu) 593.25 0.55
162 Womi Microfinance Bittiya Sanstha Ltd 1300 1286 1300 110
growth plan that will improve business on an ageing model launch in China next year and in neered to Ford DNA standards.
Total Traded Amount Rs.: 149,197,795 Sub-Indices Current Pts Change %Change our business in China and lineup that is awaiting an 2020 will give the company what You are going to see that in the Industrial Metals Price (US$) %Change
Total Traded Shares: 474,861 Banking 1,013.19 1.57 0.15 return us to profitability and set overhaul. one described as a “real boost” quality of the ride, the technolo-
Total Transactions: 3,167 Hotels 1,876.46 37.46 2.04 Copper Future (Lb) 274.25 -0.35
us on a growth trajectory again The sales slump is also exacer- in China. gies offered, and the vehicle’s
Dev Bank 1,418.48 0.01 0 in China,” Ford’s Asia-Pacific bated by the impact of China’s “In terms of pricing, the new design,” Fleet said.
Index Current Pts Change %Change Precious Metals Price (US$)%Change
NEPSE 1,187.32 0.89 0.07 HydroPower 1,423.45 2.28 0.16
Finance 603.86 0.42 0.07
and China chief Peter Fleet told trade tensions with the United SUV appears to be positioned in Ford has “no need or desire”
Sensitive 250.50 0.15 0.06 Gold 100 Oz Futr (T Oz) 1,218.60 0.02
Float 85.26 0.1 0.12 Non Life Insur 5,825.88 4.21 0.07 Reuters in an interview on States, a problem that has hit between its sub-compact SUV to offer the Territory as part
Wednesday. Ford’s premium brand Lincoln and compact SUV. Given the styl- of “some other new brand”, Silver Future (T Oz) 15.37 -0.05
Base: 16/07/2006, (Adjusted on 10/04/2007) = 100 “This isn’t going to be an hard since all Lincoln cars sold ing and its positioning, it should Fleet said.

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