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Nepali Dailies Going Abroad
Nepal Samachar Patra from the Gulf and Kantipur from America
Soon after the involvement of some more business houses as its shareholders, Nepal Samachar Patra (NSP), a vernacular national daily, is also being published in Doha, Qatar targeting a total market of about 150,000 Nepalis living in this Gulf country.
The paper was being published simultaneously from Kathmandu and Biratnagar. Now NSP has become the first Nepali newspaper to be published simultaneously in a foreign country as well.
In addition to Murarka Group and KL Dugar Group, which are already involved in the publication for the last couple of years, a group of prominent business houses have joined them since April 2005, through a consortium.
Meanwhile, Kantipur vernacular daily has announced its plan to start a North American edition. It has already brought out a sample issue for the American market. Kantipur too is being published from Kathmandu and Biratnagar.
Air Nepal Int'l Ready to Take Off
Despite the complaint of stagnation in tourism business, yet another Nepali airline has announced commencement of international flights.
Recently licensed Air Nepal International is readying to start flying to Doha, Dubai, Kuala Lumpur and Bangkok from July 24, according to a press release issued by the airline.
The company has already acquired a 245 seater Boeing 767-300 ER from PB Air of Thailand on ACMI lease for one year with a plan to convert it into a dry lease at the end of the current lease. The craft will be configured to have 24 business class seats and the rest in economy class which is planned to be further sub-divided to optimize the yield.
However, the flight schedule of the airline was yet to be approved by the authorities of the countries where it is to fly, according to the press release dated July 10.
The company has already appointed GSAs in the destination countries and some off-line locations and intends to have sales in Nepal only through travel agents.
According to Pradeep Raj Pandey, the CEO of Air Nepal, who also served as the CEO of national flag carrier RNAC and national tourism marketing body Nepal Tourism Board, the company is not intending to start a price war. Instead it will compete on the basis of quality service and punctuality, he said.
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Chandi Raj Dhakal |
Dhakal to Head FNCCI
Chandi Raj Dhakal has been elected the President of the Federation of Nepalese Chambers of Commerce and Industries (FNCCI) unopposed, replacing Binod Bahadur Shrestha who will step down at the forthcoming AGM of FNCCI on July 13 at the end of his two-year tenure.
Dhakal is the First Vice President of FNCCI in the existing executive committee and is the Chairman of Momento Apparels (P) Ltd., a leading readymade garment manufacturing company of the country.
Nepali Cargo Business on the Web
A new website cargonepal.com, has been started as a one-stop site for all information related to cargo business in Nepal.
Developed by Infotech Publications (P) Ltd. with support from the Nepal Freight Forwarders Association (NFFA), the website offers information such as schedules of the airlines flying in and out of Nepal and facilities to cargo service users to track the movement of their airline cargo.
Two More Insurance Companies
The attraction of insurance business is still promising. Two new general insurance companies got the Letter of Intent (POI) from the Insurance Board, recently though there already are 15 players in the market.
According to sources in the insurance business, Lumbini Insurance Company is preparing to come into operation by mid-August while Siddhartha Insurance is asked by the terms of the LOI to begin operation by mid-July.
Promoted by a consortium of 36 investors, Lumbini Insurance will have Rs. 125 million paid up capital out of which Rs. 25 million will be floated to the general public and Rs. 100 million is to be put in by the promoters who include Vaidya’s Group, Trans Himalayan Traders Association and a group of finance companies including Lumbini Finance & Leasing Company and Central Finance.
Vetaran banker Himalayan SJB Rana is to be the Chairman of the company while Sailendra Kumar Shrestha, who has the record of helping to set up a number of other insurance companies, is to be its Managing Director and CEO.
Siddhartha Insurance is promoted by Kedia Group led by Manoj Kedia and it was delayed due to the break up of the Group after the demise of its founder Shankar Lal Kedia, say the sources. This company is to have Rs. 100 million as paid up capital out of which Rs. 40 million will be floated to the general public.
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