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Thursday, August 2, 2018 (17-04-2075) kathmandupost.ekantipur.com
Apple nears $1 trillion value as profit surges 30 percent
Inside
RBI hikes key
interest rates
by 25 bps
The Reserve Bank of
India raised interest
rates for the second
straight meeting on
Wednesday, but retained
its “neutral” stance as it
aimed to contain infla-
tion while not choking
growth. The RBI’s
Monetary Policy
Committee (MPC) raised
the repo rate by 25 basis
points to 6.50 percent. It
is the first time since
October 2013 that the
rate has been increased
at consecutive policy
meetings. In June, the
MPC also increased the
key rate by 25 bps. The
rate action was in line
with a Reuters poll last
week, which showed 37
of 63 economists expect-
ing a rate increase. Pg: II
Hydro project
starts issuing
shares to locals
Energy Minister Barsha
Man Pun officially
distributed the initial
public offerings of
Upper Tamakoshi
Hydropower Limited to
the local people from
Dolakha district, on
Wednesday. The project
is allotting 10 percent of
its primary shares to the
local people affected by
the project’s construc-
tion. The hydropower
company is issuing
10,590,000 unit shares for
the locals of Dolakha
district. This will last
till August 30. The com-
pany has also targeted to
issue 15,885,000 unit
shares (15 percent of the
total capital) to the gen-
eral public. Out of the
issuance to the local peo-
ple, the company will
collect Rs1.05 billion.
Similarly, the company
will be collecting
Rs1.58 billion when it
opens its IPO to the gen-
eral public.  Pg: III
Samsung Galaxy
J8 with Infinity
Display launched
Samsun g is adding a
new model to its Infinity
series, the Galaxy J8, in
Nepal. The latest device
from Samsung is poised
to further strengthen the
company’s leadership in
the affordable smart-
phone segment.
Customers can pick up
the new Galaxy J8 for
Rs33,490 at retail stores
across Nepal. There are
three colour options:
Blue, Black and Gold.
The Galaxy J8 comes
with 64GB internal
memory and 4GB of
RAM. Users can further
expand the memory
using microSD cards up
to 256GB. Customers
will also receive 500MB
data from Ncell every
week for 12 weeks. Pg: IV
Global tender for Nagdhunga
tunnel this month: DoR
POST REPORT
KATHMANDU, AUG 1
The Department of Roads
(DoR) will issue a global ten-
der this month to appoint a
contractor to build the
Nagdhunga-Naubise tunnel.
According to the DoR, it has
reviewed the detailed project
report (DPR) and bidding doc-
uments for the Rs20.2 billion
project which is being devel-
oped with a loan from the
Japanese government. The
department will issue the ten-
der after getting approval from
the Japan International
Cooperation Agency (Jica).
“We are planning to send
the DPR and bidding docu-
ments to Jica headquarters for
its approval within a few
days,” said Sanjay Kumar
Shrestha, chief of the depart-
ment’s Foreign Cooperation
Branch. “Once we get Jica’s
go-ahead, we will immediately
issue a global tender to appoint
a contractor.” The entire pro-
cess, according to Shrestha,
will not take more than a
month.
The DoR has also asked the
Kathmandu District
Administration Office to initi-
ate the process of acquiring
private land required for the
construction of the tunnel
that will pass beneath the
western rim of the Kathmandu
Valley. Shrestha said land
acquisition would be complet-
ed well before the contractor
for the construction is named.
The tunnel way project has
two components: Construction
of a 2.45-km tunnel from
Basnetchhap to Sisne Khola,
and a 2.6-km approach road
tourist attraction
n Tourists walk past street vendor shops at the Khao San tourist street in Bangkok, Thailand, on Wednesday. 
Bhairahawa, Nepalgunj ICP projects come back to life
POST REPORT
KATHMANDU, AUG 1
Plans to build integrated
check posts (ICP) in
Bhairahawa and Nepalgunj
are stirring back to life after
gathering dust for years with
the government starting
work to prepare detailed pro-
ject reports.
Nepal and India signed an
agreement in 2005 for the
construction of ICPs in
Birgunj, Biratnagar,
Bhairahawa and Nepalgunj
on the Nepali side of the bor-
der, and in Raxaul, Jogbani,
Sunauli and Rupaidiha on
the Indian side to facilitate
trade and transit between
the two countries.
As per the accord, the
The tunnel way project has two components:
Construction of a 2.45-km tunnel from Basnetchhap
to Sisne Khola, and a 2.6-km approach road from
Basnetchhap to Thankot
from Basnetchhap to Thankot.
The proposed tunnel will have
two 3.5-metre lanes and a 2.5-
metre shoulder. It will also
have LED lighting, mechani-
cal ventilation, evacuation
tunnel door and emergency
telephone service.
Indian government will bear
all the construction costs
while Nepal will provide the
land required for the check
posts.
ICPs were planned to be
built in Birgunj-Raxaul and
Biratnagar-Jogbani in the
first phase. While the ICP in
Birgunj-Raxaul came into
operation three months ago,
construction of the
Biratnagar-Jogbani check
post is underway.
The two countries had
agreed to construct ICPs in
Bhairahawa and Nepalgunj
in the second phase. The gov-
ernment has acquired 52
bighas of land for the pro-
posed ICP in Bhairahawa.
Secretary of the Industry,
Commerce and Supplies
Likewise, the approach road
will have two bridges, toll
booths and a roadside rest
area for travellers. The rest
area, spread over 4,650 square
metres, will have parking
space for nine heavy vehicles
and 23 light vehicles, fast food
Ministry Chandra Kumar
Ghimire said they were pre-
paring the detailed project
reports for the two ICPs and
that work had reached the
final stage.
“The joint technical team
of the two countries has
almost completed the
reports,” Ghimire said.
Bhairahawa is one of the
important Nepal-India tran-
sit points which is witness-
ing increasing cargo move-
ment on a daily basis. Due to
lack of parking space and
other customs related prob-
lems at border point, trucks
are parked on the road, caus-
ing traffic congestion lasting
hours. After the ICP is built,
such problems related to cus-
toms clearance are expected
cross currency
NR 109.8000 128.2900 0.9820 144.2200 110.7800 84.3400 81.4400 1.6015 Euro 128.29
INR 68.4300 79.9540 0.6119 89.8420 69.0890 52.5928 50.7480 0.6244
GBP 0.7614 0.8896 0.0068 0.7684 0.5848 0.5646 0.0111 0.0069
JPY 111.8100 130.6400 147.0588 112.8400 85.8800 82.9200 1.6344 1.0183
EUR 0.8556 0.0077 1.1241 0.8634 0.6571 0.6345 0.0125 0.0078
USD 1.1688 0.0089 1.3134 1.0090 0.7680 0.7416 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 Apple said that its profit had jumped more than 30 percent to $11.5 billion in the recently ended
quarter, besting market expectations despite selling fewer iPhones than analysts projected.
restaurants, shops and toilets.
The cost of the project is
expected to be around Rs20.2
billion.
The tunnel and approach
road are expected to cut travel
time over the mountainous
route from Nagdhunga to
Naubise, the main gateway to
Kathmandu.
It will eliminate the circui-
tous route over the Valley’s
rim and cut travel time. Also,
traffic flow is expected to
become smoother on the
stretch after the tunnel is
P ROJ ECT RE V I VAL
to be eliminated.
Likewise, the Indian gov-
ernment has started prelimi-
nary construction work at
the ICP site in Nepalgunj.
Nepal has acquired 90 bighas
of land for the ICP and hand-
ed it over to the Indian side.
The contractor hired by the
Indian government has start-
ed building walls and fencing
the land. Out of the 90 bighas
set aside for the ICP, 27
bighas have been allotted for
roads.
Meanwhile, the construc-
tion of the ICP in
Budhanagar, Morang is mov-
ing forward. The government
has handed over 169 bighas
of land to the Indian side to
construct the ICP which is
expected to come online in
USD EUR JPY GBP CHF CAD AUD INR NR
Domestic terminal
to open an hour
earlier from Sept 1
POST REPORT
KATHMANDU, AUG 1
The domestic terminal at
Tribhuvan International
Airport (TIA) will open an
hour earlier from September 1
to facilitate smooth move-
ment of domestic flights dur-
ing the peak tourist season,
airport officials said.
According to TIA General
Manager Raj Kumar Chettri,
the domestic terminal will
open at 5 am while the air
traffic control tower will open
at 5:40 am. Currently, the
domestic terminal opens at 6
am and flights start taking off
from 6:30 am. “We have aimed
to process the first flights
from 6 am. Starting an hour
built. The tunnel project will early will ease traffic conges-
be implemented with a tion to some extent.”
loan from the Japanese The September-November
government. period is the peak tourist sea-
Nepal and Japan signed an son accounting for 35 percent
official development assis- of the total tourist arrivals to
tance loan agreement Nepal. The autumn tourist
worth Rs15.2 billion for the season coincides with the fes-
construction of the tunnel in tival rush when hordes of
December 2016. Nepalis take to the air to
The loan repayment period return to their home towns to
has been fixed at 40 years be with their families.
and the grace period at 10 According to TIA, as many
years. The loan carries an as 400 domestic flights and 100
interest rate of 0.01 percent international flights are oper-
per annum. ated daily during this period.
Of the total flights, 75 percent
are domestic.
The main reason behind
the congestion at TIA during
the tourist season is Lukla
flights. And if a flight to
Lukla, the gateway to Everest,
is disrupted on any particular
day due to weather, its
rescheduling will create a cas-
cade effect on all flights. The
objective of opening the air-
port an hour earlier is to pro-
cess as many flights to Lukla
as possible, officials said.
However, TIA authorities
have no plans to operate the
country’s sole international
airport round-the-clock
unless the runway is rehabili-
tated. Since May 21, TIA has
been operating 21 hours daily
after extending its opening
hours by 2 hours 30 minutes
due to a sharp growth in air
passenger traffic. Severe con-
gestion has been plaguing the
country’s sole international
gateway.
“We aim to keep TIA open
24/7, but only after rehabili-
tating the runway,” said
Chettri, adding that the run-
way rehabilitation project
would begin only after
Gautam Buddha International
Airport in Bhairahawa was
constructed. The airport,
which is the gateway to
Lumbini, the Buddha’s birth-
place, is expected to be com-
REUTERS pleted by July 2019.
The Civil Aviation
n A general view of Integrated Check Post premises at Birgunj. 
December. under a single roof to pro-
ICPs allow customs and vide hassle-free service to
immigration clearance traders.
paperwork to be processed The ICPs will have ware-
F ORE X
US Dollar 109.80
Pound Sterling 144.22
Japanese Yen 0.98
Chinese Yuan 16.15
Qatari Riyal 30.16
Australian Dollar 81.44
Malaysian Ringit 27.00
Saudi Arab Riyal 29.28
Exchange rates fixed by Nepal Rastra Bank
Authority of Nepal (Caan) has
put the $28-million TIA run-
way rehabilitation project on
hold until the second interna-
tional airport in Bhairahawa
is constructed. Caan has
learnt from the intermittent
progress of the Gautam
Buddha and TIA upgradation
projects that work can stall at
any time, according to Caan
officials.
“For example, if the TIA
runway rehabilitation project
is started without a Plan B or
an alternative runway, there
will be total chaos in the event
construction works are dis-
rupted,” they said.
Caan will be continuing the
TIA improvement project
soon, and it includes major
works like runway extension
and taxiway construction.
According to TIA, the airport
will have to be shut down
from 12 midnight to 6 am daily
to carry out the runway reha-
bilitation works.
The project was launched
in December 2012 with the
completion deadline set for
March 2016. However, Caan
was forced to discharge the
Spanish company, the con-
tractor for the project, in 2016
due to delays.
TIA’s 3,050-metre-long aged
runway has suffered frequent
damage, forcing authorities to
declare the airport out of
bounds for heavy jets.
Repeated occurrences of
cracks on the runway at the
country’s sole international
aerial gateway have been
affecting smooth operation of
aircraft since 2011. Scores of
flights have been diverted or
delayed in recent years due to
problems in the runway.
Trouble mainly occurs during
the rainy season. This mon-
soon, the runway has devel-
oped cracks more than 10
times.
When compared to the core
part of the runway between
2006 and 2013, damage to the
intermediate layers was
caused by the operation of
large jets like the Airbus A330
and Boeing 777, according to
Caan.
In 2013, there were 1,000
operations of A330-300 air-
craft, 955 of Boeing 777 and
452 of A330-200, and the num-
bers are expected to double in
the next 20 years.
Cracks first appeared on
the runway in June 2011, and
they have become a recurrent
problem. Cracks were report-
ed occasionally in 2012.
However, the problem wors-
ened in 2013, forcing Caan to
take a harsh decision to bar
aircraft weighing more than
196 tonnes from landing at
TIA for a month.
POST FILE PHOTO
houses, parking yard, office
building, security yard, liti-
gation shed, quarantine area
and check post.
C M Y K
Thursday, August 2, 2018 | the kathmandu post
news digest
China Tower
raises $6.9b in
Hong Kong IPO
HONG KONG: State-
owned China Tower—
the world’s largest oper-
ator of telecommunica-
tions towers—has
raised $6.9 billion after
pricing its initial public
offering at the low end
of the expected range,
Bloomberg News
reported on Wednesday.
The Chinese company
sold 43.1 billion shares
at HK$1.26 ($0.16)
apiece, the report said.
China Tower last month
set a price range of
HK$1.26-1.58, according
to a previous filing.
Trading on the Hong
Kong exchange will
begin on August 8. The
Beijing-based telecoms
giant is the second
prominent company to
price at the low end
recently, following
Chinese smartphone
maker Xiaomi’s
disappointing valuation
a few weeks ago.
Analysts have said
escalating US-China
trade tensions have rat-
tled investors. (AFP)
Volkswagen
sees profit rise
to $3.85 billion
FRANKFURT: Volkswagen
said its earnings rose in
the second quarter on
record sales and fatter
profit margins, but
warned that “growing
protectionism” is a
threat to the globally
connected car industry.
The automaker based in
Wolfsburg, Germany,
said on Wednesday that
profit increased 6.8 per-
cent to 3.31 billion ($3.85
billion) euros, despite a
charge of 1.6 billion
euros for the company’s
lingering diesel emis-
sions scandal. Revenues
rose 3.4 percent to 61.14
billion euros and the
Apple nears $1 trillion value
as profit surges 30 percent
AGENCE FRANCE-PRESSE
SAN FRANCISCO, Aug 1
Apple said on Tuesday that its
profit had jumped more than
30 percent to $11.5 billion in
the recently ended quarter,
besting market expectations
despite selling fewer iPhones
than analysts projected.
The news boosted shares in
the tech giant in after-hours
trading, putting it ever closer
to a history-making, tril-
lion-dollar market value, even
as China’s Huawei knocked
Apple off second spot in a
tightening global smartphone
market.
Apple’s revenue in the fiscal
third quarter soared 17 per-
cent to $53.3 billion from the
same period a year earlier on
the back of sales of pricier
iPhones, online services and
wearable devices. “We’re
thrilled to report Apple’s best
June quarter ever, and our
fourth consecutive quarter of
double-digit revenue growth,”
chief executive Tim Cook said
in the earnings release.
Apple sold 41.3 million
iPhones in the quarter that
ended June 30, just shy of the
42 million figure anticipated
by analysts. Shares in the
Silicon Valley-based technolo-
gy titan rose 4.03 percent to
$197.95 in after-hours trade
that followed release of the
earnings figures.
“Apple gave the Street and
tech investors finally some
good news” beating earnings
forecasts and predicting the
current quarter will be strong,
GBH insights head of technol-
ogy research Daniel Ives said
in a note to investors.
To hit the trillion-dollar
market value, Apple shares
would have to climb about five
percent more.
Analysts were eager for
The company is expected to unveil new iPhone models in
the fall, sticking with its practice of releasing upgraded
models ahead of the year-end holiday shopping season
news about how the company
is riding out trade turbulence
between the US and China.
President Donald Trump’s
trade wars include 25 percent
US tariffs on $34 billion in
Chinese goods, with more on
the way, and steep tariffs on
steel and aluminum, which
provoked Beijing and others to
hit back with import duties on
US goods. Cook said that Apple
products have not so far been
directly affected, and that the
company is evaluating the lat-
est Trump move currently in a
public comment phase.
“Our view on tariffs is they
show up as a tax on the con-
sumer and wind up resulting
in lower economic growth;
and sometimes can bring
about significant risk of unin-
tended consequence,” Cook
said while fielding questions
on an earnings call.
“All of this said, we are opti-
world
mistic that this will get sorted
out. There is an inescapable
mutuality with the US and
China which serves as a mag-
net bringing them together:
each can only prosper if the
other does.”
The company is expected to
unveil new iPhone models in
the fall, sticking with its prac-
tice of releasing upgraded
models ahead of the year-end
holiday shopping season.
Sales of iPhones in the fis-
cal third quarter have typical-
ly been tame as many fans
have historically either bought
handsets in prior months or
end up waiting for new models
in the months to come.
That said, the average sell-
ing price of iPhones jumped in
the quarter as buyers opted for
top-of-the-line X and 8 models,
according to Apple.
“If you look at the top of
our line together, they are
growing very nicely” Cook
said. “IPhone X shows that
when you deliver a great inno-
vative product there are
enough people out there that
would like that and it can be a
very good business.”
But the good news was
slightly tempered after latest
figures showed China-based
Huawei took the second-place
spot from Apple in a tighten-
ing global smartphone market
during the second quarter of
this year. South Korean con-
sumer electronics titan
Samsung remained the top
smartphone maker, shipping
71.5 million handsets, but
Huawei moved into second
position with shipments of
54.2 million, according to IDC
Worldwide Quarterly Mobile
Phone Tracker.
The 41.3 million iPhones
shipped by Apple gave the
company 12.1 percent of the
global market compared to
20.9 percent for Samsung and
15.8 percent for Huawei.
It was the first time since
early 2010 that Apple wasn’t in
one of the top two spots in the
smartphone market, accord-
ing to IDC. Apple has managed
to shine, despite bruises to its
image that included being
accused of keeping young peo-
ple addicted to smartphones,
slowing performance of older
iPhones to motivate upgrades
and sidestepping taxes by
nestling cash in offshore
havens.
Apple has repeatedly high-
lighted the growing amount of
money it is taking in from
music, applications, games,
subscriptions and services
it sells to people using its
devices. Money made from ser-
vices is seen as an important
element of diversification
away from having to rely heav-
ily on selling iPhones.
Cook said the number of
people using Apple devices is
surging, and that promised to
keep fueling the strong growth
seen at its streaming music,
digital wallet, and App Store.
“We couldn’t be happier
with how things are going
given the momentum we
are seeing across the board,”
Cook said.
money
Mexican officials
optimistic about
Nafta deal
REUTERS
GENEVA/MEXICO CITY, AUG 1
Mexican negotiators are opti-
mistic about the possibility of
getting a Nafta deal and
are hopeful of progress in
coming days, the country’s
deputy economy minister
said ahead of a second minis-
terial meeting in Washington
later this week.
“You are going to see hope-
fully news coming out of
Washington in the next few
days. There is optimism,”
Juan Carlos Baker, deputy
economy minister and mem-
ber of the Nafta negotiating
team, said on Tuesday.
“I would say that we real-
ised there might be conditions
for getting a Nafta deal,” he
said in Geneva, where he met
other trade allies to discuss
possible responses to US
President Donald Trump’s
threats to unilaterally impose
tariffs on car imports.
Stop-start talks to renegoti-
ate Nafta have dragged on for
more than a year, with similar
moments of optimism in the
past. The talks recently suf-
fered a setback when Trump
imposed steel and aluminium
tariffs, triggering retaliation
from Mexico and Canada, and
followed by his threat to tar-
get cars next.
Mexican Economy Minister
Ildefonso Guajardo said
sticking points in the Nafta
negotiations that restarted
between Mexico and the
United States last week
include dispute resolution,
auto sector rules and a
US proposal to scrap the
$1 trillion trade deal if it
is not renegotiated every
five years.
Guajardo, who has said in
recent days he thought the
outline of a deal could be
II
agreed in August, is due in
Washington to talk with US
Trade Representative Robert
Lighthizer on Thursday.
Jesus Seade, the chief
Nafta negotiator for Mexico’s
President-elect Andres
Manuel Lopez Obrador, told
French television on Tuesday
he thought a final agreement
could be ratified by the new
US Congress after the
November US mid-term elec-
tions. Mexico, the United
States and Canada have been
trying to forge a revamped
version of the 1994 trade pact
since last year at the behest of
Trump, who says he wants a
better deal for US business
and workers.
Canada’s Foreign Minister
Chrystia Freeland is not tak-
ing part in the current round
of talks, as Mexico and the
United States try to thrash out
an agreement on including
more North American con-
tent in autos made in the
region, and possibly increas-
ing wages.
There are signs Mexico has
shown some flexibility since
it offered in May to raise
the content requirement
to 70 percent from a current
62.5 percent.
The United States is
asking for the threshold to be
75 percent.
“We are going to give seri-
ous consideration to all
the ideas presented, we are
going to be flexible if that is
possible,” Baker said, adding
that talks were focussed on
several issues at once, not
only autos.
Two industry sources in
Mexico said an informal offer
had been made to raise the
content threshold a little high-
er, although a government
official denied that was
Mexico’s proposal.

RBI hikes key rate by 25 bps

operating profit margin
rose to 9.1 percent from
7.7 percent. CEO Fed expected to
Herbert Diess said that
the company “cannot
rest on its laurels” due
keep interest
to coming challenges
such as new, tougher
REUTERS
MUMBAI, AUG 1 rates steady
emissions certification
The Reserve Bank of India ASSOCIATED PRESS
for vehicles. (AP)
raised interest rates for the WASHINGTON, AUG 1
Chinese second straight meeting on
investors drop Wednesday, but retained its
“neutral” stance as it aimed to
When the Federal Reserve
wraps up its latest meeting, it
bid for Leifeld contain inflation while not will likely point to strong
FRANKFURT AM MAIN: choking growth. economic growth, low unem-
German machine tool The RBI’s Monetary Policy ployment and rising inflation
manufacturer Leifeld Committee (MPC) raised as reasons to stay on a path
on Wednesday said the repo rate by 25 basis of gradually lifting interest
Chinese investors had points to 6.50 percent. It is the rates.
dropped their bid to first time since October 2013 It is unlikely, however, to
purchase the strategic that the rate has been make any interest rate moves
company to avoid a veto increased at consecutive poli- on Wednesday.
from the German gov- cy meetings. tariff wars and now we’re The Fed’s statement may
ernment. “I can con- In June, the MPC also While the RBI on Wednesday marginally trimmed its possibly at the beginning also discuss potential risks
firm that the interested increased the key rate by 25 inflation projections for the current quarter, the of currency wars. Given from rising trade tensions.
party has withdraw its bps. this, we have to ensure that we But it is almost certain the
request for clearance The rate action was in line central bank said its inflation projections beyond run a tight ship on the risks statement will not acknowl-
from the economy min- with a Reuters poll last week,
which showed 37 of 63 econo-
that remain ‘broadly unchanged’ that we control to maximise
the chances of ensuring mac-
edge the recent criticism
lodged at the central bank
istry,” a Leifeld spokes-
woman told AFP, con- mists expecting a rate ro-economic stability and con- from President Donald
firming media reports. increase. rent quarter, the central bank the inflation path, have been tinuing with the growth pro- Trump.
The move came just “The swiftness with which said its inflation projections erratic and patchy in several file of 7-7.5 percent.” The Fed has already raised
hours before the the central bank has respond- beyond that remain “broadly regions this year, muddying Five of the six members on rates two times this year in
German government ed to the jump in inflation unchanged”. the outlook for winter-harvest- the rate panel voted for the March and June. It signaled
was set to announce should prevent the need for India’s annual consumer ed crops and adding to infla- rate increase. at the June meeting that it
whether or not it would very aggressive policy chang- inflation hit 5 percent in June, tionary pressures. The reverse repo rate was expected to raise two more
block the sale, amid es in the future,” Capital the eighth straight month in The MPC warned that “ris- also raised by 25 basis points, times in 2018. Many analysts
growing unease about Economics analyst Shilan which it topped the RBI’s ing trade protectionism poses to 6.25 percent. believe those hikes will occur
Chinese firms buying Shah said in a note. medium-term 4 percent target. a grave risk to near-term and Bond markets took comfort in September and December.
up German know-how Indonesia’s central bank Global crude oil prices long-term global growth pros- from the RBI’s less hawkish The March and June rate
and sensitive technolo- has been the most aggressive have surged nearly 20 percent pects by adversely impacting than expected statement, with hikes followed three hikes in
gy. A source close the Asian one this year, hiking its this year and crossed $80 a investment, disrupting global yields easing sharply from the 2017 and one each in 2015
economy ministry told benchmark rate 100 basis barrel in May, their highest supply chains and hampering day’s high while the rupee and 2016. The Fed’s key poli-
AFP the government points between mid-May and since 2014. productivity.” strengthened. cy rate is now at a still rela-
was indeed planning to the end of June. This has driven the prices At a news conference, RBI The 10-year benchmark tively low level of 1.75 per-
use its veto powers to In Indonesia’s case, the of fuel—the biggest item Governor Urjit Patel said bond yield fell to 7.73 percent cent to 2 percent.
stop China’s Yantai main reason to hike has been on India’s import bill—to “We’ve already had a few after briefly rising to 7.84 per- But it’s up from the record
Taihai Corporation its fragile currency. For the record highs at a time the months of turbulence behind cent soon after the decision. low near zero where it
from getting its hands RBI, inflation is the central rupee is testing new life lows, us and it looks like that this is It had ended at 7.77 percent remained for seven years as
on Leifeld Metal concern. raising the threat of imported likely to continue. For how on Tuesday. the central bank worked to
Spinning for security While the RBI on Wednesday inflation. long, I don’t know.” The Indian rupee was at use ultra-low interest rates to
reasons. (AFP) marginally trimmed its infla- Indian monsoons, one of The governor said trade 68.49 to the dollar, from lift the economy out of the
tion projections for the cur- the largest determinants of skirmishes have “evolved into Tuesday’s close of 68.55. Great Recession.

economic shift

Saudis try once ‘lowly’ jobs as economy bites

AGENCE FRANCE-PRESSE
RIYADH, Aug 1
Dishing out burgers and fries
slathered with melted cheese,
“One Way Burger” is like any
other trendy food truck in
Riyadh. But it offers something
rare—the cook behind the siz-
zling hot grill is a Saudi.
In the once tax-free petro-state,
which long offered its citizens
cradle-to-grave welfare, blue-col-
lar occupations such as cooking,
cleaning and working at gas sta-
tions have largely been the pre-
serve of foreign workers, who far
outnumber Saudis.
But Saudis are increasingly
taking on such “low status” jobs
in a new age of austerity when
gas is no longer cheaper than
water, with the government trim-
ming oil-funded subsidies and
tackling sluggish economic
growth and high unemployment.
“When I started this food truck
two years ago many people said:
‘What? You will sell burgers and
sandwiches in the street? You
come from a big family and
big tribe’,” said Bader al-Ajmi,
the 38-year-old owner of One
Way Burger.
“People were surprised,” he
added, as a Porsche pulled up at
the side of his truck to place an
order. Since Ajmi started his
business, dipping into his person-
al savings, owning a food truck
has become the trend du jour and
attained a level of respectability.
Working inside as a cook appar-
ently still has not.
Still, many Saudis, long reliant
on the welfare state for secure
and undemanding white-collar
jobs, are embracing manual
eastern Al-Ahsa region feted a
handful of young Saudis who
swallowed their pride to do
another job long deemed
dishonourable—working at
a gas station.
“There is no shame in this
work,” a gas station customer
said in a Snapchat video.
“Prophet Mohammed used to
work as a shepherd.”
It remains unclear how many
nationals have moved into
n Bader al-Ajmi, 38,(left) owner of ‘One Way Burger’ serves customers from his blue-collar jobs but the trend
truck at a main street in the capital Riyadh.  afp/rss defies a popular maxim among
Saudis: “They (expats) work for
labour jobs. Abdulhadi al-Saadi recently us, we don’t work for us.”
For the first time, a new crop asked in the daily Saudi Gazette. “Saudis are moving into jobs
of nationals are working as tea “Some people will look down at historically dominated by expa-
sellers and car mechanics. this proposal... They should know triate workers,” said Graham
Posh Lexus-owners work as that nations only rise on the Griffiths, senior analyst at the
Uber drivers for spare cash. shoulders of their own people,” consultancy Control Risks.
“Will Saudis ever work as he wrote. “The social stigma surround-
street cleaners?” columnist Last December, residents of ing certain types of manual or
service-based labour has been
strong, but economic necessity is
pushing many to take such jobs
regardless of their social status.”
Cultural attitudes to work are
changing amid a major retooling
of Saudi Arabia’s lagging econo-
my, with the country seeking to
wean citizens off government lar-
gesse as it prepares for a post-oil
era. Nearly two-thirds of all
Saudis are employed by the gov-
ernment, and the public sector
wage bill and allowances account
for roughly half of all govern-
ment expenditure.
Saudi economist Abdullah
al-Maghlouth said the new econo-
my will push more Saudis to
become plumbers, carpenters
and tailors, jobs that were
acceptable decades ago in the pre-
oil boom era.
Flipping sizzling slabs of meat
inside his food truck, Ajmi said
in the early days his business was
a one-man show. He did
everything from dicing vegeta-
bles to handling the countertop
deep fryer.
He has since hired two more
Saudis and two Indian workers,
but recruiting Saudis willing to
do the late-night job—from 9:00
pm until midnight—remains a
challenge.
Ajmi said his success, which
also spotlights the kingdom’s nas-
cent startup scene, prompted him
recently to buy another food
truck emblazoned with the
“Mercedes Benz” logo—which
has added a new veneer of
respectability to the job.
“Many people... were against
the (food truck),” Ajmi said.
“Now they say: ‘If you have a
job, let me know.’”

C M Y K
III money economy the kathmandu post | Thursday, August 2, 2018

news digest
Steelmaker
Hydro project starts China vows swift trade
issuing shares to locals retaliation against US
ArcelorMittal
profits up 41pc
PARIS: Rising prices and
sales boosted profits at
the world’s top steel- REUTERS
maker ArcelorMittal,
which said on
RAJENDRA MANANDHAR
DOLAKHA, AUG 1 upper tamakoshi hydropower project BEIJING/WASHINGTON, Aug 1

Wednesday that it sees
global demand continu-
ing to rise despite a
spate of tariffs. Second
quarter net profit shot
up 41 percent compared
to the same period last
year to $1.9 billion (1.6
billion euros), while
sales climbed 16 percent
to $20 billion. The
results — sales, net
profit, operating profit
— all beat the consen-
sus expectation of ana-
lysts surveyed by
Bloomberg. “The out-
look for the second half
of the year is encourag-
ing as we anticipate
current favourable mar-
ket conditions continu-
ing and are well posi-
tioned to capitalise on
this from our leader-
ship position across
many key markets,”
said ArcelorMital’s
chief executive
Lakshmi Mittal in the
company’s earnings
statement. (AFP)
Energy Minister Barsha Man
Pun officially distributed the
initial public offerings of
Upper Tamakoshi Hydropower
Limited to the local people
from Dolakha district, on
Wednesday. The project is
allotting 10 percent of its pri-
mary shares to the local peo-
ple affected by the project’s
construction.
The hydropower company
is issuing 10,590,000 unit
shares for the locals of
Dolakha district. This will last
till August 30. The company
has also targeted to issue
15,885,000 unit shares (15 per-
cent of the total capital) to the
general public.
Out of the issuance to the
local people, the company will
collect Rs1.05 billion.
Similarly, the company will be
collecting Rs1.58 billion when
it opens its IPO to the general
public.
As per the provision, an
individual from the project
ment has targeted to make all
of these households invested
in hydropower projects.
“Through ensuring a divi-
dend, we have targeted to gen-
erate investment of Rs10,000
per person in the hydropower
sector,” Pun said.
The government statistics
shows that a total of 281,000
people are residing in Dolakha
district.
Upper Tamakoshi has pro-
visioned centres in both
Dolakha and Kathmandu dis-
tricts to collect IPO applica-
n View of the 456 MW Upper Tamakoshi Hydropower project site in tions from local residents.
eastern Nepal.  POST FILE PHOTO Nepal Electricity Authority
(NEA) has the largest stake in
construction area can apply jects. According to him, the the hydropower company at 41
for 30 units and a maximum of government is seeking to percent. Nepal Telecom holds
300 units. ICRA Nepal has involve general people to gen- 6 percent shares while
assigned Grade 4 rating to the erate investment of Rs6 bil- Rastriya Beema Sansthan and
Upper Tamakoshi IPO. lion to construct additional Citizen Investment Trust
Speaking at a programme, 3,000 MW hydropower pro- holds 2 percent shares each.
Minister Pun said the govern- jects. Similarly, 24 percent of the
ment through allotting the As per the government stakes has been allocated for
shares to local people has tar- record, there are a total of 5.6 the workers of Employees
geted to involve key stakehold- million households in the Provident Fund and NEA,
ers in the development pro- country. Pun said the govern- among others.
China said on Wednesday that
“blackmail” wouldn’t work
and that it would hit back if
the United States takes fur-
ther steps hindering trade, as
the Trump administration
considers slapping a 25 per-
cent tariff on $200 billion
worth of Chinese goods.
The proposal would
increase the potential tariff
rate from 10 percent the
administration had initially
put forward on July 10 for that
wave of duties in a bid to pres-
sure Beijing into making
trade concessions, a source n A trailer is filled with soybeans at a farm in Buda, Illinois, US.  reuters
familiar with the plan said on
Tuesday. growth, and prominent US also impose tariffs on an extra
The tariffs target thousands business groups, while weary $16 billion of goods in coming
of Chinese imports, including of what they see as China’s weeks, and Trump has warned
food products, chemicals, steel mercantilist trade practices, he may ultimately put them
and aluminum and consumer have condemned Trump’s on over half a trillion dollars
goods ranging from dog food, aggressive tariffs. of goods — roughly the total
furniture and carpets to car Representatives of US amount of US imports from
tires, bicycles, and baseball Treasury Secretary Steven China last year.
gloves and beauty products. Mnuchin and Chinese Vice The $200 billion list of
While the duties would not Premier Liu He have been goods targeted for tariffs —
be imposed until after a period speaking privately as they which also include Chinese
of public comment, raising seek to restart negotiations to tilapia fish, printed circuit
the proposed level to 25 per- defuse the budding trade war, boards and lighting products -
cent would escalate the Bloomberg reported, citing would have a bigger impact on

Thai Lion Air begins Nepal flights

India’s factory
growth eases
in July
BENGALURU: Growth in
India’s manufacturing
industry slowed last
month, largely pres-
sured by a modest
weakening in demand
and output, though
overall conditions
remained solid, a pri-
vate survey showed on
Wednesday. The Nikkei
Manufacturing
Purchasing Managers’
Index, compiled by IHS
Markit, decreased to
52.3 in July from June’s
53.1, below a Reuters
poll median of 53.0. Yet
the index has now held
above the 50-mark that
separates growth from
contraction for 12
straight months, indi-
cating the economy was
on a reasonably solid
footing and could retain
the title of fastest
POST REPORT
KATHMANDU, AUG 1
Low-cost carrier (LCC) Thai
Lion Air made its maiden
flight on Bangkok-Kathmandu
sector on Wednesday, becom-
ing the second carrier from
the land of white elephants to
connect Nepal.
The carrier will operate
three weekly flights-Mondays,
Wednesdays and Fridays-from
the Don Mueang International
Airport, one of the two inter-
national airports in Bangkok.
The airline has offered special
airfare of Rs26,250 (7,950 Baht)
for a round trip with free bag-
gage allowance of 20 kg.
The carrier said that the
launch of the flight would
boost tourism between the two
countries.
In 2004, Nepal and Thailand
n A Thai
Lion Air plane is seen at Tribhuvan Int’l Airport after making its maiden flight on the Bangkok-
Kathmandu sector, on Wednesday.
signed a revised Memorandum
of Understanding (MoU) on
extending air services, per-
mitting up to 10 flights per
week with any kind of air-
craft, up from seven. As Thai
Airways has been operating
seven weekly flights, the
remaining three flights are
allotted to Thai Lion under the
agreement’s provision. Thai
Lion is one of LCCs in Lion
Group founded in 2013, with 12
domestic flights, 2 cross
region flights and more than
20 international flights.
The airline has 32 aircraft in
its fleet.
already bitter trade dispute
between the world’s two big-
gest economies.
The source said President
Donald Trump’s administra-
tion could announce the
tougher proposal as early as
Wednesday in Washington.
The plan to more than double
the tariff rate was first report-
ed by Bloomberg News.
China, which has accused
the United States of bullying,
again vowed to retaliate if
Trump proceeds with the
measures, warning that pres-
sure tactics would fail.
“US pressure and blackmail
won’t have an effect. If the
United States takes further
escalatory steps, China will
inevitably take countermeas-
ures and we will resolutely
protect our legitimate rights,”
Chinese Foreign Ministry
spokesman Geng Shuang told
a regular news briefing.
Investors fear an escalating
trade war between Washington
and Beijing could hit global
sources.
A spokeswoman for the US
Trade Representative’s Office
declined to comment on the
proposed tariff rate increase
or on whether any changes
would alter the deadlines laid
out for comment period before
implementation.
Asked about communica-
tion between the two coun-
tries on the dispute, Geng said
China had “always upheld
using dialogue and consulta-
tions to handle trade fric-
tions”, but that dialogue must
be based on mutual respect
and equality.
“Unilateral threats and
pressure will only produce the
opposite of the desired result,”
Geng said.
In early July, the US govern-
ment imposed 25 percent tar-
iffs on an initial $34 billion of
Chinese imports. Beijing
retaliated with matching tar-
iffs on the same amount of US
exports to China.
Washington is preparing to
consumers than previous
rounds of tariffs.
Erin Ennis, senior vice
president of the US-China
Business Council, said a 10
percent tariff on these prod-
ucts is already problematic,
but more than doubling that to
25 percent would be much
worse.
“Given the scope of the
products covered, about half
of all imports from China are
facing tariffs, including con-
sumer goods,” Ennis said.
“The cost increases will be
passed on to customers, so it
will affect most Americans’
pocketbooks.”
Trump had said he would
implement the $200 billion
round as punishment for
China’s retaliation against the
initial tariffs aimed at forcing
change in China’s joint ven-
ture, technology transfer and
other trade-related policies.
He also has threatened a
further round of tariffs on
$300 billion of Chinese goods.

growing major
economy in the coming
quarters. (REUTERS)
First half profits
at Lloyds climb
by 40 percent
LONDON: Lloyds
Banking Group on
Wednesday revealed
that first-half profits
surged 40 percent,
buoyed by a sharp drop
in claims for mis-sold
credit insurance. Net
profits totalled £2.2 bil-
lion ($2.9 billion, 2.5 bil-
lion euros) in the first
six months of 2018 com-
pared with £1.6 billion
in the same portion of
2017, LBG said in a
results statement.
Underlying pre-tax prof-
it grew seven percent to
£4.2 billion. The institu-
tion set aside yet more
money to compensate
customers mis-sold a
controversial insurance
product. Lloyds alotted
£550 million to compen-
sate for payment protec-
tion insurance, but this
was roughly half the
provision made a year
earlier. The bank’s total
PPI compensation bill
now stands at a stagger-
ing £19.2 billion. That is
far higher than other
UK banks involved
in the long-running
scandal. (AFP)
UK court
escaping the heat
postpones
Mallya’s
extradition
LONDON: A British court has
postponed the final
arguments in an extradition
hearing for Indian business
tycoon Vijay Mallya
until Sept. 12, giving
prosecutors time to
prove that the conditions in a
jail in which he would be
held pending trial in India
are humane.
India wants the 62-year-old
businessman to stand
trial on money laundering
charges. He is fighting to
remain in Britain, arguing
the charges are politically
motivated.
Mallya is accused of mis-
using loans he obtained to
support Kingfisher Airlines
in 2009.
Prosecutors say he used
the money to support his
Formula One racing team
and other endeavors.
Wearing a tailored dark
suit, Mallya listened intently
to arguments during the
45-minute hearing Tuesday
at Westminster Magistrates
Court. Some 30 reporters and n People ride horses in the Le Tech river in Ortaffa, near the city of Elne, southweatern France, on Wednesday, as a heatwave continues across northern Europe. The heat wave gripping large stretches of Europe has
television crews mobbed him already been blamed for deadly forest fires and crop failures. afp/rss
outside the hearing. (AP)

e m p l oy e e s m a r k e t

Japan’s labour crunch is reshaping how companies attract workers

REUTERS
TOKYO, Aug 1
Misaki Harada wants to quit her
job as a receptionist at a restau-
rant management company in
Tokyo and move into marketing
for an apparel maker.
But the 24-year-old said she
wanted more than just a bigger
paycheck. Her next employer
would need to improve her quali-
ty of life.
“If you ask me whether I pre-
fer more money or more flexible
working hours, I would choose
more flexible working hours,”
she said. “I want to get married
soon and start a family. I want to
make sure I have time to take
care of my children.”
As Japan’s population dwin-
dles, its companies are being
forced to change how they attract
job seekers like Harada from an
ever-shrinking labour pool.
Nationwide, there are 1.62 jobs
available for every job seeker, the
strongest demand for labour in
more than 44 years. The jobless
rate is 2.4 percent, near a 25-year
low, and real wages adjusted for
inflation have fallen in five of the
past six years.
Flexible working hours, per-
sonal benefits like day care and
even rent assistance are now on
the table alongside salary.
Such perks, common in the
United States and Europe, are
only just catching on Japan,
which until recently relied on a
culture of complete devotion to
an employer in exchange for job
security and steady pay increas-
es.
Toyota, for instance, opened a
24-hour day care facility in April
n Office workers are reflected in a glass railing as they cross a street during
lunch hour in Tokyo. 
for shift workers at its plants
near its headquarters in Toyota
City.
“Japanese companies are
becoming more flexible about
when and where you work,” said
Toshiaki Matsumoto, chief exec-
utive of HR Strategy, a human
reuters
resources consultancy.
Some companies, like Jtekt
Corp, the world’s biggest supplier
of vehicle steering systems, are
simply moving some of their
operations away from competi-
tion.
Jtekt last year cut the ribbon
n Companies using flexible schedules and
day care to lure workers
n Some firms relocating to tap into larger
worker pools
n Companies are rethinking how they
hire and train staff
on a new technology development
centre in Akita Prefecture, north-
ern Japan, known more for its
rice, sake and namesake dog
breed than engineering. The
facility, which will develop tech-
nology for self-driving cars, is far
from other companies hiring into
the industry.
So far the company, a key sup-
plier of Toyota Motor Corp , has
hired about 20 engineers and
plans to roughly double its work-
force by the end of the year.
“In larger cities, it’s difficult to
get across the message that we
are hiring because we’re compet-
ing with many companies for the
same talent,” said Fukami Imai,
the centre’s representative direc-
tor.
Denso Corp, another Toyota
supplier, took the opposite route,
moving part of its self-driving
research programme to Tokyo
because it is a more attractive
locale than its headquarters in
gritty Nagoya.
“Some companies are offering
free food or subsidising rent so
workers can shorten commuting
time,” Matsumoto said. “Some
companies even provide counsel-
ling and time off for couples try-
ing to conceive.”
Japan’s working-age popula-
tion peaked in 1995 at 87 million
and is forecast to fall to 45 million
by 2065. Businesses slow to
respond to that demographic
change have been hit hard.
Silicon Technology, a semicon-
ductor material maker, is run-
ning one rural plant at half-ca-
pacity because it can’t hire
enough workers. Toyobo Co Ltd
said it needs to ramp up produc-
tion of film used in flat-panel dis-
plays, but can’t fully staff the pro-
duction line.
Keeping employees from quit-
ting — and not just throwing
money at the problem — is anoth-
er crucial piece of the labour puz-
zle, experts say.
Foreign workers can help fill
some of the gaps, although they
make up only about 2 percent of
the current labour force, and
companies hiring for “unskilled”
positions like farm work must
rely on trainees under an intern-
ship programme that lasts up to
five years.

C M Y K
Thursday, August 2, 2018 | the kathmandu post bazaar money IV

Samsung Galaxy J8 with

shares market watch

Nepse 1,193.87pts
0.20%
RETAIL PRICE

Infinity Display launched

Vegetables Unit Price (Rs)
highest gainers
Red Potato kg Rs55
CFCL LBBL SIL MLBL NLBBL CORBL
5.45% 4.72% 3.51% 2.19% 2.12% 2% White Potato kg Rs48

moderate gainers Onion (Indian) kg Rs48

SMFDB LICN NUBL GILB VLBS RBCLPO POST REPORT Tomato Small kg Rs43
1.98% 1.96% 1.95% 1.94% 1.79% 1.78% KATHMANDU, AUG 1
Carrot kg Rs125
moderate losers Samsun g is adding a new model
to its Infinity series, the Galaxy Tomato Big kg Rs55
NICL RLFL RHPC SKDBL TRH TNBL J8, in Nepal. The latest device
-2.32% -2.4% -2.45% -2.5% -2.55% -2.80% from Samsung is poised to Squash kg Rs55
further strengthen the company’s
highest losers leadership in the affordable Cabbage kg Rs55
UMHL HATH GFCL KEBL PROFL CEFL smartphone segment.
Customers can pick up the new Brinjal Long kg Rs55
-2.94% -2.98% -3.14% -3.68% -5.17% -9.48%
Galaxy J8 for Rs33,490 at retail
stores across Nepal. There are
Cow Pea kg Rs65
three colour options: Blue, Black Cauliflower kg Rs65
and Gold.
Nepal Stock Exchange The Galaxy J8 comes with 64GB
Singhadurbar Plaza, Kathmandu Fruits Unit Price (Rs)
August 01, 2018 internal memory and 4GB of
RAM. Users can further expand Apple kg Rs115
Trading Information Trading Price
the memory using microSD cards
SN Company Max Min Closing No Shares
up to 256GB. Customers will also
Pomegranate kg Rs190
1 Agriculture Dev Bank Ltd 323 319 322 9526
2 Api Power Co Ltd 276 266 272 1763 receive 500MB data from Ncell Pineapple kg Rs105
3 Arun Kabeli Power Ltd 261 250 251 588 every week for 12 weeks.
4 Arun Valley Hydropower Dev Co Ltd 142 138 142 3623 Packing a massive 6-inch Super
5 Asian Life Insurance Co Ltd 632 625 632 1072 Cucumber kg Rs65
6 Bank of Kathmandu Ltd 263 256 258 4891 AMOLED Infinity Display into
7 Barun Hydropower Co Ltd 140 139 140 50 the Galaxy J8 has allowed the Papaya kg Rs85
8 Bhargav Bikash Bank Ltd 130 126 126 1732 company to provide ample display
9 Butwal Power Co Ltd 444 436 437 890
10 Central Fin Co Ltd 116 112 116 1909 area without increasing the over- Banana Doz Rs95
11 Century Commercial Bank Ltd 168 166 168 8037 all size of the device.
12 Chhimek Laghubitta Bikas Bank Ltd 865 860 865 529 Samsung is the only brand Lime 100Pcs Rs275
13 Chhyangdi Hydropower Ltd 129 127 127 30
to offer an Infinity Display
14 Chilime Hydropower Co Ltd
15 Citizen Bank International Ltd
750
232
742
228
746
230
2576
10379 powered by Super AMOLED tech- specification Samsung is the only brand to offer an Infinity Display
16 Citizen Investment Trust 2444 2425 2444 580 nology which produces a rich powered by Super AMOLED technology which produces daily commodities
17 Citizens Mutual Fund -1 8.95 8.94 8.94 15000
18 City Express Fin Co Ltd 135 124 124 400 viewing experience owing to best Display 6-inch Super AMOLED
19 Civil Bank Ltd 149 147 148 12715 in class contrast ratio and superi- Infinity screen a rich viewing experience owing to best in class contrast Commodities Unit Price (Rs)
20 Civil Laghubitta Bittiya Sanstha Ltd 725 717 717 180 or colour reproduction.
21 Corporate Dev Bank Ltd 102 102 102 100
To further enhance the ‘infini-
Storage 64GB ratio and superior colour reproduction Pokhreli Rice kg Rs75
22 Deprosc Laghubitta Bittiya Sanstha Ltd 714 707 708 1100 RAM 4GB
23 Deva Bikas Bank Ltd 129 126 129 5698 ty’ experience, the physical
24 Dibyashwori Hydropower Ltd 108 106 106 111 Rear cameras 16MP (f/1.7) + 5MP (f/1.9) Jeera Masino Rice kg Rs70
home button has been replaced backdrop gives a professional services that can truly add value
25 Everest Bank Ltd 669 665 669 5745 Front camera 16MP (f/1.9)
26 Everest Insurance Co Ltd 1300 1300 1300 25 with a software powered in-dis- touch to photography by creating to the lives of consumers. We have
27 Excel Dev Bank Ltd 324 318 319 442 play home button. Price Rs33,490 cool and funky background focused more on the camera, Indian Basmati Rice kg Rs120
28 First Micro Fin Dev Bank Ltd 508 502 505 3336 Even the usual front finger- effects, reads a press release. which is one of the most used fea-
29 Forward Community MicroFin Bittiya Sanstha Ltd 2124 2080 2118 873 Mansuli Rice kg Rs55
30 Gandaki Bikas Bank Ltd 196 193 195 4107 print sensor has been moved to The device also comes with tures for the millennial today. Two
31 Garima Bikas Bank Ltd 183 179 183 14863 the back below the dual camera calls. To deliver images that stand Android Oreo 8.0 out of the box of the top three apps downloaded Sona Rice kg Rs50
32 Global IME Bank Ltd 290 286 286 2329 set up. All of this is housed out on social media, Galaxy J8 and is powered by a Snapdragon in arephoto editing apps. With the
33 Global IME Laghubitta Bittiya Sanstha Ltd 1152 1150 1152 121
34 Goodwill Fin Co Ltd 125 123 123 4200 in a premium polycarbonate comes with three new powerful 450 processor. Galaxy J8, consumers can cus- Beaten Rice(Taichin) kg Rs130
35 Grameen Bikas Laghubitta Bittiya Sanstha Ltd 580 574 574 4160 unibody with sleek curves and dual camera features: Background Users can enjoy taking photos tomise their images without any
36 Green Dev Bank Ltd 132 132 132 10
37 Guheshowori Merchant Bank & Fin Co Ltd 131 129 129 400
ergonomic design to ensure a Blur Shape, Portrait Dolly and without worrying about the bat- third-party app and we are confi- Beaten Rice kg Rs70
38 Gurans Life Insurance Co Ltd 852 832 852 1102 comfortable grip. Portrait Backdrop. tery level due to the large dent that they will love the flag-
39 Gurkhas Fin Ltd 109 107 109 430 On the back of the new Galaxy Background Blur Shape adds 3,500mAh battery found in the ship Live Focus feature and indus- Big Mas kg Rs110
40 Hathway Fin Co Ltd 132 130 130 160
41 Himalayan Bank Ltd 562 556 562 1200 J8 lies a 16MP (f/1.7) + 5MP (f/1.9) soft light effects to photos, por- Samsung Galaxy J8. try-first features like Portrait
42 Himalayan Distillery Ltd 1282 1265 1265 80 dual camera setup. Samsung has trait dolly features a moving GIF “At Samsung, our constant Dolly, Portrait Backdrop, and Small Mas kg Rs90
43 Himalayan General Insurance Co Ltd 435 425 435 1458 equipped a 16 MP (f/1.9) camera image with zoom movements in endeavor is to bring meaningful Background shape,” said Pranaya
44 Himalayan Power Partner Ltd 281 271 273 1170
on the front for selfies and video the background while portrait innovation in our products and Ratna Sthapit, Head, IM Biz. Big Mung kg Rs100
45 ICFC Fin Ltd 163 160 163 1417
46 IME General Insurance Ltd 830 830 830 100
47 Jalabidyut Lagani tatha Bikas Co Ltd 168 162 167 9505 Musuro(No. 1) kg Rs100
48 Janaki Fin Ltd 196 190 190 4749
49 Janata Bank Nepal Ltd 154 152 154 7573 Musuro(No. 2) kg Rs90
50 Janautthan Samudayic Laghubitta Bikas Bank Ltd
51 Jebils Fin Ltd
2893
102
2837
102
2893
102
216
1000
potential financial crisis
52 Jyoti Bikas Bank Ltd 141 139 140 2149 Rahar kg Rs110
53 Kabeli Bikas Bank Ltd 213 209 209 50
54 Kailash Bikas Bank Ltd 225 221 222 7814 Chana(Big) kg Rs200
55 Kalika Microcredit Dev Bank Ltd 1311 1310 1311 190
56 Kamana Sewa Bikas Bank Ltd 141 139 141 5859
57 Kankai Bikas Bank Ltd 127 127 127 100 Chana(Small) kg Rs150
58 Karnali Dev Bank Ltd 107 105 106 607
59 Khanikhola Hydropower Co Ltd 108 105 105 166 Chilli Powder kg Rs300
60 Kisan MicroFin Bittiya Sanstha Ltd 1570 1570 1570 10
61 Kumari Bank Ltd 201 198 201 15504
62 Laxmi Bank Ltd 250 247 250 1082
63 Laxmi Laghubitta Bittiya Sanstha Ltd 1050 1030 1030 494
64 Life Insurance Co Nepal 1606 1580 1606 1235 gasoline watch
65 Lumbini Bikas Bank Ltd 156 150 155 38609
66 Lumbini General Insurance Co Ltd 530 529 530 828
67 Machhapuchhre Bank Ltd 208 204 205 2471
68 Mahalaxmi Bikas Bank Ltd 188 182 186 14857
69 Mahila Sahayatra MicroFin Bittiya Sanstha Ltd 670 670 670 144
70 Mahuli Samudayik Laghubitta Bittiya Sanstha Ltd 2620 2590 2595 350
71 Manjushree Fin Ltd 120 118 119 2440
72 Mega Bank Nepal Ltd 163 161 162 11220
73 Mero MicroFin Bittiya Sanstha Ltd 1046 1035 1046 568
74 Miteri Dev Bank Ltd 280 280 280 100
75 Muktinath Bikas Bank Ltd 380 375 378 7485
76 Nabil Bank Ltd 910 904 908 5960
77 NABIL Bank Ltd Promotor Share 709 706 708 6643
78 Nabil Equity Fund 9 9 9 22690
79 NagBeli LaghuBitta Bikas Bank Ltd 1120 1120 1120 100
80 National Hydro Power Co Ltd 83 81 83 7600
81 National Life Insurance Co Ltd 775 765 768 1272
82 National MicroFin Bittiya Sanstha Ltd 2160 2140 2156 168
83 Naya Nepal Laghubitta Bikas Bank Ltd 753 720 736 333
84 Neco Insurace Co Ltd Promoter 0 0 0 185365
85 Neco Insurance Co Ltd 525 520 524 1616
86 Nepal Bangladesh Bank Ltd 207 204 207 4742
87 Nepal Bank Ltd 290 285 289 4230
88 Nepal Credit And Commercial Bank Ltd 186 179 182 10923
89 Nepal Doorsanchar Comapany Ltd 728 716 722 1520
90 Nepal Hydro Developers Ltd 166 164 166 70
91 Nepal Insurance Co Ltd 557 546 547 1927
92 Nepal Investment Bank Ltd 624 619 624 5166
93 Nepal Investment Bank Ltd Promoter Share 547 544 545 3789
94 Nepal Life Insurance Co Ltd 1016 1006 1012 6305
95 Nepal SBI Bank Ltd 505 502 505 3124
96 Nerude Laghubita Bikas Bank Ltd 624 613 624 1130
97 Ngadi Group Power Ltd 165 161 161 765
98 NIC Asia Bank Ltd 316 312 316 6318
99 NIC Asia Growth Fund 8.93 8.89 8.89 15000
100 Nirdhan Utthan Laghubitta Bittiya Sanstha Ltd 989 970 989 845
nA Pakistani currency dealer counts USD banknotes at a currency exchange shop in Karachi, on Wednesday. Pakistan’s next government faces
101 NLG Insurance Co Ltd 865 865 865 12 growing fears of a balance of payments crisis, with speculation mounting it will have to seek its second bailout in five years from the International
102 NMB MicroFin Bittiya Sanstha Ltd 1520 1504 1516 583 Monetary Fund.  afp/rss
103 NMB Bank Ltd 369 365 365 78789
104 NMB Hybrid Fund L-1 9.26 9.26 9.26 583
105 NMB Sulav Investment Fund-1 12 12 12 7000
106 Om Dev Bank Ltd 176 169 172 6508
e x p o r ta b l e i t e m
107 Oriental Hotels Ltd
108 Pokhara Fin Ltd
500
141
497
137
497
137
1648
2625
bullion Price Per tola

‘Superfood’ craze makes big

109 Prabhu Bank Ltd 187 185 186 2704
110 Prabhu Insurance Ltd 508 498 508 3467
111 Premier Insurance Co Ltd 1074 1060 1074 685
112 Prime Commercial Bank Ltd 285 282 285 7761
113 Prime Life Insurance Co Ltd 521 510 518 12533 Fine Gold Rs56,300

business of Africa’s baobab

114 ProgressiveFin Ltd 116 110 110 1750
115 Prudential Insurance Co Ltd 746 741 741 150
116 Purnima Bikas Bank Ltd 169 169 169 16
117 Radhi Bidyut Co Ltd 233 225 230 210 Silver Rs735
118 Rairang Hydropower Dev Co Ltd 160 153 159 760
119 Rastriya Beema Co Ltd 10450 10350 10450 242
120 Rastriya Beema Co Ltd Promoter Share 9570 9405 9570 115 Source: FENEGOSIDA
121 Reliance Fin Ltd 124 122 122 3978 REUTERS with buyers in Australia and
122 Ridi Hydropower Dev Co Ltd 121 119 119 544 Mangoule (SENEGAL), Aug 1 Canada pays Dieuhiou up to
123 RMDC Laghubitta Bittiya Sanstha Ltd 630 625 626 585
124 RSDC Laghubitta Bittiya Sanstha Ltd 533 518 523 1442 10,000 CFA francs ($18) per sack,
125 Sagarmatha Insurance Co Ltd 1330 1320 1330 220 Taerou Dieuhiou has been shin- more than double what he Int’l market
126 Sahayogi Bikas Bank Ltd 197 192 195 3591 ning barefoot up baobab trees in received from local middlemen a
127 Sana Kisan Bikas Bank Ltd 1100 1080 1100 1554 Energy Price (US$)%Change
128 Sanima Bank Ltd 316 313 314 9143 Senegal’s southern Casamance few years ago.
129 Sanima Equity Fund 9.20 9.20 9.20 5000 region to collect the oblong fruit Unlike coffee or cocoa found Brent Crude Futr (Bbl) 73.21 -1.35
130 Sanima Mai Hydropower Ltd 319 319 319 900
131 Saptakoshi Dev Bank Ltd 118 114 117 483
since he was 15. in abundance in Africa, baobab Gas Oil Fut (Ice) (Mt) 644.25 -1.98
132 Shangrila Dev Bank Ltd 148 147 147 2372 Business has never been bet- is not a plantation crop. It takes
133 Shikhar Insurance Co Ltd 936 927 927 2262 ter. Inside the hard, green shell so long to mature that farmers Gasoline Rbob Fut (Gal) 206.45 -0.77
134 Shine Resunga Dev Bank Ltd 280 275 275 1204 Natural Gas Futr (Mmbtu) 2.76 -0.93
135 Siddhartha Bank Ltd 299 294 296 3947 that dangles from the spindly rely largely on existing trees to
136 Siddhartha Equity Fund 9.15 9.10 9.10 12000 branches of Africa’s most iconic harvest.
137 Siddhartha Insurance Ltd 678 661 678 1444
Agriculture Price (US$)%Change
tree is a citrussy pulp that has There is evidence that those
138 Soaltee Hotel Ltd 240 238 240 3616 Cocoa Future (Mt) 2,209.00 -0.50
139 Standard Chartered Bank Ltd 750 742 746 6595 become a popular “superfood” in trees are under threat.
140 Summit Micro Fin Dev Bank Ltd 923 923 923 20 the United States and Europe. In June, the journal Nature Coffee ‘C’ Future (Lb) 109.35 -0.50
141 Sunrise Bank Ltd 220 218 220 2973 Rich in vitamin C, calcium Plants published a paper saying
142 Surya Life Insurance Co Ltd 567 546 552 1591 Corn Future (Bu) 384.75 -0.45
143 Suryodaya Laghubitta Bittiya Sanstha Ltd 1462 1435 1462 238 and magnesium, it can be that 9 of the world’s 13 oldest
144 Swabalamban Laghubitta Bittiya Sanstha Ltd 1210 1194 1210 514 ground into a powder, mixed into n Baobab fruit is rich in vitamin C, calcium and magnesium. It can be ground baobab trees had died in the Cotton No.2 Futr (Lb) 89.01 -0.65
145 Swadeshi Laghubitta Bittiya Sanstha Ltd 1670 1641 1661 655 smoothies or sprinkled on por- into a powder, mixed into smoothies or sprinkled on porridge. last 12 years. Some of the trees Rough Rice (Cbot) (Cwt) 11.95 0.29
146 Swarojgar Laghu Bitta Bikas Bank Ltd 765 760 765 830
147 Synergy Power Dev Ltd 116 115 115 115 ridge. Coca-Cola’s Innocent, UK were over 2,000 years old and Soybean Future (Bu) 906.00 -1.41
148 Taragaon Regency Hotel Ltd 277 267 267 360 yogurt maker Yeo Valley and US major business shift a small net- Exports of the hard-shelled included South Africa’s so called
149 Tinau Dev Bank Ltd 175 170 173 2745 Soybean Meal Futr (T) 338.4 -0.88
wholesaler Costco are among the work of producers and suppliers fruit rose from 50 tonnes in 2013 “pub tree”.
150 United Fin Ltd 167 167 167 52 Soybean Oil Futr (Lb) 29.2 -0.34
151 United Modi Hydropower Ltd 167 165 165 541 major brands to embrace baobab. has pushed the fruit’s profile to 450 tonnes in 2017, according Their decline was an event of
152 Unnati MicorFin Bittiya Sanstha Ltd 1856 1815 1818 600 The imposing tree dots the dry abroad. While some experts to industry group the African “unprecedented magnitude” Sugar #11 (World) (Lb) 10.56 0.09
153 Vijaya laghubitta Bittiya Sanstha Ltd 739 725 739 56 African savannah from Senegal question the boabab’s sustaina- Baobab Alliance. potentially linked to climate
154 Womi MicroFin Bittiya Sanstha Ltd 1345 1329 1345 295 Wheat Future(Cbt) (Bu) 557.25 0.63
to Madagascar and can live for bility, demand has taken off. They are expected to reach change, it said.
Total Traded Amount Rs.: 220,021,423 Sub-Indices Current Pts Change %Change over a millennium. It can store “It is a better price now. 5000 tonnes by 2025, about 500 Dieuhiou has noticed a Industrial Metals Price (US$) %Change
Total Traded Shares: 766,789 Banking 1,017.08 2.81 0.28 thousands of liters of water and Now I make more for each sack,” shipping containers a year. This change.
Total Transactions: 3,081 Hotels 1,810.70 11.25 0.63 Copper Future (Lb) 275.85 -2.58
grow trunks so thick that one said the 31-year-old father of would make it a $400 million “Normally the rain has started
Dev Bank 1,421.88 3.47 0.24 South African tree became a four. He climbs the trunks in industry. by now, but we have had only one
Index Current Pts Change %Change Precious Metals Price (US$)%Change
NEPSE 1,193.87 2.4 0.2 HydroPower 1,432.49 0.56 0.04
Finance 610.06 3.7 0.6
pub with a dart board that could ripped jeans and a t-shirt, grip- The transformation has start- storm,” he said in July.
Sensitive 251.56 0.48 0.19 Gold 100 Oz Futr (T Oz) 1,232.00 -0.13
Float 85.71 0.23 0.27 Non Life Insur 5,907.42 32.41 0.55 hold 60 people. ping a long pole to dislodge the ed to bring in much needed reve- “I have to go to other villages.
Until recently baobabs were fruit from the outer branches. nue to African farmers. Baobab Before, there was enough Silver Future (T Oz) 15.48 -0.51
Base: 16/07/2006, (Adjusted on 10/04/2007) = 100 only tapped for local use but in a “It’s all I have.” des Saveurs, a small company right here.”

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