Submit your Article

Laxmi Intercontinental, the authorized distributor of Hyundai vehicles in Nepal, has launched the all-new Hyundai Venue in the Nepali market with a tagline- "New Style New Statement". The new Venue is among the first four-wheelers launched in the Nepali market after the government lifted import restrictions on automobiles in early December. "This brings lots of expectations and excitement in the Nepali auto sector and Hyundai Venue is sure to lead this journey," the company said in a press statement. The company said that after capturing the imagination of customers across Nepal with the earlier variants of Venue, it believes that the new and advanced All-New Hyundai Venue will set a new benchmark in the competitive compact SUV market. According to the statement, the new Venue has set new standards worldwide with its aesthetic design, features, performance and safety. The all-new Hyundai Venue is powered by a 1.2 L Petrol engine and 1.0 L Turbo engine that comes in 5-speed manual and 7-speed DCT respectively that carries a powerful punch. With a ground clearance of 195 mm, alloy wheels, puddle lamps & roof rail; the all-new Venue is perfectly suited for the city as well as adventurous drive. The redesigned parametric front chrome grille and The Shark Fin Antenna integrate well with the roof design and gives the all-new Venue a rich and sporty look that gives it a distinct edge over its competitors with its strong street presence. All-new Hyundai Venue comes equipped with an LED headlamp, an ergonomically designed driver seat, an 8’’ infotainment system, a cooled glove box, dual airbags, and a sunroof. The interior of the all-new Hyundai Venue feels luxurious and homely due to its spacious layout and two-tone Black Greige interiors. The compact SUV has alluring new features like a 60:40 split seat that expands the boot's space, a rear center armrest with a cup holder, two rear USB chargers, and a 2-step rear reclining seat that makes your driving experience more convenient and exhilarating. The all-new Venue also comes equipped with a rear parking assist camera, dual-zone climate control AC, a Tyre pressure monitoring system, electronic stability control, vehicle stability management, and hill assist control. The all-new Hyundai Venue comes in three variants E, S, and SX with the starting price set at Rs 3.996 million. The company said that Hyundai Venue is backed by excellent customer and after sales services. The company has a pan Nepal presence with 17 dealers and 19 Service Centres across the country for easy purchase as well as servicing of all Hyundai vehicles.

Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel has said that the startup work procedures and provision on project loans would be implemented soon. Addressing the Small and Medium Enterprises Conference organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) in Lalitpur on Monday, Poudel assured that he would take the initiative for preparing the Startup Work Procedures which has been pending for a long. "It is our weakness that the startup work procedures could not be drafted until now. The work procedures would be passed immediately. The project loans that the private sector has been demanding will also be implemented soon," he said. DPM Paudel urged the private sector to provide clear suggestions to the government regarding the problems of SMEs. Stating that the government would take the initiative for identifying the problems of the small, cottage, micro, and medium-scale enterprises and for resolving them, he said a right conclusion would be derived on the matter only after taking suggestions from the related sectors. "The government moves ahead only after taking the suggestions from the related sector while drafting the plan and policy of any sector. It is necessary that the private sector points out and clarifies the policy-level ambiguities in a particular sector," said Poudel, adding that the government has expected concrete and clear suggestions on how the procedural hassles could be minimized and the service delivery made prompt and convenient. Poudel said the private sector should also give suggestions as to how access to the SMEs could be increased in the financial sector. Stating that the interest rate is linked with inflation, Poudel said that the government will take steps to stop interest rates from going higher. He made it clear that the government had no policy to intervene in the Nepal Rastra Bank (NRB) affairs as it is an autonomous body, but the government would cooperate with it to address the existing issues. FNCCI President Shekhar Golchha described small and middle-scale enterprises as the basis for the national economy, but these businesses are surrounded by various issues. “The prices of raw materials have skyrocketed. The bank interest rate is high. Small entrepreneurs face challenges to get loans,” he said. According to Golchha, 309 large industries were registered in the last fiscal year whereas 65,069 SMEs were also registered. "This number can increase even more, and their production capacity can increase even more," he said, adding, "The capacity of all small and large industries has now decreased by about 60 percent. Expensive interest rates have not only made expansion of investment a challenge, but it has also become a challenge to sustain the enterprise. Our demand is that project-based loans should be provided to such entrepreneurs."  

With non-performing assets (NPA) rising, the overall profit of commercial banks has taken a beating in the first half of the current fiscal year. The second quarter report of the 20 commercial banks shows their profit grew by 11.9 percent in the first six months of the current fiscal year 2022/23. Of the 20 banks that have published their financial reports for the second quarter, 14 have reported an increase in their profits compared to the same period of the last fiscal year. Similarly, six banks have logged a decline in profit while one has reported loss. Sunrise Bank, Citizens Bank International, Siddhartha Bank, Prime Commercial Bank, Prabhu Bank, and Nepal Bank have reported a decline in their profits. The Agriculture Development Bank reported a loss of Rs 0.128 billion in the first half of the current fiscal. The banks' quarterly report shows two banks' profit has crossed the Rs 3 billion mark while two other banks earned above Rs 2 billion in profit in this fiscal. There are other banks whose profit has crossed the Rs 1 billion mark in the first half of FY 2022/23. Nabil Bank has topped the chart as the bank's profit grew by 56.67 percent in the first six months of the current fiscal year. The bank earned Rs 3.41 billion in profit in the first six months of the current fiscal year. NIC Asia Bank is second on the list with a profit of Rs 3.27 billion, an increment of 36 percent followed by the Global IME Bank which has reported a profit of Rs 2.78 billion. However, Global IME's profit grew by a meager 4.42 percent in this fiscal. In terms of percentage growth, Everest Bank has the highest profit growth of 89.49 percent. The bank recorded a profit of Rs 1.58 billion in the first half of this fiscal compared to Rs 0.83 billion in the last fiscal. Standard Chartered Bank's profit also grew by 61.36 percent to Rs 1.90 billion. Meanwhile, Agricultural Development Bank's profit has decreased by a whopping 109.06 percent in the first half of the current fiscal. The bank has incurred a loss of 0.128 billion in the first half of FY 2022/23 compared to a profit of 1.42 billion during the same period of FY 2021/22. The bank's profit decreased due to an increment in the impairment charges. The bank's NPA also increased from 2.08 percent to 4.52 percent in this fiscal. According to the bank, it has set aside Rs 2.17 billion for impairment charges, an increment of 250 percent compared to the last fiscal.  

The price of gold has increased by Rs 1, 000 per tola in the domestic market on Tuesday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 106, 300 per tola today. The gold was traded at Rs 105, 300 per tola on Monday. This is the highest ever recorded price in the domestic market. Meanwhile, tejabi gold is being traded at Rs 105, 800 per tola. Similarly, the price of silver has dropped by Rs 15 and is being traded at Rs 1,365 per tola today.